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841  Economy / Economics / Re: Most people dont even know what this is yet. on: August 16, 2017, 09:08:44 AM
I called around some stores to see if they accept BTC, no one has even heard of it except like 0.1% of people.  Wait till people actually find out this exists...

I agree with you. It is a sad sight to see so many not having heard about bitcoin at all. Even people involved in some sort of technology related careers have no idea what bitcoin is. This is also one of the main reasons why many businesses have yet to accept bitcoin as a payment method and have turned away from using it. Most customers / people are not ready for the change that bitcoin comes with, as they are just getting used to the current Fiat system - maybe.

We will definitely see a change in bitcoin's popularity over the next few years, where more and more users will start using bitcoin which will push the value up even higher.
842  Other / Off-topic / Re: Young people should go all in on bitcoin on: August 16, 2017, 08:11:04 AM
It may be right what you are saying, and I strongly support investing in Bitcoin even at a young age. However, I think today's young generation should really focus on developing the proper skills required to assist them in their future life. Not all those who use or invest in bitcoin will have a job relating to cryptocurrencies. First they must be taught on how to use money properly and smartly. Bitcoin should really be the next step of the puzzle when these individuals have a good, stable job that is enough for them to pay off their everyday activities. Then the remainder can be invested into Bitcoin later on.
843  Economy / Economics / Re: Bitcoin has defeated gold on: August 16, 2017, 07:56:31 AM
Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Well, we have come quite a long way since then, with the price of bitcoin now at ~$4200 USD. However, there is more to 'bitcoin vs gold' than just the standalone price.

Gold is far more stable than Bitcoin, with the price barely increasing or decreasing over time. If you want to secure your funds with a very small window of risk, gold is your man. If you think that fiat is not going to survive for very long, gold is a very viable option to invest in than bitcoin.

Bitcoin on the other hand is highly volatile and can increase or decrease its value in a very short period of time, sometimes even without notice or warning. If you smartly invest in bitcoin when it is at a low price, you can't really go wrong. However if you buy high and panic sell when the price drops or dips a little, then investing may not be the thing for you.
844  Economy / Economics / Re: The future of the paper money on: August 16, 2017, 07:47:40 AM
Andrew Haldane said one solution would be for the Bank of England to issue a state-backed digital currency based on bitcoin. Supporting this initiative would be a negative interest rate levied on paper currency relative to the digital currency, with these measures do you think there is more possibilities that sometime:

Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?


No, I do not think that paper money will be banned, at least not anytime soon. Governments are in full control of today's currency, and it would make no sense for them to get rid of it and move to a cryptocurrency or any other form of payment online. It would be much harder for them to control / manipulate it to their favour.

However, I do see an end to paper money in the next few decades, maybe even earlier. It has been used for quite some time now and has become 'outdated' compared to today's society. If we were to invest more time, money and energy into developing secure, fast online transaction methods (Bitcoin per se) then paper money would definitely come to a halt.
845  Economy / Speculation / Re: Is it too late to buy bitcoin? on: August 16, 2017, 07:19:31 AM
No! Most definitely is it not late to buy bitcoin. We have yet to see the full potential of bitcoin, and I figure that holding bitcoins is currently one of the best and easiest ways to make profit. Even in the past week or two, we have seen bitcoin's price rise from $3000 USD to almost $4500, proving the fact that once again, it is never too late to buy into the bitcoin network. As the popularity grows, so will the value of bitcoin.
846  Bitcoin / Bitcoin Discussion / Re: What Is Your Bitcoin Dream? on: August 16, 2017, 07:10:07 AM
My bitcoin dream is to be able to settle down somewhere nice, have a car & house and own a private business so I work for myself and no-one else. I think it is definitely possible with bitcoin and that many people have already done so. Bitcoin is still growing and although has already made quite a few millionaires, I think that we have yet to see the full potential of bitcoin in the years to come. Overall, I just want to be able to have a solid income and afford many things I desire, not necessarily rich and expensive items.
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