Money Bitcoin is hot, but good luck using it

09:40  02 december  2017
09:40  02 december  2017 Source:   Bloomberg

Bitcoin Surges to New Highs: Is Now the Time to Invest?

  Bitcoin Surges to New Highs: Is Now the Time to Invest? Despite the naysayers, the value of Bitcoin and other cryptocurrencies is soaring to new highs, making HIVE Blockchain Technologies Ltd. (TSXV:HIVE) an intriguing investment.Now what?

Fee Inflation. The cost of using bitcoins is still low but up substantially this year. Source: Blockchain.info. Data for both years is YTD through 11/29. Sky's the Limit. EasyJet Is Hiring Women Pilots. Good Luck Finding Some.

Good Luck ! PS: Math.pow(2, 32) is simply the JavaScript version of 2^32. If the Romans found one working steam engine would they have been able to copy and use it ? more hot questions. question feed. Bitcoin .

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The government wants tools to track criminals who are using Bitcoins . But Bitcoin , by its very design, can make this kind of oversight difficult. They asked a lot of good questions. I wouldn’t say it was hostile.”

But good luck laundering them. By Robert McMillan. Bitcoin is a bit of a paradox. It can be used nearly anonymously: any two people can easily set up brand new Bitcoin wallets, meet in a park, and exchange cash for bitcoins .

Editor's note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

Quotes in the article

Microsoft Corp

MSFT

Index fund-type coins are about to enter Cryptocurrency market

  Index fund-type coins are about to enter Cryptocurrency market If you’ve seen media coverage of Bitcoin and the rise of cryptocurrencies, you’re probably thinking of getting into the action, if you haven’t already. Aggregated Coin (AGRE) and UpStart1K (UP1K) are ICOs that will launch on December 1st.

Regardless, CPU mining for bitcoin is not a useful endeavour any more. Perhaps litecoin would be a better use of that power (although GPUs are faster there too)? Pingback: Training the Startup Brain to Spot Ideas — Not Only Luck ().

Bitcoin has to be 'mined,' and this requires special computers, lots of calculations, electricity, and a bit of luck . It 's neither free nor easy. First, it is good practice to use multiple Bitcoin addresses (the way in which bitcoins can be sent back and forth – they look like this

84.26
+0.09
+0.11%
Wal-Mart Stores Inc

WMT

97.35
+0.12
+0.12%

Bitcoin seems to be everywhere these days. Finding a place to spend it is another matter entirely.

That flies in the face of popular perception that businesses are trumpeting the acceptance of the digital currency as a form of payment. Looking for a mate? OkCupid stopped accepting cryptopayments a year ago.  Booking a flight? Expedia.com and Virgin Atlantic both dabbled in bitcoin but now don't accept it for airfare. A Holiday Inn in Brooklyn no longer books beds for bitcoins.

Nor can you raise a pint at north London pub Pembury Tavern, which received some press a few years ago for entering the digital currency economy but has since, like others, quietly exited.

And chowing down with bitcoin is getting complicated. The website airbitz.com lists just three restaurants in Manhattan where diners can pay with bitcoin. Two have closed. A third, Melt Bakery, which sells only ice cream sandwiches, accepts bitcoin, but the last time it did was July 2. And while the website of Piccola Venezia, an upscale Italian restaurant in Astoria, Queens, says "bitcoin accepted here," I wouldn't make the trek. The person who answered the phone there said bitcoins were not welcome. "It's a big mistake."

Bitcoin blasts past $10,000 mark amid bubble concerns

  Bitcoin blasts past $10,000 mark amid bubble concerns The cryptocurrency's value has risen nine-fold since the beginning of the year. Tuesday's trading price gives bitcoin a market capitalization of $168 billion, greater than the vast majority of S&P 500 companies, including Dow 30 components Boeing, Disney and GE.Since its founding in 2009, bitcoin has made a name for itself by allowing for anonymous transactions. The digital currency is now accepted by more than 100,000 merchants worldwide, including Microsoft, Dish and Subway. The cryptocurrency has experienced a massive run in 2017. On Jan. 1 this year, bitcoin was priced at just under $1,000.

Good Luck ! BY Jason Kirk ON March 04, 2014. Invented in 2008 and first used to purchase real-world goods (two pizzas for 10,000 bitcoins ) in May 2010, Bitcoin has a long way in a short time.

Investing in Bitcoin is a pretty risky business, so you should only use a relatively small amount of capital that you can afford to lose entirely if things go badly. ANIK 2 years ago. HOT NEWS ! PTC sites. Good luck all Friends. Free Bitcoin earning site links

It does looks as if pizza lovers can get Domino's delivered in Brooklyn with bitcoin through a website called Pizzaforcoins.com, but it will cost them. A large pie with one topping (and the website forces you to get at least one topping -- I went with extra cheese) was 0.0036 bitcoin when I checked on Thursday, which translated to $34.12 before tip. It normally costs $8.70.

