What would happen if the US government declared it illegal for banks to

[Schifference]

I think I hear that Apple IPhone is not good for BTC. Why not just use my IMAC? There is not ample security available?

 

[muh_roads]

I think I hear that Apple IPhone is not good for BTC. Why not just use my IMAC? There is not ample security available?

Google Authenticator has existed on iPhone for a long time and is used for more than just Bitcoin. Also Apple has updated their ToS & changed their tune now as well to allow Bitcoin apps again...but that's a different topic unrelated to the security discussion here. Google Auth is on iPhone.

I think there is a hacky way to use Google Auth on a computer, but the point is to separate the two for security reasons. In fact, having a phone without internet would be very secure I'd think.

If your PC or iMAC is infected with a trojan then hackers might have access to your secondary auth. I personally wouldn't wanna try that.

 

[amonasro]

exchange FRN for BTC?
How would people then purchase BTC?

Is not BTC contingent/dependent on FRN and other foreign currencies?

Lets suppose that the answer is citizen x goes to his bank and withdraws $5,000 US dollars and walks across the street to the BTC private exchange corp and changes his FRN into BTC. What keeps the Government from deeming that entity an illegal operation and shutting them down?

If it is not easy to obtain BTC, how will it take over? If you are not paid in BTC or live in BTC how will people obtain BTC?

If FRN conversions to BTC were deemed illegal peoples BTC would become worthless.

Please educate me in a polite positive manner.

Thank you

I don't think that it's dependent. I mean, it's dependent as you want it to be and governmental bans will slow adoption but not stop the underlying technology.

We've already seen something like this with the multiple China bans. Even though there was a lot of fear surrounding those (and it was the primary reason for the recent market capitulation to $400), the Chinese still want to use Bitcoin and simply figure out a way to get around it.

We also must consider the potential Bitcoin has worldwide. Is it worth it to ban a technology so disruptive that your own country suffers economically or gets left behind technologically? There is a whole geopolitical game at play here. One government simply cannot stop a decentralized technology like this because the rest of the world will go on without them. Governments and Central Banks they are beholden to are powerful, yes, but they are not god and they certainly aren't perfect. They are also not dumb, either, and anyone with half a brain who looks what Bitcoin actually is sees it as a very significant technology that will change how we secure and prove private property ownership worldwide.

One must look beyond its use as a currency to appreciate Bitcoin. I believe this is the main reason that casual observers are quick to dismiss it.

 

[presence]

I think there is a hacky way to use Google Auth on a computer

its an app called "GAuth"

 

[muh_roads]

its an app called "GAuth"

Thanks.

That sounds incredibly unsecure to me to keep everything in the same place all on the same computer. Given how much money this stuff is worth I prefer a little inconvenience by splitting only one point of failure into many that are all required.

 

[PaulConventionWV]

exchange FRN for BTC?
How would people then purchase BTC?

Is not BTC contingent/dependent on FRN and other foreign currencies?

Lets suppose that the answer is citizen x goes to his bank and withdraws $5,000 US dollars and walks across the street to the BTC private exchange corp and changes his FRN into BTC. What keeps the Government from deeming that entity an illegal operation and shutting them down?

If it is not easy to obtain BTC, how will it take over? If you are not paid in BTC or live in BTC how will people obtain BTC?

If FRN conversions to BTC were deemed illegal peoples BTC would become worthless.

Please educate me in a polite positive manner.

Thank you

Yes, that would definitely be a concern.... IF it happened. I don't see that as a likely occurrence, though. They would have done something by now if they were going to actively oppose it.

 

[PaulConventionWV]

I think these are logical simplistic questions that are worthy of asking. It is not simple to convert FRN to BTC. I am not saying it is difficult but most people like status quo, easy peasy, & security.

If I were not interested in BTC I would not be asking.

There is a learning curve. There have been many new inventions that took some getting used to, but people eventually got over it and it became like second nature. If and when BTC does take over, you won't even have to think about these things anymore.

 

[PaulConventionWV]

I guess logically that is the silver lining. It might be a multi step process to get BTC reconverted to FRN if that was necessary but if need be one could exchange for a foreign currency and then from that to FRN.

It's not really a multi-step process. All you have to do is hook up your bank account to an exchange and you can get in and out of FRNs in the blink of an eye. If you want to put FRNs in your bank account, it's just a matter of waiting for them to arrive.

Needless to say, though, I think your fears about the US government banning bitcoin are unfounded. They seem to be taking the passive approach like they did with the internet, which I don't think is something they necessarily wanted to have happen, but here we are.

 

[PaulConventionWV]

I don't think coinbase is a bank. Are the FDIC insured? They buy and sell Bitcoin I think. They are a Bitcoin merchant, kind of like a gold dealer. I could be wrong.

You're right. They're not an exchange, just a dealer. You can't buy and sell directly from other traders. You buy and sell from Coinbase.

 

[Bungeebones]

Make your own hardware wallet for storage

I would highly advise getting a device. A tablet would also work.

This is a lot of money we are talking about and Two-Factor Authentication is worth it to protect yourself. I got my first "smartphone" in 2012 for this same purpose. I bought some cheap Virgin Mobile plan.

You don't need internet connectivity to make Google Authenticator work. You just need to make sure the timestamp on your PC and phone match. When merchant adoption is higher and you want to start spending the coin, then you'll need a data plan on the phone of course, but not yet IMO.

I wrote a step by step for doing this here http://1stbitcoinbank.com/make-an-offline-hardware-wallet-for4-under-100/.

I think it is the absolute best way to store Bitcoin except for that day to day amount you want immediately available. I use blockchain myself but any online wallet provider is about the same. The middle ground between my proposal and the online wallet is storage on your own device. It all is a choice between security vs. convenience.