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Discussion Starter · #21 ·
I have Bitcoin-qt, but I don't use it as a wallet; I just like to support the blockchain processing. For an actual btc wallet, I use coinbase, from which i make paper wallets. I keep just a handfull of btc in my online coinbase account for trading and transacting, the rest are literally locked in a safe on a piece of paper, from which I can transfer more if I want.
 

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KAPOW!!! That was my brain exploding! I completely wasted an entire day on this stuff. :eek:
Oh heck, I could say so much more, but I'm too tired now.
 

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I don't prefer any of the QT wallets because they're not as organized as like Multibit where all of your addresses are separated into their own accounts since QT combines all of your addresses into one pot and one master key. If I'm not converting the coins into cash then I keep my coins on cold storage offline using Armory and of course always encrypt your key with a password. Always remember to know which wallet has your money unlike Mt Gox who almost deleted a wallet address because they thought the wallet was empty, but nope it has $100m worth of coins on it. Coinbase is a nice option which functions pretty much like paypal where you can send coins via email because no one is going to remember anyone's coin address by heart. You can either hold onto the coin and wait for the price to rise or immediately trade it in for cash. The value of the coin may fluctuate but you will always sell your product for whatever dollar amount you want and the customer will pay you for that dollar amount in coins. It's a win win! Plus, no insane bank fees!
 

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Discussion Starter · #25 ·
I think, one day, sooner or latter the Bit is going to hit the fan...

Cash ain't broke, lets not rush to fix it.
I think perhaps what often gets lost in translation by those who are super gun-ho about digital currency, is that no one is calling for the repeal of government backed fiat. There is very much the need for a symbiotic relationship especially in the beginning. Much like debit cards changed the face of how everyday people transact for goods (like custom apparel, sign-work) and enabled e-commerce to even be possible; something like bitcoin has the same potential to paradigm shift the way we think about value exchange, and how we do it. We didn't continue trading shells, or gold pieces, or silver notes because we came up with something better... why would we think paper money and credit cards is the best we can do? Does anyone even carry physical cash anymore other than to tip with?

I will be posting results to the survey once I hit 100 replies (55 so far), so everyone can get a good idea of consumer sentiment regarding the topic. It's still a long shot for a company as large as ours to make bitcoin payments a possibility, but at least if they miss the boat, I'll be able to say I told you so.
 

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why would we think paper money and credit cards is the best we can do? Does anyone even carry physical cash anymore other than to tip with?
One of the benefits of working for myself is that I can afford to carry cash...so can my staff as I pay those that want it weekly in cash.

As it stands paper money is the best we can do, it is accepted everywhere, credit cards are accepted in most places.

I'm old school, I remember when paying cash (proforma) used to get you a 10% discount...when I can get that with Bitcoin I'm sold!

Why don't we just start trading 'Beanie Babies'
 

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........should my son and his friend really have a bit over $2000 dollars in bitcoins from hosting game lobbies!?!?!?! **Parents: you should be aware that when your child is excited because they've finally earned a couple of bitcoins....that it equals so much more!!! Now we have to keep track of computer currencies! Can someone who really knows this stuff (between gaming and computer currencies) pm me please? I have some questions.........that is clearly is not t-shirt related.
 

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Someone stated this earlier but because the way bitcoin ( and crypto currencies in general ) work this is something that would be near impossible to enforce as it currently stands.
Much like drug dealers, the IRS code states drug dealers should be reporting their sales as income and pay taxes on it but as if any drug dealers are following the tax law and paying their dues for fear of arrest and paying taxes.
 

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Much like drug dealers, the IRS code states drug dealers should be reporting their sales as income and pay taxes on it but as if any drug dealers are following the tax law and paying their dues for fear of arrest and paying taxes.
Yup. Also the way the IRS is trying to label bitcoin as "property" is just ridiculous and all that does is make an even bigger headache for people that do actually want to comply... so its back to the drawing board for them.
 

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As far as my thinking or the knowledge is concerned I do not think one should ever rely upon such payment ever. Rest depends on any individual's choice.
 

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As far as my thinking or the knowledge is concerned I do not think one should ever rely upon such payment ever. Rest depends on any individual's choice.
I am interested in why you feel that way. Cryptocurrencies, in my opinion, are incredibly similar to any other form of currency. It all only has as much value as people place upon it.

Especially with the rise of the instant exchanges, where the cryptocurrency is automatically converted to a local currency, it seems like there is less risk in accepting cryptocurrencies than any other type of currency.
 

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As Bitcoin has become more and more popular, I find the idea to accept such payments to be great. But it is necessary to keep your cryptocurrency in safe, so it is important to choose a good wallet. In case you haven't decided which one to use, I can recommend to read a review of the latest and the most popular of them. It helped me a lot, and I hope you will also like it!
 

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Accepting Bitcoin is pointless for 99% of small businesses at the moment, and I don't think this will change any time soon.


I made a few sales in bitcoin years ago, when transferring bitcoins to the bank was slow. I kept them and I cashed a few months ago during the big price spike. :D


For some specific niches, it could still be a good idea.
 

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I'll never accept bitcoin. Coz I know that its value is going down.
This is not a problem, as you can set it to be instantly converted to any currency you want. The problem is that accepting Bitcoin is like accepting Icelandic krona. The chances of somebody wanting to pay you in that currency are really small.
 

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Add me on insta! @vincewolf23 but to the topic at hand it seems like the next step of payment but what is the set up fee for that service ? Would it be worth having if not many will use it the only people i can see using crypto right now at least would be overseas
 

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it seems like the next step of payment but what is the set up fee for that service ? Would it be worth having if not many will use it the only people i can see using crypto right now at least would be overseas
This is pointless because most people using Bitcoin also have a Bitpay or Coinbase debit card, and these cards work everywhere visa and mastercard are accepted, including paypal, amazon etsy etc.
Very few crypto-fanatics will insist paying with Bitcoin directly.
 
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