If regulations is what it takes to stabilize the bitcoin then i am all for it. A lot of people are investing in bitcoin so government will also be safeguarding people's interest and their own. As long as both can co exist then i am all. For it |
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We all know how risky bitcoin is. Let's imagine the most riskiest money deposit situation.
What do you think guys, will this moment ever come and banks decide to offer us Bitcoin deposits (e.g. fixed profit on 1 year deposit and etc).
This can be very, very profitable for banks if they make correct decisions.
P.S I don't mean freebitco.in's offer of holds on their wallet. I mean if official banks ever offer us this service.
This will be very hard as bitcoin price is very volatile. The banks first priority is making money for themselves. So they need to control what they invest in or what they put out. So that means interest rates and the likes. |
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If people buy Bitcoin at $8,000, they will get 100% profit only when Bitcoin reaches $16,000. If it takes 5 years to reach $16,000, people will earn more money from Gold and Silver than from Bitcoin. Silver is giving 20% to 35% profit in one year.
Mining cost of one Bitcoin is $5,000 or more. When Bitcoin was $400 or $800 it was understandable because people had to just spend $400 or $800 to get one Bitcoin and $1,200 is super high profits when Bitcoin started from $1.
People want to earn and not everybody can afford to buy a mining rig. People also buy bitcoin so they can trade and trading can be very profitable if you know what you are doing. And people also know that this is the new in thing. |
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In recent times, some new ICO companies have been kidding about Bitcoin on Twitter, Facebook for their ICO promotion. I think this promotion way is very negative for Bitcoin. They showed that Bitcoin will be destroyed and their token will become number one. They have presented it in such a way that the price of Bitcoin will not rise anymore. I think this type of promotion is very negative in the market.
Any publicity is good publicity. I mean yes it's negative in the beginning, and could have a big impact on btc price but in the long run, those who invested in those ICO, i bet most of those that said it could replace btc wont even stay long in the market. Always remember to invest in those with real use case and have a solid team and community, and not merely on hype. |
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I just want to know how those people behind bitcoin secure the money they will invest because as far as I know there are lots of hackers all over the world.
First things first, nothing is 100% secure in this world. Now, for the bitcoin part, i think you need to do extra measures to protect your btc, may it be using a hardware wallet, putting 2fa on your wallets and the likes. |
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well, not all banks and governments are afraid on bitcoin, maybe in other countries. But i think the reason why is just because they think it will replace the paper money in the future or it will affect on the economy of the government. But if they know about bitcoin i am pretty sure that they will be one of the users of it.
Not all are afraid I agree. However, the main reason that they dont like bitcoin is because of it's decentralized nature. It's the total opposite of the banks function. And if more and more people will shift to bitcoin, means lesser money will be going to banks, lesser transactions, i.e. wire transfer and that means lesser income for them. |
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My faith in the bitcoin is always strong and about the issue on the fall of bitcoin,well,nothing fallen in here,this is not a fall of bitcoin rather than a part of its normality,this is what makes bitcoin to be the most interesting technology because no one is loser,the rise and fall will both poster a benifit to all of us here.keep the faith always.
I think this is part of a correction coz of the huge bull run that happened last December. Corrections are healthy in the market, and in the meantime, i think people should grab btc if they are planning to invest, rather than buying after the price moves up. |
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Many of the FUDs circulating about bitcoin seem to indicate the scouring of bitcoin users' trust on bitcoin so bad perceptions of bitcoin, especially for new users and selling bitcoin, which seems deterrent to use bitcoin, will the price of bitcoin be destroyed by FUD, How do you react to it?
Fud can affect the price and it may lower bitcoin status but i do not think it can destroy bitcoin. A lot of users believe in bitcoin that it doesn't matter what news is out there. It will survive and still go strong. Bitcoin is here to stay |
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Hi, have you ever thought this? You know that, to import a wallet you need the private key or your seed. Taking as example the private key (the 52 letters key). It could exist the possibility someone create a software whose function was to try thousands of times to find the private key till it is be done.This would be like the process to find the new block in mining, anyway you can try the times you want in order to find it. I think this could be a weakness, correct me if I am wrong.  Or comment if you have a kind of solution for this... Regards! It would be very hard to hack your password but if you save it and your pc gets hacked then that would be the area where you would be vulnerable. But hacking tye secret keys for each is very unlikely to happen as the numbers are just too high to break |
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Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".
Do you guys think that this can change in the long term ?
Bitcoin price can only be stable if it is regulated so that may still be long way from being stable. That is the main problem as price can easily be manipulated by whales and big corporations. News here and there can easily bring the price down. |
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Everything that is new has a lot of risks. The biggest barrier would be acceptance by the government as they truly control what people needs to use. Then there is the volatility and news that can make the price go high or low. But when all of this is said and done the price of bitcoin when it goes up is all that people need |
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The first purchase using bitcoins was in 2009 when someone bought 2 pizzas for 10,000 bitcoins. Today, that would be worth $83,746,850. Many people have started to use Bitcoin and it is now the most popular cryptocurrency in the world. Many countries whose currencies have become hyperinflated have thought about switching their national currency to Bitcoin. For something to be classified as money, it needs to be a good unit of account, medium of exchange, and store of value. Since Bitcoin has become extremely popular, I wanted to explain to investors and Bitcoin users that Bitcoin isn't a legit currency. The main three reasons why Bitcoin isn't a legit currency is because it is a poor unit of account, medium of exchange, and store of value.
