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Question for you all (especially US citizens)

Discussion in 'BlackHat Lounge' started by acomoney, Feb 2, 2014.

  1. acomoney

    acomoney Registered Member

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    Do US (or wherever you're from) citizens have access to buying bitcoins instantly? I've done some research but all point to the fact that you have to go quite out of your way to get some bitcoins quickly.

    Followup: If it isn't possible to get bitcoins instantly where you live, would you pay a little extra for a service that does provide them instantly??
     
  2. noseo

    noseo Regular Member

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    Why I don't have bitcoin (not intended as a set of arguments but as feedback for your research):

    (1) It's volatile relative to USD/Euro/etc. (commodity prices are stable in USD/Euro, not in Bitcoin)
    (2) It's got a risk of going to zero value, unlike, say, treasuries or gold or the S&P 500. (viewed as an investment)
    (3) It's not used at the grocery store or the gas station yet. (viewed as a currency)

    Main reason I'd get some right now:

    (1) Speculative investment (knowing the risks)
    (2) Shady stuff
    (3) Microtransactions?

    Possible ways of exploiting this:

    AS AN INVESTMENT:

    Create an investment vehicle (such as an index fund listed on the stock exchange) that had a dollar value that could be invested into an account that is treated differently for tax purposes (IRA, Roth IRA, 401k, etc.). This is Wall Street stuff, and it might have been done already, but it makes lots of money and there seems to be a new twist every day to this stuff (a security that sells debt denominated in bitcoin? a security that sells a basket of bitcoin-related companies? etc.).

    AS A CURRENCY (and shady shit):

    A walk-up shop where you can get Bitcoins for cash (dollar dollar bills yo) and vice-versa would be popular for some types of people. You know, a Check-Into-Cash that also exchanges bitcoin.

    FOR MICROTRANSACTIONS:

    Make a site that sells stuff by the penny or something. But not by the penny, by the 1/1000th of a Bitcoin.

    As to your research about how it is hard to get bitcoin instantly, I don't know much about that. Convenience is always a factor but you also have all of the above, general questions about the benefits of bitcoin (people mostly know that it shot up overnight at Thanksgiving isn't that LOL and oh I don't understand it) and concern/fear over the stuff.
     
    Last edited: Feb 3, 2014
  3. Jeff Bezos

    Jeff Bezos Junior Member

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    Way to not even try to answer the question.
     
  4. infoasian

    infoasian Supreme Member

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    Just go to Wallmart and buy some bitcoins. It's that easy in the USA.
     
  5. noseo

    noseo Regular Member

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    Okay, then. Short answer is: no.
     
  6. acomoney

    acomoney Registered Member

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    Thanks for the replies guys, I appreciate it (long and short :)) So from what I understand now, it's possible to get them instantly in Wallmart but not online? Let's assume that you'll be able to get them instantly online, wherever you live. Let's say you'd pay $10 USD extra for 1 bitcoin, adjusted to BTC-e market prices, would this be something you'd buy or?
     
  7. noseo

    noseo Regular Member

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    He was joking.

    If I wanted to buy bitcoin, I'd search Google for "buy bitcoin" and click on https://www.mtgox.com/ ... even if their site isn't instant, I would not know about your instant service and probably wouldn't use it, unless you ranked well for this kind of query or advertised in AdWords.
     
  8. zebrahat

    zebrahat Elite Member

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    Bitcoin transactions are already basically instant for all users who install the peer software, and who can interact with each other directly. It's the exchange transactions (to other currencies) or transactions with third parties where things get complicated. BTC is a far from shady, it's increasingly the safe currency to move one's funds to to avoid the inflation that is ruining most Western currencies at this time.