Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?
Maybe one day, if Bitcoin is able to garner enough poise and respect to begin being adopted by most countries. It's good to be somewhat of a dreamer, but as of now the road to regulation is a bumpy one, filled with many potholes, but when all is said and done, the road will be a bit more polished, resulting in less friction than what we've been used to traversing. |
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I came across the so called 3 Qs in economics. I started asking myself if really these are the main or fundamental questions.
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And what was YOUR conclusion? Share thought. If you want to start a discussion, you should contribute a bit more than just copy-pasting. imo, these 3 are very broad and are supposed to include a wide range of other questions, so one could argue both ways. That doesn't matter too much anyways, as economics is not a real science. Precisely, economics stems from several factors with a great portion of those being purley subjective causes, making it a tough call on nailing down the science which is needed for forecasting accurate conclusions. Though it's slightly broad, I did find this information to be quite useful. |
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The development of cryptocurrency is better from time to time. In many countries, many have inaugurated crypto currency as a legitimate paying tool. Although there are also countries that openly banned cryptocurrency. This becomes very interesting to be listened to by us. Then, personally, I want to know what you think of all that? Will at any time cryptocurrency be a legal and legal world currency in all countries? Or perhaps during that time, cryptocurrency is strictly prohibited in all countries of the world?
Sure, in the spirit of optimism, we can only hope the current situation that Bitcoin faces is a temporary one, that may be apart of its growing pangs. With any innovation, the consequences must be weighed and measured scientifically, with those outcomes affecting the foundation of the scene itself. Regulators are passing judgement and the market is lookin a bit shaken up. Sometimes we have to destroy just to rebuild again. If Bitcoin isn't dead after all the regulation, one would like to thank it may only grow stronger, however, only time will tell. |
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Maybe this has been brought up a million times, but looking at the current goals of a lot of financial apps. Do you think eventually it will just be something like BCC, LTC, NANO that is most highly adopted and just runs the others away?
Or, will it come to atomic swaps, where we have steadier market prices, and you can just pay with 6 different currencies to be converted over for payment?
I believe there will be one currency to rule them all one day. Particularly something that is centered on being universal, with easy access for all. It would have to be simple enough that even a grandmother could use it. It would have to have a uniquely simple interface, so people from all corners of the world could utilize it with ease, without any hangups because of a language barrier, or disabilities whereas a person may be limited in their usage of such a medium. To pull it off, it would have to be some what centralized, to a point where it is applicable enough for regulators and policymakers can work with it. The big question really is, will it be a cryptocurrency and if so, will it be scalable? Just my two cents |
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When I was reading an article, I came across a disadvantage of bitcoin that stated that there "No Chargebacks or Refunds" in bitcoin transactions. What do you think can be the way forward in solving this problem? Many, regardless of whether you are pro-bitcoin or anti-bitcoin, your interest is in making sure that transactions where currency is involved have a Charge-back or Refund policy.
Below is what the article said on this point: "No Chargebacks or Refunds"
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin. In fact, Bitcoin’s decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.
Some newer cryptocurrencies, such as Ripple, have rudimentary chargeback and refund functions, but this feature has yet to be built into Bitcoin.
Simple, implement a unique smart contract that is witnessless, capable of fulfilling the agreement to transact only upon some certain required conditions being met, agreed upon by the two or more parties involved with the transaction. This way, the payment will be negligible if the conditions aren't met, thereby issuing a reimbursement. Now if only I was tech smart, luckily we have such a diverse community of crypto enthusiasts, someone will certainly fix this issue. I'm sure their are already protocalls out that tack such a problem as this. |
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There is this widespread notion that Bitcoin mining is detrimental to the environment, because of all the electricity it consumes. At a quick superficial glance, it seems logical. But in reality, it is not exactly the case.
Who mines Bitcoin and what kind of electricity is used for Bitcoin mining?
Currently, China accounts for about 71% of the mining hash power in the world. The mining farms are based in Western China. But why there?
