The most logical thing to do is to save/hodl it for a long time since bitcoin is deflationary and will increase in price in due time but it is probably a case by case situation. Say, a person might cash out his coins if he really needed the money or spend it on gambling sites or just needed the money to start another business.
This is acceptable if person really needs that money and investment in bitcoin is last resort. Apart from that it is beneficial to arrange the money by some other means. HODLing bitcoin for long run is the best way to rip the great rewards. It is important for users not to panic when situation is not looking good. The bitcoin has distinct feature which makes it more attractive compared to other alt currencies. People with knack for trading should play with 10 percent or 5 percent of their bitcoin cache. This way they may make some profit and keep on increasing bitcoins in their cache. |
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I think yes, people who able to be a successful person because of bitcoin, so in that way we can avoid poverty, if its happened in one person it is also happen to all of us. Bitcoin can end world poverty.
There is no relation between the bitcoin and world poverty. These are two different things. Bitcoin is a currency and people are poor because they don't have the currency to spend. People are not poor because they don't have bitcoin. Bitcoin is for freedom from centralized dictatorship of tyrant govt, big banks, big financial firms. Bitcoin simply breaks their shackle and liberates a person. Like if country like greece which faced bankrupsy troubled its residents. These fellas were and are facing tough time due to the mistakes from govt-ministers. If these people had access to the bitcoin and converted half of their money to the bitcoin before the crisis, they would have been living a decent life as of now. Bitcoin is highly volatile currency or price holder, thus bitcoin will help people in holding the value. |
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Perhaps yes, because there are so many feature's in bitcoin that untraceable. If these are the means to transact money, Government may hardly track the crime because its out of their control. If there are positive things to btc negative as well are prone.
Corruption is the attribute of a person. It has nothing do with the tool with which corruption is being done. As far as untraceable part is there, monero does much better job in hiding it. I mentioned this somewhere else as well. What we need to understand is that the Bitcoin is just a tool, an instrument, a currency which is far superior. Its superiority is tangible when transfer of value is observed between people from different countries or continents. What is done with bitcoin was happening earlier as well. Instead of bitcoin people were using diamond, gold other methods like art painting or collectibles. Thus it is not the bitcoin which is leading to corruption but the people who want to use it for corruption. |
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Every investment opportunities that exists in our society today involved risk and no system of investment that existing is as good as bitcoin today. Bitcoin has proved to be a very good way to make serious money as its represent the future of money. If you put few dollars into bitcoin today there is no way you will not double your investment in no time.
It is true but if you are in for bitcoin in a long run, that risk is nullify. If you study the market and how big bitcoin market is, the saturation and the number of people getting involved, I do not think that Bitcoin posses a risk if we hold it long enough to multiply its price value. Looking back at those days when bitcoin is just 100 USD or when bitcoin falls down after the 2013 bubble, if people just hold and did not sell their bitcoin, they should have taken 400% profit if they sold it now. Bitcoin is not without risk. People in bitcoin who are in for long time understand that there is a big risk. However with big risk there is big profit. The amount of profit or return on investment from bitcoin is unparalleled. Nobody knows what would happen in future either crypto may get more momentum or it may lose its existence as well. Who knows? But people are bidding on bitcoin will continue to grow further. Thus any time is good time to invest in bitcoin. Just make sure to HODL long. You are referring to the mt. gox incident where bitcoin lost it valuation. As you mentioned bitcoin came strong will continue to grow strong. Given the situation the bright perspective. |
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Bitcoin are aleady international currency! In 5-10 years it'll be almost like $$$, or even better. It has great potential, just think about it! Few years ago we can't even imagine that bitcoin would be use so widely, but now it's real! I'm looking forward on usng bitcoin for most online payments.
