Bitcoin Forum

The reason bitcoin is so valuable to the world:

https://hackernoon.com/why-everyone-missed-the-most-mind-blowing-feature-of-cryptocurrency-860c3f25f1fb

Well I think the article show cases the strength of bitcoin over fiat currency very well.

Decentralization is one key aspects of bitcoin that really gives its competitive edge on the altcoin market. And it is the first of its kind to truly take off and in the last 10 years, it was grow so much that many governments around the world treat bitcoin as a competitor and could disrupt the financial systems around the world.

And it gain notoriety when bitcoin was being used by underworld criminals, but that is the effect of decentralization in my opinion. No central head, no authority to answer, and it is us, crypto enthusiast who will continue to make bitcoin progress in the next coming 10 years.

^ Definitely you were right, decentralization of bitcoin will make bitcoin strength because no one will get blaming on it even Satoshi is hiding by his name and remained anonymous. I like the whole concept of articles because all statements are true that centralized powers can not over control the decentralized currency and that is bitcoin. Nevertheless, this gives strength with bitcoin "The true power of cryptocurrencies is the power to print and distribute money without a central power."

No one was using it before except the notable pizza and that's people on the dark/deep web used it as a means of currency because it's in favor of them. But as time goes by, it's also applicable in mainstream usage like what we're doing right now.

While some people and even gov'ts think that bitcoin is just for that kind of use. But they don't want to analyze on how wide the use of bitcoin right now and its adoption keeps increasing because it's applicable as an alternative payment for digital transactions.

Right, we have control right now, we can do whatever we want with our crypto without the prying eyes of tax man around. However, the paradigm has shift, government around the world is clamping and putting the ban hammer, and yet after ten years we are still here. Evident that bitcoin will go strong in the future.

Exactly, because on its early years, the pizza guy wanted to proved something. Remember that he was one of the earliest developer and have constant communication with Satoshi himself. But as time goes by bitcoin really evolved and became an alternative payments options but then again the question on fees and the speed of how it was confirmed by question. That's why LN was created and introduce to solved this one drawback.

So I'm still positive that in the next 10 years, bitcoin will continue to exist. There might be a lot of test and bumps along the way. But it has proved itself to be resilient to any negativity so I will not be surprised it will be globally adopted.

Is laszlo is one of the earliest developer that contacted satoshi? I didn't know about that though.

Those who questioned about the fees, where are they right now? they keep on crying about it but they can't pull down the greatness of bitcoin. It's strength is incomparable, it's an all in all system. You take the money, you take the payment scheme, as in all in.

Bitcoin is here to stay, it haven't reached many countries yet and those doubtfuls will recognize its strength.

many think this is wrong but more or less I strongly agree that no one can predict the market, fundamental analysis is needed because the market is influenced by many problems. therefore it is very important to analyze information and developments related to policy and progress. keep the spirit and keep fighting ...

Not sure what your idea of strength is when you are quoting that article.
But right now btc dominance is over 68%. I was surprised that in early july ethereum had about a 28% dominance. Which was strange and bitcoin dominance back then fell to below 40% for the first time in a long time.

Not problems but I say that many factors do affect and influence the whole bitcoin market. The current problems that many are complaining about it are starting to be solved and those complainants became quiet after seeing the progress of bitcoin.

Bitmex shorted with their longs, that's what I've heard why the market stumbled recently.

