Accepting Bitcoin

[Davo]

Some people/companies are keeping Bitcoin long term and others are converting straight away. If I remember one article stated that newegg were keeping their sales from BTC in BTC.

 

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[hestati]

Bitcoin, at some point, had a chance to be new offshore, now that real offshore is so complicated. Instead, they turned it into hipster's money...

 

[Hurlaban]

Bitcoin has a bright future but the real value isnt Bitcoin, its the blockchain. Blockchain technology is the future.

 

[Guest3722A]

First off, if someone can point out to me where I'm wrong and explain it, I'd appreciate it. But from my understanding and from what I see with the majority of the charts, bitcoin(s)(?) to me has similar characteristics to that of an adjustable mortgage. And right now it's value is moving against the buyer as it has been when I made the call that the party was over on the bitcoin thread over a year ago. I don't see how there's that much of a benefit when used as a vehicle to avoid banking fees when the second you buy the thing, the value on it most likely has dropped. Am I missing something here?

 

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[tafy]

The value cant drop forever. And yes your missing the fact that it lets the world trade and transact at little to no fees and is borderless. Most of Africa and Asia cant get a credit card or bank account, bitcoin is a possibility.

 

[Hurlaban]

First off, if someone can point out to me where I'm wrong and explain it, I'd appreciate it. But from my understanding and from what I see with the majority of the charts, bitcoin(s)(?) to me has similar characteristics to that of an adjustable mortgage. And right now it's value is moving against the buyer as it has been when I made the call that the party was over on the bitcoin thread over a year ago. I don't see how there's that much of a benefit when used as a vehicle to avoid banking fees when the second you buy the thing, the value on it most likely has dropped. Am I missing something here?

Mortgage's are regulated. Bitcoin is decentralized.

 

[Guest3722A]

Ok, so here's a timestamp:
(edit) the format didn't work right but it can be figured out