Bitcoin is a international currency for individuals and groups. There is no chance of bitcoin coming anywhere near to the US dollar when it comes to acceptability from Countries, banks, major companies trading. Bitcoin is being used send and receive money over long distance. It is not being used as extensively as other currencies used for the trade. Online payment or for that matter the micro payment is still not feasible with bitcoin. Current situation with bitcoin in trading is similar to importing a piece of bread or cake from different country via ship. Transportation via ship or airplane are not suitable for micro shipping. Also transaction charges for bitcoin are quite high. |
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It's pump & dump but you need big money to manipulate so it doesn't get as much manipulation as other coins which are cheaper. In other words BTC is the safest coin you can invest in.
I agree with you that BTC is the safest coin but in terms of Bitcoin dumps or pumps are not regular things as with altcoins. I suppose it is just regular correction as it always happens. When buyers are out of money, sellers come in. Pumping and dumping are the part and parcel of the crypto, stock, commodity, real estate market. That is any speculative market is prone to the pump and dump activity. Important part is pump and dump are observed in frequently with other crypto compared to the bitcoin. Reason being manipulating bitcoin market requires much more capital compared to the other crypto. Just looks at the currency price of bitcoin which is at 45oo dollars and next top crypto is valued at 307 dollars. Now it is easy to understand why pump and dump are easy in other coins compared to other. Recent phenomenon observed in bitcoin was when JP morgan chief warned about the bitcoin. Prices were plunged to the 33k dollars. Later it was observed that same company bought many coins at that low price. This is reverse pump and dump. Smart, isn't it. Correction is something which always happens after the unusual rise. |
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I think not, until now bitcoin can not be used for direct transactions, many places can not accept bitcoin and still receive cash. hopefully this is the company's concern to make bitcoin easier to use like cash.
Bitcoin is being used for direct transactions however it is not feasible as regular currency. Bitcoin is better suited transaction of money from one country to other or inter bank. Other major problem with the crypto currency is that you need internet connection for transaction. Which may be available sometimes it may not be available. There are third world countries which lag good internet connection. For companies or shops bitcoin is great if they want to transfer big chunk of money to somebody else where banks charges hefty amount to do the same. Regular currencies are real easy to work with. Everyone understands it and ready to deal with it. |
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No one can stop bitcoin. how many times does the government shut down bitcoin? many many times right!? Bitcoin is unstopabble. Bitcoin will give growth in every country we belong. so governments should educate themselves to merge their money to blockchain.
No government will stop it, because they know very well that bitcoin has potential to give boost to their national economy and those who will do this stupid thing they will cut off their development and they will lag in each and every field of progress and no government can do this because citizen know better than government what is best for them and what is not and bitcoin is best, Many countries find exact opposite situation of what you are saying about the bitcoin giving boost to their national economy. For example, China govt purposefully devalued the value of their currency. Why was done? it was done under the impression that if yuan price remain higher then foreign investment may decrease and may go to other countries. This triggered the volunteer devaluation. However this national interest decision wrecked havoc for wealthy people from china. These wealthy people suddenly discovered that without any loss in business, their net worth has reduced. Thus it is observed that these people turned to the some specific gambling casinos (which acts as currency exchanger ) and crypto currency and started sending money out. |
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Of course a lump sum is the better option if you can somehow afford it. The more Bitcoin you have, the better.  True, if money is available for investment then lump sum is profitable. Provided that person has some study of the market movement. That is if market is heading towards somewhat low phase. Like recently when market touched the 33k dollars. That was great opportunity to buy in the lump sum. Now market is ~43k dollars. This is risky if goal is short-sighted. Long term goals are what makes profit more lucrative. This with lump sum investment one must be patient to see the profit in foreseeable future. Compared to the small investment with regular interval this duration of seeing profit is even more. However there is lower risk. |
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when the situation in the country has made it possible to give license the bitcoin. because the seller will of course sell a variety of products that are also official in the country. so payment must also be with an official payment. when a country has licensed bitcoin, retailers using bitcoin will become a reality.