Sorry for the late reply @sunsilk but yes, Laszlo has prior contact with Satoshi before he disappear. You can read it here: https://bitcoinist.com/discovering-satoshi-nakamoto-laszlo-hanyecz-says-bitcoin-creator-was-an-eccentric-character/


But its too late, bitcoin has gained so much in the last ten years that his name is synonymous to the "Pizza Guy" and part of the history already.

that's not dominance my friend and it doesn't matter if big websites like coinmarketcap.com call it "dominance" it still doesn't make it so.
it is simply a number that shows the amount of supply each coin has. ETH has more than 100 million supply with about 70% of it premined and not in circulation. bitcoin in comparison has only about 18 million and with no premine whatsoever and everything that was created entered circulation.

in math when calculating (x*y) you increase "x" 5.5 times you can increase the result by a lot even if  your "y" is smaller.

it's not merely showing coin supplies. you're correct that inflated supplies, pre-mines etc distort the dominance metric and make it less useful (if it has any use at all). but its long term trends do seem to reflect market cycles where money is flowing into or out of the altcoin market---"alt seasons" as it were.

i wish we had a better metric for watching this money flow phenomenon but this seems to be as good as it gets.

Anoymous and privacy are some of the strength of bitcoin and to some extent the weakness also! The evils and scammers are hiding under this unregulated currency to laund money and steal people's funds and about 90℅ of them go free without being apprehended. To me, bitcoin best strength is it "decentralization and speed". Governments issuing currency are full of corruptions and having a system that is not centralized is one of the best ways to kill corruptions.

I feel like the strength of it is the ease of exchanging hands. I have been using bitcoin just one purpose and that's it, which is working at home as a freelancer and make money. Bitcoin made that super easy for me, not even paypal or anything else was as easy as bitcoin, right now I have been working at home for over 3 years and that has been the best years of my life. Do I not feel the dread of all of it ending one day? Sure, I do but that doesn't mean I will stop because I love bitcoin way too much.

I work for it and get paid with it and only cash out the parts I need and whatever is left I keep it in either bitcoin or just move it to some other altcoin I really love. Hence I think bitcoins best strength is the ability to bring payments worldwide like it was something so simple.

Anonymity is a big factor that strengthen the bitcoin. Beyond this we've the growth of bitcoin, no investment gives such a increased profit same as bitcoin. This too a big reason for bitcoin to be more stronger than other cryptocurrencies. There were more than 2000 altcoins with varied features, but everyone knew bitcoin has got good strength which is also due to its liquidity.

It's not an article about Bitcoin. The author said crypto guys need to think big and also need to find a better way to distribute crypto coins to most people. If they succeed, it will change the whole dynamics of money.

But it takes many years to come. We appreciate it how crypto provides good benefits to us but some of us never see it beneficial instead they took it as a scam. We can't be in full usage of crypto if we all never like to adopt this new technology.

Thinking for a long journey of Bitcoin, we might experience struggles and difficulties but we have to believe it is a part of great success and not a way to baldy think that Bitcoin will bring us down in the future.

Did you just read that article strength of bitcoin, if you had read it carefully, you will understand that there is nothing that can bit bitcoin because it has been designed to be unbeatable. Do you know since when Ethereum has been created? Rather than Ethereum gaining popularity, it has been having series of decline in price because most of the communities are beginning to shift their base from Ethereum to that slow system of bitcoin you said.

Bitcoin might be slow, but it is a necessary and wanted evil and it would be better we stick with the devil that you know that the angel that we don’t know. Bitcoin has been slow but I have near had any reason to really have a failed transaction, and I have been using it for payment since i got to know about it.

I think this is really what is important of all.

We are all trying to invest in. Who is using it for new participants to come in? Very low usage. It became one like gold by now instead of gold before which is being used on the streets as a currency to trade goods.
We really need the merchants. Push them to use bitcoin as an option for payment so that it could circulate and also be used by other people.
That way this will happen.

Because it's sell-explanatory. I mean we have seen bitcoin grow in the last ten years or so. No one really talks about it until such time that we have it grown to $100-$19k last 2017. So many people are searching about bitcoin 2017-2019 because they know that it is the world best assets if you are going to look at it's performance in the last ten years. Decentralise could be one of the strengths and it could also be one of its drawback, just saying.

When they can made company such like amazon and facebook aware, bitcoin influence really strong.
So why are you still doubt about bitcoin strength ?
For me, they are amazing till end of time

We are gonna see big success in the future, bitcoin will become mainstream adoption because it's people who have power here, it's transparent and it cannot be monopolize with mainstream adoption happening.

