How Do You Use Bit Coin?

[Nolessthanbrony22 15]

Not sure if this is the proper place to discuss this, but does anyone have a working understanding of bit coin and could explain it to me possibly? My understanding is exceptionally limited and basic. 

[Winterbass 763]

Bitcoin? Hehe, I know what you're trying to buy.

 

Anyway, bitcoin is pretty hard to understand. Basically, a few businesses or people sell bitcoins for a price. Usually around 80 dollars/euros. You buy bitcoins with a separate creditcard (seriously, trust me, use a separate bank account for bitcoins, you'll be better off.) 

 

After that, the bitcoins will be transferred to your bitcoin wallet, which is a separate account that stores your bitcoins. You gain a new address just for those bitcoins.

 

Next, you'll want to find the product you want to buy, create an account on that site and link your bitcoin wallet to it. After which you'll of course buy the product with your bitcoins. 

 

That's a very short version of it. 

 

A few tips, there are only a few bitcoin sellers you can trust, most will try to rip you off or just steal your cash. Stay anonymous and use the Torbrowser as much as you can.

 

Oh, and have fun with the things you buy 

 

.. I really hope you meant those kind of bitcoins, instead of Equestrian money. And remember, only you decide how far you want to go down the rabbit hole of bitcoins.

[Nolessthanbrony22 15]

Bitcoin? Hehe, I know what you're trying to buy.

 

Anyway, bitcoin is pretty hard to understand. Basically, a few businesses or people sell bitcoins for a price. Usually around 80 dollars/euros. You buy bitcoins with a separate creditcard (seriously, trust me, use a separate bank account for bitcoins, you'll be better off.) 

 

After that, the bitcoins will be transferred to your bitcoin wallet, which is a separate account that stores your bitcoins. You gain a new address just for those bitcoins.

 

Next, you'll want to find the product you want to buy, create an account on that site and link your bitcoin wallet to it. After which you'll of course buy the product with your bitcoins. 

 

That's a very short version of it. 

 

A few tips, there are only a few bitcoin sellers you can trust, most will try to rip you off or just steal your cash. Stay anonymous and use the Torbrowser as much as you can.

 

Oh, and have fun with the things you buy 

 

.. I really hope you meant those kind of bitcoins, instead of Equestrian money. And remember, only you decide how far you want to go down the rabbit hole of bitcoins.

Thank you for the actual answer about what i actually meant. I've been reading a ton about it today, and my brain feels a little over loaded. So thanks for something a little simple. IT's not something I've been looking into seriously (not yet at least) Just curious. 

[Winterbass 763]

Thank you for the actual answer about what i actually meant. I've been reading a ton about it today, and my brain feels a little over loaded. So thanks for something a little simple. IT's not something I've been looking into seriously (not yet at least) Just curious. 

 

Heh, you'd be surprised what you can buy with bitcoins if you know where to look. From a meth starters kit (with free e-book!) to a fully-functional stolen F16 including ammunition and fuel. Truth be told, most use bitcoins to buy drugs from online black markets. But the stuff you can find on those black markets makes you feel like it's Christmas. There's just so much to find and see, you'd be surprised on what you can buy.

 

And don't get me started on the ways to earn bitcoins other than buying them. It's crazy.

[Nolessthanbrony22 15]

Heh, you'd be surprised what you can buy with bitcoins if you know where to look. From a meth starters kit (with free e-book!) to a fully-functional stolen F16 including ammunition and fuel. Truth be told, most use bitcoins to buy drugs from online black markets. But the stuff you can find on those black markets makes you feel like it's Christmas. There's just so much to find and see, you'd be surprised on what you can buy.

 

And don't get me started on the ways to earn bitcoins other than buying them. It's crazy.

I've done so much reading about them today, my eyes burn. I already know that I know more about it than the last person who tried to talk to me about it. 

[duidamasterXD 9,626]

This thread appears to be discussing MLP:FiM in some way, shape or form. Thus, it has been sentenced to Show Discussion.

