Hi, I have heard that one of the good things about bitcoins is that it is free to transfer bitcoins between accounts/wallets with no fee and it is free to pay with it.
Now I have made deposited a small amount 10 euros to Copay and i want to move it to another wallet or buy something with it. I get this information when I try: Amount too low to spend, spending this balance will need significant bitcoin network fees!
Why is that? Are there a better way to store bitcoins?
Why people call Bitcoin to be the best way to transfer money at free of cost because the fees isn't that big as compared to amount and thus is negligible. You can transfer even 1-1000 BTC at $1-$3 of transaction fees. It is almost nothing as compared to the amount. That fees seems big when the transactions are small and transaction is happening in same country as was your case because otherwise it is free. But here the fees is being compared to global transfer. Fees is way too small when compared to remittance fees on which countries are spending trillions of dollar every year and that is why Bitcoin is considered to be the best way to transfer money when it comes to countries and can help in saving trillion of dollars of nations that goes in remittance fees. |
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Bitcoin derives its value both from its use as a medium of exchange and as a store of value. Bitcoin price is highly dependent upon its utility. By using Bitcoin as a medium of exchange for buying things will only gonna increase the price because of higher utility. That is why Bitcoin community always stresses upon the widespread adoption of Bitcoin among vendors and merchants to increase its utility which in turn will increase its demand and so does the price.
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First of all that tweet completely sum ups the mindset of these so called experts. People calling Bitcoin fraud and bubble are the one who were skeptical about paper money also.
This article nicely brings out the wrong analogy we are using to measure the growth and potential of Bitcoin. Bitcoin and Stock market isn't at all comparable. Bitcoin is a form of digital currency completely decentralized and highly dependent upon its utility whereas stocks are centralized dependent upon companies growth. Thus, using the same measure to calculate the growth of both of them is useless.
Bitcoin has the potential to grow more. It will derive its value both from its use as a medium of exchange and as a store of value.
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These all big names have a wonderful quality of manipulating the market by spreading lies and FUD and then capturing the weak market. These investors and bankers are really very good at that.
The market is still relatively small but with huge potential. Entering it right now will be hugely beneficial to these big names. Goldman Sachs is already considering ways to facilitate trading of cryptocurrency and JP Morgan huge investment in Bitcoin the day after Jamie Dimon speech shows that these bankers won't lose the opportunity to profit from cryptos and the best way to enter the market is when the market undergoing a dip and that is what they are trying to achieve.
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Segwit2x fork won't be like Bitcoin Cash fork but might have severe impact on the market if there isn't enough support and can even leads to a split, if the consensus on either side remains almost equal. There is an air of uncertainty right now. Though 144 companies claim they will eventually update to support SegWit, at press time, the percentage of transactions using SegWit is growing slowly, and still in the single digits.
It is still early to talk about the impact on price as the role out of Segwit2x is itself uncertain. There would be different scenarios depending upon the support and hence different impacts on price.
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Market will indeed stay bullish till October 20. After that there are two forks lined up.
First one that is Bitcoin Gold fork might not have much impact on the market as people are already aware that market will be bullish after the fork as happened earlier after Bitcoin Cash fork. Thus, market won't experience a dip of 40% like before in July. But the pace will slow down between 20-25 October.
Second one that is Segwit2x fork can have a severe effect on the market if enough consensus wouldn't be there. Still the support is less and can lead to uncertainty and hence drop. I think Bitcoin price will see some major drop in November.
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Right, Bitcoin doesn't have any "intrinsic value", but so does the $1 bill. In truth, almost nothing in the world of trading and money has “intrinsic value.” Money has only the value that is ascribed to it over time. Fiat currency, issued by nations, has always faced distrust from skeptics who say it is backed only a government’s good faith. Then comes gold, gold itself has no intrinsic value. Its supply is limited (as is bitcoin, a strength of the digital currency), creating a relationship between supply and demand that cannot easily be manipulated. But gold itself has no value per se other than that ascribed to it by humans over time.
Bitcoin is disruptive technology opening new avenues of exchange and enrichment, empowering individuals, and weakening the hold of the state and large corporations, it do have potential even if the price is running on faith and supply and demand. It can sustain its value.