TimestampOpenHighLowCloseVolume (BTC)Volume (Currency)Weighted Price
2015-01-01 00:00:00321321319.04319.6678.0324976.64320.1
2015-01-01 01:00:00319.76319.76317.5317.580.1525496.05318.12
2015-01-01 02:00:00318.54318.82317.54317.8714.374574.69318.31
2015-01-01 03:00:00318.42318.59317.56318.3920.716592.47318.39
2015-01-01 04:00:00318.39318.39313.55314757.47238960.86315.47
2015-01-01 05:00:00314314312.6313.9859.6718709.18313.54
2015-01-01 06:00:00314.7315.8314.34315.223.957553.45315.4
2015-01-01 07:00:00315.38317.11315.12315.791.6628976.39316.12
2015-01-01 08:00:00315.67316.27314.34316.2733.0710429.26315.4
2015-01-01 09:00:00316.01318.25315316.64286.2990896.98317.5
2015-01-01 10:00:00316.64317.3314.41315.63178.9156384.3315.15
2015-01-01 11:00:00315.63315.96314.72315.5765.1720540.53315.19
2015-01-01 12:00:00315.57316.93315.57316.83309491.77316.35
2015-01-01 13:00:00316.51317.37316.09316.2244.3314041.44316.75
2015-01-01 14:00:00317.15317.27313.68315.12287.7490510.61314.56
2015-01-01 15:00:00315.23315.97313.24313.24208.9865658.93314.19
2015-01-01 16:00:00314.01315.52313.25314.9341.7513130.76314.49
2015-01-01 17:00:00315.44315.89315315.45149.7447186.87315.12
2015-01-01 18:00:00315.45315.95315315.3884.2826565.93315.21
2015-01-01 19:00:00315.39315.4314.93315.470.6222265.59315.3
2015-01-01 20:00:00315.39315.98313.6315.54155.2748915.69315.04
2015-01-01 21:00:00315.56316314.36314.369931237.14315.52
2015-01-01 22:00:00314.93316.49314.75315.45114.2336070.27315.77
2015-01-01 23:00:00315.27316.55313.61313.81112.0435343.77315.46
2015-01-02 00:00:00313.82314.8311.96313.26358.11111999.36312.75
2015-01-02 01:00:00313.26315.59312.24315.59102.0532105.19314.62
2015-01-02 02:00:00315.59315.59314.94315.3481.3825675.41315.51
2015-01-02 03:00:00315.34315.99314.34315.6750.2715854.2315.35
2015-01-02 04:00:00315.65315.99313.82315.98199.7463027.89315.54
2015-01-02 05:00:00315.93315.99315.2315.754815154.37315.71
2015-01-02 06:00:00315.72315.94314.2315.22145.445834.93315.23
2015-01-02 07:00:00315.26315.26312.02312.0292.2828870.64312.87
2015-01-02 08:00:00313.89314.89312.44314.8858.8318466.37313.9
2015-01-02 09:00:00314314.78313.61314.154.1817015.69314.06
2015-01-02 10:00:00314.1315313.77315104.4332846.94314.53
2015-01-02 11:00:00314.84315.14314.3314.339.4712423.47314.73
2015-01-02 12:00:00314.93315.42314.3315.0152.4416517.83315
2015-01-02 13:00:00315.31317.01315.01315.57365.99115685.73316.09
2015-01-02 14:00:00315.55316.19315.01315.960.0818958.76315.57
2015-01-02 15:00:00315.89316.83315315.03106.1933544.48315.88
2015-01-02 16:00:00315.66316.34314.25314.49214.5767527.65314.72
2015-01-02 17:00:00314.67316.17313.45314.84396.43124822.91314.87
2015-01-02 18:00:00315.59316.4314.87315.95114.6236208.92315.91
2015-01-02 19:00:00315.94316.48315.88316.183.2726332.68316.23
2015-01-02 20:00:00316.2316.83314.06316.65335.58106024.36315.94
2015-01-02 21:00:00316.65316.65313.5315.11257.1380855.94314.45
2015-01-02 22:00:00314.6316.06314.31315.9243.3713672.49315.24
2015-01-02 23:00:00315.9316.64315315.42104.4633019.48316.1
2015-01-03 00:00:00315.42316.58314.41316.4151.1547778.2316.1
2015-01-03 01:00:00316.35316.53314.77315.5994.0329699.43315.85
2015-01-03 02:00:00315.56315.79312.9312.9186.0958429.31313.98
2015-01-03 03:00:00313.36313.36311.33312.06670.71209265.68312.01
2015-01-03 04:00:00312.81313.37312.2313.0727.438578.92312.73
