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Response to brush (Reply #45)

Mon Dec 3, 2018, 10:50 PM

50. You essentially trade it to other investors who give you "real" money for it

I had what started out as about $50 worth of BTC -- at the time about .250 BTC -- given to me via a bitcoin donation link. After the price exploded I cashed out $1000 by buying gift cards from an online site that decided to take BTC. They aren't actually taking the BTC though; they hire an intermediary who takes the BTC, and almost immediately turns it around for the e-commerce site. Just like when you pay online with paypal, the intermediary's site comes up when you click Pay, and it sends you back to the retailer when your transaction is confirmed. The retailer is obvoiusly not holding the BTC; the intermediary is converting it back to cash for them before the price can change too much. So it's a medium of exchange whose absolute value doesn't matter to the site selling me gift cards. But my tiny little position turned out to be rather interesting.

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LineLineLineLineReply You essentially trade it to other investors who give you "real" money for it
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