Discussion What's the fuss about Bitcoin?

Discussion in 'RAIDers League' started by JD666, Dec 13, 2013.

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  1. JD666

    JD666 RAID Leader Staff Member

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    Been hearing a lot about em, read their wiki page. Sounds awfully shady, however they claim it's perfectly legal.

    They use computer hardware for mining coins however no further details or specific information has been given on the topic...

    How one interchanges between regular cash or currency and this is also not quite clear to me.

    The value fluctuates like crazy and people are now millionaires.

    Anyone managed an understanding of this??
     
  2. dbg

    dbg RAID Staff Staff Member

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    Bitcoin is virtual currency ..

    You can purchase bitcoin through certified exchange websites .. Sort of like PayPal.

    But unlike PayPal your bitcoin is not stored on some website but given to you directly in form of a cryptographic message, which you must store & keep under your own protection like real money.

    Bitcoin payment works at site which support it.

    You enter your bitcoin code and they decrypt it to verify its value and then give you what you paid for.

    The thing about bitcoin is once its purchased it belongs to you. unlike Paypal which is know to freeze your account and seize your funds.

    Bitcoin is also 'untraceable' because it's not linked back to any system so its pretty popular as a payment method in the shadier parts of the Internet where one goes to buy illegal stuff like drugs etc.




    Sent from my Nexus 4 using Tapatalk
     
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  3. BANHAMMER

    BANHAMMER Teh Almighty BanHammer Staff Member

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    There is another version call it litecoins, my room mate invested in it, it is booming. if i had money i would have thought of investing.
     
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  4. JD666

    JD666 RAID Leader Staff Member

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    But it is unreliable in the fact that it's currently worth some 60k INR for one Bitcoin and tomorrow could be worth half or even a quarter of that??

    Sent from my HTC One mini using Tapatalk
     
  5. BANHAMMER

    BANHAMMER Teh Almighty BanHammer Staff Member

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    It is to quickly make money and run away.
     
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  6. JD666

    JD666 RAID Leader Staff Member

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    Should have invested when it was a few cents each. We would have retired by now

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  7. JD666

    JD666 RAID Leader Staff Member

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    Wanna plan an investment in litecoin??

    Sent from my HTC One mini using Tapatalk
     
  8. dbg

    dbg RAID Staff Staff Member

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    You need someone to take those bitcoins at that high value as well. Its not as reliable as regulated national currency.
     
  9. BANHAMMER

    BANHAMMER Teh Almighty BanHammer Staff Member

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    my roommate invested in lite coins quite a bit early
    he got all his investment back already.
     
  10. JD666

    JD666 RAID Leader Staff Member

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    Wow... And you?
     
  11. BANHAMMER

    BANHAMMER Teh Almighty BanHammer Staff Member

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    I am broke plus I don't think I would ever get lucky with stuff especially money.
     
  12. MohitGamer

    MohitGamer ActiveRAIDer

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    Get yourself Fixed..
     
  13. BANHAMMER

    BANHAMMER Teh Almighty BanHammer Staff Member

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    that will require a lot of money.
     
  14. MohitGamer

    MohitGamer ActiveRAIDer

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    Use Bitcoins.. :p
     
  15. dbg

    dbg RAID Staff Staff Member

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  16. JD666

    JD666 RAID Leader Staff Member

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    Whoa.. just the volatility we were talking about..

    Sent from my HTC One mini using Tapatalk
     
  17. BANHAMMER

    BANHAMMER Teh Almighty BanHammer Staff Member

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    China was behind all the value hype anyway
    But this might affect in long term.
     
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