They will definitely give it a shot. They'll start to adapt and use the same technology bitcoin is using for record keeping. I don't think they'll succeed though, because essentially they'll still try to centralize it among themselves. Instead of using users as nodes they'll still be using banks as nodes for their blockchain and thus they'll still control it.
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It's a good investment because the technology is relatively new. Of course it's risky but investing in new technology is high reward.
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Easy. The users always. The point of having something decentralized is to be represented by a mass. Once we have a single representation then what's the point of BTC. The very point is to decentralize the power and prevent corruption. Just look at the 2008 financial crisis. The banking system failed and what's worst is that none of the executives were ever charged or jailed. No one took responsibility. Bitcoin is an alternative system. We no longer have to put our faiths on the hands of corrupt banking officials or the government for that matter.
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With it's growing popularity the demand is growing. Recently, It's been getting attention, with china calling for the ban, south korea planning to impose regulations etc. It has proved itself to be a good investment. Additionally there's this famous saying "Invest in everything china bans". Maybe people are starting to realize that today is the time to invest in bitcoin.
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For me it's money of the future. Right now, the technology is young. It may have a few hiccups here and there and especially with its volatility it's kind of hard to give it a 100% trust. But adapting the technology young is a way to be ahead of everyone else. Using bitcoin as this stage, we are like beta testers. When it becomes widely accepted we are already familiar and we can traverse the maze of this new financial system fairly easier as compared to everyone else.
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I can't wrap my head around the idea that a centralized institution can "tax" or even regulate BTC without violating the freedom of information. The only way they can tax it is if they have every single computer watched.
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Great news! Once amazon stars accepting BTC as payment, more people would actually use BTC and not just trade it in for dollars.
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It's not just about the Tax. Like any technologies, bitcoin can also be used to do bad things like Silk Road and Terrorism. It's the argument they used for "BitLicense" in New York back in 2015. They'll always try to regulate and will be using "terrorism" or "evil" as an excuse to do so.
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China doesn't hate "bitcoin" itself. It's just that, it cant regulate it as well as it can regulate the Chinese Yuan. Being a Communist state, China tends to control everything. That's why most western companies like Google, facebook and twitter arent welcome in China.
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Yes it's changing the world. Blockchain is a disruptive technology and new applications are found everyday. Just imagine how it could change the way we look at data. For once in our history, data can be incorruptible and permanent. We no longer need a centralized trusted establishment to hold our data. You need information on the house your about to buy? You no longer need to go to your government office. You need to check if you're hiring a criminal? You no longer have to go to the police. It makes the data flow so much easier knowing that it can't easily be changed or faked.
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Well I start with my friends. I begin by explaining to them what money is -- a useless piece of paper that only has value because we believe it has value. So that when I try to explain to them what BTC is, they don't think it's an elaborate scam.
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It is possible. Perhaps when someone finds a way to cheat blockchaining and alter the transaction records? Or maybe if a better and more secure technology makes blockchaining obsolete.
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Perhaps those people do it for the secutity? BTC is still highly volatile and it does give much confidence. However, in few years time, who knows maybe bitcoin will be more popular than dollars. Another point is thay BTC is not yet widely accepted in the real world. In my country it can only be used to buy things from the internet.
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I dont think it needs to be "increased". Bitcoin is infinitely divisible. If the need arises, then it will just be divided to smaller units.
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Very low. There's no way countries would willingly throw away their own currency and people aren't just ready to throw away their dollars for bitcoins.
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It's definitely risky. Im not saying you shouldn't do it. Time it right and there's going to be a return. There are no "risk-free" investments but bitcoin is especially riskier because of its volatility. But that's also the one thing that makes it a potentially high return investment.
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Basing from my own personal childhood, i like to do things with other people. I do agree with the other posts that game is the way to go and incorporating that to my own experience I would say another way to go is role playing. Imagine a group of kids with their own ledgers trading fun items with each other. I guess that's one way to make them understand the decentralization part.
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The very point of concurrency is decentralization. This is a threat to the Chinese government as it may have the potential to replace the yuan. One train of though is that the ban is a sign that China is giving up on trying to regulate bitcoin and just decided to wipe out its existence instead. If this is the case then, if the value of the bitcoin continuous to rise then stricter measures will be imposed to ban it. So i would say options (1) one and (2) two.
Another train of thought is that the "ban" is how they manipulate cryptocurrencies and if that's the case then option (6) six.
However, my bet is on options (1) one and (2) two because I truly believe that cryptocurrency is a threat to them since their economy relies heavily on government intervention and thus their failure to regulate cryptocurrencies forced them to impose drastic measures to protect themselves.
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