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Abosutely yes, bitcoin is for anyone, for ordinary citizens, for all bitcoin users. Anyone can use bitcoin, it is designed for all. As long they know how to use bitcoin, the process, so anyone can use it.
There is no exemption of who can use bitcoin. It is not just for the people that has background knowledge with computer technology. Since nowadays the world is being dominated with technology. I'm sure that everyone can easily cope up and learn on how to obtain and use bitcoin. Nothing is hard today with technology. You can do everything, but from the point of view of convenience it is better if the fraction was smaller. In business every detail is important. Bitcoin is also a business. Also if it was cash bitcoin, its use would have moved faster. There are few countries in the world where Bitcoin is banned. And even in those countries, people can use it if they want to. The question is, can just everyone use it. Some people might have a notion that using Bitcoin is very complicated. And the truth is that, although everyone can simply use it, people have to have some knowledge about the technology and security features. At this point, it's not as simple as using a credit card. For example, addresses need to be stored and pasted into the browser. And there's the issue of which wallets to use, and how to secure the Bitcoins etc. |
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Of course yes, Governments should allow people in their country to pay their taxes in Bitcoin (BTC) because it is more practical than the tradition because we know that bitcoin is only in the internet so it can save time in paying taxes because it can be done anywhere because we just need an internet and device to use our bitcoin and pay our taxes.
If a large portion of the population were using Bitcoin exclusively then they would start looking for ways of collecting taxes that way. But why would people want to pay taxes with Bitcoin? Paying taxes with Bitcoin means that the government would know everything about the account holders. The main reason why people started to use Bitcoin in the first place, is to avoid paying taxes and to keep the government out of financial transactions. |
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Yeh it might be a possible caus if bitcome gain more popularity than liquid cash or any other kind of e-cash transfer..but this will not happen in near future..it may take long time for bitcom to gain popularity..
Its hard to believe that banks will completely disappear in future as banks are the most strongest financial institution that we have and comparatively bitcoin is very young and small and even if it becomes more popular in future there will be many people and businesses that will be dependent on banks for their transactions. yes that is really difficult to believe that banks will disappear. because most of the people of the world are depending on fiat and fiat are mostly concern with banks therefore banks will survive for ever. Yeah. Banks won't disappear because of bitcoin or some other financial aid similar to digital currencies. Now if the entire usage is calculated bitcoin usage is very much low compared to the fiat that's serving the human population. Soon or later bitcoin will get increased popularity than the present but won't get considered as primary source. I think the real question that is; What kind of service would banks provide, in order to stay relevant, if Bitcoin were to become the dominant currency? Banks would not disappear as long as most people are still using fiat money. But they could still exist of Bitcoin becomes the major currency. Many centuries ago, banks came into existence by acting as a safe for storing people's money. As people stored their money in the banks, the banks started lending this money out and collecting a fee from the lenders. Then, later on, they started offering some portion of this interest to the depositors. If Bitcoin would become the major form of currency, the banks could offer special security services for securing Bitcoins, and they could also lend money on behalf of people who store their Bitcoins on the banks secure servers. |
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Money (even gold) relies on some sort of centralised court or protection agency that enforces property rights. Without these institutions money would be worthless.
This statement is a description of fiat money (which derives its value entirely from the government), rather than gold. Many societies in the past used gold as a medium of exchange when there was no government enforcing contracts or protecting the rights of the participants in the transaction. Bitcoin derives its value from a real free market, but does it really have intrinsic value, like gold does? Gold has value for its use as a material; It can be used in manufacturing in various industries. There's also the argument of whether Bitcoin is money or a commodity. Bitcoin is a form of money and a commodity, in the way that gold is; Many centuries ago, gold was money. People bought anmd sold thing using gold. Bitcoin can be used both as a medium of exchange and to store value. |
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There's an article about this in the Financial Times called, "Big banks plan to coin new digital currency". I had written about this in another post. Currently, four large banks are working on building their own digital currency, and the technology they're planning to use is built on Bitcoin. Here's a link to the article: https://www.ft.com/content/1a962c16-6952-11e6-ae5b-a7cc5dd5a28cSometimes a subscription page is shown when you click on the link, You can find the article by doing a Google search for it. |
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I think bitcoin is ideal for developing countries. It offers alternative forms of payment at much lower costs and for any amount. Micro loans are rapidly growing across the African continent, helping small businesses get up and running. I think bitcoin is a tool that can be utilized to make these businesses keep their costs down. If adopted and used properly, it can certainly propel many countries forward.
