Bitcoin Payments

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WTP Admin

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I stumbled across this new digitalized currency only today. I say new because I've never heard of it and assume it must be a fairly new idea!

Anyone care to share their experiences with this? Particularly in the web hosting industry. Does it work?

Am I right in thinking that it's just a universal currency that converts between the host's and the end user's exchange rates automatically?

Can you withdraw from it? So transfer to your own bank account or even to your Paypal account?

I have read up in places but it seems to be talked about as if I already know what it is!

Look forward to learning more :D
 
BitCoins are a very unstable economy system. I see news articles almost monthly about a site being hacked and bitcoins being stolen. Most recently Site5: http://blog.bitinstant.com/blog/2013/3/4/events-of-friday-bitinstant-back-online.html

Until this "virtual" currency system becomes more hardened, stable and more user friendly I can't see myself offering this any time soon. The other thing you need to keep in mind is the audience target with regards to who would be paying with BitCoins.

BitCoins is sketchy, in my opinion. :)
 
Interesting read...and yeah I see what you mean it obviously needs more time to be made into a secure system. How long did it take for Paypal to become a secure enough system for users to trust it? Unfortunately, no matter how much you beta test something, we'll never know if something truly works until a while after it's been released into the public.
 
WTP Admin said:
Interesting read...and yeah I see what you mean it obviously needs more time to be made into a secure system. How long did it take for Paypal to become a secure enough system for users to trust it? Unfortunately, no matter how much you beta test something, we'll never know if something truly works until a while after it's been released into the public.
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well, it is kinda released to the public already - https://en.bitcoin.it/wiki/Trade and there's a lot of companies accepting it
 
Its value is skyrocketing right now, quite an interesting product. I compare it to bartering actually in my recent article. It has no hard currency backing, no gov't backing, so it is kind of just "eh, whatever I think it is worth".
 
Although I think it is a good concept. I think I will stick with being paid in real money rather than some virtual currency.. ;)
 
I don't know if you guys are really following the news or not, but BitCoins crashed HARD. It was a fictional currency to begin with.

It was an inflated mess, and unregulated by any given body. As such, it's not really a currency at all.

It was at a high of $260 per coin and then the bubble burst and droped to 142 in a matter of hours. It's now (as of this writing 4/12 @ 8:10pm CDT), the price is down at $118

Really, anyone who bought into BigCoin are probably the same people that buy Wow Gold!!
 
handsonhosting said:
I don't know if you guys are really following the news or not, but BitCoins crashed HARD. It was a fictional currency to begin with.

It was an inflated mess, and unregulated by any given body. As such, it's not really a currency at all.

It was at a high of $260 per coin and then the bubble burst and droped to 142 in a matter of hours. It's now (as of this writing 4/12 @ 8:10pm CDT), the price is down at $118

Really, anyone who bought into BigCoin are probably the same people that buy Wow Gold!!
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You obviously don't follow Bitcoin - dips and dives like this happen every single week.

Bitcoin is still 1000% above several months ago, even though "the bubble has burst." It will be back up to $260 soon enough.
 
Bitcoin is garbage.
It's a mechanism for scam artists to draw in suckers.
I wouldn't trust as far as I could throw any operation pretending to be legitimate by using this transaction method.
 
Blue said:
Bitcoin is garbage.
It's a mechanism for scam artists to draw in suckers.
I wouldn't trust as far as I could throw any operation pretending to be legitimate by using this transaction method.
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And yet legitimate companys like namecheap.com accepts bitcoin nowadays :twocents:
 
I would say it´s a matter of time more people uses bitcoins or whatever digital coin created in the future.

Phisical currency will die sooner or later.

But today I can´t buy food in the market with Bitcoins so I will keep using regular dollars :)
 
HostMunch said:
You obviously don't follow Bitcoin - dips and dives like this happen every single week.

Bitcoin is still 1000% above several months ago, even though "the bubble has burst." It will be back up to $260 soon enough.
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Be careful when you use the "obviously" as you have NO CLUE what I do on my end. I'll not divulge anything further, but when you use the word "obviously" you need to be very certain that you know what happens in my mind - a place, which you obviously know nothing about :)
 
WTP Admin said:
How long did it take for Paypal to become a secure enough system for users to trust it?
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You can't compare Paypal against Bitcoins because Paypal is not a currency. It's simply a medium that is used to transfer currency. I can use my US Dollars to buy something from a site using Paypal.

Bitcoins are an actual currency, so I would have to spend my Bitcoins (instead of US Dollars) to buy something. At this point it's all a gut feeling whether you think Bitcoins will keep traction. Its very possible they could fizzle and become obsolete and worthless.
 
ventureer said:
Phisical currency will die sooner or later.
=
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This "physical currency" we all use today is just a paper fiat currency created by the Federal Reserve, which by the way is a private corporation. It could be argued that our physical currency is just as much a virtual currency.
 
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