Author Topic: Bitcoin  (Read 5612 times)

Offline jfg69

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Bitcoin
« on: May 25, 2017, 12:43:25 PM »
Is anyone doing anything with bitcoin? Is it something that we could actually do as a team? Is it even something obtainable or is it smoke and mirrors?

Offline sh@do

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Re: Bitcoin
« Reply #1 on: May 25, 2017, 05:46:06 PM »
Nothing magical about it, it is a real and useful cryptocurrency that is an alternative to government controlled currencies. I do not understand what you mean by "do as a team". Do what, invest? The market price is very volatile. For example a Bitcoin had a current value of $2999.95 earlier today, but when I check now at the time of this post it is at $2417.13. 2 days ago it was around $2200. You can purchase Bitcoins in the US through services such as Coinbase. Circle offer purchases with credit cards. Bittylicious, CoinCorner and Coinbase offer this service in the UK, accepting 3D Secure-enabled credit and debit cards on the Visa and MasterCard networks. Underbanked consumers in the US can turn to expresscoin, which recently launched to serve this market, accepting money orders, personal checks and wire transfers. If you live in a city, prefer anonymity or don't want bank hassles, the easiest option to acquire bitcoin is to make a face-to-face trade with a local seller.
LocalBitcoins is the primary site where such transactions are arranged and prices negotiated. The site also provides an escrow service as an added layer of protection for both parties.
"Life is not a journey to the grave with the
intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming -- WOW-- What a Ride!"

Offline jfg69

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Re: Bitcoin
« Reply #2 on: May 25, 2017, 10:30:29 PM »
I was referring to "mining" bitcoins, not quite sure what all is involved, but I was under the impression that groups of people could do that, but I could (and probably am) mistaken. I will admit, I haven't researched it in quite some time.

When I said team, I was thinking like back when we used to do distributed computing on the old forum.

Offline sh@do

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Re: Bitcoin
« Reply #3 on: May 26, 2017, 01:14:49 AM »
I understand. You need tons of servers (anywhere from $500 -  $2000 each), the ability to obtain and pay for the electricity, a space for the servers that can handle the extreme heat, tech's to keep them running and replacements when they die - just to name a few of the requirements. :)  Here is a excellent link that will quickly explain any questions you may have. Short and sweet presentation. :  https://www.bitcoinmining.com/
"Life is not a journey to the grave with the
intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming -- WOW-- What a Ride!"

Offline tuscany

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Re: Bitcoin
« Reply #4 on: May 30, 2017, 03:39:19 PM »
These are only 21 million bitcoins "available" --
https://news.bitcoin.com/what-happens-bitcoin-miners-all-coins-mined/
They are "supposedly" untraceable, and therefore normally used to buy things on the black-market.

Offline jfg69

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Re: Bitcoin
« Reply #5 on: June 10, 2017, 04:15:03 AM »
These are only 21 million bitcoins "available" --
https://news.bitcoin.com/what-happens-bitcoin-miners-all-coins-mined/
They are "supposedly" untraceable, and therefore normally used to buy things on the black-market.

Only 21 million? That seems odd.. who decides these things?