That is one side of problem with adoption. Other is the amount of time taken to confirm transaction. From the higher perspective bitcoin is more suitable for transaction of money between two countries or entities separated by continents. In this kind of scenario where sending money via conventional method is time consuming and with more charges, so less cost-effective. In this scenario bitcoin works like charm If you are willing pay higher transaction fees that fees will still be less than what banks charges. Things are very different when it comes to the retail transactions. Using bitcoin for these kind of scenario is not effective at all. At lease at this stage. I hope things will turn out positively in future as well. |
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I don't know how sure china government going to ban bitcoin. If it happens it will affect the bitcoin growth and probably it leads to some point of negative deviation in value however still their absence does not stop the bitcoin and it will get back to its value to peak soon Same thing happened when south korea banned the ICO however bitcoin price is getting back to the normal again. Recovery is there. Before this year, it was a common understanding or myth that china has monopoly over bitcoin or at least they were manipulating the bitcoin price. When china govt imposed restrictions on these big bitcoin in china, trading of bitcoin almost halted in China. But that did not hampered the bitcoin price movement. In fact bitcoin scaled new height, new all time high. Didn't it? Now it is pretty much clear that bitcoin is standing on its own. The main threat or sign of danger for chinese govt was money laundering and easy escape of their currency outlet via bitcoin through these exchanges. problem was not with mining bitcoin. Nonetheless thing remained normal for bitcoin back then and will remain normal in future as well. |
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There are no official word from Amazon that they are accepting crypto as mode of payment. There was also a petition to accept bitcoin and litecoin as well. https://www.change.org/p/jeff-bezos-amazon-com-should-accept-bitcoin-and-litecoin-cryptocurrency-as-payment-methods-asapNo need to be excited here. This is just a petition. And we even don't know if Jeff really read those. But I have to agree that if ever they have decided to accept crypto, it will be a big boost for them as well as the ecosystem. Amazon is the #1 and the world's largest online retailer and accepting crypto will be a like close to widespread bitcoin adoption that we are all been waiting for. Ohh yes, does anyone really thinks change.org is that effective? If yes then they are living in a cocoon. There are certain scenarios where change.org might be helpful, but not every. Amazon is a profit oriented company like others company. Why they will bother about the dogecoin or other crypto. Amazon or any other companies who are operating on global level would be careful on NOT to send any wrong signal. Because in some countries crypto has not good perception. But if these companies like amazon starts to accept the crypto then that would be really nice change and will trigger positive vibe. To some extent this petition looks like an attempt to garner some publicity to the dogecoin and get some pumping as well. |
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So, if Bitcoin really takes off, we think we have an honest, state-free money. No central bank, or anyone, can create bitcoins past the 21 million limit.
Correct? In practice, no.
What Western central banks are doing now is getting us used to the idea of multiple cryptocurrencies being viable. When they use their printed money to buy some new cryptos, their values go up.
One simple example of how they can continue to expand their money supply is to have a basket of cryptos against which they 'manage' exchange rates with dollars, euro, etc. Say, at first this basket contains 1 BTC, 10 ETH, and 100 LTC, and the Fed and US government have an official or unofficial policy of keeping this basket at the price of $100K, with a combination of keeping money printing and public debt under control, and selling the BTC/ETH/LTC in its vaults to scare savers away from moving their dollars into coins.
As time goes on, the Fed will want to create more dollars. (As it always has.) Then they will buy up lots of new cryptocurrency XYZ (cheap) with their dollars, and raise the price of XYZ. After XYZ has 'proven itself in the market with its technical superiority,' the Fed will add it to the basket, and the new basket will be priced at $120K. Since the 'base money' has expanded by 20%, the number of dollars can also be expanded by 20%.
This is only one of many variations. The Fed doesn't even have to declare a basket (as mentioned above.) Whatever it buys will rise in value, and will become part of the 'basket'. Whatever it abandons will die out. It will have all the power.
The system will be no different from the early days of gold and silver standards, but with a new twist: there are an unlimited number of new gold and silver mines, and only central banks know where they are!
So, I'm still thinking that gold and silver, whose scarcity is secured by physics, rather than computer code, are the superior forms of money for improving our freedom from governments and bankers.
