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LAS VEGAS – It’s easy, very easy, to hate Bitcoin.
One of the maximum public uses of virtual currency has been to buy drugs or get hitmen. The Winklevoss twins, who stopped pretending to have invented Facebook, love virtual currency so much that as of November they bought 1% of all “BTC” in circulation. This spawned a host of made-up coins, some much more outrageous (“Dogecoin” and “Coinye West”, anyone?)
And yet, paying for goods and facilities is not one of the practices that humans can claim to have perfected, and it is not as if we have never trafficked in currencies of choice before. Microsoft’s issues and Facebook credits have not yet taken off.Paints Amazon gift cards as currency of choice, with a constant exchange rate of 1:1 with the dollar. Frequent flyer miles, redeemable not only for air travel, but also for a variety of gifts, are otherwise, in addition to money., pay and be paid.
So put aside the libertarian utopia around Bitcoin.Why this “cryptocurrency” – “extracted” through the resolution of complex equations on increasingly specialized computers, with transactions displayed through peer-to-peer mathematics – smart for you, the client?Be cautious?
More effective transactions, with cheating. Your credit card may seem free, but merchants pay a small payment to settle for it, traditionally between 2 and 4 percent, which completes your bill invisibly. This is much less a thing with Bitcoin transactions: a small store I once talked to last night (BitcoinShop.US based in Silver Spring, Maryland) will pay a constant payment of $30/month for BitPay to process those purchases.
For what? There are no short-term loans on interest charges. At this level, Bitcoins paints as coins: coins go from you to the merchant, which in turn means that the transaction is not accompanied by the classic security guarantees of credit cards.Very well for your coins, but by default, no third party can interfere with your name and cancel the transaction.
However, credit card bills have replaced a lot in recent years; Think about how card readers on your phone and pills like Square’s have expanded the external plastic app.Traditional processing is a much more competitive issue, which can gradually narrow the gap between credits.Bitcoin cards.
And the inexperience of some Bitcoin processors can result in other costs.According to technology policy Techdirt.com, founder Mike Masnick chose to take Bitcoin as payment from November, Bitpay to manage those transactions.”Bitpay’s visitor service was lousy,” he wrote., bringing out disruptions that obtain transactions over $100.
Easier way to send coins across borders.Since Bitcoin is not controlled through a central bank, it can cross foreign borders much more smoothly and quickly.It’s simple in the United States, where you can bring suitcases full of coins to customs as long as you complete a form for amounts over $10,000.
Central banks are not the only impediment bitcoin can overcome.WordPress.com (disclosure: the host of my own blog) began accepting BTC tickets at the end of 2012 due to all countries where classic processing does not accept cash from locals.
But if you need to complete a bitcoin foreign transaction by converting that budget to the currency of your own country, you will possibly encounter the same obstacles as always.Achieving this triangular transaction would possibly take longer than classic change strategies would require, and even governments that do not.they appreciate that their citizens moving cash out of the country can take strong action against Bitcoin’s national transactions.
In December, the Chinese government did the same, forcing primary domestic payment processors to avoid accepting BTC, which would then fall the price of the currency worldwide.
A good investment. Here’s the trick: if you can’t close a Bitcoin transaction by moving the product to your own dollar-denominated bank account, it’s not like you’re forgetting to withdraw cash from PayPal.Bitcoin’s exchange rate soared and faded to some extent causing vomiting..
For other people who have timed things well, this has made Bitcoin a wonderful investment, but in a working market, currencies do not look like investments, their price is meant to be boring.
“I don’t think Bitcoin is a smart reserve of value, at least not yet,” wrote Jerry Brito, principal investigator at George Mason University’s Mercatus Center in Arlington, Virginia, and one of the most positive people on the coin.”What will lead us to this is whether Bitcoin helps keep its promise as if it did, no matter how many people think it will now.Once it helps keep its promise, the market will no longer see massive profits and value.will be what it will be.”
Now I have a little non-public interest in this. During the 3 minutes of Sunday night, I downloaded a Bitcoin wallet app to my phone, put a $5 bill at a Bitcoin ATM installed in an exhibition here, held the phone in front of the ATM so that I can scan the QR code generated through the app, and moments later I saw that the app reported my fund receipt.
Maybe I bet $ 5. If so, it wouldn’t be the first time this has happened here.