Bitcoin mining and cryptocurrency thread

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Re: Bitcoin mining and cryptocurrency thread

Post by Big Boy » Thu Nov 02, 2017 7:54 am

In cafes? I thought the value of 1 Bitcoin was megga bucks. How was change being handed back? In a wheelbarrow?

It's beyond imagination how many Dong you'd get to a Bitcoin.
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Thu Nov 02, 2017 8:06 am

Big Boy wrote:
Thu Nov 02, 2017 7:54 am
In cafes? I thought the value of 1 Bitcoin was megga bucks. How was change being handed back? In a wheelbarrow?

It's beyond imagination how many Dong you'd get to a Bitcoin.
A common misconception.

Bitcoin is a digital currency, it can be broken down into tiny pieces digitally - there is no 'change', so if you go into a coffee shop accepting BTC and a coffee is usually $3, you'll pull out your mobile and 0.000440550 BTC will be deducted (at present exchange rate).

Today 1 Bitcoin is worth 154,789,513 Dong!

It just broke $6,800 by the way .... :dance:
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Re: Bitcoin mining and cryptocurrency thread

Post by Big Boy » Thu Nov 02, 2017 8:12 am

buksida wrote:
Thu Nov 02, 2017 8:06 am
A common misconception.

Bitcoin is a digital currency, it can be broken down into tiny pieces digitally - there is no 'change', so if you go into a coffee shop accepting BTC and a coffee is usually $3, you'll pull out your mobile and 0.000440550 BTC will be deducted (at present exchange rate).
Thanks for that, yes, I didn't realise there were sub-divisions.
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Re: Bitcoin mining and cryptocurrency thread

Post by Vital Spark » Fri Nov 03, 2017 7:39 pm

I have five nephews in the UK and don't normally bother with Christmas presents for them. This year I'm going to tell them to get a wallet for cryptos and I'll send them a little something to start them off. If they can't work out how to open an account, then they'll obviously get nothing. Cruel, but kind... :wink:

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Re: Bitcoin mining and cryptocurrency thread

Post by Pleng » Sat Nov 04, 2017 11:32 am

Vital Spark wrote:
Fri Nov 03, 2017 7:39 pm
I have five nephews in the UK and don't normally bother with Christmas presents for them. This year I'm going to tell them to get a wallet for cryptos and I'll send them a little something to start them off. If they can't work out how to open an account, then they'll obviously get nothing. Cruel, but kind... :wink:

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Obviously I don't know how old these nephews are... but isn't simply saying "open a wallet and I'll send you some coin" a little risky without educating them to the risks of investments? What if there's a sudden surge after Christmas so they decide that this must be fantastic and thus invest a load of money they can't afford? (potential mortgage deposits, wedding savings, pocket money... :D) What if three weeks down the line they loose everything?

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Re: Bitcoin mining and cryptocurrency thread

Post by Vital Spark » Sat Nov 04, 2017 11:48 pm

That's a very good point, Pleng. My nephews are between 20-30 years old. The youngest one is extremely careful with his money, and the eldest has a sensible head. The three in the middle could get carried away. I may do a rethink on that idea.

Just read a report about the Bitcoin hard fork that I could actually understand. Well done Fortune for putting the information into laymen's language.

http://fortune.com/2017/11/03/bitcoin-segwit2x/

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Re: Bitcoin mining and cryptocurrency thread

Post by Pleng » Sun Nov 05, 2017 11:38 am

buksida wrote:
Thu Nov 02, 2017 8:06 am
Big Boy wrote:
Thu Nov 02, 2017 7:54 am
In cafes? I thought the value of 1 Bitcoin was megga bucks. How was change being handed back? In a wheelbarrow?

It's beyond imagination how many Dong you'd get to a Bitcoin.
A common misconception.

Bitcoin is a digital currency, it can be broken down into tiny pieces digitally - there is no 'change', so if you go into a coffee shop accepting BTC and a coffee is usually $3, you'll pull out your mobile and 0.000440550 BTC will be deducted (at present exchange rate).

Today 1 Bitcoin is worth 154,789,513 Dong!

