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Be open-minded and don't only list its advantages, but be open to its disadvantages, and we can discuss how to address these negative sides of bitcoin. For one, Bitcoin's anonimity may be good in terms of privacy, but too much and you'll have problems with tracking illegal activities made on the internet, paid through the bitcoin network. Another thing you said is volatility, which may be good for investors for profit, but volatility is two-sided and you also risk losing huge part of your money.
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These exchanges need to tighten up security and business practices. Email is one critical entry point of hackers to target victims and for those ignorant ones, they could potentially fall victim to such spams, and other possible attacks. That's why it's better to have separate emails for different endeavors, isolate it to your main email account. Either way, people should be aware and educated on how such attacks are commited and how to steer away from them, such as be always concerned before entering any sensitive data to any site as much as possible.
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As far as I know, most of the countries that has cryptocurrency activity does not impose tax because regulating a crowded, mostly decentralized altcoins and bitcoin is quite difficult. They may rely on taxing the exchanges themselves, which in turn would impose tax and higher fees to the users of such exchanges. While this may be bad, if paying tax would make these exchanges adhere to national standards in terms of security, insurance and such, and would be held liable for weakness in their platform (e.g. thefts), then maybe having tax for security isn't bad at all.
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Bitcoin is having a hard time being accepted by the government mainly because: [1] They don't want what they can't control or monitor. Having anonimity since not all have undergone KYC in exchanges, and they only have a bunch of addresses to look at the ledger, could be a problem when tracking down someone for whatever they're reason (e.g. a criminal usage, illegal activities). [2] It is deflationary, and price fluctuates fast and in huge amounts, which could impose difficulty in implementing it as mode of payment. [3] Regulation is a problem and might be too late for now, you can't just forcefully require every bitcoin wallet owner/holder to identify themselves.
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That's a good start to bitcoin/cryptocurrency adoption to various use cases, and in this case, as a mode of payment in everyday, common neccessity services such as food. This also jump starts the main idea of Satoshi coming to life, to use Bitcoin as an alternative mode of payment to current existing fiat. Soon enough, we'll start seeing it being adopted by other enterprises, but I don't believe too much on altcoins though.
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Quite helpful to give awareness for people to report various scams that exist in our market. Some reasons I see why people won't take the extra step is because; [1] They have no knowledge on where to report such thing especially when related to crypto-space, [2] They don't want explaining and going through stuff they don't know about, or [3] Even if they report it, they expect no action and resolution from the institution that'll make scammers liable for their loss.
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Totalitarian is just another way of saying Communist ideologies. While it could be helpful, it's not always the best way to go. What if the government imposes something, in a "totalitarian" way, that is not aiming for the general public's good, but rather their own corrupt practices? Is totalitarian still good at that scenario when the leader is just a corrupt politician that would only want taxpayers money into his wallet? Both totalitarian and democracy has their own pros and cons depending on the situation and totalitarian cannot be applied at all times, same with democracy.
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Google has already claimed that they achieved quantum supremacy. It's a revolutionary in the computing world. I think that through it could help boost the computing power of the blockchain to produce much bitcoins than our present computers.
Quantum computing with regards to blockchain technology is a much more deeper topic than just faster mining of bitcoins. The main concern isn't faster generation of blocks, but rather the security impacts to blockchain because of exponentially faster computing speed that a quantum computer can do versus traditional, and even supercomputers. Even though it's faster, quantum-proof algorithms and methodologies to further secure our sensitive data, whether on network-side of things or hash/cryptography aspect, is already under development. |
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This is one of the many scenarios possible that bitcoin could help a sinking economy. Fewer restrictions and smaller fees attract people to invest their precious funds in bitcoin, but the volatility is one of the factors that might keep them away and couldn't be removed in the market because it's core idea is being decentralized controlled by pure supply and demand. What OP has told is somewhat of a refuge to other country's fiat to cut losses. While this may be a temporary fix, Argentina needs to prevent further inflation or they'll face serious problem with their currency.
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Though it's good to have completely decentralized system at first glance, all of which comes with drawbacks. Not all people in crypto-space think the same and for the benefit of the whole community. Having decentralized, no regulations, would also mean that scammers, quitting ICOs, etc would not go away. As long as there's someone eager to invest in a fraudulent project for the hopes of winning, there's still someone who would take advantage of that. We may eiter stick to the roots, or implement/improve the system through collaborative open-minded ideas.
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Isn't these tips supposed to be on Trading? Anyways, I can agree completely on 1 and 4. (1) Too much information does stop you at even doing trades. Overloading yourself with speculations just makes it harder to make decisions. (4) A general rule of thumb, only trade/invest your excess funds. Don't give all in. You'll never know what will happen to that investment and doing so would be a one-shot do-or-die situation.
