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  Post #1 (permalink)   03-11-2013, 03:14 AM
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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
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  Post #2 (permalink)   03-11-2013, 09:44 PM
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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...ck-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.
 
 


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  Post #3 (permalink)   03-12-2013, 02:03 PM
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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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  Post #4 (permalink)   03-21-2013, 06:13 AM
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Being anonymous, you can imagine the kind of customer it usually attracts %age wise.
 
 
 


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  Post #5 (permalink)   03-22-2013, 01:55 AM
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Quote:
Originally Posted by WTP Admin View Post
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.
well, it is kinda released to the public already - https://en.bitcoin.it/wiki/Trade and there's a lot of companies accepting it
 
 
 


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  Post #6 (permalink)   03-26-2013, 01:04 PM
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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".
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  Post #7 (permalink)   03-26-2013, 01:27 PM
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Although I think it is a good concept. I think I will stick with being paid in real money rather than some virtual currency..
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  Post #8 (permalink)   03-26-2013, 02:05 PM
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Well Mate Bit Coin Payment Gateway is Not Very Successful in Web hosting industry.
 
 
 


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  Post #9 (permalink)   04-11-2013, 01:38 PM
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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 agree. It's a neat idea. But real money is what I like.

Chad
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  Post #10 (permalink)   04-11-2013, 04:55 PM
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It really does not seem secure enough.
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  Post #11 (permalink)   04-12-2013, 07:11 PM
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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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  Post #12 (permalink)   04-12-2013, 08:23 PM
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Another Online currency is LR or Liberty Reserve.

http://www.libertyreserve.com/

Its a one way form of payment with no fraud protection whatsoever. Also seems sorta sketchy ... But again, it's just another product of the internet.
 
 


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  Post #13 (permalink)   04-13-2013, 04:56 AM
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Quote:
Originally Posted by handsonhosting View Post
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!!
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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  Post #14 (permalink)   04-14-2013, 06:23 PM
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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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  Post #15 (permalink)   04-14-2013, 07:25 PM
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There are some startups that are betting everything on Bitcoin (and are raising serious cash doing so):

http://mashable.com/2013/04/12/bitcoin-startups/

Just sayin'.
 
 
 
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