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What do you know about Bitcoin? Is it related in anyway with IM?

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32 views asked Nov 12, 2013 in Internet Marketing by Blue Spring (8,310 points)  
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Bitcoin is a non-sovreign currency with no central control. Operations are carried out on a distributed peer to peer basis. This latter is considered to be an advantage in that transactions have no oversight from governments and thier taxation and law enforcement systems.

Often used for the conducting of nefarious transactions but I have seen some semi legitimate online businesses offering to accept Bitcoins.

For businesses the two biggest issues that I see are those of security. There has been a lot of theft reported and when the FBI took down Silk Road recently they came into possession of a substantial proportion of all Bitcoins in existence. The second issue is that of volatility, the exchange rate against 'real world' currencies and gold cna change quickly and by large amounts which makes pricing in Bitcoins troublesome and holding them after sale can be risky for the issues of security and the volatility.

Related to IM?

No, not really, unless selling products and services that no other payment system will deal with - but if one is in that situation then one is not mainstream and would likely have access to alternate and less legitimate ways of getting money from punters' bank accounts into one's own.
answered Nov 13, 2013 by andrewwilson (9,160 points)  
selected Nov 16, 2013 by Blue Spring
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One of the main marketplaces for Bitcoin was recently shut down. There was lots of news stories about how it was used mostly for paying for drugs and even assasinations! Can't remember the name of the site though.

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answered Nov 15, 2013 by (10,820 points)  
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