u ha envato! be on the avant-garde let bitcoins pay for the items
I don’t really understand how money can be stored in files.. what file size would a normal coin have ?
Also how do you send a bitcoin ? Send file ? attach it the mail ?
I don’t know how technically all this works, but is open source and you can try looking at the source code for precise details, but the main idea is that one do not need banks, paypals, moneybrokers and the like, to own money and transfer them to someone else.
source code https://github.com/bitcoin/bitcoin
Yup. I am going to spend the next week of my life to try to understand the source code.
It sounds interesting, but last time I checked I can’t pay my rent with Bitcoins, and I can’t buy food with them either. So you still have to use a service like Paypal or a credit card to buy them, and a service like a bank or Paypal to redeem them. As a result, it seems like just adding another step to the process. Sure while they’re being traded online the tax and fees are eliminated, but how much money earned from Paypal do people go and spend right away on the internet? I imagine most of it is immediately transferred to a bank account so it can be used in the real world.
I suppose it’s only interesting for speculators and drug dealers. If this goes viral, the value might rise tremendously for a while. That’s when you profit if you buy a couple now. Then again, it might be a bubble.
I don’t see it becoming an accepted currency, especially not with all this anti-government sentimentalism attached. And as long as it doesn’t, it’s worthless for everyday use. It might be good for underworld guys to pay for eachothers services, but other than that..
As soon as it does get accepted publically, banks would emerge that allowed you to store your bitcoins or lend bitcoins from them – until someone invents some underground currency to break this trend of commercialism. And then we’re in a loop.