Bitcoin, Your Thoughts?

[Thomasss]

To be honest the entire thing makes no sense to me. I have read blog posts and what not about how it works, but it continues to go in one ear and out the other.

I know people are starting to sell things in exchange it Bitcoins, however I have yet to see the value in it. I'd much rather prefer the PayPal way. 😛

 

[Ash]

I used it for a bit trying to earn cash but I gave up straight away when I learnt how hard it was to earn a decent amount of bitcoin. Whoever bought some bitcoin when it first came out is very lucky to be honest

 

[Watch Me Sink]

The Shanghai Stock Exchange is now rivaling Bitcoin in terms of volatility. And Bitcoin is doing better than Greece's economy!

 

[jacktheking]

I used it for a bit trying to earn cash but I gave up straight away when I learnt how hard it was to earn a decent amount of bitcoin. Whoever bought some bitcoin when it first came out is very lucky to be honest

You're wrong and right. Bitcoin is not hard to earn. I'm earning around 30 USD monthly in Bitcoin by posting on Bitcoin related forums. PM me if you want to know the trick. I'm now somewhat 'rich' enough to start a Bitcoin related site (see my signature). I only came back earning Bitcoin October last year. Never spend a dollar buying Bitcoin and I already bought two things from Amazon - Google Cardboard and a gaming mouse. You can be a 'lucky' person just as you have stated in your post if you start earning Bitcoin today. Bitcoin will not stop at ~280 USD.

 

[Jamesy]

Bitcoin is the best thing to be invented since the internet itsself

 

[Allenafaith]

I don't use bitcoin and I don't think I ever will. It's not because I dislike it, it's just that I have no interest.

 

[Page]

I don't like it

 

[Teg]

Honestly, I despise bitcoin. Unlike any other site where you link your bank account to pull funds from, bitcoin takes 5-7 business days to pull the funds and place them in your account. It's total bull. When I first joined and set that up, I found out about that and was really pissed because I only did it to use it at that very moment. I actually kind of went off on a rep about it because immediately after I did it I tried to cancel and they told me I only could cancel in a limited amount of time. I literally did it immediately after I set up the transaction and they refused to refund my money or cancel it. I will never, ever, use bitcoin again.

 

[ndk2303]

It may be hot in short time. I think, it is not a revolution. But we need time.

 

[jamesmd]

I had 100 bitcoins when they hit $1000 didn't cash them in as everyone thought they would go higher! Still sitting on them but won't cash in until the price is a little higher 🙂

 

[Gizmo]

I can't even figure out how to use it :lol:

 

[jacktheking]

Honestly, I despise bitcoin. Unlike any other site where you link your bank account to pull funds from, bitcoin takes 5-7 business days to pull the funds and place them in your account. It's total bull. When I first joined and set that up, I found out about that and was really pissed because I only did it to use it at that very moment. I actually kind of went off on a rep about it because immediately after I did it I tried to cancel and they told me I only could cancel in a limited amount of time. I literally did it immediately after I set up the transaction and they refused to refund my money or cancel it. I will never, ever, use bitcoin again.

I dont understand what you are trying to say. Did you use an exchange? What wallet did you use to store your Bitcoin? Bitcoin transaction usually take around ten minutes to get confirmed. Bitcoin is a peer-to-peer network. Hence, you are not able to revert a transaction like Paypal.

 

[Teg]

Honestly, I despise bitcoin. Unlike any other site where you link your bank account to pull funds from, bitcoin takes 5-7 business days to pull the funds and place them in your account. It's total bull. When I first joined and set that up, I found out about that and was really pissed because I only did it to use it at that very moment. I actually kind of went off on a rep about it because immediately after I did it I tried to cancel and they told me I only could cancel in a limited amount of time. I literally did it immediately after I set up the transaction and they refused to refund my money or cancel it. I will never, ever, use bitcoin again.

I dont understand what you are trying to say. Did you use an exchange? What wallet did you use to store your Bitcoin? Bitcoin transaction usually take around ten minutes to get confirmed. Bitcoin is a peer-to-peer network. Hence, you are not able to revert a transaction like Paypal.

When I set up a bitcoin account, it had me set up a link to my bank for easy deposits into bitcoin. I did that. When I transferred the appropriate funds from my bank into my bitcoin account, it wasn't immediate even after they verified my bank information. They claimed they do reverse transactions if you haven't passed a specific time limit. Immediately after I sent the request and saw that the money hadn't gone into my bitcoin account, I contacted someone trying to cancel it as my account wouldn't allow me to do so. I needed that money immediately for something and I wasn't going to wait. They refused to reverse it and I waited ten days to get the bitcoin amount. I haven't touched the account since and that money is still just sitting there.

