[Article] The Way Of Bitcoin

[dmz241]

I have been reading lots of posts and thread searches on bitcoin buying them or selling the. While I tried to answer most of them its hard to keep up with all new posts. This is why I figured to write a bit about it and bring to your attention of how they work of what they are.

First and for most I am a promoter and a bitcoin enthusiast the reason being simple, bitcoin will always be mine as opposed to the fact that my bank accounts can be sealed anytime by the government. Now to what is bitcoin? Its an opensource, peer to peer, decentralized crypto asset/digital asset/currency/commodity. Shew thats a long list and now let me try and explain why I listed it like that. See most people consider bitcoin as just a virtual currency which is not true. Bitcoin and its underlining technology known as the blockchain(or a public ledger in terms of common accounting) is being used for alot more then just having an impact as currency. Bitcoin is being used for settlement, block records keeping IDs like our very own CNIC are now being recorded on blockchain using bitcoin. Different countries have different views on the legality of bitcoin. You can simply google it and you will get details.


Bitcoin right now in Pakistan stands as unregulated and not falling under any law. At heart bitcoin is just a software that is based on SHA256 mathematical formula hence the term crypto and not virtual as each btc is verifiable by mathematics. People constantly confuse bitcoin with a virtual currency or think blockchain.info or bitcoin.com are the owners of bitcoin. That is the biggest misconception. Most people think that bitcoin might be hard to understand or use, to them I say I have more uneducated users using bitcoin then educated ones. We have been in operation for over 1 year and been the source of over 900 btc which is easily verifiable. As you know bitcoin is open source you can simply download the bitcoin core wallet and sync to the network and verify this wallet on your personal wallet if you dont believe in blockchain. I wanted to bring this information to you so anyone who wants to use or utilize bitcoin knows what he is getting into. Bitcoin does not have to be exchanged for just cash you can earn bitcoin by mining, faucets or getting paid in by working on sites such as xbtfreelancer.com. You might be wondering well where can I use bitcoin in a country like Pakistan. Trust me people are now realizing its potential and there is need for bitcoin. We try to get acceptance increased and we do need your help. If you own a business we would love to teach you how to accept it and how easy it is. You can contact us anytime and we will do our level best.

And these are just the ones listed in Pakistan. There are 100000s of other websites world wide that accept btc. I personally used it on fiver.com namescheap.com vultr.com, heck I even used it to book hotels through expedia.com. Its only a matter of time you will not need to tie bitcoin to usd as its value far exceeds any currency. Its is a medium of exchange governed by the laws of supply and demand of any country. The quicker we as a country realize its potential the better changes we have to be leaders in the field rather then just followers.

 

[sethsahab]

That is a one detailed thread i ever read about bitcoin.
Can you please also guide us how can we generate bitcoing i mean what is minning?

 

[Pleasant]

The only success bitcoin can have as a currency if they replace or give competition to Paypal like whoever accepts Paypal should accepts Bitcoin the company who is managing it should channelize this
and like paypal has specific set of countries to counter that bitcoin should be operational for whole the world !.

 

[dmz241]

The only success bitcoin can have as a currency if they replace or give competition to Paypal like whoever accepts Paypal should accepts Bitcoin the company who is managing it should channelize this
and like paypal has specific set of countries to counter that bitcoin should be operational for whole the world !.

Sorry for the late reply on this thread. Well actually bitcoin is run by its users. I know that sounds confusing. But here are a few figures. Paypal does around 390+million(transaction) in usd daily, where as bitcoin does roughly 219million+ daily. Now compare that to how long paypal is around, add injury to insult paypal now accepts bitcoin as a payment in North America. Additionally please understand that bitcoin is decenratilized in nature run on a distributed network. So no one owns bitcoin as a company but everyone owns bitcoin who has one. Its price is based on supply and demand and not a country or a single entity.

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That is a one detailed thread i ever read about bitcoin.
Can you please also guide us how can we generate bitcoing i mean what is minning?

I had posted alot more information of blogs and sites I run to tell people about mining using etc. Actually they come against the rules of pakgamers to post sites. You can either google bitcoin pakistan and you will see my blog or you can msg me so I can give you the links. However I dont think mining is feasible in Pakistan due to huge electricity costs.

 

[Pleasant]

Sorry for the late reply on this thread. Well actually bitcoin is run by its users. I know that sounds confusing. But here are a few figures. Paypal does around 390+million(transaction) in usd daily, where as bitcoin does roughly 219million+ daily. Now compare that to how long paypal is around, add injury to insult paypal now accepts bitcoin as a payment in North America. Additionally please understand that bitcoin is decenratilized in nature run on a distributed network. So no one owns bitcoin as a company but everyone owns bitcoin who has one. Its price is based on supply and demand and not a country or a single entity.

