Author Topic: What Is Bitcoin?  (Read 565 times)

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Offline Cincinnatus

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What Is Bitcoin?
« on: April 04, 2013, 04:14:38 PM »
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Online Bigun

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Re: What Is Bitcoin?
« Reply #1 on: April 04, 2013, 04:28:42 PM »
Quote
Not backed by anything? You mean like the American dollar?

The U.S. dollar is backed by the full faith and credit of the United States for whatever that's worth these days.

Offline AbaraXas

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Re: What Is Bitcoin?
« Reply #2 on: April 07, 2013, 03:35:01 PM »
Bitcoins are more imaginary than any fiat currency they complain about. In reality, they are little more than gift certificates to trade among the circle of those who accept bitcoins. You still need real dollars to purchase bitcoins. At least if the dollar completely collapses, it has value as paper. Bitcoins don't even have that.

Offline Atomic Cow

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Re: What Is Bitcoin?
« Reply #3 on: April 07, 2013, 03:39:08 PM »
Bincoin is used to conduct a lot of illegal activities because it can be very hard to trace.

Not to say that everyone who uses Bitcoin are criminals, most are not, but it is one of those technology areas where the law hasn't caught up.
"...And these atomic bombs which science burst upon the world that night were strange, even to the men who used them."  H. G. Wells, The World Set Free, 1914

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