JohnG 41 Posted December 30, 2016 I have been reading and familiarizing myself with Bitcoin and am curious if it is something I should bother with. I know at least one watch TD accepts bitcoin and I am curious, do a lot of people actually pay for stuff with bitcoin? I am mostly interested in knowing if I set up an account at Coinbase or similar is anyone going to actually pay me in bitcoin? I have yet to have anyone ask me if I accept it so I am skeptical. Thanks in advance for the help-advice. Share this post Link to post Share on other sites
tomtom1988 64 Posted December 30, 2016 The thing with bitcoin is that it's a pretty unrecognised currency, the rates can serverely fluctuate, Id say stick to the dollar, at least you know what you're getting Share this post Link to post Share on other sites
NCRich 13,808 Posted December 30, 2016 The thing with bitcoin is that it's a pretty unrecognised currency, the rates can serverely fluctuate, Id say stick to the dollar, at least you know what you're getting Yes I'd agree with this. I am no monetary theorist but this just seems way too off the wall for me. Of course I have gold buried in mason jars in my backyard. Share this post Link to post Share on other sites
Realism 72 Posted December 30, 2016 Bitcoin is pretty reliable and low fee... speculation is what makes it dangerous... as long as you turn your coins into $$cash asap once transaction is complete.. you should be ok Share this post Link to post Share on other sites
deju 1,889 Posted December 30, 2016 It's like the black market of currency. The concept was a sound and pure idea having money that's not tied to a centralised banking system. Unfortunately it got adopted by people doing illegal things, which puts it in a bad light for main stream adoption. It also proved that while it's currency is not affected by the traditional impacts to currency value, it has found its own factors that create in predicted fluctuations. If you want to try it for fun go for it, as it stands unless you want to buy a gun, drugs etc with a varying degree of anonymity, I'll be honest the whole process is a tad long winded and frustrating. Share this post Link to post Share on other sites
omegex 0 Posted December 30, 2016 ......... I'll be honest the whole process is a tad long winded and frustrating. Agreed. The hoops you have got to jump through just in order to keep things secure does look daunting. Share this post Link to post Share on other sites
greg_r 83 Posted December 30, 2016 If you want to try it for fun go for it, as it stands unless you want to buy a gun, drugs etc with a varying degree of anonymity, I'll be honest the whole process is a tad long winded and frustrating. ^^^ this. We looked into it as a possible way of processing VIP upgrades for the board, but there were too many hoops to jump through and it seemed likely that after the half-dozen folks on here that actually USE bitcoin had upgraded, it wouldn't see much traffic. Add that to the need to ensure that you don't leave your dough in bitcoin (due to the exchange fluctuations which make Brexit look positively stable) it seemed like a waste of time and effort - at least for us. :dunno: Share this post Link to post Share on other sites
onzenuub 309 Posted December 30, 2016 Like Realism said, changing into other currency when a transaction is done. Otherwise you have the risc that your bitcoins are within a month only halve the value or your virtual safe gets hacked by some whizzkid. Share this post Link to post Share on other sites
nofitstate 27 Posted December 30, 2016 (edited) I opened up a coinbase account a couple of years ago and did nothing with it. A couple of months ago I bought £10 worth of bitcoins, today it's value is over £15! When the opportunity arrives to purchase something using Bitcoin I will use it. Edited December 30, 2016 by nofitstate Share this post Link to post Share on other sites
porschespeedster 19 Posted December 30, 2016 how else to ca$h out those hacker accounts tho>>> Share this post Link to post Share on other sites
Jibuti 958 Posted December 30, 2016 meh... I only trade in indian rupees, weed or in body parts...... Share this post Link to post Share on other sites
Realism 72 Posted December 30, 2016 meh... I only trade in indian rupees, weed or in body parts...... Backdoor is this way pluhhhse Share this post Link to post Share on other sites
adaptive 8 Posted December 30, 2016 (edited) I use bitcoin frequently. I pay my TD Fat Panda with it (lower price for me ofc). As a merchant you can probably set it up easily with coinbase or bitpay. As someone mentioned above, if you are reluctant to keep the bitcoin you can exchange it for USD/EUR/w/e instantly. It's the cash of internet, and it's used for "bad things" just as cash is in the real world. Edited December 30, 2016 by adaptive Share this post Link to post Share on other sites
deju 1,889 Posted December 30, 2016 I use bitcoin frequently. I pay my TD Fat Panda with it (lower price for me ofc). As a merchant you can probably set it up easily with coinbase or bitpay. As someone mentioned above, if you are reluctant to keep the bitcoin you can exchange it for USD/EUR/w/e instantly. It's the cash of internet, and it's used for "bad things" just as cash is in the real world. clearly you buy a lot of drugs online hahaha Share this post Link to post Share on other sites
