SO if Bitcoins are worth "X" amount of dollars, shouldn't there be sub-denominations lower? - GoFuckYourself.com

Harmon · 03-29-2013, 07:13 AM

Just like with cash? I mean, if a bitcoin in worth say $90... and people are accepting this as payment... is it on a scale of like only 1, 2, 3, or 20 bitcoins? or is it something that devalues itself as you use it to pay for something that is like $5.00?

My thread about bit coins.

MikeRoth · 03-29-2013, 07:18 AM

bitcoin is carried out to the 8th decimal place. so you can have 0.00000001 bitcoins. Whatever fraction of a penny that is worth...

Harmon · 03-29-2013, 07:52 AM

Quote:

Originally Posted by MikeRoth

bitcoin is carried out to the 8th decimal place. so you can have 0.00000001 bitcoins. Whatever fraction of a penny that is worth...

So it does indeed devalue itself. So a bit coin, when scanned has a value that may be different from a whole bit coin's dollar worth.

MikeRoth · 03-29-2013, 08:21 AM

indeed, so I could give you 0.01 bitcoin and that would be equal to 9 cents at current rates if I'm mathing correctly.

Vapid - BANNED FOR LIFE · 03-29-2013, 08:22 AM

$1,000,000 * 00.00000001 = $0.01

Harmon · 03-29-2013, 08:23 AM

Quote:

Originally Posted by MikeRoth

indeed, so I could give you 0.01 bitcoin and that would be equal to 9 cents at current rates if I'm mathing correctly.

Got ya. Thanks for the explanation

I was just looking at it as a flat denomination, and then after posting I realized that these things can be scanned. So basically, I could have a piece of paper that has been spent... am I right?

MikeRoth · 03-29-2013, 08:35 AM

you mean physical bitcoins? I heard of people trying to make them but I don't know much about it or how it works. https://en.bitcoin.it/wiki/Physical_bitcoin

I'm sure you can apply the same theory to smaller fraction of a bitcoin.

MikeRoth · 03-29-2013, 08:37 AM

Quote:

Originally Posted by Monotony

$1,000,000 * 00.00000001 = $0.01

You're correct I mathed wrong and went an extra decimal place. 0.01 BTC would be 90 cents at the rate of $90 per coin.

AllAboutCams · 03-29-2013, 08:38 AM

Quote:

Originally Posted by MikeRoth

you mean physical bitcoins? I heard of people trying to make them but I don't know much about it or how it works. https://en.bitcoin.it/wiki/Physical_bitcoin

I'm sure you can apply the same theory to smaller fraction of a bitcoin.

Have you used coinotron before do you know how long stats take to update

L-Pink · 03-29-2013, 08:43 AM

Don't forget you also need to generate a profit/loss figure for each transaction to comply with IRS regs. Just like selling a percentage of apple stock to buy something.

.

MikeRoth · 03-29-2013, 08:46 AM

I've never used them. I use BTCGuild and they update after every completed block I believe. It usually takes ~10 minutes for this pool to complete a block. So if coinotron is a small pool, it could take a few days to complete a block and receive your share of the bitcoins.

MikeRoth · 03-29-2013, 08:54 AM

Quote:

Originally Posted by L-Pink

Don't forget you also need to generate a profit/loss figure for each transaction to comply with IRS regs. Just like selling a percentage of apple stock to buy something.

.

This is true. However it's an anonymous currency and there are ways of cashing out and remaining anonymous. Some people will sell cash for a hefty fee. Some sell pre-paid visa gift cards. If you know how to spend that money and stay off the grid you'll be OK.

I checked coinotrons stats: https://www.coinotron.com/coinotron/...ion=statistics

It looks like they go over a week without solving a block sometimes. So you wouldn't see any bitcoins until the block is solved.

AllAboutCams · 03-29-2013, 08:55 AM

Quote:

Originally Posted by MikeRoth

I've never used them. I use BTCGuild and they update after every completed block I believe. It usually takes ~10 minutes for this pool to complete a block. So if coinotron is a small pool, it could take a few days to complete a block and receive your share of the bitcoins.

Im trying litecoins

Supz · 03-29-2013, 09:24 AM

Did you hear the joke about the bitcoin?

A bitcoins walks into a bitcoin, one bitcoins says to the other bitcoins. Bitcoin!!!!

ahahahahahha

03-29-2013, 07:13 AM	#1
Harmon ( ͡ʘ╭͜ʖ╮͡ʘ) Industry Role: Join Date: Mar 2004 Posts: 20,005	SO if Bitcoins are worth "X" amount of dollars, shouldn't there be sub-denominations lower? Just like with cash? I mean, if a bitcoin in worth say $90... and people are accepting this as payment... is it on a scale of like only 1, 2, 3, or 20 bitcoins? or is it something that devalues itself as you use it to pay for something that is like $5.00? My thread about bit coins. __________________ [email protected]

03-29-2013, 07:18 AM	#2
MikeRoth Confirmed User Industry Role: Join Date: Jan 2011 Location: Washington DC Posts: 361	bitcoin is carried out to the 8th decimal place. so you can have 0.00000001 bitcoins. Whatever fraction of a penny that is worth... __________________ ICQ: 64995031

03-29-2013, 08:21 AM	#4
MikeRoth Confirmed User Industry Role: Join Date: Jan 2011 Location: Washington DC Posts: 361	indeed, so I could give you 0.01 bitcoin and that would be equal to 9 cents at current rates if I'm mathing correctly. __________________ ICQ: 64995031

03-29-2013, 08:35 AM	#7
MikeRoth Confirmed User Industry Role: Join Date: Jan 2011 Location: Washington DC Posts: 361	you mean physical bitcoins? I heard of people trying to make them but I don't know much about it or how it works. https://en.bitcoin.it/wiki/Physical_bitcoin I'm sure you can apply the same theory to smaller fraction of a bitcoin. __________________ ICQ: 64995031

03-29-2013, 08:46 AM	#11
MikeRoth Confirmed User Industry Role: Join Date: Jan 2011 Location: Washington DC Posts: 361	I've never used them. I use BTCGuild and they update after every completed block I believe. It usually takes ~10 minutes for this pool to complete a block. So if coinotron is a small pool, it could take a few days to complete a block and receive your share of the bitcoins. __________________ ICQ: 64995031

03-29-2013, 08:22 AM	#5
Vapid - BANNED FOR LIFE Barterer Industry Role: Join Date: Aug 2004 Posts: 4,864	$1,000,000 * 00.00000001 = $0.01

03-29-2013, 08:43 AM	#10
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Don't forget you also need to generate a profit/loss figure for each transaction to comply with IRS regs. Just like selling a percentage of apple stock to buy something. .

03-29-2013, 09:24 AM	#14
Supz Arthur Flegenheimer Industry Role: Join Date: Jul 2006 Location: New York City Posts: 11,056	Did you hear the joke about the bitcoin? A bitcoins walks into a bitcoin, one bitcoins says to the other bitcoins. Bitcoin!!!! ahahahahahha