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Originally Posted by facialfreak
where exactly do I find this wallet.dat file?
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It depends on the version of Windows/Linux/OSX you are running. After installing the Bitcoin software you can just use your computer's search function to find the file.
To get up and running with Bitcoin (assuming you are processing for a paysite or something) you'll want a MyBitcoin (for the web-based processing piece) and you'll likely want the Bitcoin software from bitcoin.org too. (If you want to store your money on your own computer.) If you want me to elaborate and explain a simple setup for a paysite I can.
After you have coins (from sales) you can either hold the coins and buy something with them (it's currency after all), or convert them back into dollars.
Quote:
Originally Posted by facialfreak
Also, I read on one of the BitCoin sites, that in all likelihood, the US government (or Canadian government, or [you fill in the blanks]) will simply make running the BitCoin software, or accepting BitCoin on your website(s) etc. illegal, when and if BitCoin starts to gain enough popularity for the government(s) to lose taxation revenue in quantities for them to be concerned over - ie: when BitCoin is used by more than a few hundred 'hobbyist' users ...
Could you give me your take on this?
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Sure. The following is without legal advice.
Currently, Bitcoins are not regulated by any government. Some governments don't even have laws that make you liable for taxes. I expect this to change quickly. In the US there is a vague law about 'stored money items' that appears to make a US Citizen liable for "Bitcoin taxes".
Governments of the world can make Bitcoin illegal. Sure. But they can't block or stop it. Much in the same way that P2P file-sharing (bit torrent and the like) still work even though they are illegal.
You could, of course, just move your website to a host in another country and keep accepting Bitcoin there is nothing they can do about it.
They can't even tell you are receiving the coins. Bitcoin transaction are much like cash transactions in the real world. They are anonymous.
Of course, I don't advocate breaking the laws in your country. But if you did, there is nothing they can do about it. Again I point to the copyright/file-sharing battle.
Also, make no mistake: Bitcoin is no longer a hobbyist system with a few hundred users anymore. Over $100,000 USD's worth of Bitcoins change hands every day. There are $4.4 Million USD's worth of value in the system at any given time. I'd hardly call that a hobby.