I would say that normal money has no coverage. We don't have gold parity anymore so the goverment can print as much money as they want to. Nobody can stop them from doing that. Why Bitcoin is worth something? To produce and maintain it, you have to use a lot of electricity. It's still cheaper than regular money.
If we use paper money, we will lose without knowing it. For example if in the past we buy fruit for $1 but now we buy the same item 2$ or more, this is the impact of inflation that we unaware of. The value of paper money is constantly reduced. Bitcoin is different from real money because maximum amount is set at 21 million. |
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Governments will always find a way to generate revenue. If people stop paying income taxes due to technology facilitating tax avoidance, they may start imposing hefty taxes on the sale of cryptocurrencies and other assets to make up for income tax loss.
Yes, government can get the tax of bitcoin by instruct the merchants and businesess to apply the taxation in every costumers buys using bitcoin. Even IRS has arranged in detail about taxation in bitcoin, the bitcoin users must pay the tax using dollar not bitcoin so they have to make calculation first. |
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I know a lot of people have different reason why the love and embrace bitcoin.
For me the decentralized nature of bitcoin and the thought of being able to send coins to anybody in any part of the word, no third party, no regulation(specific amount), no bullshit is mind blowing.
For me, bitcoin is so interesting and impresses me because something that can not be counterfeit is amazing. Bitcoin is the best achievement in the world of cryptography. Of course I also impressed on the increasing price of bitcoin that tend to rise. I like all the thing about it, even the volatility of bitcoin was attracts traders to invest in it. |
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Thnx for your post. For me, the most powerful points were security and chance to raise my money due to exchange rate. But now bitcoin is not growing so fast and the cost of crypto currency withdrawal has become higher
Yes, bitcoin is really secure. By using bitcoin then we can protected from crime such as fraud. There are many countries that where you can't take a credit card payment, those countries become isolated from the rest of the internet economy, but sometimes we forget about it. But if we use bitcoin, we can take an international payment with no risk of credit card fraud. So we should choose bitcoin. |
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Of program it can direct to corruption as its an decentralized currency and no one can have control on it so no one would know who is transacting and in that situation it can be utilized for corrupted activities.
Sorry but I disagree with you. Actually, all transactions of bitcoin are recorded, so if in the first time we know who was own the wallet that there is country's fund in it, the public and law enforcement can know's where the money move. The bitcoin transactions are transparent, so it will prevent people to do criminal activity. The Silk Road used bitcoin for their transaction, but now it was shutdown, it show's that just because you use bitcoin doesn't mean you can evade law enforcement. I think bitcoin is not lead to corruption. |
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Which of the Bitcoin wallets between the Online and Offline works best?
There are some advantages and disadvantages on both wallet. Online wallet is very practically for daily usage but this wallet is not safer than hardware wallet, so the hardware wallet has the highest security among all type of bitcoin wallet. So if you have big amount of bitcoin you must use hardware wallet, but if you only have small amount of bitcoin, you should choose online wallet. I usualy use blockchain wallet for my transaction, I really love the user interface of it. In my oppinion is blockchain wallet has very simple and nice UI but the features are complete. |
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Every investment scheme has risk, and so has bitcoin. But bitcoin tends to have an upward trend regarding its price basically so if your strategy is buy and hold, you can be somewhat assured it will generate profit. Although news of bans and other negativities towards bitcoin sprouts every now and then, bitcoin's value as the biggest cryptocurrency remains the same. Keep the faith!
Bitcoin are a rivals to government currency, so government may seek to regulate, restrict or ban the use of bitcoin, but I agree that bitcoin will always survive. There are also a security risk, if thief gains access to a bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen bitcoin to another account, but the users can prevent this only if bitcoin are stored on a computer which is not connected to the internet. So any risk can be minimized if we know how handle it. |
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Purchase of drugs using bitcoin is quite possible. However, this should not be anyone's caution, since almost all inventions of mankind can be used both in the south and in harm. This should be a problem for law enforcement. We should focus on how much the crypto currency can bring convenience and benefit to humanity. And this benefit far exceeds the harm that it can cause.
When the news about bitcoin is emerges, the law enforcement become worried because they think that bitcoin will complicate their work, but now the FBI said that they can follow the flow of the money, because all transactions of bitcoin has been recorded. I think bitcoin is too valuable when it's just to buy drugs. I would rather keep it as a profitable invesment in the future. |
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Besides keeping it to raise in value later. There is not much I can do...
With fiat money, I can pay rent, go to restaurants, buy clothes. But with BTC, there is basically no stores that accept them in my country. Sure it's easier online, but then again the stores might not have the best products or is the cheapest/best value.
Am I the only one facing this issue?
You must be patient, the bitcoin adoption is stll low but keep increasing. It is because bitcoin is still new currency, you can buy a lot of things in popular website named amazon using bitcoin through purse. io, it allows users to save 15 percent or more on their amazon purchases. There are so many vendors that help bitcoin user to spend their bitcoin. |
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Because of the increase and decrease of the bitcoin has. They better keep bitcoin than fiat because of some tax-exempt bitcoin storage. In addition, bitcoin suited invest. But also, often abused as bitcoin transactions illegitimate goods, gambling, and porn sites. Therefore many people think bitcoin is for criminals. I really hate the misuse of the bitcoin.
