I am being honest that I am not waiting for bitcoin to come down to $100 to buy in bulk. Seriously not! Because if it happens, my bitcoin holding will go for a toss and all my plans with bitcoin savings will take a u-turn. I will be suffering a major loss.
I am waiting for bitcoin to reach new heights every single day because I am not an one time investor. I accumulate bitcoin everyday from trading a various other sources and I want to fulfill some of my childhood dreams with my bitcoin savings. That is only possible if Bitcoin price keeps increasing. $100 is frankly not an option!
I assume then, that you have specified BTC price that you would sell all of your coins? In my opinion, saving 100% bitcoins is a bit risky - you do not have any guarantees, that price will ever reach your target, nor it's not at all-time highest rate at the moment. I think that if I'd have regular BTC income, I'd turn 50% of it in to fiat as long as price is >1000$. |
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Simple solutions are most effective, so I think that cash will survive all more advanced means of payment. It can be used anywhere, by anyone and anytime. you don't need network access or even electricity. It's hard to track down and easy to hide (that depends on amount). However, paper money can be counterfeited, it's also vulnerable to fire, flood and many other hazards. I think that one day we will back to money based on rare ores, like gold and silver.
We are not going back to that point in life where we have to weigh those rare metals in exchange of what we want [1], that is more primitive and I think not efficient of conserving our resources. That would just raise the price of those metals and makes it difficult to make transaction where there is a scarcity of those. What I see as a [2]solution to that is to produce paper money that are resilient from fire, and any disasters, which I think is not going to happen that easy, paper money printing is also a business and the cost of it too. [2] Should it really be paper money? I don't think the materials will still be paper if it can survive disasters and all that. Even gold will be melted by fire. Even other materials will be destroyed by a disaster. It's an absurd idea to produce a paper money that is very durable because it will consume a lot of resources (imagine re-printing all the paper money) and paper money is nothing but a measure of unit (i.e. currency). This is where the age of digital money takes over. Digital data can't be destroyed by any disaster and it can't be burnt or melted by fire since it's just a data. It's simply a stream of zeros and ones all saved on the Internet.
Ok, where the Internet starts from? From servers, with disks containing all of the data. Moreover, this system needs electricity and network access to remain operational plus electrical circuits can be destroyed by EMP etc... From that perspective, data is more vulnerable than any other 'off-line' medium. I agree, that some ultra durable and printable notes would be a decent idea, but still cost of manufacturing couldn't exceed it's nominal value to make it reasonable. |
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Awesome list, well done  From my side, I would add Gambling. While Gambling is not smart idea regardless payment method, I guess that for some people it's easier to risk stake of BTC than $$$. Someone can say: "Hey, It's just Bitcoins that I earned grinding faucets 24/365. Not a big deal". Actually it IS money, because there are not so much places left in the world where you can't turn coins in to fiat. I remember selling bitcoins through VirWox in 2013 and now there are 3 or 4 online markets in my country  |
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I trust only banks which ran by government private banks take your money to cover their profits on way or another.
I think anything under government will be reliable mate. the government will not likely do a scam, even the government is prepared to be responsible for all damages that causes by the bank Than why government are giving permission to private banks, really private banks charges are really very high. Why can't government start different banks according the cities so that people's money be safe. Instead of paying high transaction fee government should understand all these ethics to overcome different type of problems being faced by common man. I think only in few countries the government gives permission to the private bank to operate. in my own country that does not exist. all banks are transparent and controlled by the central bank in the country yes that is a fact that most of the banks are connected with central banks and are mostly under control of governments and that is the reason we can fully trust on bitcoin and there is no reason not to trust on bitcoin. Can you give an example of one institution, that operates with bitcoin and can be fully, with no doubts trusted at the moment? Each of them can inform their users one day, that "Sorry, but we've been hacked. Good bye". Stealing money wasn't that easy anytime in the past. The more decentralized currency is, the more cautious you need to be when dealing with anybody - that's the price. I would not entrust any significant amount of BTC to any online service. Banks are controlled and transparent, but also have some duties to their customers. |
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Technical analysis tries to predict incoming situation based on historical data, which is still guessing and predicting. What it gives, is some justification of made choices, it can make easier to explain why you decided to take such action, with that stake and that risk. Trading is more about psychology and luck, than any technical skill. If you resist doubt, fear, greed or temptation in right moment, you can minimize risk a bit, or secure your bankroll from significant loss.
