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According to the present scenario, I can't see that day coming unless the humanity gets involved in a nuke war where majority of the earth will be destroyed. Then only we all have to go for a barter system instead of money. Bitcoin or any other crypto currency doesn't have power to simply negate the need of money or they simply can't replace money in any way.
Real money is controlled by the government and it is so deep-rooted, it can't be simply destroyed. However, crypto currency has created a parallel economy where a lot of people have become financially independent and living a good life. So just take crypto currency the way it is, instead of thinking of making it a mainstream currency.
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Bitcoin is not a magic wand which will end world poverty. It simply doesn't have the power to end such a massive thing. Also bitcoin is not a payment system anymore. We have moved to a different goal long back, when the confirmation time increased and transaction fees hiked. These confirmation time and transaction fees is going to be increased again and again. So we will move from the initial goal further.
Bitcoin has now purely became an investment asset. IT can provide a huge return which any other conventional investment will never be able to offer ever. So I take bitcoin purely as an investment and a trading asset. I earn profit and keep it for the future.
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Our experiment with BTC is over. We accepted BTC in 2 of our on-line stores and after losing hundreds and possibly thousands of dollars we are removing BTC acceptance. Stores were selling card access products and chip cards.
Simply by the time somebody buys something and gets confirmed and we manage to exchange BTC at Canadian Kraken we are at loss. So goodbye Bitcoin, going back to PayPal and credit cards only.
I am sorry to hear about your losses but that's actually a challenge for stores to accept bitcoin. The dynamic pricing has made it really tough for bitcoin to be accepted as a payment system anywhere. You may incur huge profits and also may incur huge losses which is what happened in your case. Bitcoin is not meant to become a payment processor for internet. It is mainly an investor's instrument. If you hold it for long term, then it makes sense. Otherwise bitcoin won't give you profits, you will only end up paying more in transaction fees which will eat in to your profit. |
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Even some months ago bitcoin'a price was 600$ but it started to rise and everyone sees how it become 1300$, than 1-2 month ago we had a little fall and lowest price was 890$ but than it returned to it's 1200-1300 and continued to rise and rise and we see what we get in result, bitcoin's price is 2750$ currently. This is very high rise and what do you think guys, will we see fall from 2700 to 1000 or even to 600$ ? Can we to forget worries of price fall?
That is practically not impossible but it's really hard to happen. For the bitcoin price to come under 1000 USD, the market cap of bitcoin should also come down to 10 billion or less from current 40 billion USD. That will happen only if a global force acts against bitcoin and people start selling it like anything. That's most unlikely to happen at the current scenario. Because investors like me are gearing up to buy more bitcoin at the current price. Even though market cap has decreased over 3 billion from yesterday. It is the ideal time to buy and bag more profit. |
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I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:
"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."
In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?
This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?
That's true, crypto currency is backed up by public trust only. And the public trusts only the price of a particular currency. Probably the 0.001% people associated with bitcoin actually loves the technology and trying to explore new opportunities with it, but rest of them wants to grab profits only. They also take part in technology also, but the motto is price and profit only. Today bitcoin is an excellent investment option and hence people are investing money in to it. Also they are withdrawing money once their goals are met. This is how the crypto currency market functions. |
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So my initial plan was to invest more into bitcoin on a weekly basis but with the possibility of a split on August 1st I figured I'd wait a little. If there would be a split, there would certainly be a drop in price so maybe a good opportunity to pick some more up rather than doing it now. Normally I tend to make these kind of decisions for myself but since I don't fully understand what will happen August 1st I figured this would be the best place to ask.
My suggestion is not to wait till August first to buy more bitcoins. We are not aware of the impact of the fork and hence the price. Bitcoin price is now stabilizing at 2500 level to take another leap. It has regained much of its strength and the next surge will be huge. SO it's better to buy at least with a major percentage of your invest-able money. Once you have bitcoin bought at 2500 level, then you can plan for August first and if you see another opportunity to buy then, please go ahead. But don't miss the chance to buy bitcoin at 2500 level now. You will regret. |
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Bitcoin couldn't hold at 2700 USD level and again came back to 2520 USD level. So I believe the price is not stabilized yet and there is a room for another correction. I believe bitcoin price will stabilize at 2500 level only and then it will gain strength to surge. The market cap has also increased by some percentage as a lot of people are moving to a different currency like ETH.