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I had posted alot more information of blogs and sites I run to tell people about mining using etc. Actually they come against the rules of pakgamers to post sites. You can either google bitcoin pakistan and you will see my blog or you can msg me so I can give you the links. However I dont think mining is feasible in Pakistan due to huge electricity costs.

So does that mean a person wakes up on a one fine day and decides to add bitcoin in there payment procedure by himself
So when steam origin will have a dream of having bitcoin as no body manages bitcoin so they can show them business module and propose business requisition
But thats not the case here

 

[assasin42o]

What if someone hacks your bitcoin acc?

Sent from Phone

 

[chaloo]

What if someone hacks your bitcoin acc?

Sent from Phone

If some one hack your account then you consider you are raided and ripped off

 

[dmz241]

bitcoin is like cash. Its like saying if I am held at gun point and you rob my wallet. Also what if your account is hacked on online banking? Same holds true for bitcoin.

 

[M0hammad0sman]

This is the most confusing, misleading post I have ever read about bitcoin. I am sorry (or am I?) to bash you but as a hater of misinformation, I cannot resist.

Let's start from the basics. What is bitcoin? Well, let's start from the good ol' days when there were no currency notes and the only way of barter was use of gold, silver etc. Soon people realized it was too much trouble to use gold as currency and it would be nice if someone kept their gold and issued them "notes" that they would be able to trade back for gold any time, it would be a LOT easier. Trade in notes, whenever you need gold, go to the keeper and get your gold and in return of taking care of your gold, you gave them a small amount of security fee. Could it be any simpler? Little did they know of the pitfall they were throwing themselves into. The keepers of the gold or "banks" started printing a lot more notes than they had gold. This made them filthy rich in no time. But when "all" of the people got to the bank to get back their gold, there was not enough gold and the bank collapsed. It means as long as there are banks, there will be a lot more notes in the market than their is gold. This is called inflation. It means wealth that is "virtual" or "made up" or something that does not exist in reality. The more we came to know the banking system, the more did we realize that shifting to currency notes was a big mistake. Because the amount of gold in the world is limited so you cannot make gold but just "mine" it in contrast to the currency notes which can be printed in as high a number as the bank owner wants. There are a billion ways to exploit the system. Creating inflation by printing notes is just one of them.

Now let's get back to the bitcoin. What the fuck is this thing? why is it so special?

1) Well, it is mainly because it resembles to gold. To keep it simple, your computer "digs" mathematical formulas to find bitcoins, just like gold and the more bitcoins you find, the harder it gets to "dig" further bitcoins because the total number of bitcoins is limited, just like gold. you cannot "make up" bitcoins, you can only mine them. so inflation is not possible theoretically.

2) It is anonymous if you want to buy drugs or Abuses will lead to bans or some other disgusting things like MS windows.

3) It is not possible to "create" your own bitcoins because the "log" of bitcoin transactions is kept on millions of computers and servers across the world and you must have entries in the every one of those logs to prove your bitcoin is real. Good luck hacking into several millions of computers. Also, if you were that big of a hacker, you would not be reading this dumb post. So that's out of the window.

4) Also, it is easier to use than gold. One click and you can pay that russian you just bought ak47 from. Another click and you just paid the assassin on the dark net to kill the idiot who regularly sends you candy crush request. No one will ever know.

5) It has a lot lower fees than traditional methods. It is so cheap you can say it's free.

6) It can be hacked but chances of that happening are very slim unless you are dumber than a standard monkey.

7) You don't always have to work for it, you can dig bitcoins using your computer. Right now, one bitcoin is probably equal to 40,000 pkr (Don't get too excited. I'll tell you in a minute why digging is not a good idea.)

NOW COMES THE BIG QUESTION... IF IT IS ALL HEAVENS AND RAINBOWS WHEN IT COMES TO BITCOIN, WHY HASN'T IT TAKEN OVER THE NORMAL CURRENCY? WHY USMAN WHY OH MY GOD WHY?

It is not all heavens and rainbows. Shut up. There are some major problems when it comes to bitcoins.

1) The only way a payment company can be successful is by its widespread use, its universal acceptance. Paypal is probably the shittiest company (arguably) but it is and will be at the top because it is fucking accepted everywhere. Bitcoin, on the other hand, is not. Personally , I don't know anyone in pakistan who accepts bitcoins.

2) "Why are you so dumb Usman? You can just cash the bitcoin and use the real cash whenever you want". It's not that simple. Buying and selling bitcoins is a big pain in the ass. I don't want to go into the details here but trust me it is. It's been 3 months and my ass still hurts.

3) Unlike in theory, bitcoins prices fluctuate A LOT. and I mean A LOOOT. At the end of 2013 one btc was $250. in the first quarter of 2014 it was 1200 fucking dollars and by the end of 2014 it was back to being 400 dollars. People who deal with currency would know why that is a turn off.

