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On 11/27/2017 at 7:29 AM, Loweredchevy said:

At first I thought this was a fly by night type of thing and I didn't like that it became popular on the dark web, but now not so much. Are there legitimate uses for Bitcoin that you may have encountered or used?

 

Bitcoin was the first and most well know application of a revolutionary technology called "the blockchain" which is a secure, distributed, transparent, ledger of accounts which, within the next ten years, will become as ubiquitous in our lives as the internet.

 

I highly recommend anyone curious about this technology begin with the anonymously published white paper which started it all: http://nakamotoinstitute.org/bitcoin

 

Here's an interesting Bloomberg article comparing Bitcoin and gold as a store of value I read this morning: https://www.bloomberg.com/news/sponsors/cme-group/bitcoin-and-gold-a-growth-comparison/?adv=13162&prx_t=PzsDA-poXAUt8PA

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On 11/27/2017 at 7:29 AM, Loweredchevy said:

At first I thought this was a fly by night type of thing and I didn't like that it became popular on the dark web, but now not so much. Are there legitimate uses for Bitcoin that you may have encountered or used?

 

 

Bitcoin is one of several (soon to be many) types of "currency" using a "blockchain".  The price of Bitcoins (BTC) has gone from someplace around $25 to, now, over $9,000 but by mid December it will probably be far less than it is today because on December 11, futures contracts will be traded on the CME which will allow people to sell BTC "short".

 

The blockchain technology looks to be quite secure and some of the securities clearing firms are looking into using blockchain.  Bitcoin, is another matter entirely, just last week an employee at a company using bitcoin as currency, deleted a file and approximately $300,000 was lost forever so blockchain based technology is secure until someone makes a mistake.  

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  • 1 year later...

I've recently checked Bitcoin forecasts. According to them, the price on this cryptocurrency will be between $16500 and $17500 in December 2020, so if you are thinking about investing in Bitcoin, it is better to do this in 2019. Another question is secure. Everyone knows about the attempts at hacking crypto wallets, so it is important to choose a good wallet. Having surfed the Internet, I decided to use one of the anonymous Bitcoin wallets that keep your personal data and transaction details secure with the help of tor network or VPN (there is good review on https://revain.org/beginners-section/anonymous-bitcoin-wallets) . I chose Darkwallet  as it can be used for high security cold storage and creates a new public address for every transaction. What about you, guys? Which wallets do you use?

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4 hours ago, MaxxaM said:

I've recently checked Bitcoin forecasts. According to them, the price on this cryptocurrency will be between $16500 and $17500 in December 2020

 

I think predictive price analysis is largely wishful thinking, but I suppose if enough people believe it, anything can come true 🤣

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  • 3 months later...

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