Bitcoin as payment on SketchUcation?

[fionmacool]

Bitcoin would be an awesome way for people to get paid on sketchucation. No transaction fees and it is easy to pay small amounts. I would be very enthusiastic about paying for good plugins etc. with BTC.

For example, SCF could have a central "bank" for deposits paid in. People could note with their deposit which plugin/ effort/ etc. they are paying for.

Am I crazy? Probably. But that doesn't mean I'm wrong... How's about it?

[Mike Amos]

Not sure about the sketchucation guys but the lack of response here would suggest bitcoin is not as safe or universally accepted as some would like. Honestly, what is the point of bicoin apart from the vested interest of those who set it up?

[Krisidious]

I just recently added all of the alt coin payments to my website using this unified system. https://www.coinpayments.net/ they accept all of them and have a pretty straight forward withdraw system.

[Krisidious]

To Mike's question.

Bitcoin has many benefits and many drawbacks. It's very kool, but also very volatile.

Benefits
can be used from any location on earth.
untraceable.
no transaction fees.
no governing oversight.
extremely secure
infinitely small or large transactions

Drawbacks
no governing body.
danger of complete collapse.
the pool difficulty for mining is constantly increasing, devaluing the incentive to mine.
money can literally be lost in space.
value of money can fall over night.
not many accepting locations.
few withdraw-exchange locations.

I think it's a worthy option for making payments on SketchUcation, but I don't believe that money should be kept in the system, It should be withdrawn and kept in standard currencies. Of course a certain amount left in alt currency would be a wise investment as the potential is quite expansive.

I've had quite an interest in mining the bitcoins. through my research I found it to be a simple equation of investment on return vs power consumption. It's neat, but I've come a bit too late in the game and the equipment needed is quite expensive and will be outpacing the difficulty for mining bitcoins. ie the more bitcoims that are mined, the harder it is to mine bitcoins, so fewer people mine bitcoins, so the more valuable the bitcoin becomes. Is that confusing?

Now they have mining exchanges where mining servers are rented and you can actually purchase server time to mine for you. I'm a member but have not started mining yet as you can see here.

Right now it's about $3.80 per 1 GH/s, when you unlock a block of bitcoins your reward will be 25 bitcoins and one bitcoin is about $585.00, that's $13,000.00 the return just depends on how quickly you mine the bitcoin. A 1 gh/s machine running nonstop should find one in under a year. But you have to have the equipment which is all on back order right now. You can't even get the stuff. The stuff you can get is too slow to be efficient enough to be profitable.

[Mike Amos]

Thanks for the explanation, much appreciated. My problem is that I see the proliferation of 'magnetic or electronic' money as a potential minefield should the recovering financial market go south again due to the rampant greed of financiers, bitcoin could become a scapegoat and may even be a source of current money laundering acitivities. All this will leave govenment and banking execs using is as a sacrificial lamb/scapegoat. Frightening when you think about it. Just take a look at how various nations are treating the so called recovery of housing markets.......