4) If you are thinking of mining bitcoin just after reading this post. You are dumb. Dumb and stupid. Dumb and stupid people never succeed (except for steve jobs, he was dumb and stupid piece of shit and still succeeded.).

There is a LOT more to bitcoin than meets the eye. This post didn't even scratch the surface. It is an interesting product but people like [MENTION=70105]dmz241[/MENTION] should not misinform people.

 

[dmz241]

Sorry MohammadOsman if I offended you.
I am not sure where I provided misinformation. Let me add this first, actually this post had alot more information and alot more websites for Pakistan I was told by mods to remove the links. I dont recall saying mining was feasible in Pakistan. I think mining is mostly dead in majority of countries due to power costs. There are only limited mining farms with majority being in China. I am not sure where I misinformed people. I just gave information nothing else. Let me answer a few things for you. But before I start, I would like to say thanks for this great information that you have put forth. We already know what can be bought with bitcoin as microsoft, dell and many other websites including Barclay bank in UK is accepting bitcoin, and where you can do wrong you can also do right. The buying of guns and arms and durgs is alot easier in Pakistan with ruppes then buying with bitcoin we have to agree on that atleast. I am taking your points and answering them one by one.

"
NOW COMES THE BIG QUESTION... IF IT IS ALL HEAVENS AND RAINBOWS WHEN IT COMES TO BITCOIN, WHY HASN'T IT TAKEN OVER THE NORMAL CURRENCY? WHY USMAN WHY OH MY GOD WHY?
You are right its not there yet. But can it? check my last para thats what I mentioned in that article.

It is not all heavens and rainbows. Shut up. There are some major problems when it comes to bitcoins.

1) The only way a payment company can be successful is by its widespread use, its universal acceptance. Paypal is probably the shittiest company (arguably) but it is and will be at the top because it is fucking accepted everywhere. Bitcoin, on the other hand, is not. Personally , I don't know anyone in pakistan who accepts bitcoins.
Yes you are absolutely right. But bitcoin is not a company and can only move forward if accepted by people. Just didnt know "widely" was referred to just within Pakistan. I went on a trip to turkey booked all my hotels with bitcoin. You personally dont know anyone accepting bitcoin in Pakistan is very sad to know. I can name a few websites and name a few places that accept bitcoins in Pakistan(Purely Pakistani). Unfortunately I had those links in here and were taken down by mod, and later the article was posted without those. You can pm me anytime brother I would love to tell you of such websites and physical locations accept bitcoins Pakistan. Heck you can get gas, pay your bills buy jackets carpets and 3000 other products from just Pakistani websites all in bitcoin. Additionally Paypal does about 379 million USD transaction daily (saw this metric with visa and master card leading the way I will try to find that again and show you but do not hold me on this metric as I saw it online and cant verify its source) and it has been around since early 2000s, btc does about 219million daily(again from the same source).

2) "Why are you so dumb Usman? You can just cash the bitcoin and use the real cash whenever you want". It's not that simple. Buying and selling bitcoins is a big pain in the ass. I don't want to go into the details here but trust me it is. It's been 3 months and my ass still hurts.
Yes it is. OTC trading touched 32lakhs on a popular otc trading platform in Pakistan. Yes risky but there is an exchange also which does 200000rs worth of trade daily. Again I cant post links. But anyone is more then welcome to pm me. These 2 websites dont even have the numbers or volumes of people who are dealing on their on. A simple google search will give you more then enough exchangers in Pakistan. Wallet Address that you can use on blockchain.info to verify the exchange volumes of that site : 17W4PZ2PS3KksDy5T6yE7FaJsgjmnYMXuP

3) Unlike in theory, bitcoins prices fluctuate A LOT. and I mean A LOOOT. At the end of 2013 one btc was $250. in the first quarter of 2014 it was 1200 fucking dollars and by the end of 2014 it was back to being 400 dollars. People who deal with currency would know why that is a turn off.
Yep you are absolutely right. It was really bad from 2012 to 2014, but thats bound to happen with a new setup. Its much more stable now. But does is fluctuate around $100 per night yes it does. Traders dream, and payments nightmare.

4) If you are thinking of mining bitcoin just after reading this post. You are dumb. Dumb and stupid. Dumb and stupid people never succeed (except for steve jobs, he was dumb and stupid piece of shit and still succeeded.).
Its the stupidest thing to think you can mine btc in Pakistan since the electricity cost and other electricity related problems will cause you to bang your head against the wall. And again I listed that and mentioned in that article that you can get bitcoins in these way. Even faucets and free sites are stupid.

There is a LOT more to bitcoin than meets the eye. This post didn't even scratch the surface. It is an interesting product but people like @dmz241 should not misinform people.[/QUOTE]
Lastly to this statement when did I ever say its feasible to mine? If I did say that I apologize. And will again and again tell people DO NOT MINE IN PAKISTAN. I think before bashing someone out of the park you should atleast simply say that you are wrong, and actually read what the next guy had to say.