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I do not seem to understand how the president of US has anything to do with bitcoin's price. When there was news that the president contracted the virus, there was some sort of economical swing. Can anyone confirm how it works?
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Firstly, you should know that bitcoin is created as a currency (a means of payment). Secondly, if you intend to hodl bitcoin then you should understand the losses that may be involved. Finally, a little amount of money may either bring s loss or s very little interest for short term hodling.
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Yes; people are quickly giving up and these people are those who do not see the future of bitcoin. Cause I really don't see someone who understands where bitcoin is going and would still give up.
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Did you really mean it when you said that bitcoin has no real value? Firstly, I think you used the wrong word because that statement doesn't seem to be correct in any means (no offense). However, I get your point. Bitcoin must be changed to fiat. But you should understand that bitcoin is getting adopted on a daily basis. Presently, in some countries, you can buy coffee with bitcoin. It's only a matter of time before it'll extend to other bigger goods.
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It's just a start. A lot of people know about bitcoin however, they haven't paid attention to associating with it because they have seen many big businesses take it seriously. As PayPal supports bitcoin, this would really help as businesses who look up to PayPal would start looking into using bitcoin (definitely as a means of payment).
But as how I interpret articles regarding PayPal and Bitcoin, PayPal will just allow purchase of Bitcoin in their network as means of being a third party. More likely, they are aiming for centralization of cryptos. It is indeed a good thing which may trigger mass adoption of cryptos but I doubt people in this industry would engage buying amount of Bitcoin in PayPal. They would more likely still engage to exchanges. One thing is not yet clear, IMO. Will they allow payment using Bitcoin using their network in order to buy things online or to pay services? At this moment I think this is not yet clear because this matter will be depending on the companies whether to accept or not, right? Well, I don't know if PayPal will allow the purchase of bitcoin, payment through bitcoin, buy bitcoin, or whatever. I just know that their move is positive on bitcoin. As they would make people realize that bitcoin isn't a scam and will also make users research more about bitcoin. As far as they say good about bitcoin, the 346 million users PayPal has would likely hear this. That is a good thing that businesses are integrating bitcoin in their transaction/system. I learned something new about bitcoin yesterday. The reason that mass adoption is still not viable for bitcoin is because of volatility solely, if businesses are always updating their product prices to get a profit then they are doing things a little more complicated because it takes an additional work to constantly update the prices. Imagine inside stock trading floor where prices are fluctuating every second.
This is true, one cant keep on updating prices. But one can request for $30 worth of bitcoin (at that particular moment) for a $30 item. So if I sell a laptop for $1,200, I won't ask you to pay 0.092 bitcoin. I'd rather request you pay any amount of bitcoin equivalent to $1,200 (at the moment of that purchase). |
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It is quite unfortunate that this would only add up as more reasons why the government should not accept bitcoin. But if we are honest with ourselves, there have been thieves, robbers, and even kidnappers long before bitcoin was created. Labeling bitcoin as illegal doesn't solve this.
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TBH, I have been careless with my seed (regarding where I store it), but how I store it is Unique!. A lot of people say it's wiser to store it offline, while others say the reverse. The truth is, store it where you know that no one can get it. Mine is written in a mixed-up way and then encrypted into a barcode. So, even though someone finds the barcode (which I doubt), they may never understand what it is. Maybe you can just research more about making ciphers.
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It's just a start. A lot of people know about bitcoin however, they haven't paid attention to associating with it because they have seen many big businesses take it seriously. As PayPal supports bitcoin, this would really help as businesses who look up to PayPal would start looking into using bitcoin (definitely as a means of payment).
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In as much as you value the anonymity brought by bitcoin, scammers do too. They prefer crypto because it'll leave no trail behind. Besides, the swiftness of big transactions and some other features are enough reasons for them to prefer bitcoin. Sadly, I doubt we can do much to help it. If you are a smuggler and you think by using Bitcoin for smuggling will keep you out of the administration & public eye, then you are wrong. It's true that Bitcoin is decentralized but bitcoin is traceable, if administration of a country wants then it is possible to trace every transaction. I think money laundering that is done by using Bitcoin, government are able to find out and bring it under the law at any time if they want, unless the smuggler has a good knowledge about the working method of cryptocurrency.
No no, bitcoin may be traceable but only to a certain point. Can you identify the user of a wallet from his exchange site wallet address? Well, maybe the exchange site admins may be able. IDK |
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I doubt it'll stay above 13k; at least not for long. However, if it stays over 13k for long then its chances of going below 13k will become small(my thoughts tho). BTW, Those who claim they can predict bitcoin, seem they're nowhere to be found. Lol. The market has been going in opposite directions from what we've been hearing.
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Splendid! This is the greatest news I've heard today. Considering that bitcoin is a competitor to Paypal, I never thought they'll do this. If actually, this happens, it's gonna be massive because according to what I saw online, "In the second quarter of 2020, there were 346 million active PayPal accounts" 346 million? Damn!
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Just like you said and I've been telling people; more people got to know bitcoin due to the stay at home policy caused by the virus. However, it is disappointing that a lot of people have been scammed and hence making the newbies who just joined to think that it is some sort of scam. If anyone introduces bitcoin to others or maybe know some newbies, please try to let them get the real information about bitcoin, and if possible, other cryptocurrencies.
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I don't really see a cool option there. But if I must choose one then I'll choose stocks. I've seen a couple of people say they voted bitcoin. I'm not against this but to me, I don't think that 5 years is enough time to hodl bitcoin.
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Hello George. Bitcoin is not difficult to understand. There are many sites out there that have articles that will help make it easier. However, check out this app (Know Bitcoin[ https://play.google.com/store/apps/details?id=capps.knowbitcoin ]). The app provides information for newbies who want to know about bitcoin. And if you consider it helpful. Please share it with others too. |
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The problem is that all you were told about bitcoin was the pros with no cons. Just like every other thing, bitcoin has its disadvantages. Let's use the fees as an example. Bitcoin transaction fees can vary at different times. Just like the etheruem network got really crazy. Also, the confirmation time "10 minutes" as you say can actually vary too. It could be based on the fee you paid (higher fee = lesser time) and some other factors. The truth is, I value bitcoin as I am even a bitcoin ambassador. However, I know and also expect everyone to know that nothing is 100% perfect (including bitcoin). Just try to see what good you can do out of the pros of bitcoin.
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Tho bitcoin was created as a currency, no one is saying you should not be an investor. However, investment as a topic has its "rules" if I may say. Firstly, you are not supposed to invest more than you can afford to lose. Restlessness and other forms of FUD come when you've done more than you should. Bitcoin is not dying, those who are presently hodling for the long term know this.
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I really do not think so. During the pandemic (When everyone was at home), I think bitcoin was fine. A lot of people got to know bitcoin due to the stay at home policy. In other words, we had more investors. In fact, bitcoin's price crash at the early stage of the pandemic, but surprisingly skyrocketed when the pandemic was getting worse. This was not the same case for dollar; so they do not move together.
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$50 seems cool but then, I think it's risky tho. In as much as we try to increase security, let's not forget that we could get it wrong. Imagine if this device happens to malfunction and doesn't recognize your finger. I know some of you may say it's not possible but... This is an electronic device (anything can go wrong)
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