Your theory has valid points, and some may refer it as conspiracy theory as well. When bitcoin started to get momentum there were many conspiracy theories against it. What you mention is just one way of big banks and finance houses to turn the table in their side. Of course they may be working other ways as well. These kind of basket tricks are for those who are too much greedy. People who are in bitcoin and have strong believe in it will stay away from the alt-crypto. Talking about other crypto that is alt-crypto, there were many attempts to replicate the success of bitcoin but noone succeed. There are some coins which claim to be the rightful heir of satoshi's true bitcoin theory. However people still have confidence in the bitcoin. Thus there are less chances of bitcoin getting affected that much with this. |
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In any case whenever prices fall below 3500USD/BTC I buy small volumes of bitcoin and hold it. Because in my experience whenever there is a fall a rise will follow.
^This. Imagine if you had been buying BTC on "dips" all the way from 100-200 USD prices (its where i first came to know about BTC) because at that range, reaching 1000 USD was almost unimaginable. It was just a tale of the past, at least to me. Then it happened, and I did not have nearly as much BTC as i would like to...  I would definitely recommend, if investing for long-term, to check price a couple of times daily and buy lesser chunks when it pulls back. My personal prediction is that, at some point in time, BTC will break 8000 USD level. I doubt it will be within 2017 though.. Everybody wishes and thinks that bitcoin should be bought when price is low or drops substantially. Problem is with the two things : 1. fear 2.greed * Many have fear of losing profit margin if dropping bitcoin trend starts showing upward movement. And this triggers the greed of earning more and more profit. * In a way purchasing bitcoin at drop looks appropriate but who knows when market would show upward direction when downward movement. * That is why it is better and safer way to keep on buying small amount at constant interval. If situation like JP Morgan arises where market suddenly goes in tailspin mode then that is clear indication of buying in chunk. However these kind of instances are few to work with. |
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I think mining coins today is very profitable because the price is rising, but the most important thing that we should consider is the price of electricity, if the price is not more than 25 / KWh cent then immediately mining.
Only alt coins are profitable to mine now, for the bitcoin mining it's hard to get now on it because of it's difficulty. And even mining of alt coin now is having it's difficulty increase especially the Ethereum. But there are some alt coins that are good for mining now like xmr. But if you still have those mined bitcoins it's better if you will just hold it until the price of bitcoin fly to the moon. Most people may not really want to do this considering they do not even have the information they need regarding any investment they can easily embark on. I do not honestly believe in just saving money hoping for the value to increase over time, I want to be able to have more and still benefit from the value increase at the same time. That is how it should be. Mining coins is mainly profitable because prices rise but the difficulty not so much, over time the difficulty will change accordingly so it will be harder to brake even and turn a profit. The thing with altcoins is that most of them (atleast the small coins) tend to peak at a certain point and then drop down for a couple of months before climbing back up or becoming obsolete. If I were a miner I'd sell my altcoins at the peak and not hold for 6 months. Especially if you're mining multiple coins. The only coin I'm really holding long term is bitcoin. Mining bitcoin is NOT as profitable as it used to be. Current Difficulty level is proving tough to tackle with. Then there is constant new hardwares being introduced with better power. More powerful miner hardware is helping in mining but the cost of hardware and mainly the electricity cost is major factor. Sooner or later transaction charges for mining block has to be increased. If mining charges were increased in proportion ration then transaction time will be greatly enhanced. This in turn improve the usability of bitcoin. And miners will be happy to mine or verify the transactions. As far altcoins are concerned I think some old timer coins which have been there since long time and have solid technical foundation should do good in the long time as well. Look at the dash, ether, monero, litecoin etc. I excluded the ripple because as you mentioned ripple lost its mojo when one of devel announced to donate large chunk to the charity. That incident caused havoc in the ripple market and it is still not in position to make comeback that easily. People lost their confidence and it will take time to get things right. |
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I have read some posts and some concerns that it is the volatility of Bitcoin that is preventing many people and many businesses to fully adopt Bitcoin. This can be the main factor why big online shopping stores are not yet adding Bitcoin into their payment facilities (though there is now a circulated petition for this but I doubt if it can make a dent).
