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Do you own any bitcoin, then how did you got it?

+3 votes
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Jan 3 in Banking & Finance $ by Dan (4,755 points)

One can earn bitcoin by following ways:-

  • 1. Earn Bitcoins by accepting them as a means of payment 
  • 2. Earn Bitcoins by converting the dollars 
  • 3. Earn free Bitcoins by completing tasks on websites  
  • 4. Earn Bitcoins from interest payments  
  • 5. Earn Bitcoins from mining 
  • 6. Earn Bitcoins by getting tipped  
  • 7. Earn Bitcoins through trading  
  • 8. Earn Bitcoins as a regular income  
  • 9. Earn Bitcoins from gambling - not suitable for everyone 
1 Bitcoin = 1022.35 US Dollar. It was only $0.05 in 2010; $10 in 2011. Bitcoin was created by someone named Satoshi Nakamoto. Do you think investing in Bitcoin is safe and a good idea? One bitcoin is divisible into 100,000,000 satoshis and the total number of bitcoins that can ever exist is 21 million. Currently about 16 million have been mined so far. it does cause inflation, but the rate of inflation decreases over time.

3 Answers

Didge Jan 3

Your figures don't appear to be correct, though I may have misread your post. 

No, I've never used bit coins though I can see their use. As time goes by they will become more usable on the Net, particularly on the Deep Net, where they can purchase anything from the illegal to the everyday. I don't have any use for them at present though I understand their validity. It's hard to go past PayPal for most things.

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Dan Didge Jan 3

Which one is incorrect?

Didge Didge Jan 3

As I said, I may have misread your post, but there's no way 1 bitcoin is equal to more than a thousand us dollars but only 5c in 2010??

Dan Didge Jan 4

On Aug 23, 2010, it was 0.06.

As per today's value, 1 bitcoin = 1132.79 US Dollar.

You can check it from the historical exchange value chart.

Didge Didge Jan 4

So 1 bitcoin has increased in value from 6 cents to more than 1100 dollars? How can this be? 

Marianne Jan 3

Personally, I would prefer to wait for more safety and clearer information, as there seem to be lots of open - or unsolved questions:

http://www.bbc.com/news/technology-35343561




TheOtherTink Jan 3

I have never had any dealing with bitcoin. It sounds suspiciously like a Ponzi scheme. :unsure:

Didge TheOtherTink Jan 3

There's certainly a Ponzi element to it. Until they're backed by a substantial economy (as are the world's regular currencies) there's always the possibility that the balloon would burst an cause them either to lose value or become worthless.

Yes, any stable currency needs to be backed by the full faith and credit of a government with taxing authority. Of course, even that doesn't always work, as there have been cases of hyperinflation, sometimes with dire consequences. 

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