Buying Music Gear w/ Bitcoin, Dodgecoin, Ethereum, etc.

ehb

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The crazy part is that nothing moves. ;)

The block chain has an entry of address A increasing by .001719 and address B decreasing by same.
No who or where involved as all wallets see same block chain file and updates and recognize its own address/ID.
 

ehb

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The goal is NOT hiding but rather the security of transaction, zero conversion to different countries' money , Bitcoin is universal.
 

ehb

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There are Bitcoin ATMs now. Sure, crypts are used for less than legal purposes, but so is everything else of value...
 

ehb

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If Alex were to pay me for trying to explain this, or even pay me to shut up, he could enter my wallet address and amount and the entry would go out into the block chain. If my wallet was a type of secure jump drive wallet and I was in Antarctica for two years with no interwebz, there is NO money sitting anywhere, no bank involved, it's not in a mailbox, just an entry in a file. Once I am home, plug in my wallet and open it, THERE IS NO CHUNK OF MONEY COMING AT ME. As my wallet updates with the SAME BLOCK CHAIN FILE everybody's wallet is updated to, it will recognize its own ID with the increase and increase my wallet amount by that value...
 

ehb

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Nah... Just minor differences as far as the end user...

Think debit card. Exact amount, all digital, software handles all, and you don't have to round up to some denomination...

It'll start making sense as time goes on.....
 
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rockstar232007

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Nah... Just minor differences as far as the end user...

Think debit card. Exact amount, all digital, software handles all, and you don't have to round up to some denomination...

It'll start making sense as time goes on.....
I still won't buy/use any of it. Until they can gurantee 100% unhackability, and or stabilization, I'll stick with cash.

The risks with crypto far outweigh the rewards.
 

socialhero

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This is an excellent vid on how Bitcoin generally works. Remember as you are watching, most of this is happening in the background automatically. To the end-user, it is like debit or PayPal...
That was really helpful. I've been researching crypto and how to invest in it. Thanks for sharing. :thumb:
 

Bobby Mahogany

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What bothers me to no end with CC is that their value is based on...
what some people think they are worth.
Bitcoin just went from 20K to 35K in about a week?
Now I read they're worth 60K?
Fuck that.
It's all gambling shit, worse than some of the Stock Market craziness!

Countries currencies are based on their economy and production power.
If I get a dollar in my account, it's gonna be worth about a dollar over a span
of many years. If I get a Bitcoin in my account, I might lose tens of thousands
of dollars over a span of a few weeks.
Yep. Fuck that.
 

rockstar232007

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What bothers me to no end with CC is that their value is based on...
what some people think they are worth.
Bitcoin just went from 20K to 35K in about a week?
Now I read they're worth 60K?
Fuck that.
It's all gambling shit, worse than some of the Stock Market craziness!

Countries currencies are based on their economy and production power.
If I get a dollar in my account, it's gonna be worth about a dollar over a span
of many years. If I get a Bitcoin in my account, I might lose tens of thousands
of dollars over a span of a few weeks.
Yep. Fuck that.
Yep.
 

C_C_King

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I did not buy gear with digital coin but definetely would like to buy.. It is very effective and I am sick of banking and its costs.
 

Marcje

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Apart from the price volatility, there are some other fundamental issues with Bitcoin that prevent it from being used as true digital currency.
The transaction fees are about $23 per transaction ATM (so send to 1$, you actually pay 24$).
Then there is the 'confirmation time' which is close to an hour now.
The network speed is limited to 7 transactions per second (worldwide).
Also, the energy consumption is massive; one transaction uses 740kWh. Enough to ride 2500miles in your Tesla.
Interesting technology for sure, but I'm betting on another coin ;-)
 

chaw6125

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I understand what you mean about a dollar being worth a dollar but it is also relative. Look at how the dollar changes daily against the GBP, EUR or YEN. Also the government literally prints more money known as quantitative easing which means in real terms that dollar the next year buys you less.

