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Earlier this month, Great Bend was one of hundreds of cities targeted by a wave of bomb threats. Bitcoin was required to stop the bombs from detonating.
Authorities determined the bomb threat was a hoax. It is many scratching their heads about what Bitcoin is. Bitcoin can be traded instantaneously in any amount, without third party involvement, making it impossible impossible to trace.
We asked around the Great Bend area, speaking to bankers and other finance experts. If you have any concrete experience with the cryptocurrency, you will be able to change it to this story. We have a short knowledge of bitcoin, she offered a 2015 Extension publication, "Virtual Economics: Bitcoin and Beyond" that included some Bitcoin basics. It outlined how Bitcoin works, and how the cryptocurrency can, at least in theory, as well as a lot of other valuable information.
And set-up first-hand experience. Our goal: to determine what Bitcoin is just like traditional currency.
Locally, interest is lukewarm
Darcy Leech, owner of Mind Sculpt in Great Bend, said she was setting up an in-store kiosk and accepting Bitcoin from customers, but decided against it.
With the bitcoin's value dropping as newer alternate currencies as online. Also, the question of how often the money could turn into the local economy was uncertain. Bitcoin for a flat 1.5 percent fee.
"She said," If you spent money at our kiosk in Great Bend, we did not think so much of it.
Leech cited one other reason. Bitcoin's early reputation as a payment method on Dark Sculpt Games.
"It just was not right for us right now," she said.
Interestingly, there is a connection between Bitcoin and the collectible card game value markets.
"They seem to have a lot of similar investors," Leech said. "As Bitcoin values went up, the value of a lot of scarce and highly valuable, sought after trading cards from Magic: The Gathering, also went up."
He is invested in Bitcoins. She would like to give a second look, she said, but for now, the U.S. dollar is more her speed.
LibertyX markets the kiosk that Leech had considered. Zip code brought up the Loves' Country Store located at 1221 10th Street as the nearest location where buyers can exchange cash for Bitcoin. The app indicated a fee of $ 5.00 plus 1.85 percent would be charged.
When we arrived at the store, you could not buy Bitcoin. He attempted to contact a manager, but to no avail. There was no LibertyX kiosk to be found.
Following up, we contacted the corporate office, but were sent to the voicemail of an executive there; our call was not returned. At least for now, buying in cash does not seem to be possible.
Breaking into Bitcoin
Bitcoin. With the right software, you can solve puzzles creating money out of thin air.
Here, again, is where the gaming world and the world of cryptocurrencies cross paths. Great Bend Tribune reporter Russ Edem is an avid gamer. He customizes and builds his own computers so he can play at top speed. The cost of video cards has gone up as the popularity of Bitcoin increases. That's because of how Bitcoins are created. According to a Popular Mechanics article, "units of the cryptocurrency are created by solving math problems.
"Bitcoin 'miners' create new coins by solving complicated cryptographic proof-of-work verifications of every Bitcoin transaction. Those calculations simultaneously maintain the peer-to-peer network and, for those who solve the calculations, earn them freshly minted Bitcoins. "
Mining Bitcoin requires the kind of power and speed found on video cards in order to crunch the numbers and solve more complicated computations.
But what about Bitcoin?
Bitcoin with traditional money from your bank account, via a middleman using debit or credit card, just like any other internet purchase. But first, you need to set up a "wallet" to hold it in. We chose Coinbase.com. On Monday, Dec. 17, this reporter invested $ 15 in U.S. dollars to get it started. It worked just like setting up a regular internet checking account.
Right away, the value dropped from $ 15 to $ 13.46. Still, we were not deterred. The next morning, our bitcoin value had little to $ 13.70, but our attempt to make a purchase on Overstock.com was unsuccessful. We received an initial email and text stating that the $ 13 item we ordered would be shipped shortly. We received an email and text that said our order had been canceled because our account could not be verified. Clearly, transactions with Bitcoins are far from seamless.
By Thursday, our value had climbed to $ 17.13, a little over 5 percent. It was down to $ 16.48. That's one of the biggest criticisms about the currency – too much fluctuation in value.
Coinbase also allows account holders to convert holdings into Bitcoins to other cryptocurrencies at no charge. Bitcoin to Bitcoin Cash. Like stocks in the stock market, the values of each went up and down independently of the other; so if we wanted to, we could conceivably see significant increases or losses, but that is beyond the scope of our stated goals.
Then we converted it back into order to try another Overstock.com purchase. Again, the transaction appeared complete. We received an initial positive email response. A few minutes later, we received a text from Overstock stating the purchase had been confirmed, just like the previous transaction. Then, we texted customer service.
"I see that this item is still processing, it takes 24-48 hours to process," was the response.
Bitcoin, like the Ford Model T, works, but
The equivalents of things like brakes, safety belts, speedometers and operators still need to be considered.
But keep in mind, Bitcoin offers hope, and it's probably here to stay.
Still, we do not recommend you sell your gold just yet.
