Obviously there a lot of ways to answer this question but I want some smart views on what could legitimately hurt the future of Bitcoin or cryptos in general.
Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
Biggest threat would be our own community. even right now the community is pretty divided and the fork hasn't even happened yet. The 1st August thing is the User Activated Soft Fork for segwit activation. Obviously there will be division happening as hard forks(BU for example, or Segwit2x) could be activated as well, but i don't want to go into specifics here. Just make sure you understand that forks can indeed hurt bitcoin a lot. Government has no control over bitcoin, the best they can do is shut down or outlaw all bitcoin exchanges, in which case bitcoin trading will simply go to P2P mode. There is really onthing they can do to actually stop bitcoin transactions. Miner fees are a big issue but is still quite manageable. It's a short term issue as well, we will definitely find ways to scale in the future. I don't think that's particularly big worry but rather a smaller implication of the overall scaling debate. |
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omg!!
blockchain transaction fees killed my entire 2 days earnings on bitcoin 40$
i never know and wanna try exodus wallet so i transfered frm blockchain to exodus 40$ and they cut 16$ as transaction fees.
HOLY MOM!! Wth is this fees???
anyone experience the same...
I just sent a transaciton across the bitcoin blockchain, and it cost me 0.0013 BTC to send which is like $3.5 i think. Perviously this was worth 0.01 BTC before bitcoin price rose dramatically. I know this is a bit hard to understand why, but the basic version of it is that bitcoin blocks are full, and the amount of transacitons on the bitcoin network is growing, so the miners only accept transactions with higher and higher transaction fees everyday(supply and demand). Well, we simply can't do anything for it. This is the reason why bitcoin is still struggling at $3K level otherwise considering the user base and world's perception I bet it could have reached $6K to $10K with this kind of support. We need to find a concrete yet viable solution for this ever increasing transaction fees. Bitcoin is still my favorite option for international transaction as it is still cost effective but I am worried about the growth of the transaction fees as it might surpass the cost of fiat transactions for the same amount.
Agreed. Without all this scaling debate, we could well be at $10k by now. But now we're struggling to break $3k because of this. I think that once Segwit is activated, things will go on the right track and hopefully the damages can be reversed. Still though, bitcoin is much more secure to use and cheaper than most bank transfers internationally. So don't complain too much about it - try to condense your transactions into a small amount so you don't have to pay too much. |
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Source : http://www.zerohedge.com/news/2017-05-31/real-reason-own-bitcoinThink about it: when you send money to someone, those funds move from your bank, to the central bank, to another bank, and then finally to the recipient’s account.
This is the same way that money used to be transferred 800 years ago…
… which seems almost tragically anachronistic given that we have apps today to send funds directly to a recipient’s mobile phone or email address.
Who needs a middleman anymore?
Why should anyone borrow money from a bank when there are so many Peer-to-Peer and crowdfunding platforms available?
Why pay exorbitant fees and commissions to exchange currency when there numerous websites that exchange money at almost no cost?
Banks as financial intermediaries are about as quaint as taxi dispatchers in the age of Uber.
Cryptocurrency and Blockchain technology are the final nails in the coffin, making it possible to hold your savings in the cloud rather than at a bank. This article has the same goal than me when i read the first agression-law (Europa - end of 2013) that it can take (my) saving from bank in case of bankrupt (of the bank). At this date, all my saving have been stored in crypto-space to evade from this agression-law. Exactly. With banks the main problem is that they are in control for just about everything. Central banks control the monetary supply, inflation rates, whilst commercial banks control how much credit is offered to consumers and interest rate cuts are rarely reflected onto the actual consumers whilst interest rate going up will always reflect onto the consumers. If they decide to peek into your history, crack down on everything to do, even though they have no proof whatsoever, they could do so. They could freeze your account, disallow access to your funds, all that. With cryptos, it's simply not possible. I'm holding a large proportion of my wealth in precious metals and gold for this reason. I have no relations with banks apart from my credit card which i use extremely rarely. Blockchain technology such as bitcoin can pretty much do everything that a bank can do, and more. |
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Hello All,
I'm new to crypto but not new to the banking/gov game.
What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?
They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.
I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.
Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros) have met a swift end.
Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.
Either way I see it going higher i'm just trying to get my head around why it has not been stopped.
Thoughts?
