Bitcoin Where To Buy, If To Buy

[dave111223]

I've been reading up a lot on Bitcoin lately and am very interested in getting some just to test out how the process works (before getting too involved, ie accepting bitcoin payments etc..).

Has anyone used this company to buy/sell BTC to THB? http://www.bahtcoin.com/

I'd like to know if they are reputable before I start transferring money to them

[Bpuumike]

If you enjoy parting with your money just send it to me.

Otherwise buy 'bits' of gold.

[Naam]

We buy Bitcoin

350.7452

We sell Bitcoin

381.2873

http://www.bahtcoin.com/

= 8.71% spread =

[davejones]

We buy Bitcoin

350.7452

We sell Bitcoin

381.2873

http://www.bahtcoin.com/

= 8.71% spread =

That spread say it all.

[dave111223]

The whole concept of bitcoins just blows my hair back, and I want to be a part of it, I really believe the concept could change money as we know it.

Ok it's still very early days and the currency is still volatile (hence the wide buy/sell spread mentioned above), but I'm thinking about accepting it as a viable alternative payment method for ecommerce transactions, especially if I convert the BTC to THB within a day or 2 of the transactions. If i charge the customer the exchange that that I'm able to get in selling the BTC then I don't see the downside. Of course at this point would be offered along side traditional payment methods.

Even if, for example, I accept a payment for an order of 10BTC (roughly 4000THB) and then overnight someone cracks the bitcoin encryption system and the bottom falls out of the whole currency; all I do is refund the 10BTC to customer and say sorry...can't process your order, here are you (worthless) coins back. Provided that I always convert to THB before shipping goods of course.

And why would someone want to pay in bitcoins you may ask? Well aside from the fact that it's a cool concept with lots of "disciples"; I'd never dream of shipping products to someone in, lets say, Nigeria on a credit card payment, so can't do business with them unless they do costly SWIFT transfers etc...(and even then who knows what clever bank transfer reverse scam they may have figured out); but if they have bitcoins I know the money is irreversible, so would be happy to do business with them.

Anyways; I bought a few bitcoins from bahtcoin.com to test it, and although you have to make a THB ATM transfer to some Russian dude (Stanislav? very sketchy), he delivered my coins within a few hours.

Edited November 24, 2012 by dave111223

[Naam]

Anyways; I bought a few bitcoins from bahtcoin.com to test it, and although you have to make a THB ATM transfer to some Russian dude (Stanislav? very sketchy), he delivered my coins within a few hours.

and now you have them in your wallet?

[dave111223]

Anyways; I bought a few bitcoins from bahtcoin.com to test it, and although you have to make a THB ATM transfer to some Russian dude (Stanislav? very sketchy), he delivered my coins within a few hours.

and now you have them in your wallet?

Yes

[Paul888]

Anyways; I bought a few bitcoins from bahtcoin.com to test it, and although you have to make a THB ATM transfer to some Russian dude (Stanislav? very sketchy), he delivered my coins within a few hours.

and now you have them in your wallet?

Yes

I hope there is a chicken sitting on that wallet to keep them warm.......

[dave111223]

I hope there is a chicken sitting on that wallet to keep them warm.......

Hmm...Don't really get that joke? As in saying wallets are insecure?

[bytebuster]

Anyways; I bought a few bitcoins from bahtcoin.com to test it

and now you have them in your wallet?

I don't want to start a flood, but you may consider learning about digital currencies, in general, and bitcoin (BC), in particular.

I'm not a big fan of BC, but at least it allows tracing through entire list of transactions each particular coin went through.

So the answer is yes, everyone in the BC network can confirm (or deny) if any particular coin belongs at the moment to a certain person.

[bytebuster]

Hmm...Don't really get that joke? As in saying wallets are insecure?

The wallet is secure as long as your private key is yours.

To fraud a key, it takes thousands years of computing of the entire computing power of all computers in today's world.

Strictly speaking, frauders would rather direct their efforts in something else rather than waiting thousands years (or billions, if they don't own all processors in the world).

[Darvil]

Pretty cool that it is still moving forward I might just use it to convert some of my own coin since I've been having some trouble verifying my info (since I'm living in bkk now).

[Naam]

Hmm...Don't really get that joke? As in saying wallets are insecure?

The wallet is secure as long as your private key is yours.

To fraud a key, it takes thousands years of computing of the entire computing power of all computers in today's world.

Strictly speaking, frauders would rather direct their efforts in something else rather than waiting thousands years (or billions, if they don't own all processors in the world).

