Paypal recently suspended the account of a certain company because their clients made payments to them from hacked Paypal accounts. I have been using a demo-version of a product created by the aforementioned company and since [from my evaluation of the product] it's OK, I wish to go a step further — and buy the product. The problem however is, they [the company] at the present only accept bitcoin payments. If you've used bitcoins before, would you please tell me how it works and whether it's safe to use?
This might help you...Log In But I would not suggest using them. Bitcoin market is extremely volatile and prices can change very often. For example when Silk Road was closed down recently, the Bitcoin exchange rate fell by around $20 for a bitcoin.
Oh, thanks for the heads up. That drop in value was damn too high. $20 bucks a bitcoin? They must have made a killing slashing off $20 from everyone who uses their currency.
Well, I think we are ignoring the highs before the lows. It is much like the stock market in that there is no real value unless others deem it to have that value. If someone is willing to buy a toaster oven from you that no one else was willing to buy does that mean it is not worth the five dollars that person has placed as its value? I am not saying this a safe venture..IT IS NOT. I am, however, saying it is a venture. You could be a winner or a loser. Depends how you bet the game.
A few do. I wanted to pay for some subscription with some company and they could only accept bit-coin payments. But having never used it and since someone else pointed out that the value of bit-coins is unstable, I'd rather deal with real hard cash. Why would you want to try it? You'd lose like $20 for each bit-coin all for nothing.
