Your opinion on Bitcoins?

[Brackson]

If you do not know what Bitcoins are, please watch

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or visit

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.

I have known about Bitcoins for approximately a year but never took the time to research or use them. Within the past few weeks, I have been trying to do exactly that. I can say that my journey has been wonderful and I have learned a lot. I will most likely use Bitcoin until it either it crashes or I find no need for it.

I started out about two weeks ago with Ƀ0.00001 (~$0.00122). I now have about Ƀ0.05 (~$6.150), and I got that by gambling/using faucets and mining on my computer. I also plan on buying specialized mining hardware within the next few months with about 7 GH/s processing power, estimated Ƀ0.04 (~$4.240) per day.

I believe that Bitcoins are revolutionary and don't know why I haven't realized that earlier. It's anonymous, it's decentralized, there is no age-limit, and if you don't want to use bitcoins for everyday life, you can just save up and

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, such as servers, cameras, instruments, jewelery, and more.

What is your opinion on Bitcoins? Do you think that they will just "fizzle" out? Would you ever use them? What do you think about Bitcoins

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in everyday life? Where do you think Bitcoins will be in 20 years?

 

[Wassim]

Its going to ruiin the economy.

 

[Brackson]

Its going to ruiin the economy.

That's only if a majority of the public accepts and adopts Bitcoins, which I don't see happening in the near future.

 

[Magic]

Should I start getting these things?

 

[Brackson]

Should I start getting these things?

If you are referring to a bitcoin mining hardware, then, in my opinion, yes.

However, if you plan on buying directly from Butterfly Labs, the 5mb/s Jalapeno ones will probably take about 2 months to about a year to be shipped. I would recommend buying from eBay, but that means no warranty and the prices are about x2 higher.

 

[Brackson]

Isnt this just like Paypal? lol whats the difference?

In a sense, it is. However, bitcoins (as a currency) are not backed by any government or central authority. Paypal is based upon things like dollars, pounds, etc., which are obviously regulated and controlled by some means of the above.

Then there are other things that makes it stand out, such as with Bitcoin there is no age-limit, it's anonymous (if you want it to be), and you do not need to submit any personal details to receive or transfer your funds, and you wont be limited for not doing so.

 

[Heaplink]

In my opinion Bitcoins are great and you could help researchers too with your equipment and get a fee from it.

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i still find it fascinating.

For the currency part; It will not ruin the economy more than it already is by itself. Bitcoins are, as Yotsuba describes, anonymous and everyone can get into the fun. You decide for yourself it you wan't to exchange with Bitcoins or not, and some companies has taken the step and made shops and other places where you can buy stuff with Bitcoins instead of saving real money that you would probably pay your food and other needs for.

I've not myself gone too much into Bitcoins, and not mined any neither. But for people who wan't to explore it, go for it! Also there is a lighter version of Bitcoin called Litecoin - check it out

 

[Benden]

I don't really get them. I mean, you can buy bitcoins at a low price, then, you can sell them back at a higher price or you can use them to purchase items?
Sounds like the stock market to me. I'd rather stick to a controlled and regulated system.

 

[Macemore]

It's too late for Bitcoin mining, if you're not already a miner (Hopefully with a professional system or ASIC miner) then it's pointless trying to get into it now. ASIC miners are driving the difficulty up extremely fast, so investing now (in anything excluding ASIC miners) takes a long time to see any profit, and after that you will soon see profit dropping, you will continuously need to keep upgrading as more and more ASIC miners join pools.

Buying BTC is 100% perfectly fine. If you wait until it gets <=$60 and wait until it hits >=$120 (Like now) it's a great way to make a quick buck. Just make sure to never get caught in a bubble, and follow the news, if a btc exchange is closing (MT Gox) watch the prices, they usually start to fluctuate (Usually down because everyone thinks "ITS HAPPENING" and sells out).

This is just my advice, don't take it as fact because Bitcoin might suddenly buy nukes and nuke all the ASIC miners and lower the difficulty (Hopefully).