Topic: Bitpay & KnC accepts Bits as visioned by BTCIndia (Read 2446 times)

i support and like this concept of BITS. most stocks of out split their value from time to time to look "cheaper".

Alternate perspective:

http://en.wikipedia.org/wiki/M-Pesa

http://en.wikipedia.org/wiki/M-Pesa#Markets

http://www.mobilepaymentstoday.com/article/216119/M-PESA-meets-Bitcoin-with-new-service-in-Kenya

This is a great point.

I live in the United States and it took me several hours over a few days to get the most basic understanding of BTC. One of my co-workers looked it up and when he saw the metaphor for mining in a video, he said, 'how can you mine for Bitcoins if they're digital?'

He has a university education and very smart, but wrapping his brain around this concept requires a baby step process. Just imagine what it would take for someone without that background.

There's no need to waste energy on this.  Just take a look and how much 1 bitcoin is in Yen, Rubbles, or Renmibi.  Large numbers didn't scare anyone in those countries.  If anything it's the opposite effect.  Bitcoin is seen as something worth more then mere local currency.

I was trying to give you insight into brain of a common man. This might be a small think for you, but for them it is a big deal.

There's no need to waste energy on this.  Just take a look and how much 1 bitcoin is in Yen, Rubbles, or Renmibi.  Large numbers didn't scare anyone in those countries.  If anything it's the opposite effect.  Bitcoin is seen as something worth more then mere local currency.

It would be cool if the Bitcoin foundation would simply move the decimal point to the right every year in the official clients.

Lets hope .. it happens is near future. But, is it possible that exchanges shift rates from 1 BTC to milli or satoshi in Bitcoinchats.com?

But then again the voodo of finance is considered science in modern society, if the average (at best) college educated person lets Wall Street shit all over him then why can't he let the Bitcoin Wall Street shit on him? There would be some actual science in the Bitcoin Wall Street.

If people with programming aren't able to grasp, then how can Bitcoin Foundation expect it to become mainstream? Mainstream seems a distant dream. Problem/Best thing about Bitcoin is- it being a perfect blend of economy, technology, philosophy and human psychology. To understand Bitcoin perfectly one must have command over all four to an extent. And people with all those qualities are in Wells Fargo, Google, or any other top posts in top organization leading a successful life. Or is it that success has nothing to do with qualities, talent and skills?  

You have a very valid statement, most people do not get 1 bitcoin = $800 +/-   I try to explain the u.s. fiat currency has $1000 bills, but do they have one in their wallet?  Probably not, I tell them a bit coin is like a $1000, you really never use them that large, so it can be broken down into little coins, a lot of them!  I explain that they can actually spend less than a penny if the choose!

I have also explained that a a bitcoin is like a $20 gold piece was 150 years ago. Then with one $20 gold piece you could buy a horse, saddle, pistol, holster and some ammo!  Most go oh yeah, i understand.  We have to get people to think of them with a non inflated view.

I also explain that of all the dollars are not in print "physical form"!  1.2 trillion in print of 13 trillion "in use" and the more they don't count any more M3!

This really amazes people and wakes them up to reality!

Mtnminer

See Quote below

"the Federal Reserve has tracked these funds in three different values known as the M1, M2 and M3 money supplies. (M3 has since been dropped. More on that below.)

M1 represents all of the currency in the M0 money supply, plus all of the money held in checking accounts and other checkable accounts, as well as all of the money in travelers' checks. In June 2013, the M1 money supply for U.S. dollars equaled about $2.5 trillion [source: Federal Reserve].

M2 is the M1 supply, plus all of the money held in money market funds, savings accounts and CDs under $100,000. In June 2013, the M2 money supply was about $10.5 trillion [source: Federal Reserve].

M3 is M2 plus larger CDs. As of March 2006, the Fed stopped tracking the M3 money stock as an economic indicator because it felt it did not add any information on economic activity that was not already available from M2 [sources: Federal Reserve, Federal Reserve Bank of New York].

All told, anyone looking for all of the U.S. dollars in the world in July 2013 could expect to find approximately $10.5 trillion in existence, using the M2 money supply definition. If you just want to count actual notes and coins, there are about U.S. $1.2 trillion floating around the globe."

Some people with a programming background can take weeks to fully understand BTC, some take months, some are not lucky enough to grasp it within their lifetimes....