Careful not to throw the baby out with the bath water. Crypto currencies are a brilliant idea, if they make payment easier. That does not make a bit coin worth anything per se. How much is a visa debit card worth per se.
Does anyone actually use Bitcoin to pay for things?
- Thread starter cremeegg
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Careful not to throw the baby out with the bath water. Crypto currencies are a brilliant idea, if they make payment easier. That does not make a bit coin worth anything per se. How much is a visa debit card worth per se.
I understand they are very handy for paying online for services of 'grey' legality, or sites of uncertain security, where one would not wish to divulge credit card information.
In the far east, they can be used in thousands of retail stores, or at least were being used for that purpose.
In the far east, they can be used in thousands of retail stores, or at least were being used for that purpose.
Hi,
I know they can be used for various online payments (incl. Microsoft and Expedia), but I personally have not used Bitcoin to pay for anything to date.
In truth, I am not sure if I would currently use them as a method of payment, because the temptation to speculate on their future value might discourage me from spending them. I think that's what is happening with about 99% of people currently holding Bitcoin, which sadly may well lead to Bitcoin's failure as a future worldwide payment method.
There's a list of some of the more well known online retailers who accept Bitcoin here, in case anyone is curious.
I know they can be used for various online payments (incl. Microsoft and Expedia), but I personally have not used Bitcoin to pay for anything to date.
In truth, I am not sure if I would currently use them as a method of payment, because the temptation to speculate on their future value might discourage me from spending them. I think that's what is happening with about 99% of people currently holding Bitcoin, which sadly may well lead to Bitcoin's failure as a future worldwide payment method.
There's a list of some of the more well known online retailers who accept Bitcoin here, in case anyone is curious.
I would guess that buying illegal stuff on the dark net is one common usage, and also computer hijackers are demanding bitcoins.
200k - 400k transactions per day is not that much as displayed there:
https://blockchain.info/charts/n-transactions
200k - 400k transactions per day is not that much as displayed there:
https://blockchain.info/charts/n-transactions
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Some guy apparently paid 10,000 bitcoins for two pizzas in 2010. Seem like magic beans to me.
While I think that many of us would suspect similar to you, the simple fact is that we do not have the slightest idea...
By their nature, illegal activities cannot be accurately counted or monitored, so for all we know there may be little or no illegal activity in relation to Bitcoin, and most of what we hear or suspect is no more than malicious rumours being circulated by those opposed to Bitcoin (note: I am not saying this is the case btw
)While I think that many of us would suspect similar to you, the simple fact is that we do not have the slightest idea...
By their nature, illegal activities cannot be accurately counted or monitored, so for all we know there may be little or no illegal activity in relation to Bitcoin, and most of what we hear or suspect is no more than malicious rumours being circulated by those opposed to Bitcoin (note: I am not saying this is the case btw
It is already proven that it is not the case that there is no illegal activity in relation to Bitcoin as the US seized 50,000 Bitcoins in one go on Silk Road as per Article here: http://www.telegraph.co.uk/technolo...ons-50000-Bitcoins-seized-from-Silk-Road.html
In 2013 the FBI seized 144,000 Bitcoins
In fairness, I did indicate that I don't believe that there's zero illegal activity.
As memory serves, I think the Gardai also recently discovered some funds held in Bitcoin, during one of the large drug busts that they were recently involved in.
The point is that we don't know and can never evidence how much of the Bitcoin activity is illegal, because if we could then we'd have caught everyone involved in the illegal activities and so have an accurate count.
Excuse me ?
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I know a couple of clients who used it to get their hard disks unlocked. And one looper who had to do so twice in the same week!
Brendan Burgess
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There was an interesting snippet on Moneybox on BBC Radio 4 yesterday. It's at the end of the programme if anyone wants to listen back to it.
http://www.bbc.co.uk/programmes/b006qjnv
This guy convinced a victim to transfer thousands of euro into a variety of bank accounts.
The owners of those bank accounts then transferred the money to the fraudster.
The owners of the bank accounts claimed that they were not involved in the fraud. They were just asked to accept some money and pass it on. The 4 innocent owners of the bank accounts were all Bitcoin traders and were paid in Bitcoin for this service to the fraudster.
Moneybox Live next Wednesday will have a phone in about Bitcoin and other cryptocurrencies.
Brendan
http://www.bbc.co.uk/programmes/b006qjnv
This guy convinced a victim to transfer thousands of euro into a variety of bank accounts.
The owners of those bank accounts then transferred the money to the fraudster.
The owners of the bank accounts claimed that they were not involved in the fraud. They were just asked to accept some money and pass it on. The 4 innocent owners of the bank accounts were all Bitcoin traders and were paid in Bitcoin for this service to the fraudster.
Moneybox Live next Wednesday will have a phone in about Bitcoin and other cryptocurrencies.
Brendan
TheBigShort
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The thing about criminality and bitcoin is that alleged hoaxes, frauds, extortion, laundering etc, is supposed to diminish the confidence of would-be buyers and sellers of bitcoin.
The fact that the vast, vast majority of hoaxes, frauds, extortion, laundering and criminality in general, involves fiat currencies doesn't appear to diminish confidence in those currencies.
The fact that the vast, vast majority of hoaxes, frauds, extortion, laundering and criminality in general, involves fiat currencies doesn't appear to diminish confidence in those currencies.
PaddyBloggit
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some other users
http://www.thejournal.ie/bitcoin-mine-cash-kinahan-3597575-Dec2017/
http://www.thejournal.ie/bitcoin-mine-cash-kinahan-3597575-Dec2017/
Here we see a reason why its a bad idea to use bitcoin for criminal activities. Transactions are public. One mistake and its all traced back to you. You don't know whos watching.
There are people analysing blockchain transaction of hack - stolen bitcoin for years. They caught that Russian bitcoin-money-launderer in Greece this summer, they tied him to the MtGox theft that happened 3-4 years ago.
Its kinda like leaving fingerprints everywhere, kinda like using the same gun everytime.