Bitcoin would be great for countries in Africa. There's a huge amount of government corruption in those countries, as well as exploitation of the population by people who are in high levels in the government. Using Bitcoin would be a great way for the people to protect their money. |
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The volatility makes newbies feel like it's an investment to get quick money. Well, it is that for some time but it is not just an investment when you understand what Bitcoin is. Using Bitcoins and doing transactions with it is comparatively simple and easy. There are many other features of Bitcoin which make it distinctively better than any other currency or payment gateway.
Some people are perhaps investing their money in Bitcoin thinking of it as an alternative to gold, but Bitcoin is different than gold. For some people, the entire purpose of Bitcoin is this type of investing. Sure, they're entitled to do whatever they want with their money, but in terms of how it benefits Bitcoin, it would be better if they use their money for purchasing things. That's what's going to make Bitcoin more widespread. |
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Actually there is no established organizations to control bitcoin. All over the world miners are confirming the transactions and that's it. There's no one's hand to control bitcoin but yes people could control the rate because if any individual buy lot of bitcoin in range of crore then obviously price will go up. And if there is no demabd and people start selling bitcoin then price would come down.
Your comment basically sums up 1000 other comments in this thread including 100 of your comments in the thread.Hope you understand the hypothetical references. You're wrong [China Controls Bitcoins] That doesn't mean the Chinese are controlling Bitcoin, it just means that they're having an influence over the price. Chinese investors have a special interest in Bitcoin because they're looking for places to invest their money in, other than commodities and Chinese stocks (which have been losing value for some time), and they don't trust the Yuan either. The recent price surge in Bitcoin was a direct result of Chinese investors buying up Bitcoins in large amounts. |
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... and strong volatility prices are somehow hard coded in bitcoin ...
Bitcoin does have some unique things about it that are contributing to the price volatility, but most of the volatility is caused by there being little market depth. When there's a somewhat large purchase (or sale) of Bitcoins, this causes a wide fluctuation in prices. If Bitcoin were much more widely used, the amounts bought and sold would have to be much higher to cause this much volatility. The effect is similar to what happens in the currency markets; On pairs where there is low market depth, new money coming into the market (or any large selloff) causes big price movements. When more people and businesses start using Bitcoin the price volatility will decrease. |
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I believe that mining bitcoins produces no harm in the environment because there is no chemicals mix , no land drills ! no forest cuts and etc , bitcoin mining just need a machine and electricity and it can survive for itself ! Bitcoin mining consumes a lot electrcity same as hotels and other high class facilities but that doesnt mean it ruining the environment ! it was just an electricity its is not a factory or chemicals !
A Bitcoin mining farm probably consumes way more than a hotel..  but mining doesn't really "help" the global warming. We're doing many other different things that are really harming the world and warming the weather up, and we're concerned about a currency that's using just electricity? I don't think it is disastrous - then nobody would have electricity at their homes. Imagine all the electricity around the world being used summed up, THAT might be a problem. Not a few computers running. It's true that Bitcoin doesn't directly create pollution like toxic chemicals, but the energy needed for mining means that coal and oil are getting used up during the process. It would be great if mining used clean energy sources. This, in addition to all the other advantages it provides, would create the possibility of Bitcoin becoming the payment system of a green economy. |
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Some of the banks have publicly admitted they see Bitcoin and other digital currencies as a threat. There is a fear that they will be made redundant and that consumers and businesses will prefer a system that supersedes having to deal with currency exchange based on global location.
