Sunday, February 3, 2013

(S5) Bitcoins

1. How do you think the increasing use of Bitcoins will change the way we handle money in the future? Identify some potential good features / bad features.

2. Would you use Bitcoins now that you know how they work? Why or why not?

3. Had you ever heard of bitcoins before this blog?


  1. I'm gonna do this blog now so that i dont forget to do it this week.

    1. Bit coins are a completely independent form of money, they don't require a bank and are 100% safe. They are an online form of money that can be transferred any way you want. It would be like meeting someone on the street and paying for their wares with cash.

    2. Bitcoins are used a lot on the deep web to purchase illegal items since they can be completely anonymous. I personally don't use them since I have no need for them. I could just use cash if i wanted to without jumping through the hoops of transferring funds.

    3. I have heard of them before, i first found out about them on my voyages into the deep web, everything down there asks you to buy their stuff using bitcoins

  2. 1. The other day, I was in JCPenny, and they were using an ipod attached to a scanner for people to pay for their stuff without going to the register. If currency itself is going to be digitized, then tablets are probably going to be used to transfer money from one to the other. Bitcoins are nice because they're efficient and no one has to deal with exact change and crap. The one thing that bugs me, though, is this: why is the bitcoin miner open source? What possible benefits are there to this other than for hackers who can give themselves as much money as they want? It's stupid, and has no point. It's like if a banker let people wander into the vaults of a bank just to look at the money.

    2. Because of this, I would not use bitcoins for fear that someone hacks my account and takes my money or something. Sometimes real objects are still better.

    3. Never heard o' them 'till now.

  3. 1. I think that the use of bitcoins is interesting, but it seems like an easier way for people to fake money. Also I read a news article that Sweden(Some European Country...) is thinking of switching to all electronic currency. But the biggest problem of this would be how it would potentially be easier for people to fake having the coins.
    2. I still would not use bitcoins because I do not think that they are a very good way to pay for things. Also, the same way that a credit card works, you do not feel yourself spending the money, like you do when you use cold hard cash.
    3. Yes I have heard of bitcoins, I actually saw that exact same video about six months ago.

  4. 1. Bitcoins seem like the next "big" thing. The idea behind it is that we will trade bitcoins for food and computer stuff instead of requiring the help of a bank. They are completely safe, but can be easily pick-pocketed. They have made just enough of them so that they will grow quickly, but at the same time, making just enough to maintain a high value. Unfortunately, their payments and trades are almost impossible to trace.
    2. As for now, I wouldn't use any bitcoins. Instead, I will wait until they become more popular and reliable. Bitcoins seem like a great idea, but I have no reason to use them. Banks are perfectly fine in my opinion.
    3. Before today, I had not heard of bitcoins. However, I kind of wish I had. They are very interesting to learn about. I am very curious about the future of bitcoins.

  5. 1. Bitcoins are a new form of currency, that I think will eventually start to work like debit cards, in that you can scan and purchase items with them from anywhere.
    2. I don't think it's safe to use bitcoins just yet. As it's a currency, the rate of bitcoins into real money could change at any moment.
    3. I had not heard of bitcoins before today. I do hope that their popularity grows in the future, as they seem really interesting and fun to work with, and could even prove to be beneficial to sociotey as a whole.

  6. 1.) Bit coins are a digital currency that can be earned on the internet and be traded for real can trade them with other people on the internet and sense there is no bankin the middle the fee is much much less.

    2.) I would total use bit coins because: it would be easier get money, Its safer than having real money, and it should help the economy. All I need to know now is how to get them...

    3.) I have never heard of bit coins before today and I only wish I had heard of them sooner, as I think that using them would be really cool concept.

  7. 1. i think Bitcoins could be good for future money because we wouldent have to go any where to get money we could just do it online but the bad thing is there could be hackers out there trying to hack your account and take your money

    2. i think i would use bitcoins but then again i wouldn't because bitcoins could be a good new way to have and to use money but it could be a badthing because i would be worried about theft i have not ever heard of bitcoins before this blog

  8. 1: Bit coins are a decentralized digital currency based on an open-source protocol. Bit coins have no bank charge or fees so, its a great way for small businesses to get noticed. Internationally, bitcoins can be exchanged by personal computer directly through a wallet file or a website. They can also be exchanged through physical banknotes and coins. To me, bit coins seem like the future for all countries currency.

    2: Personally, I never have used bit coins because I have not had any use for them in my life so far lol! Although, I will definitely try them out in the future for online purchasing.