This is an automatically generated message, by the way.

 

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Also @Nolessthanbrony22, I've edited the title of your thread slightly to make its subject more clear. Hope you don't mind

Edited November 7, 2013 by DashForever

[Winterbass 763]

This thread appears to be discussing MLP:FiM in some way, shape or form. Thus, it has been sentenced to Show Discussion.

 

This is an automatically generated message, by the way.

 

---

 

Also @Nolessthanbrony22, I've edited the title of your thread slightly to make its subject more clear. Hope you don't mind

 

Actually, NoLess was actually talking about Bitcoins, a form of currency used by the internet to buy things on websites without having to do all sorts of calculations before coming to a certain value.

Edited November 7, 2013 by Winterbass

[Harmonic Revelations 8,833]

Bit-Coins are a virtual currency that are pretty much equivalent to having a debit card without anything physical. You should be careful, because in some jurisdictions, it is illegal to sell/use Bit-Coins. I think that has a bit to do with the fact that it not being equivalent to anything physical means that it can be marked up ridiculously. The other problem is that they're used to buy illegal items like stolen weapons/items, drugs, and other such things.

 

If it's illegal where you live, OP, I'd recommend staying away from them, if it's not, I still recommend staying away with them, because they are tricky, risky, and expensive to use/obtain. And the people who do use them are NOT people you want to associate with, trust me.

Edited November 7, 2013 by Harmonic Revelations

[Nolessthanbrony22 15]

Bit-Coins are a virtual currency that are pretty much equivalent to having a debit card without anything physical. You should be careful, because in some jurisdictions, it is illegal to sell/use Bit-Coins. I think that has a bit to do with the fact that it not being equivalent to anything physical means that it can be marked up ridiculously. The other problem is that they're used to buy illegal items like stolen weapons/items, drugs, and other such things.

 

If it's illegal where you live, OP, I'd recommend staying away from them, if it's not, I still recommend staying away with them, because they are tricky, risky, and expensive to use/obtain. And the people who do use them are NOT people you want to associate with, trust me.

My interest in them is purely on how they work and their concept. I've done enough reading on them the last couple days that my eyes hurt and I don't think my brain is fit to do even simple algebra anymore. I have no money i could lose, so I'm not planning on actually getting into working with them

Edited November 7, 2013 by Nolessthanbrony22

[duidamasterXD 9,626]

Actually, NoLess was actually talking about Bitcoins, a form of currency used by the internet to buy things on websites without having to do all sorts of calculations before coming to a certain value.

 

So she was . Thank you and Harmonic Revelations for pointing that out, looks like I and a few other people were a little confused. I've put the thread back where it belongs and given it a better title.

 

My mistake NoLess, I'm sorry. Hope these people have helped you out

[Harmonic Revelations 8,833]

My interest in them is purely on how they work and their concept. I've done enough reading on them the last couple days that my eyes hurt and I don't think my brain is fit to do even simple algebra anymore. I have no money i could lose, so I'm not planning on actually getting into working with them

I think the biggest purpose of the bit-coin is (For the groups you're buying things with bitcoins from) groups involved in illegal activity to discretely transfer funds without transferring anything physical, and thus not leaving evidence of the purchase.

 

For the groups selling the Bit-Coins themselves, they're probably just looking to cleverly turn a buck as since bit-coins aren't physical there is no limit to how many they can sell if they know the right people.

Edited November 7, 2013 by Harmonic Revelations

[K.K. Slider 391]

Here's a very informative video on the subject.

 

& an article. It's not necessarily used strictly for illegal transactions but markets like The Silk Road do indeed exist. I don't recommend them, as while they are perfectly functional, you're going to be paying out of your nose. Plus you'd require an understanding of TOR and there's legal risks involved. Your mileage may vary.

Edited November 7, 2013 by K.K. Slider

[Nolessthanbrony22 15]

Here's a very informative video on the subject.

