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IS BITCOIN a currency? Does anyone here participate?

There is lot about it. One man lost many thousands of dollars worth by throwing out an old computer with the pass codes.

There are some of the silver / copper rounds made to make BITCOINs look like currency.

Does anyone here who focus on real cents and real money think BITCOINs are legitimate?

What is your opinion?

I accept bitcoin for beef jerky at my www.beefjerky.com.

I think its a fad. In time it will fade away but always have a few that love it.

coppernickel wrote:IS BITCOIN a currency? Does anyone here participate?

There is lot about it. One man lost many thousands of dollars worth by throwing out an old computer with the pass codes.

There are some of the silver / copper rounds made to make BITCOINs look like currency.

Does anyone here who focus on real cents and real money think BITCOINs are legitimate?

What is your opinion?

Its pretty simple:

If you believe that Rights are inherent to a person then, yes bitcoin is a currency. If you believe government allows you to have rights then, no it is not a currency.

If you believe that Rights are inherent to a person then yes, bitcoin is legitimate. If you believe government allows you to have rights, then, no it is not legitimate.


Words like "currency" and "legitimate" are kinda squishy, different people assign different meanings to them. Lots of words are like that.

They are quite legit right now for many purposes. A major one is to move capital transnationally without government controls or taxes. This is why I always thought the bankers would pump and dump them to destroy their reputation and usage, but thus far their value has held up well. Maybe the black ops spooks have found them useful as well?

http://www.xe.com/currencyconverter/con ... USD&To=XBT

exchange rate info here

Notice: Bitcoin is not legal tender in any country and is not recognized as an official currency by any regulatory authority. XE does not endorse nor express an opinion as to whether or not Bitcoin is an official or legitimate currency.

Bitcoin History
Bitcoin information
Bitcoin is a decentralized virtual currency. This currency is exchanged digitally and managed by a peer-to-peer network, rather than a central bank or authority. The supply of Bitcoins is automated and released to mining servers; with a limit of 21 million Bitcoins being reached by 2140. Each Bitcoin is a piece of code that has its own transaction log with timestamps. The coins are stored in an owner's virtual wallet and can be transferred and exchanged for goods and services. Transactions are public and although they are relatively anonymous, it is possible trace identities back to real-life individuals. There is debate as to whether or not Bitcoin should be considered a currency, a commodity, or a hybrid of both.

Risks in Using Bitcoins
Bitcoins are associated with a high level of risk, as they are volatile, not time-tested, and currently under no regulation or legislation. There have been incidents of online Bitcoin wallets being compromised by hackers leading to theft of Bitcoins.

Bitcoin Currency Code
Bitcoin is not recognized by the ISO and therefore does not have an official ISO 4217 code. A currency code is generally built from the two-digit ISO 3316 country code and a third letter for the currency. Although "BTC" is often used in the Bitcoin community, BT is the country code of Bhutan. An X-code reflects currencies that are used internationally and so, XE has chosen to use XBT to represent Bitcoin.

Bitcoin History
Introduced in 2009, Bitcoin was created by a developer or group of developers going by the pseudonym Satoshi Nakamoto. Initially the value of the currency was set by users on forums until the first exchange outlet was established. It is known as a "crypto-currency"; meaning that the money and transactions are secured and controlled through encrypted passwords. Since its introduction, Bitcoins have been gaining momentum worldwide, with over 1,000 merchants accepting the currency.

Relevant Links
For more information on Bitcoin, we encourage you to visit the links below.


Bitcoin Wiki
Bitcoin.org
The Economist- Bits and Bob
Wired- FBI Fears Bitcoin's Popularity with Criminals

Invented by an anonymous super-geek for the eventual entertainment of even more anonymous hackers. Yeah, sign me up.

The only positive thing I can see is that it facilitates criminal activity, bypasses taxation, and generally frightens governments and law enforcement. So while I myself would not risk my capital on a fad, I do wish them continued success.

I just came across this article today:

http://www.wired.com/wiredenterprise/2013/12/casascius/

Reminds me slightly of Von Not Haus story. The crux of what could be just the beginning of a continuous nuisance to fed ops is that people are seeing how amorphous money is if all it takes is confidence. The toothpaste is out of the tube, so to speak. That is why I keep my copper and other metals with an understanding that in the long run, in order for things to keep some sanity, there will always be a faction of those who know that an ounce of silver, a pound of copper, ounce of gold, etc. will be recognized by the next greater anti-fool.

Well said, JerryS

Bitcoin...try Dogecoin!

http://dogecoin.com/

Pretty funny I think and at current prices, why the hell not play around hahaha...

Tip me below

D8t9sk3zSaFHik65LnH4CECFQUgz9GMcch

I'm running an LTC mining rig. Not sure where things will go but testing the waters.

Anyone interested in LTC trades send me a PM.

The other night in the TV show Criminal Minds, Bitcoin was discussed and how it is used for illegal trade. Not in depth but it was mentioned.

http://money.msn.com/business-news/arti ... d=17276699

Las Vegas is getting one more novelty. Starting this week, patrons will be able to use the online currency Bitcoin to pay for rooms, food and drinks at two downtown casinos.