bitcoin payments anyone?

Brimstone

Well-Known Member
A new one for me, Client has asked me if I accept Bitcoin, as most of their money is held in that and its a pain to have to go and transfer some to a bank for a normal bank transfer. I've declined.
My standard terms and invoice say 50% deposit and payment in either cash, bank transfer, gold or cheques. Nobody has offered to pay me in gold yet but it usually raises a laugh.

Builder has nearly completed their extension, wonder if he has taken Bitcoin and whether for him there is some sort of "keeping it away from HMRC/other" sort of benefit?
 

removed_for_now

Well-Known Member
A new one for me, Client has asked me if I accept Bitcoin, as most of their money is held in that and its a pain to have to go and transfer some to a bank for a normal bank transfer. I've declined.
My standard terms and invoice say 50% deposit and payment in either cash, bank transfer, gold or cheques. Nobody has offered to pay me in gold yet but it usually raises a laugh.

Builder has nearly completed their extension, wonder if he has taken Bitcoin and whether for him there is some sort of "keeping it away from HMRC/other" sort of benefit?
If it's genuine I wouldn't entertain it that piece of piss to get your hands on but try changing them into sterling
 

markyspread

Active Member
The benefit to me is i trade crypto, so a top up now and then helps the balance, i only use the house money atm, as the markets risen rapidly.
top tip, get your heads into AMPLEFORTH, a new crypto worth a punt
 

Brimstone

Well-Known Member
Tom81 is right, just looked it up out of curiosity, major pain and cost in changing into sterling, client said the same.
 

Kinkyboy

Well-Known Member
Tom81 is right, just looked it up out of curiosity, major pain and cost in changing into sterling, client said the same.
How much is job? It takes 30 seconds to transfer money by bacs,id be getting them in headlock just for piss take of asking
 

Donzo

Well-Known Member
Its a bit of a pain to set up. You are also charged a brokers fee as a % of your purchase. Photo id ,text messages to your phone to verify.

I would not accept it as payment.
 

Donzo

Well-Known Member
Some of you may need to buy bit coins,,,,because this will be the only way you will be able to buy a ipt* subscription to protect seller.
They will not be able to take any other form of payment.
 

Kinkyboy

Well-Known Member
Some of you may need to buy bit coins,,,,because this will be the only way you will be able to buy a ipt* subscription to protect seller.
They will not be able to take any other form of payment.
This is false as ive got and payed
 

imago

Private Member
Commodity currency = money based on an amount of a commodity such as gold held.

Fiat currency = promissory notes backed by a government.

Bit coin and other digital currencies = ponzi/pyramid scheme where the 'money' is based on nothing and backed by no one. The only money involved is what speculative investors pay in.

No, I don't think I'll be taking bitcoin. :LOL:
 

Brimstone

Well-Known Member
Well I've just sent the invoice, in sterling, none of this makle belive money, lets see how long it takes to get paid.
Did I see the almighty Facebook tried to create its own currency and fail?
 

paulf

Well-Known Member
Commodity currency = money based on an amount of a commodity such as gold held.

Fiat currency = promissory notes backed by a government.

Bit coin and other digital currencies = ponzi/pyramid scheme where the 'money' is based on nothing and backed by no one. The only money involved is what speculative investors pay in.

No, I don't think I'll be taking bitcoin. :LOL:
Totally agree, it's great for people who buy dodgy s**t off the dark web.
 

markyspread

Active Member
Commodity currency = money based on an amount of a commodity such as gold held.

Fiat currency = promissory notes backed by a government.

Bit coin and other digital currencies = ponzi/pyramid scheme where the 'money' is based on nothing and backed by no one. The only money involved is what speculative investors pay in.

No, I don't think I'll be taking bitcoin. :LOL:
Quantitative easing-printing money by a goverment that is backed by nothing, enjoy life in the feudal sysytem !!
At least cryptos give us the right to all have a say on the blockchain
 

Donzo

Well-Known Member
This is false as ive got and payed
You may have with your provider ,but they are changing as with bitcoin your provider does not have to register as a business.and also the big deal for customer is you can be tracked easily by paypal. Bitcoin protects buyer and re seller
 

Kinkyboy

Well-Known Member
You may have with your provider ,but they are changing as with bitcoin your provider does not have to register as a business.and also the big deal for customer is you can be tracked easily by paypal. Bitcoin protects buyer and re seller
Yep he accepts bitcoin aswell..they go for the seller so I don't care,millions do it and there want the big Big fish
 

Tinytom

Well-Known Member
Commodity currency = money based on an amount of a commodity such as gold held.

Fiat currency = promissory notes backed by a government.

Bit coin and other digital currencies = ponzi/pyramid scheme where the 'money' is based on nothing and backed by no one. The only money involved is what speculative investors pay in.

No, I don't think I'll be taking bitcoin. :LOL:
Sorry your behind the times there, google fractional reserve banking it’s cash that’s based on nothing and backed by no one, the powers that be can manipulate the value of our currency as they see fit.
Iv got some XRP just sat there as a punt
 

Brimstone

Well-Known Member
I agree with Tinytom - Since none of the common national currencies are actually backed up by anything, e.g the discarded gold standard/reserves, they are all funny money that can be altered by a country willy nilly, also called quantitive easing. To that end they are no different to bitcoin etc. except that the country has something to lose (i.e control of their country).
I'm sticking to conventional currencies simply because they are the most and widest used, and I'm a bit too thick and slow to understand the IT & complexities of the new ones. If one of these becomes the new norm then I suppose I will have to adapt. This might become more common the way the banks are getting greedy and trying to make all money electronic not cash.
 

imago

Private Member
You say national currencies are backed by nothing but that really isn't true now is it? They are all tied in to a countries GDP and its ability to borrow. A run on a currency can be mitigated and repaired by the government of that country with bail outs from EMF, central banks, other countries and investors.

Crypto currencies are genuinely backed by nothing, there's no way to bail them out at all. The only money in them comes from people buying into them. As they are uncontrolled and unregulated there is no way anyone can step in to bail them out.

All your money in a bank is protected against theft, fraud, hacking etc. crypto currencies aren't.

Now if you understand and accept the risks involved then that's fine, you invest your money and hopefully you'll do well out of it. But you can't say that they are in any way as stable or protected as normal currencies because that's bollox.
 

Brimstone

Well-Known Member
I'm not saying they are protected or stable, or backed by anything, far from it, a con's paradise.
Unfortunately, money in a bank is not protected either - the last banking crisis proved that. The UK government chose to try to protect and save a couple of big ones but let others fail. and maybe a bit of compensation. Govt didn't have to offer the current limited guarantee either, and have been trying to row back on it since. They did it to try to keep control.
Theft, fraud and hacking are very common, banks don't like to admit it, and don't like paying out if they can wriggle out of it anyway they can. Look at the Halifax Reading branch fraud. Even the FSA has a problem with that.
I maintain they are backed by nothing. They are only loosely linked to GDP/borrowing ability by choice not otherwise. A variety of countries have ignored this in desperation, used quantative easing etc with no real linkage to ability to borrow. (Or importantly, ability to repay).
A currency run cannot always be bailed out., e.g when the UK tried to join the euro - currency carpetbaggers killed it, probably with non/anti-EU countries behind them.
Right now most major national currencies are a far safer alternative to any cypto cowboy currency, and I'm sticking with them, but if you were in Libya or a few other countries you might not see it that way.
 
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