51–60 of 348 posts
Went to purchase $100 worth of Bitcoin back in the day at $0.03 ea. CC didn't go through. Thought I would try again the next morning with a different card. After sleeping on it, decided it was probably a waste of $100. I'm even less inclined to spend $100 now.
But the most important thing was not the value of those 50 coins. Which really isn't that big a deal. It was the knowledge that "I have a buffer, a reserve" and that knowledge has allowed me to make deals in the interest of future growth, instead of short term continuation. I got to decline offers, that I otherwise would have needed to survive.
Now that both companies are making a profit, I have learned how important it is to have a big buffer and I thank Bitcoin for that. I also thank Bitcoin for the financial independence I now have, even though it is an indirect result.
I still watch the markets and hope some other honest hardworking guy out there gets as lucky as I got.
Yeah, as much as I like the concept of bitcoin (and the blockchain), I don't see adoption becoming anything more than anecdotal. No interest rate, and you have to secure it yourself? No thanks. My "big bad bank" guarantees me at least a small interest in saving money, and if my card is stolen, I get a new one in 24 hours and all transactions are cancelled. I'm happy to pay some transaction fees ("extortion!") to get…
I don't own any bitcoins, but felt like pointing a couple of things out. Whatever shreds of interest your bank gives you will be way, way less than the inflation you're experiencing. In other words, your money's purchasing power keeps decreasing even if you're getting some interest on it, ie. you're losing your wealth. Bitcoin doesn't experience inflation like that, so it should be a better store of value than your f…
My card is very relevant.
If someone steals it, they can use it but it doesn't impact me in any way except having to wait for the new card to come.
If someone steals my bitcoins, it means they have a copy of my private key, and there is nothing I can do about it. Zich. Nada.
Transaction fees pay for this insurance (among other things, but still).
Earlier quoted context omitted.
Although Bitcoin is often marketed as such, it doesn't necessarily compete with banks. I personally see it as a currency which competes with other currencies. It's a bit like paper cash except that it can be stored digitally. I don't see what would prevent "big bad banks" (although unlikely) from adopting BTC as one of the many currencies they support and offer all the protections and services they offer with other c…
Banks can already transfer fund between themselves electronically and efficiently. And a bank account is exactly storing paper currency digitally. Again, I don't see what the innovation here is, except the technical aspects (the blockchain as a distributed system is very clever).
Earlier quoted context omitted.
> most people(in western nations) learn about it and respond almost unanimously with 'Meh'. I have very mundane needs, and I've never figured out a compelling case for me to use bitcoin. In general, it's always been more trouble than convenience. I know there are people with exotic needs, but I think the majority of people are more like me.
When was the last time you transferred money to someone (esp. out of country), how much did it cost, and how long did it take? Now, imagine you're poor, your family lives abroad, and a $20 fee on a $500 transfer is indeed a big issue. There are usability concerns (a bitcoin ATM to deposit money and have it sent to an address would be nice) but the use case of near-zero, same-day money transfers is enormous. In the af…
Bitcoin isn't better for remittance. Actually moving the money has never been the expensive parts of remittance it is giving people a way to receive money on the other side and compliance. The current bitcoin remittance companies advertising lower fees are doing it entirely by ignoring compliance and that will work great until they have any volume and then they will be shut down.
I've heard people say "BTMs save money on not needing a store" but do you think if an automated machine was doable WU wouldn't have replaced most of their partner branches by now?
Went to purchase $100 worth of Bitcoin back in the day at $0.03 ea. CC didn't go through. Thought I would try again the next morning with a different card. After sleeping on it, decided it was probably a waste of $100. I'm even less inclined to spend $100 now.
Cool story bro,
Yeah, as much as I like the concept of bitcoin (and the blockchain), I don't see adoption becoming anything more than anecdotal. No interest rate, and you have to secure it yourself? No thanks. My "big bad bank" guarantees me at least a small interest in saving money, and if my card is stolen, I get a new one in 24 hours and all transactions are cancelled. I'm happy to pay some transaction fees ("extortion!") to get…
I don't own any bitcoins, but felt like pointing a couple of things out. Whatever shreds of interest your bank gives you will be way, way less than the inflation you're experiencing. In other words, your money's purchasing power keeps decreasing even if you're getting some interest on it, ie. you're losing your wealth. Bitcoin doesn't experience inflation like that, so it should be a better store of value than your f…
Bitcoin inflation is at 10% per year right now not even considering the dropping price.