2015-01-03 05:00:00312.19313.73311.69311.6973.3822937.92312.57
2015-01-03 06:00:00311.69312.82305.7309.452407.14744702.54309.37
2015-01-03 07:00:00308.74309.34306306.47189.6858248.42307.08
2015-01-03 08:00:00306.46307.85306307.2331.35101729.14307.02
2015-01-03 09:00:00306.65307.43303.46306.4953.22290969.83305.25
2015-01-03 10:00:00306.4307306.03306.9764.3819740.26306.62
2015-01-03 11:00:00306.98307304.45304.9200.2461208.92305.68
2015-01-03 12:00:00304.9304.9298.89301.312804842684.33300.53
2015-01-03 13:00:00301.36301.36297.97299.06874.15261151.76298.75
2015-01-03 14:00:00299.51302.05297299.99879.26262815.62298.9
2015-01-03 15:00:00299.99304.19299.99301.95559.52169226.15302.45
2015-01-03 16:00:00301.26302.8300.49301.46353.33106609.58301.73
2015-01-03 17:00:00301.46302.8299.82301248.1774792.37301.38
2015-01-03 18:00:00301302.7298.83300353.1106127.8300.56
2015-01-03 19:00:00299.67300.54291.042922539.59749819.06295.25
2015-01-03 20:00:00292296.85288.88293.41984.83580462.25292.45
2015-01-03 21:00:00293.4293.95287.45290.491604.28464642.28289.63
2015-01-03 22:00:00290.49293286287.841627.3469824.57288.71
2015-01-03 23:00:00288.07289.812802822576.38734507.53285.09
2015-01-04 00:00:00280289.392772872712.56764516.98281.84
2015-01-04 01:00:00286.52287280.35281.551388.9393848.93283.57
2015-01-04 02:00:00281.65284.92277.78282.051518.38425755.43280.4
2015-01-04 03:00:00282.97284.62279.48279.48804.03226156.15281.28
2015-01-04 04:00:00279.48288.96278.1283.561936.42546854.62282.4
2015-01-04 05:00:00284.61286279.81279.81880.92250186.26284.01
2015-01-04 06:00:00279.81283.64278279.891194.18334461.37280.08
2015-01-04 07:00:00279.88283.33279.84282.77293.9382906.25282.06
2015-01-04 08:00:00281.82287.36281.22285.15883.7252075.38285.25
2015-01-04 09:00:00285.17288.91283.54286.351040.89298037.26286.33
2015-01-04 10:00:00286.38288.84284.68285.19550.68158421.74287.68
2015-01-04 11:00:00285.17285.18282.38283.9315.6389483.95283.51
2015-01-04 12:00:00283.94285.15281.6281.6359.41101806.71283.26
2015-01-04 13:00:00281.99281.99260264.976224.341682264.27270.27
2015-01-04 14:00:00264.97269.792602643408.91903750.61265.11
2015-01-04 15:00:00264266.032552654431.71156426.39260.94
2015-01-04 16:00:00264.06273.94262.582662916.27781275.73267.9
2015-01-04 17:00:00266271.65265.48270.012036.73546495.03268.32
2015-01-04 18:00:00270.04273.96266.96267.461442.69389593.38270.05
2015-01-04 19:00:00267.45272.52265.24270.621376.48369852.69268.69
2015-01-04 20:00:00270.8272268268.03770.92208002.49269.81
2015-01-04 21:00:00268.5270265.512671469.89392599.8267.09
2015-01-04 22:00:00266.96267.83256.88259.812568.58671909.61261.59
2015-01-04 23:00:00259.8264.95258.66264915.14240081.62262.34
2015-01-05 00:00:00264.55268.99264.07267.61681.12182221.78267.53
2015-01-05 01:00:00267.65274.38267.12721121.54304150.99271.19
2015-01-05 02:00:00272277.45271.76276.431292.04355480.55275.13
2015-01-05 03:00:00276.33278.7270272.21475.98404836.69274.28
2015-01-05 04:00:00272.19274.75270272.14940.93255032.8271.04
2015-01-05 05:00:00272.86273.33264.95268.071190.63319171.98268.07
2015-01-05 06:00:00268.05272.45267.8269.8815.26220379.25270.32
2015-01-05 07:00:00269.9275.09269.58275.09606.49165379.33272.68
2015-01-05 08:00:00274.76280273.28279.011336.86371503.76277.89
2015-01-05 09:00:00279.01279.01276.66276.867.4218740.74277.98