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Simple solutions are most effective, so I think that cash will survive all more advanced means of payment. It can be used anywhere, by anyone and anytime. you don't need network access or even electricity. It's hard to track down and easy to hide (that depends on amount). However, paper money can be counterfeited, it's also vulnerable to fire, flood and many other hazards. I think that one day we will back to money based on rare ores, like gold and silver.
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Solving annoying captcha codes and other anti-bot mechanisms is boring as hell, even for some free satoshis. Faucet nowadays needs to offer a bit more entertainment to generate traffic - I mean some interaction like mini game when you can gamble your win, a lottery or decent loyalty system. I wonder if faucet runners still risk with using google ads? As far as I remember, 2-3 years ago if you do not have google campaign, it was almost impossible to make your site profitable.
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I think dollar is more popular, because it was used in many country and its tangible, some people prefer something that they can hold, example fiat or gold and usd has been known for generation and been used by all people in the world without being banned, while bitcoin is just pop out not more than 10 years, so i think bitcoin still need time to develop and become as famous as dollar.
But btc is future
usd probably have a lot of interest, because the usd including properties that people use every day and at any time anywhere, as long as it still received a fiat in the form of usd. bitcoin is currently only used in the Internet, but, you're right. bitcoin has a greater potential for encompassing the international world. and on the internet bitcoin is the future. so although currently usd better, but in the future, bitcoin might be better than other currencies. Unfortunatelly world's economy is not build on internet, but on USD, gold and anything else that governments would like to hold as a reserves. I don't believe, that it would be swapped for private keys as long as blockchain needs electricity and operational internet. Can you imagine situation, when in case of really serious cataclysm or other crisis, goverment would have to say "blockchain is down, we are f***d up" ? |
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- It's completely out of hands of banking system and goverments This is a bit complicated. I would say that gold is NOT 100% immune from confiscation by the government. There is a strong chance of this happening, if you are holding paper gold (ETF). In case you are holding physical gold, then the chances are lowered, but it is still not 0%. Good point. There were some examples of law in 20th century Europe, when possesing of gold was forbidden under penalty of prison or even death. In fact, determined, militarised institution could make anything it wants to citizens. But in that case, is bitcoin or anything else really safe? |
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Gold is an awesome asset for the purpose of saving your money, but only for longer perspective.
- It's practically immune to inflation
- In longer perspective (20-30 years) profit is almost assured
- It's completely out of hands of banking system and goverments
- In case of war or any other serious crisis gold remains still to be respected on market (would be the Bitcoin?)
However, there is one serious downside - you need to store your gold somewhere:
- If you rely on 3rd party, you are dependant and you have to pay
- When storing at home there are new categories of threats (burglars, fire)
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As long as I can use bitcoin as store value asset I will be fine. Bitcoin with hard cap of 7 tx/s limit won't beat PayPal or Visa's capabilities.
Maybe it is time to face the truth that BTC is not great as currency we can use as standard payment method.
The potential for price of BTC to keep rising is making people not spend bitcoins anyway. So keep calm and hold bitcoin to the moon.
True. I was always wondering, how more reliable altcoins are not even close to BTC marketcap. Answer is simple - speculation possibilities. With such high volume, BTC is the best crypto for performing daytrading or even any less risky approach to trade. Now, lets imagine, that all bagholders start to making several transactions/day - I guess actual blockchain would not be sufficient. |
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Unfortunatelly BTC is becoming less and less reliable as a regular payment method. One huge advantage is still possibility to perform quite cheap and fast international transfers. However, using BTC on daily basis still requires some effort and patience. Not sure if worth at all. Paying directly with debit/credit card costs me nothing extra at the moment, however I have to share my identity which is the only downside.
