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I don't think we can eliminate banks completely,the role of bank in the financial system has been very crucial since a very long time, and it would be very difficult to completely eliminate banks from the system,since people still rely on banks , the conceot of bitcoins is still very esoteric to majority of people across the globe,so eliminating banks completely and bringing in just bitcoins is kinda unreal
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Following some simple tips like cutting on unnecessary costs, like for instance do not buy things unnecessarily if you don't need them ,instead use that money to invest in some mutual funds or maybe bitcoins,so that after some period of time you will get good returns
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Well there is risk involved in both trading and investing, so you should be prepared to take a safe amount of risk, wherein if you make a loss it should be easy to mitigate, not risking a lot of your money into trading and investing is the key, you should put in the amount of money that you feel would be ok to lose if things do not go the way you wanted to be, since the loss will be minimal
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Well there is nothing as a good amount of bitcoins, the more you have and the more risk you are willing to take the more lucrative is the return going to be.So make a wise choice and be passive and do not hurry into the decision of panic buying and selling
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Well if you are talking about bitcoins being a media mainstream, then yes it has become mainstream in terms of so much discussion being going around in the media and people becoming more and more aware about it,but if you are talking about its usage becoming mainstream, then it is gonna take some time, people are still relying on paper currency, since it is an age old system and therefore trustworthy, for bitcoins to become mainstream in usage its gonna take a lot of time
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Looking at the current rate of growth of value of bitcoins, we might see the 25k value in the early 2018 ,i.e is around second or third week of January
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Yes, indeed bitcoin can be a savior since there is no control on the amount of bitcoin one can hold, so in case of an adverse situation in a countries economy one can cash in the bitcoins and be safe, so here the advantage of bitcoin being decentralized comes into play, one is his own master when it comes to dealing with bitcoins
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The amount of people trading in bitcoins are very limited vs the people who use fiat, there are so many banks, a whole economy that is dependent on fiat, so I do not see bitcoin replacing fiat any time soon, true that the demand for bitcoin is increasing , but people still trust the age old fiat ,since for most of the people around the globe bitcoin remains to be esoteric
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Bitcoins are decentralized so this is a big edge over other currencies. Bitcoin also protects the user's privacy and is very secure. There are little or chances of getting hacked and losing bitcoins, which makes it a very safe kind of an investment hence making it special from other currencies
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Why anyone convert everything that is decentralised to the centralised one? This will disturb the way everything works in the crypto currency. They will have no more use and no body will interest in it because all the prices for those assets would be controlled by financing system which is nothing apart from the current traditional assets like government. Plus those countries which don't have taxes on it they will levy the taxes also. So in short everything will collapse for bitcoin and it could not be better place to trade at.
True! The main advantage of bitcoins is decentralization, having a bank is going to take away that advantage, and not to mention that government would start intervening in the matters of bitcoin which could drastically affect its valuation |
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Yes, pretty sure bitcoin would reduce unemployment to some extent, as it provides avenues for earning for people who do not have a job , also people who have a job can take out spare time and make additional profits
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I recently paid for some local tacos using Bitcoin. My friend who was unfamilar with Bitcoin thought it was strange, like I technically didn't pay for them or something. We got into discussing Bitcoin and one of the questions he asked me was:
"Why would you want Bitcoins instead of cash?". For a second I didn't know what to say; then I thought about it and here is what I came up with. Feel free to contribute to this.
1) More security (especially if you are careful).
2) Bitcoins are a potential investment, cash is not. Paper currency only really goes down in value, Bitcoins have a lot of potential to be worth more as time goes on.
3) Fast, worldwide transactions at your fingertips.
4) Similar to #3, but it's a universal currency. It's legal in most countries of the world and you don't need any kind of currency conversion to send money to people in a different country than your own.
Yup completely agree on all the points, moreover there will be less chances of you falling prey to the corruption in the system |
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No, it is not possible to get back the bitcoins, you should have physically noted down the password and keys for this kind of situation
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Would not be completely correct to compare bitcoin with the other two, stocks and estates have been there for a long long time, bitcoin however is relatively newer and is fetching better returns, but we do not know how long will these returns remain lucrative, we need to be prepared for some kind of a downward spiral in the future due to some external factors like government
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The train is never missed, it is never too late to invest,looking at the current demand and growth it is safe to say that even if one jumps on the bitcoin bandwagon today he/she is bound to make a decent amount of profit if you hold on to them for a considerable amount of time
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There may be quite a few reason for bitcoins to go away, like in future government may intervene, impose tax on it,make it difficult for the holders to get good value, also if people suddenly lose interest in bitcoins leading to reduced demands causing them to disappear ,and lot of countries might ban bitcoin in the future due to its association with illegal and criminal activity
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In the next 5 years, the rate of bitcoins is set to plummet to great levels, the awareness about bitcoins would be more, trading would be more and more, ther would be more vendors who would accept bitcoins as a mode of payment, government will also play a vital role in regulating bitcoins in the future
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It is never too late to invest in bitcoins,it might be slightly difficult for older people to understand,but if they get their basics right and sell at right time and bail out ,they can surely make some precious bucks in short time
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Definitely should not sell now, the demand for bitcoins have increased recently, making it really difficult to get, thereby significantly increasing the value and guaranteeing good returns in future to the people who hold onto it for a longer time, it is tempting to sell off at 11k, but I really feel that by end of 2017 the value may rise upto 15k and furthermore in the future, so just hold on to them as of now
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Panic selling should be avoided, as you might just ruin your chances of getting lucrative returns in the future.It is essential to be patient and be very observant of the pulse of the market, simply panicking won't help as you might end up making wrong decisions
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