Let's say on 1.1.15 at midnight I bought one, and paid the $321 for it. By 00:59:59 I already lost over 1.30, as its closing value is $319.66. So in one hour, I don't need to worry about paying any banking fees when I decide to use this, but I did lose 1.34. The next hour, I now lost $3.50. I won't have to worry about paying a banking fee, but in 2 hours my value has now dropped $3.50.

Now let's say I want to buy something over seas five days later timestamp: 1.5.15 at midnight. I won't need to worry about banking fees, but what was once valued at $321 is now $268.99 a total loss in value of over $50.

Now what if what I wanted to buy was $270ish but I only had one bitcoin? (which I originally paid $321 just 5 days prior.) What do I do now, buy another bitcoin to make up the difference to avoid a banking fee?

Should I wait for the value of the bitcoin to go up before I buy?

What happens to my change?

How does someone become a seller of these things?

Should I buy them in hopes to keep the wheel spinning to help Africa and Asia?



If I'm not getting this strait, please point it out to me

How does someone become a seller of these things?

Should I buy them in hopes to keep the wheel spinning to help Africa and Asia?



If I'm not getting this strait, please point it out to me

 

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[Davo]

.

 

[Vigilante]

Theres something deeply satisfying that comes from using forum cash to award speed points to quality buttcoin posts in this thread.

 

[Mattie]

This reminds me of Linden Dollars in Second Life. While I haven't studied it much, I know many people that created in-world products sold them through linden dollars. Exchanged linden dollars for real money. Not real money, but turns into real money. While others I know have made some money off of it, I never got into it myself, because I didn't see how it was going to really ever get me that much money, and the pay off wouldn't be that big.

Did I want to waste my time, hours, learning scripting, coding, etc, to get paid probably not a whole hell of a lot of money, unless I had tons of money like some companies that had the money to start with that invested in Second Life. 2007 to 2015, you can see how many investor's dumped it, because it wasn't paying out. The traffic is low, people aren't on there anymore, and it's turning into a big sex thing. Others invented Inworldz and Avination. Open Source, viewers, and programs.

I have no clue about Bitcoin, because I haven't got into finances yet, but I can say from that learning experience and observation, it can be something that looks good, but an illusion at the same time, and end up crashing in a matter of time. I would think if M.J. and Vig. are saying it's not a good thing, they know a hell of a lot more than I do about money and investments than I do. I believe we all have to make our own choices, trial and error, but I've learned enough to listen to experts, and at least evaluate the information, before I jump in feet first, and get myself in financial trouble.

 

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[Hurlaban]

The unresolved issue with Bitcoin is that it's low fees are not sustainable. Bitcoin relies on miners who buy hardware to process/record transactions on the blockchain, miners then get rewarded with 'new' Bitcoin. The problem is that there isnt an unlimited supply of new Bitcoin to keep rewarding miners with, only 21 million will be created. So what happens when there are no more Bitcoins to reward miners with for processing the transactions?

 

[Guest3722A]

Serious question:

Would anyone use a service that timed the bitcoin market in a way so that it would actually gain value prior to a purchase?

 

[GlobalWealth]

So the value becomes in doing a quick swap out of BitCoin for real currency?

You need to expand your worldview a bit. The value is much more.

Chinese people cannot move more than $50,000 outside of China in one year. Imagine you are a Chinese person and want to buy a beach condo in the Caribbean for $400,000. Either you find 8 friends to help you out or wait 8 years. With bitcoin you can use a Chinese exchange to convert to bitcoin, send the money to an exchange in the Caribbean and then use the cash to buy your house.

Russians are currently heavily sanctioned and have a hard time getting money out of the country. With bitcoin they can easily do so.

In my business, if I have a client who needs to pay me $10,000 or more, he must do a wire transfer from his bank to my non-US bank. If he is in the US his bank will most certainly file a SAR (suspicious activity report) since the wire is larger (over $10k) and going to a foreign bank. This can potentially freeze the wire for days until the wire is cleared. Even if not frozen, the wire takes from 2-5 days to arrive. The sender pays $50-80 and I would pay $25-50 to receive. With bitcoin, my client could exchange his $10,000 for bitcoin in seconds, send me the money in seconds, and I could convert it to any currency I wish in seconds. And the transaction would cost just a few dollars.

By definition, money is a medium of exchange and a store of value.

As a medium of exchange, bitcoin fills this role quite well. It is not yet adopted on a large scale, but more and more merchants are accepting it every day. For small transactions, I personally find it too cumbersome. Cash or credit card is much easier.

For larger transactions, it is much easier, quicker and less costly. Clearly not all of my clients transact in bitcoin, but for the ones who do - fantastic.

As a store of value, clearly bitcoin is not very good. it is too volatile to offer any reasonable business person enough safety to hold savings. This was my original point.


Another note, this "real currency" you speak of is not real at all if you truly understand central banking and the fractional reserve system. In fact all of your "real currency" is nothing but debt. Paper debt created out of thin air.

The only reason it exists is because #1 governments have determined it to be legal tender and #2 people have collectively decided it is money.

100 years ago (and you could argue that 45 years ago) all money was actually gold and/or silver. This "real currency" you speak of had no value and had failed in every previous experiment.

