If everyone around the world gets into cryptocurrency, do you think it will even help in solving or lessen socioeconomic problems? Can it be used to buy goods from other countries? It is fair to say that crypto will help a lot of people but what will it do to one's country? Will it help improve a country's economy?
Definitely it would help for the economic development of a country especially third world countries as crypto gives equal opportunity for all to earn.What is needed is a laptop or smart phone and an internet connection to get access to cryptos.Already it has started to help Venezuelan people to earn an income when it's economy has almost totally collapsed.Some smaller economic countries have even accepted bitcoin as their national currency to solve the problem of their own currencies facing huge inflation. |
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Actually no one controls the market totally.Earlier when China was dominating in the crypto market,chinese gamblers used to easily manipulate bitcoin price but later when bitcoin investors spread worldwide,they lost their control.Then comes the turn of Bcash which was created as well as fiercely pumped by roger ver but only to some extent.Now altcoin market remains still open for manipulation by big whales as they easily control altcoin prices because of its smaller volume.
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Actually Nokia failed to realise the market update and it just felt comfortable in staying with hardware and it failed to update its software.But bitcoin is totally different thing and even various organizations and even government sectors have started to utilise the blockchain technology in which bitcoin works.
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Banks have been enjoying their dominance for centuries just before the invention of bitcoin.They were able to easily loot public in the name of transaction fee and people had no choice other than those banks.
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I have been watching bitcoin price movements for the past two years.We could see a sudden dump after a bullish run and a sudden hike after a bearish move.The only big change which we noticed was during the launch of bitcoin futures when it's price rose tremendously to ATH price of 20,000 dollars.
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Actually i had an experience which I thought to be bitter but later knew that it's a sweet experience.I was holding bitcoin when it's price was around 20,000 at its ATH.But few time later,i had to sell my bitcoin for an emergency when it's price had just fallen to 7,000 dollars.I felt very sad that I'm selling bitcoin at very low price and that it's price would soon once again reach its ATH.But until now,there has not been a big change in its price and I'm not at all feeling sad about my sale of bitcoin at that time.
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That's termed as lobbying and it's common in US.Any company which wants to influence the government's policies to suit their interests would fund some assembly members to speak in their favour in the parliament.
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It's true that ripple is made by banking sectors as a competitor to bitcoin and we could realise this from the point that it is almost accepted by all banks all over the world.Wall Street has already tried to take control of cryptos by launching bitcoin futures.They are trying their best to destroy cryptos.
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One of the commissioner was in favour of ETF while the other commissioners in majority were against it.Everyone was expecting that there would be a big hike in bitcoin price but it has been delayed temporarily.
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What is our assurance that Bitcoin will stay for long or forever? There is a prophesy I have heard that Bitcoin will fall.
Can you share some strong reasons of why Bitcoin will last?
No one could give assurance about how long would bitcoin exist.But we have already seen hundreds of obituary in internet that bitcoin is dead but still it managed to survive. |
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Undoubtedly, everyone knows the name of Nokia, and, with its words, quality and performance are brought into the minds of individuals. Nokia was one of the first mobile phone companies in the world. In 1998, Nokia was able to rely on the royal palace of the mobile phone companies, and the largest share of mobile phone sales. But with the advent of Apple's phones and Android phones, the share of Nokia has fallen sharply so that they were eventually bought by Microsoft in 2013.
In my opinion, Bitcoin has a way that Nokia. Bitcoin technology is old compared to other Altcoin. Bitcoin was the first, but perhaps not the best.
If bitcoin's technology isvold,that is being working on blockchain technology then could you say why the whole world is running towards adopting blockchain technology? Quote |
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There is an important field in coinmarketcap "bitcoin dominance" most people dont really look at it.
WHAT? almost all the newbies are looking at what coinmarketcap calls "bitcoin dominance" and it is completely meaningless because it does NOT represent bitcoin's dominance. it is only representing bitcoin's market cap (a false characteristic imported from stocks market) with the total market cap of 1500-1600 altcoins. From all indication, it could hit above 50%, even 60%.
no bitcoin dominance will remain near 100% as it has always been there and will be for the foreseeable future. but the bitcoin market cap divided by the total market cap will continue to go down as new shitcoins with huge supplies are released. Yes you are absolutely right.We should not rely on coinmarketcap for finding bitcoin dominance.That calculation is totally wrong. |
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We could not say exactly like that.A general reason which we could indicate is that more people are getting aware of bitcoin and hence demand continuously increasing which would not let bitcoin price to fall down more.
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There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.
Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?
We have already seen economic crisis before and gold found to be a safe haven at such times.But after cryptos got introduced,we have never encountered such crisis and so we could not decide anything clearly.But I think that due to their instinct nature,people would once again choose gold to face such critical situations. |
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Already many economists compared bitcoin with tulips last year when bitcoin was at its highest peak price of 20,000 dollars due to launch of bitcoin futures and predicted that bitcoin would collapse same as tulips.But bitcoin managed to survive.Tulips had no use as that of bitcoin which could be used as payment,which could be saved securely.So its baseless to compare bitcoin with tulips.
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Satoshi new alt-coins would draw attention away from bitcoin, especially government attention. Because of alt-coins, bitcoin grew without much government interference. Good call SN.
I would say that the only benefit of altcoins is that it has made government to think that even if it bans bitcoin,there are lots of altcoins traveling in the same track which would make government's unuseful.So if bitcoin gets banned,there is Ethereum and if gets banned,there is a huge list.But on the other hand,altcoins nowadays are mostly scam coins which have totally spoiled the reputation of crypto coins as a whole. |
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I would say that it would be good for bitcoin as such investments would be mostly of long term basis which would help bitcoin price to be stable reducing its volatility.On the other hand,newbies would only contribute for increase in bitcoin's price volatility as they would be holding bitcoins only for a short time.
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I would say that they would be the losers.They are those guys who are very much frustrated on hearing the words bitcoiner or crypto holders.But we should note that nocoiner word would be forgotten but not crypto coiners.
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Yes people feel that it would not make sense to spend bitcoins for anything which could be easily done with the existing fiat currency.They try to hold bitcoins and aim to build a bright future.But its very unfortunate that bitcoin as well as cryptos are created at first to provide a platform for people to send money via P2P transactions independently.Now everything has turned upside down and it could not be changed.
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Today,cryptos are the only type of investment which could give enormous ROI even though the risk is high.People have seen many to become millionaires with the help of cryptos and so they just don't want to miss their opportunity.Chances are there for some eggs to fall and crash but not the whole basket.The craziness for cryptos would still continue on and on.
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