adaptive 8 Posted December 30, 2016 I use bitcoin frequently. I pay my TD Fat Panda with it (lower price for me ofc). As a merchant you can probably set it up easily with coinbase or bitpay. As someone mentioned above, if you are reluctant to keep the bitcoin you can exchange it for USD/EUR/w/e instantly. It's the cash of internet, and it's used for "bad things" just as cash is in the real world. clearly you buy a lot of drugs online hahaha heh. ok? Share this post Link to post Share on other sites
JohnG 41 Posted December 31, 2016 Thanks guys! Yeah, I had heard about price volatility, etc., mainly wondering if the hassle was worth it - if there are many people who ACTUALLY pay using bitcoin .... I might set up a wallet a get a bit of coin just for fun, then if someone wants they can pay and I am happy to risk a hundred bucks or so and let it ride and see what the valuation does. . Share this post Link to post Share on other sites
gavmeister 1 Posted December 31, 2016 The thing with bitcoin is that it's a pretty unrecognised currency, the rates can serverely fluctuate, Id say stick to the dollar, at least you know what you're getting Yes I'd agree with this. I am no monetary theorist but this just seems way too off the wall for me. Of course I have gold buried in mason jars in my backyard. NC, USA you say....care to be a bit more specific...not looking for any mason jars or anything like that.... Share this post Link to post Share on other sites
adaptive 8 Posted December 31, 2016 Thanks guys! Yeah, I had heard about price volatility, etc., mainly wondering if the hassle was worth it - if there are many people who ACTUALLY pay using bitcoin .... I might set up a wallet a get a bit of coin just for fun, then if someone wants they can pay and I am happy to risk a hundred bucks or so and let it ride and see what the valuation does. . Let me know once you do, I could use a new strap (: Bitcoin was down at 465$ in august, now its back to 900$+ Share this post Link to post Share on other sites
NCRich 13,808 Posted December 31, 2016 Thanks guys! Yeah, I had heard about price volatility, etc., mainly wondering if the hassle was worth it - if there are many people who ACTUALLY pay using bitcoin .... I might set up a wallet a get a bit of coin just for fun, then if someone wants they can pay and I am happy to risk a hundred bucks or so and let it ride and see what the valuation does. . Let me know once you do, I could use a new strap (: Bitcoin was down at 465$ in august, now its back to 900$+ And there is the rub. Share this post Link to post Share on other sites
Kaiser 4 Posted December 31, 2016 Thanks guys! Yeah, I had heard about price volatility, etc., mainly wondering if the hassle was worth it - if there are many people who ACTUALLY pay using bitcoin .... I might set up a wallet a get a bit of coin just for fun, then if someone wants they can pay and I am happy to risk a hundred bucks or so and let it ride and see what the valuation does. . Let me know once you do, I could use a new strap (: Bitcoin was down at 465$ in august, now its back to 900$+ And there is the rub. Not a problem if you exchange the bitcoin immediately for dollars. Of course, a volatile currency can also have it's benefits, the two bitcoin I've had for a few years and which were then worth about $800 are now worth about $1900 :paddy_gold: Share this post Link to post Share on other sites
Cubic Hare 494 Posted December 31, 2016 Thanks guys! Yeah, I had heard about price volatility, etc., mainly wondering if the hassle was worth it - if there are many people who ACTUALLY pay using bitcoin .... I might set up a wallet a get a bit of coin just for fun, then if someone wants they can pay and I am happy to risk a hundred bucks or so and let it ride and see what the valuation does. . You could fill your airplane cup. Share this post Link to post Share on other sites
rawbaws 91 Posted December 31, 2016 I have paid Tim with bitcoin but in hindsight the discount offered for bitcoin was not worth the hassle and cost Share this post Link to post Share on other sites
Left Coast Guy 24 Posted December 31, 2016 My beef with Bitcoin is the time to effect a payment -- I don't want to keep money in Bitcoin, so when I make a purchase I have to transfer funds to my Coinbase wallet, and that process can take 1-2 days.....so TD gives me the final price, I convert that amount plus 10% into Bitcoin in case it moves around.....then wait 2 days.....then pay the TD, maybe more maybe less depending on the rate change....then transfer the remainder back.....another 2 days. Whereas PayPal is super simple 1-step process. Share this post Link to post Share on other sites
RandomGuy 0 Posted January 1, 2017 "New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would." https://www.google.com/amp/mobile.reuters.com/article/amp/idUSKCN11411T?client=safari .......No thanks Share this post Link to post Share on other sites
Member X 91 Posted January 1, 2017 Given how unregulated and a law-unto-itself paypal is (freezing accounts at will), I don't think it's a particularly attractive alternative... lol Share this post Link to post Share on other sites