People decided it had no value unless backed by gold. 100 years is not so long ago in economic history.

Today governments around the world have fully embraced central banking as their own personal checkbooks allowing them to write checks with no funds to support it. People are finally awakening to this.

The fiat system is collapsing. We will likely see it in our lifetimes.

Maybe digital currency is the replacement. Maybe not. Who knows? I cannot tell the future no more than you can.

If it were a stable currency, you wouldn't need to play the shell games to mitigate your risk.

I would argue the same thing against the dollar. Since the inception of the federal reserve in 1913, the US dollar has lost about 97% of its purchasing power.

This is exactly why I mitigate my risk by keeping little cash. When I have excess cash, I buy assets. Real estate, metals, businesses, etc.

I don't keep bitcoin as a store of value either.

 

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[GlobalWealth]

What sort of conversion fee do you end up paying to convert bitcoin to pounds or dollars ...?

It depends on the exchange, but typically less than you pay when you convert usd to gbp or eur.

What sort of merchant gateway fees do you typically pay when you initially accept bitcoin ...?

Typically a little less than you pay for a traditional merchant account.

And last ... is bitcoin poorly suited for continuity income ...? Or better reserved for one-and-done ...?

I am not exactly sure what you mean by "continuity income" but I will make the assumption you are talking about recurring revenue. If so, I would say that depends on your business model.

Personally I don't like bitcoin for small transactions. I prefer credit card. It is much easier. But for larger transactions bitcoin is easier and cheaper. But some businesses target the bitcoin audience so in that case you may want to accept bitcoin for all transactions - small and large.

But again, this really depends on your own business model.

 

[GlobalWealth]

What sort of conversion fee do you end up paying to convert bitcoin to pounds or dollars ...?

It depends on the exchange, but typically less than you pay when you convert usd to gbp or eur.

What sort of merchant gateway fees do you typically pay when you initially accept bitcoin ...?

Typically a little less than you pay for a traditional merchant account.

And last ... is bitcoin poorly suited for continuity income ...? Or better reserved for one-and-done ...?

I am not exactly sure what you mean by "continuity income" but I will make the assumption you are talking about recurring revenue. If so, I would say that depends on your business model.

Personally I don't like bitcoin for small transactions. I prefer credit card. It is much easier. But for larger transactions bitcoin is easier and cheaper. But some businesses target the bitcoin audience so in that case you may want to accept bitcoin for all transactions - small and large.

But again, this really depends on your own business model.

 

[Semmy]

I was just wondering, how many of you guys run businesses that accept bitcoins and are they worth accepting?

Actually to answer the original question just for a little change of gears here.
I used to have a few bitcoin websites as I got all excited and started a blog
and joined some community to see how this will go.

I realized one thing really quick:

The users base that is using bitcoin is NOT big enough to reach a great
additional number of the "masses" for your business. Meaning the
possibility for "scaling up" and adding additional profits by offering bitcoin
is really not worth it.

Depending on your products/services offering Bitcoin as an additional
option even might drive some of you best main customers away that
connect Bitcoin with something "shady/risky" - setting the fact aside if it
is really shady/risky or not.

There was enough said about this in this thread already.

My experience after 1.5 years in different bitcoin forums and companies
that offer "advertising" and "earn money with Bitcoin" and all kind of funky
stuff that is being around is this:

It seems a lot of Bitcoin users are just dreamers and want to create some
"money" out of thin air. Don't get me wrong I even sold a small developed website
for 1 Bitcoin just last year - but if you are looking to run a business that attracts
affluent customers that want to buy now from you, I would focus on doing a proper
marketing research on how to attract more of your target market and completely
forget about accepting Bitcoin.

P.S.: "Accepting Bitcoin" was a big thing to get media attention - so some businesses just
started to accept it to get free media coverage by the way. These days it is not worth
for Media to cover it, its boring very old news now.

 

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[Mattie]

https://localbitcoins.com/forums/#!/

Just looking at this forum, it makes me a little nervous just reading it! Listening to some of it on you tube, I think I'd be stressing myself out wondering if it would get stolen, or if I lost it by doing something stupid, or just being tricked out of it.

