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Australia says

< still as yet to see a bitcoin or its code, albeit jokey cartoons etc. Be nice to see something at least

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MSFX Volunteer moderator says

way to unstable to invest in…

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visualkicks says

Bitcoin like anything else will fluctuate. Just like the US dollar, just like gold and silver, just like everything. If I earn 3,000 a month here in USD that doesn’t mean I’ll get the same amount in AUD month to month because prices change.

Bitcoin wont be used on this marketplace until it is as stable as the current fiat financial system (the central banking system / paper money). Which by the way, isn’t that stable to begin with.

That doesn’t mean there isn’t an opportunity to make money on bitcoin. I think people who dismiss it simple lack vision and an entrepreneurial attitude towards opportunity. There is opportunity in everything.

Yesterday the price dropped down to $600 AUD, that right there is an opportunity. I bought $1000 dolloars worth of bitcoin as soon as I saw the price. Which right now (1 day later) is worth $1400 aud as the price is sitting at about $840.

The reason for the massive price drop the other day was because China decided to dismiss bitcoin as legal tender. China being a huge market for bitcoin impacts the value of bitcoin significantly. Does this mean the price will stay down? Of course not.

The problem with most investors of shares just don’t have the patience or discipline. Too many people panic sell and panic buy. The value of bitcoin like everything else comes with the demand of the goods. When the US senate sat down to discuss the legitimacy of bitcoin the price rose because the demand for the goods went up.

What Im getting at is. Buy, don’t buy, it doesn’t matter. Eventually regulations will come in to effect for digital currencies. All you need to ask yourself is, do you want to take advantage of an opportunity to make money.

As to the poster above, instability is opportunity. I hope bit-coin crashes. I want to take advantage of the opportunity to buy up. Sell high, buy low and be patient.

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wickedpixel says

way to unstable to invest in…

You don’t invest. You gamble! :P



Fun fact is that the “inventor” of Bitcoin holds around 1 million coins; from 20 million available. I wish I had invented it! :D Not sure it’s fair.

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Australia says

So if a BitCoin is worth anything between 600 bucks and 1000 bucks..

how do you get change ?

Because I have noticed some retailers, in Canada accept bitCoins

erm…

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ToivoMedia says

So if a BitCoin is worth anything between 600 bucks and 1000 bucks..

how do you get change ?

Because I have noticed some retailers, in Canada accept bitCoins

erm…

You give them a bitcoin, and they give you back some ittybitty coins.

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visualkicks says

So if a BitCoin is worth anything between 600 bucks and 1000 bucks..

how do you get change ?

Because I have noticed some retailers, in Canada accept bitCoins

erm…

With current fiat money, the lowest denominator you can have is 1 cent (well 5 cents if we are talking actual coins), correct?

With digital currencies you can go backwards into infinity. If a single bit coin is worth $600 dollars that doesn’t mean you need at least 600 dollars to invest or buy. You can buy $50 dollars worth of bit coin if you want.

Your bit coin wallet will look something like this 0.059726.

So considering that there will only ever be 27 million bit coins in circulation, if and when bitcoin becomes a common form of currency. Most peoples bit coin wallets will look like this 0.0023123 and the cost of milk will look something like this 0.00002.

So if you purchase something with bit coins you don’t need change. You pay for the exact amount.

edit: Which is why many people are just buying 1 single bit coin, putting it on a USB stick and then placing said USB stick under their mattress. Because that USB stick has the potential to be a lot of bottles of milk in the future.

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Joost Volunteer moderator says


So if a BitCoin is worth anything between 600 bucks and 1000 bucks.. how do you get change ?
With digital currencies you can go backwards into infinity. If a single bit coin is worth $600 dollars that doesn’t mean you need at least 600 dollars to invest or buy. You can buy $50 dollars worth of bit coin if you want.

Correct, although it’s not quite infinity. There’s 8 decimals places ;) That’s still an absurdly tiny amount though – at the current price, it divides into less than a thousandth of a dollar cent.

Related: one of the major Bitcoin chart sites has recently switched to listing the value in mBTC instead ;)

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WebSmacker says

I’m learning a lot about bitcoins, thanks for the information guys!

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SurStudio says

I’m interested in buying some DOGECOINS, please send a message using the profile form.

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