Adoption has already started and the fundamentals are good, like this one great news for this week.
https://cointelegraph.com/news/burger-king-lets-you-pay-your-way-in-germany-with-bitcoin

It's just one of the big company that starting to adopt with bitcoin and I believe more and more will adopt and this chain will become bigger and bigger.
I am also hoping that someday, amazon will start adopting bitcoin but I'm sure facebook is already adopting because they have plans to launch their Libra coin which is a coin of their own, it's already tantamount to adopting with bitcoin.

When money is the necessity around the world you can control everything the way you want it that's why owning the money is like owning the world. And we already see how powerful it is ever since that's why i like the idea of Satoshi to make a decentralized cryptocurrency because somehow the government wouldn't touch your own money even if they need to since you are the one who holds it and they can't use it against you.

Amazon will not accept Bitcoin unless it has proven to be able to process hundreds or thousands of transactions per second. The volumes they generate are insane. Bitcoin doesn't stand a chance unless LN grows much bigger.

PurseIO allows you to purchase items through Amazon and use Bitcoin to settle the payment with a pretty discount, but the downside is that you're then filling the pockets of Bcash'ers following every step of Roger Ver.

It's more likely for Amazon to accept Libra (if it ever sees the light) than Bitcoin. People have been dreaming about Amazon accepting Bitcoin for many years and it seems that the dream will last a couple of more years.

If crypto currencies dispersed everywhere then the real use of crypto currencies will begin that is people will ignore fiat due to the crypto currency benefits while using and it also will change the whole economic structure of this world but the chances of happening is still low since most governments were trying to crush the growth of crypto currencies and the fields there were used by.

Cryptocurrency may have a benefit but fiat currency is still needed when a bear market or a sudden decrease in the price had occurred many are needing to convert their Cryptocurrency to fiat just to profit, Well that is another way to put it on why the balance is needed, And I am not seeing that fiat would really cease to exist, If cryptocurrency is volatile then we had a stable currency that can convert your profit that is in Bitcoin of other cryptocurrency.

It is a great read and the decentralized nature of bitcoin is the reason why we are so free to use it and not afraid of any repercussions.

If you turn that bitcoin into cash somehow and put it in a bank account you may have a trouble but the trouble you are having is the fact that you have an unknown amount of fiat where government doesn't know where you got it and not the bitcoin itself.

In almost any country of the world you can just get into bitcoin, do whatever you want with bitcoin and never got out and nobody will know you were ever in bitcoin, only things that could be considered dangerous is the purchasing bitcoin part and selling bitcoin part, as soon as money leaves your bank account or enters it you have a problem at your hands. That is why being pure crypto will save us all.

A bit excessive to me when I read your statement, logically when most people use bitcoin as their payment system then I believe this forum will be filled by some people or might some companies who offer their service but the fact there is just a few service which I have seen.

Bitcoin is alternative payment system and even most of the user only use bitcoin as their source income. Such as in my country, althought the user of cryptocurrency have popped up and the innovation who use blockchain is growing but there is a few people who using crypto as their payment system.

The financial world is aware of bitcoin from the start, but these major corporates were hesitant to add bitcoin as a financial asset because they wanted to have a clear rules and regulation from the government and majority of these companies are public listed and they do not want to risk anything that would raise the eyebrows of the authorities.
The real strength of bitcoin is that it cannot be duplicated like the rest of the assets as every coin has its own identity and no one can forge it.

I agree, talk for example Paypal, some claim that bitcoin transactions today is more than Paypal but if you are going to take a closer look, bitcoin transactions are the every day trading activity and not payment schemes as Paypal.

https://blockspectator.com/move-over-bitcoin-eclipses-paypal-in-transaction-volume/

However, I do believed that in the future, once LN takes off we may see some better statistics about how bitcoin is going to be used as a payment methods. But it will take years as merchants are not going to use bitcoin as a gateway unless the market is stable which is unlikely to happen.