Four of the largest banks in the world are actually working on creating their own money; They're each trying to create proprietary digital currency. There's an article in the Financial Times about this. The article says that these will be digital currencies that the banks will use for settlements and making payments to other financial institutions (and even to the central bank). The technology they'll be using is built on Bitcoin. They're waiting to see if the technology is sustainable. Here's the article: https://www.ft.com/content/1a962c16-6952-11e6-ae5b-a7cc5dd5a28c(If you're getting a subscription page when you click on the link, just do a Google search for "Big banks plan to coin new digital currency".) |
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Has anyone done any serious studies on electricity consumption due to cryptocurrency related activities like mining? Possibly with comparison between different currencies and feasibility of maintaining such consumption? Is there an argument to be made for or against them in the context of global warming?
Bitcoin was started as an alternative to present monetary system. Now compare the resources used in Bitcoin development (mining and other expenses) to Monetary System (banks, ATM, running costs). Bitcoin hardly utilize 1-2% as what utilized by present banking and monetary structure. And what about presence of 2 AC in 10x6 feet ATM room? Do these ACs contribute nothing to Green House gases? Re-think!  In the case of the energy consumption caused by mining, the whole thing needs to be analyzed by comparing it to the other currencies and payment systems that are in use. I read somewhere that Bitcoin is currently using 30% of the amount of energy used by the banking system, and yet Bitcoin is involved only in a small fraction of the economic activity taking place (this 30% doesn't include the production and shipping of mining equipment). So, as more people start using Bitcoin, the amount of energy consumption is going to increase by a huge amount. Perhaps more energy efficient ways of mining Bitcoin can be invented. What miners can do today is to purchase and use the most energy efficient mining equipment. They could also set up their mining systems in cold climates, so that cooling doesn't use up additional energy. |
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Most people didn’t buy in bitcoin as the price is not “right” or in other words, too expensive. However, there will be no “proper” price for bitcoin. Lao Mao , COO of Yunbi, released an op-ed article, expressing his views on bitcoin and rebutting some general conceptions among the public. He concludes the following: There is no right price for bitcoin. Automated transaction is irrelevant to price Developers doesn’t have a better understanding of bitcoin than John Doe Pseudo-conception for bitcoin-based applications Bitcoin is a imagined community Organizational impacts to the long-term value of bitcoin is zero http://news.8btc.com/op-edthere-is-no-proper-price-for-bitcoinThe price of Bitcoin, just like everything else, is subjective. The price that Bitcoin is at right now is the ask price for the amount that's available at that particular price. If all the Bitcoins that are available at the current price are bought, the amount of supply available at the next best ask price will become the price of Bitcoin. That's how prices are formed in all markets. |
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it takes time and trust that bitcoin is recognized by a state. many governments still fear in legalizing bitcoin. the only way is to use bitcoin as often as possible. So the government should not have to recognize bitcoin for a functioning economic system in the country.
for now, the government is very scared with bitcoin, because they think bitcoin currency is illegal and assist the process of crime such as money laundering and so on. maybe in the future the government can accept bitcoin under certain conditions The only way us to develop it so much so that the governments will be able to tax the people with it. Anything either than taxation and prevention of money laundering will not sink down well for them.
Money laundering is not the main issue when it comes to the Government's disdain for Bitcoin. The government probably already has ways of detecting large amounts of money being laundered through Bitcoin. Governments will not accept Bitcoin as it exists. They'll only accept it if Bitcoin abandons the things that made people chose to use it in the first place. And the government would not accept a form of money that they can't manipulate, like they're doing now with fiat money; They can print money on demand with fiat money, but if they accept Bitcoin as it is, (and Bitcoin becomes a major form of payment among people and businesses) that would mean the government can't increase the supply of money whenever it wants. They would only accept Bitcoin if it would become something like government-issued digital money. And in that case, most people would not use it. And the tax issue. Many people are looking for ways to not pay income taxes for philosophical reasons; They're opposed to the idea of there being an income tax. They don't want the government to be spending money and accumulating debt (which can only happen if there's an income tax). During a certain portion of the 19th century there was no income tax, and during that time America had the largest economic growth in the history of the world. |
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I have a question for you. How to make governments accept bitcoin and not see it as a threat? So that one could use bitcoin in daily use, such as paying taxes or grocery shopping. What is there, other than anonymity, thats making governments fear bitcoin and cryptocurrencies?