    3:Yes, I know online bidding sites that use bit coins like Quibids.

  9. 1) Bit coins sound like a really cool idea, they are probably going to become the next big thing. You can use them everywhere for everything, and they sound a lot easier. They sounds easier to use out of the country because you dont have to exchange them for different currency. They also can be used to make transactions quicker as well. So, I think they are a good idea.

    2) Yeah i might use them they sound pretty cool, but i think they sound more business related now other than individual related. But still a cool thing.

    3)No i have not, but now i will look into them more, because I know about them.

  10. 1. Bitcoins. It looks like a easy way to get moony online. It's cool and looks easy to use so anyone can use them. Bitcoins is the new money.

    2. Well yes and no. The reason why i wouldn't use Bitcoins is because there are lots of people in the world that know how to hack. They will find a way to hack and take all of your money. The reason why I would use Bitcoins is because it looks very easy to use and I can add funds to my steam wallet or if that can work...

    3. No I have never heard of Bitcoins before this blog. They are very interesting and looks easy enough for anyone to use.

    1. sorry didn't notice that i spelled money wrong in question 1.

  11. 1. It would be fun to have bictons, because they would be with you when ver you needed money. But the only thing is that people can hack it and that would be identity theft.
    2.I would only use bictons if i really had to , but i think that i would use money instead.
    3. I have never heard of bictons before this blog.

  12. 1. Bitcoins can be a good thing and a bad thing. The good thing about this is that you can handle your internet money and be able to purchase anything to games, servers, ect. The bad thing that could be in this situation is there can be hacks or spyware/malware. Some people will say,"Its a big server it wont be hacked." Well Anonymous has hacked government websites, I think its possible with the right IP address.

    2. I prefer to just hold everything in a secure safe or bank because a hacker can get any information through the internet, the bank you would have to have a stand up and then they go to jail and have to go to court, ect.

    3. No.

  13. 1. Bitcoins are an interesting concept that will have both negative and positive impacts. The positive impact is that the currency won't be state controlled, hopefully helping inflation in such. The production rate of bitcoins will be controlled by a highly sophisticated program which is also good. There will be less taxes and regulations on money as all transactions are online. It is also a very portable system. The problem with it include the possible failure of this money, ie computer virus and such. Also, if too many people start using bitcoins, and the economy of bitcoins failed for some reason, the world's economy could go down the drain causing one of the largest crashes of all time.

    2. I don't think that I would start using bitcoins, at least not yet. They seem to be too unstable in order to invest in them. I would prefer either cold hard cash or holding it in the bank.

    3. I have never heard of this money system before.

  14. 1. Bitcoins in their increased use will put more and more focus on decentralized, or uniform, currency which is not limited by trading rates or control through banks. Good features would include a simpler way to make transactions. The bad could include a resistance to changing from already standard currencies such as the dollar.

    2. I would likely use bitcoins, as they seem to be preferable as a currency in general, let alone the fact that it is an online currency, which is safer than physical currency.

    3. I had not.

  15. 1) Bitcoins are a virtual form of currency used primarily over the internet, so I don't think these will become main stream in the future. The idea of money being a virtual object and not something people can hold on to makes me a little uneasy. I could see issues of stealing peoples bank accounts online and money being lost in translation. One good aspect could be that money would be safely stored only on the web and not in people's homes.

    2) No, I would never consider using any other means of currency because I'm already satisfied with our current dollar bills. The government would not approve of this idea anyway.

    3) No, I have never heard of bitcoins before this god damn blog!

  16. 1. I think bitcoins might eventually replace real money in the future. The good thing about bitcoins is they're easy to use, there isn't a bank for them so there's lower fees, and you can send other people bitcoins over the internet. But there are hackers that could try to steal peoples bitcoins and, like regular paper money, people could make fake bitcoins somehow.

    2. I'd rather have regular money because if the system crashes and everything is deleted, I'd be sad if I had bitcoins. But if I had bitcoins I would only have a few to buy items like gifts online and maybe some video games.

    3. I've never heard of bitcoins before this blog, but they're interesting.

  17. 1. Bitcoin seems like it could have the potential to become the new currency of the future. I think if it ever actually happens, it will take a lot of getting used to. Our physical money has been the currency of centuries. I think if we do change we should do very slowly and gradually.

    2. I would rather have cold hard cash. If i had digital money of any kind, It would be at risk from hackers and system crashes.