Bitcoin has more daily value throughput measured in dollars, but transaction wise, PayPal leads all the way. And yes, the difference is quite important too because most of PayPal's value throughput goes towards payments, while most of Bitcoin's value throughput goes towards speculation. People however love to present just one side of the story to strengthen their pro Bitcoin narrative.

If you're referring to accepting payments directly without a third party, then you're right, but most merchants aren't really interested in holding their coins, hence the reason they adopt third party payment processors that take care of the volatility risk.

Think Bitcoin's been on the horizons of guys like that for a long time now. They were not believers at first, but their actions of late suggests they now fear being left behind. Markers not of Bitcoin's strength rather, but of perceived threat and a fear of being made irrelevant. Good for them.


Yeah I'm all a loverboy for Bitcoin but we have to accept its shortcomings. I don't see them necessarily as flaws, I mean transactional volume this rate after only 10 years for a new and decentralised concept? WOW, right? Time is all that Bitcoin needs.

Not that many people are doing that tho. I mean yeah surely if you give people the option to buy stuff with bitcoin there would be more people buying with bitcoin however the issue is not the buyers, its the sellers.

There are not that many places that accepts bitcoin as a payment that is why it is actually not doing that well in adoption, if we manage to get couple of huge chain stores that has places all around the world to accept bitcoin than maybe people next door will see it and they will start to accept as well. Like for example hotels are a great place to start, expedia takes bitcoin, maybe hotels themselves should start to accept as well, that way you can both get rid of KYC (because you give your ID while checking in anyway) and still pay with bitcoin easily.

PayPal is leading right now because it is an old payment system and has been on ground, if bitcoin and PayPal were to be created at the same time, PayPal would have long been forgotten because there are so many benefits of bitcoin payment to PayPal. With PayPal, there is still some limitations, and everything in PayPal transaction is not anonymous, coupled with the fact that the cost of transacting business through PayPal is far higher than that of bitcoin.

For every transfer you make through PayPal, there is a fee of 5 percent which is either burned by the sender or the recover depending on the agreement between them, but how much do we use in transacting through bitcoin, the fee is so cheap. The only thing with bitcoin is just the slow processing.

Don't forget Paypal's buyer protection can be abused by people who like to do dispute thing. Maybe You are right, bitcoin left by Paypal because Paypal come early than bitcoin like what people do about bitcoin and other altcoins. What famous first maybe more have support but i  believe in future more people will change into cryptocurrency and make bitcoin price can be very high.

it has never been about coming first, Paypal wasn't the first so is bitcoin that wasn't the first. it is always about how good or bad these new things are. if they were really good, then they would be adopted just as Paypal came along and started becoming popular because it was better than the other alternatives at that time. and now bitcoin has come along which is better than the alternative ways of payment.

Amazon Microsoft [sorry my brain fades ::)] already accepted bitcoin once, steam did too, its not really that unbelievable to think they will do it again. I mean yeah surely after bitcoin dropped like crazy they started to think it may not be a great idea and they removed it and they are probably regretting their decision now however when bitcoin becomes even bigger they will have to accept because in the end people may go for the competition that has bitcoin eventually. That is why I think bitcoin will be all around the world one day, even banks will be starting to accept bitcoin deposits and withdrawals like a wallet eventually, that may take decades but it will happen, so will all places like amazon. Bitcoin transactions will be bigger than paypal as well, just needs some more time.

as far as i am aware, Amazon has never accepted bitcoin.
there are tons of third parties that you can go through to buy from Amazon if you could trust them but that has nothing to do with the company itself!

wrong.
steam which is the only correct one in your comment removed bitcoin when the price was rising back in 2017 and they removed it because the fees were unreasonably high. mainly because the games they sell usually worth less than the fees at that time!

