Posted on 12/03/2013 3:50:12 PM PST by Star Traveler
Thinking of buying trinkets in Beijing? Don’t forget to bring your Bitcoins. China, in the last few weeks, has gone crazy over the cryptocurrency, which is now accepted by Chinese online retailers, a Shanghai real estate developer, and traders in Tiananmen Square. Perhaps you want a latte in Zhongguancun? Yes, you can use Bitcoins to pay for caffeine in Beijing’s high-tech zone.
There’s no mystery why Chinese vendors just love to take the digital currency. China continues to hold the record for the highest price paid for a Bitcoin, and prices continue to climb. On Tuesday, the price of a Bitcoin exceeded 7,000 yuan (about $1,120) on the BTC China platform.
And the Chinese are paying premiums for their Bitcoins. On Tuesday, when the price broke the 7,000-yuan mark, Bitcoins were trading at about $900 on the closely watched Mt. Gox exchange in Japan.
So what is going on? Two favorable mentions in state media—broadcaster China Central Television and the Communist Party’s People’s Daily—signaled that Beijing is in favor of the use of the currency. Moreover, on October 15 Baidu Jiasule, a firewall service for websites, announced it would accept Bitcoins. A “source close to Baidu,” speaking to the Wall Street Journal’s Market Watch site, says the decision was made by its partner, Knownsec Information Technology Co. There is no reason to doubt the report, but it is inconceivable that Baidu would permit the acceptance of Bitcoins without first clearing the matter with Beijing authorities.
(Excerpt) Read more at forbes.com ...
Silicon Valley catches Bitcoin fever
http://www.freerepublic.com/focus/f-news/3097361/posts
A Prediction: Bitcoin Is Doomed to Fail
http://www.freerepublic.com/focus/f-news/3097365/posts
Bits and Bob [analysis of Bitcoin]
http://www.freerepublic.com/focus/f-news/3097370/posts
Bitcoin Under Pressure
http://www.freerepublic.com/focus/f-news/3097394/posts
Huge bitcoin heist: Black market drug shop Sheep Marketplace poofs with $40 million
http://www.freerepublic.com/focus/f-news/3097504/posts
Meet ‘Bitcoin Jesus,’ A Virtual Currency Millionaire
http://www.freerepublic.com/focus/news/3097691/posts
The secret Hong Kong facility that uses boiling goo to mine Bitcoins
http://www.freerepublic.com/focus/f-news/3097708/posts
Here’s What Critics Miss about Bitcoin’s Long-term Potential
http://www.freerepublic.com/focus/news/3097766/posts
Bitcoin recognized by Germany as ‘Private Money’
http://www.freerepublic.com/focus/f-news/3097870/posts
The Rise and Fall of Bitcoin
http://www.wired.com/magazine/2011/11/mf_bitcoin/all/
price of a Bitcoin ...(about $1,120)
Isn’t that a problem. Can you buy and sell in fractions of a bitcoin?
Can I Buy a Fraction of a Bitcoin?
http://millybitcoin.com/can-i-buy-a-fraction-of-a-bitcoin/
And ... take a look at the transactions happening LIVE ... and note the fractions ...
http://blockchain.info
price of a Bitcoin ...(about $1,120)Isn’t that a problem. Can you buy and sell in fractions of a bitcoin?
Bitcoins are typically divisible to 8 decimal places.
Wow. And I always laughed at gas stations adding .9 cents onto the price.
This is what happens when there is no government-backed currency that people can have faith in. They will find a substitute. And a government that can’t back it’s currency with full faith and credit might not be around much longer.
Are those secure? Would you create a “wallet” account with these??
I have - used Coinbase.
I stupidly sold some and got my money electronically deposited into my account.
So far I’ve doubled my money in little over a month.
Ok I set up an account through them, how does one buy Bitcoin (even fractional amounts)??
I hope to be mining in the next day or so!!
Cheers!
'hack
Well, they’re all encrypted with a “private key”. It’s so secure that if you lose your private key - it’s like taking paper dollars and burning them, because you’ll never recover your money. That’s how secure it is from someone else taking it. They have to also steal your private key or else it’s absolutely worthless.
A lot of people are NOT RESPONSIBLE ENOUGH to even handle how secure it is - because either they won’t protect their private key adequately (meaning someone can steal it) — or else they will lose it and therefore - lose their money right along with it.
Some people don’t like how secure it is because they know how irresponsible they are, themselves ... :-) ...
You’re really not going to get anywhere “mining” Bitcoins, because the difficulty level is so tough these days that only “server farms” can come out ahead.
In the early days of Bitcoin you could do “mining” pretty easily - but one Bitcoin back then was only worth a fraction of a penny. Today one Bitcoin is worth over a thousand dollars.
BUT with this recent spike in price, I would wait for it to fall back down. It was only a few months ago that you could get one Bitcoin for about $60 or so. I suspect it’s going to fall back down from this high point - unless so many new people have been drawn into Bitcoin that this is new floor price for it.
There is another article that I read that said the ultimate price that one Bitcoin will end up being is ONE MILLION DOLLARS. The guy did a thorough analysis of it and that’s what he came up with. I think I can find that article again and post it on Free Republic.
It’s like gold in that people have bought gold at the wrong time in the past and have “lost their shirts” on it and were sorry they ever got into gold!
But it’s sometimes hard to know the “right time” to get into something like this. I sure do wish I had gotten into Bitcoins when I was first thinking and talking about it. I would have turned $60 into $1,200 in a matter of just a few months - and that’s for one Bitcoin. Another way to look at it - is that I could have taken $10,000 and put it into Bitcoins - and a few months later (today) - I would have $200,000!
did you get the authy app for your cell phone? You will need that.
Your first buy can be a max of 10 BTC. It will take a few days for this transaction to clear - i.e. money withdrawn from your account and the BTC showing up in your coinbase account. Once that happens then you can buy/sell each day. You just enter the quantity and you’re committed.
I watch my BTC at least several times a day. I know my average price and have a number in mind where I’d sell.
Star Traveler,
You may like this story, if you haven’t already read it...
Ah yes ... criminals, crooks and drug dealers. And, of course, people should have nothing to do with them no matter what your preferred currency is ... :-) ...
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