The opposition is always against the government, and these protests are just a continuation of political resistance by the opposition - Deputy of El Salvador’s Opposition Party Sues Country Over Bitcoin Law. Of course there are risks with Bitcoin, but a country that doesn't have its own currency and needs a solution can't just wait for it to fall from the sky - they take risks, but not exactly as some think they haven't prepared and are doing everything overnight. Bitcoin Beach is a project that has been going on for some time in El Salvador, and has been successful so far.
Does making it legal tender mean stores have to accept it there (that's not a thing in Europe...)
El Salvador is the first country in the world to pass such a law, a legal tender means that every buyer must be allowed to pay with Bitcoin if he wants to - what exists in Japan and Germany is not the same, which was already discussed at the beginning when this news went viral. The claim that El Salvador is the first state to accept bitcoins as legal tender is incorrect. Japan legalized bitcoin and other cryptocurrencies back in April 2017, and since then, cryptocurrency has been considered legal tender there. To date, many states have already done the same. In El Salvador, they went much further and for the first time at the state level, bitcoin was declared the national currency of the state. In truth, bitcoin is not designed for this and such an experiment, if it fails, could damage its image and the entire cryptocurrency. We also see that such a decision was made very hastily, without preliminary preparation and taking the necessary measures. In society, there are always those who are dissatisfied with any government decision, in this case it cannot be said that people's protests are unfounded and therefore compromise options are needed. |
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No matter how good and promising the cryptocurrency may seem, in any case, you should not invest your investments in only one type of cryptocurrency. This also applies to bitcoin. Even if we are confident in the reliability of bitcoin, we cannot predict the possible further reaction of states in relation to it. There may be other reasons because of which the first cryptocurrency can fall sharply and for a long time in price. Therefore, it is better not to violate the general investment rules that are inherent in any market.
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The current cryptocurrency market is now too big to react to everyone, even very influential persons, who are going to leave it with their assets. This is certainly not a very pleasant experience, especially considering that Anthony Di Iorio is the co-founder of ETH. However, each of us has the right to make his own choice, and the world of cryptocurrency remains very unpredictable.
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You'd better comment on the article you link to, OP.
All the predictions I have read this year gave a minimum of $100K as the price of Bitcoin this year. I don't know if in the last couple of months any will have changed but most likely not. I guess if we get to November at these prices or the current price drops below $20K some predictions will start to be rethought. For my part I remain bullish in the medium and long term.
All have the good news about El Salvador adopting Bitcoin as legal tender have not had the major impact that people thought it would and Bitcoin has gone down in price since. People making these bold predictions were probably a part of that demographic that thought this would steer us into a more bullish market and making it seem like 100k was not too unrealistic. They have probably changed their minds now they have seen the opposite reaction to that news. For El Salvador, this is only an intention so far. It can become a reality only from September. However, the government of this country is already receiving numerous warnings about high risks and disruption of the stability of the financial system, and in this regard, international sanctions may be imposed on El Salvador. We already see that the bitcoin price of about one hundred thousand dollars is becoming less real this year. Especially after its price has dropped below $ 30,000 today. Apparently, by the end of the year, we will not even see Bitcoin return to its recent price record of $ 64,000. Therefore, hopes for next year. |
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Yes, the price of bitcoin has dropped even further today, dropping below $ 30,000, after a relatively long time marking time. There was a forecast that if this happens, then its price could collapse up to $ 10,000. The return path of growth, in this case, will be very long. However, another question arises here: if this happens a few more times, then who will invest in it on subsequent rises, say, above $ 40,000? Are we going to count on some newbies? Then it may not even rise to one hundred thousand dollars.
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When Satoshi Nakamoto first proposed Bitcoin, the first public criticism it received was around its scalability potential. Fast forward to 2021, and according to many supporters and doubters, scalability is still Bitcoin's biggest problem.
However, with the rise of institutional interest and technology, a solution to the above-mentioned problems was proposed, called the Lightning Network.
The Lightning Network solves the scalability of Bitcoin as a secure off-chain settlement. Why not fix Bitcoin directly?
Any changes in the functionality of bitcoin are now very difficult to implement in practice, even if the need for such changes is obvious. Bitcoin does not have its own cohesive team, as, for example, in ethereum. It is very difficult for his disparate groups to come to a consensus. This makes it very difficult to update. There have been many attempts to increase the scalability of bitcoin. However, this has not led to anything yet. |
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The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.
