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.

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.

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.

$1,000,000 * 00.00000001 = $0.01

Got ya. Thanks for the explanation :thumbsup

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?

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.

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.

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

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.

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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.

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.

Im trying litecoins

Did you hear the joke about the bitcoin?

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


ahahahahahha