31–40 of 221 posts
Why is Bitcoin a good currency again? If I understand how it is distributed correctly, those with higher/more computational power receive more of the finite bitcoins. How does that not favor the already rich?
Why is Bitcoin a good currency again? If I understand how it is distributed correctly, those with higher/more computational power receive more of the finite bitcoins. How does that not favor the already rich?
Earlier quoted context omitted.
From a practical standpoint, Bitcoin has other problems for using it in a real business -- mainly the fact that taxes are only payable in the coin of the realm. If you are a real, legal business, do you want your entire personal and business future contingent on the ability to exchange bitcoin with dollars?
You don't have to put all your eggs in one basket. You could accept payment in dollars and bitcoins, and exchange the bitcoins for dollars the day you receive it. If the bitcoin market suddenly crashes, you'd only lose the amount you hadn't managed to exchange for dollars.
I have a hard time getting excited about a currency when the main reasons given for it's existence are for online gambling and Wikileak donations. I would be excited about a dollar alternative that allowed the common person to protect themselves from the inflationary rot that the US Congress is hell-bent on subjecting us to.
Those are the first uses because online gamblers and muckraking NGOs are the ones most desperate for an alternative to a government-issued currency. If the average person was unable to function with inflationary currencies, they'd find an alternative.
Earlier quoted context omitted.
From a practical standpoint, Bitcoin has other problems for using it in a real business -- mainly the fact that taxes are only payable in the coin of the realm. If you are a real, legal business, do you want your entire personal and business future contingent on the ability to exchange bitcoin with dollars?
You don't have to put all your eggs in one basket. You could accept payment in dollars and bitcoins, and exchange the bitcoins for dollars the day you receive it. If the bitcoin market suddenly crashes, you'd only lose the amount you hadn't managed to exchange for dollars.
Earlier quoted context omitted.
You don't have to put all your eggs in one basket. You could accept payment in dollars and bitcoins, and exchange the bitcoins for dollars the day you receive it. If the bitcoin market suddenly crashes, you'd only lose the amount you hadn't managed to exchange for dollars.
If you do that, what's the advantage of bitcoin?
That's the idea anyway. I'm not sure how practical it is!
I have a hard time getting excited about a currency when the main reasons given for it's existence are for online gambling and Wikileak donations. I would be excited about a dollar alternative that allowed the common person to protect themselves from the inflationary rot that the US Congress is hell-bent on subjecting us to.
Why is Bitcoin a good currency again? If I understand how it is distributed correctly, those with higher/more computational power receive more of the finite bitcoins. How does that not favor the already rich?
That said, bitcoins do favour the already rich. If I have $1000 I can buy more bitcoins than someone with only $100. This is not exactly unusual.
The advantage of using bitcoins as a currency is that you can transfer them electronically without the need for a centralised banking system and all the bureaucracy that entails. As a programmer, this is what really excites me about the system.
Bitcoin is pretty sweet, but its extremely confusing. I barely understand it, and i'm an extremely technical user. I think people need to work harder on bringing down the complexity.