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Bitcoin Users
updated: Aug 14, 2014, 10:34 AM

By Edhat Subscriber

Can anyone tell me if any businesses in SB accept bitcoin for payment ? Are there any users on ED HAT who use bitcoin that think businesses in SB need to adopt this new technology as a form of payment ?

Comments in order of when they were received | (reverse order)

 COMMENT 544462P agree helpful negative off topic

2014-08-14 10:46 AM

Given the fact that it is a crap shoot as to what amount of USD they eventually get for the bitcoin, it does not really make good economic sense. Hopefully for the sake of their own economic well being, the answer is none.

 

 COMMENT 544470 agree helpful negative off topic

2014-08-14 11:03 AM

People are quick to dismiss Bitcoin, but we picked up a Bitcoin Miner and it almost pays our entire mortgage payment at this point with little operating cost

 

 COMMENT 544476 agree helpful negative off topic

2014-08-14 11:20 AM

You...do understand that there will eventually be no more Bitcoins left to mine, right? Just want to make sure you know that.

 

 COMMENT 544486 agree helpful negative off topic

2014-08-14 11:38 AM

@470, completly untrue. At this point in bitcoins life, you are mining with so many others that you are lucky to get a 1/4 a bit coin for every 5000 transactions mined. Even in the beginning it is doubtful to generate enough bitcoin on a regular basis to pay a mortage.

As far as local merchants, im not aware of any. But did read a story of a tesla dealer in beverly hills taking bitcoin for payment. Which i though was interesting.

 

 COMMENT 544491 agree helpful negative off topic

2014-08-14 11:45 AM

On bitcoins, does it say "In virtual god we trust"?

 

 COMMENT 544493 agree helpful negative off topic

2014-08-14 11:50 AM

I saw a post on reddit of a street vendor on State that accepts bitcoin.

 

 COMMENT 544500 agree helpful negative off topic

2014-08-14 12:19 PM

"street vendor" = panhandler

 

 COMMENT 544502 agree helpful negative off topic

2014-08-14 12:23 PM

A panhandling (ostensibly homeless) person that accepts bitcoin. Only on Edhat would you find such a suggestion.

 

 COMMENT 544506 agree helpful negative off topic

2014-08-14 12:31 PM

470 what miner do you use ? Anymore info ?

462P. If a business uses bitpay. they can accept bitcoin and it instantly converts to the dollar value. With no risk to devaluing in the trade. 1$ in bitcoin = 1$ received to a business. No cuts or loss in conversion

 

 COMMENT 544515 agree helpful negative off topic

2014-08-14 12:59 PM

@470 is an obvious astroturfer.

 

 COMMENT 544519P agree helpful negative off topic

2014-08-14 01:04 PM

Bitcoins = NO THANKS!

 

 COMMENT 544527 agree helpful negative off topic

2014-08-14 01:30 PM

To answer the OP's question - there are no businesses in this area that accept it as payment. Change is hard. And sometimes change is maligned and misunderstood - 2 popular things to do in this area.

 

 COMMENT 544559 agree helpful negative off topic

2014-08-14 02:09 PM

I wish my local drug dealer would accept bitcoin...

 

 COMMENT 544575 agree helpful negative off topic

2014-08-14 02:34 PM

No reason to change to Bitcoin or any other cryptocurrency, 527. Just as volatile as any other currency; almost moreso in many respects. Has nothing to do with change being hard.

 

 COMMENT 544584 agree helpful negative off topic

2014-08-14 02:42 PM

No. Silk Road, yes

 

 COMMENT 544703 agree helpful negative off topic

2014-08-14 08:50 PM

We're a marketing firm on Garden & Canon Perdido and we accept bitcoin. We took on a client with a BTC exchange about a year ago and have had fun watching and learning about it. If you like to gamble, buy/sell drugs, or send money back to family overseas then bitcoin is great! Realistically doesnt solve too many banking problems outside of that at this early phase.

Its still not stable to use in commerce unless you constantly batch out to your native currency, security is a major concern, software wallets are clunky and you cant trust the nerdy startups with the safety or solvency of your bitcoin holdings.

Virtual currencies have a long way to go though my suspicion is one day they'll be as common as text messaging.

 

 RHS agree helpful negative off topic

2014-08-15 08:42 AM

Fools are mined every minute it seems. How can anyone believe that they can "mine" on a computer and produce something from nothing. Just like the first investors in a Ponzi scheme you may get out ahead of the pack but this will end badly. On the other hand, remember the adage: You can't cheat an honest man. (But it is not hard to con a greedy one.)

 

 COMMENT 544831 agree helpful negative off topic

2014-08-15 11:30 AM

I saw a warning online recently warning people about bit coins. The quote was "It's the Wild West people, BEWARE" .... which I take to mean that there is no government agency that will help you if you get screwed.

 

 COMMENT 544834 agree helpful negative off topic

2014-08-15 11:36 AM

bit coin is not recognized tender anymore

 

 COMMENT 545017 agree helpful negative off topic

2014-08-15 06:47 PM

As for the ponzi scheme concern:

After Madoff, anything is possible. However, anyone who takes the time to seriously look at how bitcoin works will figure out that that's likely not the case. Just as investing in young technology companies should only be done when you have money to lose, the same goes for bitcoin as an investment.

Notable companies that accept bitcoin today include Dell, Virgin, Tesla, Overstock, and Ebay/Paypal announced they are adding it to their platform as well.

There have been multi-million dollar investments into bitcoin related ventures from Union Square Ventures, Jerry Yang, Sir Richard Branson, Ribbit Capital, Y Combinator, and many more.

The amount of due diligence these firms have done on bitcoin lets us know that they see a future which includes bitcoin.

 

15% of comments on this page were made by Edhat Community Members.

 

 

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