Bitcoin is just another unbacked fiat currency. It really doesn’t matter if it is paper or electronic. Encrypted or not it still has no value in and of itself. There is no exchange of value for value therefore bitcoin like all the other fiat currencies is a fraud and certainly is no store of value. Silver, gold or even copper coinage is a superior money and currency to all fiat because the reserve and standard of value is in the coin by virtue of the metal, weight and purity. Don’t be fooled by laws made by crooks and slick advertising. Gold and Silver is the real deal and real money.
Bitcoin seems to have real potential and I have been wanting to purchase some however you pretty much need a cell phone and a digital wallet which limits the demographic that has access to bitcoin. Its hard enough for people to have confidence in owning “physical silver” yet alone a “digital wallet”. Which is safer?
Well put, Steven. I think the same about Bitcoin it´s just another Ponzi. If it were backed up by the famous Max Keiser silver coin, then it would be a very serious currrency. You get the feeling here today, gone tomorrow.
No one takes it so it can be all its weight in gold can it Max Keiser?
Steven, bitcoin doesn’t need to be backed by anything any more than gold itself does. Both are backed by faith that they will maintain its value over time relative to other currencies and commodities. Bitcoin is MORE scarce than gold, making it even more deflationary than gold. We’ll be mining gold from the earth and other planets indefinitely. But Bitcoin inflation will cease in 140 years when 21 million bitcoins (or 2.1 quadrillion satoshi) have been created. 90% of all bitcoins will be generated in the next 16 years. This fact is backed up and provable by 100% transparent mathematics, cryptography, and peer consensus of the network – not any self-interested whims of politicians or bankers. I wouldn’t discount bitcoin until you spend a little time understanding its foundations.
You don’t need a cell phone. There are lots of sites wich will take a bank transfer, or PayPal, or let you use something like Western Union or Moneybookers. I made a site of how to buy bitcoins in different countries, here: http://howtobuybitcoins.info/
you dont even need any knowledge whatsoever to hold bitcoins as new regulation has now made it possible to have a bank account denominated in BTC’s so you get a sort code account number debit card etc just as normal yet you hold bitcoins, when your employer pays you its simply converted from the currency you were paid in to BTC’s.
only bank that does this currently is https://bitcoin-central.net/
you also get $100,000 of FDIC insurance.
Dan, no bitcoin deposits are not FDIC insured. And none of your deposits at bitcoin-central.net are FDIC insured as their payment services license comes from France.
The bitcoins are not fdic insured but the equivilant value of them is.
All their doing is holding the value of the BTC’s in traditional currency so it has the effect of having a normal bank account so when you withdraw bitcoin central simply do an instant currency exchange. And yes I know its in france and you can get an insured account anywhere in europe.
I love the concept of bitcoin. It is a classic symptom of what ails the world today. The problem is the monopoly of the money supply by a few who believe they can rule over us by controlling what we can use in exchange of goods. Bit coin, the movement toward comodity backed money, gold money, local currencies, trade scripts or barter banks and real notes anything that removes the present cental bank monopolies will do the trick. When someone figure out how to convert these store of wealth between each other as easily as a JPEG to MP3 then that will signal the end of the govenment sponsored money monopoly and that day can’t come soon enough for me. Money freedom will bring people together and stop the world being owned by the few with access to the printing presses and hearts as black as the inside of a black cow on a dark night. The power to creat wealth belongs to the people and has been stolen by bankster and government scoundrels.
some great info, thanks everyone
We live in turbulant times, if Bitcoin is digital what happens if the gov just decides to take it over? no impossible. what about if an emp or large solar flare like the one that blacked out Ontario and New york awhile back? how do you continue commerce if its not tangable and in your hand?