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February 27, Last Updated February 27, 1: But really, how does it work? Purchases with bitcoin and other digital currencies remain rare relative to cash and credit cards. Many bitcoin holders value it more as an investment than a day-to-day currency.
And the complex workings behind the notoriously volatile currency can be off-putting to neophytes. What are the fees? How do you spend a currency that can devalue dramatically between ordering appetizers and paying the check? Buying with bitcoin can be as easy as tapping your phone, though there are some cautions.
A look at a single bitcoin transaction, the sale of a Subaru from an upstate New York car dealer to a buyer from Virginia:. He was just looking for more business.
Digital currency is just another potential edge. The cars and truck on the lot near Albany are priced in U. Rubinchuk simply signed up for one of the services that allowed him to accept digital currencies if a bitcoin buyer came along. The year-old Virginia resident sees his bitcoin cache as a nest egg to tide him over after he retires from the military. Wary of attracting scammers, Cypert requested that his hometown and military branch not be made public.
The purchase gave him a chance to recoup his investment many times over with a fraction of his cache. Rubinchuk and Cypert talked on the phone the evening of Jan.
Then they had to agree on what that equaled in bitcoins judging by the exchange rates that moment. But the digital currency service he uses required him to wait for multiple confirmations from the bitcoin network before he could convert it into dollars, a process can be affected by network congestion and other factors.
Rubinchuk recalls waiting about 30 to 45 minutes. Rubinchuk converted the sale into dollars with bitcoin just slightly below where it was at the time of the sale earlier that evening. Rubinchuk soon after signed up for a separate merchant account through another provider that assesses him a 1 per cent fee on all transactions, insulating him from short-term volatility. He compares it favourably to credit card fees that run 2 to 3 per cent for merchants.
Digital currencies are notoriously used by criminals to transfer funds anonymously. But Rubinchuk told the tax collector about this transaction. Cypert avoided sales tax under a federal law covering service members that lets him retain his official residency in Alaska, which does not have a sales tax.
Bitcoin miner fees have dropped markedly this year, and advocates say congestion issues are being solved by new technologies. Rubinchuk waited about 15 minutes to make a dollar exchange last week for his second bitcoin sale, a Hyundai Elantra.
The same phone app allowed Hanzlik to choose to pay about a quarter in fees. Hanzlik, of Portland, was an early adopter of bitcoin and uses it to make purchases online and in stores.
Filed under PMN News. A look at a single bitcoin transaction, the sale of a Subaru from an upstate New York car dealer to a buyer from Virginia: There's no smoking gun to prove Jimmy DeMaria is a major crime boss. Cautious, smart and a 'workaholic' businessman, he's also well-practiced in bureaucratic war.
The horror lives in the people who saw it, in the people who helped and those who wish they could have done more. For some, it might never go away. Find National Post on Facebook.