Producers and payment options using cryptocurrencies

[Mynock]

So let me make sure I understand this.......to pay someone in Bitcoin you have to create a special Bitcoin account, then buy Bitcoins using dollars/euros/whatever at the whatever the current exchange rate is, then place your Bitcoins in said account, then transmit the Bitcoins from your special Bitcoin account to the other persons special Bitcoin account, then that person immediately turns them back into Dollars/Euros/whatever because the exchange rate is dangerously unstable and it's not a good idea to keep actual Bitcoins......???

Why? Seriously I'm not trying to be an asshole here, what's the point?

[Billie Bonce]

Why? Seriously I'm not trying to be an asshole here, what's the point?

I can assure you that if one day I really decide to buy something via the Internet I would have to do much more operations, several of which would demand me talking by phone with some clerks and explaining them that I really do want to pay for this (and it definitely shouldn't be a fetish video!)

[Aiko]

... and it's not a good idea to keep actual Bitcoins......???

Well, that's a matter of opinion. I generally do keep a few despite - or rather because of - the unstable exchange rate. Unstable means it can go both ways.

Why? Seriously I'm not trying to be an asshole here, what's the point?

I'd rather not reiterate the reasons for using Bitcoin in this thread again. Instead allow me to refer you to bitcoin.org.

[Duncan Edwards]

Obviously this is not the case for all Bitcoin users but demonstrates another reason why people might be slow to get on board. It's use in illicit transactions is likely to draw unwanted attention -

Two Executives of Bitcoin Arrested in Connection with Silk Road Finance

http://dealbook.nytimes.com/2014/01/27/ ... blogs&_r=0

[Billie Bonce]

Obviously this is not the case for all Bitcoin users but demonstrates another reason why people might be slow to get on board. It's use in illicit transactions is likely to draw unwanted attention -

Two Executives of Bitcoin Arrested in Connection with Silk Road Finance

http://dealbook.nytimes.com/2014/01/27/ ... blogs&_r=0

This very likely may be a part of campaign instigated by banks against cryptocurrencies - to kill the potential competitors in embryo. Banks also knowingly finance illegal businesses...

[schlamm]

Mt. Gox, once the world's biggest bitcoin exchange, abruptly stopped trading on Tuesday and its chief executive said the business was at "a turning point" but gave no details.
Several other digital currency exchanges, including Bitstamp and BTC-E, issued statements attempting to reassure investors of both bitcoin's viability and their own security protocols.The website of Mt. Gox suddenly went dark on Tuesday with no explanation, and the only activity at the company's Tokyo office was outside, where a handful of protesters said they had lost money investing in the virtual currency.

Well, this would be a very good example of why NOT to fool with bitcoins....bit in a very different way now it would seem

[Boggy Man]

There were 744,408 bitcoins stolen from Mt. Gox, worth $365M, and it went unnoticed for several years! They discovered a bug that allowed people to withdraw the same bitcoins multiple times, making them vulnerable to hackers! Check out this article:

http://business.financialpost.com/2014/02/25/bitcoin-exchange-mt-gox-vanishes-in-blow-to-virtual-currency/

[Mynock]

They're so anonymous the bank doesn't even notice you spending them.
Trollololololol......
http://silvergoldbull.com/silver/1-oz-2 ... lver-round

[Billie Bonce]

They're so anonymous the bank doesn't even notice you spending them.
Trollololololol......

Wait... Isn't it an advantage?