Should There Be Tainted/Trackable Bitcoins?

Q: Should There Be Tainted Bitcoins? Should bitcoins be easily trackable? [Should the bitcoin protocol be forked so as to allow the FBI seized bitcoins to be blocked or tainted in use? To block someone else’s stolen coins?] A: No fungibility is critical to bitcoin.  Each bitcoin should be equal to every other.  In theory…

Bitcoin Confirmation times: If confirmation takes 10 minutes, how will I buy coffee at Starbucks?

There are many misunderstandings about bitcoin transactions, and we’ll explain the facts here.  First, there are two components, the transaction and then the confirmation.  Transactions themselves are nearly instant, often less than a second to reach the majority of the bitcoin network.  Once a transaction is in the bitcoin network with fees (and usually without)…

Is bitcoin volatile?

The question is often asked, isn’t bitcoin volatile?  In bitcoin’s 5 year history (January 2009 to December 2013, as of this update), there have been a number of instances of volatility.  The question is though, which do you prefer:  an asset/currency that is increasing in value even though it is volatile or an asset which…

Benefits of Using Bitcoin

What are some benefits of bitcoin? Nearly instant transfers worldwide Free or very low cost transfers worldwide As of December 2013, bitcoin is accepted at over 15,000 businesses (see https://bitpay.com). Ability to protect yourself from government seizures of your money as happened in Europe in the Spring of 2013.  (Cyprus bank bail-in.) When the authorities in…

Bitcoin Wallet

What is a bitcoin wallet? A bitcoin wallet is a method of storing your bitcoins.  The wallet has two goals, protecting against loss, and protecting against theft. Safety tips for a wallet: Backup your wallets on your computer regularly so that if your computer crashes, you will have access Do not use an online wallet…