    3. No I had never heard of bitcoin before now. I like this blog topic though is fun to think about.

  18. Bitcoins are awesome, and may replace currency as a global currency. It could be bad as problems could arise from a global currency, but it is great because it is very convenient.
    2I would rather have cash because I just want to deal with one kind of currency. I don't need two, and am not banking or using enough money for it to benefit me.
    3 I have not heard of bit coins before this.

  19. 1. Bitcoins have the potential to revolutionize the way we transfer currency/buy things online. They have the convenience of going through nobody but you and the recipient, and the lower fees. It's also anonymous, which could allow for for some illicit purchases, unfortunately. This also makes it more difficult for the money to be recovered if lost.

    2. I would probably use bitcoins, due to the convenience and simplicity of it. I'll give it a try and see how they work in detail.

    3. Yes, I have.

  20. 1. it will definitely change the way we use money in the future. On the upside our funds will be more digitally accessible but on the downside it could have a security problems. I feel like paper currency is still better and also much more secure in a lot of ways then bitcoins.
    3.I had not herd of them before but I'm glad I did it is an interesting new technology.

  21. 1. The use of bit coins will definitely affect our future. First paper money, then credit, and now digital cash, we are slowly drifting from true undisputed currency. This could be a potential problem for our economy if some day our economic system collapses. It has happend before and it could easily happen again.
    2. No, I would not use bit coins even though they sound pretty good. I don't trust that our "stable" economy will remain stable. Cash is not fool proof but I feel that it is safer than digital anything, credit or bit coin.
    3.No, I had not heard of bit coin before the blog.

  22. 1. We will be able to transfer money for shipping stuff from china to the US. It will overall be better for money transfers.This will also be vary bad in the future because there will be a rise of terrorist activity in the us because bit coins are untraceable.

    2. no because I think it would be a waste of time because you can get a debit card for free. I like money and don't want the risk of losing money. I would rather have gold because It is always going up and paper money will always go down in actual value.

    3. No I haven't

  23. 1. Obviously there are pros and cons on this new idea of currency. Although the virtual "coin" is a great
    way to digitally manage, pay, and receive a form of money, it can also be attacked by several
    malicious software and people. the security in the bitcoin, to me, does not seem high enough
    to trust with everybody. Even if the bicoin was legitimate and ready for worldwide release, who would
    manage it? How we keep it under control?
    The bitcoin does offer an additional method of payments as well as convince. Surely, the bitcoin is not going
    to replace currency any time soon, but the increasing factor of bitcoins will change businesses in pricing,
    management, employee paychecks, etc.

    2. Yes, I would use bitcoins due to the fact that I cant most-likely manage it from any internet capable
    device, making it extremely convenient for me. The only factor holding me back is the unsure security.

    3. Yes, I have used several versions of bitcoins including swagbucks. Other than that, this is the first
    I have heard of the future of bitcoins and where we plan to have them in the future.

  24. 1. It will greatly change the way we buy things in the future. It make it easy to purchase things like games. One bit coin is worth about 14.8$ and it would take a lot of time to get an amount to buy stuff. Also, It would be really easy for you to get a virus or be hacked. Although the thought of not having to go through banks to get money is nice.

    2. Only if I was running a business, Otherwise it seems a bit useless to me.

    3. No, I have never herd of this and it is cool.

  25. 1.) I think that bitcoins could be an amazing way to make money. It's from more of a merchanting standpoint. You could get around 5 bitcoins, then buy something for cheap, and sell it for a higher cost. More money can be made when an item is crashing, buying from somebody who is desperate to get rid of that item, and then selling people who are ignorant, and just buying it because they need it.
    2.) I would most definitely use bitcoins. Simply because it would be different.
    3.) Before this blog, I had actually heard of bitcoins before. I was already aware of most of the features. What I had mostly heard of them being used for was people using them to convert say, USD to Euros, then to Yen, and eventually back to USD and make a profit.

  26. 1. Bitcoins have a lot of potential to change the digital market place. Things like Amazon, Shark Robot, and other digital stores will see an increase in revenue, and will see a much wider array of people using their services. This service is a great way in generating more digital revenue. unfortunately, it is a possible problem if somebody were to hack into somebody's Bitcoin Wallet.

