You are in for a big surprise. If nobody claims the funds in a bank account they are taken by the government. In different countries different terms are set, but these accounts do expire after a certain period of inactivity. I guess the same applies to bank vaults
This is true for banks. And in my country same policy applies; Government takes the fiat money from inactive bank accounts, but there is a significant difference. National governments have the control of fiat money circulation and have the right to take these money for common good and transfer the funds to accounts that belong to this country and not to people. But using bitcoin this is different. Let's say that we have 50 bitcoins dormant in blockchain we do not know to whom they belong. These coins after some period (time is not the point) must somehow be put into circulation. Maybe someone can transfer it to his own wallet or if sold to exchange market someone will take fiat money. As you proposed to finance scientific research or I say a NGO. But who will decide that? This is my question |
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As usual we compare bitcoin with fiat money. We know its advantages but is time to compare it with other crypto-coins. Bitcoin sure is not perfect but is the pioneer and has the biggest user base from the alt coins. Nowadays is like a horse running in a race without competition but after some years who knows? On the other side it's good developers to stay awake without reassurance because another coin may win the trust of investors today and users tomorrow.
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- Hugely anonymous, it is hard to trace the any people involved in any transactions
No it's not. It is only pseudonymous. IMO paysafe cards anyone buys from kiosks are more anonymous - It has been used in past for illegal activities
cash has a long run to illegal activities but people remember only bitcoins. - No one controls it, i.e, dependency on peer-to-peer network
this a disadvantage? Maybe for banks and governments; I see it as advantage |
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I read almost all the answers had given above to OP. I would like to answer him asking some questions:
Since OP considers that bitcoin is not open source software which according his opinion is open?
Suppose that bitcoin is not open source. What he proposes to do? Stop using it and return to fiat money only? Maybe using an alt coin? Something else?
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I like bitcoin because as far as i know bitcoin is worked by anonymously person so everyone can use bitcoin freely also no one knows our real identity.
No, bitcoins are not anonymous; only pseudonymous because every transaction stays forever in a public ledger called blockchain which is stored on every computer node that partakes in the network. Blockchain technology and the feeling of freedom without any trust entity (bank) are the characteristics I like best using bitcoins. |
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Bitcoin is like fiat money but with a significant difference. There is no government to print and control the circulation of money and there are not banks to keep your savings, giving loans or whatever a bank is doing. Miners take as reward and transaction fees bitcoins and they exchange it all or a part of it with fiat money. Other users buy/sell bitcoins in exchange markets too. Merchants sell goods and they payed with bitcoins and freelancers accept bitcoins when they provide their services like as fiat money. This is a simple more or less explanation how bitcoins are circulate between people.
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For all you that love 'decentralization', it has made a right fucking mess of things.
Basically the open wild, wild west of 'consensus' is causing tremendous problems in the Bitcoin network. People are not working constructively together to achieve a remarkable new system, but rather fighting like little school girls on Reddit. This is a damn mess. We need a CEO and management to direct efforts and align them to reach a goal.
Is it the case there can be no noble CEO? I don't buy that theory.
As human beings and not sheeps to follow others is the flock we don't need any shepherd. Under this reasoning people other times they agree and others not. If I want a skillful CEO I will transfer all of my funds in a bank and I will trust the bank manager. I prefer bitcoin because I don't trust neither banks nor their managers. |
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I believe that miners after some years will have only two options if they want their mining rigs are profitable. First option is mining alt coins because after some halves bitcoin will not give profit any more. If they mine other coins they can sell it in exchange markets. Second one is transaction fees and maybe will be raised to cover their functional costs.
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I do not consider as source of bitcoins HYIPs, MLM Tables etc. From rest sources, mining not only bitcoins but other altcoins and exchange it is good if someone has money and time to invest. Trading is not for everyone; Need education, very good information, positive psychology and nerves made from steel. So for the rest of us others is my opinion, that is selling goods or providing services where others pay you with bitcoins.
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First time I read that I felt angry because the teacher of economics was so uninformed and backward from the era we live. Secondly, Ι was starting to laugh because his arguments focus on illegal activities using the internet; So, if the adoption of cryptocurrencies is so difficult for a teacher then how we hope that other people less educated would be persuaded to use it instead of fiat money?