List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses

https://bitcointalk....p?topic=83794.0 - Cached

26 May 2012 – Last updated: September 27, 2012. Following is the result of some research on prior Bitcoin large thefts (as of now, defined as over one ...

2012-10-30 threatpost.com - ZeroAccess Botnet Cashing ...‎ - 1 post - 30 Oct 2012

31/08/2012 Bitcoin: How a Virtual Currency Became ...‎ - 11 posts - 31 Aug 2012

2012-08-14 techweekeurope.co.uk 'BitCoin Exchange ...‎ - 1 post - 14 Aug 2012

How CoinPal avoided PayPal fraud - Bitcoin Forum‎ - 19 posts - 17 Jul 2012

More results from bitcointalk.org »

[dave111223]

I wonder where I can find a list of all the USD thefts in the history of the currency?

[Naam]

I wonder where I can find a list of all the USD thefts in the history of the currency?

many more USD thefts than Bit"CON" thefts. USD however you can carry in your pocket and buy a cold beer and a grilled yak in a remote area of Mongolia whereas the chap who owns bitcoins, stashed away on virtual cloud nine, goes thirsty and hungry.

[dave111223]

USD however you can carry in your pocket and buy a cold beer and a grilled yak in a remote area of Mongolia whereas the chap who owns bitcoins, stashed away on virtual cloud nine, goes thirsty and hungry.

In the future it may not be the case.

For example lets say you walk into your local bar in Mongolia in 20 years time, you may end up handing your barkeeper nothing more than a piece of paper with a privatekey written on it. You could setup lots of addresses with various denominations of coins so as to be able to hand out several keys to make up the exact total due. If the recipient would trust you enough to write a check, there is no reason that they would trust you enough for this method.

But course this point is probably moot as I'm assuming in 20 years mobile internet will be available everywhere, and paying your bill will be just scanning a barcode with your mobile.

[bytebuster]

List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses

Did I get this correctly, is this a complete list of all scams across the network? Four Five scams an year, all are well-known double-expend fraud, with a total amount of ~300 US?

Don't try to compete with a complete list of "normal" banking scams...

Edited November 25, 2012 by bytebuster

[bytebuster]

I wonder where I can find a list of all the USD thefts in the history of the currency?

many more USD thefts than Bit"CON" thefts. USD however you can carry in your pocket and buy a cold beer and a grilled yak in a remote area of Mongolia whereas the chap who owns bitcoins, stashed away on virtual cloud nine, goes thirsty and hungry.

...or a Mongolian stranger hits us on a head, take our USD, and buy himself a cold beer, a grilled yak and whatever...

[someoneelse]

Why anyone would use bitcoins apart from requiring anonymity or a method of payment that can't be charged back is beyond me.

If Silk Road ever goes down for good, the bottom will fall out of the market.

[Naam]

I wonder where I can find a list of all the USD thefts in the history of the currency?

many more USD thefts than Bit"CON" thefts. USD however you can carry in your pocket and buy a cold beer and a grilled yak in a remote area of Mongolia whereas the chap who owns bitcoins, stashed away on virtual cloud nine, goes thirsty and hungry.

...or a Mongolian stranger hits us on a head, take our USD, and buy himself a cold beer, a grilled yak and whatever...

[dave111223]

Why anyone would use bitcoins apart from requiring anonymity or a method of payment that can't be charged back is beyond me.

Send money from US to Thailand transaction fees = $15-$40

Send bitcoins from US to Thailand transaction fees = $0-$0.01

[Khun Jean]

"I hereby declare bitcoin illegal".

There goes your money..................

Don't think that will happen, wait until bitcoin gets out of the incredible small niche, if ever."

If you want some bitcoin anyway try to "mine" some. If you have a computer with decent hardware it is doable.

[Khun Jean]

Why anyone would use bitcoins apart from requiring anonymity or a method of payment that can't be charged back is beyond me.

If Silk Road ever goes down for good, the bottom will fall out of the market.

The reasons 'beyond' you are actually the best reasons, it is how payments were made for a very long time.

The problem lies more in that it will be stopped, and if you have not cashed in your bitcoins at that time your royally screwed.

If it is anonymous, and transactions can not be tracked, and no commision or costs can be made, who will suffer the most from it?

Yep, two of the most powerfull entities in the world. To bring those down, you need a little bit more then some software.

[dave111223]

"I hereby declare bitcoin illegal".

There goes your money..................

Don't think that will happen, wait until bitcoin gets out of the incredible small niche, if ever."

If you want some bitcoin anyway try to "mine" some. If you have a computer with decent hardware it is doable.

