Bitcoin - currency of THIS industry

[comabanana]

Hallo guys, i am an ex-pat who moved to SG a number of years back and chanced upon this crowdsourced gem. The resources have been entertaining, reliable and extremely insightful for an “angmo” like myself. I have noticed that SBF has a strong air around certain topics, mainly sex and gambling. Have you guys heard of this cryptocurrency called Bitcoin?

In 3 points, i would like to summarise why SBF and bitcoin should tie the knot:

Perfect payment method for Sam, since transactions are irreversible and come with close-to-zero fees. Bitcoin is a anonymous, global P2P cash system. Those paying for premium will not receive the subscription statement at the end of the month.

Bitcoin treads in where credit cards fear to tread. Craigslist and back page were forced to shut down their adult section or the card companies would stop processing their transactions. Today, back page accepts Bitcoin for collecting Ad revenue.

Adult site lovers and gamblers aren't required to pay high fees to suspicious payment providers. Personally, i would not risk giving out my credit card information to those websites.

I was shocked to see zero informative posts on Bitcoin on SBF and decided to chip in my fair bit after lurking for so long. Me been evangelising bitcoin for some time now, and it is now time to get all of you on board. To kick things off… fire away some questions and me would be more than happy to answer.

Some sites you might be interested in:
xotika.tv - cam girls paid in Bitcoin

Nitrogensports.eu - sportsbook + poker + casino

[Noun]

Who created bitcoin?
Why do we need to use bitcoin?
Who guarantee for bitcoin?

[Pleasure_empire]

Maybe you can tell us more how to go abouts, how to buy the coin, receive payments and convert back to cash?

[bigangry]

bitcoin is good. it can be used for many things. it is a good currency to trade on platforms like the silk road market place.
that is until the PRCs discovered how to mine it and having seen how the PRCs do it, i have to admit those jokers are damn good!

anyway i dont see it see singaporeans picking it up, (unless you are in specific industry that will use it), because we are one united herd of sheeps, master never say bitcoin is good grass we dont eat.

[comabanana]

Originally Posted by Noun

Who created bitcoin?
Why do we need to use bitcoin?
Who guarantee for bitcoin?

Bitcoin was created by an anonymous person called Satoshi Nakamoto. It's been almost 8 years and nobody knows his true identity.

Bitcoin is a p2p decentralised cash which removes intermediaries from transactions. i.e. payment processors, remittance service providers and even banks. For Samsters like us, payments could be easily made without having to give up any details. This is unlike your credit card or paypal. On the merchants' side, fees are negligible (about 3 cents) compared to 3.5% for credit cards. Imagine collecting 1m via credit cards each year....35k goes to the processor for fees alone.

Looking under the hood of the bitcoin protocol helps give insight to the mathematical foundations of the digital currency. The protocol is maintained/governed by everybody taking part. Closest reference would be the bittorrent network that keeps consistent files across seeders. Every transaction in the bitcoin network is verified and maintained in a public ledger called the block chain. To hack the bitcoin network today, you will require tremendous computational power to take over all the participants. Even all the supercomputers in the world combined will not be able to do so. Safe? Confirm plus chop

[comabanana]

Originally Posted by bigangry

bitcoin is good. it can be used for many things. it is a good currency to trade on platforms like the silk road market place.
that is until the PRCs discovered how to mine it and having seen how the PRCs do it, i have to admit those jokers are damn good!

anyway i dont see it see singaporeans picking it up, (unless you are in specific industry that will use it), because we are one united herd of sheeps, master never say bitcoin is good grass we dont eat.

Yes, you are right. The largest mines are in china. These computers secure the bitcoin network

This is the specific industry which can drive the adoption i would sae. Dou you know how the internet became famous? Porn and gambling my friend.
I foresee a time where escorts start accepting bitcoin. Why?
1) For escort agency: No chargebacks for credit cards. Costs and chargeback rates are high from what i last heard.

2) Customer: No shady statement and questions from wife at the end of the month

[comabanana]

Originally Posted by Pleasure_empire

Maybe you can tell us more how to go abouts, how to buy the coin, receive payments and convert back to cash?

All of the above could be delivered by your local bitcoin wallet provider. Several exchanges have sprung up in SIngapore, example FYBSG and ITBIT. For any new user to bitcoin, I would recommend a company called COINHAKO - smooth transactions with simple interface. For Malaysia, you can check out Bitcoin Malaysia for recommendation.

Buying Bitcoin involves you sending cash locally to your provider. Then account gets credited and user proceeds to buy.

Sending and receiving is easy. The harder part would be understanding the "address" component - which will be taught when the mods approve

[Noun]

Originally Posted by comabanana

Looking under the hood of the bitcoin protocol helps give insight to the mathematical foundations of the digital currency. The protocol is maintained/governed by everybody taking part. Closest reference would be the bittorrent network that keeps consistent files across seeders. Every transaction in the bitcoin network is verified and maintained in a public ledger called the block chain. To hack the bitcoin network today, you will require tremendous computational power to take over all the participants. Even all the supercomputers in the world combined will not be able to do so. Safe? Confirm plus chop

I ask who guarantee bitcoin?

[Noun]

Originally Posted by comabanana

All of the above could be delivered by your local bitcoin wallet provider. Several exchanges have sprung up in SIngapore, example FYBSG and ITBIT. For any new user to bitcoin, I would recommend a company called COINHAKO - smooth transactions with simple interface. For Malaysia, you can check out Bitcoin Malaysia for recommendation.

Buying Bitcoin involves you sending cash locally to your provider. Then account gets credited and user proceeds to buy.

Sending and receiving is easy. The harder part would be understanding the "address" component - which will be taught when the mods approve

As a consumer we do not need bitcoin and why do we need to buy using cash without any government guarantee as legal tender?

[Noun]

Originally Posted by comabanana

Bitcoin is a p2p decentralised cash which removes intermediaries from transactions. i.e. payment processors, remittance service providers and even banks. For Samsters like us, payments could be easily made without having to give up any details. This is unlike your credit card or paypal. On the merchants' side, fees are negligible (about 3 cents) compared to 3.5% for credit cards. Imagine collecting 1m via credit cards each year....35k goes to the processor for fees alone.

Credit card is different...as consumer we pay after we bought?

So we not interested how the merchants side settle with banks or credit card company?

You did not answer why do we need to use bitcoin or buy bitcoin without any guarantee from central banks?

[Evelynnnnnn]

Originally Posted by Noun

Who created bitcoin?
Why do we need to use bitcoin?
Who guarantee for bitcoin?

Transactions are untraceable.

[Abcdefghijklmn]

Bitcoins are a famous medium for hackers too.

[Arse-nal]

no issues wif bitcoin bt skeptical about ts being an angmo

[alexmason86]

any bro can provide some guide how to setup Bitcoin mining pool ?

been trying to setup mining pool using windows machine + CPU and been trying to use free VM machine to mine bitcoin. not soo successful and the application that i use failed to start.

[LateHunter]

What I heard now is it is bo hua to mine le.. it takes too much effort to mine bitcoin..

Originally Posted by alexmason86

any bro can provide some guide how to setup Bitcoin mining pool ?

been trying to setup mining pool using windows machine + CPU and been trying to use free VM machine to mine bitcoin. not soo successful and the application that i use failed to start.