Bitcoin

[Wishy]

So someone explain this to me?

Safer than PP? Better than PP? And what one do people use? Bitcoin Core?

[Super]

https://en.wikipedia.org/wiki/Bitcoin

edit: bitcoin could be worth $0 tomorrow. you decide if it's better than PP

Edited August 28, 2017 by superuser

[Wishy]

1 minute ago, superuser said:

https://en.wikipedia.org/wiki/Bitcoin

I have read this.

 

Hence my question about what wallets people use on here

[SprecherSoda]

BitCoin transactions cannot be reversed.

So as a seller, you benefit by not being able to lose your money unless your account is compromised.

As a buyer, you're hoping the seller is legitimate.

The worth of BitCoin is extremely dynamic so you could lose 'face value' on a sale due to it.

[Semp]

4 minutes ago, Wishy said:

I have read this.

 

Hence my question about what wallets people use on here

 

I personally use Blockchain.info , using Coinbase is alright but a fair amount of users eventually switch wallets to even something such as Electrum or something.

 

Definitely worth it when people will sell gold for Bitcoin as cheap as .93 these days

[Maldesto]

10 minutes ago, SprecherSoda said:

BitCoin transactions cannot be reversed.

So as a seller, you benefit by not being able to lose your money unless your account is compromised.

As a buyer, you're hoping the seller is legitimate.

The worth of BitCoin is extremely dynamic so you could lose 'face value' on a sale due to it.

for someone who doesn't have Bitcoin, you know about it eh

[Fearsy]

Its safer/better in the sense that you cannot get refunded.

I mainly use CoinBase.

 

[LeBron]

8 minutes ago, Maldesto said:

for someone who doesn't have Bitcoin, you know about it eh

Busted.

[Jordan]

Bitcoin isn't useful yet in the sense that to buy it you still have to pay fees and a lot of places will say it's worth more than it is. Basically if you buy Bitcoin with a credit card you'll get 93% of what you pay for. It kinda sucks especially considering how "low fees" is supposed to be a strength of crypto.

There are other cryptos that are better and smarter than Bitcoin but bitcoin is the most popular. But hey, it's worth what people are going to pay for it and that could very well be $4000, $.0005 or $1M.

Bitcoin's biggest use is for blackmarket transactions where you don't want your transactions to ever be reversed or give away your identity. I personally see Ripple as the best crypto there is.

[Maldesto]

4 hours ago, Jordan said:

 I personally see Ripple as the best crypto there is.

Whats the difference 

[Alek]

[Jordan]

13 hours ago, Maldesto said:

Whats the difference 

Bitcoin supporters see a currency that can allow for very fast transactions at little cost.  Because of this they believe Bitcoin will become a direct competitor to large financial institutions and banks because bank transfers are so slow and costly (3-7 business days and tons of fees for international transfers). However bitcoin transactions cannot be modified and offer no protection for buyers. It is also completely separate from financial institutions and would need to somehow compete and beat giant banks and financial institutions. Ripple on the other hand is specifically designed to be plug and play for banks and financial institutions to use. It has features no otsher cryptos wouldn’t dare to have but are common for banks (like the ability to edit/update transactions). At the same time  it still provides fast, cheap and secure transactions with an ability to scale unlike other cryptos. 

 

Tl;dr bitcoin supporters want to replace banks, ripple wants to modernize banks.

[LeBron]

37 minutes ago, Jordan said:

Bitcoin supporters see a currency that can allow for very fast transactions at little cost.  Because of this they believe Bitcoin will become a direct competitor to large financial institutions and banks because bank transfers are so slow and costly (3-7 business days and tons of fees for international transfers). However bitcoin transactions cannot be modified and offer no protection for buyers. It is also completely separate from financial institutions and would need to somehow compete and beat giant banks and financial institutions. Ripple on the other hand is specifically designed to be plug and play for banks and financial institutions to use. It has features no otsher cryptos wouldn’t dare to have but are common for banks (like the ability to edit/update transactions). At the same time  it still provides fast, cheap and secure transactions with an ability to scale unlike other cryptos. 

 

Tl;dr bitcoin supporters want to replace banks, ripple wants to modernize banks.

Sounds like that Ripple stuff is tied to your actual bank account - you're not anonymous (if it is) and if you're not anonymous you get into trouble. Please correct me if I'm wrong. 

Edited August 29, 2017 by LeBron

[Jordan]

35 minutes ago, LeBron said:

Sounds like that Ripple stuff is tied to your actual bank account - you're not anonymous (if it is) and if you're not anonymous you get into trouble. Please correct me if I'm wrong. 

Two seperate things. Think of "Ripple" as a company and "XRP" as a coin. XRP can be traded just like Bitcoin and can be just as anonymous from that point of view. Ripple, however, has technology called "RippleNet" that will allow banks and financial institutions to benefit off blockchain technology by using the "XRP" coin to make transactions. It's actually quite complex, it took me a lot of research to wrap my head around the basic concepts of blockchain technology and Ripple/XRP and I'm still a noob.

https://ripple.com/use-cases/banks/

https://ripple.com/use-cases/payment-providers/

https://ripple.com/use-cases/digital-asset-exchanges/

https://ripple.com/use-cases/corporates/

[Swizzbeat]

The whole crypto space right now is a full blown ponzi scheme. The whole thing could get wiped out tomorrow and the world would continue on without a hitch.

That being said, "crypto" and "blockchain" are huge buzzwords right now so mine as well get in an out before everyone realizes the current implementations of the tech are completely useless.