Does anyone here accept bitcoin

[rc1320]

Hi all, does anyone know of any watch shops or independent retailers that accept bitcoin. Looking to buy a nice watch and would like to use bitcoin. Currently the only way I've found would be via Amazon via Gift.

[Brushpup]

Good luck....

[joe100]

Bitcoin has a nasty reputation as being the currency of criminals that I doubt any established business would accept it

[powerfunk]

This time I have to disagree with you Joe. Bitcoin is much more than the "currency of criminals." I think a high-end watch retailer that accepts Bitcoin would do very well; I've thought about that before.

A lot of Americans tend to think of Bitcoin from a US-centric perspective, but it opens up opportunity for people around the world. For many people it's becoming a much more stable alternative to their local, third-world, inflation-susceptible currency.

To answer the OP's question, for now, yes, I'd go with Amazon or Overstock via Gyft. Overstock doesnt have the best prices, and it's had issues with selling questionable models before, but on the whole they'll sell you a real Rolex at a moderately-inflated price.

[perpetualman88]

no dealers are currently accepting bit coin I have checked around

[68camaro]

Originally Posted by joe100

Bitcoin has a nasty reputation as being the currency of criminals that I doubt any established business would accept it

....as opposed to the criminals at the worlds central banks that steal our purchasing power in broad daylight with the support of our elected/unelected officials.

Ugh......

[Welshwatchman]

Let me just nudge this thread back into the land of "not getting deleted and infractions issued etc etc".

Five brownee points for anyone who can simply and concisely explain what the hell the bit coin currency is.

I heard that someone had so many bitcoins, forgot about them and now they're worth hundreds of thousands. Whadsup with that?

[perpetualman88]

Originally Posted by Welshwatchman

Let me just nudge this thread back into the land of "not getting deleted and infractions issued etc etc".

Five brownee points for anyone who can simply and concisely explain what the hell the bit coin currency is.

I heard that someone had so many bitcoins, forgot about them and now they're worth hundreds of thousands. Whadsup with that?

Basically bit coin is a form of currency that is not regulated by any central government. In order to get bit coins you must mine for them or buy them on an exchange for current market value. There is a set date at which there will be no more coins to be mined. As the algorithm was written less and less bit coins are released as it approaches the max number of coins which is 20million+ i think. If you think of it as a graph chart x axis being years and Y axis being number of bit coins. at the begining of the graph wwill rise dramatically as you go along the x axis to the right the graph tappers until it is flat.

In order to mine for these coins you need extreme GPU power. From what I know there are new ways to mine that are becoming more efficient. As we approach the end to mining more and more power is needed to find the last "blocks"(blocks of bit coins released at once) that are left. I wouldn't suggest not investing in any mining equipment as we are approaching the end of minding and the investment is no longer worth the return

sorry if its confusing

[Darlinboy]

http://bitcoinsimplified.org

Bits of bytes, with (extremely volatile) value. Not for the faint of heart.

[vitalsignsrn]

I need to Google this! :bang head:


Thanks Darlinboy.. :-)

[powerfunk]

Bitcoin attempts to meet, with technology, the very definitions of a good currency. It's inherently difficult to make (no one can "mine" them without devoting relatively new computing power), easy to transfer, transactions are verifiable, and they are almost limitlessly divisible and reconstitutable. I could send someone a billionth of a BTC, and if he had a billion billionths he would have 1 BTC.

The computing power from the people mining bitcoins also powers the transaction computatios, as I understand it. The actual crypto technology behind it is way above my head, but suffice it to say it's nothing short of genius.

Sent from my SPH-D710VMUB using Tapatalk 2

[skprd13]

say what! I am still confused. Mining bitcoins money! I understand what a C-note is but this bitcoin and mining. Is it some type of metal like gold or silver. I understand the concept if you gave someone a billionth of a piece and you collected a billion more you would have 1 bitcoin. If that is the value of 1 whole bitcoin a billion, but sorry confused on this one.

Tom

[seand442]

I think I need a stronger drink to understand it. I'll stick to the good ol greenback.

[Demosthene]

Originally Posted by skprd13

say what! I am still confused. Mining bitcoins money! I understand what a C-note is but this bitcoin and mining. Is it some type of metal like gold or silver. I understand the concept if you gave someone a billionth of a piece and you collected a billion more you would have 1 bitcoin. If that is the value of 1 whole bitcoin a billion, but sorry confused on this one.

Tom

Originally Posted by seand442

I think I need a stronger drink to understand it. I'll stick to the good ol greenback.

It’s not that hard to understand.
Bitcoin is a digital currency that is not tied to any country.
There is a finite amount of Bitcoin available and you need increasing computing power to create more Bitcoin as it approaches its circulation limit.

[bplein]

It's an electronic currency that is backed by no bank or central government. It exists as a bunch of mathematical rules. Due to the cryptography built into those rules, it's essentially impossible for anyone to copy your bitcoins from you. If you created one from scratch, it's OK, it's considered "mined" in the same way as if you had found a nugget of gold in your back yard. That coin that you mined is unique cryptographically, so once it's added to the "world", nobody else can mine that same bitcoin.

The max amount of bitcoins allowed by the math is about 21MM. At today's $1000+ USD:Bitcoin rate, that's a 21BB economy.

The cryptography with it prevents someone from duplicating their bitcoins. There are exchanges where you can trade BTC for $$$ or other national currencies. If you move money to an exchange in order to trade it, you better trust it: One of them just disappeared recently... with all the deposits therein. Most people move their coin into an exchange just long enough to do a transaction. The rest of the time their coins live in a wallet, which is a file on your hard drive. You can copy your wallet, encrypt it, etc. If you forget your passcode, or you lose your hard drive... POOF, it's gone. If you leave it unecrypted, and a hacker gets in your system, poof, he's got it.

It's like the wild west: Can't trust the banks with your money, can't leave it in your mattress when you are out on the range for 2 months driving cattle. So you carry it on your person and protect it with the tools you have.

There are dozens of other cryptocurrencies that act a bit like BTC but have their own unique properties. Litecoin is one that is "on the rise" but is very volatile.

Interesting stuff. I'd love to buy watches with BTC someday.

[Wesley Crusher]

When I first heard about bitcoins, they were just a couple of dollars per coin. I thought the idea was stupid and I didn't think it would catch on. I feel like such an idiot now, haha. Oh well... Nothing gained, nothing lost.

[Grissom]

Speaking of bitcoins.....

http://finance.yahoo.com/news/9m-bit...160800943.html

[CDNWatchNut]

My 12 year old son is into minecraft...can he mine for bit coins? I'd like to put him to work if possible.

[salem65]

I wonder what Ron Swanson would think of Bitcoins. That is an opinion I could value on this topic.

[wstcstcmtr]

What kind of watch are you looking for?

[Andad]

So...what's not to understand Paul.