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

[Harmon]

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]

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]

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]

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]

$1,000,000 * 00.00000001 = $0.01

[Harmon]

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]

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]

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]

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]

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]

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]

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]

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]

Did you hear the joke about the bitcoin?

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


ahahahahahha