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The way I see it, if any government does decide to regulate and tax Bitcoins, keeping an eye on exchanges is the way to do it. There would be no way to monitor every single person and every single one of their transactions. They would have to depend on the individual's honesty and integrity to file the proper taxes, which would honestly be not much better than not taxing at all. The way things are now, you could move massive amounts of Bitcoins and not have any use for them because very few stores accept them. In the end, you're going to have to convert them to fiat, and the most efficient way of doing that is through exchanges. This way, if you impose taxes on exchanges, then you've effectively taxed majority of a person's transactions.
I would honestly rather live in a world where Bitcoins and exchanges aren't regulated, but even regulations have positives, especially when it comes to getting Bitcoins into the mainstream. Right now we'll just have to wait and see how things go.
There are many ways to completely regulate Bitcoin for government and if someone convert Bitcoin to fiat and they can easily tax them. The major way will be to close down every exchange of the country and that would be easy since exchange needs bank and open a government regulated exchange where they can monitor the inflow and outflow of money and keep a check. This is what I think China is going to do by launching their own cryptocurrency. Bitcoin can stay anonymous and out of government control till they are on internet as crypto. Once they are converted to fiat, government have many ways to regulate them. The things is bitcoin still isn't a bigger a phenomenon that countries need to fear or do something major about or against it. |
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Do we really care about these banks or what their CEO think?
Bitcoin is an ultimate threat to them. So, either they adopt Bitcoin in their system or stay wary. But they can't effect Bitcoin. Bitcoin was created to free the financial system from centralisation. With increase in Bitcoin's adoption, banks will ultimately suffer.
Moreover, Bitcoin still not in that position that the trillion dollar economy of banks would care about it. With market cap of some billion dollars, Bitcoin stands nowhere in monetary landscape as for now. Banks and government are indeed closely calculating the growth. But right now it isn't a much threat to them. Only that 400% growth of bitcoin a year made these CEOs think about it and nothing much.
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By official if you mean legal, then Japan has already done it. But if you mean making it national currency, then that is unlikely to happen. Bitcoin is international currency and is highly volatile since it is decentralized. No country would make such a currency, a national currency whose hold will not be in their hands. That will be a nightmare for the economic growth. If you want foreign investment you need a relatively stable currency not a volatile one like bitcoin and that too out of government's control. No country will  . All the countries will trust their own currency rather then depending on a currency whose price fluctuates a lot and even takes alot of time to confirm sometimes . So why to use such a currency when every country has its own well established currency I cant believe most of you have not heard of the Pirate Party from Iceland. They seek to make BTC legal tender in their country. I dont know what the political landscape in Iceland is but they have been given more and more support, with the last year's Icelandic election having the most success to date. https://en.wikipedia.org/wiki/Icelandic_parliamentary_election,_2016Iceland is due to have another parliamentary election on October 28, 2017. Making it legal and making it national currency are two different things. Bitcoin is legal in many more countries. But adopting it as a national currency over the fiat currency is unlikely to happen. |
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All the countries of the world don't work as an union. They all have their policies. You can't expect every country to put tax or leaglize crypto. Many will ban them, many will keep them tax free, many will for sometime won't take any decision regarding them and many will regulate it. It is highly country dependent.
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Transaction fees has nothing to do with amount of Bitcoin you send. It is more dependent upon the size of your transaction. The optimal fees at present is of 144 satoshis/byte. Your transaction can very well happen if you pay less than that but waiting time would be more. Recently, I send 0.05 btc at the fees of 0.0003 btc and it got confirmed in 30 mins.
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...
Does someone know if smart property is already really used now and what are the currently discussed implementations and concepts?
