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There are many, many bitcoin speculators. I know because I was one, sort of. Large bitcoin holders currently have in excess of $250k in BTC value, much of it pu
by vessenes 16y ago
There are many, many bitcoin speculators. I know because I was one, sort of. Large bitcoin holders currently have in excess of $250k in BTC value, much of it purchased at $.02/BTC -$.05/BTC originally.
There are a few people making their daily living trading, generating and exchanging BitCoins. Just the top of the iceberg, I imagine.
The payment problems are exactly as you describe. Interestingly, it would definitely be possible to run an above-board US-based exchange for BTC; it's called a money transfer business, and they're regulated in a specific way. Getting fully registered and compliant is likely around $1mm USD.
When the BitCoin economy gets big enough, expect someone to try this. I have no idea if it will succeed, though.
- jsavimbi 16y agoYou don't need a US-based exchange for BTC, per se, as other currencies are traded on the open market and the brokers simply relay quotes to their customers via feeds they receive rom the banks. If the banks saw the potential to make money off of trading BTC, they'd make it happen.
- quanticle 16y agoYou don't need a US based exchange, but changing bitcoin into a foreign currency and then turning that foreign currency into dollars would probably incur enough in transaction fees to be unprofitable, especially if you're changing large amounts of currency on a regular basis.
- jsavimbi 16y agoIf you read into what Forex is you'd discover that what you're speculating about actually happens, for pure profit, many many times over on a daily basis.