Shopify and Square have embraced Bitcoin why?

Because of the temporary price rise of Square after embracing Bitcoin I have been doing my homework on why it’s so loved.

Did you know that very poor Countries are buying food from Amazon and Walmart as well as luxury items like iPhones with the use of Bitcoin?

Here’s the compelling video of how it’s done. The comparison to bitcoin to tulip bubble is ridiculous.
https://www.youtube.com/watch?v=4uMADKWlXt8

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Hi Gclever,

I don’t own any Bitcoin but I will say I do believe there is a place for it in our world today. As an American, I have a hard time understanding why all the talks about cryptocurrency and why on earth would someone pay these prices for Bitcoin.

However, if I take off my American hat and look at this from a world prospective then my reasoning changes. The first thing I have to understand is our great nation only makes up 5% of the world’s population. I have been blessed with a great job that allows me to travel the world for my country and visit some of these other countries (Africa, Brazil, Afghanistan, etc.) and see how their government takes advantage of their citizens by de-valuing their currency. For these reasons, I tend to understand a little more. We are lucky to have a central government like what we have in America, so for majority of us, it is hard to understand why but other countries is not as lucky.

As I said I don’t own any cryptocurrency and have no intention at this time on buying any but I do understand why there is a market place for it.

Glenn
All the best!

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Thanks for sharing the video. It is helpful to understandBitcoin.

wayne

Another helpful resource:

https://arstechnica.com/tech-policy/2017/12/bitcoin-a-beginn…

Wayne

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Because of the temporary price rise of Square after embracing Bitcoin I have been doing my homework on why it’s so loved. Did you know that very poor Countries are buying food from Amazon and Walmart as well as luxury items like iPhones with the use of Bitcoin? Here’s the compelling video of how it’s done… https://www.youtube.com/watch?v=4uMADKWlXt8

Interesting video Gclever, so if someone wanted to buy a fractional bitcoin as an experiment, how would he or she do it in a safe way?
thanks,
Saul

PS, you misspoke a little. It isn’t poor countries that are buying food from Amazon, it’s their citizens, trying to avoid the currency restrictions that the poor countries have set up.

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For getting started with my first bitcoin I have tried coinbase and it is very easy. It allows purchase of 3 cryptocurrencies: bitcoin, ethereum, litecoin. I think there are other platforms (krakken?) that have more features and other coins like if you are trading and want stop loss triggers.

I am just dipping my toe in with coinbase for ‘buy and hold’. It may not be great for trading. I heard they add as many as 100k new user accounts per day, the site has crashed on busy days, and have limits on how much you can buy and sell. But just to own a fractional bitcoin you can sign up and buy via credit card or bank acct ach in a few minutes. 1.5% fee for ach, higher for credit card.

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I appreciate the responses on the video.

You can buy fractional shares of Bitcoins through Coinbase. If you have a iPhone or Android device you just download the app and create an account.

You have to take a picture of your photo id and upload it along with adding a credit card of banking account to buy a fraction of either Bitcoin, Etherum, or Litecoin.

The interesting thing about the coin market is that unlike Wall Street the market never closes.

Here is the marketplace of the major digital coins and their prices and market caps.
https://coinmarketcap.com

Enjoy!!

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Thanks to everybody who posted information. And especially thanks for the very interesting Ars Technia article link.
Saul

Once one decides to get Bitcoin, the question of how to store them has to be answered. The Ars article touches on that with question 5). You can have as many wallets for as many different purposes as you like.

Arguably one of the most secure options at this point is a cold wallet like Ledger Nano S out of Paris (https://www.ledgerwallet.com/products/ledger-nano-s). If you hold a large amount of Bitcoin then that’s the way to go.
For smaller amounts when trying out Bitcoin and Bitcoin payments, there are desktop apps for Windows/Mac/Linux like Exodus (https://www.exodus.io/releases/?version=1.38.1) or mobile apps like Edge(https://edgesecure.co/). Most of these wallets can hold other crypto-currencies as well.

As mentioned in the article, the most important thing to remember is that when you lose your password then you cannot recover your Bitcoin!

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The two biggest things to remember, as we’re still in the “Wild West” age of crypto:

  1. As stated above, ALWAYS make offline backups of your password. There’s no “forgot my password” option when it comes to assets.

  2. Aside from when you’re depositing fiat currency in order to exchange it for crypto (or vice-versa), NEVER leave your assets on the exchange, always keep them in wallets (I personally use Exodus online and Trezor for “cold” storage; the Ledger above is fine as well).

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Let me emphasize what Accessfletch said:

There’s no “forgot my password” option when it comes to assets.

There’s no bank to call to reset your password. You’re on your own. Read this almost horrifying account of what happens if you lose your password: https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-…

Here’s an article I wrote about different ways you can buy bitcoin if you wish: https://www.fool.com/investing/2017/06/06/how-to-buy-bitcoin…

Of course, it appears that soon most will be able to use Square’s Cash app to do so: https://www.fool.com/investing/2017/11/15/square-coule-be-a-…

Matt
Long SQ
MasterCard (MA), PayPal (PYPL), Skechers (SKX) and Square (SQ) Ticker Guide
See all my holdings at http://my.fool.com/profile/CMFCochrane/info.aspx

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