And the fraud list:

https://localbitcoins.com/forums/#!/fraud

 

[Vigilante]

http://fortune.com/2014/10/24/bitcoin-fraud-scam/

 

[DeletedUser394]

I once ate a chocolate bar in the shape of a bitcoin.

That is the extent of my investment experience in the alt currencies.

It was good.

 

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[GlobalWealth]

http://fortune.com/2014/10/24/bitcoin-fraud-scam/

http://fortune.com/tag/bitcoin/ - Fortune, "
Why bitcoin is poised for big momentum in 2015"

 

[Vigilante]

touche

 

[MJ DeMarco]

Why bitcoin is poised for big momentum in 2015"

To be honest, I don't know enough about it. And things I don't know enough about, I stay away until I do. And behind the stories of all people losing their shirts in things, is because they invested in something they didn't understand.

 

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[Jake]

yup. I've had 1 sale in bit coin.

I thought I was your 2nd customer?

We accept BitCoin. We also accept Monopoly money, chickens, and IOU's.

Is BitCoin still a thing? I thought they determined like 2 years ago that the original creators fleeced everyone. Is this the remnant of the losers of the BitCoin debacle trying to recoup what they lost when the BitCoin market imploded?

The original creators have yet to be identified. It's open source so it doesn't matter who created it..it simply exists. People have been saying it imploded since it was created. It keeps "imploding" yet it's still here, growing, replacing the need for 3rd party trust. Software is replacing the need for trusted third parties in an industry that literally siphons hundreds of billions of dollars for simply shuffling entries on a ledger. A great part of that comes from the 3rd world poor who are forced to work outside of their home country and send money home.

If people like losing a large percent of their funds when transferring value across borders, risking payments being blocked, dealing with banking hours, waiting days for transactions to take place..then I guess there's a reason to not like bitcoin. If you prefer payments happen nearly instantly, without the possibility of the being withheld, for damn near free..then you should appreciate that a method exists.

 

[Vigilante]

It's only "free" if it doesn't devalue, depreciate or disappear between the time you acquire it and the time you convert it to real money.

To the people that have lost hundreds of millions of dollars (either in fake or real currency) due to deception, fraud, and implosion, it is far from "damn near free" to use.

If you want to be intellectually honest, at a minimum you have to admit that you're playing russian roulette when you're playing with this fire. Even if you listen to what Global Wealth said, you have to receive it and within seconds divest yourself of it. You have to sit by your computer, receive it, and be available 24-7 to get rid of it the instant you own it.

Sounds great.

 

[Jake]

It's only "free" if it doesn't devalue, depreciate or disappear between the time you acquire it and the time you convert it to real money.

To the people that have lost hundreds of millions of dollars (either in fake or real currency) due to deception, fraud, and implosion, it is far from "damn near free" to use.

If you want to be intellectually honest, at a minimum you have to admit that you're playing russian roulette when you're playing with this fire. Even if you listen to what Global Wealth said, you have to receive it and within seconds divest yourself of it. You have to sit by your computer, receive it, and be available 24-7 to get rid of it the instant you own it.

Sounds great.

Vig - I like you. I don't think you've put forth much effort in studying this new technology though.

"Real money" is a facade. It's digital for the most part, your funds are held in bank credits, not "money", and any transaction is sent with a request that it takes place. A request that a bank swap ledger entries with another bank. Storing "real money" as credits in a company which can only be retrieved of sent with their permission doesn't feel very real to me.

Open source project. Like the internet, anyone can innovate upon bitcoin. It's permissionless. It is not controlled by anyone.

Intellectually honest? It's a world changing experiment. Comparing it to the internet again..money can move as easily as data. Just like most people needed the government to send inefficient, expensive letters around the world that can be blocked or confiscated..bitcoin cuts out the middlemen in the same way but with trusted 3rd parties. Money being the huge one but anything with trust as well. It is the first time we have digital scarcity. It is absolutely a huge deal.

