Bitcoin as potential payment for photography

[Josh66]

The transactions have to be pretty much limited to internet based services though, right? So, I mean - even if it was a legitimate "bank", it would just be for extra weapons and crap in online games...

I can't see "real world" businesses going for something like that anytime soon...

 

[dsterry]

Soooooooooo this is more a bitcon advert right?

You could see it that way I guess. I have zero posts before this thread and I'm obviously passionate about Bitcoin. Take that for what it's worth.

 

[Josh66]

Don't lock/delete it yet, Overread - this is interesting, lol.

 

[Overread]

The transactions have to be pretty much limited to internet based services though, right? So, I mean - even if it was a legitimate "bank", it would just be for extra weapons and crap in online games...

I can't see "real world" businesses going for something like that anytime soon...

If its all limited to online services of a limited range how can I pay my rent with bitcon (since I pay rent with cash) or even pay my electric bill which is paid to a regular company.

I'd have to wait years before my (varying value) of payments could actually do anything for me. Unless I trade what I bought off the websites -- but then I might as well just become an ebay trader and leave out bitcon and photography all together

 

[dsterry]

The transactions have to be pretty much limited to internet based services though, right? So, I mean - even if it was a legitimate "bank", it would just be for extra weapons and crap in online games...

I can't see "real world" businesses going for something like that anytime soon...

I wouldn't say that's true. I provide computer support as my primary occupation and would be happy to provide that particular real-world service for Bitcoin. There aren't many many people like me but our numbers are growing.

What gets a lot of press are the illegal goods/anonymity aspects but many of the folks I know who are interested realize that those aren't exactly the foundation of a new economy. So I know folks who are working on webstore software, selling network equipment, or wine and planning to or already accept Bitcoin in those businesses.

 

[dsterry]

I'd have to wait years before my (varying value) of payments could actually do anything for me. Unless I trade what I bought off the websites -- but then I might as well just become an ebay trader and leave out bitcon and photography all together

My advice for funds you need is to use in your daily life is to use an exchange site and convert them to GBP asap. That way if you do a job for example for a few hundred GBP it would be transacted in something like 60 BTC, converted to GBP and ready to spend from your bank account within a few days.

 

[Overread]

Wait so I have to pay to convert my cash to use my cash - plus gotta wait and convert at just the right time least it be worthless at the point of trading!
And it takes days to transfer?

This sounds like a lot of work on my part just to get paid - esp when most others sites will just pay me normally with money I can use instantly.

So I gain nothing and have to jump through more hoops and this is the future?

 

[Josh66]

Now, Overread - it's not true that you gain nothing. You get to call yourself a techie and really mean it.

I hope that privileged is worth a lot to you, because it sounds like one of the only perks of this system so far.

 

[dsterry]

Wait so I have to pay to convert my cash to use my cash - plus gotta wait and convert at just the right time least it be worthless at the point of trading!
And it takes days to transfer?

This sounds like a lot of work on my part just to get paid - esp when most others sites will just pay me normally with money I can use instantly.

So I gain nothing and have to jump through more hoops and this is the future?

Not exactly. In the future, you might hold the Bitcoin because it would be the currency of choice for certain things and this would make currency exchange less of an issue. The few days is a conservative estimate on my part not knowing the particular details of money transfer there. I think SEPA transfers are faster than a few days but I'm trying to manage expectations.

Bitcoin today does have weaknesses but it also has its strengths: namely being able to transfer value internationally within a couple hours. That facet alone means those who accept it become members of a truly global (yet small island sized) economy. That and a type of first mover advantage are what those who enter the Bitcoin economy have to gain.

 

[Overread]

Err I can transfer money internationally quickly already. My bank does it - or my paypal does it - or heck if its to a friend Western Union can do it. Still gotta currency transfer it to the other nations value - so no loss there against bitcoin,


Asides it seems that if I use bitcoin now I suffer - but I suffer because in the future it might be used for money transfer and might work and might be worth something. Or it might all be worthless and another currancy is used.... and either way I still gain nothing (aside from membership to the elite club of bitcoin users...... guess it would work if I want to trade illegal items? )

 

[Josh66]

I still don't see the benefit...

I can buy things from any country in the civilized world with my credit card, and the exchange rates are automatically applied. I may not get the best rates available, but it's pretty close - and it happens instantly. I can use my card online and pay in USD, Euros, Pounds, or whatever else... (USD & Euros usually covers it...)

As far as I can see, Bitcoin is Monopoly Money. It has no value (what is it backed by?), except for what the people who operate it say it has. It has no authority to go to when issues arise. And as far as I can see, it can't be used at any shop I spend my money at.

 

[dsterry]

Err I can transfer money internationally quickly already. My bank does it - or my paypal does it - or heck if its to a friend Western Union can do it. Still gotta currency transfer it to the other nations value - so no loss there against bitcoin,


Asides it seems that if I use bitcoin now I suffer - but I suffer because in the future it might be used for money transfer and might work and might be worth something. Or it might all be worthless and another currancy is used.... and either way I still gain nothing (aside from membership to the elite club of bitcoin users...... guess it would work if I want to trade illegal items? )

I would make a distinction between using Bitcoin as a payment network and holding it as an investment. You could accept payments in it, convert them to GBP/USD/EUR whatever and be through with it until the next time someone wants to pay you with it.

Where you get entangled with the long-term survival of this one crypto-currency called Bitcoin is if you think its value will increase as it is used more widely, then you are risking something real. I would not recommend anyone risk any substantial portion of their portfolio by holding Bitcoin but for small amounts it might be worth it.

My proposed site would not take care of the currency exchange but I would certainly help anyone who sold through me to be sure they have a working currency exchange process.

 

[Overread]

Ahh so its more about the dealer getting around having to pay for a formal payment system with associated costs of money transfer and conversion into other currencies .

 

[dsterry]

As far as I can see, Bitcoin is Monopoly Money. It has no value (what is it backed by?), except for what the people who operate it say it has. It has no authority to go to when issues arise. And as far as I can see, it can't be used at any shop I spend my money at.

I will agree that Bitcoin is Monopoly Money in that it isn't issued by a government. The network is operated by open source software running on thousands of nodes on the Internet and is in a sense backed by a large amount of processing power.

The value of it is actually determined in the same dynamic way that all other currency values are determined(except USD/CNY and some others)...that is via a continuous exchange from one currency to another by those who have one and need the other.

 

[Josh66]

Dsterry, you talk as if it were a publicly traded stock... Like it's going to increase in value or something...

First of all, it's not publicly traded, so most people would say it has no value...

Second, if the only thing it's good for is converting funds to another currency - why use it in the first place?