Local bitcoin atm san diego
You can carry millions' worth of Bitcoins in your pocket, but if you lose it, it's not like having your credit card filched or copied and used for a big purchase by an identity thief. In such cases, you can often get your money back. That's not true with Bitcoins. There is a black market for Bitcoins, and they can be used for tax-evasion purposes. They are often used for drug sales because they are difficult to trace.
There is always the question of whether a merchant will accept them. Scammers sell fake Bitcoins. I have to correct you, slightly. First, it's misleading to say there are counterfeit coins in a block chain. Bitcoin is simply a public ledger. Coins do not exist by themselves. The ledger is a collections of agreements that each address in the system owns some number of coins.
The resources to counterfeit this would have to be enormous, and would be very quickly detected. Second, all systems that allow user account access, such as your online bank account, are hackable.
That is not unique to bitcoin. Using public key cryptography, digital signatures, and cryptographic hashing, along with peer-to-peer networking and Merkle trees, the advantage of block chain technology is that everyone can trace every single transaction forever and there is no way that any of the data can ever be changed once it is committed into the record. The "chain" cannot be broken. This is not true of traditional banking databases. Additionally, from the macro-economic perspective, a currency independent of central bankers provides protection from governmental currency manipulation.
A risk you didn't mention. Instead the rules for the expansion of any block chain dependent money supply are transparent. Not the same as stable, which is why I own no bitcoins. There's potential application of this technology into many fields beyond currency. Think of land registries and other kinds of ownership assertion currently under governmental monopoly. With the promise of greater transparency, drastically reduced transaction costs, and freedom from politically-based manipulation, there is potential for block chains not just Bitcoin or digital currencies of the month to be revolutionary in the creation, tracking, and maintenance of important records, including those for the notion of storing value as "money".
Yes, your account can be compromised. As with all such systems. And I'll add extra emphasis on your important point that there's as of today no reliable recovery mechanism. You don't even mention some other risks. Yet Bitcoin, as the most prominent representative of an applied block chain, ought not be so blithely dismissed.
Yes, it's today more a gambling mechanism than a mature currency. Yours is an interesting post. The fact that bitcoin is more a gambling mechanism than a store of value is quite important, I believe.
Sure, speculators gamble on the dollar and other currencies, but the values are not as volatile. Does freedom from governmental and central bank manipulation justify a dependence on speculators? Not in my mind, but I won't argue with those who feel otherwise. As an investment proposition, bitcoin certainly is more of a gamble than a prudent investment. As a technology, online payment mechanism, and economic-political philosophy, bitcoin is, if anything, more conservative than any fiat currency.
It is incorruptible, uncounterfeitable, irreversible, uninflatable, has a fixed global supply, is completely decentralized beyond the whims of any central bank, and beyond the confiscatory powers of say Cyprus or asset forfeiture. It is truly democratic in that a fully open-source, peer-to-peer network both relays transactions and confirms their integrity using the block-chain mechanism.
You do not need a banker's permission to use bitcoin - just a computer or a phone with an internet connection. When I wrote this, I knew I would get a lot of commentary from those fanatically attached to bitcoins. And I got such comment.
I deplore gambling but I wouldn't call a bitcoin speculator a complete idiot. Drug dealers and assorted money launderers -- heavy users of bitcoins -- are vile but they aren't complete idiots.
It would be nice if they were. I don't believe the list is yet inclusive enough. But there are a lot of people, as witnessed here, who passionately believe in bitcoin.
Hi Alex and Don, i would argue against your point, most Bitcoin users are highly educated engineers, there are traders of course but the majority of users are just "Nerds" or people who really need it for different reasons. Bitcoin is pretty much the same, its instant, worldwide and a programmable for of ASSET or anything that must be written down and never deleted deeds, wills, laws, constitutions, medical procedures its really up to imagination.
So there are more nerds than crooks using bitcoins? That is an intriguing question. I haven't seen any statistics on that. Sorry to have set off some abusive commenters heaping calumny on your innocent head, Don.
Forgive them, for they know not of what they speak. Please know that he's one of the best informed and most thoughtful writers on issues of economics. We're lucky to have such a man write for us. That doesn't mean that Don is always right. But unlike most thin-skinned so-called journalists, he's willing and able to admit when he's wrong, and he's eager to participate in discussions with commenters.
I would never waste my time correcting most journalists Again, the bit chain is quite interesting. This is a perfectly reasonable stance. The instances of fraud and theft and manipulation that have been reported, even if eliding the difficult bits of the story, cannot be ignored.
Bit coin, like any new currency, is inherently risky. It's still a gamble. I only corrected some technical aspects of Don's article. I agree wholeheartedly with Don's conclusions and recommendation to stay away unless you are willing to gamble. But again, this isn't due to the underlying technology Articles like this are actually a sign of the interest the technology is generating. So when Don Bauder takes notice, even if he gets some of it wrong, you might take away the message that this will only get bigger, and hopefully much better.
As for the political aspects Again, this doesn't automatically make it suspect or perfect it's just the reality of the world we live in. You could have similarly criticized the 17th century development of stock markets as reactionary in the face of royal manipulations of currencies and contracts Don, one other point I might make By acting as a counter-party to bit coin transactions, they actually reduce the risk of holding bit coins as a currency.
Now you can exchange the bit coins for cash. That strengthens the long term security of the fledgling currency rather than weakening it. So I still urge you to read some more about the math behind bit coins, and consider its potentially disruptive nature. Having an ATM to trade bit coins for cash isn't an invitation for the unwary to be robbed. It's an expression of confidence and evidence of the real world value of this new way of storing value.
Either the author is ignorant or this is a pathetic "hit piece". Iuts down right now an i wanna get some more before it goes back up! While I was inside using the Bitcoin ATM, I had another talk with the worker who was working that day, so now i've explained Bitcoin to 3 different workers who work here! As you can see from the look on my face, I have no need to sell any Bitcoins anytime soon! I also told all the city workers working on a road across the street here about Bitcoin and Steemit!
Everyday I stop at least 1 person in the street to tell them about steemit and bitcoin, IF they are interested, i never force it on anyone! I usually just go 'You know about that Bitcoin? And here's some extra photos I took before feeding the fiat paper cash into the Bitcoin ATM for digital codes! Bitcoin may seem insane to some people! Anyway I will be using these images on my Instagram to promote Steemit tonight! Ill post those results later! These Plants got to experience the Eclipse which should make their flowers extra dank!
So keep stacking and stay happy and positive about all the future potential we all have! Imagine everything we can build and make and do with our newfound fortunes! And I hope you can convince your family to also get addicted to Crypto currency! Thanks to tytran for helping get me this nice illustrated vector image of myself done! I really am grateful to new users like him who join and immediately just invest more than i've saved in months! It really helps us! And a shoutout to steemitqa inertia mrviquez and battleaxe for creating such a delightfully entertaining SteemSpeak Discord Voice Chat experience tonight!
Upvoted ur comment to the top so people see you! Apple and AMazon are over billion and yes stemit IS that powerful and yes in a few yearsm, we WILl be on our way to tjhose numbers! Its just so awesome, everyone should just kep posting and realize, content is what steemit needs most users and content! The money leads us all to profesionalism!
The money we get poaid is an incentive to make more highr quality posts!