Bitcoin - online fad or the future?

This is a discussion on Bitcoin - online fad or the future? within the Cryptocurrencies forums, part of the Markets category; I've researched the subject, but still don't understand why anyone would agree to accept payment in BitCoins. I understand if ...

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Old Apr 16, 2013, 11:29am   #25
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Re: Bitcoin - online fad or the future?

I've researched the subject, but still don't understand why anyone would agree to accept payment in BitCoins. I understand if I can find people who are willing to accept exchange based on a nominal medium then we have a currency, but how do you go about finding such people? Outside of asylums. Or governements.
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Old Apr 16, 2013, 11:33am   #26
 
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Re: Bitcoin - online fad or the future?

http://mashable.com/2013/04/15/bitcoin-cryptocurrency/
Bitcoin Isn't the Only Cryptocurrency in Town




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bit coin in actual retail use, video:
Buying With Bitcoins - CNBC
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Old Apr 16, 2013, 11:48am   #27
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Re: Bitcoin - online fad or the future?

I guess we will all find out if bitcoin will stand the test of time. More and more places offer them as a form of payment and those who do actually make more profit from those transactions as compared to credit cards. Prices have been on a wild ride, but def worth to remain on my radar screen.
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Old Apr 16, 2013, 11:52am   #28
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Re: Bitcoin - online fad or the future?

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Originally Posted by ffsear View Post
That what i was think. I guess for it to really take off it would require someone like amazon to accept them.
Don't understand how this can work as payment for online goods. If you pay $100 today for something that was $50 yesterday and then go to someone who accepts it, such as Amazon, or ebay, buy $40 of goods, how is the change sorted out? It's like bartering a Rembrandt. It's possible for something of equal value but, otherwise, very difficult, if not impossible.

I'm getting too old for this!

It seems like some kind of barter system and would, I think, be limited to a smallish community. For instance, a baker making a hundred loaves for a butcher for so many kilos of meat. I don't know how that would be sorted out, either. This is why money was invented, in the first place.
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Old Apr 16, 2013, 12:31pm   #29
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Re: Bitcoin - online fad or the future?

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Originally Posted by Splitlink View Post
Don't understand how this can work as payment for online goods. If you pay $100 today for something that was $50 yesterday and then go to someone who accepts it, such as Amazon, or ebay, buy $40 of goods, how is the change sorted out? It's like bartering a Rembrandt. It's possible for something of equal value but, otherwise, very difficult, if not impossible.

I'm getting too old for this!

It seems like some kind of barter system and would, I think, be limited to a smallish community. For instance, a baker making a hundred loaves for a butcher for so many kilos of meat. I don't know how that would be sorted out, either. This is why money was invented, in the first place.
Well, I think it is a bit different (I may be totally wrong here so please feel free to correct me). Let's say you buy bitcoins and they currently trade at $80 per coin. You then go to Amazon and buy merchandise worth $800 or 10 bitcoins (not sure how a place like amazon would handle the change, maybe give you credit in your account for later purchases?).

Amazon either risks the value of the 10 coins to drop while also wagers the chances for the bitcoins to rise in value and then sell them in the market for cash or others who seek to buy bitcoins.

I guess each business needs to evaluate if they would like to take the risks and weigh the benefits.

Any thoughts?
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Old Apr 16, 2013, 12:44pm   #30
 
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Re: Bitcoin - online fad or the future?

ffsear started this thread They would just keep their prices in line with the market value. The BTC/USD rate
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Old Apr 16, 2013, 1:09pm   #31
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Re: Bitcoin - online fad or the future?

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They would just keep their prices in line with the market value. The BTC/USD rate
I think that it is a racket, like selling the Brooklyn Bridge.
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Old Apr 16, 2013, 2:18pm   #32
 
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Re: Bitcoin - online fad or the future?

IG are now allowing you to spreadbet binaries on bitcoins. Pretty horrendous 10 point spread though.
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