1 Bitcoin = $5386AUD, what????

[ol' boy]

The hell is going on here?
I thought you needed something like 40,000 Bitcoins for $1 AUD
Is this for real?

A bitcoin could be bought for around $570 just 12 months ago — reflecting a rise of around 645 percent to today's exchange rate.

I do wonder about that validity of the Bitcoin, i mean, where can you trade them?
What Banks in Australia accept the Bitcoin?

Or is that the whole point, they don't, so there will be a shift in the traditional money market?
Ahhhh that is the whole point isn't it, NO BANKS!!!! NO AUSTRAC records, NO Central Bank. But at what Guarantee?

Cash Deposit only???? Black Market


OK, this makes sense now....

12.5 bitcoins per block (approximately every ten minutes) until mid 2020,[12] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued.

No wonder Banks are looking down on huge cash withdrawals these days

Anyone here Bought Botcoins, then Sold them.
Does the Bitcoin merchant simply deposit the cash bank into your traditional bank account when you sell them?
Is there a Time Delay after the Sale of your Bitcoins? like T+3.

[Uncle Fester]

Yey

I thought you needed something like 40,000 Bitcoins for $1 AUD

OB, where have you been living in the past 7 years


Personally I think it is maybe a bit of a bubble because some in the financial world have noticed that Trump really is a total dimwit, so they are not going to invest in a currency that is controlled by total dimwits anymore.
What confirms my analysis is a more or less steady climb since Trump got himself somehow voted as president, and now that it looks like he is sitting in deep manure, the BTC price has skyrocketed lately.

While anything is here possible I doubt there will be a burst of the bubble as long as we have Trump.

Just to add to the party: everybody who was holding BTC on the 31. of July, due to a FORK, just got the the same amount in Bitcoin Cash(BCH) for free, a kind of clone of Bitcoin but with better transaction abilities(longer blockchain).
BCH is trading currently around 1/10 of a BTC, but anything can happen there too when merchants start accepting it.

I don't think the party will end for quite a while yet but there may be a few little hangovers

[Thala Dan]

The hell is going on here?
I thought you needed something like 40,000 Bitcoins for $1 AUD
Is this for real?





I do wonder about that validity of the Bitcoin, i mean, where can you trade them?
What Banks in Australia accept the Bitcoin?

Or is that the whole point, they don't, so there will be a shift in the traditional money market?
Ahhhh that is the whole point isn't it, NO BANKS!!!! NO AUSTRAC records, NO Central Bank. But at what Guarantee?

Cash Deposit only???? Black Market


OK, this makes sense now....


No wonder Banks are looking down on huge cash withdrawals these days

Anyone here Bought Botcoins, then Sold them.
Does the Bitcoin merchant simply deposit the cash bank into your traditional bank account when you sell them?
Is there a Time Delay after the Sale of your Bitcoins? like T+3.

I'm with you, OB.......WTF?

At least we can rest easy, safe in the knowledge that it's all happening on the internet, and nothing could possibility go wrong


PS: "Botcoins"?

Was that a Freudian slip, OB

[ol' boy]

Yey


OB, where have you been living in the past 7 years

In a can of beer i think mate

[Uncle Fester]

The hell is going on here?
I thought you needed something like 40,000 Bitcoins for $1 AUD
Is this for real?





I do wonder about that validity of the Bitcoin, i mean, where can you trade them?
What Banks in Australia accept the Bitcoin?

Or is that the whole point, they don't, so there will be a shift in the traditional money market?
Ahhhh that is the whole point isn't it, NO BANKS!!!! NO AUSTRAC records, NO Central Bank. But at what Guarantee?

Cash Deposit only???? Black Market


OK, this makes sense now....


No wonder Banks are looking down on huge cash withdrawals these days

Anyone here Bought Botcoins, then Sold them.
Does the Bitcoin merchant simply deposit the cash bank into your traditional bank account when you sell them?
Is there a Time Delay after the Sale of your Bitcoins? like T+3.

Fouund a bit of time to answer(hopefully) some of your questions.

You buy BTC on exchanges(search top Bitcoin exchanges).
They want your credit card and ID details, it is all recorded.
You make a payment with your credit card to buy BTC on the exchange.
From there you can immediately after it has been confirmed transfer the BTC elsewhere to
purchase something or on a platform like Cryptopia.co.nz to trade them against other Cryptocoins.
Provided you have trading skills you can multiply your BTC and then at the right time(like right now) purchase items or send them back to an exchange
that converts them back to FIAT dollars. There is no T+3 B.S. or if there is, then you chose the wrong platform.
ALWAYS READ the T&Cs !

While the media likes to make ppl think that BTC is all about drugs and black market, that sector is very tiny compared to
the real trade on exchanges.

Banks do not deal with BTC but are considering using the blockchain system for FIAT money transfers.

In the USA you can spend BTC probably in 100,000 stores by now, including some major online stores however they will not
send items to Australia except overstock.com but their BTC payment system then sucks and fails.
Fasttech.com is the only store for Chinese tech I am aware of that accepts BTC and sends to AU but they are slow.
There are methods to make FIAT currency payment with BTC payment redirect services.

