How Do You Make Change with BitCoin

Meh. We don't get along and I don't believe our views on BTC ever aligned, but I may as well answer these questions from an objective perspective. Dunno how much has been covered in this thread because I only read the first few replies.

Bitcoin is not in itself a mathematical number in the sense that it gets its value from merely being a number. A Bitcoin, in itself, is merely a set of data on your computer, much in the sense that a dollar is merely a piece of paper you put in your wallet. A Bitcoin derives its value from both the demand for it and the difficulty of solving the mathematical equations in the aforementioned mining process.

So now that you know that Bitcoin, like having a piece of paper in your wallet, is merely having some data on your computer, you tell the computer in the sky that this transfer took place by using a client that sends this piece of data over P2P to the recipient, and also sends information about this transfer along to the blockchain. People who are mining will discover these transactions and "confirm" them, therefore verifying the money was sent.

You can steal Bitcoin by a number of methods, such as storing them on a computer connected to the Internet and having someone gain access to your PC, keeping them on a server such as an online wallet whose server can be hacked, or giving away your private key that allows someone to deplete your wallet, as the private key is supposed to only be known by the person who owns the address.

As to why Mt.Gox is more expensive than BTC-e, this is due to the difficulty of funding BTC-e. An American will almost never be able to fund a BTC-e account, and if they do, it will cost at least $2000 in an international wire. It is much easier to fund Mt.Gox, therefore the price is higher.

Nigel Farage said:

So it's possible that 50 years from now, when 1 BTC is worth 3 million dollars, people will be laughing about those retarded jackasses that bought BTC for a puny $750, then sold it for $1,250, and were so pleased that they MADE MONEY.

Check my math, but if 1BTC = $3,000,000 then .00000001 BTC = $0.03 or 3 cents. Meaning that BTC could easily be used to pay for all transactions a person needs to do, from buying a piece of chewing gum to purchasing a house.

Click to expand...

Yes. It's just like how Sergey Brin and Larry Page are probably laughing at everyone who did not purchase Google stock 10 years ago.
Investing is gambling, however. There are no guarantees that Bitcoin will be worth $3,000,000 in 50 years, or even $300 tomorrow.

I have no idea if this will make sense or apply, as im ignorant of bitcoin besides glazing over this thread, but someone mentioned it was a democratic type of system...which struck me in a odd and depressing manor.

It makes me relate it to the general manor of society, being that we do not live in a democratic society (as far as how the majority views a democracy, as in government/etc. even though we are told so), but at the same time we do live in a democratic society (on a more very basic level of mass consciousness / what thoughts/views/behaviors we will accept from others and what we won't accept and rally together to change).

Anyways, be I lose everyone, this all of course is an important concept to grasp when philosophizing on currency/finance/capitalism and just really reality/truth vs. mass acceptance/comprehension/acceptance.

Reality/truth is currently being suppressed, or perhaps I should rather say not being implemented, on a mass level, due to ignorance and its fearful and violent impulses that it causes within the human experience of the times we life in.

Thus I desire to urge the comprehension of democracy / mass consciousness as a faulty foundation for the ultimate currency or whatever you would call it...that is until the mass consciousness is one shared by all...which naturally will happen over time...but IMO bitcoin is small-time and would never be the new way "currency" or "exchange" or whatever that would accomplish such a thing.

Not to say it cannot be successful, to an extent, but it definitely is not ideal, and thus not worth putting energy into imo. Society is becoming more conscious exponentially and we can reach for far greater things, but it is true that an ideal change will be needed to be backed by us "average joes" and the masses...so anything that furthers us coming together is a step in the right direction.

Perhaps such an ideal "currency" would not even be something you can measure in any other way then in a "invisible" spiritual sense...you could maybe even call it love.

Dare to dream? Idk, the hype of the next "new" thing doesn't really do it for me, and is 2 easy to pick apart. We must thing globally, and consider everyone, and even that may not be enough.