 

& an article. It's not necessarily used strictly for illegal transactions but markets like The Silk Road do indeed exist. I don't recommend them, as while they are perfectly functional, you're going to be paying out of your nose. Plus you'd require an understanding of TOR and there's legal risks involved. Your mileage may vary.

 

 

I think the biggest purpose of the bit-coin is (For the groups you're buying things with bitcoins from) groups involved in illegal activity to discretely transfer funds without transferring anything physical, and thus not leaving evidence of the purchase.

 

For the groups selling the Bit-Coins themselves, they're probably just looking to cleverly turn a buck as since bit-coins aren't physical there is no limit to how many they can sell if they know the right people.

I'm not looking into them fore their illegal usage. Just because I find the subject very interesting. This is just one of the many things I get affixiated with and then read about until I understand further. 

[Winterbass 763]

I'm not looking into them fore their illegal usage. Just because I find the subject very interesting. This is just one of the many things I get affixiated with and then read about until I understand further. 

 

If there's any question you have about Bitcoins, whether it's uses or how to obtain them easily, feel free to ask me. I've been using them for a pretty long time now. In fact, you can even ask me questions about the darknet if you want to, since Bitcoins are pretty important in the darknet.

[Nolessthanbrony22 15]

If there's any question you have about Bitcoins, whether it's uses or how to obtain them easily, feel free to ask me. I've been using them for a pretty long time now. In fact, you can even ask me questions about the darknet if you want to, since Bitcoins are pretty important in the darknet.

Thank you for the help. I don't exactly have the money, or time to spend getting into using bit coin as of right now (high school student. Such is life). 

Don't even start on something like darknet, I don't want to learn anymore today, my head hurts from knowledge. 

[Paianis 488]

I absolutely love the concept of Bitcoin, but for now I'm not going to use it, because the software just isn't mature enough yet. For instance, if I want to back up my wallet, how do I retrieve the backup if my master copy is lost? The official client isn't beefy enough and is lacking some features I would like. Aside from that, I see a huge investment opportunity because it is the future IMO.

[Nolessthanbrony22 15]

I absolutely love the concept of Bitcoin, but for now I'm not going to use it, because the software just isn't mature enough yet. For instance, if I want to back up my wallet, how do I retrieve the backup if my master copy is lost? The official client isn't beefy enough and is lacking some features I would like. Aside from that, I see a huge investment opportunity because it is the future IMO.

It does have plenty of opertunity, I personally wouldn't be using it because of the fear of hackers and automatically being associated with the illegal drug/gun/hitman/slave/WHATEVER PEOPLE FEEL LIKE SELLING OVER THE INTERNET trade. I mean, I'd love to get involved but uh. People scare me. 

[Guest]

I use it to buy humble bundles and computer parts. I have a miner that mines coins for me passively and I just save up until I have enough to buy what I want to buy.

[Nolessthanbrony22 15]

I use it to buy humble bundles and computer parts. I have a miner that mines coins for me passively and I just save up until I have enough to buy what I want to buy.

What do you use for mining though? Like your main PC or do you have it running on a separate computer for you? I understand some people just run it on their main PC and others run it on their other, shittier PC. 

 

P.s. (unrelated) I like your profile picture. 

Edited November 11, 2013 by Nolessthanbrony22

[ZiggWheelsManning 7,358]

On 11/9/2013 at 5:05 PM, xzeno said:

I use it to buy humble bundles and computer parts. I have a miner that mines coins for me passively and I just save up until I have enough to buy what I want to buy.

Impressive and out-of-the-ordinary computer parts would fit my needs, even a premium-class video game subscription account  

On 11/9/2013 at 5:05 PM, xzeno said:

I use it to buy humble bundles and computer parts. I have a miner that mines coins for me passively and I just save up until I have enough to buy what I want to buy.

Impressive and out-of-the-ordinary computer parts would fit my needs, even a premium-class video game subscription account  

[Splashee 28,537]

I don't use/trust it. I don't like to walk into money related schemes since they are most likely scam.