However, at the current level, I believe it will take some time to increase again, at least few weeks from now. But once the increase starts, it will end up above 3300 level. But that's what I am speculating and not sure what's really going to happen. Lets wait and watch and don't forget to buy more bitcoins at this time.
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I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.
So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?
I'm sure I'm not seeing the big picture here so please, could someone explain it to me?
Well, that's true that a lot of people become rich after investing in crypto currency and the list of going larger day by day. However, you should look at the brighter picture as well. A lot of people becoming wealthy means their purchasing powers are also increasing. They are spending more and more money is flowing in to the economy. Which is good for the economy as a whole. I foresee no reason for depression because these currencies are regulated by any authority. Also crypto currency has paved way for the employment. People are living on their own through this crypto currency. So As of now, I don't see any bad things to happen in near future. |
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Yes, it is true and I am moving towards that direction only. Even though I didn't have a luck to buy bitcoins at 12 USD price. BUt when I started earning bitcoin, the price was standing at 450 USD. Later I got engaged in trading activity which helped me to multiply my bitcoins. I am currently accumulating more and more bitcoins.
I have a plan to buy something really costly and which I can't afford from my salary. So I am planning to hold my bitcoin for another 5 years and then probably I will sell a major part of it to make my dreams come true.
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That's a good news for the bitcoin community that Indians are showing more and more interest in bitcoin. It will certainly increase the market cap of bitcoin which will increase the price of bitcoin. So it is a win win situation for all. However, I'm not sure about Zebpay's service and related fees.
I have used localbitcoin website for a few time and I am very happy with them. The rates are good and also the built in escrow feature make it attractive to the bitcoin community.
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Note: this is a theoretical thread to discuss what would happen to Bitcoin, its price, and fanatics if it was suddenly revealed who is Satoshi Nakamoto and that they are now deceased.
What would happen to:
1. Bitcoin technology;
2. The price of a Bitcoin;
3. How would the community feel.
Discuss.
I really hope this man lives a long and healthy life and away from everyone's eye. If his identity comes in reality, all the enforcement agencies will try to get hold of him and he will stay behind bars for no reason. However, to answer your question, there will be no impact in bitcoin price or technology. It will remain same. However, few people will feel sad that the best innovator of our times has died but market will show no impact for sure. Bitcoin community is 43 billion strong and it's not easy to shake. |
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Similar things I have also noticed from poloniex. Since last 2-3 weeks, I have been receiving notification that my account has been accessed. But the fact is that I haven't actually accessed my account since last few months as I don't use that exchange.
The IP address is showing as 116.126.166.202 which belongs to Korea. I have now changed my password but I thing someone have got the access to my account. This is really wired and I am now changing all my passwords.
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That's really a good news for the crypto users as mainstream users are getting interested about bitcoin and investing money in to it. IT will help the network to slowly move to the mainstream business. However, the legal status of bitcoin is still not clear to many countries. I hope such investment news from mainstream names will help bitcoin to pave its way. |
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Interestion your point
I don't see it as a limitation rather I see it as an opportunity for the future. Bitcoin supply is limited and that's what will make it special after 2023. Very limited people will have access to a good amount of bitcoin and they will become elite rich after that time. We all are trying to fit into that bill. If bitcoin increases the supply, as per the normal demand-supply rule, the price of bitcoin will come down. Similar to the bonus-share issue of the real world stock market. But if the supply remains limited and the demand stays robust, the price will appreciate to an unknown level. I believe all investors like me, are waiting for their goal price. Limitation in supply can make it happen. |
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Probably you are right for the short term traders who sit in front of the computer whole day and track the market diligently. But not true for the part-time traders and long-term investors. I am an investor to the bitcoin and I get only weekends to trade. So I make some quick bucks during weekends by trading with altcoins. But I am also a long-term accumulator and investor of bitcoin. I prefer to buy bitcoins from various exchanges with my signature campaign and trading profits. I started this practice since the price of bitcoin was at 450 USD and you can easily understand that how much profit I am making just by holding the bitcoin. This wouldn't have been possible for me if I was investing in litecoin since that time. |
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Hello,
I just want to know why Bill Gates do not invest some money in Bitcoin, he will be a very big contributor to the crypto world, and will also be very respected, he will also be able to become more rich (or less).