There is no way for them to directly control the actual bitcoin framework. Decentralization basically makes it impossible for them to do so and this is a part of the reason why they absolutely despise bitcoin, even though its technology should be embraced by everyone in my opinion(the government obviously have a conflict of interest in this case, if people use bitcoin then they aren't going to use fiat because bitcoin is genuinely better, and will lead to capital flowing into btc, crashing fiat, governments don't want that to happen. I wouldn't be surprised at all if in the future, the government started to give out jail sentences for those who hold btc. However this is extremely hard to enforce, and almost impossible to check. Bitcoin does have identifiers that you have browse publicly, but linking these numbers to a name is extremely hard, if not impossible if someone uses all the functionality that bitcoin offers to its fully extent(running a full node, etc.). And if the government does decide to crack down on bitcoin holders, i think that more people would actually start using bitcoin, out of curiosity, much like how religions are at its strongest when a government is trying to restrict it. |
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Just received reminder bitcoin dropped a lot, the price of the last week is very unstable, leading to other competing currencies continued to fall, there is no bottom line of that kind of fall, I would like to ask you tycoons on how to look at the future market?
The main thing with the recent volatility is that the bitcoin price has been up a lot in recent days and everyone knows that a crash has to happen sooner or later. Whether sooner or later, we do not know. Some traders are dumping in an attempt to get others to panic dump alongside them, others are actively buying, thinking that the price will hit $3000 and make a quick profit. So some days you see bitcoin going down a couple of hundred bucks, other days you see that bitcoin is up by a couple of hundred. Completely unpredictable, that's just how it is. I think that the price floor is set now at $2000. There is just no way that bitcoin is going under that floor, unless something like a hard fork going completely out of hand, like much worse that ETC and ETH. Whilst older bitcoin enthusiasts are already used to this sort of volatility, i know that newbies still fear using bitcoin because of this. Don't panic, because in the long run, you'll always be able to cash out your coin for more than you bought them for. |
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As a scaling solution has been reached, it looks as if money is finally flowing back into Bitcoin ( https://coinmarketcap.com/). There is a clear downwards trend on all of the alt-coin's value graphs, while Bitcoin has a clear spike in recent days. Thoughts on what this means for bitcoin / alt-coins in general? Scaling solution has not really been reached yet. exactly what happens won't be decided probably until the end of August, whether certain hard forks gets activated or not. The key date here is 1st August as I'm sure you're already aware of for the UASF. There are companies(Bitmain in particular) that want to mine their own altcoin instead of bitcoin if UASF was activated... A bit dumb imo. For now, somewhat. But the week before Aug 01, especially the few days before Aug 01, the money will flow back into alts...mostly the top 10 alts.
I'm bullish on Bitcoin and Monero long-term.
Agreed, bitcoin in the long run is going to be a heck of an investment. People focus too much on the short run, imo. Investing into altcoins right now is not a good idea, just look at the graph of bitcoin dominance. So many ICOs and crappy projects that somehow is luring traders in. |
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What are your speculations on the bitcoins but also the rest of cryptocurrencies in the future ?
Me personally I think that it will generate more interest and at one point it will become a stable currency acknowledged worldwide , so when more countries accept it like currency it will increase the demand considerably thus so it's value.
I understood for now Russia and China acknowledged bitcoin like currency ? Am I wrong ? And are there any other countries that did the same ?
I think that a lot of people are focusing on purely price here. Price is important, yes. But it's definitely not something that is as important as, say how active the bitcoin community is, how many people is actually using bitcoin, how many merchants is accepting bitcoin, so on and so forth. Price is merely a reflection on what the market thinsk about a certain thing, whether a lot of people want it or not. The value of bitcoin will continue to climb in the long run, and 10 years is quite a long time in crypto history because bitcoin hasn't existed for 10 years yet and probably the concept is just 10 years. A lot of things could happen. Bitcoin could stablize and become a real hedge against the fiat currency, and based on the current inflation rates it would mean that bitcoin would approximately rise by 40-50% in 10 years. But i think that due to halvings and probably more adopters, there will be several boom and bust cycles in bitcoin price. But the overall trend again is up. If we can quadruple the user base that we have now in 10 years i don't see a reason why bitcoin can rise to $50,000 apiece. Yes, it's not a dream. |
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Is it possible to reach 5,000 $ /btc this week or next week ?
