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Bitcoin (was $25, now $700 and climbing)

Bitcoin Digital Currency Decentralized

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#1 -Wade-

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Posted February 13, 2013 - 09:07 AM

It's been around for a bit, but it is still in its beginning stages.

Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.

Bitcoin is a decentralized currency (*cough*the way it should be*cough*)

Features


These are the basic features of any Bitcoin-like network.

  • Bitcoins can be transferred between arbitrary nodes on the network.
  • Transactions are irreversible.
  • Double spending is prevented by using a block chain.
  • Transactions are broadcasted within seconds and verified within 10 to 60 minutes.
  • Transactions can be received at any time regardless of whether your computer is turned on or off.

Economic rules

These rules are enforced collectively by the network. While they will not change for Bitcoin, other digital currencies using Bitcoin's technology may change them to suit their needs.

Features of the Bitcoin network

The network has been running for more than 45 months yielding to some impressive security features.

  • Long block chain (more than 204.000 blocks) with lots of processing power securing transactions.
  • Only one major incident (fixed in August 2010).


You can generate your own bitcoins by using processing power of CPUs and GPUs. Some people invest $20,000 into Bitmining rigs, in that they purchase 15 high power computers and leave it mining coins 24/7. You make your $20,000 back fast and are then making money doing nothing. Like I said, Bitcoin is still in its early phases.

Bitcoins are also great to invest in. If you go look at the charts... the value of BTC is going up. It started off valued very low, at around $1-2 / 1BTC.... now, 1BTC = ~$25

Bitcoin is a great digital currency and it isn't failing. There is about $300 million USD in value of all the bitcoins currently circulating around in the still early stages.

http://bitcoin.org/


Edited by -Wade-, November 18, 2013 - 04:10 PM.

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#2 Notorious Arab

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Posted February 13, 2013 - 11:24 AM

I've wanted to get into it but can't find enough time. Maybe during the summer.

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#3 Danny

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Posted February 13, 2013 - 02:26 PM

have you had any luck with that?

#4 -Wade-

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Posted February 13, 2013 - 06:39 PM

have you had any luck with that?


Yes and no.

I haven't had luck with mining bitcoins, as I haven't the money to invest in any legitimate power.

I have had luck using bitcoin itself. It is great! You can convert between currencies with bitcoin and make some loot. When I first got into bitcoin someone was giving away free coins left and right. It was worth like a dollar or two at the time. Now it is worth $25, I made $25 and counting by doing nothing. :) But in all seriousness, there is more to bitcoin than simply trying to make profits. It is useful in many instances.

Edited by -Wade-, February 13, 2013 - 06:39 PM.

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#5 bigfetz

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Posted February 13, 2013 - 07:02 PM

That is a tough thing to go into. You really need to have a allot of overhead to make allot of money. The electricity alone can cost you more than you make. I defiantly wouldn't say you make 20,000 quick.

#6 -Wade-

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Posted February 13, 2013 - 07:10 PM

That is a tough thing to go into. You really need to have a allot of overhead to make allot of money. The electricity alone can cost you more than you make. I defiantly wouldn't say you make 20,000 quick.


Power your rigs naturally and join large pools. I wouldn't say it is tough to get into, only at first. If you have a good plan and the resources you can be successful. My friend's job? Mining coins. That's it. He started off with $1000 and now makes a living mining bitcoin.

Edited by -Wade-, February 13, 2013 - 07:12 PM.

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#7 Ham

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Posted August 28, 2013 - 08:11 PM

The Silk Road uses Bitcoin to sell drugs

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#8 -Wade-

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Posted August 28, 2013 - 08:43 PM

The Silk Road uses Bitcoin to sell drugs

 

Partially. The Silk Road actually uses tor as an implementation to distribute a network of relays to keep all of its users, and especailly the host (Silk Road), anonymous. Bitcoin plays a role in making transactions impossible to trace, but you could equally do an "off the record" transaction with any asset in person.

 

Since my post in Feburary, bitcoin went up $300. It went back down $200, making a difference between February and now +$100. A US court recently recognized it as a currency. We are seeing more and more professional businesses start to accept BTC. Once a company like Amazon accepts it, game over, it will be a legitimate competitor against centralized paper currencies.


Edited by -Wade-, August 28, 2013 - 08:44 PM.

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#9 Ham

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Posted August 29, 2013 - 09:43 AM

Partially. The Silk Road actually uses tor as an implementation to distribute a network of relays to keep all of its users, and especailly the host (Silk Road), anonymous. Bitcoin plays a role in making transactions impossible to trace, but you could equally do an "off the record" transaction with any asset in person.

Since my post in Feburary, bitcoin went up $300. It went back down $200, making a difference between February and now +$100. A US court recently recognized it as a currency. We are seeing more and more professional businesses start to accept BTC. Once a company like Amazon accepts it, game over, it will be a legitimate competitor against centralized paper currencies.

Yeah..... that's what I meant to say. LOL

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#10 -Wade-

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Posted August 29, 2013 - 10:04 AM

^I know, I'm just a nerd like that.


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#11 -Wade-

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Posted November 18, 2013 - 04:00 PM

Bitcoins are also great to invest in. If you go look at the charts... the value of BTC is going up. It started off valued very low, at around $1-2 / 1BTC.... now, 1BTC = ~$25

 

Wow. When I made this thread, bitcoin was at $25 per coin. Now look:

 

Bitcoin hits $750, up 107% in a week

 

Bitcoin touched a fresh all-time high on Monday as the digital currency continued to gain favor with investors.

 

The virtual currency rose to $750 on Mt. Gox exchange Monday afternoon, up 42 percent from Sunday's close and up 107 percent from a week earlier.

 

Its latest gains come as the potential for regulation hangs over the market. The U.S. Senate Committee on Homeland Security and Governmental Affairs (HSGAC) began a hearing at 3.00 p.m. Washington time on Monday.

 

Read more: http://www.cnbc.com/id/101205416

 

Some people who invested + mined must be sitting pretty happy right now... whistle.gifwhistle.gif


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#12 Icker

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Posted November 19, 2013 - 07:50 AM

Me no comprende el bit coin..... So your computer sits outside and "mines" it and you make money off it? Wut....

#13    

   

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Posted December 07, 2013 - 01:51 AM

Bitcoin Is Crashing

n-BITCRASH-large300.jpg?6


yo.


#14 -Wade-

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Posted December 07, 2013 - 03:22 PM

Good, now I can buy some more. It was only a matter of time before the bubble popped.


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#15 Ham

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Posted December 09, 2013 - 10:35 AM

man i shouldve mined more


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#16 Draztik

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Posted December 09, 2013 - 11:25 AM

I still need some lol



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#17    

   

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Posted April 12, 2014 - 12:49 AM

This is Basically What It's Like to Invest in Bitcoin.


yo.






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