I have no doubt there will be a point where the US and China try shutdown Bitcoin as the concept fundamentally threatens a government's ability to control it's own economy, but I don't see how they would be able to? There will always be countries were is it not illegal, and bitcoins can be exchanged to fiat currency in that country.

[Naam]

Why anyone would use bitcoins apart from requiring anonymity or a method of payment that can't be charged back is beyond me.

If Silk Road ever goes down for good, the bottom will fall out of the market.

The reasons 'beyond' you are actually the best reasons, it is how payments were made for a very long time.

The problem lies more in that it will be stopped, and if you have not cashed in your bitcoins at that time your royally screwed.

If it is anonymous, and transactions can not be tracked, and no commision or costs can be made, who will suffer the most from it?

Yep, two of the most powerfull entities in the world. To bring those down, you need a little bit more then some software.

best regards from Mssrs. OECD and Mrs. FATCA who will crush any additional "hawala" organisation which enables parties to make substantial anonymous transactions to launder drug money, evade taxes and last not least to support al-Whatshamacallit terror organisation. they don't have to go after the organisation itself. blocking the initial purchase of "bits" is a rather easy task.

until now they must be thinking "boys will be boys. let them enjoy their toys until we think...".

[dave111223]

P.S.

I spent 2000THB on 5.25BTC less than 3 months ago

Now able to sell for 3300THB. 65% increase

I'm now involved in setting up a new bitcoin exchange in Thailand as currently there are only 1 or 2 sites that have a monopoly on it and their rates are not very competitive.

I'll refrain from posting the site as I've been recently warned about plugging my own sites on here.

[Naam]

Now able to sell for 3300THB. 65% increase

so what will it be? Ferrari or Lamborghini?

[asiamint]

The whole concept of bitcoins just blows my hair back, and I want to be a part of it, I really believe the concept could change money as we know it.

Ok it's still very early days and the currency is still volatile (hence the wide buy/sell spread mentioned above), but I'm thinking about accepting it as a viable alternative payment method for ecommerce transactions, especially if I convert the BTC to THB within a day or 2 of the transactions. If i charge the customer the exchange that that I'm able to get in selling the BTC then I don't see the downside. Of course at this point would be offered along side traditional payment methods.

Even if, for example, I accept a payment for an order of 10BTC (roughly 4000THB) and then overnight someone cracks the bitcoin encryption system and the bottom falls out of the whole currency; all I do is refund the 10BTC to customer and say sorry...can't process your order, here are you (worthless) coins back. Provided that I always convert to THB before shipping goods of course.

And why would someone want to pay in bitcoins you may ask? Well aside from the fact that it's a cool concept with lots of "disciples"; I'd never dream of shipping products to someone in, lets say, Nigeria on a credit card payment, so can't do business with them unless they do costly SWIFT transfers etc...(and even then who knows what clever bank transfer reverse scam they may have figured out); but if they have bitcoins I know the money is irreversible, so would be happy to do business with them.

Anyways; I bought a few bitcoins from bahtcoin.com to test it, and although you have to make a THB ATM transfer to some Russian dude (Stanislav? very sketchy), he delivered my coins within a few hours.

Spot on, this is the future of payments, the system is in no way perfect but compared to chargebacks and credit card fraud for a business owner it makes a lot of sense to start accepting them.

Dave check out https://bitpay.com/ they just raised half a million in seed funding to take them to the next level, wordpress have intergrated them into their code as well.

Also another reasion bitcoin/ or the concept will do well is the fact that governments are printing money left right and center and most paper money will loose value over time. People who are smart can see the writting on the wall for paper currency.

Bitcoin or something similar is for the people, credit card companys/merchant services and paypal have been ripping off business owners for too long, their fed up, expect bitcoin to be the next billon plus a year industry

[dave111223]

Naam i see you have been pooh poohing Bitcoin for the last few years or so (referring to it as a "lukewarm fart"). Yet it's still around, growing in value and clout. Are you still of the same opinion that you were from the start? And if so have you read or researched the topic in general at much length?

I'd be interested to know the reasoning behind your disdain? What are the specific shortcomings that put your off this medium?

[Naam]

Naam i see you have been pooh poohing Bitcoin for the last few years or so (referring to it as a "lukewarm fart"). Yet it's still around, growing in value and clout. Are you still of the same opinion that you were from the start? And if so have you read or researched the topic in general at much length?

I'd be interested to know the reasoning behind your disdain? What are the specific shortcomings that put your off this medium?

there's only one specific shortcoming and that is "bitcoin = lukewarm fart" on which i will not waste precious time.