One of the big three parts of a currency is that it is a good unit of account. For something to be a unit of account, people have to be able to compare its price to the prices of alternative retail goods. Since the value of a bitcoin changes so much, it would be hard and confusing for both the consumer and the seller to recalculate the prices every day. “Because the value of a bitcoin compared to other currencies changes greatly on a day-to-day basis, retailers that accept the currency have to recalculate prices very frequently, a practice that would be costly to the merchant and confusing to the consumer.” This quote from David Yermack’s article Is Bitcoin a Real Currency? An Economic Appraisal Bitcoin shows why Bitcoin isn't a good unit of account. That is one reason why Bitcoin can't be a form of currency and why Bitcoin isn't a legit currency.
The second part of something that is classified as a currency is that it is a medium of exchange. A medium of exchange is an intermediary instrument used to facilitate the sale, purchase or trade of goods. Since bitcoin doesn't have any intrinsic value, so its worth is held up by its usefulness as a currency in the consumer economy. The Youtube video “Why Do Banks Fear Bitcoin” by VisionVictory explains that there is a set amount of Bitcoins and by the year 2140, there will be a total of 21 million bitcoins. Miners have already mined 11.9 million of them, and this means that there is only 9.1 million left. Once all of it is mined, there won’t be any more left to be mined. Dollar bills can be printed by the U.S. government if they were needed. Some more reasons why Bitcoins isn't a good medium of exchange are that Bitcoins transactions each take around 10 minutes each, which is very slow compared to using a credit or debit card, which takes a few seconds. Also, Bitcoin transactions can cost around $20, which is extremely expensive. Because of all of these reasons, Bitcoin can't be a good medium of exchange, which is very important if it were to be a legit currency.
The third and final part of a currency is that it has to be a good store of value. A store of value means that the function of an asset that can be saved, retrieved and exchanged at a later time. In the long podcast on Youtube by Paul Vigna & Michael Casey: ‘The Age of Cryptocurrency’, they explain what a decentralized currency is. Bitcoin is an atrocious store of value and one of the reasons why is because of its constant hacking attacks and other security problems. This is mostly because Bitcoin is decentralized, which means that there is no central authority that can stop any Bitcoin transaction or any hacking attempts. One of the reasons why Bitcoin is so popular is because people can stay anonymous and make transactions without people knowing who they are. The downside of using a decentralized currency is that people can do illegal things anonymously and get away with it. And also, Bitcoin’s exchange rate has no correlation at all with any other big currencies like the Dollar, Euro, and Yen. This makes Bitcoin extremely risky to use because it is tethered to any other currencies so its’ value would change constantly. This shows how terrible of a store of value Bitcoin is and why it cannot be a legit currency.
Tons of people are jumping on the “Bitcoin Bandwagon” without doing their own research on it, and they’re going to lose a lot of time and money because of this. They need to realize that Bitcoin is not a legit currency because it fails to be a unit of account, medium of exchange, and a store of value.
For me it still lacks the freedom and governments acknowledgements that cryptocurrencies cqn be used as currency. Like it or not government needs a big say in this. And there is still the issue of high fees and clearing time. |
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I really wonder to some people who think bitcoin is a ponzi scheme. It has made so many people rich and doing better till now.
But I don't understand the reason behind this type of thought?
People will always judging everything new as a ponzi and they do not do their own research but just listen to hearsay or haters or people bringing btc price down so they can buy it cheap. |
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Bitcoin hit an intermediate-term bottom during the SEC and CFTC hearing. If you’re new to cryptocurrencies, the volatility can be unnerving. But keep in mind it’s normal as the industry goes. This was the 13th decline of 30% or more in the last five years.
Now is a great time to buy bitcoin. It’s trading close to its 200-day moving average, which has historically been a good buy point.
We are in the digital age and cryptocurrencies are the new best thing to invest in. Yes the price is very volatile because it still relatively new and people are still jumpy when any news comes out. Is bitcoin a good idea... YES it is |
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I can't escape to notice that many users here on forum have terrible rebbelious fear of governments. Like government is some evil devil that will destroy Bitcoin and other cryptocurrencies. But is this realy so, do such claims have any reasonable ground at all?
To my opinion the cause for something like that is again ignorance. I think that regulation that is mentioned in many countries is often mixed with centralization which is something that is not natural to Bitcoin because it's functioning totaly different than fiat currencies. Also some warnings to people that Bitcoin is volatile and risky investment that come from national banks are often interpretated as hostile behaviour towards Bitcoin and attempts to make people not to use it.
Is there any hope that Bitcoin users and governments will find the common language and help Bitcoin together to be more accepted in economy, especialy by businesses and to become more "legal" everywhere?
This really depends on what you have earned and what you are doing with cryptocurrencies. For traders who lucked out and made big money. That is a fear of your hard earned money getting taxed. And for bad guys. Fear of getting caught and not being able to launder money. |
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I have seen many news about banks banning bitcoin from using. But I think bitcoin is a great technology and future assets, and its a great opportunity for banks also to use bitcoin as a contribution. My question is why does they ban it rather than use bitcoin ?
Because bitcoin lessens their investors. Many of them. Switched to investing in bitcoin and it lessens their profit as they make money using people's money to release loans and make profit from interest. |
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