Crypto is too volatile for daily use right now, but that will likely settle. Right now most people are using it for making money much like gambling on the stock market. However some coins are aimed at literally being a token to transfer money like people use with venmo or cashapp it could become token based behind the scenes so $10 in > convert to crypto > move to recipient > convert to USD > $10 out instantly. There are also coins called stable coins that literally track the USD. Like anything it depends on if it gets widespread adoption. People laughed at the internet and email at first.

Would I like to get paid my salary in crypto? No.

Would I like to buy a guitar from another country on reverb without getting smashed with foreign exchange fee's, paypal fee's and everything else (by using crypto). Yes I would.

Not financial advise and I would say crypto right now is basically gambling but on some level it may have a future.

Likely to buy a 50's LP standard the old fashioned way at the minute though if I can actually get into a shop to try one.
What bothers me to no end with CC is that their value is based on...
what some people think they are worth.
Bitcoin just went from 20K to 35K in about a week?
Now I read they're worth 60K?
Fuck that.
It's all gambling shit, worse than some of the Stock Market craziness!

Countries currencies are based on their economy and production power.
If I get a dollar in my account, it's gonna be worth about a dollar over a span
of many years. If I get a Bitcoin in my account, I might lose tens of thousands
of dollars over a span of a few weeks.
Yep. Fuck that.
 

Quoitsman

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What bothers me to no end with CC is that their value is based on...
what some people think they are worth.
Bitcoin just went from 20K to 35K in about a week?
Now I read they're worth 60K?
Fuck that.
It's all gambling shit, worse than some of the Stock Market craziness!

Countries currencies are based on their economy and production power.
If I get a dollar in my account, it's gonna be worth about a dollar over a span
of many years. If I get a Bitcoin in my account, I might lose tens of thousands
of dollars over a span of a few weeks.
Yep. Fuck that.
Totally agree, crypto is still too volatile to be making high street purchases. Something for the future though, at the moment it's being used to speculate on it's value.

Your dollars are only worth what the government says they're worth. It's not based on any quantifiable metrics. Nixon took the dollar off the gold standard and it's been strongly decreasing in value for the last century. Saving long term in fiat currency is a common mistake.

 

Marcje

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It would already be useful if you could instantly convert your dollars (fiat) to a crypto, and use the crypto for an (oversees) payment. That way you'd avoid the transaction fee that a bank would charge you.
We're not quite there yet, but I think it won't be long.
 

Neil(UK)

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The transaction fees are about $23 per transaction ATM (so send to 1$, you actually pay 24$).
Then there is the 'confirmation time' which is close to an hour now.
The network speed is limited to 7 transactions per second (worldwide).
Also, the energy consumption is massive; one transaction uses 740kWh. Enough to ride 2500miles in your Tesla.
Interesting technology for sure, but I'm betting on another coin ;-)
For anyone of an ecological bent (which hopefully most are nowadays) , Bitcoin uses more energy per annum than the whole of Argentina.
 

Harley90

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Interesting post. I have been working in a blockchain company for 3 years now. The space is exploding because of the applications, crypto prices make the headlines but like many headlines there is no detail as to what is going on to actually cause it.
These applications are global in solutions and improvement in existing methods in many spaces.
People don't really need to understand it to use it, like electricity, the average joe on the street can't tell you in detail how the lights come on in a house or how a microwave works but it does and they all pay the bills monthly to use it.
The new era debit/credit cards are on the way, pay with any currency you want, as a seller, get whatever currency you want as paid. There is a reason many banks are getting into crypto.
Its a topic that requires research to understand at present. Most people just read headlines and form an opinion without detailed research. It's a new class of asset and has revolutionary/evolutionary applications.
Still in infancy stage, it will become more accepted as time goes on. I know many people who refuse to use or own a computer, cell phone. I still am friends with these people but not taking advice from them on financial matters or much else. My mind is open and I research everything, including guitars :) Everyone has an opinion good luck out there YMMV
 

andyb

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The issue (as many have pointed out) is that currently many cryptocurrencies are speculative appreciating entities, and paying to buy something physical using such an asset goes against the aim and overall transaction and energy costs of the transaction. Much of it is geared around what is in effect an extended Ponzi scheme, so would recommend to avoid bothering paying for guitars or any general goods with any crypto currency.
 


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