None of this is likely to rattle investors who are rushing into bitcoin. Its use as a medium of exchange has become entirely beside the point. Most of what has been propelling the cryptocurrency's remarkable rise recently has been, as in any bubble, the fact that the price has been climbing rapidly. The rise justifies the rise. And many bitcoin investors now view bitcoin more akin to gold than say dollars or any other traditional currency.

a screenshot of a map: Hot Air© Bloomberg Hot Air

But at least part of what underpinned bitcoin's more than 900 percent jump this year, at least initially, was the idea that bitcoin's acceptance, and use, was spreading more widely. A key aspect of bitcoin is that it is a cheap way to complete transactions without the middleman. Earlier this year, bitcoin investor and author Chris Burniske gave a presentation about the network value-to-transaction ratio, which compares the value of all bitcoins to transactions being done in the currency. Some have dubbed the ratio "bitcoin's P/E" and used it to argue against a bubble.

The viral new ‘invisible box’ challenge is mind-blowing

  The viral new ‘invisible box’ challenge is mind-blowing The new craze is sweeping through the internet.

8) (Optional) Bonus: These sites can bring you good luck .

Secondly, if you decide to play poker online using Bitcoin , you’ll quickly find that any transaction fees you have to pay will be much, much lower than would otherwise be the case. This is especially good if you’re not yet a poker professional

The idea, though, that bitcoin is being rapidly adopted, or even just gradually, is a myth. In 2013, a number of retailers and companies, large and small, started accepting bitcoin. Four years later, shoppers can't use it at any large physical retailer. What's more, not only have Walmart and The Gap not adopted bitcoin, many of the places that said they would no longer do.

A long list of merchants that take bitcoin has circulated the Internet for the past few years, published most recently on 99bitcoins.com. But the list is mostly bogus. Many of the businesses on the list no longer take bitcoin or never did. There is a bitcoin payment button for online electronics retailer Newegg.com, but when I tried to use it for a Nintendo Switch, it didn't work. Even Bloomberg is on the list, but my colleagues in billing say you can't pay your terminal fee in bitcoin. Nor can you get a subscription to BusinessWeek or any of Bloomberg's other publications or services. On Thursday, Mike Bloomberg threw some cold water on the idea that bitcoins would be used widely anytime soon.

You can, in a roundabout way, use bitcoin to buy groceries at Whole Foods, but only after buying a gift card from eGifter, which is really no different from having to convert bitcoins back into cash before using them. And a number of web reviews of eGifter suggest the process is not painless or quick. An eGifter spokersperson said customers can use bitcoin, but the transaction is "slightly more complicated" than using cash.

The viral new ‘invisible box’ challenge is mind-blowing

  The viral new ‘invisible box’ challenge is mind-blowing The new craze is sweeping through the internet.

Bitminter, the bitcoin mining pool - mint your own bitcoins . These charts show our luck with the blocks we have created. Sometimes it takes a little work to produce a block ( lucky ), sometimes it takes a lot of work The lower the CDF value the better , with 50% being the expected average over time.

Not found. Legit bitcoin investmentsI provide you with legit

a screenshot of a cell phone: Transaction Driven© Bloomberg Transaction Driven

Even so, a number of sites that track bitcoin, like Blockchain.info, show that use is up. On average, the daily value of bitcoin transactions has risen just more than 400 percent this year compared with the first 11 months of last year, according to Blockchain.info. But given the fact the number of places accepting it is falling, that seems hard to believe. The number is supposed to track just the volume of bitcoins used to buy actual goods or services. Even bitcoin believer Burniske thinks the figure has likely been inflated by all the people who have rushed into bitcoin as an investment. Worse, the cost to complete those transactions is rising even faster, with fees charged up nearly 2,200 percent this year, although it's still minuscule on an absolute level, a fee of just 0.05 percent of the average transaction this year.

a screenshot of a cell phone: Fee Inflation© Bloomberg Fee Inflation

Again, none of this will likely pierce the frenzy around bitcoin. Who in their right mind would spend the stuff now anyway, even if they could?

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

Stephen Gandel is a Bloomberg Gadfly columnist covering equity markets. He was previously a deputy digital editor for Fortune and an economics blogger at Time. He has also covered finance and the housing market.


Cryptocurrency scams soar to $1.7M .
TORONTO - Canadians have been swindled out of than $1.7 million via scams involving cryptocurrencies such as bitcoin so far this year — more than double the amount during all of 2016. The Canadian Anti-Fraud Centre says that's more than five times the amount people lost to these types of scams in 2015, which was roughly $284,000. As bitcoin becomes more popular with investors, sending the price above US$17,000 mark last week, criminals appear to be increasingly turning to cryptocurrencies to extort payment from their victims as well.

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