 

[jacktheking]

Honestly, I despise bitcoin. Unlike any other site where you link your bank account to pull funds from, bitcoin takes 5-7 business days to pull the funds and place them in your account. It's total bull. When I first joined and set that up, I found out about that and was really pissed because I only did it to use it at that very moment. I actually kind of went off on a rep about it because immediately after I did it I tried to cancel and they told me I only could cancel in a limited amount of time. I literally did it immediately after I set up the transaction and they refused to refund my money or cancel it. I will never, ever, use bitcoin again.

I dont understand what you are trying to say. Did you use an exchange? What wallet did you use to store your Bitcoin? Bitcoin transaction usually take around ten minutes to get confirmed. Bitcoin is a peer-to-peer network. Hence, you are not able to revert a transaction like Paypal.

When I set up a bitcoin account, it had me set up a link to my bank for easy deposits into bitcoin. I did that. When I transferred the appropriate funds from my bank into my bitcoin account, it wasn't immediate even after they verified my bank information. They claimed they do reverse transactions if you haven't passed a specific time limit. Immediately after I sent the request and saw that the money hadn't gone into my bitcoin account, I contacted someone trying to cancel it as my account wouldn't allow me to do so. I needed that money immediately for something and I wasn't going to wait. They refused to reverse it and I waited ten days to get the bitcoin amount. I haven't touched the account since and that money is still just sitting there.

Where did you set up your Bitcoin account? Bitcoin is decentralized and there is no central authority which can control the Bitcoin flow. Look like you picked a site which buy and sell Bitcoin themselves. I would suggest you to buy Bitcoin on a trusted exchange that do exchange with other users. You might like CoinDesk if you are in the US. If you are from Asia, OKCoin is good. I personally use OKCoin to trade Bitcoin and I have never run into any problem with them. I would also suggest you to immediately move your Bitcoin from the centralized website to your computer. If you cant bear to use up 40 GB of disk space just for Bitcoin, MyCelium (Bitcoin wallet) for Android phone might be your best bet to store your Bitcoin.

This is actually an interesting story and I would really like to let other Bitcoiner know. Would you mind posting it on Bitcointalk or may I have the permission to quote your post here and post in on Bitcointalk?

 

[Teg]

You can quote me.

Ramnode, a hosting site I use for VPN, linked me directly to bitcoin when I clicked that I wanted to use it to purchase my plan. Therefore, it was bitcoin directly that I was directed to.

 

[vola]

Ramnode, a hosting site I use for VPN, linked me directly to bitcoin when I clicked that I wanted to use it to purchase my plan. Therefore, it was bitcoin directly that I was directed to.

I dont know about Ramnode and their ability to handle bitcoin. The problem you have faced is a pure banking problem and has nothing to do with bitcoin. It takes at most an hour for bitcoin to move across the globe. But, the way you have used it was wrong. If you want to buy a service with bitcoin, then you will pay it with bitcoin. Why pay with your bank to buy bitcoin and then pay the service with bitcoin ? This is absolutely wrong and I am sorry to say, that service cheated you. They definitely made a premium buy selling you bitcoin and then accepting that bitcoin from you which they'll sell in the market at a cheaper price.

If someone fraud you on the internet, will you tell people that internet is bad ? Exactly this is what you are saying here regarding bitcoin.

I'd request you to have a look at https://bitcoin.org and try out bitcoin the way it should be. Tell me if you dont get addicted to it.

 

[vola]

I can't even figure out how to use it :lol:

May be you can try this site - www.CoinLearn.org

It allows you to learn and earn bitcoin for free. :great:

 

[Teg]

Ramnode, a hosting site I use for VPN, linked me directly to bitcoin when I clicked that I wanted to use it to purchase my plan. Therefore, it was bitcoin directly that I was directed to.

I dont know about Ramnode and their ability to handle bitcoin. The problem you have faced is a pure banking problem and has nothing to do with bitcoin. It takes at most an hour for bitcoin to move across the globe. But, the way you have used it was wrong. If you want to buy a service with bitcoin, then you will pay it with bitcoin. Why pay with your bank to buy bitcoin and then pay the service with bitcoin ? This is absolutely wrong and I am sorry to say, that service cheated you. They definitely made a premium buy selling you bitcoin and then accepting that bitcoin from you which they'll sell in the market at a cheaper price.

If someone fraud you on the internet, will you tell people that internet is bad ? Exactly this is what you are saying here regarding bitcoin.

I'd request you to have a look at https://bitcoin.org and try out bitcoin the way it should be. Tell me if you dont get addicted to it.

