So because of the recent downward volatility I have been reading a lot of threads and posts about how bitcoin is a bubble and could crash to zero. I have a different theory: bitcoin will one day become a reserve currency!
Right now countries typically hold US Dollars, Gold and Oil in reserves. The amount of these reserves is critical for smaller countries. Bitcoin is not on that list...yet.
According to the World Gold Council, the total value of all gold ever mined is about $7.8 trillion. The oil market is worth $1.7 billion/per year. There are also 1.56 Trillion USD in circulation. At the moment, bitcoin is worth around $145.9 billion.
If bitcoin were to become part of the reserve mix for even small countries, its value would skyrocket. I can easily see it having a market cap in the trillions.
I think that no country would even dare to hold bitcoin as their reserve currency because it is of such a high volatile nature and it would affect the country's economy much. |
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While the price reached the ath value the dominance level of bitcoin was close around 55%, now bitcoin is close to 50% after a long. With the decline of ethereum and other expected cryptocurrency the dominance keeps increasing. Is there any possibilities for a price pumping with bitcoin as well other major altcoins with regards to the dominance level of respective cryptocurrency.
This means either more altcoin holders were shifting their investment to bitcoin or else more new investors were choosing bitcoin as their first choice.I f the bitcoin ETF had been approved,then this dominance level would have gone much higher. |
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Some social problems are blatantly obvious in daily life, while others are longer-term, more corrosive and perhaps mostly invisible. Lately I've been worrying about a problem of the latter kind: the erosion of personal ownership and what that will mean for our loyalties to traditional American concepts of capitalism and private property. The main culprits for the change are software and the internet. For instance, Amazon's Kindle and other methods of online reading have revolutionised how Americans consume text. Fifteen years ago, people typically owned the books and magazines they were reading. Much less so now. If you look at the fine print, it turns out that you do not own the books on your Kindle. Amazon.com does. https://www.afr.com/opinion/americans-own-less-stuff-because-of-the-internet-and-thats-a-worry-20180812-h13vkd Every new invention has its pros and cons.Likewise technology does have.By this way,the profit sharing goes to only one or two giant companies and the others remain left with empty hand. |
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What do you mean by crypto ecosystem?Crypto markets and trading?
I think that crypto ecosystem is the blockchain and all the mining ledgers.
i mean the buying pressure upon various crypto assets - not just bitcoin but number of other coins too. ud be surprised but some people would rather own 3 ripple than 0.xxxxxxx bitcoin.. im trying to predict at what point would populous in those nations subjected to devaluing money realise that bitcoin at its low cost is perhaps better than holding usd. especially in places like turkey they realise that this problem is mostly political & being caused by united states foreign policy, therefore they might be reluctant holding the enemy's money, if you know what i mean.. Yes of course.People of such countries would think that bitcoin would be a much better option than holding dollars or their devalued currencies.Bitcoin is universally accepted of course.Its free from deflation as nd totally out of the reach of governments hands. |
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Just have a few questions for those who bought/mined BTC early in the days when things weren't this crowded.
1. How long did it take for a transaction to be confirmed?
2. What were the other issues experienced apart from Hardware complications and energy requirements?
Transactions were more faster and got confirmed within minutes as there was no congestion in the network. Another big issue was that Chinese dominated the bitcoin market and they manipulated the price easily as they wished.We all would keenly watch China's bitcoin market before taking any decisions of buying and selling bitcoins.They had such a huge influence over the bitcoin market. |
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As usual,in such situations people of two categories win.Big whales who wish to buy bitcoins at cheaper prand the long time holders who who know very well about bitcoin's potential and that it's price would surely rise. |
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Now that market seems always falling down these will prevent day traders to day trade crypto which relatively most of the money from the investors will going to end up day trading with some of the individuals who were always looking after at the graph of crypto market price movement. Now I think they should better be gone. Without these day traders market price could go a good increase all the way. I hope they will not come back.
Without day traders,there will be a heavy fall in demand for cryptos which would affect the price of crypto coins.But most think that day traders were responsible for fluctuations in crypto prices.Each coin has two faces,a head and a tail and both should be considered. |
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Such type of attitude could be expected only from the early investors of bitcoin who just got excited by the blockchain technology and enjoyed investing in it.But nowadays,we could only see greedy newbies having a big thirst of becoming rich overnight and considering bitcoin only as a high ROI giving asset.