It is unlikely that the payment by installments in bitcoins for goods or services can gain a foothold. The reason, first of all, as always, is the high price volatility of bitcoin. The agreement on the price occurs at the time of the conclusion of the transaction, and the payment of the agreed amount occurs as the fulfillment of the conditions of the concluded transaction. Although in this case the buyer will pay the same amount in bitcoins, however, over time, it will inevitably change in relation to fiat. This will always be an annoying factor. |
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It is no secret that states and their governments are not in the grip of the spread of cryptocurrency and will continue to try to tighten its regulation and circulation in the future. The issue of the high energy consumption of Bitcoin mining and the carbohydrate footprint of the energy it consumes has been raised and governments are happy to seize on it to denigrate not only Bitcoin, but the entire cryptocurrency.
On the other hand, this is very relevant, since we already really see abrupt climate changes as a result of unreasonable human activity. This was previously perceived with skepticism by many, but now the threat has become real. Therefore, this issue has become very serious.
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What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?
My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?
You are right in some ways but that won't stop these miners to stop their operation they will find a way even illegally, they made a good profit from mining and they will be made more money, not the best and right time to stop, they will either go underground or just transfer a country that will suit their needs as a miner. In my opinion, the point here is not in relation to individual groups of people, to whom the government for some reason has claims or does not want to enrich them. The situation is much broader and the government wants to significantly strengthen its economy so that it is not only competitive with advanced economies, but also significantly surpasses them in the future. To do this, they create a digitized yuan in a special way and now clear the way for its circulation and remove competitors, which to some extent is a decentralized cryptocurrency, as well as private and commercial stablecoins. |
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From analysis, it has been argued severally that hodlers are winner and earn more profits than traders, this depends on your expertise and where you fall into. The current situation now means that anyone that bought lower and didn't take profit because of greed or another reason will soon be at loss or breakeven if things continue to go down. Now many people are lamenting because they didn't expect this at this time and didn't take profit because they thought the uptrend will last more for better profit. For people that has been here for long knows the cycle and this kind of situation is inevitable. For people that can be patient I think they can still get back to the former or expected profit but this is not guaranteed. In my opinion I think it's better to hodl and take profit at the right time and wait for the dip to buy back more quantities and wait for more profit. This way you earn more profits. What do you feel is best to do when holding a coin, please share your opinions!
Your arguments are generally correct. However, the most important thing here is to choose the moment when to fix the profit, that is, to sell the cryptocurrency that has risen in price and withdraw funds at least in stablecoins or in another cryptocurrency. After all, it often happens that after fixing a small profit, the price of this cryptocurrency continues to grow for a long time. Then we regret the premature decision. In general, what I want to say: this market is very unpredictable and we will have lost profits no matter how hard we try to avoid it. Direct material damage already depends on our experience. Here it is already important not to panic. |
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Come on still expecting price to go down...haven't we been in this trend for a long time??
These markets aren't a one way street for sellers,no ! Both buyers and sellers have to exist so that demand and supply can happen and price will react by either going up or down...so sellers have been in control for a while and it's about time buyers entered the markets.
I do not expect the market to continue to fall. Two months have passed since the sharp and strong fall in prices, and usually the market after such a period does not fall significantly from the day of the fall. Therefore, I think that in August and September prices will remain approximately at the same level, since in the summer months, traditionally, everything dies, and from October I expect a significant increase in prices in this market. It is unlikely that the cryptocurrency market will adhere to the same stages of price growth and decline as it was before. The situation will constantly change. |
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The market is changing faster and faster，when the BTC halves next time, the market responds to a new round of bull market.
How many people don’t buy altcoins during this period?
Yes, a lot of things will change by 2025. Our intentions by that time may no longer be relevant. Planning to do something every four years is just not enough for our life. The cryptocurrency market is changing rapidly and, most likely, soon the changes will be very dramatic. For now, we must live with this market and our plans must be more specific. |
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I see alot of altcoins and tokens been introduced into the market every day and I keep wondering if that is how this industry will keep growing. The number of altcoins does not translate to increase in the over all market capitalization of the cryptocurrencies market and it that means that some of the coins we currently have in the market is not needed!
although many new coins are introduced to the market every day, not a few of them are having problems like the project ended in scam and also the coins being marketed are experiencing very cheap prices, but for the best coins in general will bounce well, hope if the launch of new coins can be stable in the crypto market. I wonder why some of these new projects can't incorporate some of the existing coin into their projects. The idea of producing new coin looks selfish sometimes to me, a new decentralised exchange of binance blockchain should be able to use BNB as their coin, since they can collect transaction fee as BNB, so is many new project. This use of previous data of other coins is ongoing. Even the now thriving BSC is, in fact, a copy of ethereum with some improvements to allow cheap transactions. This is because decentralized coins have open source code, and therefore anyone can copy the blockchain base of the coin of interest and build settings on them at their own discretion. This is, in principle, normal and allows cryptocurrency to develop rapidly. Therefore, the number of altcoins is already approaching 11,000. Many of them are useless and will be discarded by the market. |
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When a crisis arrives, central banks usually say that they will do whatever it takes to solve it, which usually means ridiculous amounts of money being printed a large amount of debt being bought. The traditional banking system "multiplies" the effect as a result of the fiduciary system (you can lend more than you have).
