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There was recently a story of Mount Gox where there was a robbery of bitcoins worth 470 million. Well obviously the answer to can you do it is yes.
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Now you could offer it as an option, maybe you can purchase it using cash or you can purchase it using bitcoin and maybe that opens you up to some press and maybe some extra buyers but realistically if youre just saying you can only. So if youre storing bitcoin on your computer or your hard drive and it crashes, well its going to be pretty hard to access that. When you create bitcoins it actually gets harder and harder to create more bitcoins. A lot of the bitcoin exchanges that have come up to help people I guess use bitcoin have been severely attacked by hackers.
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But thats a rough idea of what bitcoin is, if you want more information on that then I suggest you go to Google or you have a search in on what bitcoin is and what are the risks associated with. So someone came and obviously robbed all these bitcoins in huge value and all that information on that is blowing up on the web at the moment. What is the point? Bitcoin is a decentralized digital currency also known as a cryptocurrency and basically its created on the Internet and it was created using software.
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Well there was recently a story of a person who was selling their home in Perth Hills, so in Western Australia, and they were only accepting bitcoins as the form of payment for this home. We can exchange money for bitcoins or bitcoins for your local currency.
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So it helps to stabilize the currency and make sure theres no one person who can say well Im going to put in an influx of bitcoins into the market. So I think bitcoin is not mainstream enough, there is not enough of people who are confident in the currency and happy to use the currency that it would be worthwhile for your standard home seller in Australia to try and sell their home using. Why Bother Selling Your Home Using Bitcoin?
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There was also a story of a guy who had thrown out a hard drive probably a year ago or couple of years ago but now with the value of bitcoin he realizes that there was actually over 14 million in value in bitcoin. So what is bitcoin roughly?
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So thats a risk as well. And obviously people want to come in, they want to get access to the bitcoins and they want to steal them and have that money for themselves. Bitcoin is getting a lot of press lately, mainly because of the significant increase in value of bitcoins over the last 12 months. Its decentralized so you can send money directly from one person to the other which means fees are a lot less.