No. Extremely unlikely that this would happen. Even in one year. With benefit of the hindsight the crash was going to happen as soon as you wrote this post. Asking for a double in price within a week is just impossible for anything, not just bitcoins. You never see stocks double in price in one week, you rarely see altcoins double in price in one week as well. If you just want your money doubled - it's quite simple. Hold your bitcoin for the long term and you'll reap major profits, way more than just $5000 per bitcoin. |
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Please move this thread to the exchanges subforum( https://bitcointalk.org/index.php?board=223.0), this section is for currency exchanges only(like actual trades). You can do so by clicking the move topic button at the bottom left corner of the page. Does anyone know of an exchange that will approve a new account in a timely manner? I've been waiting over three weeks for poloniex and bittrex to approve my documentation. I realize demand is huge and I'm as patient as an old trader can be, but I'd like to move faster.
I have a coinbase account that's linked to a credit card for instant purchase and that service no longer works. The bank account link does, but the delay is over a week. We all know customer support is nonexistent, so I have to find an alternative.
Thanks one and all. I'm glad to have found this forum.
My advice to you, do not use any of the actual exchanges. If you do there is a high likelihood that something will go wrong. You could try circle, although their verification time is quite average. I suggest you just use Localbitcoins, the rates aren't that bad compared to the exchanges anyways, you have multiple payment options(cash deposit, bank transfer etc.), you're protected by their escrow, you don't pay any fees on your end, and most importantly, you do not need any verification. Sign up is easy as hell, less than 1 minute and you're ready to go. |
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What do you say? Did the bubble burst and we're seeing a decline or are we still aiming to the moon?
The bubble did burst. I think that the main thing that bursted this bubble was bitcoin's inability to break that magical $3000 level and that hurt the traders financially and more importantly psychologically a lot. If bitcoin went on to break $3000 then we could easily be seeing $3500, even $3700 right now. However either way, it'll have to come down to adjust a bit. I believe that this is only a short term adjustment and the price has probably bottomed out at around $2400. Therefore I'll congratulate anyone that timed it right and bought at $2400. The price is slowly yet steadily recovering meaning that there is probably going to be another round of pumping, whether small or large, coming in very soon. |
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Hey , I have bought 20.3~ Btc when it was 430USD . Now when price jumped high i would like to invest in something . I dont want something very risky with high profit , I wanna invest in something with 2-2.5% monthly profit . For example : If i invest 20 BTC , in one month ill have 20.4 BTC ( 20BTC + 2% = 20.4) For one who give me idea or help me ill pay some btc for being helpful and good  Best regards 1. Do not trust anyone with your bitcoins. 2. Do NOT trust anyone with your bitcoins. That's all you need to know, really. That's the golden rule for anything involving bitcoins. Hold your private keys yourself. If you see some sort of outrageously good investment opportunity. Do not invest in it. Think about it for a week first, do some research, you'll likely find that the so called "opportunity" is actually just a scam artist trying to bait you. It seems like you're a long term supporter of bitcoin, which is the reason why you bought and held so much bitcoin through the months. So I suggest having 50% in bitcoin and 50% out. That way, if bitcoin crashes further, then you have buying power to load up on cheap coins. If it rises, then you don't miss out on profits. |
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Completely agree with OP.
Gold and bitcoin in my opinion are all extremely long term and safe bets. They share many similar characteristics as well which i think really makes bitcoin special in a way that no other fiat currency can ever be. For example, the ability for gold and bitcoin to both not be able to abused by power and money hungry politicians to print more of it with close to 0 cost, the trust that they all have in their respective communities, and in bitcoin's case, you can transfer bitcoins across the world with a $2 fee, which is quite high actually compared to normal fee levels but still cheap.
Bitcoin is emerging as the "digital gold". We've seen e-gold and now c-gold trying to do this, but both failed either getting shut down by the government or a lack of popularity because they're not decentralized and ultimately, nobody can prove that they actually hold the gold. Bitcoin solves all these problems.
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Perhaps one day we will be seeing a economy with no hard cash as the world is progressing. Here is the present top 15 cashless economy around the world for a ready reference: 1-Singapore : 61% cashless transactions.
2-Netherlands : 60% cashless transactions.
3-France : 59% cashless transactions.
