Home – New Forums Tech talk Bitcoin – Opinions?

  • This topic is empty.
Viewing 15 posts - 1 through 15 (of 15 total)
  • Author
    Posts
  • #988201
    DanielM
    Member
    • Total posts: 241
    Up
    0
    ::

    Is anyone else interested in Bitcoin and other payment technologies coming over the horizon?

    Sorry if this has been talked about before. I couldn’t find the thread and I haven’t been on FS for years… It is an interesting new sector (especially for remittance).

    #1166126
    TehCamel
    Member
    • Total posts: 873
    Up
    0
    ::

    it’s an interesting concept. I can’t see myself accepting it as payment at the moment

    I beleive virgin does this for some things, but they transfer it out to “real cash” almost immediately.

    there’s too much uncertainty with the exchange rates, and the exchanges themselves

    #1166127
    Anonymous
    Guest
    • Total posts: 11,464
    Up
    0
    ::

    I am going to implement it for my business, I’m a bit of a geek though so have been in the bit coin game for a little while :)
    not sure what kind of uptake it will have, but it is growing in Australia,
    Coinjar is a great melbourne company who offer a good service. May be worth checking them out.

    #1166128
    LucasArthur
    Participant
    • Total posts: 3,171
    Up
    0
    ::

    Howdy Mate

    Thanks for the post, i have been meaning to do some ‘thorough’ reading on this currency.. Although i see it as a temporary thing, it is interesting thinking about what the conversion is tied to – or anchored to really.

    Virtual currency, i know all currency can be deemed virtual now with the times of cashless societies, although its intriguing to say the least.

    Off to do some reading.. once more..

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1166129
    TehCamel
    Member
    • Total posts: 873
    Up
    0
    ::

    It’s not tied to anything… I think that’s part of the point.

    As opposed to currency, which is, allegedly, tied to the value of gold..

    #1166130
    LucasArthur
    Participant
    • Total posts: 3,171
    Up
    0
    ::
    TehCamel, post: 192450 wrote:
    It’s not tied to anything… I think that’s part of the point.

    As opposed to currency, which is, allegedly, tied to the value of gold..

    I am more intrigued about its tie to other currencies values… economies, governments and other factors affect the rates of (say) the AUD but what affects BitCoins? Not started to read yet…. so much happening… good thing or bad?

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1166131
    Johny
    Member
    • Total posts: 840
    Up
    0
    ::

    As opposed to currency, which is, allegedly, tied to the value of gold..

    Hasn’t been for a long time in most places.

    I am more intrigued about its tie to other currencies values… economies, governments and other factors affect the rates of (say) the AUD but what affects BitCoins?

    Speculation.

    #1166132
    uwannawat
    Member
    • Total posts: 26
    Up
    0
    ::

    The main factor that seems to affect the Bitcoin price is confidence. When all things bitcoin are going well, the price rises. But when exchanges crash or repository’s get hacked, the price declines. Whilst other factors also affect the price, confidence is the main one.

    The price is set purely by what the market will bear. The exchanges show priced offers to sell. Buyers then buy at the price they are willing to pay. The main issue then becomes ensuring the seller is reputable. Monies need to be paid over (& cleared) before the bitcoins are transferred from the seller to the buyer. This can change once a relationship is in place as the seller can decide to release bitcoins at any time during the deal process.

    The gold standard for currencies has been dead for many years and as of 2013 no country uses it to value its currency. Countries still hold large amounts of gold but many have been selling down these holdings. So there is nothing behind a countries currency other than its reputation which is why a country perceived to be badly managed will see its currency devalue.

    #1166133
    Greg_M
    Member
    • Total posts: 1,691
    Up
    0
    ::
    uwannawat, post: 192465 wrote:
    The main factor that seems to affect the Bitcoin price is confidence. When all things bitcoin are going well, the price rises. But when exchanges crash or repository’s get hacked, the price declines. Whilst other factors also affect the price, confidence is the main one.

    The price is set purely by what the market will bear. The exchanges show priced offers to sell. Buyers then buy at the price they are willing to pay. The main issue then becomes ensuring the seller is reputable.

    Sounds pretty much like conventional currency to me.

    The main difference with Bitcoin IMO is that there’s no Government behind it printing money when it suits them.

    I quite like the idea of a currency in the hands of an algorithm, rather than a treasury with a political and fiscal agenda.

    #1166134
    DanielM
    Member
    • Total posts: 241
    Up
    0
    ::
    SimplyReplica, post: 192436 wrote:
    Howdy Mate

    Thanks for the post, i have been meaning to do some ‘thorough’ reading on this currency.. Although i see it as a temporary thing, it is interesting thinking about what the conversion is tied to – or anchored to really.

    Virtual currency, i know all currency can be deemed virtual now with the times of cashless societies, although its intriguing to say the least.

    Off to do some reading.. once more..

    Jason

    Let me know how you go. I’ve been doing a bit of research as well so I have a few sources for you if you need any help :)

    #1166135
    TehCamel
    Member
    • Total posts: 873
    Up
    0
    ::
    Johny, post: 192462 wrote:
    Hasn’t been for a long time in most places.
    .
    thus “allegedly” :)
    #1166136
    bb1
    Participant
    • Total posts: 4,485
    Up
    0
    ::

    My question would be if I was to take it as a payment method, where and how could I spend it. A quick survey of everywhere that I purchase goods or services has shown that none of them take Bitcoin. Another survery of all my friends and Relatives, and the same answer none of them take or use Bitcoin. Ok so if someone does pay me with Bitcoin, where do I spend it that isnt a hassle for me.

    A bit like Bartercard, where and how can you spend that, very very limited.

    If I miss one sale because I dont take Bitcoin (or Bartercard for that matter), I am not going to loose any sleep over it.

    #1166137
    TehCamel
    Member
    • Total posts: 873
    Up
    0
    ::

    you convert it to standard currency using an exchange

    Mt Gox used to be the main one, but i think they’ve gone now. Not sure who the others are.

    Basically, you exchange it the same way you’d do AUD/USD – you tell the exchange you have 1.156 or whatever bitcoins, they say “that’s worth $AUD14”

    (please note – figures totally random and made up – estimateable rate here:
    http://preev.com/btc/aud)

    #1166138
    DanielM
    Member
    • Total posts: 241
    Up
    0
    ::
    TehCamel, post: 192579 wrote:
    you convert it to standard currency using an exchange

    Mt Gox used to be the main one, but i think they’ve gone now. Not sure who the others are.

    Basically, you exchange it the same way you’d do AUD/USD – you tell the exchange you have 1.156 or whatever bitcoins, they say “that’s worth $AUD14”

    (please note – figures totally random and made up – estimateable rate here:
    http://preev.com/btc/aud)

    If you live in Australia, the best exchange looks like coinjar.io

    Otherwise there are bitcoin ATM’s in Brisbane, Sydney and Melbourne.

    #1166139
    bb1
    Participant
    • Total posts: 4,485
    Up
    0
    ::
    DanielM, post: 192585 wrote:
    If you live in Australia, the best exchange looks like coinjar.io

    Otherwise there are bitcoin ATM’s in Brisbane, Sydney and Melbourne.

    True, but do you want the hassle of finding an exchange, etc, etc. And yes one exchange did disappear, literrally heaps lost money on that one

Viewing 15 posts - 1 through 15 (of 15 total)
  • You must be logged in to reply to this topic.