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What is so special about current price rise? Did'n we see that in 2013? I mean, over 3 years passed and we are in the same point, about ~1200$. It's about some psychology I guess  When you buy BTC you most likely would like to read optimistic predictions or even create such bear market atmosphere. Just to remind, that few months ago BTC was @ 700$. I'd say, that some guys are just waiting to drop their wallets soon... |
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Bitcoin shouldn't be explained as an investment, it's not the best way to do it. There is an ideology behind bitcoin and that should be the primary reasons to give and to make people understand. Bitcoin has advantages that currencies don't have. The fact about investment in Bitcoin can be done with basically any cuurency. If people start to use Bitcoin as an inventment and they lose money (because the price decrase or whatever reason) then they will get a bad image about bitcoin and will start yelling bitcoin is shit, as soon someone ask them about it
Sooner or later anyone interested in BTC will reach exchange site and see the charts. How then would you explain such volatility + how to convince anyone that BTC could be treated as regular mean of payment, when you have to think about current market price, to not loose when you decide to pay for anything? I would say, that 75% of the marketcap is driven by speculation purposes. |
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You need to have nerves of steel and quite large money reserves to cover unprofitable periods of mining. Even if you turn off your gear when BTC price goes down, it will loose value day by day. Hello, everyone!
The difficulty of BTC is increasing aggressively. The mining profit is getting less and less. I believe it's far from logic that miners are going to pay more electricity than what they earn! I wonder how long SHA256 could be profitable? What do you think about the future of SHA256?
The price of btc will eventually increase to compensate, that's the beauty of Satoshi's vision. it always had (so far). that said, network only cares about price/expense as a whole, not in any individual case. Obviously, for POW, those with lower electricity cost will be more profitable. BTC price is at the same level as ~3years ago, but diff has rocketed while reward is decreased. The rule you've mentioned still does not apply to mining yet. Mining is not over, but it will become more and more large-scale business. One day home-based mining wouldn't be profitable anymore I think. |
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The only reason that I can imagine is that altcoins market creates demand for BTC. People are just trying to invest (or gamble) in altcoins and even if the lifecycle of most of them is short, new coins are being lunched on daily basis. The other thing maybe is decreased time of payment processing comparing to BTC, I mean if someone need urgently to send money, there are some wide accepted altcoins.
Afterall, bitcoin does not need any altcoin to succeed IMO.
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A fun gimmick but overwhelmingly useless. People have cash that costs nothing to spend. And it's even instant. Cool concept.
Yeah, however I remember that on luckybit deposits were almost instant. I mean after like 1 minute you had your account credited. Is there any risk for vendor when it's allowing deposits with no confirmation? I can see that after 2 years site is still operating, so I guess they know what they are doing |
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Most people haven't heard of Bitcoins.
Yeah, the question is why? How can we make more people hear about Bitcoin and also recognize it as what it is. If this is a good thing is another question, but i think Bitcoin could not handle mass adoption. BTC can't be described in few words. If anyone would hear about BTC in traditional media (TV, newspapers) it would be rather a short mention showing that as not really serious, another tricky think from internet (that can lead you to loose of money ). Such information would simply not bring as much attention as as required to involve masses. |
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If someone give me only two options invest my money in hyip website or put my money in mining, i am sure i am will choose put my money in mining bitcoin. Although mining also have a risk but better i choose it rather than hyip. I think hyip is not good to do. Many peoples was scammed in hyip and loss a lot of money.
Risk exists everywhere, difficulty mining growing. Requires more powerful equipment and more electricity costs and the price of Bitcoin can always go down to the level of unprofitability, it is as lucky. Theoretically you are right but in practice the price of Bitcoin is rising continuously so the mining is always profitable especially if you are operating a big farm. It's only unprofitable for people living in places where electricity prices are high. Electricity costs is not the only one factor that has to be considered. Serious scale farm requires good facility, maintenance work etc. And after all you could end with pile of electronic useless crap, as bitcoin mining gear can't be use in any other way. However everytime I am impressed how obsolete miners could find any buyer on ebay, but it still happens |
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I've seen many coins that were far more technically sophisticated and reliable, or with some innovative distribution method. Each time investors and creators were hyped about the superiority of their coin over BTC and were making bright future plans, but afterall it always ended in pump&dump scheme. As the world-wide recognition and adoption level seems to be most important factors for cryptoicurrencies success, I can see no possible competitor for bitcoin at the moment.
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