Thread: Bitcoin

Digital currency is the future. I'm buying Bitcoin a little at a time and building up a nice little stash. The sky is the limit to how high it can go in the next 10 years. I fully expect it to be $10,000 by the end of 2018.
Do yourself a favor and read up on how it works, where it comes from and what the potential is.
Right now we are in the Wild Wild West of digital currency. Will Bitcoin be the winner? Probably. It could be Etherum or Litecoin. But Bill Gates thinks the first one, Bitcoin, will be the big winner.

You know, people thought the Wright Brothers were crazy too.

Digital currency is here to stay. Embrace it, get in early and make a lot of money. Or wait till you are forced to use it and don't profit from it at all.

Blockchain. Bitcoin. Etherum. These things are the future of the internet. Don't be ignorant. Be informed. Stay ahead of the curve always. Never stop learning.

I'm 52 years old. Iv'e watched my parents let the world pass them by. They shunned the internet, ATM's, VCR's, CD's, hell even drive through windows. They never accepted change and now they are paying for it. They are basically helpless in today's world. They don't know how anything works anymore because they refused to accept change. Even the TV remote is too confusing for them. And my oh my how the world has changed since they were young living in the 40's and 50's. I think 8 track tapes was the last "new technology" they learned to use. They do use a microwave, but they still call it a "Radar Range" lol

I vowed a long time ago to NEVER be like that.

Bring on the new. I am ready with open arms! I think I will go on eBay and buy another .03 worth of Bitcoin before it gets over $1600 again.

Almost hit $1900 on coinbase today. Currently $1840. I know it looks like a bubble and it will likely be a volatile ride, but there are some pretty smart folks endorsing it, and / or investing in it.

Bitcoin just soared to a new high — but the first investor in Snapchat thinks it could hit $500,000 by 2030

Bitcoin price could be $500,000 by 2030, first Snapchat investor says - Business Insider

https://www.weusecoins.com/rich-famous-bitcoin/

here is the problem with that bitcoin scenario...

in 2030 when a bitcoin is worth $500k each, that will be the equivalent of ten bucks, in quarters. maybe buy one a loaf of bread and a dozen eggs.

see fed reserve since 1913.

How can you even buy stuff with bitcoins while its value fluctuates so much? Surely the people who accept bitcoins as payment aren't changing their prices daily/hourly?

Things are priced in dollars and they take that current conversion rate out of your bitcoin account, similar to other currencies. If you buy a coffee at Starbucks it may cost you 0.00166088 bitcoin ($3). You type in your bitcoin address, or however you have your account "wallet" setup, and it's taken out of your bitcoin account.

Other currencies fluctuate but obviously not like bitcoin does now. It's still in its infancy (and you have a chance to get in). Yes, there is risk because it is not widely accepted yet (by merchants but by consumers), but can you imagine if it does get accepted? There will only be 21 million bit coin crated once all are mined. Finite. (currently about 16.5 million of those have been mined.)

It's an ingenious invention but could take years before people use it regularly. I wonder how the transition from gold to paper dollars went? Or credit cards. It would be interesting to know. It's also kind of like the internet in the 80's and early 90's. Now we can't live without it. Trying to get folks to understand and invest in the internet in 1990 wasn't easy, but those who did are probably doing pretty well today.

And it's not just a currency. It is a way transactions may be handled everywhere. It could be a flop or the biggest thing since the internet.

I don't Bitcoin, I hardly can keep up with my money now!! moneytree.gif

Originally Posted by tsptalk

Things are priced in dollars and they take that current conversion rate out of your bitcoin account, similar to other currencies. If you buy a coffee at Starbucks it may cost you 0.00166088 bitcoin ($3). You type in your bitcoin address, or however you have your account "wallet" setup, and it's taken out of your bitcoin account.

Other currencies fluctuate but obviously not like bitcoin does now. It's still in its infancy (and you have a chance to get in). Yes, there is risk because it is not widely accepted yet (by merchants but by consumers), but can you imagine if it does get accepted? There will only be 21 million bit coin crated once all are mined. Finite. (currently about 16.5 million of those have been mined.)

It's an ingenious invention but could take years before people use it regularly. I wonder how the transition from gold to paper dollars went? Or credit cards. It would be interesting to know. It's also kind of like the internet in the 80's and early 90's. Now we can't live without it. Trying to get folks to understand and invest in the internet in 1990 wasn't easy, but those who did are probably doing pretty well today.

And it's not just a currency. It is a way transactions may be handled everywhere. It could be a flop or the biggest thing since the internet.

Ha, just looked it up... apparently a single bitcoin can be divided into 10^8 pieces.

Bitcoins may be finite... but digital currencies are not. If bitcoin ever becomes mainstream... I think its inevitable that there will be a 'bitcoin 2.0', which I don't imagine would be good for the value of bitcoin 1.0

Gold and silver you can physically hold, and have value because they can be used to make stuff and people like the look of them. You can't use a bitcoin to make anything.

I don't think we will ever see anyone wearing a bitcoin wedding ring any time soon. But there can certainly be value in the technology, if it is protected (patents, trade secrets, etc.)

I'm with you on gold and silver, but I never saw anyone wearing a Euro wedding ring either, but you can buy a ring with a euro or bitcoin.

Imagine if you got paid in bitcoins.

Say you get paid 1 bit coin a week. This week, that's $1700 a week. A month ago, you were only making $1200 a week. A year ago you were only making $450.

Relatively speaking, you should have taken a vacation all of 2015. I hope you didn't save any bitcoins either, because they'd be worthless now.

Gold is down 35% from it's highs so I guess we wouldn't want to be paid in gold either. Silver has been bouncing around quite a bit lately too. Owning it is a personal preference.

Similarly, Bitcoin is not for everyone. It's risky. I'm just saying picking up a one or two coins and you never know. In 10 years you could be out $1000 or 2, or you could be very happy. I don't know, and I don't care if others aren't interested. I think it's a good gamble. Is the argument that people should not own any bitcoin?

James posted this 4 years ago when it was $250 and we thought it was crazy.

Originally Posted by James48843

The "bitcoin" climbing

....to infinity, and beyond???

Attachment 23268

By the way, I may start accepting bitcoin as an alternative payment option for premium services but right now so few use it, and it's as difficult to set up as accepting credit cards online, so it may not be worth the time right now. But maybe within a year.

List of Companies Who Accepts Bitcoins as Payment!

HomeDepot, Sears, The Gap, Subway, Microsoft, etc...

Ya can't really say bitcoin is any more risky than investing in a small company. Similar risk/reward.

I just don't see it as a legit currency any more than it currently is. But hey, gift cards aren't legitimate currency, and they certainly have a lasting utility.