A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/btc was created to foster and support free and open Bitcoin discussion, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin industry leaders! Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever.
Beginner questions, sorry. Do we foresee Bitcoin becoming a currency or a store of wealth? I have friends who have challenged Bitcoin as a currency due to 1. Slow transactions 2. Costly transactions. Does the lightening network alleviate the above concerns?
Can someone please explain to Mark Cuban that nobody is using Bitcoin as a currency because of legal tender laws and because it is classified as property by the IRS?
The Bitcoin community consists of at least ten million members (probably more)... if overnight the IRS/government treated Bitcoin the same way they treat the US Dollar, then at least 5 million of us would convert some % of our paychecks to Bitcoin and use it for things like groceries, farmers markets, televisions, cars, monthly savings, rent, gym memberships, etc... Arguing that Bitcoin isn't a success because nobody uses it for payments is beyond absurd and is not a logical argument. It simply rests on an appeal to authority (i.e. nobody uses Bitcoin for payments because the powers that be are literally putting up barriers for it to be used that way). So, assuming we can change the laws then millions of people will start being more vocal about paying in Bitcoin, which will create another feedback loop, because it will create "Conspicuous Bitcoin Consumption", more people will see us do it, and will see that merchants like it.... and then it will spread like wildfire.
02-29 16:18 - 'Lol. No country on Earth uses Bitcoin more than Fiat. / In fact, 90% of the people on this subreddit don't even use Bitcoin as a currency.' by /u/dampon removed from /r/Bitcoin within 0-6min
What's the benefit to the user of paying with btc (or any "currency" such as nano) vs. Your debit or credit card? Do retailers lower prices when btc is used? If yes, is it enough to offset the fees involved buying btc in the first place? Is there a service yet that instantly buys bitcoin and then uses that amount to pay for your product in Bitcoin?
10-23 00:44 - 'Bitcoin as a currency is unsustainable... / Security and Trust: Millions of dollars worth of bitcoin lost by hacks, lost passwords and mismanagement. Mt. Gox, Coincheck, Binance, Bitconnect to name few. / We may have solve...' by /u/jucoin2000 removed from /r/Bitcoin within 264-274min
''' Bitcoin as a currency is unsustainable... Security and Trust: Millions of dollars worth of bitcoin lost by hacks, lost passwords and mismanagement. Mt. Gox, Coincheck, Binance, Bitconnect to name few. We may have solved the problem with trust through block chain...We just don’t know if trust is a problem that technology can ever truly solve as long as humans are the ones using it. Cost effectiveness: Blockchain is very expensive for its functionality, computers working around the clock to maintain distributed ledgers using more energy than many entire country’s put together. Efficiency: Bitcoin has painfully slow transactions times. Visa’s payment network can deal with 24,000 transactions per second and bitcoin just a measly 7. So even though giant centralised organisations sometimes abuse our trust they are also fast, typically safe and convenient. Bitcoin is a currency experiment that will inevitably fail for its intended use, but before that time and due to its erratic changes in value there will be potential money and profit to be made from the instability. Its possible that “Blockchain” will revolutionise a lot more than just money, although as yet i am not clear as to what that will be. Conclusion: Make your money before the bitcoin bubble bursts...and it will..... ''' Context Link Go1dfish undelete link unreddit undelete link Author: jucoin2000
Already a HODLer. And I bought at high water! :P Anyway, I've been reading about deflation, deflationary currency/assets and the great depression. I'm worried that bitcoin cannot be used as a currency long term because of this. It looks like it has enough built in inflation to be useful as a currency for 80 years give or take a possibly large amount but has not long term future as a currency in its current form. As a store of value, it looks good for a long long time. Looks like we can lose 99% of all bitcoin and still have the granularity in value of today's USD cent or thereabouts. I like bitcoin mostly because no one can print it, it can't be forged, the supply is known, there is a complete public ledger, and you can use it without a trusted intermediary. But I'm trying to understand what the long game is in bitcoin. Not to figure out how valuable it is, I just want to know what we have here. And if all the fuss about payments systems at retail really make any sense. Ie, should I care that maybe I'll be able to buy something at Starbucks. Edit: clarification, my question is essentially "what the long game for bitcoin? is it currency or just digital gold?"
In the first three years of its life, Bitcoin (BTC) operated as a means of private exchange. But, by the end of 2012, major companies like WordPress started accepting bitcoin payments. Acceptance of BTC payments by many companies means that they recognized bitcoin as a legitimate currency just like any other un-backed fiat currency. By […] In other cases, Bitcoin works similarly to a foreign currency. To get appropriate guidance regarding tax compliance for your own jurisdiction, you should contact a qualified accountant. Read more. Gaining visibility. There is a growing number of users searching for ways to spend their bitcoins. You can submit your business in online directories His latest book, Surviving Fedcoin: How to Protect Yourself (and Profit) from America’s Coming Currency Change, is a public bet that the U.S. government will issue its own bitcoin which Casey Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a whitepaper by the mysterious Satoshi Bitcoin is an innovative payment network and a new kind of money. Find all you need to know and get started with Bitcoin on bitcoin.org. Bitcoin.org is a community funded project, donations are appreciated and used to improve the website. Make a donation
While Bitcoin becoming a currency may have been the goal of Nakamoto and others, it is a goal that has not widely been accepted. On July 4th, Steve Hanke, an economist at John Hopkins University ... 00:00 What makes a currency a cryptocurrency? 00:45 What makes a crypto currency interesting? Questions to ask. 01:04 Open and decentralized crypto currencies 01:33 open cryptocurrencies 02:09 ... Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by ... With bitcoin hitting all time highs recently and everyone talking about price, I figured it would be beneficial to take a step back and look at some of the downsides to bitcoin as a currency. Bitcoin is a great step forward but it won’t succeed as a currency. Whether you’re new to crypto or already an expert, you’re about to find a compelling and easy to understand case against ...