But no matter who not adopted it and who removed it. With the upcoming development for the processing of bitcoin we all are sure that they all will start accepting bitcoin for their services. As we know the bakkt will be started in the coming weeks which will be a great platform for these institutions to adopt bitcoin because it will solve the question of security.

We are ascending from support right now but I'm looking to the range and reaction to moving averages.   Here is my view in brief

https://i.imgur.com/cKt8pHC.png

Potential is 12k but I think we are declining below myself

How did you come up with that number? If the potential would be $12k, that would mean a break of the descending triangle, and the potential based on that event is a retest of the current yearly high of just under $14k.

I strongly believe that there is too much resistance to break up. If we purely follow the technicals, and the similarities of how markets peak out, it makes me quite bearish and expect $8k and potentially lower levels.

The volumes are awful. The demand to buy into something so speculative when it doesn't go up or moves sideways is very low. I expect investors to wait for a break before they come to action.

No amazon itself did accepted bitcoin during the 2017, it wasn't for too long but you could literally buy stuff from amazon with bitcoin (they used something like coinbase or bitpay and what not which redirects you to a QR code and a btc address to pay for it). However it was literally amazon, it wasn't a third party app or it wasn't some chrome extension type of deal, it was amazing itself that had credit card, debit card, other stuff and bitcoin as an option.

Of course, bitcoin went down a lot and they stopped using it but until that moment they were actually allowing people to pay for it. We need more that sort of things in our life, I personally want sony to accept my payments in bitcoin for the games I buy, I mean its not a lot of games (same goes for steam) but it would make things a lot easier.

I dont think I need to read it.
I have seen the ups and down and I do think its strength still wins the game.
Just looking at where it is now makes me regret the decisions I made before.
I just really hoped I didnt sell some of it. But I am still hoping for the best from where I stand now and adding more.

It is really a big deal to have those companies on our side though, like we really have to make a big difference in order to actually take a deep dive into global adoption, unless we get those online places we won't start doing it. You may have hard time convincing regular shops to start accepting bitcoin, there are a few but globally it is not even 1% yet, it is probably not even 0.1% yet so it is not an easy task.

However, if you convince places like say amazon, ebay, steam, and many more other places that are basically fully online to start accepting bitcoin then you may have a chance at becoming really really big. Adoption rate would go up in the sky, when those big places accept then smaller online places will as well, then you will end up having like bitcoin as a standard online payment option.

It badly we can't see Bitcoin ATH at this time, the market is still not fully recover and even get harder than of before and its volatility remains at high.
We are closely moving into the start of the 4th quarter but the market still calm and there is no signs of big days coming. I make to speculate that 2019 isn't a great year for crypto. How we missed 2017 but it seems to be an impossible thing to happen again. Well, it only is glad that BTC price reaches at $10k, not really bad compared to what it happens last year.

The market is always trying to trick me so Ive basically learnt to wait for confirmation of a move.    We can and do get spikes up and down which do not hold that level, the price can move in one market or one timezone but fail to hold under the strain of new sellers or new buyers at that price.   So we get a price short term that is not reliable and will not lead to a break of the chart pattern like a triangle.   I do find this with BTC especially, other markets I trade are more definite but BTC I find has many bluff fakes before it finally moves properly.  

Well, adoption is starting to look pretty good at this moment - there are many businesses which are accepting BTC and other major cryptos and in many countries you can use bitcoin ATMs to buy or sell crypto without intermediaries  :)

The major difference between bitcoin and fiat currency is decentralization. Fiat money is issued and controlled by the government while the bitcoin is fully decentralized, free from government control.

The majority of businesses that accepts bitcoin as their basic mode of payment, continued to implement their systematic approach towards it's community. Having an ATM wordwide brings a lot positive and outstanding impact on the demand. Adoption will grow higher so possible price increase will happen eventually. Other countries will also gain confidence on cryptocurrency advantages provide their people more comfort towards every opportunity.

