Despite the hype about how difficult and dangerous it can be, getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it is probably easier than opening an account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.
The FBI was able to buy drugs from Silk Road on several occasions. They purchased ecstasy, heroin, cocaine and LSD. Each time they would try and backtrack the shipment, narrowing it down until they hit pay dirt. They tracked down several of Silk Road’s servers including one that was out of the country.
Think about it as work performed by group of people that use complex computer equipment to solve complex mathematical equations. Just understand that for each block mined you get 25 coins or, at current rates, $4,722.25. Currently a single Bitcoin Paper Wallet is valued at $188, an alarming result that is possibly caused by finance movements related to Cyprus and a general bubble-like excitement over the system in general. In fact, many wager that the DDoS attacks on lots of bitcoin-related services are direct response by hackers to inject vulnerability so as to decrease the value.
JK: Prime is targeted at accredited investors and businesses. We’re dealing with clients that are making larger investments, and due to that we’ll have fewer clients with a higher average account balance, so we’ll be able to provide better dedicated service and dedicated account managers. There won’t be waiting time and responses will be quick. This service is mostly for VCs and high networth individuals who like to trade in alternatives. We’re speaking with a hedge fund right now, and looking at traditonal finance guys looking for a more professional experience. It’s going to be more traditional traders who want to enter the space and who want to be comfortable.
In 2008 the exchange rate was 3 Argentine Pesos to 1 U.S. Dollar (USD). While the USD was not universally accepted, convertibility into Pesos was no problem. What I immediately noticed was how Bitcoin Paper Wallet cheap certain things were like beef and public transportation. I felt like I could get a substantial meal with wine in a restaurant for a very reasonable price, and this was in a big city. Prior to their economic problems, the exchange rate was 1:1.
There were some “freelancers” offering to provide this service, but I would caution against that. Mostly because you have to provide them with your address, which we were not comfortable doing.
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Bitcoins are a true 21st century currency. If you want to see how currencies of the future will be like download the Bitcoin client and start mining and trading today.