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For me though, it's just that we're still not in the era ready for conversion to blockchain technology, or it's because the projects aim to convert something not needing conversion just as what you've said, and that's the main reason why we feel all of these are just speculative to invest in. Altcoin market is now too crowded, we just need a company that would initiate a revolutionary idea running on cryptography and blockchain, an idea that could run in a decentralized system, the power to the people, and would replace existing traditional system, which we can't predict when will happen, but surely will.
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I think that what sets back Africa from improving their living is primarily because of corrupt practices, not only within their government but other countries that pressures them and uses their resources to their advantage while still making Africa's economy down. Capitalists rule the country for natural resources, and leaders blinded by greed and do decisions for his own good rather than for the people is what's stopping a country to thrive.
Bitcoin could help but on government level first, normal people can't have access to the tools used to even know what it is. It could be used for transactions outside of their country. But as stated earlier, you can't solve the problem if the leader who is suppose to act, does not even want it because of greed.
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You can't really do much but just to move on and learn from your mistakes. Either way, investing in ICOs and such is always a gamble a lot riskier than bitcoin's volatility since you invest in a newly minted coin or project that has potential but lacking of investors and user base, and it feels experimental since it hasn't really experience real-life use cases. Every investment is a gamble, they just vary in degree of profit and loss factor. One tip I can only give is do not put all you cards in, that is not to invest everything you have, and research then conclude whether a particular organization/company has the objectives to grow and be successful.
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In my country, we have one popular and secure provider of an e-wallet that includes some of the top altcoins alongside with bitcoin and out local currency here. You can convert your local currency to either of these cryptocurrencies, and also use to send to other BTC address for payment. And this provider, has partnered up with other payment companies to power online shopping websites and be an option to pay for online-bought items. For example, I could pay for a product in an online reseller found in their website through BTC to an address they have provided, in exact amount that when converted to my local fiat is equal with the value of the product.
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The question is ambiguous, the requirements are unclear and I can't see clearly what you mean by this post. If what you mean is just living in a rural area with a full node given having electricity only and internet connection, without fiat on-hand, then it could be. You would farm your own supplies to live most likely, because living in a rural area where digital progress isn't enough for people to even transact with bitcoin, or even know bitcoin, would make it hard for you to trade for the goods you need to live. Fiat is still more reliable in these areas.
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Even if payments are traceable in the blockchain, knowing the owner of the address is another step ahead. Sure, you could use KYC provided in some exchanges, but there's still privacy in using the network, such as being a full node won't require you to go through online wallets that may have also KYC in them.
People may not want to use govermment minted cryptocurrency, but if they imposed such law that prohibits usage of other cryptocurrency other than their own, then that banning mechanism would affect bitcoin somehow. If enterprises aren't allowed to adopt bitcoin once their crypto is made, then who else would use BTC if companies can't accept it from the people, which is quite a threat if that happens.
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The word 'probably' caught my eye though. So there are chances that he isn't under serious medical condition that is life-threatening. These 'other things' might be focusing on his family, or other endeavors such as only hobbies while enjoying his life away from work done on Bitcoin. Considering he must have enough money to live his life peacefully, he's maybe just travelling or in a peaceful vacation house somewhere.
I think the main reason why he never revealed his identity is to keep off the radar of the US Government and other governing institutions, that is surely does not want decetralized way of things, especially currency in which they draw power. If his identity is known earlier when Bitcoin isn't globally spread, then the government might suppress its development or even threaten Satoshi's life.
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It could be. The thing about these whales is that they're unpredictable and can do artificial pumps and dumps whenever they please. However, during these pumps, it could also have induced FOMO and brought in a surge of demand that further increased the prices. These scenarios can't be stopped from happening since no regulation ever exists. And looking at the charts and the current scenario, there's not much really happening that could trigger another demand increase 'naturally', thus explains why the prices are gradually going down since people who opened from $7k range are starting to sell rather than lose more.
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Aside from monetary incentives in crypto, I rarely come across discussions pertaining to why the average enthusiast in crypto is involved with crypto. While the answer may be pretty straightforward, there are some outliers.
Crypto means much more than just monetary incentives, it's essentially a technical revolution that has involved the masses, something you and I can be apart of. Ultimately, that's probably one of my greatest interests for blockchain and crypto. Another big intrigue for me is the evolution of blockchain tech in itself. I've been around for quite sometime and have witnessed the evolution of cryptos, businesses, behaviors and attitudes.
These 2 factors, along with several others, are the reasons I continue to be involved on a community and business level with crypto. It's become a hobby, passion and business for me.
I became interested in crypto not solely because of the money involved, but rather the technology behind it, the blockchain. An ideology made way before bitcoin but popularized by Satoshi. It isn't made only for currency, but it provides a framework to work on a public ledger, that is secure enough that alterations are almost impossible. It is what I believe in and that's what bitcoin had been able to do, and much better and reliable to other altcoins in the market. However, not all things last forever and there would be some time in the future where another framework, or just new cryptocurrency, or another crypto-related service that would revolutionize something traditional as of now, which is worth investing. |
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