Hydro power plants have been created in the past for the production of aluminium. Electricity is 60% of the cost to aluminium production through smelting. The aluminium market is oversaturated for years now and China, being a top producer, has cut the production. So they have a huge surplus of hydro energy that is not utilized. For simplicity, imagine a hydro power plant in the fields, surrounded by nothing else. And hydro energy is clean energy. It doesn’t kill trees.
However, the technological infrastructure for transporting the energy to regions that actually need it, is lacking. This overcapacity of energy can’t just be sent to China’s bustling urban centers. Actually it can, but electricity will have to travel long distances, which equals huge losses. Therefore, it would be more economical for a power consumer to be closer to the source of the power. This is where the mining farms and their warehouses have been built. Right next to the close-to-useless hydro power plants. So the majority of miners are using failed energy projects and not investing in new ones.
In order to mine Bitcoin, all you need is mining hardware, internet connection and a simple software and now the unutilized energy is used towards creating a decentralized blockchain system. Unused clean hydro energy is entering the global economy. This is the real mining! At the core of it, we have a Chinese river allowing a rural farmer in Africa get paid for the cotton he produces through the Bitcoin network. The Chinese rivers help a Filipino immigrant in USA to send his payroll to his relatives in the Philippines for cents of a dollar, rather than for a 40% commission fee via Western Union.
But Bitmain and the other pools are making so much money out of it. Is it fair?
Well, gold diggers and oil rigs are also making tons of money. Is it fair? Traditionally, the resource mining business has always been one of the most lucrative. It is at the top of the supply chain. In order for us to go to a gas station and fuel our car tank, someone had to drill that oil first. Gas has value for us as end users. We travel faster than on horses. In order for the gas station to make profit on retail prices, they need to buy that gas from someone first and so on. There is value for everyone in the chain, provided that the product or resource is actually needed.
The value exchange is pretty simple
Unutilized clean energy coming from rivers that doesn’t pollute the air on one hand. And the maintaining of a global decentralized payment system on the other.
So the real question is: “Is a decentralized, open, alternative, state-free monetary system needed?” For the average citizen in a developed country, it may still not be. But for billions underbanked that is life-changing.
A system that allows for 24/7 payments with no borders and close to zero fees. An alternative system to fiat money, that allows people in countries like Venezuela to protect their money and assets in rough times. A system that provides banking for billions in regions where there is no banks.
Conclusion
Unutilized clean hydro energy is being transformed into a global, borderless, open, decentralized, alternative financial system. The air is not being polluted. But the annual profits of banks are! And they will keep pondering how detrimental Bitcoin mining for humanity is. Is this the truth? Decide for yourself.
I would be happy to hear your thoughts on the subject...
Mining actually creates an interesting scenario. Mining is a way for users in the network to process transactions and receive payment for participation in helping run the network. The problem lies within the very tools utilized to mine with in the first place. Mining by today's means, requires one hell of a rig setup, which naturally wil end up being an energy consumer. Mining may actually present a serious problem as far as you electric bill is concerned, but other than that, this environmental threat seems to be more or so based on paranoia. I mean, let's be logical for a second and think, how many people are actually mining, let alone equipped to do so? I can see if every house on the block had a rig setup, but where talking bout small number of people compared to those who don't mine. |
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It has been 2 years that I bought my First bitcoin. I have never been able to sell or trade it. Is it only me who is emotionally binded or does this happened with anyone else?
Also, is it a good thing to be emotionally attached so much to Bitcoins?
I wouldn't necessarily call my experience an emotional bond, but the few bits of a Bitcoin that ai do have give me a feeling of being apart of a bigger thing. I mean Bitcoin rests at the fulcrum of financial innovation, the Blockchain. It is good to feel an attachment to something you invested your time and energy into. It shows the true value that your sentiment holds. |
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Slow and steady they say wins the race. Do not be in a haste to make it big in the crypto world. There is never a shortcut to success. Be contented with whatever you gain at every point in time.
