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In the past two months, bitcoin's fluctuation very small except for 10/15 accident of USDT, which caused a sudden & incredible price increase of bitcoin/eth, at the same time, many investors dumped their USDT & bought bitcoin instead - hence in fact, bitcoin took the responsibility of acting as a stablecoin, which is very interesting.
Why did they change to pursue bitcoin in such a panic situation? Which kind of true value bitcoin can bring to them? Will bitcoin turn into a real stablecoin in the future? Is it possible for bitcoin to be a popular tool in the payment industry? .....
BTC is hard to become a stable currency. currently it is being manipulated and make price by so many rich man . Although BTC is listed on the stock market and is limited to one day fluctuations of 20% but to Saturday and Sunday when the stock markets closed, inflation occurred again. And Saturday and Sunday are the days when it's most unsettling. |
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That is what I mean - when the stable coin getting unstable, bitcoin getting more stable, why this happening? it is mostly a coincidence. bitcoin had a certain trend. look at 2013 till 2015 as a trend that is already over. the price shoot up to a bubble by the end of 2013 then the bubble burst and price came down. a bear market started and finally came to an end. in 2015 (end of bear market of that time) price became stable and that lasted a couple of months. Tether wasn't having troubles back then. it wasn't even that big. same is now. it is the trend that bitcoin is on which made it stable. it is one of the stages! it has nothing to do with Tether.
It is a coincidence, but why most of people who cash out their USDT to bitcoin, I do not think the coincidence can explain it.
I did not mean bitcoin is a stable coin for now, but it started to show to us there is a potential to be a stable coin and it is not important at all that we read from the past record as it is still in an early stage and only recognized by people in cryptocurrecy sector. Their fluctuation in the past leads to the birth of USDT。
You think Tether has no trouble, but I guess the root of it is not solid enough to last for another 10 years, it is only because they have first mover advantage & their market share over 92% and its competitors still too small, none of them can replace it in a very short time.
Also I guess main economy bodies are planning their own digital currency backed by national credit, like USA & China, which will be the mainstream in a long time, but they are still national & under regulations (maybe USA digital currency will be global, but still under regulations), then there is one opportunity coming for bitcoin.
Not sure if you already know that VISA's new credit card can be used for bitcoin payment, that is a good start & smart companies are embracing bitcoin to help them as one powerful tool to defeat their enemies with the popular use of bitcoin in our daily life.
Stable coin is a definition for one coin which can prevent people's asset from loss when something big or negative effect happens. I do not believe those coins like USDT will inherently be a stable coin, they were manipulated by a company, also it is not possible for any one company to support the world class stable coin volume.
From this perspective, I rather believe bitcoin will be a universally accepted stable coin in the world when it is getting acquainted by everyone on the earth.
that is not a wrong definition. but as i said price being stable doesn't make it a "stable-coin" because that term is usually used for certain coins like Tether which are pegged. |
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~ 10/15 accident of USDT, which caused a sudden & incredible price increase of bitcoin/eth,
there was no bitcoin price increase! you were mistakenly looking at Tether/Btc and thought that is bitcoin price. instead you should have checked USD/bitcoin to see the price did not change.
Yes, you are right. I forgot to mention that I am talking about BTC/USDT pair, when USDT dropped dramatically in comparing with USD, bitcoin's reaction is quick & its value stands firm. That is what I mean - when the stable coin getting unstable, bitcoin getting more stable, why this happening?at the same time, many investors dumped their USDT & bought bitcoin instead - hence in fact, bitcoin took the responsibility of acting as a stablecoin, which is very interesting.
that is not what happened and that is not what a stablecoin means! a stable coin is a term that is used for coins that are pegged to another currency so that they are always having the same value as that other currency. for instance Tether (USDT) is supposed to be pegged with USD and 1 USDT should be equal to 1 USD. there are other stable coins that are pegged to gold, other fiat,...
Stable coin is a definition for one coin which can prevent people's asset from loss when something big or negative effect happens. I do not believe those coins like USDT will inherently be a stable coin, they were manipulated by a company, also it is not possible for any one company to support the world class stable coin volume.
