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Thread: Crypto Currencies?

  1. #11
    Join Date
    Feb 2014
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    The problem with cryptocurrencies is that they may not be that safe, and their exchange rate to real money can fluctuate like hell so both buying and selling would be a nightmare, imagine you paid 20 nyancoins for something and then the next day the value of nyancoins shot up dramatically, that would make you feel terrible, and the same goes for sellers if the value of the coin crashes.

  2. #12
    Join Date
    Jan 2014
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    I think that they will become the next big thing and eventually quickly replace credit cards and other methods of payment.
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  3. #13
    Join Date
    Mar 2014
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    178

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    I've never dabbled with crypto currency personally but from what I've heard it's a very unstable currency. I'd stick with real money if I were you.

  4. #14
    Join Date
    Mar 2014
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    Cryptocurrencies will get their time, once the markets and the many types existing today finally crystallize out. Bitcoin was the first/most popular, but there are many now. Dogecoin which started out as a joke on reddit has managed to get the jamaica bobsled team to compete on the Winter Olympics. I think a NASCAR team is sponsored through dogecoin now too. A value of such a currency depends mostly on how big the group of people are who use it and how they define the value among themselves. The fact that all cryptocurrencies are anonymous and uncontrollable by the governments makes them very important and valuable to keep an eye on.

  5. #15

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    Right now the whole thing scares me a bit. I can see it taking off in the future but I feel like there are too many things that can go wrong at the moment. I am going to hold off for a few more years to see how well it develops and see how many people end up getting scammed.

  6. #16

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    I'm by no means a bitcoin expert, but from what I understand it will be much more stable than USD or other fiat once the hysteria of early adoption/speculation wears off.

    Bitcoins are uncovered/mined/released at a predictable rate with a predictable end volume. The fiat money supply on the other hand is easily manipulated by the Fed: see quantitative easing.

    Of course, both currencies are subject to the same volatility inherent in speculation as currently the case. Once an equilibrium is established with bitcoin, I suspect its attractiveness will skyrocket.

    Perhaps, I will be wrong, but I think it makes sense to not disregard a potentially transformational technology.

  7. #17

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    Cryptocurrencies definitely have their place. One need not bother with other cryptocurrencies besides bitcoin and maybe litecoin since all other alts are denominated in btc pricing, which makes them more susceptible to price fluctuations during confirmation times. Bitcoin is a solid method and if don't want to deal with the hassle of fluctuating bitcoin prices, you can easily setup a merchant account with coinbase or bitpay to receive all money in USD which occurs when coinbase or bitpay receives bitcoin from the buyer and immediately converts it to USD for the merchant.

  8. #18

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    I don't deal in Bitcoin or the like because it's a retarded thing to do. The same thing that makes it great for some people (not government controlled) also makes it a risky, worthless commodity. Dollars and pounds and yen are valuable because their is a viable government behind them to enforce their value - bitcoins lacks that is little better then online bartering. You can't buy anything with them really because they gain value only when others accept them. If no one really accepts them - and is wiling to exchange actual tender for them then you've just wasted your time, effort, and resources.

  9. #19

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    Quote Originally Posted by cpefley View Post
    I would definitely not accept crypto currencies. I don't deal with BitCoin and never would. It is unstable and too risky.
    Well the thing is, you can still accept cryptocurrency payments without having to deal with them at all. Coinbase and bitpay provide merchant accounts where merchants will be paid in usd after coinbase/bitpay instantly converts btc to usd at the prevailing rate.

    It's a good and easy way to increase the number of payment methods for your services.

  10. #20

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    It depends on how prevalent they become. If I can pay with bitcoin etc anywhere then Id make the shift.

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