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Bitcoin: What is it, where can you use it and is it worth ...
Bitcoin, but serious.
A subreddit for those serious about bitcoin! Less crazy, more awesome! Analysis welcomed/encouraged. We will try to keep the circle jerking to a minimum. Blogspam (etc) will probably be removed, but that's at mod discretion; since it's obviously a grey area. mod logs are public: https://modlog.github.io/#/BitcoinSerious
This is a sincere post. In the $700/BTC days I was a strong believer in BTC. Sold out at $2000 and then just kind of fell out off the loop. Since then the Silk Road was taken down, reopened, taken down again. Other cryptocurrencies are gaining more traction and can process payments faster. In fact I’m hearing bitcoin transactions are taking horrendously longer and have gotten more expensive. Yet it’s not like bitcoin has plummeted in value. At least it’s nowhere near the levels I’d expect for a supposedly failing currency. So what is giving bitcoin value these days? What draws anyone to use it in the face of all the other coins out there?
Hi there, What is bitcoin used for? What is the non speculative demand behind the coin? People who believes strongly in it, do you see it as "a piece of art" which growth is based on scarcity and work? Or is there something else I am not getting?
What do you personally use bitcoin for? Is it practical etc?
It seems from reading many posts across different bitcoin subreddits that most just hold their bitcoin. Do you ever actually use it? Speaking personally I have never HODL'ed and probably never will. The main reason for my own bitcoin use is to transfer funds to/from offshore bookmakers. Mostly and unfortunately I send more often than I receive. So I admit that the only practical reason for me to use bitcoin is to gamble at offshore sportsbooks. Also, its far from perfect. For example, I cashed out $650 worth of btc a couple weeks ago. After transferring the btc to my wallet, then to shakepay/fees etc etc I received $592 CAD. So bitcoin is convenient - I took my payout at 2AM and it was available as CAD in less than an hour the cost was steep. This has to improve.
What is your favorite wallet to use for storing your Bitcoin & other Cryptocurrency?
Do you prefer Hot, Warm, or Cold storage wallets? Does it matter much to you? Thoughts about the differences between wallets. I personally like using the Ledger Nano X cold storage wallet. From all that I’ve looked into, it seems like the most secure method of storage at this time (that or the Trezor cold storage wallet).
Reminder:The main characteristic that made bitcoin (btc) blows up in the first place is being used as permissionless payment system. This is what created global demand for it...to USE it as global P2P cash to pay for stuff & services. Bitcoin has always meant to be a medium of exchange.
1 bitcoin is roughly equal to 1 very nice used car, what do you use as a mental benchmark for Bitcoin's price?
Once upon a time a bitcoin was equal to a 25¢ gumball. Then a Big Mac. Then it was equal to a gaming system, or a PC, and now it's equal to that of a really rather nice used car. I'm looking forward to 1 bitcoin being worth 1 reasonably sized house, and beyond that I have trouble coming up with things to compare a bitcoin to. One of the nicer Lambos, perhaps? 🤔 Then there are the smaller amounts. 0.001 bitcoin is lunch, for example, and 0.0001 is a cup of coffee. What do you use as mental approximations for bitcoin?
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The bitcoin system, along with all of the alt-coin cryptocurrencies that operate on it, uses a form of technology called a blockchain.This technology uses complex algorithms to verify each transaction, and also creates an ongoing ledger of every transaction that has ever occurred in chronological order. Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into ... Bitcoin has a reputation for being used by criminals, particularly people selling drugs on the dark web. On marketplaces such as the now-defunct Silk Road and its more modern imitators ... The Bitcoin market did not react to Facebook’s Libra announcement. (Source: Coin Market Cap) While the predicted price is emphasized, little to no roadmap about how the price gets there is mentioned other than “if it continues its parabolic trajectory”; in other words, if people continue to buy it at its current pace, Bitcoin prices will increase (obviously). Bitcoin has made Satoshi Nakamoto a billionaire many times over, at least on paper. It's minted plenty of millionaires among the technological pioneers, investors and early bitcoin miners.
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