But what is the reason why he do not invest funds in cryptocurrencies?
Why would he? I see no reason for him to come to crypto world and invest money in something whose legal status is still not clear in many countries. It will lead him to controversy. I am sure he doesn't want that. Not just him, but I don't see 99.99% of billionaires is investing in cryptos for obvious reasons, controversy. If the legal status of crypto currency becomes clear with all countries or majority of the first world countries, then probably we will see some ultra rich population to invest in it. But not before that for sure. |
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For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?
You are correct, the current network fees and confirmation time is actually hindering the goal of bitcoin to become an internet currency. People prefer other coins like ETH for the swift turn-around-time. However, bitcoin still remains as an excellent investment currency due to the steady increase in its price. Those who are investing in bitcoin since last one year, they are already sitting on crazy profit and I am sure they are investing more in to it. So it is the best time to take bitcoin as an investment asset and not as a transaction currency. |
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I just wanted to know that,what amount of risk is there in investing in bitcoins.
Right now i am planning to buy btc approx 3-4 btc and just hold them as i guess the price of bitcoin will increase in future and i will get some good profit.But i want to know what is the risk involved.Can bitcoin price decrease and is this right time to buy the bitcoin.
Let me tell you that, there are risks involved with every kind of investment which are market linked. So even if you invest in market linked insurance or mutual fund, there is risk. But bitcoin, being a decentralized currency with no regulator carries a bit more risk than any other regulated investment instrument. But if you look back at the bitcoin historical price, you will see that long – term investment in bitcoin was immensely profitable for all. So if you are planning to hold your bitcoin for long time like 2-3 years, go ahead and buy it. But if you planning for a shorter term, then I would suggest you to use SIP method. This way, you will buy little amounts of bitcoin at a certain pre-decided interval. This way you can average out the price and minimize the risk. |
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Trading with btc - eth, I buy too high ( 0,082 ) and today I sell all on 0,077. Before that trade btc - ripple ( xrp ), make mistake buy 0,0002150 so today I sell with price 0,0001200. I decide to sell all because my patience is finish. I have loss almost 40% from my money, my question is simple ................. stop or continue?
I am sorry to hear about your losses, but I believe you haven't studied the market well before trading. That is the main thing you need to do before you jump in to trading activity. Also patience is another key factor you need to have during trading. Unless and until you are playing with margin money, you should not hurry to predict the market. Always read the charts for at least one month and try to guess the price pattern of any pair, you are planning to trade with. Otherwise, you won't be able to predict the market correctly. The market study will help you to decide at whay price you want to enter and at what price you need to sell. That is very important. |
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With the price of Bitcoin being so volatile should we ever consider buying or even holding if we have bitcoins? What are your thoughts??? What should we do?? As it stands today at this moment, the Bitcoin volatility index reads: 4.57% the latest 30-day volatility estimate 3.54% the latest 60-day volatility estimate The bitcoin volatility index for present day can be seen at: https://btcvol.info/My opinion of bitcoin longterm can be investigated here in this post titled "Hacks & puppets & forks - how to destroy bitcoin": https://bitcointalk.org/index.php?topic=1834310.0If you don't want to hold bitcoin anymore, would you mind sending them all to me? I will take good care of them, I promise. The volatility is what make bitcoin so special to the traders like me, because we earn profits from that volatility. If the price of bitcoin remains stable, it will not make a good trading instrument. I believe, bitcoin has the potential go up in future and that's why I invest in bitcoin for long term. Whatever profit I earn from bitcoin, I keep them in a safe place for the future. However, the volatility is the main thing that keeps my trading alive. |
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