Bitcoin is not a threat in the government , actually bitcoin is good in the economy because it enters dollar in a country which is beneficial for the economy of a country Just like OFW does ! Anonimity is not a problem because if you want to convert your bitcoin to cash then there must be a 3rd party ! that 3rd party will be the one who will reveal you identity that makes you recognize ! Overall In every threat we think there is a solution to that It is just up on the government whether they will adapt bitcoin or not ! Governments are not fond of Bitcoin due to a couple of reasons. Two of these reasons are obviously the tax issue and the anonymous transactions that Bitcoin provides. But I think the main reason that governments would not want it is because of the amount of control over the economy that fiat money gives them. The use of fiat money means that the government is always involved in any transaction, and it gives the government the ability to expand the supply of money and credit whenever it wants. When people are using fiat money the government can stimulate the economy by creating more of it, and play around with prices. When you consider these things, do you think the government would allow the majority of people to be using Bitcoin, instead of government issued money? |
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the difference between bitcoin, and the real money is in place. bitcoin has no place in the real world, but it bitcoin also only have one form, that is digital. while the real money, has many forms, such as digital, paper money, and coins. and its use is so wide of the bitcoin.
No, you are wrong, real money can be in the form of paper money or digital money. Bitcoin is only a digital money and the government does not create nor regulate it. IMO, the aforementioned are the big difference, people chooses both as they have different advantage it can give to us. Bitcoin is anonymous, good for shady activities and fast online transaction and etc. As mentioned bitcoin has only the digital form, but real money has digital form as well paper form. Usability depends upon the user. Importantly more countries have been making steps to digitalise their entire paper money. The question is probably, what is the difference between Bitcoin and fiat money. There are many differences; Bitcoin is decentralized, it's not controlled by the government, it has tax advantages, it offers anonymity, and also offers many conveniences when it comes to transactions. But this debate about Bitcoin compared to "real money" is quite an interesting one. Bitcoin really is money that has actually been created by, and is being supported entirely by the free market, while fiat money is getting most of its value from the government. If you look at it that way, perhaps Bitcoin is the "real money". Another debate that seems to be going on is the issue of fiat money being paper money, and Bitcoin only being digital. But what if the government decided that it will only issue money in digital form? Will that make fiat money less real than it is now? |
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The bitcoin not sure, but the technology behind it can be the future of payments systems at least. Let's hope
The advantage of Bitcoins is especially in the fact that international transfers are without delay and at less cost. However,
the Central Bank European warned against the perverse effects of a currency outside the system with no legal tender.
if Bitcoin can be a very profitable investment, it remains a highly speculative investment.people are quite unable to predict the fate of the Bitcoin experience,
as it is innovative and unique, so it is highly recommended that you only invest what you can afford to lose.
If you have, it's better to spend them than to keep them in mind make a deal
In old times people were trading, then come paper money, then come cheques, then come, credit/debt cards and the next can be cryptocuurencies
If people value the things that make Bitcoin unique, then it would be the money of the future. But it really depends on more and more businesses and shops accepting it as a form of payment. What would also help would be news in the media about large gains in its value. For example, during this latest price surge, there were a lot of news reports about Bitcoin, even on media channels that don't usually pay much attention to it. This kind of news in the media is especially beneficial and makes Bitcoin reach many people that don't know anything about it. |
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This thread should not be created, the answer is very easy and the question is very simple. One click in google then problem solve. Maybe next time a thread that will be created is something worth discussing for.
