Tweeti just did a search on this and to be quite honest i never even knew this existed

TweetHere is a cut and paste from my post on a different board:

To start off, if anyone wants the technical mumbo jumbo about bitcoins and how to be a "miner," watch the technical descriptive video about bitcoins below:

Security Now 287: BitCoin CryptoCurrency - YouTube

For us weightlifters and bodybuilders, I do not see us care much about mining. I assume most of us just want an alternative to Western Union. Let me state that there is no method that is 100% secure, and bitcoin is probably no exception. Didn't we all think that our encrypted email was 100% safe and secure? However the bitcoin website states otherwise. The reason why I abandoned WU for bitcoin is because it is miles ahead of the next secure form of exchanging.

In terms of how anonymous your identity is, here is what bitcoin is saying:

For example, your real name is John Smith. When you have a bitcoin wallet, your virtual identity is dsfejf8ydshcdsfuew9ocjwqd8efreadfs.
If someone somehow found out that you made a transaction, they will know your virtual identity as dsfejf8ydshcdsfuew9ocjwqd8efreadfs.
So who is dsfejf8ydshcdsfuew9ocjwqd8efreadfs? There is no way of finding out because your wallet contains no personal information. No real name, no address, no phone number, nothing. Just dsfejf8ydshcdsfuew9ocjwqd8efreadfs. So yes, someone can trace all your transactions, but unless they know who dsfejf8ydshcdsfuew9ocjwqd8efreadfs is, that is as far as they can go.

If you're paranoid, make a new wallet, and never meet with a buyer in person who wants to buy your bitcoins at a too good to be true rate. Better yet, never sell them in person ever.

In terms of fluctuation, based on the history of bitcoin it has been pretty stable (at 97% the last time I checked). Compare that with all the Western Union fees that you have to pay....... bitcoin is clearly much more cost effective. Heck, even if bitcoin was more expensive, I would still use them due to the amount of security it has over WU.

As for losing money due to deflation of the currency, I wouldn't worry about it too much. It is currently 97% stable. If you worry a lot then just make sure you do not have a large balance sitting in your account (sell frequently) as it will likely only affect those with big balances.


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If anyone is still confused about how bitcoin works, just go to their website and watch the tutorial:

Bitcoin - P2P digital currency

TweetWatch the video tutorial here:

What is Bitcoin? - We Use Coins

TweetQuite similar to egold back in the days.

TweetThe problem is the currency fluctuates so often that it might cost 5 dollars for a bit coin today and 20 dollars tomorrow. It is a good idea but what controls the bit coins are drugs and paraphernalia. So places like silk road and black market reloaded actually control the currency. So to me they would only be useful in the deep web. If we all go to that method you wont be able to afford gear anymore.

TweetExactly!

Tweetinteresting post. learn something everyday

Tweet

Originally Posted by Heavy Hitter

The problem is the currency fluctuates so often that it might cost 5 dollars for a bit coin today and 20 dollars tomorrow. It is a good idea but what controls the bit coins are drugs and paraphernalia. So places like silk road and black market reloaded actually control the currency. So to me they would only be useful in the deep web. If we all go to that method you wont be able to afford gear anymore.

The biggest concern for everyone is the fluctuation. The fluctuation has been quite stable and does not fluctuate that drastically. Last time i checked it was 97 percent stable.

Tweetim a skeptic...

Tweetchart.jpg

Ok here is the fluctuation chart;

As you can see, if you held your coins for a few months, you would of quadrupled your money. Then again, there were a few major 1 day droos that devalued the currency big time. It is following a curve right now so thats a good thing.

The only way to prevent you from losing large amounts of money is to make frequent withdraws (sell everyday) to avoid the next major drop.

Yes it is quite volitile, but safe. You can do transfer by bitcoin and remain anonymous or do western union and risk getting busted.

Tweet

Originally Posted by marcman

im a skeptic...

Believe me, I was a huge skeptic as well. But when i did further research on it, it made more and more sense. Looking at the chart, it seems like the currency inflates as more coins are in distribution. I am not saying that i can predict the fluctuation, but i have been using this for only 2 months in a small niche market and i can finally sleep well without fearing someone kicking in my door. Wrstern Union was super risky with their security measures and we all now that busts havr occurred due to western union risks.

If you look at it this way:

Buyer: the buyer is not affected by fluctuation. If he has to send $500 for example to his buddy because he needs to pay some bills, the buyer will buy $500 worth of bitcoins. The currency rate for a bitcoin is roughly $30, which is around 16.66 bitcoins. If the value changes to 15 dollars a bitcoin, he would send 33.33 bitcoins (still valuef at $500).

The seller (upon cashing out) will get theit money based on the bitcoin value. Just like the stock market, you can win or lose. You can either ride the wave, or be smart like me and cash out frequently (every 1-2 days) to minimize volatility. I know i have been using this for just 2-3 months, but i am way better off with bitcoin instead of wu.
It is only when you have large bitcoin balances is when you risk losing substantial value. Easy solution: dont have large balances! Sell frequently. I sell everyday because i want to minimize risk.

TweetThe choice is yours. For buyers, it had absolutely no negative effect whatsoever. It avoids you being on camera.

For the seller, it:
1. Avoids the risky western union (being on camera and getting busted).
2.creates a risk due to unpredictable volatility. An essy way to minimize loss is to sell frequently and never have a big balance.
3. Your identity is completely anonymous. This is the biggest advantage.

So the choice is yours: continue to use western union and risk getting busted, and lose all your cash, or use bitcoin and protect your assets bbased on my recommendations.

Play safe guys

Tweeti'll look deeper into that shit