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7 Things You Need To Know About Bitcoin

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7 Things You Need To Know About Bitcoin

Postby sunnyd » Thu Apr 11, 2013 4:06 pm

Story :

Bitcoins are all the buzz. The virtual currency is riding a rollercoaster of speculation, rising exponentially in value and reaching a high of $260 this Wednesday before plummeting to $130. What’s more, the largest bitcoin exchange in the world just survived a coordinated hack attack, and bitcoin-generating malware is spreading across Europe like wildfire via Skype.

Yet despite all the sound and fury surrounding this made-up money, most people have a hard time understanding exactly what bitcoins are - and how they work. This is troubling, especially if you’re thinking of investing your own time and money in the Bitcoin phenomenon.

Starting your own bitcoin wallet isn’t necessarily a bad idea. Bitcoins aren’t tied to the fortunes of any single nation’s economy. They’re easy to exchange, and they aren’t subject to transaction fees. But you need to know a few important things before throwing your money into the volatile bitcoin market. You need to understand how the Bitcoin system works, where it succeeds, and where it’s weak.

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Re: 7 Things You Need To Know About Bitcoin

Postby ejonesss » Thu Apr 11, 2013 5:41 pm

i pray that the crash of the market causes everyone to lose their bit coins especially the criminals who write malware to infect pc with bit coin mining code.

over at there are some users reporting torrents are being infected with bit coin mining malware.
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Re: 7 Things You Need To Know About Bitcoin

Postby Golgo1 » Fri Apr 12, 2013 9:29 am

I think one of the most interesting observations I read was in a comment on another bitcoin thread (cant remember where)

Because it has jumped in value so quickly, it is not being used (as much) as a currency anymore. It is being treated as a commodity. Stock up and hoard and wait for the value to climb. Sort of defeats the purpose :)
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