From this perspective, I rather believe bitcoin will be a universally accepted stable coin in the world when it is getting acquainted by everyone on the earth. |
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In the past two months, bitcoin's fluctuation very small except for 10/15 accident of USDT, which caused a sudden & incredible price increase of bitcoin/eth, at the same time, many investors dumped their USDT & bought bitcoin instead - hence in fact, bitcoin took the responsibility of acting as a stablecoin, which is very interesting.
Why did they change to pursue bitcoin in such a panic situation? Which kind of true value bitcoin can bring to them? Will bitcoin turn into a real stablecoin in the future? Is it possible for bitcoin to be a popular tool in the payment industry? .....
PS:
1) I am not talking about NOW, it is for long-term consideration (maybe 10-20 years). In this period, bitcoin still keep going up & getting very valuable;
2) My assumption based on the mass adoption of bitcoin in global payment sector, together with the development of blockchain & bitcoin itself;
3) "Stable coin" does not mean bitcoin's price is fixed or pegged with fiat currency, it is more like an independent currency beyond any national digital currency which will be the main stream in next 10 years because it is evitable that big economy will issue their own digital currency in the coming future.
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Below is the restaurent bill in Singapore today and it is paid throught biz-POS - very convenient & only take 1 minute. From the bill, you can see it is calculated by local fiat currency, but with digital currency value as well after you choose which digital currency you prefer, that is one exciting one & I guess it will spreading in the world like a virus in coming several years. At lesat some friends asked for to be their agent after they saw this. here is the link, sorry I only can share link instead of picture because of my position.  So now it is time to share with us your cases of consuming activities with digital currency, really hope to see it from all around the world! Bingo |
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#Proof of Authentication
Bitcointalk username:disappear4ever
Bitcointalk profile link:https://bitcointalk.org/index.php?action=profile;u=2206869;sa=summary
Reserved language:Chinese
ETH address:0x4e7001A6C675Ffc36992e0e73dFF5c5ba7D69Dd6
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I heard of Algorand when the team came to China to attend a few forums, Recently they raised capital of $62M which is a huge amount.
Algorand found by MIT prof Silvio Micali who is the world class cryptographer & the recipient of the Turing Award, his background make this project attractive worldwide, they claimed to solve the problem of "Impossible Trinity" & the possibility of fork will desend to zero, both the team & their vision seem wonderful, but there is also comments on their incentive mechanism.
So how do you think of this project & their vision and if they will be next big thing, all insight welcomed.
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Will bitcoin become global currency in next 20 years?
Yes I think it is possible Bitcoin will be like dollars and euros and it means Bitcoin will be legal money as euro and dollar and people will use it in every country and future bank system will work with bitcoin and other currencies.
It will be a satisfying result we would like to see, looking forward to it. |
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We are experiencing a going-down market from the beginning of this year, many speculators left the market & some new visitors coming in, it is not a bad thing - at least the market sort out those true believers who are the HODLers, but what they believe is a great thing or it is just a last virtual banquet? so here are some questions for us to discuss, if the answers are positive, hope it can bring us more confidence and patience to keep us stick to bitcoin for a very long time, here we go:
(1) Bitcoin just a icon or trading tool which is not going to be used by global consumers for payment purpose as a mass adoption?
(2) Will bitcoin become global currency in next 20 years?
(3) How bitcoin can change our society and daily life fundalmentally?
(4) Which industries will be the breakthrough points for mass adoptions of bitcoin (blockchain)?
(5) How long it will take to see the bitcoin price skyrocket to $1M
Any more questions or insights are welcome to follow, I will start as the first answer.
I think that the task of Bitcoin was to show an alternative to the current financial system.
When a global currency is introduced, it will not be distributed to individuals."I'm sure that in 20 years there will either be very large transaction volume or no volume."