4-Sweden : 59% cashless transactions.
5-Canada : 57% cashless transactions.
6-Belgium : 56% cashless transactions.
7-United Kingdom : 52% cashless transactions.
8-USA : 45% cashless transactions.
9-Australia : 35% cashless transactions.
10-Germany : 33% cashless transactions.
11-South Korea : 29% cashless transactions.
12-Spain : 16% cashless transactions.
13-Brazil : 15% cashless transactions.
14-Japan : 14% cashless transactions.
15-China : 10% cashless transactions.
Sources : https://en.wikipedia.org/wiki/Cashless_societyhttp://www.businesstoday.in/current/economy-politics/here-are-the-top-cashless-countries-in-the-world/story/241430.htmlOn a side note, the Indian government is eyeing cashless society but hesitating to adopt bitcoins. I guess this will be the stand of any country with respect to "cashless society" and "adopting bitcoins". First governments will grab cashes from people and will emphasize the importance of going for cashless transactions and from that people will realize the importance of adopting bitcoins  Excellent analysis and stats. However I think that this does not relate much to bitcoin at all because most of these transactions are conducted by a debit or credit card that is issued by a commercial bank anyways, so it doesn't really make anything better by using a card because your savings are still in a bank's hands. However a country's willingness to adopt new technology is very important, whether or not it's bitcoin or just a new way to pay like Apple pay and this will ultimately decide who's the long term winner. Singapore, Canada etc. are all very liveable countries as well, so i think that there is a definite correlation between cashless society and the livebility of a country as well. Hopefully we can in the near future see some stats relating to countries using bitcoin and percentages. I'd say that at least 5% of the world population will be using bitcoin in a decade's time. |
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According to my friend preev.com, as of press time, the value of Bitcoin is standing at $2,351. Though I would say that this still considered as a feat, some are worried because it almost reached $2,800 again after the correction that happened days ago.
I have read that the decline can partly be contributed to newcomers especially neophyte traders who still have to be well-versed on the market...and can easily be ignited to do panic selling once they can fell that anything can be wrong.
Against this backdrop...are you holding on to your Bitcoin or transferring it into another digital currency?
The price is actually recovering right now. Yesterday it did go as low as $2350 or even more but now it's steadily climbing to $2500 and seems to be quite stable over there. This i think proves that a lot of people are just lining up to get cheap coins. A lot of people wants to get into the market whilst large bitcoin holders are reluctant to sell off their personal stash. Think about the long term of Bitcoin instead of little swings in price. Only newbie traders would start panic selling right now. It should be a great opportunity to buy.
Agreed. Bitcoin is going to kill it in the long term. It actually doesn't matter if you bought at the ATH of the year because in the future bitcoin will keep breaking previous records due to the fact that there is only going to be 21 million ever created. |
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I really don't think that the author has any knowledge of bitcoin is whatsoever. He probably ran out of material to write about and now he's just writing articles that hates on bitcoin. You: So what’s the purpose of bitcoin?
Fan: The technology is absolutely amazing!
You: Yes, but what’s it for?
Fan: Really, the “blockchain” technology is a total masterpiece, way ahead of its time!
You: Yes, yes, I understand that. But what is it actually for?
Fan: You don’t understand! It’s a completely decentralized money system! Totally revolutionary!
You: Honestly, does it have a purpose? Any purpose at all?
Fan: It’s the wave of the future! What's the purpose of bitcoin? Search it up you dumb f***. Show me one bitcoiner who is retarded enough to say "the technology is absolutely amazing" to the answer of your question. Bitcoin is a decentralized, anonymous monetary system. You said it there. That's the purpose. To avoid government intervention, to avoid centralized banking, to avoid banks taking a cut of every transaction. It's really not worth your time to even try to convince these bastards to actually try bitcoin themselves before they speak. Let them shill and we'll hodl. |
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ive been using poloniex for almost years and i dont have issue  .. just withdraw small amount per day thats my technique XD How long do you find the withdrawals take over at Poloniex? Also, do they allow you to buy currency with a credit card without going through tons of verification? Sometimes it's nice to buy some currency and not have tons of hassle and delays. No. Poloniex does not allow you to buy through credit card at all. It is a strictly altcoin only exchange. The closest thing you're going to get with poloniex in terms of fiat currency is USDT which is probably an altcoin in itself. I personally use Coinbase with my purchases because they usually have the best rates for credit cards and the process is instant. However if it's altcoins then i'm going with bittrex because they are the #1 altcoin exchange behind polo at the moment, and imo much better than polo actually. Whatever exchange you choose, ensure that it has a good reputation and don't store any sum of coins continuously on your exchange account. It is very likely that an exchange will go scam one day. |
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Earlier today, Bitcoin price was close $3000 and reached $3000 in some exchanges, and it's now dropping. This is not good. For how long is going to keep on doing this? But I know it's a good thing for those who are willing to buy their first BTC. Hopefully they just can't wait until it reaches the $1500 mark.