    2. I'd definitely use it, it seems like a much more effective way to do online transactions

    3. I had absolutely no knowledge of Bitcoins before this blog.

  27. 1. In my opinion bitcoins while potentially streamlining currency have a series of issues that would need to be resolved before they could be truly viable. Firstly people like to have hold of their money, meaning they like to have the physical thing as it seems to be more secure. Secondly the security of the system is going to be questioned it seems like hacking is a common thing today and it seems like it could be a serious problem. Finally it claims to use the same encryption that the military and the government use. Wouldn't this mean however that the government and military would have access to our digital money.

    2. I would not use them as I do not see them as a very secure system.

    3. I had not.

  28. 1.I agree that it would be great To use in online payments for anything and money to be used in stores.The bad thing about bitcoins is that people can hack and upload an unlimited amount of money.
    2. Yes i would use them.
    3.0 i did not know of them.

  29. 1.Bitcoins is a way to handle money online. It is an online currency and i believe it can change the way we handle money online. In my opinion It has a lot of potential to change online money. It ois a great way to recieve money and pay stuff with it as well. A problem that i think would be is global currency might be ruined in the process.

    2. I would have to think about it if i wanted to use it or not. I feel like i would love it but i wonder if i would get confused with it.

    3. Honestly i have not heard anything about Bitcoins in my life.

  30. 1) I mostly see this as a bad way to use currency. Buying everything online will also put people out of tons of jobs like Kohl's and JCPenney's employees. In my opinion, people have a higher chance being 'robbed' by being hacked into accounts. Many are not careful enough and stay logged in and don't remember to log out. There's a bigger probability that the bad hackers and people like them will become richer in bitcoins. I don't see any value.

    2) Nope. Wouldn't use them. Too loose of a system.

    3) I did not know about them.

  31. more like buttcoins, hahaa

  32. 1.) Bitcoins is the online use of currency worldwide. I really don't like the idea because it looks like it could decentralize currencies and put people out of jobs.

    2.) The good in them is fast transactions but I don't like the idea of a computer holding my money when a hacker can take it. It wouldn't even be a real currency like gold to where it could back you up in a depression.

    3.) Nope never heard of them

  33. 1.) Bitcoins are online currency for people that do use banks. I do not see great potenitial in Bitcoins because they are not government issued so most places will not accept them.
    2.) I would only use them is I was on a website or a game and you had to pay. But to give money to someone or to buy something regularly I would not use them.
    3.) No I had never heard of Bitcoins before this blog.

  34. 1- Bitcons is like a virtual currecy. I dont really like this idea because it puts currency online, and its not exatcly the safest place to be. And the potential just doest seem to be there.
    2- I wouldnt use them because of the risk of loosing it and because of the possiblity of it going down in value as a new currency.
    3- I had no idea what this blog was about till i clicked the link.

  35. 1. Bitcoins are a sort of online currency that can make transactions and purchases much easier. The bitcoins have some advantages, such as not having to pay any fees because it is not through a bank and being able to easily track all of your finances. However, it seems rather fishy to me that you would be able to purchase everything online with these virtual coins. Can that really be a trustworthy system? I could see many problems going on with it.
    2. I would not use them because it appears that it is a fairly new system and no doubt there will be many problems with it relating to transactions and anonymity.
    3. I had never heard of bitcoins specifically, but I knew that the idea of finance online and online currency had been one they were trying to make strides towards.

  36. 1. Bitcoins are a online currency that you can use to buy things. Pretty much anything. I think that because there is almost no fee to use them they could become very popular. A big bonus for me is that they cant freeze your account. I do sketchy stuff so this is a huge plus for me. (jk I dont but you can see my point)
    2. I probably wont use them till they are the norm. How do I know that the currency wont crash and it will take a million bit coins to buy a loaf of bread like it does for ruble in russia.
    3. Nope, never heard of bit coins before, or have I?

  37. 1. It would be better because you can store a lot of money and also with being charged with sharing with friends or other transactions. Also really cool how you cash them into any kind of money throughout the world. I really don't see bit-coins exactly being used very much in the future, but maybe some sort of version of them in the distant future.

    2. No, I think the idea is really awesome and cool, and hopefully some where distant in the future they can serve use to many people. Although, I would not want to use them no a days. They said the source and code are free for everyone to view and such, so I do not trust it very much because a hacker and go view the code and just go into and take all the money form everyone. I don't find it trust worthy at all at the moment.

    3. Before this blog, I have heard of bit-coins, I just never really payed attention to them, I think it is a pretty cool idea through.

  38. 1. It would be better because you can store a lot of money and also with being charged with sharing with friends or other transactions. Also really cool how you cash them into any kind of money throughout the world. I really don't see bit-coins exactly being used very much in the future, but maybe some sort of version of them in the distant future.