It just broke $6,800 by the way .... :dance:
What I don't understand, when it comes to buying a cup of coffee, or any kind of on-the-spot purchase, is that transactions take about 30 minutes to confirm, sometimes much longer... So do you have to wait 30 minutes for your product?

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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Sun Nov 05, 2017 11:46 am

No, because the transaction is guaranteed. Average transaction speed is about ten minutes now.
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Sun Nov 05, 2017 12:00 pm

BitThai.Net Officially Launch of Thailand's Newest Cryptocurrency Exchange Platform
Thailand's newest cryptocurrency exchange platform BitThai.Net will hold an official launch event on 5th Nov. 2017 at SO Sofitel Bangkok. The event will be attended by the CEO of BitThai.Net, Ms.Liu Rui Jia, along with Thai government officials, representatives of the Australian government who support the intiaitive, and representatives from different blockchain companies such as Qtum, Hcash, Energo Labs, Ink Chain, and Medibloc.

The event will also be live streamed for the public on several different platforms including BitThai's official Instagram account (bbitthai) on 5th November at 2:30 pmThailand time.

After receiving Thai government officials as the guest of honor, leaders from several creative blockchain projects all over the world will give speeches: Qtum, which combines a modified Bitcoin Core infrastructure with an intercompatible version of the Ethereum Virtual Machine (EVM); Hcash, a project designed to be a side chain to block- and blockless-based blockchains; Energo Labs, a project designed for a new future of energy production and consumption which builds Decentralized Autonomous Energy (DAE) networks; InkChain, which is a ledger where artists can register their work to generate business; and Medibloc, a decentralized healthcare information ecosystem for patients, healthcare providers, and data researchers.

Following the regulatory protocol for digital currencies put forward by the Thai government, and with support from Thailand's Ministry of Finance and Bank of Thailand, BitThai.Net is ready to list many different types of tokens such as Bitcoin (BTC), Bitcoin Cash (BCC), Litecoin (LTC), Ethereum (ETH), Qtum, and TSL. Tokens can be bought and sold for Chinese RMB and the local Thai baht. BitThai.Net is en route to becoming Thailand's most professional worldwide cryptocurrency exchange platform, while helping innovative blockchain-based projects to pursue cryptocurrency fund-raising through ICOs.

BitThai.Net will also help offline merchants to add a cryptocurrency-based payment and receipt method. This means that people in Thailand will now be able to buy and pay bills for everyday goods and services not just through cash and mobile payments but also through cryptocurrency. The payment experience will be as convenient as Alipay or Wechat pay in China, which is undoubtedly a huge experience upgrade for consumers and will be a significant milestone for financial innovation in Thailand.

http://markets.businessinsider.com/news ... 1006732711
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Re: Bitcoin mining and cryptocurrency thread

Post by Nereus » Sun Nov 05, 2017 12:04 pm

the CEO of BitThai.Net, Ms.Liu Rui Jia,

Hmm!
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Re: Bitcoin mining and cryptocurrency thread

Post by Pleng » Sun Nov 05, 2017 2:20 pm

buksida wrote:
Sun Nov 05, 2017 11:46 am
No, because the transaction is guaranteed. Average transaction speed is about ten minutes now.
My understanding is that the transaction is only guaranteed to be non fraudulent (ie confirmed) after three "confirmations". I've done quite a bit of minor trading recently and never once have the three confirmations come in less than half an hour. Sometimes it's taken double that.

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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Sun Nov 05, 2017 2:49 pm

Evidently we have differing experiences then.
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Mon Nov 06, 2017 10:35 am

A good roundup of Asia's take on crypto currencies ...

Asia’s role in the digital currency revolution
http://www.atimes.com/article/asias-rol ... evolution/
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Tue Nov 07, 2017 3:22 pm

Blockchain World Conference

Bangkok, Thailand
December 4, 2017

Seems a bit steep to get in at $350.

https://blockchainworldconferences.com/
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Re: Bitcoin mining and cryptocurrency thread

Post by Pleng » Wed Nov 08, 2017 1:33 pm

buksida wrote:
Tue Nov 07, 2017 3:22 pm
Blockchain World Conference

Bangkok, Thailand
December 4, 2017

Seems a bit steep to get in at $350.

https://blockchainworldconferences.com/
And strangely, you don't appear to be able to pay with bitcoin! :)

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