Australia is way too conservative to accept BTC, just won't happen here.


I would certainly NOT recommend to get involved and purchase BTC at these all time highs.
Basically, like all investments, once it hits the media it is too late to start.

However while BTC is virtual, FIAT(our currencies) is even more virtual. FIAT is backed up with a few mouse clicks and rules
that are changed at will by Governments.
BTC and other Crypto (Altcoins) are backed up by energy.
Right now there are whole power stations in China dedicated to BTC Mining 'factories'. It costs an immense amount of electrical
energy for the processing power these days to find the blocks that create the coins and it gets harder every time.
No inflation or interest rates or Governments manipulating the market here.

[ol' boy]

Nope, cash only...
Deposit Account, Cash Deposit only, No EFT what so ever

[Uncle Fester]

The only other way would have been mining but you are 3-4 years too late for that or you find someone who gives you some. There used to be faucets with free BTC, times have well and truely changed.
You can earn crypto by listening to radio and exchange it to BTC but it would probably take you more than 10 years to earn 1 BTC:
bitrad.io

[ol' boy]

Yeah, i remember the mining days
Plenty of posts here about it

[ol' boy]

Some terms of sale here

[Uncle Fester]

Where did you find that, on the darknet?

Anybody offering or selling for cash ....run away quick unless you know them personally.

[ol' boy]

Where did you find that, on the darknet?

Anybody offering or selling for cash ....run away quick unless you know them personally.

[Uncle Fester]

Maybe try a news agent if he takes cash and then watch your wallet on your smartphone while you wait for the the confirm.
Where I live there won't be any of those selectednews agents.

[trash]

Sheeet. When I see market charts like this I know it's a good time to PANIC !!!

SELL SELL SELL !!!!!!!!

Lets revive this thread in 6/12 months. Bitcoin will either be $10,000aud or $2,500.
My guess is the latter. If it is $10k... the crash in 2019 will be even more spectacular.

[ol' boy]

Lets revive this thread in 6/12 months. Bitcoin will either be $10,000aud or $2,500.

Such an accurate predication trash
And they will be both more expensive, then cheaper, as they split into halves and quarters, etc
At least that is what i read about them.

12.5 bitcoins per block (approximately every ten minutes) until mid 2020,[12] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued.

Personally, i think they have plenty of growth left (if growth is the right word)
Just think, until now, its mostly been nerds and the alternative thinkers
Hasn't even hit mainstream yet.

Plenty of people with money to gamble, plenty of people want out of the current system.
How and if it ever makes them AUD, USD, EURO cash rich will be another thing. Or does even need to?
If its all on the Bitcion ledger, then who needs traditional currency?
We all laughed at a lot of things that have come along and now they are the norm...

PayPal, UBER, Facebook, The Internet, Email.... All questionable in their infancy. Now people have no idea what they did without them.



This whole making a currency out of nothing has me laughing though.
I do realise people pay money to buy bitcoins
But how did it start, all a bit pyramid to me.

And obviously, there is a Back End to all this
So we all go and swap our cash for bitcoins, where does all that cash go? Who got it?

[ol' boy]

[ol' boy]

Australia is way too conservative to accept BTC, just won't happen here.

Hmmmm, looks like a few places in Victoria accept BTC




Dominos
WebJet (since 2015)
etc etc.... plenty here seem to accept it.

And here is an interesting part.

Last year, the Australian Tax Office created new complications for Bitcoin deals when it ruled that the transactions are subject to the goods and services tax (GST) because cryptocurrency was not "money".

So... You pay GST, then GST on the Bitcoins???

The thing i really don't get, is when you equate or trade Bitcoins for a Product or Service
At the rate Bitcoins have been going up, the seller would have to change the bitcoin price of his item 100 times a day.

So if a new Fridge cost 1 Bitcoin 2 months ago, then today the same Frisge would cost 0.5 Bitcoin
And with a project Bitcoin value of $500,000 to $1,000,000 per Bitcoin, how does it relate to normal items for sale?

Which makes me think..... Bitcoin, is it a Currency or is it just another Payment System?

[Thala Dan]

Which makes me think..... Bitcoin, is it a Currency or is it just another Payment System?

Well, here's one view on that:

Why Cryptocurrencies Will Never Be Safe Havens

Every further new high in the price of Bitcoin brings ever more claims that it is destined to become the preeminent safe haven investment of the modern age — the new gold.

But there’s no getting around the fact that Bitcoin is essentially a speculative investment in a new technology, specifically the blockchain.

Disclaimer:

My knowledge of crypto-currencies is on a par with my knowledge of brain surgery.

The above item is posted for information only, not to advance a personal view

[ol' boy]

Well, after some reading, i have found one thing in common with all early adopters of Bitcoin.
Something they are regretting to this day.

That is, not buying more Bitcoin!

Next, is not taking security more seriously.
People have lost Bitcoins, Had laptops stolen then they were wiped, etc etc

But essentially, the Bitcoin still needs the Banking system for it to work.

