Christen57 wrote:It's technically a currency, yes, but it's not a currency that's acceptable at this time or better than plain United States Dollars (USD) for duelingbook.
It's way more acceptable than you may think. That is just your assumption.
Christen57 wrote:You've contradicted yourself here. Earlier you said "Value of bitcoin doesn't wildly vary from place to place." Now you're saying it does wildly vary. That's what "price fluctuations" mean, when the value does in fact begin varying wildly from place to place or time to time.
Its market value varying from place to place doesn't mean that its price doesn't fluctuate. It highly does. The places where you buy it from don't sell it in a varying price.
Christen57 wrote:Also, what is fiat? Did you mean flat, with an "L"?
Fiat is a currency established as money, often by government regulation. The USD is a fiat currency.
Christen57 wrote:Also, if I were to do this and trying converting to this "fiat" would I also be charged fees too? Does that mean I have to pay fees for buying/selling bitcoin then also pay additional fees on top of that for this "fiat" thing?
You are always charged from buying/selling products. Once you donate to duelingbook, paypal charges them a small fee. Same thing would happen if Xteven received BTC and converted it instantly to fiat. We aren't donating anything, don't deceive ourselves. It's just a bullshit word the admins chose to name. Once you receive the so-called “donocode”, you've made a purchase.
Christen57 wrote:What? No, if I deposit my money in the bank, the bank is holding my money, not theirs. It's still my money. They're just holding it for me so I don't have to keep it all physically in my wallet for a thief to snatch.
This is what they've told you and want you to believe. The bank owns the money you're depositing and each time you make a purchase, they “allow” you to transfer those deposited dollars/euros. If the bank bankrupted the next day, you'd acknowledge that you have no ownership over your funds.
Christen57 wrote:Me depositing 10 dollars into my bank account does not equate to me loaning 10 dollars to that bank for them to pay me back later. They're not "owing" me any 10 dollars. They're simply holding my 10 dollars. Holding money and owing money are 2 completely different things.
But, you didn't answer to my question, did you? And no, once you deposit money to your bank, the only thing remained to you is a promise (a paper) that can redeem your funds. Once you login to your bank account and see that giant “Total balance: $1000”, essentially, you've been given a paper saying that you own $1000. You don't own them; the bank does.
C'mon you can't be really not understand it. Hadn't you heard of the capital controls?
Christen57 wrote:"Close to zero" meaning what, exactly? How much money in fees?
Around 1 sat per transaction. Seriously, you should try the lightning network.
Christen57 wrote:Anyways, Genexwrecker and Runzy have pointed out that bitcoin requires gambling, something I myself wasn't previously aware of, which is just another reason Xteven can't trust bitcoin and I wouldn't either. I would rather make money consistently than to have to gamble in some shady bitcoin lottery/roulette or whatever.
This is completely bullshit. You aren't gambling anything. I also mentioned that the payee could instantly convert their BTC to fiat if they don't want to keep their BTC.
Genexwrecker wrote:Not to mention bitcoin bubble burst and lost a good chunk of its value in one night. It can very well burst again.
Uncommented. Have fun staying poor.