Bitcoin

  1. #1

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    Bitcoin

    Obviously Ive heard of Bitcoin for a while now. However after watching a really good documentary on it on Netflix, Im left with more questions than before. According to the net, the value of one Bitcoin as of today is $12,873.99. How in the world is this even possible for anyone but millionaires on up, to be used as currency? Can you buy fractions of Bitcoin? Can I buy products from a store with Bitcoin? From all I can gather is Bitcoin was created to skip the middle man, i.e. Big Banks, and make transferring of money instant and hard to track. Which I am on board with, but it seems like its not truly a realistic option. What am I missing or not understanding?
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  2. #2
    UKMustangFan's Avatar
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    The value of one, just a year ago, was in the 700s. Stuff has skyrocketed. Younger brother has a few. Would love to know what price he got in at.

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    Bitcoin was created with the idea that availability will be capped, roughly like the Initial Public Offering of a corporation. That is a big part of why the price skyrocketed as demand has increased. There is only going to be so many available worldwide.

    You can go to an exchange and, I believe, buy portions of a bitcoin. It will require someone willing to sell portions of their ownership in one. If I had multiple bit coins right now, I'd sell portions of one at a mark up/portion.

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    You can buy fractions of bitcoin or any other crypro on exchanges like coinbase. There really isn't a markup, just a fee for making the purchase. I put a little play money in when the price was at $4600 and it has turned a nice profit. Now that it has built up a bit it has been earning me around $100 a day recently. It earned me $65 between the time I went to bed last night and when I checked it this morning. You can shop online with it at places like overstock and expedia, Amazon is looking into accepting it as well.

  5. #5
    MJAlltheWay24's Avatar
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    Amazon starts accepting it, then it isn't ever going away.

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    Quote Originally Posted by MJAlltheWay24 View Post
    Amazon starts accepting it, then it isn't ever going away.
    They purchased/registered some url's not too long ago that all had bitcoin in the address. With CME group and others beginning to list futures in the coming weeks and Nasdaq working on that as well I believe it has established itself pretty well with or without Amazon. Square has also started allowing people to convert USD into BTC via their mobile card readers for payments, which IMO is huge for both BTC as well as Square.

    Until the market slows down and isn't gaining 1k per day, most people don't want to use BTC to make purchases due to the fact if they would have just left that money in their BTC wallet they would have earned even more money on it. Eventually the market will slow down and using BTC to make purchases would be a reasonable idea, but who knows when that happens. Once it does, I would expect places like Amazon, Walmart, etc to start accepting BTC for payment. If Overstock is holding the BTC it has been accepting as payment, they they're are likely making money hand over fist at the moment.

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    For what it's worth, BTC is closing in on 14k at the moment. It's cruising right through 13k, up over 2k on the day.

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    Quote Originally Posted by JDEaston View Post
    For what it's worth, BTC is closing in on 14k at the moment. It's cruising right through 13k, up over 2k on the day.
    Crazy!!!

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    Quote Originally Posted by HammerTime View Post
    Crazy!!!
    The crazy thing is that when it climbs like this there are usually some large sales that substantially effect the market cap and in turn cause a panic sale. There have been some large sales today that typically would have caused that, but the market cap is so high now that those sales didn't really effect the overall market enough to cause others to sell.

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    $14,090 now........unbelievable. Will it crash to $0?

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    Quote Originally Posted by tcjkbt View Post
    $14,090 now........unbelievable. Will it crash to $0?
    Doesn't look like it. 14.4k now.

  12. #12
    JCVD's Avatar
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    What about Litecoin and Ethereum? How are those different and why aren’t they blowing up like Bitcoin?

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    So, if one would exchange their Bitcoins for USD, would you have to pay taxes on that money? Id assume so. Is anyone afraid of the bottom falling out and losing everything, or do you believe it'll be a a gradual decline (if there would be) to give you enough of a warning? What if enough people try to sell off their Bitcoins at the same time? Does that have any effect on the worth? This whole thing is very intriguing.

  14. #14
    SnottieDrippen's Avatar
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    Quote Originally Posted by JDEaston View Post
    For what it's worth, BTC is closing in on 14k at the moment. It's cruising right through 13k, up over 2k on the day.
    Reminds me of the scene in Blow where the guy is testing the coke's burning temp.

  15. #15
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    Currently over $19k

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