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Accepting payment in bitcoin?


Tim M

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One of our PAs bought 5 bit coins at $40.

They were recently $1100, fluctuating up and down to $650 in last couple of weeks.

Tried to convince her to sell 2 or 3, buy something ridiculous, and protect herself for when they become worthless. She said she doesn't need the money, and would rather see what happens. Oh, to be 22 and "not need the money".

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One of our PAs bought 5 bit coins at $40.

They were recently $1100, fluctuating up and down to $650 in last couple of weeks.

Tried to convince her to sell 2 or 3, buy something ridiculous, and protect herself for when they become worthless. She said she doesn't need the money, and would rather see what happens. Oh, to be 22 and "not need the money".

 

I've invested into it, with motivation from a friend who has made a nice profit from it, along with some other crytocurrencies (such as megacoin), and like the PA you mention, got into it willingly as a gamble, willing to lose whatever money I invested. I'm going to wait a year and see what happens. No expectations though.

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Well I don't think it will go away, definitely think it is here to stay, like piratebay being global, this is now a global currency. Trying to shut it down will only make it more popular...some businesses are already starting to accept it as payment...and with it's crypto security a lot more secure than real money in one sense...it is kinda cool.

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bitcoin is even more popular in asian countries...who are buying up loads of this stuff. So if our American fiat currency hyperinflates then I can just convert it to whatever currency I want without having to worry about trying to get into a bank like with gold.

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I see bitcoin as an interesting alternative, but much like our current fiat currency, I'm a little concerned about it. There is nothing really backing it up. It's virtual currency. If an electronic apocalypse happens, (i'm looking at you, skynet), what happens to your bitcoins? I think gold is king. 

 

Some guy paid for a Lamborghini in bit coins, and then the value of them dropped dramatically and the Lambo dealership lost money on the deal. I think it's still a little too volatile to be used as regular currency, and I see it more of an investment. 

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Some guy paid for a Lamborghini in bit coins, and then the value of them dropped dramatically and the Lambo dealership lost money on the deal. I think it's still a little too volatile to be used as regular currency, and I see it more of an investment. 

The Lamborghini dealer didn't sell the car for bitcoins and didn't loose money. He had the bitcoins converted into dollars before delivering the car...

 

From the LA Times:

 

"Whether a customer offers to pay for a car in gold bars or euros is irrelevant so long as the currency is converted into dollars, said Davy...

After some investigation, the dealership decided to use an independent, Atlanta-based service called BitPay, which advertises itself online as a "bitcoin payment processor," to make the sales possible...

Davy can't quite explain how it works, but the business verified the bitcoins and converted them into dollars, which were then wired to the dealership."

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I see bitcoin as an interesting alternative, but much like our current fiat currency, I'm a little concerned about it. There is nothing really backing it up. It's virtual currency. If an electronic apocalypse happens, (i'm looking at you, skynet), what happens to your bitcoins? I think gold is king. 

 

You can download your bitcoin (and any other crypto) currency into a local wallet, which you can then encrypt, and copy into a CD, flash drive, web, etc. (You may have multiple copies as well for redundancy). So, it is technically the most electronic-apocalypse-proof thing I know of.

 

Now, their fluctuation in price is a different story. It's highly dependent on supply and demand, and just like the stock market, the fluctuations will vary depending on how much is being bought at the beginning of the day, and how much is being sold at the end of the day. As long as there continues to be a demand for crypto currencies, the value should continue to grow. At least, that's the theory :P

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But it's an invented currency. No regulation. Not that regulation always insures stability, but at least you can attach it to something like a country. Stocks are tied to a product or a company providing services.

What if someone invents a different, better, virtual currency, rendering the existing one obsolete?

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One of our PAs bought 5 bit coins at $40. They were recently $1100, fluctuating up and down to $650 in last couple of weeks. Tried to convince her to sell 2 or 3, buy something ridiculous, and protect herself for when they become worthless. She said she doesn't need the money, and would rather see what happens. Oh, to be 22 and "not need the money".

 

Once I win the Mega Millions Lotto tomorrow ($586,000,000 at the moment), I plan to put it all in Bitcoins. That sounds like a solid investment, right?

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