With the new digital central currencies such as yuan, euro, dollar,... anyone could potentially hold an account on a central bank skipping the intermediaries. I think that this will have a negative effect on the ability to cope with further crisis by monetary policies. The risk should not be ignored.
If we use the digitized currencies of the central banks of states, this does not mean at all that we will get rid of intermediaries. The intermediary in their use will always be the same central banks or their subordinate banks, which will see and control any of our transactions. However, the very introduction of digitized currencies of the central banks of states is progressive for states, the financial system and participants in this market. In terms of efficiency, stable coins of states are much higher than ordinary non-cash payments. |
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The market dropped sharply in price two months ago. Then there were reasons for this. After such a long, and most importantly, high price growth, as well as a fall of 50 percent or more, the market cannot recover so quickly. In addition, now is the time for summer vacations, and at this time, traditionally, business activity in all markets is dropping. Therefore, prices are almost now already standing still, sometimes rising a little, then decreasing. We need to wait for autumn, then the market should activate again.
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I don't "hope" Bitcoin reaches $1m, I have faith Bitcoin will reach $1m. Faith is stronger than Hope. Hope walks through the fire, Faith leaps over the fire.
I personally deeply doubt that Bitcoin can ever reach the one million dollar price. Even if it is capable of reaching such a price, the states will not allow it to rise in price so high. States have enough leverage to prevent this from happening, because the cryptocurrency in this case will greatly affect the stability of the global financial system. When Bitcoin recently hit $ 64,000, many officials immediately began calling for tighter regulation of the cryptocurrency. Well, let's see how it will be in practice in the future. |
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Here, of course, you greatly exaggerated. States and their legislative bodies constantly change laws, or adopt new ones, depending on the needs of society. Therefore, indeed, states are forced to adopt appropriate laws regarding cryptocurrencies, and not just bitcoins. However, this is a common practice and there is nothing special here. New objects for regulation appear and the state is forced to regulate it. I do not see anything unusual in this.
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It will look like the E-yuan project from china. and I'm sure it's not crypto. so there will be no effect for the market. the digital euro will not be the driving force for people to become more acquainted with crypto. because it's just an E-money issued by the government. they may be familiar with digital wallets. but not with blockchain and crypto.
Except e-yuan is most likely using blockchain tech and e-euro has said from early on that they are most likely not using blockchain. So we're going to have a lot of difference at least for me in terms of smart contract use, and possible hacking attempts by white hackers later on. So if euro going digital doesn't do blockchain, how does that acquant people with crypto? The Chinese digitalized yuan will definitely not work on blockchain technology. There, they began to create it back in 2014 and followed a completely different path, which is so inherent in China. We will soon see how it will work in practice. As for the digital euro, I think that it will work on the blockchain technology. Although these will be just state stable coins, that is, digitized fiat and they will have practically nothing to do with cryptocurrency, however, their appearance is simply logical and necessary in the global financial system and, in general, they should have a general positive impact on cryptocurrency. How the digitized currency of the central banks of the states will affect the cryptocurrency, while we can only guess. At the same time, we also cannot influence the process of their appearance. |
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Imagine all the beginners in crypto being excited for the first time in their lives, the possibility of wealth that they cannot imagine. Unfortunately, they only get their crypto learning from a social media group or worse from one beginner as well. That is already a sign that you need to prepare for a long bearish period. These beginners will not have any knowledge at all about crypto and will panic sell at a big loss if shit hits the fan. We will never be able to save them. That is why knowledge is power.
In our world, there is a universal law of conservation of energy, which should also work in the cryptocurrency market. Cryptocurrency does not produce tangible assets. Market participants invest in it and convert it to fiat. If someone made a profit, then someone must lose their money. If everyone only made a profit from working with cryptocurrency, then it would seem like magic. However, we no longer believe in fairies and wizards. Therefore, newbies most often make mistakes and lose their money. This is all logical and normal. |
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When people saw the value of Bitcoin, they also created various altcoins. It will run away after harvesting and have no real value. Although these coins are not reliable, there will be some people who are willing to bet that altcoins can explode. Some people who make a profit from investing in Bitcoin will also choose to invest in altcoins.
In such a messy market, how should we invest in cryptocurrency? What should do with these altcoins？
It would be simply amazing if altcoins did not evolve and flourish. Bitcoin is just a universal coin, without any specific functions, which are developing in different directions in altcoins. Therefore, altcoins have a lot of useful and necessary functions for people. Of course, many altcoins are useless and fraudulent. However, this does not change anything, since the market itself will discard all unnecessary and leave only promising altcoins. Therefore, everything is fine with altcoins. There is no other way of their rapid development yet. |
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