I have to be honest. In a perfect world, I would not even be considering using Bitcoin. I do not match the first adopter profile (and in fact, I am not a first adopter. I probably count as second or even third tier). In terms of investing, I would be far happier with an investment of bonds making a safe 4 percent a year. I would be perfectly happy sitting in an office working towards a secure retirement, doing my best to provide value to my employer. I would be perfectly happy trusting the institutions of our society, governmental and financial, etc., to operate with high ethics in the interests of the general public.
Paper Wallets: A paper wallet just means that rather than keeping the information for your Bitcoin Evolution stored in a digital wallet, you print the key information off along with a private key and keep it safe in a safe, in a drawer, or in your mattress (if you like). This is highly recommended and cost effective system for keeping your bitcoin safe. Keep in mind, though, that someone could steal them or if your house burns, they will go with the house and there will be no way to get them back. Really, no different than cash. Also, as with Casascius Coins, they will not really be good for spending until you put them back into the computer.
12/22: (Re-edit of the 12/21 podcast) Andrew Feldman is joined by two of the biggest names in poker in 2012. Bluff’s Player of the Year, Marvin Rettenmaier, and Antonio Esfandiari. [Visit Website] [Download MP3].
Give it whatever name you want, credit card, debit card, computerized payments, wire transfers, these are nothing new. They have been there since the new modern bitcoin day marble and limestone age. The days when humans started to rule over their mighty man made concrete jungles looming large all over the planet Earth, or rather the semblance of what is left of it.
People want to hold their Bitcoins rather than spend them. Imagine that. People want to save. Admittedly, volatility makes future predictions difficult, which makes commerce difficult. But here’s the thing, people who understand monetary policy seem to prefer a volatile currency to an inflationary currency.
Recently, an article I read indicated the “street” exchange rate in Argentina was 7:1 (seven pesos per USD). I should visit again soon with a big wad of USD!
There were some “freelancers” offering to provide this service, but I would caution against that. Mostly because you have to provide them with your address, which we were not comfortable doing.
NOTE: For security reasons,due to the fact that hacking is a big crime,don’t hack money into the Liberty Reserve account you use to withdraw your funds.