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Bitcoin


Anthony_270
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49 minutes ago, Anthony_270 said:

Will probably be able to start accepting Bitcoin soon.

 

I don't know too much about bitcoin, so I won't really make too much of a judgment on them. But I do have some concerns with bitcoin that would have to be alleviated for me to really support them. 

I have an interesting bitcoin story though, which might show some of the flaws of bitcoin at the moment. I used to go to a 24-hour coffee shop in Austin called Bennu. For awhile it had a Bitcoin ATM, which was it's only ATM machine. The owner of the business supported Bitcoin. One day I walked in and ordered a coffee. All I had was my debit card. I was below the required minimum for using my debit card, so I asked the barista if there was an ATM machine besides the Bitcoin machine. She said, "no." I went to the machine to see if there was a way to get money out of it. Couldn't figure out a way to do so. I then asked, "Do you even take bitcoins?" Barista said, "no." I then asked, "Does anyone every use this ATM?" The barista said, "Yeah, I've seen someone use it once or twice since I've been here." "How long have you been here?" "About 4 years." I remember thinking that it might as well distribute monopoly money as I walked out of the coffee shop to get on a bus so I could get to the next ATM machine so I could get my coffee. I asked the bus driver if he took Bitcoins. He said, "no." 

Some of my concerns with bitcoins are the following:

  • Can everyone have access to them, even if they don't have standard technology like a CPU or cell phone?
  • Do people that jumped on the bandwagon early have a clear financial advantage over those that jump in late or very late? 
  • Is it a less volatile currency? Is it less subject to inflation? 
  • Is there a chance the currency could be wiped out--made useless--either by cyber attack or by government intervention or etc. This would be a shame if someone had all their money in bitcoins.
  • Is this a currency would can carry in their pocket if they need pocket currency? If it must be exchanged into standard US Currency to do this, then it just seems better to cut out the middle man (Bitcoin)
  • I heard that there's something called mining that is done on CPUs to create currency. I was sort of half-watching something on it. A man mined bitcoins in his basement with the help of dozens of CPUs. If this is something that happens or creates wealth, I feel it unfairly rewards people that 1) got started early, and 2) rewards those that are already wealthy enough to afford many CPUs and the space to have them. 

And I probably have some other concerns I can't think of at the moment. I think some sort of currency reform is a good idea, but I'm not convinced Bitcoin is the right way to do it at the moment. There's a lot of things about it that seem schemish or speculative in my rather superficial understanding of them. 

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