Is the benefit of the anonymity that great? I was just thinking about this to myself today, the prices of ID's stay the same to the consumer when you buy BTC with the dollar but because if the amount of BTC vendors keep in their wallets they are frequently gaining and loosing money at any given moment with an unbacked currency. Hell it seems like amazon gift cards would be better for payment over BTC. So why do we use BTC?
Posted Jan 16, 2016, 7:02 PM UTC
Better to be anonymous and not get caught than make a few extra dollars.
We don't keep it in BTC for long, we exchange it for other currencies or commodities that are less volatile. A trick quite a few of us use is throwing the coins into exchanges and then hedging the value against a more stable mainstream currency like the Euro to protect against volatility. Regardless, a 10% reduction in value still hurts for any unconverted holdings.
That makes sense I didn't think of that
i like doing gold. straight from btc to gold
You cant be traced and the buyer cannot charge back (like on paypal)
You actually can charge back through the blockchain if your order has no confirmations yet... Or so I've heard
Yes, in a very limited sense, but vendors will not produce your order until the transaction has confirmed (which with any normal service should only take a few minutes).
When I bought mine, it didnt say that I had paid, untill the btc was confirmed.
The US dollar is an unbacked currency
Very true but its more recognized, for both currencies the only thing backing them is demand and the dollar is going to have high demand for probably the next 20 years but BTC just fluctuates so so much
Anonymous. Safer
Anonymity is important when you are doing illegal high currency transactions on a daily basis.
Anonymous and convenient for us to cash out.
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Anonymity. These people are committing federal crimes.
Felonies that could exceed 15 years in federal prison, mind you.
We're small though so I can see a 6 month charge, I'm just saying POSSIBLY