Michael Dell of Dell Computers takes Bitcoins for payment. Provident Metals here in Dallas takes Bitcoin for any of their products, i.e. Monster Boxes of Silver Eagles, Gold, etc. A Bitcoin was "worth" nothing about 8 years ago. Today they are at $11,000 per coin and the projection is that they will hit $20,000 to possibly $30,000 by spring. There are only 21,000,000 that will ever be "available" and 16,714,200 have been mined, or have been produced by miners to be bought, sold, or held. Miners are awarded 12 Bitcoins when they solve complicated algorithms pertaining to the blocks of transactions on the blockchain. There are huge buildings around the world in China, Iceland,etc. loaded with thousands of computers that are mining to solve those algorithms and be awarded those 12 coins now worth over $112,000 today. Once a miner gets awarded those 12, the algorithms get harder to solve. Bitcoins are not a fiat currency like our dollars. They are worth whatever someone is willing to "pay". Homes, Ferrari's, Lambo's, etc. have all been purchased over the years with Bitcoins with more and more businesses accepting Bitcoin. It's a peer to peer arrangement that leaves the bankers out of the loop. There are rumors that the Fed might be working on a Fedcoin as the popularity of Bitcoin grows. Many scoff at Bitcoin and predict that they will someday end up worth zero. That may well be true, but the Monster Boxes of silver in my safe will most likely NEVER be worth zero........and they were purchased with BITCOINSSo as the Fed sits in D.C. and manipulates and prints money like toilet paper, I'm sticking with the finite number of Bitcoins that will ever be mined.......and there aren't many left. IF my Honda dealer would get on board and take 'em, I'd be buying the new Wing next spring with about 2 of them, and that's today. Probably one coin will buy one by next March or April.
P.S. A wallet is basically a secure OFFLINE way to keep Bitcoins. Exchanges like Coinbase can hold them, but that's like keeping your gold and silver in a safe deposit box at the bank. Happy that I wasn't in Greece when they locked the banks up a while back and you couldn't get anything out that you thought was yours. Bitcoins should always be held on your person under what is called a "private key". When you have that private key, YOU and only YOU own those Bitcoins, not some exchange. You don't keep gold in someone else's safe. Same with Bitcoin. Bitcoins are complicated to understand but easy to purchase. It's best to find a mentor who knows what and how it's done and has been in it for some time. If they have for years, and bought them when they were $1 or even $100, they most likely have retired by now.
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Originally Posted by jmdaniel