Satoshi Nakamoto Thanks for quote from Satoshi, that is really inspiring. But let's assume one scenario that when bitcoin is getting stable (maybe in 10-20 years) & transaction is fast & cheap, like the gold in old times, no need to convert into all kinds of fiat around the world, why not consumers use it for daily life? |
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I am answering the question number 2 - BTC being global currency in next 20 years. Well, BTC is already a global P2P decentralized currency and huge number of people are in Bitcoin. If you mean being adopted and legalize by governments around the globe, well, I see slim chances of happening that.
Yes, I mean adopted & legalized. If you think there is a small possibility, what will the crypto world look like in around 10-20 years? - Ethereum or EOS will dominate the crypto world as most of the adoptions are from their ecosystem? - Bitcoin will be marginalized or disappear as it is just a coin without ecosystem? - Still no universe global currency as biggest countries combine their fiat with blockchain technology? - Decentralized still a beautiful dream for all the people who devote themselves into blockchain because of it? - Centralization & decentralization both move to the middle point & there is no people to use decentralization any more? It will be great if you can describe a big picture in 10-20 years for us, let's wait & see  |
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I believe bitcoin will excel and standout as global currency worldwide, as it was grown promisingly and it has a bountiful background on which many investors resemble to onvest this asset. It certainly develope with great and reliable aspect even it take more period of time before it could recognize as the phenomenal institute tittle.
Right, I guess bitcoin can grow stronger & widely used around the world and tend to be relatively stable in comparing with other altcoins, then that will be the time everyone in the world wanna have it as a real independant global currency. |
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I think it has a huge possibility to happen soon, with the good development of bitcoin and pleasant background which gives interest to be invested by people who are eager to earn profits. And I don't have any doubt about it.
I doubt it can grow to be the global currency only by speculation, it growing together with the development of blockchain technology & more use cases happening in our real society. But yes, I am also very positive  |
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Possibly yes, because as we can see as of now that it's adaptation is currently active. Day by day there are increase happening to it's adoption and huge number of people that interested to this system are continuously counting and beside of it, the legalization of it are considered going better and better. Some country in different part of the world are open now from it's legalization and their respected governments wanted to try and experience the better product that can give by it in a way of having much better and much develop economy in their country. So there will be the biggest chances that bitcoin will be global currency.
Great. In comparing with other altcoins, what do you think bitcoin's advantage & disadvantage in becoming biggest global cryptocurrency in the world? |
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(4) Which industries will be the breakthrough points for mass adoptions of bitcoin (blockchain)?
I suspect that the media will be the first industry for mass adoption because the media at the moment is ready and waiting for any positive insightful news. Also, they (the media) realize the possibilities that are with digital currency investment. They are also the first point for communication to the public plus the trust repose on them. Good point. I am sure it is helpful in spreading the use cases. Also I know some projects are connect original content creator with payment system, like AC3. |
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In future, I would say no. Bitcoin is a new type of electronic money created by a software engineer (Satoshi Nakamoto) in 2009. Bitcoins are not controlled by the central bank, but are created by users who generate new bitcoins when they use their computing power to verify and process bitcoins in a transaction, But it can be possible if it satisfied the three ket functions of money (medium of exchange,unit of account and store of value)
Interesting, do not you think it will evolve itself to better satisfy the three key functions in the future? |
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what you need to realize to get the answers to these question is that bitcoin is what it is! if you read the bitcoin paper you can see that the aim of it is perfectly clear. and the design is in a way to help reach that goal of being a decentralized payment system.
now what people use this design is up to them because bitcoin is never supposed to restrict people and force them to use it in a way that they don't want to.
so for your #1 for instance, when people use it for trading that doesn't change bitcoin's nature. it just shows those particular group of people are using bitcoin in one possible way.
On one hand, can not agree with you more. On the other hand, of course we can leave it for self evolution, but as a believer, I would think about what we can do to make everyone in the world benifit from it, not just from price increase, but also a better life. |
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20 years later? entirely possible . We have the right to hope for a bright future. At that time, people were able to use bicoins in their daily lives as money, even in remote areas. If that becomes a reality, it will be great  Exactly! We all looking forward to it. |
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