Some are really saying that if volatility can be managed then we can see Bitcoin going mainstream. I am wondering then: Is volatility something that we should find a way to control and how do you think it can be done?
I think volatility is something that we should control so that many investors will approve bitcoin as their main investment place. If the value of bitcoin is uncertain, then the possibility that you will earn large amount of money would go down and would be affected. But removing it's volatility will remove it's characteristic which may end up making bitcoin another thing. For me volatility is something that we should endure and endured as time passes by. We have to deal with it. We shouldn't control the volatility, I don't agree with you because the market is free and decentralized. And it has to stay like that forever. Controllng it meaning we're making it centralized. This is aganinst the motto. I do not agree with that either. What makes bitcoin disruptive is the fact that it is decentralized and cannot be controlled except by the market (supply and demand). As long as we keep having this, we will just have to stick with the decentralized system that we have until maybe we start seeing some balance as time goes on. I have the feelings it will one day maybe get close to its peak and we may start seeing some little bit of steady price, but not still without the volatility as it will always be present. Some points are correct like bitcoin is decentralized and controlled or manipulated with supply and demand. To put it in different perspective other markets have regulators however these markets are also controlled with supply and demand except reality market (which could be blown out of proportion but after that it bursts badly). All the rules and regulation are there for small scale players. These rules are applied for common man and not for big whales, big banks. These big banks and finance houses control the market at their will. So rules are there to just pretend that there are rules and regulation. In case of bitcoin all bets are off, demand and supply. Whoever has deep pockets can go on bull run and later dump coins and earn profit. Here I'm not speaking about people with few hundreds worth bitcoin, but people or companies having bitcoins in thousands and thousands. Bitcoins volatility is direct result of supply and demand and some over enthusiasts. |
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If I answer you no then I'll be lying. Even though my hope is for us to see 1 btc equivalent to 1 btc some day with the price of fiat mean nothing to us, the current movement of the price still gives us the indication in how well accepted btc is and its demand. I do agree with your reasoning but until the I will still closely follow the btc price movement.
That would be definitely lying. Ofcourse the price always matters that's why some people began to be interested to use bitcoin to have a source of income. Many people would definitely leave in bitcoin if the price of bitcoin will totally crash because all of their money will be gone including mine. Agreed, as the user stated price really matters big with bitcoin. Also one who is saying that he doesn't think of the price is a big lie. As the price keeps on growing same is the price increase happening in the users. So if something goes wrong or causes a price crash surely it will lose its popularity, No doubt it. Bitcoin will not lose popularity if the price will go down because it will attract more attention from the people who are watching bitcoin and if the price will go down then it is actually an opportunity to the people who want to invest so it is opposite to are you saying because if the popularity of bitcoin will go down because of the price crash then the crash will just continue to go on. Oh yes, this is case whenever bitcoin price dips only panic sellers feel the heat the try to sell them. However other see this dip as the opportunity to get their hands on more coins. Same thing happened when JP morgan chief warned about bitcoin possession by their employee. Market crashed from 47k dollars to the 34k dollars. Next thing you know bitcoin started to gain its upward movement again. Why ? because many People sensed that this is the right time to buy more coins. Today bitcoin is at 43k dollars. At this stage, any downward movement is sensed as possible opportunity to buy more. Many people are believing that bitcoin is going to make 5k and 10k club soon. There was a time when chinese bitcoin exchanges had influence on global coin price. Many feared that when those markets will crash bitcoin price all over world will crash. Nothing happened when china banned these exchanges and enforced tight scrutiny. |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
If someone owns bitcoin died he/she must state in his /her will every information needed to open btc account..and leave it to his/her lawyer as persons life seems so unpredictable.. This is a brilliant question since BTC is anonymous and confidential in forms only you who own the account wallet knows the passwords this is not like some other investment that you can assign somebody as dependents that can claim legally your asset in case you pass away since BTC is decentralized system there is no law concerning on this matter.in order that you can hand down your asset to your family or love one’s it is just mutual trust to the person or persons whom you believed you can rely on to leave all information regarding password, account name, and other necessary information. Another way would be to store the bitcoins in hardware wallet and keys required to open it should be stored in the vault or locker. I mean both the hardware wallet and keys should be stored there. And keys to access that particular vault should be granted to the person you wanted to. This way no one will know what is inside the locker is. and desired person only gets to know what is left for him or her. One needs to make sure that detailed instructions should be written on piece of paper or in any other form available for intended person to retrieve those coins when needed. When secret is shared with more than one person, it no longer remains a secret. Thus above mentioned way is more useful. |
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Bitcoin and other Crypto currencies are developed with limited supply in mind, because it adds to the scarcity over time. You know what the fixed supply cap will be and this can only be changed with a majority consensus. So in theory governments will never be able to adopt a currency that are based on a "Public" Blockchain where consensus is needed to increase the supply cap of the "currency" token.
