2013-01-29 lifehacker.com.au - Ask LH: How Does Bitcoin Work And Is It Safe?

mccorvic

hero member

Activity: 518

Merit: 500

Quote

Nothing wrong with any of the alt currencies, competition improves the breed, but a geekees post on cpu mining after one of the easiest to digest bitcoin mining explanations wasn't exactly smart

If they were smart, they wouldn't be talking about litecoin in the first place. Kinda goes hand in hand.

Gabi

legendary

Activity: 1148

Merit: 1008

If you want to walk on water, get out of the boat

True, how they describe mining is one of the way i judge articles, if they start being geeky and nerdy and it is like "omg you can become rich with your computer" and "bitcoin is only about mining" when it is not needed then there is a great chance the article is fail Cheesy

kiba

legendary

Activity: 980

Merit: 1020

Quote

Nice article, 2nd comment up is almost an article too and a good one, no idea who the turnip head knocking bitcoin to push litecoin is though :/

And nobody cares about litecoin.

Roger_Murdock

sr. member

Activity: 343

Merit: 250

Quote

This isn’t like using, say, PayPal, where you’re trading in currency you understand and most likely hold.

Very few people understand the dollar (or any other currency). The ones that do own bitcoins.

TraderTimm

legendary

Activity: 2408

Merit: 1121

I agree. I think they handled the question fairly. Pity few online blogs and websites do the same, outside of the very articulate Jon Matonis at Forbes.

julz

legendary

Activity: 1092

Merit: 1001

This seems like a pretty well balanced answer to the question.

Quote

Ask LH: How Does Bitcoin Work And Is It Safe?

Alex Kidman
2013-01-29

http://www.lifehacker.com.au/2013/01/ask-lh-how-does-bitcoin-work-and-is-it-safe/

Dear Lifehacker, I have seen Bitcoin as a payment option on some websites recently. Can you please explain exactly what it is? And is it safe to use? Thanks, Bitcoinfused

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It’s not entirely surprising that you’re confused by bitcoin, because there’s quite a bit to wrap your head around.
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The other important issue to consider with Bitcoin is that it is intended as an experimental currency. This isn’t like using, say, PayPal, where you’re trading in currency you understand and most likely hold.
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So are Bitcoins “safe” to use? It’s an interesting question with no absolute answer.
The encryption within bitcoins make them theoretically impossible to forge,
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If you’re looking at a service that offers to sell you goods and services in bitcoin, you’re most likely looking at this stage at smaller level transactions, and for that, it seems a reasonable proposition. As an overall currency, if you were interested in trading, investing or harvesting large quantities of the currency, I’d be wary. Despite its rapid acceleration, Bitcoin is still a relatively immature currency.
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Topic: 2013-01-29 lifehacker.com.au - Ask LH: How Does Bitcoin Work And Is It Safe? (Read 1780 times)