I don't really understand bitcoins. Does it take real money to get them? Can you exchange them for real money? |
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From bitcoin.org: |
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I don't really understand bitcoins. Does it take real money to get them? Can you exchange them for real money? |
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Yes, you can buy and sell bitcoins at a number of exchanges. The leading exchange for USD is Mt. Gox. There are also secondary exchanges like btc-e.com and bitfloor. |
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Last edited by MindGames; 04-23-2013 at 06:32 AM.
The worst thing that can happen to a good cause is, not to be skillfully attacked, but to be ineptly defended. - Frédéric Bastiat
I try to deny myself any illusions or delusions, and I think that this perhaps entitles me to try and deny the same to others, at least as long as they refuse to keep their fantasies to themselves. - Christopher Hitchens
Formerly known as BLUELINE976
That article doesn't make any compelling arguments aside from the issue of volatility. And the problem with the price volatility argument is that the price of Bitcoin has generally been on a stable upward trend ever since its creation, aside from the occasional market crash (there have only been two significant crashes since 2009, after which the price has returned to its upward trend), which means the only problem with volatility is that businesses would be unexpectedly making more money than they thought (oh no!). And even if that was a problem for you and you wanted to avoid the risk of crashes in value, you can always peg your price in bitcoins to the price in USD or another fiat currency and use an instant exchange service like bitpay to convert the payment into fiat. That would only be necessary until bitcoin finds a stable price after its growth phase. |
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Last edited by MindGames; 04-24-2013 at 12:50 AM.
Once the limit of one-million-something have been accumulated, aren't bitcoins just going to keep rising in price, up from the $180 they are now, causing even smaller fractions which would just be ridiculous? Common people will never be able to use them or possess a whole one because they'll be so rare. Everything would cost some fraction of a single bitcoin. It could never replace actual currency, unless the limit is going to be increased so the coins' value can be lowered. |
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Last edited by Dianeva; 04-24-2013 at 01:20 AM.
The good thing about bitcoins is that they can be divisible down to any amount set by the network. It's currently 8 decimal places. If bitcoins reach something like 100,000 dollars in value, you could still divide 1 dollar worth of bitcoins down to the thousandths place. |
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