Official Bitcoin Thread

[johnnyredstorm]

I don’t understand the unbanked argument. How are they getting bitcoin if they don’t have a bank account? Giving cash to some guy on the street and having Btc transferred over?

 

[oidreez]

I don’t understand the unbanked argument. How are they getting bitcoin if they don’t have a bank account? Giving cash to some guy on the street and having Btc transferred over?

There are bitcoin ATMs out there. There's actually one in a shell gas station right across from where I live here in chicago

 

[ksteezy]

There are bitcoin ATMs out there. There's actually one in a shell gas station right across from where I live here in chicago

Yeah there is one in my local diner and there was one in the mall near the Airbnb I stood in when I visited Punta Cana

 

[joe billionaire]

Yeah there is one in my local diner and there was one in the mall near the Airbnb I stood in when I visited Punta Cana

What’s the people like at your diner? Is it upscale?

 

[ksteezy]

What’s the people like at your diner? Is it upscale?

Hell nah...lmao

 

[joe billionaire]

Hell nah...lmao

Lol i feel those atms are placed in not so great areas to trick the poor by giving them hope and to steal from them...but that’s just how I see things

Sort of like slot machines


Ps I know there’s money to be made on this, I’m just good on it I’ll buy some more if ltc is ever $29 again or eth is $80...I’m not buying on the way up.

 

[johnnyredstorm]

So you put cash in and they magically give you Btc? That’s not shady at all

 

[ksteezy]

I seriously have no clue how it works...lmaoooo

 

[joe billionaire]

Bitcoin machine next to the ice cream cones

 

[Raji Lowenthal]

just want to be clear where the use case of cryptocurrency in everyday life

1. Bank the (un banked) - there are almost 2 billion people worldwide who dont have access to a bank account. Bitcoin helps them control their finances at some level

2. Wire transfers are a thing of the past, long are the days of 3-5 busines days to recieve 19,000,000 via wire transfer or waiting to close on a house. A blockchain confirmation can done in 10 mins.

3. Store of value, there are only 21,000,000 bitcoin EVER, do the math

4. One world currency, as long as two parties can agree on its value it can be used as a currency. Not necessarily the only currency but a currency that has no government control. This can cripple the dollar if other countries decide to do trade in bitcoin. Who knows

5. The world is changing and change starts with the way we do business...

What is mining bitcoins if theres already a finite amount?

 

[geeplus]

So you put cash in and they magically give you Btc? That’s not shady at all

That is correct. But it does not require any magic unfortunately. The ATMs usually charge about 10-15% per transaction and are all privately owned.

I don’t understand the unbanked argument. How are they getting bitcoin if they don’t have a bank account? Giving cash to some guy on the street and having Btc transferred over?

And yes this is also a thing. "Localbitcoins.com" I bought my first 2 BTC from a local dealer at starbucks with Cash. Transaction took about 5min total and i had the BTC in my wallet before i left.

 

[tay1]

What is mining bitcoins if theres already a finite amount?

It's said it will take 122 years for the cap to he reached

https://cointelegraph.com/news/a-gl...ns-when-there-are-no-more-bitcoin-to-mine/amp

 

[Raji Lowenthal]

It's said it will take 122 years for the cap to he reached

https://cointelegraph.com/news/a-gl...ns-when-there-are-no-more-bitcoin-to-mine/amp

Ok. Once all coins are mined the miners will start charging transaction fees since they wont be able to get bc for their work.

 

[fapmasterjr]

ya'll question so much about bitcoin and its algo/math...but are ok with a rare yellow rock. DF

 

[fapmasterjr]

unbanked = 3rd world (philippines) ...users don't have a bank but have email address..i can send them bitcoin. they then get bitcoin and install a bitcoin wallet (so now they have a BTC address). They can now start accepting/selling bitcoin without using a bank...they are their own bank.

 

[pdino]

Ok. Once all coins are mined the miners will start charging transaction fees since they wont be able to get bc for their work.

The miners are the network that keeps it safe, they get paid in transaction fees now already and in the future. When all BTC is mined, they will get paid with the transaction fees which will be still profitable depending on electricity costs. While dollars are literally just printed, and given value from the government. BTC has costs to produce (giving value) in computers/miners as well as electricity costs. Miners production is halved every few years as technology improves and gets better miners.

 

[Raji Lowenthal]

The miners are the network that keeps it safe, they get paid in transaction fees now already and in the future. When all BTC is mined, they will get paid with the transaction fees which will be still profitable depending on electricity costs. While dollars are literally just printed, and given value from the government. BTC has costs to produce (giving value) in computers/miners as well as electricity costs. Miners production is halved every few years as technology improves and gets better miners.

who's paying the transaction fee once all coins are mined, the sender or receiver? Prolly PayPal style?

 

[pdino]

Sender. Average cost is 0.30 cents

 

[fapmasterjr]

for the dummies that don't believe in bitcoin...how hard is it to understand?

 

[tay1]

Cooper was so shocked on a basic concept

 

[sharpshooter718]

What is mining bitcoins if theres already a finite amount?

Only a certain amount every Ten minutes. Every 4 years that number is halved so the inflation rate is slowed down.

 

[sharpshooter718]

You guys are ok with the federal reserve digitally causing inflation by extending credit by the trillions every year?

 

[fapmasterjr]

WELP, TD AMERITRADE looks like they are ALL-IN on Crypto......up to you guys to believe if there's value:

https://www.tdameritrade.com/investment-products/cryptocurrency-trading.page

 

[ksteezy]

WELP, TD AMERITRADE looks like they are ALL-IN on Crypto......up to you guys to believe if there's value:

https://www.tdameritrade.com/investment-products/cryptocurrency-trading.page

When moon?

 

[SupremeBeing5]

When moon?

2023