Bitcoins soar to over $1000 for the first time.

#103
#103
Burger said:
You're telling me I can buy $520 worth of stuff in any country with one bit-coin? Try again, how much is a Bit Coin worth?
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Done properly, you can exchange a bitcoin for the going rate minus exchange fees.

For the record, it's around $640 this morning.

It's a traded currency accepted more and more places online and off. ATMs are starting appear different places as well.

The main purpose for a long time was laundering drug and illegal money, but it's got legit uses as well. Example: Saw that a hotel in Vegas has started accepted Bitcoin.
 
#105
#105
DrRosenRosen said:
Done properly, you can exchange a bitcoin for the going rate minus exchange fees.

For the record, it's around $640 this morning.

It's a traded currency accepted more and more places online and off. ATMs are starting appear different places as well.

The main purpose for a long time was laundering drug and illegal money, but it's got legit uses as well. Example: Saw that a hotel in Vegas has started accepted Bitcoin.
Click to expand...

In addition, Overstock.com has officially begun accepting bitcoins as payment and even they are surprised by the volume of purchases made with BTC.

Listen, the value attached to BTC is undeniable: it is basically untraceable with no transaction fees that we see with money wiring businesses like Western Union. That is definitely desirable to many many many people around the world.
 
#106
#106
Is this Bullish for bitcoins?

Bitcoin firm CEO found dead in suspected suicide | Fox News

Autumn Ratke a 28-year-old American CEO of bitcoin exchange firm First Meta was found dead in her Singapore apartment on Feb. 28.

Local media are calling it a suicide, but Singapore officials are waiting for toxicology test results. Ratke formerly worked with Apple and other Silicon Valley tech firms on developing digital payment systems.
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#107
#107
DrRosenRosen said:
Done properly, you can exchange a bitcoin for the going rate minus exchange fees.

For the record, it's around $640 this morning.

It's a traded currency accepted more and more places online and off. ATMs are starting appear different places as well.

The main purpose for a long time was laundering drug and illegal money, but it's got legit uses as well. Example: Saw that a hotel in Vegas has started accepted Bitcoin.
Click to expand...

Now tell me, what is the currency backed by?
 
#110
#110
mrorange211 said:
In addition, Overstock.com has officially begun accepting bitcoins as payment and even they are surprised by the volume of purchases made with BTC.

Listen, the value attached to BTC is undeniable: it is basically untraceable with no transaction fees that we see with money wiring businesses like Western Union. That is definitely desirable to many many many people around the world.
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An upstanding organization like the IRS may frown upon bitcoin
 
#115
#115
FINRA Weighs In

Investor Alert - Bitcoin: More than a Bit Risky - FINRA

Bitcoin Risks

Buying, selling and using bitcoins carry numerous risks:

Digital currency such as Bitcoin is not legal tender. No law requires companies or individuals to accept bitcoins as a form of payment. Instead, Bitcoin use is limited to businesses and individuals that are willing to accept bitcoins. If no one accepts bitcoins, bitcoins will become worthless.

Platforms that buy and sell bitcoins can be hacked, and some have failed. In addition, like the platforms themselves, digital wallets can be hacked. As a result, consumers can—and have—lost money.

Bitcoin transactions can be subject to fraud and theft. For example, a fraudster could pose as a Bitcoin exchange, Bitcoin intermediary or trader in an effort to lure you to send money, which is then stolen.

Unlike US banks and credit unions that provide certain guarantees of safety to depositors, there are no such safeguards provided to digital wallets.
Bitcoin payments are irreversible. Once you complete a transaction, it cannot be reversed. Purchases can be refunded, but that depends solely on the willingness of the establishment to do so.

In part because of the anonymity Bitcoin offers, it has been used in illegal activity, including drug dealing, money laundering and other forms of illegal commerce. Abuses could impact consumers and speculators; for instance, law enforcement agencies could shut down or restrict the use of platforms and exchanges, limiting or shutting off the ability to use or trade bitcoins.
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