Silk Road forums

Discussion => Newbie discussion => Topic started by: PeaceToEveryone on January 28, 2013, 02:43 am

Title: Coins
Post by: PeaceToEveryone on January 28, 2013, 02:43 am
Hey guys,

Sorry if this question has been answered but I've received different answers and I just want to confirm. When the price of the bit coin changes does your wallet change or does the price of everything change? and if so how regularly is it updated?
Title: Re: Coins
Post by: billiken on January 28, 2013, 02:46 am
You have BTC... so, yes, the money you have change.
Title: Re: Coins
Post by: vousetici on January 28, 2013, 03:00 am
I think this is correct...

The vendor's prices in local currency won't change. The vendor's price in bitcoins will fluctuate depending on the value of bitcoins.

The amount of bitcoins in your wallet will stay the same, however, as the bitcoin value fluctuates, you will pay more or less bitcoins for a product.

I find it easier to change all the prices to local currency at least then you know how much you're paying in the real world.
Title: Re: Coins
Post by: Sapper on January 28, 2013, 03:10 am
I find it easier to change all the prices to local currency at least then you know how much you're paying in the real world.
Bitcoin is a commodity that is much more real than fiat money. Just like when things were paid for with gold.
Title: Re: Coins
Post by: vousetici on January 28, 2013, 04:29 am
Yes gold is a tangible commodity, a very useful metal with many uses.

As far as I can see, Bitcoins exist only as representation of value. What other purpose do than have apart from buying goods, services or other currency?
Title: Re: Coins
Post by: southbeachid on January 28, 2013, 04:44 am
I personally believe bitcoin deserves to enter the currency exchange market so therefore I'd be able to more easily Buy/Sell it.
Title: Re: Coins
Post by: White 0ut on January 28, 2013, 05:02 am
As the BTC rate changes so does the $ of usd pesos pounds whatever your using. Its like stocks
Title: Re: Coins
Post by: whythehell on January 28, 2013, 05:10 am
using this as an opportunity to say, HOLY SHIT BTC, y u so expensive? Wish I could have gotten my taxes 3 months ago :[
Title: Re: Coins
Post by: CallmeBruce on January 28, 2013, 05:21 am
It seems like a very clever system in terms of being anonymous, but I don't understand where BTC come from. I'm no economics guru but isnt  an official currency is backed up by assets, gold, bond and such? Who creates BTC's in the first place? How is the value determined? OR is it mainly an index of how high we wanna get?
Title: Re: Coins
Post by: TimmyTuesday on January 28, 2013, 06:40 am
How do I put money in my account so I can buy things?
Title: Re: Coins
Post by: grouptherapy on January 28, 2013, 07:11 am
The BTC price of the item fluctuates but the US $ value does not. When the value of the BTC rises your left over BTCs can buy more items.
Title: Re: Coins
Post by: zigzag114 on August 29, 2013, 08:41 pm
thime to bring it back to the old school