What's the deal with bitcoins.

A site I've made several purchases from, suddenly implemented the policy of only accepting bitcoins as payment. I've seen reports of the hacker problems associated with the currency. Does the policy change bring the site's trustworthiness into question? Can I acquire any specific amount of currency with the coins? Is the currency stable and secure enough to use for online shopping? Thanks, be back tonight

 

No it just means shit is HOT right now for everyone everyone. My dealer is very careful with be discuses with me on the phone now voice or over text and prefers only face to face meetings.

My point is that it's not BITCOIN the currency I don't "think"...it's an exploit in the exchanges that was probably implemented on purpose amd they just waited to the right time. I guess the exploit was patched up now and the price shit right back up but I'm scared to trade.

I lost almost 0.5 BTC and it happens when you make an exchange when I tried to withdraw to my wallet they disappeared into thin air like it never happened...and went to a wallet elsewhere.

And SHA-256 encryption is so fuckin rugged that no body can do a damn thing about it...not the CIA not anybody it's not at all like you see on CSI and shit real hacks can take days or weeks or more.

You got your informations gathering phase, pretext in then you have to hit that machine over and over till you find an exploit that gets the results u are looking for.

BTC as a currency is still viable. The price dropped because everyone was afraid to trade and that's what happens in any market when nobody trades...

I think it's kinda strange that things seem to be okay now right about the time the IRS probably received everyone's f1040 forms....I don't know I don't wanna throw shit around I don't know I haven't had time to look into this properly :/

 

Which site is it?
I find it a bit weird that they only accept bitcoins, but that doesn't necessarily bring the site's trustworthiness into question. It could have plenty of different reasons. However, it will be bad for business to only accept BTC.

You can acquire bitcoin up to 8 decimals, so you could buy 0.00000001 BTC if you so want. You can buy or sell any specific amount in whichever currency you prefer.
Bitcoins is not just a currency, it's also a payment protocol. There are hackers out there trying to steal BTC, but that goes for any currency. Your bitcoins are as safe as you make them, you could store them offline or on paper wallets.

Is it stable and secure for shopping? Bitcoins aren't stable pricewise. They are very volatile and their value could change tens of dollars within an hour. They are absolutely secure for online shopping though, that is what they are designed for, but there are no chargebacks.
Every transaction is recorded and needs confirmations. You could check the status of your payments at www.blockchain.info.

 

I wanna remind everyone there is no source discussin allowed here. I'm not a mod but I know it is against the rules amd shit is extremely HOT right now!

Respect your source...not on a public forum. Unless you know exactly what your doing it's still against the rules. This place is highly indexed in all major search engines amd the IP addresses are probably cached in every DNS server on the globe.

Not trying to make anyone paranoid AT ALL.

:/

We can talk about this all day here...but no specific sources IN PUBLIC

 

There have been numerous hackers looking for vulnerabilities in the block geeneration for years and have found none. It's currency generated via crytography and is mathmatically sound. That is no ody can counterfeit a bitcoin. The issues you've heard about are people stealing wallets which are just files containing these coins. Of course a person. could and should backup and encrypt these wallets which would elliminate these risks, but then you're just asking why aren't people more responsible with their money. Credit cards are stolen much more frequently using the same methods. The difference would be that most. Cards are insured against that while bitcoin which is stateless by design has no such insurance, you simply have to take more precautions.

I wouldn't call it stable, the price is volatile so I wouldn't say that investing all your money would be pragmatic. But it is tbe future of currency. If not bitcoin specifically something like it. And from a vendors point of view it means they can securely and instantly recieve payments from around the world.

 

I'm thinking that discussing the policies of an unnamed source is allowed while identifying that source specifically is not. Correct me if I'm wrong. Very good feedback from all, thanks, I have a much better understanding of the risks and advantages of the currency. Proving once again, you guys are good.

 

I'd say it's highly advisable never to store your private keys on your computer, always in cold storage or a paper wallet. Multi signature wallets, where three separate keys are generated and two required to transact funds are coming in now. I think that could add a much better level of security, as well as increased functionality in some situations.

Personally I think crypto currencies are definitely the thing of the future. If it will be Bitcoin or something yet to come remains to be seen. Until the volatility settles down it's always going to present problems using it to buy or sell.
It's something which fascinates me more as I learn more about it.

 

Sure it's fine to discuss opinions on policy. No source naming tho..at least not on here.

If they only take bitcoin now then they are probably still okay. It wouldn't necessarily indicate anything or it could indicate that the vendor wishes to keep a low profile.

All of the scam vendors I have run into accepted only Western Union money transfer as payment but have also run into some really good legit vendors before that only accepted W/U payment ($90/10g methylone).

