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The new "bitcoins", does anybody use them?

Discussion in 'BlackHat Lounge' started by jcash12, May 28, 2011.

  1. jcash12

    jcash12 Junior Member

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    Hello, i've been doing a ton of research on bitcoins and want to get BHW's general opinion on them. I run a service website and am considering accepting bitcoins as payment. This is a very interesting topic. Im almost considering doing some mining for bitcoins.

    let me know what you think guys!
     
  2. almir

    almir Power Member

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    what's that ?
     
  3. jcash12

    jcash12 Junior Member

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    search google for bitcoins, or wiki, its way to hard to explain.
     
  4. purpletheory

    purpletheory Newbie

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    I have been hearing about Bitcoins lately, I want to know what the word is with these too.
     
  5. pyronaut

    pyronaut Executive VIP

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    I know someone will no doubt come in here and rage at me for saying this, but they are absolutely worthless. These sorts of currencies have come and gone in a moments notice, albeit this one has a unique generation method, outside of that it is exactly the same.

    In my opinion (It is my opinion not citing sources), currency is worth something because the government makes it so. You have to pay your taxes and everything else to the government in whatever currency they desire, therefore no matter what you have, it will need to eventually be converted to real life currency.

    This is fine, because bitcoins can be converted into USD right? Well only if someone is buying. Therefore you are relying on demand (outside of your control) to pick up your bitcoins eventually. And hopefully before your taxes are due.
     
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    Last edited: May 28, 2011
  6. opticbit

    opticbit Registered Member

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    Oops double post... was long so cleared it out
     
    Last edited: May 28, 2011
  7. opticbit

    opticbit Registered Member

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    Its possible you do like them but are trying to keep the prices low so you can get more for yoursef, or work on you niche.

    Though I take you seriously since I've found many people who are not interested at all.
    Atleast with you, you understand what goes into it, but most people don't even attempt to understand, nor have the ability to understand.
     
  8. fiesta

    fiesta Junior Member

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    That explains all those 'someone gave me 700 old computers' threads popping up recently. People are setting them up to do some mining.
     
  9. opticbit

    opticbit Registered Member

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    Check weuecoins (iforget if its.com or .org) or check youtube

    Bitcoins are a p2p cryptografic currency.

    Accounts are easy to get, no id needed

    Cannot be locked

    Transactions are free (might want to spend .01 to make it go quick)

    Its deflationary (value goes up not down)

    Can be used world wide.

    Can be used offline at bitbills (its like a gift card)

    Trasactions take 10mi to 1hr to confirm, but are instant at mybitcoin.com

    Exchange rate is currently about 1BTC = $8.5 usd. With the software you can send .01 (0.08 usd) but with mybitcoin 0.00000001 btc is the smallest.
     
  10. MrSmith

    MrSmith Newbie

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    All these online currencies...How about you guys just focus on the real cash LOL
     
  11. opticbit

    opticbit Registered Member

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    Most sites that give you cash, hold onto that cash as "credits" anyway.

    bitcoins are just one more type of credits.