    2. No, I think the idea is really awesome and cool, and hopefully some where distant in the future they can serve use to many people. Although, I would not want to use them no a days. They said the source and code are free for everyone to view and such, so I do not trust it very much because a hacker and go view the code and just go into and take all the money form everyone. I don't find it trust worthy at all at the moment.

    3. Before this blog, I have heard of bit-coins, I just never really payed attention to them, I think it is a pretty cool idea through.

  39. 1. Bitcoin is a system using online currency to purchase items. Some of the pros to using this system are the ability to hold larger sums of currency without having to pay large sums of money to hold it there. Bitcoin is also transferred directly to you to the other person without any kind of bank in between the processes.

    2. I would not use the system, at least at this early in it's development. I don't want to spend that much time and earn that much on a new system with a less reliable system of holding and transporting this currency.

    3. I didn't have any knowledge of Bitcoin prior to this blog, however with more time and development done to Bitcoins I would definitely support this idea.

  40. 1. Bitcoins are an online currency, it is cool because it is like a whole new bank in the computer world. You can also transfer the money or hold as long as you need

    2. No because i do not trust computers, i love them but i know how easy it might be to hack and destroy mass amounts or gain mass amounts of bitcoins.

    3. Prior to this blog i have heard nothing about bitcoins, they seen like a fad if they are even that popular yet.

  41. 1. Bitcoins could potentially increase responsibility with real life money. On the other hand it could teach children how to not handle their money properly and further increase our deficit spending in the united states.

    2. No The last thing I need is virtual debt lol.

    3. No i have not.

  42. 1. Bitcoins could potentially increase responsibility with real life money. On the other hand it could teach children how to not handle their money properly and further increase our deficit spending in the united states.

    2. Yes I would use bit coins because The money doesn't go through a bank which makes taxing a lot less which entails it is person to person. The banks are usually the middle men and charge up the butt to do so.

    3. I have never hear of the term "bit coins" before. I have always known them as online currency but never really understood how they worked.

  43. 1- Bit cons is more or less an online currency, which isn't exactly safe. It leads to your hard earned funds being put at risk of being taken from you from hackers. It is a leap in the future, but its a lead in the wrong direction. I still would much rather have my money in physical form and put it into virtual when I want to.

    2- No I would not use any form of bit cons. It is a leap towards the future, but it puts our currency to much at risk from third party programs as well as possible site crashes.

    3- I had heard of Bit cons before. They were this small business that was an option for getting in game credits for one of the games i play. I looked into it and i didn't like it so much.

  44. 1. Bitcoins will make people more responsible with real money, but at the same time could make smaller children learn to not handle their money well. This will increase spending in the united states a lot.

    2. I somewhat want to use bitcoins as online currency but at the same time don't because it will help the taxes go down, but at the same time people would be buying online a lot more and this would give less business for the local stores like gamestop, and best buy, this is my worry about bitcoins.

    3. No, I had not heard of bitcoins before this blog.

  45. 1. I think it will work good because its the same as handling real money and it is already organized on your computer. It will help you under stand dealing with money if your new to it.

    2. I would not because its on the web its free so i think it would be able to get hacked easier and steel other peoples coins or getting your site hacked instead.

    3. I have never herd of it but I have herd of ideas like it before.

  46. 1. Bitcoins will make online trading much simpler as you do not have to go through a bank nor do you have to deal with additional fees. Also, when all said and done, you may cash out your bit coins to receive real currency. The only downfall I could see is establishing a set currency rate as trading with other countries may become tedious if not done.

    2. I would not, just the idea all in itself has no physical or technological appeal.

    3. I have not..........

  47. 1) I think it will help us because it'll actually teach people how to and how not to handle money. It can be used in many ways which is a good thing. But it might not be exactly "Safe" because hackers can get into it easily.

    2)No because I would not feel safe because its free on the web and anything that is free there is always most likely hackers.

    3)No and would have never even thought of it.

  48. 1. Bitcoins will make online buys easier but I don't think it is really a good idea because all it will take is someone to find out how to make "fake" money or get into someone's account.

    2. I don't think I will use it because I wouldn't think to use it because I'm so use to using the system we have now.

    3. No I haven't.

  49. 1)I think bit coins are and ok idea. there are advantages such as a universal currency but all it would take is a few codes and you would be rich.
    2)I would not us them im more of a "real" money person.


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