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First you have to find one of the Bitcoin ATMs, then you go to McDs.

If Bitcoin is a currency, why is the values you type out in US dollars? That folks, is exactly why its a bad gamble.....

Wear yer mask

There are Bitcoin ATMs as Ray mentioned and they’re located in North America in various locations. You can buy and sell at these ATMs.

The guy is building an absolute fortress.
Paid $1M for the 100 acres.
Heavy equipment has been on the hillside for 1.5 years now and construction just rose above ground level 2 weeks ago.
All concrete so far. Yesterday coming home the forms were about 10' above ground level.
Friend that is a welder has been working in the portion underground reinforcing the concrete, some areas are poured 3' thick, and there are tunnels in the hillside as well.
The guy bought a $500K home at the end of the road where his land starts to live in temporarily and also has 4 condos and a 3K sq ft home in same neighborhood[on lake] that he is renovating.

How did so many of us miss out on this??

There is alot of confusion around block chain and bitcoin in this thread. Unlike Ray, I actually do understand the technology. Bitcoin was NEVER intended to be a real investment, it was a proof of concept of block chain technology that the "geeks" found overly successful so it evolved into a POSSIBLE on line currency. When you invest, what you are essentailly doing it betting that blockchain gets proven AND bitcoin actually catches on.

So some answers:

- Can you actually buy stuff with bitcoin? Yes and no. You can at any place that accepts it. These are VERY few and far between.

- Is there anything behind it to give it funding? Yes and no. It's as valuable as the world lets it be. Just like any monetary system. Bitcoin is not backed by any government, but by the technology itself. Which spins the financial models on their head.

- If it's money, why do you buy it/value it with US dollars? Because you are investing US dollars into the possible future. If you invest in it in another country it would be in that countries currency. You aren't buying bitcoin, you are buying into it's future use. As to why it goes so wild? Most likely people, like Ray, who don't understand what it is and isn't.

- How does block chain work? Hmmm, very long, complex answer, but essentially a block chain is "chain" of computers that all agree that it exists. Since the computers are not commonly owned by any one group, and they all have to agree, it's theoreticaly "safe". This is where "mining" comes in, essentially you join the chain and are assigned some "money", that comes with an unhackable GUID (ID number essentailly), that you can store on a thumb drive and poof you have "money". That's overly simplistic, but it's a cool, but expensive and time consuming technology.

Using it, theoretically, is just like using a debit card, you insert the "card" into a machine, and it processes it. Except today your debit card is backed by your bank, while online currency would be backed by block chain technology.

I PERSONALLY don't see "money" going away, but cash going away. Cash itself is expensive to build, distribute and has a limited lifespan. Money that is nothing more than bits on the internet, will happen. Soon. It won't be bitcoin ,and those in bitcoin are going to have to time the bail out correctly.

Very interesting post.

In 2012 a genius neighbor kid came over to help fix my computer he told me it was the future and a great investment....I bought 1700 bitcoins $510....used them to buy on the internet took them for payment sold some off at spikes to investors at one time had over 6000 ... December 2017 I did a cash in some at over $19'000...

I've done a lot better on Bitcoin than the $325 a ounce gold or that face value silver from the 60's-70's I collect on my paper route....

That kid down the street he has never had a job and lives off investments and Bitcoins....

Did you say you made $30 million on bitcoin? Or am I not understanding your post?

Actually, using it is exactly like using a debit card because that is what some exchanges offer. Coinbase, for example, issues Visa debit cards that draw from whichever crypto the holder specifies. Individual transactions are converted to the purchase currency and settled by Coinbase using what amounts to a a good faith model similar to a brokerage, so they don’t need to wait for the blockchain to confirm.

The fees are outrageous, so using a BTC account to fund daily shopping doesn’t make a lot of sense.

Long term I don’t see BTC being used as a daily currency. Something like Chainlink, if they’ve really solved the oracle problem, would have a huge impact on the derivatives transactions. They’d settle in minutes rather than days.

SOON. IF you can go to a strip club in Vegas then I figure Mcd can't be far behind. You could buy alot of McD for a bitcoin, HA !! It hit $11600 for a bit this morning and dropped back to $11K.

What stickfight said. Thank you. The blockchain will be the BIG BIG money but the bitcoin is going to be big enough for me. My "GUY" says what he thinks bitcoin will go to and other wizzards have made some predictions as well. I won't post what my guy thinks it will be worth but the guy that supposedly made the bitcoin says the last bitcoin will be worth $1,000,000 which makes ALL of the bitcoins worth that. I HOPE SO. I could help a lot of friends problems. AND THAT is just bitcoin. Then you have the altcoins............. Ray

Pretty sure all the big online gold/silver dealers accept bitcoin as payment. So in theory you could turn it into something physical pretty easily.

While this is a possible outcome, I highly doubt it. Bitcoin only has value until something replaces it. Today, it's not backed by anything, not official tender for anything - you can cash it into money, then use the money, but that's counter to the idea of bitcoin and cashless society.

bitcoin MIGHT stay worth something, until it's not. The game is ride that wave!

Then again it could be like a PC used to be. The founder of Digital Equipment Corporation (if you get that reference you aren't very young), wehn asked why DEC didn't get into PC's, his answer was essentailly, "why would anyone want or need a computer on their desk?" Missed that ride!

Yes, in the Coinbase card example I posted the crypto is converted to fiat because that is what the seller’s bank requires. This is like using a debit card connected to your USD savings account to purchase something in Euro, your bank takes care of the conversion.

But BTC can also be used to make purchases directly. Anyone at all can choose to accept it in lieu of any other form of payment and they can leave it on BTC or convert it to whatever else, fiat included. People do that all the time every day. The twitter scammers converted BTC to XMR to wash it, then likely into Rubles or whatever they use where they are.

The “not backed by anything” is a tiresome argument. Your USD are backed by faith and credit, literally. If you buy a stock it is backed by nothing more than a market assigned value which is exactly what BTC is backed by.

It makes me think of gold. People that sell gold want my dirty old money in exchange for their gold.

ALSO makes me think that I paid $1144 for my bit coin and for a little bit this morning I was UP 1000 % on my out lay in about 3 years. Ray

Is anyone familiar with the company Riot Blockchain Inc. that trades under the symbol RIOT? What is the outlook? How do they increase in value?

BOB H... About a year ago Japan recognized Bitcoin as legal tender and could be used to settle any national debt.
This crypto isn't for everybody for sure. Flat scary to be honest. When I first got into it in march of 2017 there were about 400 different crypto coins. ANYONE can set one up. I got on a sight that listed all the coins out there and one was named tittsandass coin. REALLY ! Can you get hacked on this. YUP !! Heck, they hacked the pentagon. Last I heard{which has been at least a year ago} there were over 2000 crypto and my guy says 99% of them are pure POOP !!

TOOT was worried there wouldn't be an ATM at the McD. There might or might not be one there but when this all gets said and done you will have an app on your phone or have a debit card that will take care of your purchase of the double fat burger and fries. Ray

I had read that it is mostly used for illegal or questionable purchases like drugs, illegal weapons and 'escorts'. Basically hookers and blow. Also the IRS is starting to be able to get their hooks in and going after their 'cut' of these windfalls.