I dont know anything about bitcoin

Dognot, could your stepson draw cash on that account? I'm interested to find out how you would cash it in.

I think so he used it wherever and however a visa or MasterCard is used ,He just said that it cost him 2% over the transaction price.

I've read about it a bunch and still don't fully understand it. Can't bring myself to buy any. Not to mention with all the hype right now there is a good chance you'd be buying near the top.

Here's the best I can tell. Computers spend electrical energy to run programs that basically work through trillions of calculations to find/unlock bitcoin blocks (25 bitcoins). From what I understand your average home computer would take about 98 years of constant running to unlock a block. At the end of the day it's not all the different than gold. These virtual currencies require "work" (in the form of electrical energy) to "mine" them in a strange way creating their value.

I can hold an ounce of gold though. I can't hold or even understand the computer code that governs these bit coins.

Is J.P. using the TFF to farm bitcoins using our PC's power while we're logged in???

If not, he should be. That's what I'd do.

Yeah, that's where I get lost too. What makes the code that generates these bitcoins valuable in an of itself?

I know all the reasons that gold is valuable, both commercially and monetarily. Likewise for silver, platinum, and other metals. Federal Reserve notes may not have any intrinsic value, but they can be redeemed with the US government for obligations (taxes mostly).

As to arguments that drug dealers use bitcoin. Piffle. Pish-tosh.

Drug dealers will use ANY medium of exchange - US currency, Euro banknotes, gold, silver, bitcoin, prepaid gift cards, etc. I'm all in favor of forms of money that give privacy to the individual. Government has no need to know what every one of us is doing with our money every day.

X2

I've started seeing companies here offering to accept them as forms of payment.

Cryptocurrency.

Aren't those used on the dark web to buy dope and kiddie porn and other illegal untraceable things ?

These are being horded by the Japanese. Banks in Japan currently offer negative interest rates.

Its very easy to "cash it in". Open a Coinbase account, it's the #1 exchange on the 3 leading cryptos, Bitcoing, Ethereum and Litecoin. You can buy them there and also cash them in directly to your bank account. Fairly simple process.

I'm in ~10 different cryptos now for various reasons and done a ton of research. The blockchain is the biggest revelation in years and the underlying cryptos that are running on the blockchain have intrinsic value based on their application.

There are multiple scenarios where Bitcoin (or another crypto) are helping people dramatically.

Think of the legal cannabis industries where they deal in 100% cash because of the Fed rules on banking. Now someone can buy a crypto, spend it at a dispensary and it's deposited into their wallet versus handing all that cash.

Another very viable scenario is people sending money across borders. Western Union is the #1 way to do that now and they will go the way of Blockbuster Video....mark my words.. If you send $20 via WU, it costs a person %25 - $4.99. Sending $20 worth of Botcoin will cost you less than $1. Then all the 3rd world countries where their FIAT is worthless and having the ability to pay for goods and services via these types of applications will change the world..

Bit of a ramble but I am pretty passionate about the future of cryptocurrencies...I am in a similar tech business.

I wouldn't know a Bit Coin if it bit me in the a**.

My concern is the inability for the Government to track earnings from valuation increases. creating an environment where bitcoin owners have no incentive to report earnings and thus no taxes paid on these earnings. If this grows enough the government will no doubt put major regulations on companies that accept bitcoins as payment and companies that act as intermediaries. Also may come back on those who never reported their earnings.