Do not look down on yourself because you see others make it big. A drop of water makes a mighty ocean.
Your gain might seem to be small today.
Your portfolio might not look so big.
Just in a moment and with little more patience, your portfolio will see the brightest light and be filled above your imaginations.
Thank you brother! you know it is said that "patience is a virtue". It is one of the many vices I must strive to work upon. I've always had trouble with rushing things. It is nice to see that there are some who remain optimistic during times like these, especially with the downtrend the market is in. |
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Facebook conditionally unbans crypto ads except ICOs but are not letting crypto post to boost, Cointelegraph.
Are they planning to launch their own crpto messenger app?
Of my opinion, Bitcoin and other cryptocurrencies in general, may start to see more positivity slowly as more regulations are passed. Bitcoin is still relatively unknown to many people outside of 1st and 2nd world countries. It will take years for adoption to take place because it requires a person to be somewhat educated to a degree, in order to fully grasp the concept. If I tried to explain it to my grandmother, she'll look at me somewhat puzzled.  The interface must change significantly before massive adoption can take place. |
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I recently read through the comments made by Bill Gate on bitcoin and other related cryptocurrencies ( https://www.google.com.gh/amp/s/www.cnet.com/google-amp/news/microsoft-founder-bill-gates-would-bet-against-bitcoin/). From the comments he made, it is obvious that, Bill Gate is against investing into cryptocurrency. Critically appraising and analyzing how helpful bitcoin and other cryptocurrency are and base on the comments Bill Gate made, I don't see the reason why he is against cryptocurrency. Probably he might be having his own reasons of which I am not aware of. Can someone help as to why Bill Gate spoke against bitcoin and other cryptocurrencies? You have to put your self in Bill's shoes emphatically, in order to understand the mindset of a man who already has all the money and resources in the world. From that perspective, maybe Bitcoin could be considered as fools gold to some, due to it's high volatility and decentralization. |
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i have observed that now bitcoins arrogance causes its price drop
as soon as bitcoin looks too expensive, people start seeing bitcoin as some sort of arrogant cryptosect,
and the price drops, as will its popularity,
as soon as 12 000 USD are beeing reched again and people start speculating a price explosion again, bitcoin looks again arrogant for many and people will drop it
someone else expects the same?
regards
The price fluctuations are very noticeable, Bitcoin is a bit of a curiosity, more so than an investment to some. The main reason for the crash was from the governments around the world passing their judgement upon how it should be outright banned, or regulated. When that happens, the panic continues to ensue as people begin to lose faith, due to the rigidness of the some of the decisions made by parliament. |
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The bitcoin price fell free, losing nearly $ 14,000 in value since the peak of 2017. But while cryptocurrency hovered around this year's lows, a new $ 300 million fund dedicated to the crypto market has given investors fresh optimism. The cryptocurrency market was further encouraged this week by news that Facebook reversed its decision to ban ads for bitcoins and other virtual currencies.
This move once again sparked rumors that Facebook is planning a major acquisition in space, or even potentially cryptocurrency itself. Facebook CEO Mark Zuckerberg said in early 2018 that he plans to "go deeper" with cryptocurrency technology - which offers more than 2 billion users worldwide - launched the blockchain exploration group. Other analysts said that the lifting of Facebook's ban will help reverse the price trend of bitcoin and other cryptocurrencies.
"The crypto market has been in bear territory over the last week or so," Nigel Green, founder and CEO of financial services firm deVere Group, said in a statement to The Independent.
"Facebook's step can be expected to help take it back towards the bulls... Savvy investors are looking at the bigger picture."
Looking at the 12-month price history of bitcoin, the cryptocurrency's current value still represents a 260 per cent increase year-on-year. The market crashed because of the recent crackdown on regulatory matters. Fear, uncertainty and doubt is what caused the holders to massively sell off. Most who entered the market, simple did so off of the strong of following the latest investment trend. Only those who were here since the beginning, as well as those who realize the potential future of blockchain, held their shares during the crackdown. Regulation is the best thing to happen to crypto, without it, it will never be truly accepted. The idea was to create decentralized peer to peer transaction system, but supply and demand trumps all. Regulation will allow for more adoption, this will expand the network, as well as the market.  Wherever regulation is involved, media and press is sure to follow. |
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Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??