This is correct if govt has incapable finance dept. Finance dept who knows how to handle inflation will take preventive measures against it in first place. It is true that Govt will find it difficult to adopt the public blockchains, however some countries are acknowledging bitcoin officially. Like Japan for that matter has given many positive steps towards bitcoin adoptions on govt level. They have to develop a "Private" Blockchain where they can change the Coin Cap at will to feed the constant debt demand and to artificially stimulate their economy with that debt.
This is happening already. Some banks and governments are finding this blockchain technology pretty attractive and they have started working on it. Interestingly they are working in collaboration with each other. that is govt owned banks and private banks are collaborating on blockchain. Interestingly some govt are thinking about introducing their own digital currency as well. Bitcoin should steer clear from any debt based economy and focus specifically on being a alternative Cash payment solution or a commodity to trade with. These "Private" Blockchains will only be a copy of their Fiat currencies, with the only difference being that the Coin supply can be changed with the change of a few parameters in the protocol/code.
This will be no different than the system they have in place now and the debt will just increase even further. Bitcoin or "Public" Blockchains are based on a open consensus and people will not increase the supply, because it will decrease the value of their current coins. < The people decide, not some government >
"Private" Blockchain currencies will destroy themselves, because it is based on the failures of the current monetary systems of infinite money supply.
Debt ridden economy will remain in practice till govt is there to bail out them. The moment govt stop or refuses to bail out these irresponsible banks this debt-oriented economy will crash for good and new better alternative economy will start to flourish. At this moment this is a distant dream though. |
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Printing Dollars is not a smart thing to do because some many people have tried it just got failed. It is not even worth trying anymore because you will get caught very easy these days.
That could be impossible to happen, Bitcoin is International digital currency and as digital banking system the paper money will be valueless. Bitcoin no need to print on paper, with in next few years the paper money destroy by bitcoins.But if someone would try to do that government and local authorities will sue for that because it is illegal and not be done by any other individual in state and real printed dollars.
In some extent you are right. When everyone prints a dollar or for that matter a currency then what is the use of that currency. Currency needs to be limited. With limited circulation of currency inflation might remain under control. If everyone starts printing the currency then no matter how much you print it is useless. Why bother printing the currency then because for print the currency you need a paper, electricity, machine which have a price. Thus printing dollar or currency individually is like using sand grains or stones as currency. No value. When Govt prints too much currency then inflation happens. Though it is not the only reason for inflation. However it is one of the major reason for inflation. Good examples is look at the strongest currencies in this world. US dollars, British pound, Bahraini Dinar, Euro are some example. Their supply is very limited and highest denomination currency is less than what most other countries have. Next point about everything in economics has value only because people collectively have perceived it so. Thus When govt rejects or stops recognition of legal tender of the currency-note then that note will become worthless piece of paper. Bitcoin has value because people are perceiving and accepting the value supported by it. No govt can stop it. At max they may block bitcoin. Till there are groups of people who perceives value in bitcoin it will remain as valuable. |
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