I don't think "smart property" or "smart assets" under our current understanding and technological level can exist without third parties. The blockchain was created only to facilitate a currency device that is itself the blockchain system. That is Bitcoin's secret to success. The blockchain is not really a currency facilitation platform, but is the currency. That was the solution that Satoshi created. The blockchain is not a chained ledger system, but is the digital token represented in a physical verifiable form with self arbitration rules. Even Ethereum has fallen into this trap, where they wanted to create a smart contract platform based on blockchain, yet their token is mainly used for currency or asset speculation, as a natural consequence of using the blockchain within their concept. (IMO, it will become more and more a regulatable currency and less a contracting device.) So, if you choose to accept that argument, how is it possible to "blockchain" things which are not actual representations of the blockchain system, but only representations of things outside that blockchain? I'm not saying people are misguided here or are wasting their time, since someone may come up with a solution eventually/possibly, but I do not think the answer will be "blockchain". When Satoshi created the blockchain, it was a means to an end, not a multi-tool solution that can be added to preexisting systems to improve efficiency or whatever. He backwards engineered for an online currency solution. "Smart Contracts" and the like are expected and inevitable into the future, but I think they will only be possible when non-biased and non-corruptible Artificial Intelligences will perform the third party duties that are always required for representations that the blockchain can not directly represent. Indeed Ethereum has failed terribly so far as smart contract but you have to accept that the smart contract feature can only work when the user base is big enough. With such a small user base, we don't have diversity here. But I didn't get your point that blockchain can't facilitate smart property. By representing property as a code on blockchain, why can't smart property work? Blockchain do have potential to be used more than what Satoshi has created it to be. More than Bitcoin, blockchain is a revolution. All what is needed is more adoption and a better platform. |
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There will be chaos because there is no proper consensus to the fork until now. There is no clear indication whether the fork will take place or not. There are different views from different groups. I hope there won't be any splitting. But when it comes to price, just like earlier bitcoin cash fork, price will jump back and that won't be of much concern. There are always some panic sellers ready to tolerate loss and they will drop the price. But that shouldn't bother to long term hodlers.
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What I have experienced in last some months that market do tumble when there is some negative news like happened during hardfork in july and then China's ICO ban. But later if same news pops up from some other country that is recently an ICO ban news from South Korea which is also one of the leading nation in cryptos, there is not much impact on price as if market understands the fact that there won't be any issue in long term. Same thing I am expecting for upcoming forks. I think market won't be affected much this time and remain bullish with some small fluctuations.
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That was not an official article. But an article by someone who understands Bitcoin. I agree to the point that Bitcoin can't be controlled because of its presence on internet which can be escaped easily using VPNs and TOR. If government tries then that will only be the waste of time and resources. Regulating Bitcoin and other cryptocurrencies will be in the best interest of government. By that they can keep a check on inflow and outflow of money along with earning some tax over the gains. Kind of having a give and take relationship with Bitcoin.
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South Korea has not banned bitcoin the release I read is about the banning of ICOs and the regulation of exchange sites other than that, nothing else is in the pipeline. Howe'er, only a super power like China in bitcoin should talk about banning bitcoin and we should be worried. By getting worried of South Korea notification will start giving the authorities over there that they also have some level of control over the .market in which they could equally exploit.
I don't think China is going to ban Bitcoin. It is just exchange and ICO ban. Regarding being worried, I don't think we should give China enough importance to have any impact on the market as Bitcoin is global currency and can very survive without China. Market is already over it. I think the exchange ban is closely related to China's release of national cryptocurrency which will be the only way to convert fiat to cryptocurrencies instead of exchanges to give government control over inflow and outflow of money. This is all what Chinese government want to achieve. |
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When it comes to mobile nothing is safe. That is why it is always advisable to have hardware or paper wallet instead of mobile or desktop wallet which are connected to internet. Any app or software can be infected to read data from users mobile or desktop that too very easily. I think people hardly read terms and conditions before downloading and simply grant permissions to apps when asked. These all things make mobile vulnerable only.
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BitCoin banned in South Korea?
Please give me a legitimate and trustworthy source
May mods in the forum administrators may be more rigorous in the registration information
All information influences the cryto currency market
Relax, it is not Bitcoin ban but ICO ban and that news is 3 days old. Bitcoin price did tumble that day but price is bullish since then and looks like market doesn't care much for ICO ban by South Korea. It is still an announcement though but sources are legitimate. South Korea won't be banning Bitcoin. They are just like Japan when it comes to adopting new technologies. ICOs lost faith among governments because of their spammy nature. Many countries will follow the same suit in future for safeguarding public interest. |
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