It's too late to really matter, it is the blockchain that is at the fulcrum of the scene. Without it, Cryptocurrency as we know it today would cease to exist. If Bitcoin were to die, a hundred others will rise in its place. You can't kill an idea, but only impede its expansion. |
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2019 the year of Battle between cryptocurrencies and Fiat Currencies. Who is the winner? Fiat will be the winner of course, but as long as Cryptocurrency is shown in a good light, it one day, may be at the forefront of currency, especially within this day and age, because let's face it, everything as of late, has been going digital. Welcome to the digital age! |
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Talent is everywhere: we’re opening our newest office in #portland this fall. After exploring a variety of cities in the U.S., we were inspired by Portland’s innovative open-source and blockchain communities. https://t.co/XSTYrKfvVvThis is excellent news! Any expansion is a growth, so this is a good look for Bitcoin and other cryptocurrencies because it means crypto based companies could have a decent chance at thriving. With all of these regulators weighing in on the cryptocurrency scene, this shows good responsibility. Coinbase is leading in the U.S as the go to platform for Bitcoin related investing. |
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It is really hard to detect scammed bounty campaign. After completing all the requirements to be able to get accepted in a bounty campaign, spending much time to participate in forums and not to mention carrying their banners, completing all the tasks and reports then all of a sudden you will just find out that you have been scammed already. luckily I am not the only one but to think all participants did the same efforts as well as you did. But it is really happening, lesson learned and could be just charge it to experience and move on. If we could only find out at early stage if we were in to scam or a legit bounty campaign. Who would really know anyway?
I think we should take the lesson learned from the experience and choose to to move on. The cryptocurrency scene is highly unregulated, so there are bound to be scams coming from left, to right, etc. Remember to practice you due diligence and research all there is to know about a project before jumping right into bounty campaign. I understand that bounty campaigns offer people around the world opportunity to earn some income, as well as become an investor. Investing in cryptocurrencys is a big gamble and as with any gamble, there is always a big risk involved. |
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We all know what the blockchain is and how it is related to bitcoin or other cryptocurrencies, but how would you define it to someone who has never heard the word 'blockchain'?
Here is one I find easy
' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'
What is you own favorite definition or explanation?
If I had to explain the blockchain to a technically illiterate person, I would first tell them that it is a transparent, public ledger that is decentralized and is untamperable. You can't fudge the numbers because the blockchain makes a solid effort establishing public trust. It is accessible anywhere there is an internet connection. People need to know that the blockchain technology is scalable and puts a new spin on existing tech, with a simple yet complex set of protocols. |
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Wow, this sounds like fantastic news! With a dedicated partnership between coinbase and PayPal, there is sure to be more trust centered around Bitcoin. The more people that begin to adopt it, the higher the market value will grow.
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After reading through the article, I now see the bigger picture for the use of the Bitcoin and Blockchain platform. Blockchain puts the power back into the hands of those who are disadvantaged and who otherwise wouldn't have the opportunity to earn income. It creates a decentralization of opportunities. I sincerely believe that bounty campaigns are the foundation for what may become the first decentralized workplace.
The Job of the future, whereas any one with an internet connnection and the know how, can seek employment opportunities. As of right now, the space is highly unregulated, but this year, parliament around the world has been issuing statements regarding the use of cryptocurrencies. Exciting times we're in, no?
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The first thing one should do is research what direction to head first, in order to educate yourself properly on your new ambition of becoming an investor. It isn't an overnight process. Through cross analysis, patience and due diligence, you can be moderately successful. I'm not an expert, just here to give my two cents. One of the best place to brush up the basics of investing is an online investor encyclopedia named investopedia. www.investopedia.com |
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