Bitcoin - Use it or No?

[bshaw92]

I have someone that has asked to be paid via Bitcoin. Does anyone have the pros and cons with experience? It appears you pay and then pay fees, but is not clear about buyer protection. Miner fees upon miner fees. Seems to over complicate a process?

 

[Bman]

I have someone that has asked to be paid via Bitcoin. Does anyone have the pros and cons with experience? It appears you pay and then pay fees, but is not clear about buyer protection. Miner fees upon miner fees. Seems to over complicate a process?

I had the same thing come up recently. I found another vender. I got nothing against Bitcoin but it seems real inconvenient to purchase and then use. I get mining for it and the investment potential. But for a one off purchase I'm too lazy.

 

[iaresee]

No.

It’s volatile. Unless you really know WTF you’re doing these non-fiat currencies are high risk for you.

They can easily convert it to a fiat currency. Insist on it.

 

[plexi59]

There is no “buyer protection”, once you’ve paid, you’ve paid and that’s that. It’s like cash in that regard. Chargebacks are not possible, unless the seller voluntarily returns your money.

 

[GBM]

If you have to ask a question like that, (about anything) it's not mainstream enough to take a risk like that. Ian's words of advice are perfect.

 

[ksandvik]

And what will you then purchase with the bitcoin(s)?

 

[reclavea]

Very volatile ...

Almost $3000 for a bit coin at one point....

Elite banking saw the threat and bought huge amounts and flooded the market back with cut prices ....devaluing them intentionally....

Huge losses ...wipe out

Bit coin been trying to make a comeback ever since

 

[iaresee]

Elite banking saw the threat and bought huge amounts and flooded the market back with cut prices ....devaluing them intentionally....

 

[bshaw92]

Thanks for all the input. I don't have enough experience with it and at first glance seemed sketchy. Sounds like it is sketchy.

 

[pauly]

Good for illegal activities and speculative investing. Not much good for anything else.
Thanks
Pauly

 

[Muad'zin]

Could be. Then again bankers also created the last economic crisis doing all sorts of crazy shenanigans that made no sense whatsoever to a normal person. And who knows what those crazies are up to again? It's not like they were made to pay for their stunts the last time. And bitcoin is a threat to their banking system, it's finite, its mostly out of their control. It's not like they can use it as a license to print money like they can do with mortgages and loans.

 

[antcarrier]

Bitcoin is about anonymity, not protection. If you want protection, use something like PayPal. I would only pay for goods with bitcoin if I was 100% sure that the seller is legit.

 

[_PeLUsA_]

if you pay with bitcoins you don't have any way to reclaim those bitcoins if the product was not deliver or it has a fault, there are companies that are dedicated to save the bitcoins in their wallets during the transaction and while seller and buyer do not give the ok that the transaction has been correct by both parties do not release the bitcoins, it is the only way to guarantee that they are not going to steal the bitcoins

 

[iaresee]

And bitcoin is a threat to their banking system, it's finite, its mostly out of their control. It's not like they can use it as a license to print money like they can do with mortgages and loans.

The same is true for fiat currencies and banks. Banks don’t make money, governments do. Bitcoin is no more a threat to a bank than Uzbekistani soms are to a bank.

 

[reclavea]

The same is true for fiat currencies and banks. Banks don’t make money, governments do. Bitcoin is no more a threat to a bank than Uzbekistani soms are to a bank.

Yes...yet they are a threat to the "Banking System"

....currency is controlled by the system.

Bit Coin is not controlled by the system....and it was taking off.....

Those in the beginning made huge sums of wealth. The ones in recently ....lost everything practically.

 

[MicroMort]

I've bought all sorts of things with it and had no problems - hot sauce, a web domain, gift cards, and even a new kitchen faucet (from overstock.com). You do need to have a decent "BS detector", so I wouldn't recommend BTC to grandma. Maybe it won't ever become super mainstream, but it's fine now as long as you understand it's benefits and limitations.

 

[Muad'zin]

The same is true for fiat currencies and banks. Banks don’t make money, governments do. Bitcoin is no more a threat to a bank than Uzbekistani soms are to a bank.

Of course banks create money. The total value of their loans that is being covered by actual money that you and I have deposited into banks is in the single digits. The rest, they just magically create by adding zeroes to your bank deposit when you loan money from them.

https://en.wikipedia.org/wiki/Money_creation
https://positivemoney.org/how-money- works/how-banks- create-money/

That's why the banking crisis hit so hard and governments had to bail the banks out. Because there is just not enough real money in any bank available to cover when we would all empty our deposit accounts with them. It would have caused the collapse of the entire financial system. It's in the interest of the banks that the current system remains as it is, it's perfect for them. Any change to the system, like with crypto currencies, that is outside of their control is not something that they would welcome.

Does that mean that 'the banks' tried to bring bitcoins down? I don't know, I haven't researched that to give it a qualified answer. But I wouldn't be so quick to dismiss it outright as tinfoil conspiracy thinking. Cause there's a reason that banker became a dirty word, and maybe you have forgotten it, but I don't. Druglords are nowadays more reliable then bankers. If only because in their business breaking your word can get you killed.

As for the OP, when some dude wants to be paid in bitcoins they want anonymity. For whatever reason. Anonymity in commerce is never a good thing, unless you're selling illegal goods. Or want to scam someone. With expensive stuff you buy online from a private vendor it always pays to go there in person and try before you buy.

 

[ksandvik]

I always suspected bitcoin economy was designed for money laundering...

 

[iaresee]

Of course banks create money.

Re-read my post. Then re-read that wiki page. Banks do not create money. Governments create money. Banks follow government policies. Fractional reserve policies are not set by the banks.

Non-fiat currencies are not a threat to banks, as was claimed. They are possibly a threat to governments, but not banks. Banks can choose to work with those currencies, or not, same as they choose to work Uzbekistan's currency or not.

I'm out people. Can't talk the same level of crazy as the rest of you. Enjoy your theories and tinfoil!

 

[reclavea]

It’s all linked to credit and debt. A debt based society

View with a grain of salt ;-)