You Buy Bitcions..... and when you do, you buy them off someone selling them (much the same way as shares)
So the seller will have the Bitcions removed from his wallet, they will be placed in your wallet
Your funds that purchased them, will be placed in his Bank Account.

Then this bit i have to wonder about.....

however, there is a fixed limit of 21 million bitcoins that will ever be created, which makes them relatively scarce, and helps give them value.

[Uncle Fester]

Hmmmm, looks like a few places in Victoria accept BTC


So... You pay GST, then GST on the Bitcoins???

The thing i really don't get, is when you equate or trade Bitcoins for a Product or Service
At the rate Bitcoins have been going up, the seller would have to change the bitcoin price of his item 100 times a day.

Which makes me think..... Bitcoin, is it a Currency or is it just another Payment System?

Bitcoin was realestate last time I checked with the ATO so we would normally have to pay stamp duty while acquiring it. I suppose slapping on GST instead would a make things a tad simpler for our Gov to capitalise on it. No mention of that on ther T&Cs of that bitcoin.com.au link you posted, just GST on their service fee.

When you purchase goods and services with BTC , the Bitpay system calculates the momentary exchange rate for the FIAT currency value of the item you are purchasing. So the vendor gets FIAT, the merchant system is like an exchange.
There are a few vendors who actually have mBTC prices and accept Bitcoin directly but that is comparatively rare.

Dominos is an AMERICAN pizza chain, so them accepting BTC in selected stores in Australia is not what I mean. Microsoft accepts BTC too.
Try to find a local online store that accepts BTC payments with Bitpay. This might change in the future but we are far away from what the rest of the world is doing right now.

Trash also needs to gather some skills if he wants to make predictions with Crypto currency. His main error was the word "either".
In 6-12 months BTC will most likely see both $2,500 AND $10,000 in value. ... OR $1,000 AND $10,000 ... OR $8,000 AND $200 ... and that is all the fun.

There are two types of behavior in Crypto:
Pump and Dump, that is the majority
and Waves (some might call that cycles) but waves sound better because of their higher frequency and amplitude.
BTC is a wave coin, as are most established crypto like LTC, DOGE but more interesting is the wave behaviour between BTC and lets say the DOT coin.

For people trading BTC the idea is to get more BTC, not more $. They only reason to sell is to buy back more for a lower price and that is why you will always get nice big waves.
There are no bad reports or failed management like with shares on companies. However like Gold, politcal issues may have an influence as it is now being valued(by some) as a safe haven.

Value? What does that actually mean?
We all think Gold is valuable. You can't actually do much with it, doesn't corrode much, that is useful but otherwise why is it valuable?
We think the amount of gold on the planet is limited so it is rare and it also takes a lot of work(energy) to mine. So if that is the reason why we call it valuable then we now have a similar situation with Bitcoin. Virtual or real is irrelavant in today's world. Most gold that investors hold is just virtual 'paper' too.
Things are considered valuable because a lot of people just agreed to that. Bitcoin does not have much history but we are getting more and more people.

[ol' boy]

It will be a quantum leap when larger companies start buying BTC or Investment Firms.

From what i understand, you are just buying a "vessel"... A vessel to easily and freely transmit wealth around the world, to different entireties, relatively anonymously from the people that generally like to watch such activities.
As you say nomeat, like gold, but even more liquid in transaction-ability.

It all works if the desire for the BTC product remains high.
Kinda like MySpace, then Facebook came along.... You'd hate to have had MySpace shares.

The mining to me seems like a Hen laying eggs, the eggs come from no where, and you can sell them.
Yet there is a cost in running the Hen.

All very interesting to me
And i am sure there will be a world of fraud, dark web, russian, chinese involvement trying to control the pot.

But, in the mean time there will be a lot of Bitcoin millionaires for the short term, before saturation happens.
Like you say nomeat, you might buy some BTC for $1000AUD, not trade with them, then sell them for $20,000AUD each in years to come.
All that cash will end up deposited in your bank... Which creates a whole bunch of problems.

So, if you can Buy BTC now.... sit on them for 3 years, then trade with them for goods and services down the road, directly using your BTC as currency directly.
Would you incur the same taxation obligations as had you sold them for cash?
Its all becoming a Capital Gain issue..... But who is watching? Where is the reporting?

Well, one thing is for sure, i think i'd rather have Bitcions than leave my money in the bank
1. The bank let other people take your money, without asking you
2. Its not like they give you much for parking your money there.

The security of owning Bitcoins seems the biggest concern.
So many reports of people deleting their hard drive or swapping computers and thinking they brought over enough files
Only to find out its all gone???
That bit i really don't understand, how can it be all gone?
The record must still be somewhere. Or did your unique key unlock your wallet into the BitCoin network?
It is reminding me a lot of "Airplane" scam that was doing the rounds 20 years ago.

Sorry so say it but crypto (BTC) remains nothing more than the first ever fully digistised global ponzi scheme.

In some regards, i am surprised its allowed to exist, but that just the point isn't it, where is it? What Government can do anything about it?

Then comes Ethereum.....