Quote:
Originally Posted by seeandsee
you really think bitcoin will be option to pay your gas and grocery?
and for what is bitcoint client used? explain to understand it, thanks!
and value of bitcoin is based on what (so you have nothing, and you pay for nothing and then you buy something with it, where is going money to make that something you used to buy nothing lol  ), really explain it to me? |
I'll start from the end.
I'll ask similar question: value of dollar is based on what? how do you attach to or know value of anything? money ultimately do not have any value on their own, except what it costs to print them. they are just made as exchange units so when you sell or buy something you can do that easily based on value of things you are trading them for. What is your paper money backed with? If your country defaults tomorrow do you know what will happen then with the value of your paper money? you could effectively wipe your ass with it. How can you be sure your country is not going to default tomorrow or in the future or that you will get your social security benefits and pension? look at Zimbabwean dollars they inflated so much that no one wanted to accept them anymore and everyone over there carried trillions of those in their pocket, just piece of paper.
Value of Bitcoins is that it is modern exchange/trading vehicle, very secure and effective to transact with. Value for such novice concept as bitcoin is is what people are willing to give them for and what people are willing to part them for same as any other currency (except ultimately it is not devalued by printing more into existence). Sometime last year bitcoins were trading at $0.008/BTC, current rate $13.7/BTC; as demand grows their value increases because it is scarce item and there will be finite number of them ever produced (upto 21M) but the beauty of it is that if demand outgrow available supply, each bitcoin can be fractured up to 8 decimal points 0.00000001 (giving you a possibility of very very large pool of reserve to go around and never be in short supply for at least few hundred if not thousand years in to the future, because it could be possible to have and trade at rates such as 0.0001BTC = $1 or 0.00000001BTC = $1, etc). and if 8 decimals isn't enough it could be extended to 16 decimals or any other number. Good thing that no one can print them more and inject fake bitcoins in to the network - they will be rejected. there is one vulnerability through owning >50% hashing power of the network, then you could fork the chain and pump network with fake bitcoins, but with such power it will be more profitable to mine real btc than trying to attack it plus as network hashing rate grows it is less and less of a threat.
> and for what is bitcoint client used? explain to understand it, thanks!
Bitcoin client is a wallet application where you keep your bitcoins and have ability to send and receive
> you really think bitcoin will be option to pay your gas and grocery?
To be honest I don't think it will be available in immediate future in every grocery and gas station, but things are rapidly developing within bitcoin community, there are already alpha solutions deployed to be able to make transactions from Android based phones. People are looking for ways to send and receive bitcoins from phone to phone and offline - and when I say "looking" i don't mean reading internets but actually are working on finding/developing such solutions. It may take a long time for wide acceptance but it also has a possibility to skyrocket at a very fast pace.
From what i read and learned about Bitcoins, it is brilliant and elegant solution to today's fiat monetary problems.
Hopefully you will read my this reply as it seems you have totally ignored my answers to you in some other threads about bitcoins.