You must have misunderstood me. At check out, I had to prion to pay by card, PayPal, or Bitcoin. I want to bitcoin.org, mad an account and set up my bank link, much like how PayPal does it. Then I transferred funding directly from my bank to Bitcoin. When I noticed that the transaction wasn't immediate, I contacted someone from bitcoins support asking for them to cancel the transaction. They told me they "couldn't" because there was a limited window to do it before I had to wait. Which was total BS because I contacted them immediately.

Anyway, while waiting, I just opted to pay with a card instead. I didn't receive my Bitcoin funds for several days after the fact. Therefore, I won't be using their service... Ever again.

For the record, when you transfer funds from a linked bank account with PayPal, those funds are available immediately.

 

[jacktheking]

I quoted your post here.

Ramnode, a hosting site I use for VPN, linked me directly to bitcoin when I clicked that I wanted to use it to purchase my plan. Therefore, it was bitcoin directly that I was directed to.

I dont know about Ramnode and their ability to handle bitcoin. The problem you have faced is a pure banking problem and has nothing to do with bitcoin. It takes at most an hour for bitcoin to move across the globe. But, the way you have used it was wrong. If you want to buy a service with bitcoin, then you will pay it with bitcoin. Why pay with your bank to buy bitcoin and then pay the service with bitcoin ? This is absolutely wrong and I am sorry to say, that service cheated you. They definitely made a premium buy selling you bitcoin and then accepting that bitcoin from you which they'll sell in the market at a cheaper price.

If someone fraud you on the internet, will you tell people that internet is bad ? Exactly this is what you are saying here regarding bitcoin.

I'd request you to have a look at https://bitcoin.org and try out bitcoin the way it should be. Tell me if you dont get addicted to it.

You must have misunderstood me. At check out, I had to prion to pay by card, PayPal, or Bitcoin. I want to bitcoin.org, mad an account and set up my bank link, much like how PayPal does it. Then I transferred funding directly from my bank to Bitcoin. When I noticed that the transaction wasn't immediate, I contacted someone from bitcoins support asking for them to cancel the transaction. They told me they "couldn't" because there was a limited window to do it before I had to wait. Which was total BS because I contacted them immediately.

Anyway, while waiting, I just opted to pay with a card instead. I didn't receive my Bitcoin funds for several days after the fact. Therefore, I won't be using their service... Ever again.

For the record, when you transfer funds from a linked bank account with PayPal, those funds are available immediately.

I think you misunderstand how Bitcoin works. Bitcoin.org is an educational site which provide software downloads and links to trusted third party services. They will not ask you to buy Bitcoin from them. Bitcoin is not like paypal. It require others on the Bitcoin network to confirm a transaction before it is "sent". It usually take around 10 minutes with normal fees.

 

[vola]

You must have misunderstood me. At check out, I had to prion to pay by card, PayPal, or Bitcoin. I want to bitcoin.org, mad an account and set up my bank link, much like how PayPal does it. Then I transferred funding directly from my bank to Bitcoin. When I noticed that the transaction wasn't immediate, I contacted someone from bitcoins support asking for them to cancel the transaction. They told me they "couldn't" because there was a limited window to do it before I had to wait. Which was total BS because I contacted them immediately.

Anyway, while waiting, I just opted to pay with a card instead. I didn't receive my Bitcoin funds for several days after the fact. Therefore, I won't be using their service... Ever again.

For the record, when you transfer funds from a linked bank account with PayPal, those funds are available immediately.

:shake: No. No. No. I can see gross misunderstanding here. Bitcoin is not a company. It is a protocol. The protocol allows you to transfer value, which is also known as bitcoin. Please do not compare bitcoin with PayPal. They are totally different. Rather, it is more like SMTP, the protocol on which email works. You can not send your fund from bank to bitcoin. That is not how bitcoin works. There must be an exchange in between, who will accept your bank fund and give you bitcoin in exchange. That bitcoin in exchange went to Ramnode. The delay took place, when you sent bank fund to the exchange. It was the banking issue that bitcoin is trying to solve. Please do not confuse it as a bitcoin issue. Moreover, bitcoin.org is just an informational site on bitcoin. Bitcoin is a decentralized protocol and there is nothing official about it. You can not create an account on bitcoin.org and transfer your bank funds to them. You must have mistaken somewhere. It was some other site which accepted your bank transfer and gave bitcoin in return.

:info: Please read more about bitcoin. It is not the problem. It is the solution to your problem. May be this link will help you to start off- https://bitcoin.org/en/how-it-works. Once you learn to create a bitcoin address, you might visit www.CoinLearn.org to learn & earn bitcoin.