As you mentioned i think the consensus here is that if bitcoin prices ever hit that low, people will buy in. Bitcoin has a lot of supporters, no doubt. Even if we only have a few thousand dollars each if we all buy in when the price plummets it'll stabilize the price is little and hopefully make bitcoin recover. However, your worry is probably in the distant future. I can't even imagine what $1,500 per bitcoin would be like right now, even though we were at that price point around a month and a half ago. Crazy how things go by so quick, it's almost scary. Seems like that $3,000 is new short term ceiling for BTC. I don't think that we're over with this pump yet. In the next few weeks, things will be very interesting. How the UASF goes though will be crucial to whether btc sustains this sort of price or gets dumped. Two chains are probably going to be split as a result, and it's going to be a hassle managing two wallets at once for the same btc. |
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Alright. I'm not super great with economics, i failed economics when i was in 11th grade so i'm still trying to comprehend how this works. So in a nutshell this is essentially something to help bitcoin reach its minimal volatility possible, correct? If i got this right... Why exactly is it called federal reserve? And why does bitcoin need a whole system behind it to prevent it from crashing? Thank you for feedbacks I think more such system works for BTC already independently. Every trader has reserves in fiat and in Bitcoin also. And every trader has a strategy to buy and sell. It is well distributed - and we can see, the big price peaks and big price crashes not more a nature of Bitcoin. Or? I started an other thread, a poll: https://bitcointalk.org/index.php?topic=1903469.0It shows the same result: most of people thinks, so big peak as in November 2013 is not more possible... If you has other opinions - please feel free to vote and post your opinions. Only the app idea seems to me unique - it could give us informations about Bitcoin Market in a new way. Of course it needs a big, living community... And: I decided to act again - I bought some CHF, and I have on Lykke Wallet 2842.23 CHF and 0.7802 BTC. So are you using Lykke as a platform to hold different currencies right now? What makes them better than, say holding funds on Xapo/a bank? Sorry for this, i just don't get it 100%. |
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I think the future of bitcoin is about saving money, like gold. Secure asset to hide your finance of inflation etc.
I think so too. Bitcoin is already considered to be a great way to store ones wealth for many and this trend in my opinion is going to only increase more in the future. Fiats can collapse anytime in the foreseeable future and when this happens, bitcoin will play it's role as a global currency with a decentralized transaction validation network. It's truly awesome if you think about it. I seriously wouldn't worry too much about fluctuations now because bitcoin is still young. Anything with a 40 billion market cap which is smaller than a lot of medium to large sized companies is going to fluctuate a lot. But as we get more people onboard and using bitcoin this volatility will drop. |
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Are you happy with your bitcoin gambling ?
I feel I am into gambling so intensively only after bitcoin introductions. Before that I bet on few sport betting sites, but not with the frequency how I am currently doing. When ever I see some profits, I do see bitcoin gambling as a blessing but losses makes me to think about quitting using bitcoins too.
Even I restrict myself only for free of cost gambling, after sometimes of gambling, I go for adding bitcoins from my wallet totally out of control. I was not like this when I was gambling with fiats. How about you ?
Look man, bitcoin gambling can be a good thing for those who just want to have some fun every now and then. It is so convenient and can be accessed from anywhere, as long as you have the bitcoin to do it. However it you have a gambling problem, it's not a good idea to hold any sort of cryptocurrencies including bitcoin because you will be tempted to bet on something every single day. The bitcoin world is filled with casinos and sports books. I'm not saying these admins are bad, in fact they are among the most trusted members of the community. It is much easier to make impulse decisions virtually than in real life in my opinion as you don't need to carry the action out physically. |
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