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Yes.This seems to be much logical to stop bitcoin market turning bearish.In short,we must try to use bitcoin as much as we can either by making payments in bitcoin or by getting our salary and other earnings in bitcoin.By this way,bitcoin price would not be much dependant only upon the trade market as it would have a back support of people using it as a currency.
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If a day we see the Bitcoin value at $20,000 people will start to sell everything they own. Only the traders and the longtime Bitcoiners will continue to hold. And since the majority will be selling the price will drop in a short period of time. And the circle will continue, once at $20k again the same thing will happen. I think you can forget the $50k  Of course.Its true.But donot forget that even if most people sell their bitcoins when it's price reaches 20,000 dollars,still if more new investors come in to the bitcoin market then it's price may remain at that same range. |
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It would be great to see cryptos replacing fiat money. I know some people do not want to see that happen but it is an option. Nowadays, it is very hard to use cryptos in daily routines. It is hard because of the exchange rates and places to do it. It can be done online and it means you need a good connection. The world is still dominated by banks and they do not allow cryptos. Some countries do not allow their citizens to use cryptos as well. In that case, it is very hard to use cryptos in daily routines. I believe this will happen one day but not now.
I think that cryptos would never be able to replace fiat money.Instead,the governments would launch their own digital currencies. |
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Bitcoin price would not get stabilized due to the difference in demand and supply.Even if it's price comes near stabilisation,big whales would not let it allow to stabilize in price.
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Bitcoin was created as a currency and it remained as currency earlier but now it's now only a commodity.Its highly bought due to the high ROI it gives.
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It's a well known fact that the US dollar would collapse one day as it is not backed by gold or any asset and just printed infinitely.But bitcoin being the main player in the cryptos is not in a position to replace USD as currency due to its limited supply.
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So, I was thinking, for the long term, even if Bitcoin goes below USD 6000, no worries, 5000, 4000, much the same. Hodl for the long run.
But, the vitality of Bitcoin is maintained by the continuous mining of Bitcoin. On an average these mining costs are USD 3000 to 3500 approximately. So, what happens when Bitcoin falls to that level?
Maybe the mining rigs won't mind bearing losses for a few months if they sense an upside later on. But, what if they don't, and start bailing out?
In that case, USD 3000 or whatever the lowest cost of mining Bitcoin will effectively become the null point. If Bitcoin falls to that point, downwards beyond that is a steep vertical cliff wall, and an inevitable fall to Zero.
I think that the mining would continue to move since only big farms are involved in mining and not individuals so they could bare the loss for sometime with an idea of recovering when price bounce backs again. |
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We have had upto 30 billion $ leave the market capitalization yet bitcoin holds above 6100$, the result is that the altcoins are bleeding out badly and bitcoin's dominance soaring higher than usual? when will this stop?
Its because most of the investors leave altcoins but not bitcoin since most altcoins have just now turned to be pump and dump coins and could not deliver anything more than that. |
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Depends what you/he means.
Gold and silver are impractical, if not impossible, to use as currency - no one is going to carry around various weights of gold/silver to spend. As a store of value, however, they are currently much less volatile than crypto, but there's nothing to say they won't both continue to fall as they have been doing since 2011/2012.
Crypto has the potential to replace the dollar as a currency, but widespread adoption is a long way away.
Not only gold and silver,even crypto could not completely replay dollar as it is not backed by any governments.But dollar is already suffering a threat from China and Russia who were trying to boycott dollars and instead use their own currencies to close the dollar's dominance. |
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Yes that seems to be true.But more people feel that depositing in banks would be safer and that they could get some profit as interest.But its far away from reality.Gold remains to be much better investment and also could give higher profit percentage than banks.
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Very often with the news, we read that hackers kidnap the currency of crypt from private wallets, as well as hacking crypto-exchange exchanges and withdrawing from it a huge amount of crypt money. These cryptо currencies, probably, are sold at a price below the market price. Do you think hackers affect price movement at crypto-exchange stations?
No hackers don't affect price by selling as they would be selling them gradually in smaller volume and not as a whole. |
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Hi this is my doubt about costs related to bitcoin mining.As we all know that the difficulty as well as the cost for bitcoin mining is increasing continuously,suppose now the price is around 6,400 dollars and if this goes down a little to 5,000 dollars and if it continues for a period of six months,then would it be profitable for people or companies who mine bitcoins and if they were in a loss,would they be able to continue mining with a hope that bitcoin price would increase and they could recover their losses.And would it affect bitcoin mining in future?
Your views are most welcome.
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