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Message
re: Bitstamp Halts Withdrawls
Posted on 2/13/14 at 9:33 am to WikiTiger
Posted on 2/13/14 at 9:33 am to WikiTiger
quote:
The problem is that most people think of bitcoin as a currency first.
That's what it is right? A crypto-currency?
quote:
But really bitcoin is a transaction ledger with its own network. The "bitcoins" are just chits on the network that are used to track the movement of value. At its core, bitcoin is a revolutionary value transmission network. This is the true greatness of bitcoin that unfortunately gets ignored.
That's where I, and most of the common folk get lost.
quote:
So, a merchant can use bitcoin as a transaction network for much cheaper than the traditional transaction networks (Visa, MC, PayPal, cash, etc.)
Then why are more not doing it?
Also, the other day on the OT, a guy used a poor example, IMO, of how he used bitcoin and did it with ease. Went to gyft.com(sp?), bought an amazon gift card, then went to amazon and made his purchase. What would make the everyday consumer attracted to that?
2
Posted on 2/13/14 at 9:40 am to OnTheBrink
quote:
That's what it is right? A crypto-currency?
It is, but that's a very simplistic way to view it.
"Currency" is just the first application of the bitcoin network. There will be other applications that are developed on top of it as well.
Just for clarification, I refer to the bitcoin network but I also use the term protocol at times.
The bitcoin protocol is just the set of rules that must be followed in order to participate in the network. The bitcoin network is the collection of systems throughout the world that are performing the hashing and processing the transactions.
Posted on 2/13/14 at 9:42 am to OnTheBrink
quote:
Then why are more not doing it?
More are doing it everyday. The amount of merchants accepting bitcoin is still small, but more join the network every day.
quote:
Also, the other day on the OT, a guy used a poor example, IMO, of how he used bitcoin and did it with ease. Went to gyft.com(sp?), bought an amazon gift card, then went to amazon and made his purchase. What would make the everyday consumer attracted to that?
Because the value of his bitcoins went up, so he may have gotten $100 of value from Amazon by buying $50 worth of bitcoin a few months ago. He speculated a bit. Nothing wrong with that. The speculation is necessary to incentivize growth in the network.
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