I don't recommend what people do with their money but to ignore it is like ignoring the internet.

 

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[Vigilante]

I admittedly haven't put much time into this. And I won't, until it becomes a stable, viable platform. It's not there yet... not even close. Potential? Yes. Realized today? No. Not even close. Today, it's a dangerous trading mechanism for scallywags, fraudsters, and people who think they can beat the worldwide monetary system. You have to suspend the real world in order to believe that the world governments are going to ever legitimize a monetary system they don't control. This has little hope as of today but being a black market trading currency. That has always existed in one way or another... and the people that created this are BRILLIANT as they fleeced billions of dollars from the system already. Magnificant. I wish I would have thought of it first. They're laughing their way to the bitcoin farm.

I can handle your critique. No issues. But your last sentence was ridiculous. Some day, you hopefully will be proven right. But for today, there is exactly zero equivalence between the bitcoin fraud/instability and the future changing world of the internet.

You want a real, tradeable currency? Buy physical gold and silver. It has international, tangible value and will never be worth zero. I am not proposing that the dollar is the savior... it's not. However, when I get a dollar in the bank I don't feel like I have to rush in there, take it out, and convert it to a peso.

I don't care enough about this discussion to continue it. I don't know enough about it (or care, as I am not getting involved in the short to mid term) to follow the discussion. So, enjoy it. I hope you don't lose your a$$, but kool aid drinkers aren't going to heed common sense warnings anyway... so trade away! Good luck! - Vig

 

[Guest3722A]

"A pre-defined schedule limits the total number of bitcoins so that they gradually approach a total of 21 million (ignoring those that have been lost through deleted or misplaced wallet files). The limit of 21 million bitcoins is "hard-wired" in to the protocol, and there will never be more bitcoins than this"

How does this answer to the fact of 7 billion people in the world?

https://bitcoin.stackexchange.com/questions/161/how-many-bitcoins-will-there-eventually-be

 

[decaobr]

"A pre-defined schedule limits the total number of bitcoins so that they gradually approach a total of 21 million (ignoring those that have been lost through deleted or misplaced wallet files). The limit of 21 million bitcoins is "hard-wired" in to the protocol, and there will never be more bitcoins than this"

How does this answer to the fact of 7 billion people in the world?

https://bitcoin.stackexchange.com/questions/161/how-many-bitcoins-will-there-eventually-be

How divisible are bitcoins?
A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. If necessary, the protocol and related software can be modified to handle even smaller amounts.

About the original question:

I don't really now how things are in USA, but here in Brazil accepting bitcoin is a great deal, you probably are not going to sell much on bitcoin, but you are going to get a lot of backlinks to your website from the community of bitcoin users.

 

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[theag]

I liked your deleted post @Vigilante

 

[GlobalWealth]

Today, it's a dangerous trading mechanism for scallywags, fraudsters, and people who think they can beat the worldwide monetary system.

this is nothing more than a way to rationalize your argument. In reality it is not true. Unless you consider Peter Thiel, Richard Branson, Sean Parker, Cameron and Tyler Winklevoss, Marc Andreessen, and several other hugely successful entrepreneurs and investors scallywags.

You have to suspend the real world in order to believe that the world governments are going to ever legitimize a monetary system they don't control.

I would agree here there is a strong push to not allow cryptocurrencies to gain traction because of the lack of control issue. However you cannot unring this bell and since it is a distributed, decentralized network there is no way to shut it down without shutting down the internet.

You want a real, tradeable currency? Buy physical gold and silver. It has international, tangible value and will never be worth zero.

Remember, money needs to be a medium of exchange and a store of value.

Gold/silver are excellent as a store of value. But in today's global economy it is difficult as medium of exchange. If I owe you $10,000, I would need to fedex you some coins in order to pay for services. This can take days. Not to mention the ability of losing it in the mail (as we all know the USPS and other national posts are not that efficient) or even confiscation due to import laws in various countries (many countries require an import duty on gold).

I do find the "scallywag-fraudster" argument amusing considering the biggest currency in the world for fraud and illegal dealing is still the USD.