Bitcoin -- First Post

[Oneman]

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A search of ThaiVisa shows zero results for "BitCoin" in the Internet forum section.

So, I'll start the topic here.

In one sentence: BitCoin is a money transfer service that runs on the Internet.

For anyone living overseas from his home country, or doing extensive international travel, BitCoin seems useful.

A little bit useful now, maybe more useful if it catches on.

I think it will catch on, possibly in a big way.

That's the BitCoin logo.

For those of us familiar with Thai Baht currency, a most interesting logo.

But there is no connection to Thai Baht -- it's just a logo.

BitCoin is a competitor for Western Union, MoneyBookers, SWIFT, and the like.

But those are well-established.

BitCoin is very new and still very rough around the edges.

But I see the potential, so I'm starting to use it now, in order to learn more.

BitCoin also is a way to store money, like a bank account.

But it is not a bank; just a bunch of data packets floating around on the Internet.

Those data packets are all encrypted, of course.

There is some risk.

We don't yet know all the points of risk, but I expect they will start to appear soon enough.

And, these days, banks are risky too.

BitCoin is totally private.

You don't need to give any personal information at all, not even an email address.

You can transfer money to and from any other BitCoin address, anywhere in the world.

That privacy is very convenient, and, for some, very useful.

But any totally private way to transfer money could be used for immoral purposes.

It probably already is being used in such ways.

So, sooner or later, BitCoin will attract attention from governments.

It was the same with the Hawala/Hundi private money transfer network just after the "911" attack in New York.

BitCoin is essentially free.

It doesn't cost anything to get the address or to get the software.

If you use a commercial exchange service they do have fees, just like other money exchangers.

But there is an active and growing trade among private individuals, with no exchange fees involved.

No fees, but some risk.

To use Bitcoin all you need is your own, private, Bitcoin address.

You can think of it like an account number, but its not really an account anywhere, just an account number.

You can have as many Bitcoin addresses as you wish -- no limit.

And you don't have to give anybody any personal information about yourself, not even your name.

There are two ways to get a Bitcoin address.

One way is to download and run the Bitcoin program on your computer.

The Bitcoin program is free.

Google for many download sites.

The other way is to use a web site that will give you a private address.

You don't need any software on your computer -- just your ordinary web browser.

That site is: www.mybitcoin.com/

It's free.

I've been using both methods.

For practice, I've been sending Bitcoins back and forth between my two different addresses.

And exchanging Bitcoin pennies with friends, too.

BitCoin either runs on personal mobile devices now, or it will very soon.

So you don't even need a computer, just an iPod or something like that.

Bitcoin transactions are not instant: takes a few hours to transfer.

Nobody told me that, so I'll tell you and maybe save you some wondering.

If you run the Bitcoin program on your computer, the first transaction can take, perhaps, an entire day to reach you.

After that, just a few hours.

If you use the on-line web site at MyBitcoin.com, then only an hour or two, maybe less.

If you want to practice and learn, you're welcome to contact me.

We can send each other BitCoin pennies (0.01) and see how it works out.

I'm not an expert in this, but I have learned quite a bit so far.

If you have questions, you're welcome to ask me.

If I know the answer, then I'll tell you.

Probably there are others here who know a lot more than I do.

-- Oneman

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[Tywais]

A search of ThaiVisa shows zero results for "BitCoin".

Not sure why you couldn't but I got several hits using bitcoin as search term.

Main topic on it

[sulasno]

anyone think I can start mybahtsatang.com ?

[Oneman]

anyone think I can start mybahtsatang.com ?

A Bitcoin exchange oriented to Thai Baht might be a good idea, really.

You don't need any approvals or permissions on the Bitcoin side of things.

You just start it.

However, on the currency side, there are all sorts of government rules, regulations, requirements, Etc.

That part would be very messy, if you follow all the rules.

But there is a market for exchangers.

Right now, the major bottleneck in the Bitcoin world is lack of exchangers around the world.

Baht to Bitcoin service is not available, not yet.

Also needed would be exchange services in ringits, rupees (all flavors) and SGD.

But, please go carefully.

There are risks, especially at such an early stage of development.

The main risk is that the entire Bitcoin "system" may not survive a malicious attack by big governments.

You could lose any investment of your time and money.

However, there is potentially a massive market.

Just consider the situation with currency controls in almost every country in the world, including here.

I won't discuss further, but the potential need is there.

That is why Hawala/Hundi (and its Chinese counterpart) have survived for over 1,000 years.

So, if you do start something like "MyBahtBitcoin.com", I think you'll find plenty of early adopters.

-- Oneman

[Naam]

So, if you do start something like "MyBahtBitcoin.com", I think you'll find plenty of early adopters.

that goes without saying as suckers are born every minute

[Oneman]

... suckers are born every minute

And, for exactly that reason, a lot of crooks and scammers are entering the Bitcoin market, too.

So, it's pretty wild out there right now.

Similar to the early years of the Internet, just before the "Dot-Com" boom and bust.

But suckers and scammers are not the biggest risk.

The biggest risk to Bitcoin is attacks by governments.

-- Oneman

[Crushdepth]

anyone think I can start mybahtsatang.com ?

Are you a cryptographer? That's pretty much your answer. There was a great Podcast on Bitcoin by Security Now. I quite like the idea of a stateless, anonymous and tax free currency. If it takes off in a big way you can expect some very upset governments, but right now its small enough to ignore.

[Crossy]

I've added an option to the poll at the request of the OP "I'm aware of it, and I don't want anything to do with it".