Yeah but what about against other crypto?but the article is worth reading and very positive for bitcoin holders like us,thanks for sharing OP

And that same reason why governments are holding the fact that crypto is helpful but they hinder the adoption because not like fiat the have full control while in crypto they dont(but there are some centralized as well that they can hold in necks)

I don't think they necessarily hinder crypto adoption. People tend to overestimate how much demand there is for actual use of crypto, while in reality not many people actually need it as alternative payment tool.

Most people are here solely for the price action, which is why there only seems to be interest in crypto as long as the price goes up.... just wait for one or even two years of sideways price action, I'm sure people will get bored and leave.

The financial system in most developed countries is actually pretty solid in terms of convenience and usability. Who's going to censor your grocery payments? I personally never had any problems at all.

The basic reason why government are still so skeptical about cryptocurrency and may never go against it fully is because it has lifted lots of burden away from them, people now see cryptocurrency as something that could create job for them which indeed created job for a lot of people and you cannot imagine the amount of burden that this has taken away from the government and through this also, government is still able to generate more revenue through tax on trades via cryptocurrency.

Government would rather just prefer to accept it that way than to accept it as currency which is why they don't want to give in to regulation yet because once they do, it will send a strong signal that it has been accepted by them as currency of the world which they don’t want any system that they cannot control.

The most incredible feature is that is is immutable to inflation.
This way you don't lose value of your money overtime, but on the other hand you gain value due to halving events.
Many people do not realize it but after being involved in the ecosystem it is an apparent feature.

I think this way as well, governments are not really doing much to slow down adoption because as long as the system they have implemented keeps working most people do not see the need to use cryptocurrencies, in fact I have been asked that very same question by the few people that know that I like cryptocurrencies, they do not get why we need a currency that is not printed by the governments.

And the only way they will understand is when the system they think is infallible fails them and they need to find other options to preserve their wealth, but at that time it will be too late to save themselves from the failure of the current economic system.

Bitcoin is one of the two group, One of the giver and other is the receiver. Apart from these two, curry is banned from Bitcoin transaction. There is no third party, So Bitcoin becomes a tax free currency. Price are fixed by the recipient no company and government fixes the price even if the economy crashes.Bitcoin is fine and the biggest thing is that the popularity of Bitcoin ha skyrocketed inn the last few years.

Bitcoin is a decentralized cryptocurrency so it was the main strength of crypto platform. Mainly all the altcoins are comes in Bitcoin way so peoples are always trust the Bitcoin. Nowadays Bitcoin is accepting the many countries and similarly many countries are plan to accept the Bitcoin so peoples are interested to invest the Bitcoin investment. I think current strength of Bitcoin is a demand and investors so it will always rule the crypto platform.

there are still many countries that have not yet accepted Bitcoin, which accepts Bitcoin at this time is only a non-government institution,
and in my opinion Bitcoin is a threat to the government

Bitcoin is now accepted in many countries not as a transaction tool but as an investment asset..

this is one of the weaknesses of the decentralized coin I think, that is "the strength of demand", the whales have a great opportunity to manipulate the market..

Bitcoin will be pros and cons in many countries..  of course, that's because it cannot be controlled..

Today, switching completely to Bitcoin is a very risky action for each state. the most important advantage of bitcoin over fiat funds is the speed of payments. But if the state introduces new technologies, develops production, which accordingly increases the economic growth rate. And if the economy grows, accordingly, the state regulates the money supply, increasing its quantity. in many aspects of this issue, the increase in the money supply is not always negative, but Bitcoin cannot allow it. But with real economic growth, deflationary processes are irreversible. Therefore, today it is best used as a valuable digital asset for investment.

Are you serious? Bitcoin is not fast, and there are digital currencies online that is faster than bitcoin, so I would not call it as a strength of bitcoin.
Actually bitcoin as a payment system is not really that good, that's the reason why most bitcoin users are investors as well, it's decentralized that's why we like it but we can't gain massive adoption if there will be no support from a middle party or 3rd party that would make transaction faster.