Sure, but there's not that much to say about bitcoin so we like to rehash the same shit over and over again for our signature campaigns. If we googled everything we'd never make any money. You can find full specter of opinions about virtually anything in Google. You can even find people who are earnestly believing that the Earth is flat and Elvis still alive (and a lot of similar bullshit). But would Google tell us that you have been "mining and buying [Bitcoin] for six years" and could potentially "move the price $100 alone" if you chose so? I mean apart from cashing Bitcointalk? In other words, do you consider yourself as a Bitcoin "controller", at least, to a certain degree? Do you feel the power and magic? Of course I am. So are you. Everyone that uses young technology controls it. If we, as a small group of users, decided to stop using Bitcoin tomorrow and sell out it would disappear. Collect up a small group of users with say 5000 coins each and get them to start dumping and the price would crash. A crashing price causes a panic and more selling. Several studies of early mining showed that Satoshi premined over a million btc. If Satoshi really is one person and decided to create a better virtual currency he might want to move people away from Bitcoin first. He could even get the day traders to stop using Bitcoin. All he would have to do is start dumping coins and create a run on the price. Others would follow and start dumping. Every time the downward momentum slowed Satoshi jumps back in and starts dumping until it hits the bottom. Then he waits for a small recovery and dumps again. He has enough coins to do that dozens of times. Do that enough and traders will find a new toy to play with. That's the big joke surrounding all the discussions of a government taking over mining to destroy Bitcoin. Why set up all that equipment and operate it when they could simply contact a few private owners, threaten them and buy huge stashes of Bitcoin off book. Then they follow the above procedure to keep the exchange rate dumped. Bitcoin has almost no real economy right now. Remove trading from the picture and Bitcoin will be valueless. Oh sure, there are a handful of people that would use it like trading cards. Hell, I'm sure their are a handful of people still using Commodore 64 consoles too but I don't think they're ever making a comeback. So Satoshi Nakamoto controls Bitcoins anonimously. I don't know if it's true, but at some point, considering it's true, someone or a group of persons could have a bigger amount of Bitcoins than Satoshi and they can join themselves to do what they want with the BTC price. In the end, who has more coins will control Bitcoins, it happens in any place with anything with no regulamentations, without rules. I'm not saying it's bad or not, it's an experience and we will see what happens in the future and take our own conclusions. There are probably various groups that have influence over the price of Bitcoin, but what really controls it, is only supply and demand. Any influence that any company or state has is mainly because of the amount of Bitcoins that they have, or because of the large mining capacity they have. At this price, the price of Bitcoin can be manipulated, though. It's said that these days the Chinese have a lot of influence over the price. If Bitcoin were to be owned and controlled by any group or state, many people would stop using it, and then they would perhaps start using other similar currencies. |
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There are many reasons why people would want to use Bitcoin instead of fiat money. Here are a few reasons:
The simplicity of transferring money, even internationally.
The transfers are almost instantaneous, with very small transaction fees, and no documents are needed.
The fees are also low when exchanging with fiat money.
Buyers and sellers can directly pay each other.
There isn't any central bank that can "print" more Bitcoins and devalue it.
It's much more convenient than storing gold.
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I can say that volatility is also one of the disadvantages of Bitcoin. From 1100$ last 3 days ago now it is price 912$ per Bitcoin. Almost 200$ lost in the last 3 days. I know traders are happy for the pull backs and corrections but in order for it to be accepted in the bigger market it needs to be stable that is when people will start accepting Bitcoin as payment and maybe some imvestment companies will do the same too.
It's true that volatility can be a disadvantage of Bitcoin at this price (although, many investors are attracted to Bitcoin because of the price volatility). There is the issue of price manipulation, considering that there can only be 21 million Bitcoins in total. This means that theoretically any person, company, or state, can buy up a big portion of the available Bitcoins and manipulate the price. But if the price of Bitcoin were to go much higher, this would become much more difficult. And much higher prices would also reduce the volatility. |
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