Phanerothyme Posted March 10, 2013 Share Posted March 10, 2013 Just the problem of currency conversion to deal with now. Link to comment Share on other sites More sharing options...
Nagel Posted March 10, 2013 Author Share Posted March 10, 2013 The main problem with Bitcoin transactions is the length of time it takes them to be confirmed, which is usually around one hour. Not exactly user friendly for any kind of shopping. Imagine using them in real shops and twiddling your thumbs for an hour whilst the transaction gets confirmed worldwide. Use Switch/Maestro and you get frustrated if it takes longer than a minute. Link to comment Share on other sites More sharing options...
NorthernStar Posted March 11, 2013 Share Posted March 11, 2013 (edited) The main problem with Bitcoin transactions is the length of time it takes them to be confirmed, which is usually around one hour. Not exactly user friendly for any kind of shopping. Imagine using them in real shops and twiddling your thumbs for an hour whilst the transaction gets confirmed worldwide. Use Switch/Maestro and you get frustrated if it takes longer than a minute. Have you bought anything with them, if so how did it work? Is this 1 hour confirmation when using a bitcoin address, I thought that would be instant or is this just using bitcoin banking. As an investment they seem to be showing exceptional returns, but I'm concerned that it may just be a fad/bubble until the next attempt of a free digital currency(there have been others) - I want bitcoin to work but as you intimated they don't seem to be a very liquid currency as things are. Certainly worth a punt, especially with all the pure madness and uncertainty behind most fiat currencies. Edited March 11, 2013 by NorthernStar Link to comment Share on other sites More sharing options...
DeathAxe Posted March 11, 2013 Share Posted March 11, 2013 It's selling something of no real value, except the ability to trick other gullible fools into buying it. http://en.wikipedia.org/wiki/Pyramid_scheme Like digital downloads... Link to comment Share on other sites More sharing options...
Phanerothyme Posted March 16, 2013 Share Posted March 16, 2013 INteresting recent article here - http://spectrum.ieee.org/tech-talk/computing/networks/bitcoin- (12/03) Bitcoin went into crisis mode early this morning. This time, the threat wasn't from hackers tampering with poorly secured virtual wallets. It was Bitcoin's own code that was causing the trouble. A compatibility issue between the two most recent versions of the cryptocurrency's core software has resulted in a split in the Bitcoin blockchain, causing the currency to grow in two different directions at once. What does this mean? The biggest problem that two competing Bitcoin chains could breed is someone trying to spend the same coins on each chain. Bitcoin was explicitly designed to resolve such an occurrence—called "double spending"—and the mere possibility has thrown the validity of some recent Bitcoin transactions into question. While, no one is at risk of losing any coins that they owned before the problem occurred, fixing it will require that many of the most recently generated coins (an estimated 600 of them) be abandoned. Mt Gox, the largest online Bitcoin exchange, suspended Bitcoin deposits late last night after the problem was announced on an online Bitcoin forum. The exchange rate dropped 23 percent shortly after the news, but rebounded slightly and is now trading at US $43, only six dollars shy of the all time high reached last week. Link to comment Share on other sites More sharing options...
Nagel Posted March 19, 2013 Author Share Posted March 19, 2013 INteresting recent article here - http://spectrum.ieee.org/tech-talk/computing/networks/bitcoin- (12/03) That was the sort of event that would have sent Bitcoin value into free-fall before, but now it was just a little glitch on the upward trend, now pushing £40. You can see the big sell-offs as the red bars on the Y axis - http://bitcoincharts.com/charts/mtgoxGBP#rg180ztgCzm1g10zm2g25zv It was only two weeks ago that I was posting that they had reached the heady heights of £18. Link to comment Share on other sites More sharing options...
mafya Posted March 22, 2013 Share Posted March 22, 2013 Check out this guy, he is selling his house and wants to be paid in bitcoins= http://www.bbc.co.uk/news/technology-21863593 Imagine if after selling it the bitcoins lose 50% of their value? Link to comment Share on other sites More sharing options...
Nagel Posted March 27, 2013 Author Share Posted March 27, 2013 Quite a sane look at Bitcoins from last night's Newsnight with J Paxman - http://www.youtube.com/watch?feature=player_embedded&v=aaOsM3RUNG8 Link to comment Share on other sites More sharing options...
Phanerothyme Posted March 27, 2013 Share Posted March 27, 2013 Check out this guy, he is selling his house and wants to be paid in bitcoins= http://www.bbc.co.uk/news/technology-21863593 Imagine if after selling it the bitcoins lose 50% of their value? If he did, he's seen a considerable increase in his net worth, now that they've doubled in value since that article was published. Link to comment Share on other sites More sharing options...
Total Chaos Posted March 27, 2013 Share Posted March 27, 2013 I suppose any currency is valued in the trust of its value and the ease of ability to exchange it, but if metal, it has a base value. Fraud fast becomes uneconomical when the value of the coin exceeds the currency. (When it involves smelting) Printing paper, or manipulating computers on the otherhand... Thats not the point.If people create there own currency and stop using Pound sterling.All our economy would collapse.Maybe they want it to happen The new World order and all that Link to comment Share on other sites More sharing options...
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