Sure, but what was the advantage to you of using BC over any other currency to complete the transaction ? (Prior appreciation does not count since it was not part of the actual transaction). Where was/is the comparative advantage ?We spent over $300 in WholeFoods groceries (US Labor day weekend) and I bought $981 worth of tech stuff this week. I used bitcoin and I don't have a single penny from the transaction.
Can we call it alternative currency?
Fundamental value of Bitcoin
- Thread starter JackRab
- Start date
If you look at my previous posts, I'm not an advocate of bitcoin as money. Monero is the proper digital currency equal to the mighty $ as being completely fungible and private.
Bitcoin has always been a speculative investment for me and a store of value. Both of which are being helped immensely by mainstream adoption.
Ok I see YOUR point. I was kinda rhetorically asking all those on the BC will change the world band wagon. Which it may, but I don't see how at the present time. Maybe the technology used does it, but not from a FX angle.
L
lovethetrade
The advantage is its being stored in fluctuating (appreciating) assets so you can continually compound your wealth while accessing it for payment of goods and services. You can move in and out of different cryptocurrencies and its a 24 x 7 market.
speed - accessibility - convertibility - convenience - control - privacy - wealth accumulation.
People like control, governments, banks, institutions, intermediaries, brokers etc all get in your way to some degree.
You cant do this, you can't do that with your own money.
You can't transfer your money there. That will be $20 for that wire transfer.
Banks are notorious for unexpected surprises on your account, dishonored charges etc
You get 50 million security questions every time you call a bank for assistance.
You cant day trade with under 25,000, sorry. Please complete and sign these 20 legal documents.
Brokers love giving unexpected charges and fees. Sorry, didn't you read the fine print.
With cryptocurrencies you have complete control and personal accountability of events and processes. That's what people want in this day and age.
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No way. A currency's main function is stability to transact . Wealth accumulation in an investment process that by definition has risk and deviation, apples to oranges. I think I'm done with this topic. Good post Labor Day trading to all.
I don't actually want for the officials to have no control. I like that when I use my credit card, if I see a fraudulent charge that isn't mine, I don't worry about it as the credit card company will remove it.
If you're moving large amounts of money that you want secret, its because you're doing something illegal. If you're trying to save taxes, it means you're cheating the system, the same system that allows you to be rich and have a good life. When everyone cheats the system, you no longer have a working society.
As for bank charges, I don't pay any. My banking is simple, all online, and as long as I maintain a certain balance, the fees are waived. If I had to call my bank and they asked lots of security questions, I would be happy.
When bitcoin is more mainstream, I bet there will be more hacking. Good luck getting help, since there won't be any, which is what you're saying you want.
I'm not a tax expert and I've been going to the same licensed tax preparer for the past 20 years. My limited understanding is that bitcoin is property and taxable as such, so you can google same as me "how much capital gains tax on property $5,000 sale". I plan to let my tax preparer know when I file.
Since we're on the victim-boohoo-poor-US scenario, do you own any Apple devices or the stock? I read this company has hundreds of billion$ that are stashed away outside of the US to avoid paying taxe$. It's also notorious for exporting 10's of thousands of jobs to other countries. It would be hypocritical of you to support such a company.
I don't have any Apple devices except an old Mac Book pro that I paid $100 from a friend which I loaded Linux on...
source: http://money.cnn.com/2017/02/01/investing/apple-cash-overseas/index.html
The rest of your nonsense post shows clearly you want government to have as much control as you and THEY think they should have.
To all you "libertarian's" out there. Have you ever been in a true sh@t hits the fan situation ? True government break down ? New Orleans post Katrina type stuff ? While I believe in smaller government in general, be careful what you wish for.