Most scam vendors start out as scammers because they wanna make a quick buck and will go on forums and create different accounts so they can make false claims about how good their products and services are and when you make an order they just take your money :/

I have heard of selective scammers tho that will do a few legit small transactions to gain trust and then when you try to make a large order they take your money.

 

The piranhas are out there ok. But there are also wholly legit companies and websites that will accept BTC. Also some crowdfunding sites, (for those who don't know, crowdfunding is another new innovative financial idea) and I've heard some charities take donations.

One thing I would be careful with is online gambling with BTC. I know someone who got ripped off. Not for much, but good if people are aware.

Myself I just see it as a small long term investment. I'm still quite optimistic about the whole thing, and if it goes tits up, I won't loose much anyway.

 

I'm very grateful to those who have been helpful here. Who they are and what they passed on, will never go beyond me, don't bother asking. That being said, I was under the impression that bitcoins as a currency was under assault but it sounds to me like it's just a matter of owners being hacked and robbed. I take it that nobody believes bitcoins are in any immediate danger of totally collapsing. Where should an interested party go to buy some? Anonymity and reliability are paramount. If a person plans to spend vise hold them, does that minimize their risk of theft? I'd probably marry a homely, overweight chick who knew all these ropes, just not a mean or angry one.

 

You can buy Bitcoin at exchanges. I assume you are in the USA so here's one to check out

https://coinbase.com

I have no connection to this site, and have never used it personally because it's not available in Europe, where there are other local exchanges. But it has a good reputation.

The first thing you'll need to do is to get yourself a Bitcoin wallet, you can get one at coinbase, or try this site

https://www.bitaddress.org/bitaddress.org-v2.9.0-SHA1-6e9ae5c64d510b53fa39e36a3017d5342b838984.html

When you generate your wallet, very complex encryption is used to produce a unique set of what are called keys. The public key is the shorter of the two and on bitaddress it will be on the left hand side of your screen. This is the address to which you can transfer funds or receive BTC. It's ok to let this be public.

The other key is a private key, and you need this to transfer funds out of your wallet. It should NEVER be stored on your computer. You can print off the page to make a 'paper wallet' or save the private key to an external device such as a flash memory. This is known as 'cold storage' Remember, if anyone else such as hackers gets your private key they can take your money and you'll have no redress.

If you have your private key, you can generate the public key from it. On bitaddress, just click 'wallet details' and enter your private key. The private key cannot be generated from the public key.

You can generate as many wallets as you want, and it's pretty simple.

If you have any questions fell free to ask. But those are the first steps.

 

I usually buy bitcoin from localbitcoins.com and make a cash deposit to the sellers bank account then they release the coins to me and I withdraw them to my wallet.

 

Good way to do it. On an exchange I've used there are some sellers who will agree to meet you for a coffee and take cash. Once you get 3 confirmations you can be pretty much assured that it's a done deal. You do need a smart phone to do this which I don't have, so never tried, but it's another option if you have cash.

I have only ever bought BTC using bank transfer. I had to get a card reader (free) from my bank to do this, but it's a convenient method.

On another note, I see that Iceland has become the first country to have it's own crypto currency - Aurora Coin. An interesting development. The Lakota Indians on Pine Ridge Reservation also have launched their own coin. I feel all this is the start of something potentially very big and game changing.

 

I always take a tablet with me when I buy bitcoin.

 

lol! :mickey:

I just thought for some insane reason of a suicide tab! Shows how frikken paranoid I am......

But yes, of course, any device you can connect to the net is ok!

I don't have a tablet - I plan though to buy one soon as I get my car sorted out. Priorities have to be catered to for those of us with limited means

 

I started an account with coinbase.com and the next step is verifying my bank account. I'm required to provide my bank's routing and account #'s. I'm guessing this is a reasonable request for such a site and that I can comply without reservation. My understanding is the site stores my coins and facilitates my usage of them. True?

 

Yes. If you want though, you could pay your BTC from the site to another wallet.

 

This video might be useful. Also the rest in the series by World Bitcoin Network on Youtube.

https://www.youtube.com/watch?v=OOoffwOJbY8"]Bitcoin 101 - Glorious Coinbase - The Best Place to Buy Your First Bitcoins - YouTube

 

Oops double post

 

That sounds normal, I believe transfers take 3-4 days until verification. This is why I localbitcoins. By the time I make the cash deposit to their bank, I take a picture of the deposit receipt with the reference number written on it and send it to the seller.

Usually before I even get home the coins are already released from escrow to my wallet, which I then transfer to the wallet on my hard drive. You do have to shop for the best exchange rate but it seems that these people respond so quick, like within minutes

Oh and FYI...doing it this way keeps ur bitcoins off the books