Monday, October 31, 2011

Thoughts on Bitcoin

I like the idea of Bitcoin quite a bit, mainly because I like the idea of being able to send money to someone else at a distance without having to involve a third party (ie a bank).  Visa, Mastercard, and Paypal suspending donations to Wikileaks at the behest of the US (and probably other) government made me like this idea even more.
Bitcoin also seems to have a few problems right now.  The biggest problem seems to be that a lot of bitcoins are owned by speculators who are simply sitting on them.  The other is  that not too many places are willing to accept bitcoins as a form of payment.  If I had a need for alpaca socks or marijuana (and the balls to have it shipped to my house) I could possibly get what I needed.  Aside from that, I'll be stuck using US Dollars.
I am not  deeply invested in Bitcoin, and have no plans to be.  If I see something I can use being sold for Bitcoins, I'll buy it.  I will also accept them for anything I have for sale.  I won't be doing anything else to try and spread their use.

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