Yes, I think so. People were make illegal transaction with all type of currency. If we compare the amount of usage for illegal transactions between bitcoin and fiat of course the fiat is higher. there so many fiats value that decrease because of the weak government power or inflation, some people in those countries try to save their wealth in form of bitcoin because it can become safe haven. |
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would you live in a country that use bitcoin as official currency?
assume that you're living there and get paid also in bitcoin. do you think it's possible to live in a country when one day the currency go up or down in 20%?
Decide to move from our country is not easy, we have to adapt with the culture, language, weather and many more. It is not all about currency that we use. But I hope there are merchants in my area that accept bitcoin. So I do need to always bring my wallet with my pocket money in it, then I only need to bring my smartphone with online bitcoin wallet in it to buy something in my area, it is more practical. Bitcoin must be more stable than now to become the world main currency. |
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Yesterday the Central Bank of Albania issued a warning about the uncertain and unsafe nature of cryptocurrencies
They called on people not to get involved. Should we be afraid or the banks are!
Yes of course, banks are fear about anything that can distrub their business. Banks are get income from their customers, bitcoin provide the lower fees to people so it can make the use of their service is decrease. We do not to be afraid with banks, bitcoin is not depend on any country even china. Bitcoin is very useful for people, so I think people will always use and take benefits from bitcoin. |
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bitcoin cannot replace currency in the world because price is not stable.
currency should be more stable.
you may reply me. currency is not stable also but you should think
USD currency price is up and down 1-2% in 1 month.
bitcoin price is up and down 20% in 1 month.
what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?
bitcoin can become stock but cannot become currency
Yes, bitcoin still can not replace usd because the price is not stable yet, but it is normal because it is the properties of the new currency with relatively has low liquidity. But if bitcoin get mass adoption, the price of bitcoin will more stable. But we the current condition is not negative because trader can take a lot of profit because of the volatility of bitcoin. Anyway the most of bitcoin users are trader. So we do not need to worry. Bitcoin is a currency. |
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In its current state I would rather get fiat and convert it to BTC to pay and invest with it.
Yes I also agree with you, maybe people who live in japan, america or china would be better to recieve salary in the form of bitcoin because if they need something they can use their bitcoin to buy daily necessities and the rest automatocally become a good investment. But I am not live in that country so I still choose fiat as salary, I do not have any choice. |
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Some people says that the wrost thing to do is leave your bitcoins in some exchange.
I have 200 usd of btcs in Payeer, it is a online wallet but it also has a exchange.
Do you recommend to me to move this bitcoin to a wallet like Electrum?
What is the name of that online wallet, before you decide to use online wallet for store you bitcoin you have to make a research to find the best online wallet with a big brand name, and credibility that thrusted by people. If the wallet that you used is thrusted enough so it is fibe for you to store your bitcoin there. But do not store your bitcoin in exchange site if you are not use it for trading. Just to make your feel not worried all the time. |
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I am going to sell my coins when i have the opportunity to create a good bussiness in my country, i dont want to be stucked with my bitcoins until it reaches $10k - $20k, i just wanna withdraw them when i find the chance, and then try to earn more bitcoins, so i dont expect much about cryptos, but if i take a little profit then it is ok, since i bought most part of my bitcoins at $1900 each one.
But it depends on how it goes in the next years, of course.
Thats good, create your own business is good for your financial freedom. Also, it could be good chance to get more bitcoin if you offer bitcoin as payment option to your customers. I think you are know that bitcoin is good as investment, aren't you?. I have the same plan with you but I will not sell all of my bitcoin because it is too worth for me. |
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What would it take?
Does the volatility settle if certain amount of merchants accept payments in crypto? Or should there be more people that would get paid in crypto? OR should there be a cryptoeconomy where people and businesses get income in crypto and spent the crypto?
Furthermore, could the volatility be even solved? I mean of more and more people are getting into Bitcoin, when would such demand cycle cool down?
I would like to know the economics behind it.
The volatility / wild price movement of bitcoin will be less frequently happen if bitcoin has high liquidity. There is a relation between volatility reduction and huge mass adoption, most of bitcoin users are trader so if they do panic selling the price will down but if bitcoin get huge mass adoption, it will be harder to influence the price of bitcoin by panic selling or panic buying. |
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Bitcoin is decentralized so that whoever you are from wherever you are rich or poor, you are free to use bitcoin for any purpose. Bitcoin is freely used for anyone. anywhere
What is your response with this opinion?
Yes, bitcoin can be used by everyone as long as there is internet connection, so I think bitcoin can be used by all levels of society. There are more than 10million of bitcoin users approximately. People use bitcoin as both of store of value and medium of exchange. So I think the bitcoin users are middle class society that earn bitcoin as investment. |
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when bitcoin gets more popular and more and more people are using it then I think retailers will accept bitcoin as a means of payment transactions.
Yes you are right, when bitcoin gets more popular, the more people will using bitcoin then it will make the price more stable than now, because bitcoin is spread evenly. except if all of the new people are trader. Retailers are getting problem with the price of bitcoin that move so wild. So if the price of bitcoin is stable I am sure a lot of retailer will adopt it as payment methode. |
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Hello! Bitcoin it's amazing technology that can change our future and are safety and have based on transparency I think for now anybody have no such skills to hack this technology but it's can be more successful if people don't secure they info on good level. If hackers cannot hack this right now it's doesn't mean that it cannot be become in realty in the future because always bad guy want play this game)  Bitcoin provides very high levels of security if it used correctly, but the thing to note is many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and security like a bank. So if you want the best and secure wallet you have to use hardware wallet. Also do not forget to back up your wallet because may be there are computer failures and many han mistake. In my oppinion the hardware wallet is more secure than bank. |
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