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honestly i didnt liked the fast payments but the impact which impressed me is its anonymous + transparent network.its the craziest idea i have ever seen its totally awesome
Anonymity is an issue of bitcoin. Bitcoin is pseudonymous because every transaction stays forever in the blockchain which is transparent; that is everyone can see it. So if anyone can link your real identity with your network address not only you lose your anonymity but everyone can learn the amount of coins you own. In order to come up with a solution Satoshi recommended a new address for every transaction but this is a small obstacle for an experienced user and does not offer a fully anonymity but is something for non experienced ones. |
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No I want to believe that will never happen. What is bitcoin except a sophisticated, innovative, revolutionary technology? A brilliant idea of a man or group of people; that is a brainstorming how people could transact in the future. If this idea stays without development dies. Does anyone, here, want to see bitcoin to die?
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I think because bitcoins can not be controled by government and it can kill fiat money, if all of people on countries use bitcoins for payment method in their real life, the fiat money will be useless and it is mean the government can not become regulator and can not take taxes.
i think its true, maybe government afraid that in someday, people will not trust the government to protect fiat from new currency like bitcoin. the government wants to make sure that fiat still safe to be use for their citizen and make a limit for bitcoin and preventing bitcoin used many people. government didn't fear on bitcoin can treat their national currency but they are fear about people who can store the wealth in bitcoin without get taxed also bitcoin suspected as a payment gateaway for illegal markets that's why in my opinion there is so many country ban bitcoin. Governments levy tax to income and properties. That is, if you declare your income or if you have a car or you own a house you will pay taxes regardless which coin use. Of course if you live in a country with strong economy consequently with strong currency government wants to prevent the national currency but this is different from taxation. |
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I think bitcoin can stand without alltcoin, this would be interesting because bitcoin will always be compared to official currency like USD, Euro, Yen and other.
No I don't agree. Bitcoin is good/bad compared with? only fiat money? We know fiat but bitcoin is crypto currency and need to compared with other crypto coins as well. Bitcoin has some weaknesses like that if privacy is an issue then another coin is better than this. Moreover if our concern is about network confirmations and bitcoin's 10 min interval where Litecoin and Dogecoin are 2,5 min and 1 min respectively. |
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As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default. Read The Full ArticleI can't read the full article since I am not member of this site but reading only the abstract I would like to highlight the following points 1. I don't know not even I have read in history books that any country even these with the most liberal policy have established a voluntary taxation. 2. Let say that my currency is only bitcoin. Does anybody believes that I can to tax evasion? No it's utopia. If I want to buy a car the state will ask where the money are come from. So I will pay not only once to buy it but every year which this car is my property. Same if I buy a house or a field or any similar asset. 3. Only if I declare needy I don't pay taxes; But for what reason to have bitcoins and live as homeless? |
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Simple but not attractive. Maybe a web designer could give you his opinion and propose some good alternatives. Some other things which I noticed are no sound, not many options that is, only 2x and max (there aren't min, 1/2 max etc.) and maybe a faucet as you wrote above; as new users before their first deposit want to try. Keep on and good luck.
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Since many of the youths are involved in it. Also it is now a good source of earning. Can new generation be independent and will bitcoin help for personal development.
Yes many youths now are using bitcoin because they know that bitcoin have many opportunity. And bitcoin are easy to use and tranfer money in different places. So new generation be independent now coz bitcoin is big help to them to earn money. That is a big opportunity, and the secret weapon of bitcoin. The young generation grows up already knowing bitcoin. They have no false prejudgements of bitcoin because they know it from experience. And they will pass on their knowledge to the next generation. A lot of people can't be persuaded of the advantages of bitcoin, but bitcoin will manage to grow its way into society. I think bitcoin is already a story of success, but this story has just begun. May be the most success story using bitcoin is the young generation to learn and to live with it. That is, transact with it save it and inform and educate other people how to use it all over the world. This is the only way bitcoin to compete fiat currencies |
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Username: sportis
Bitcoin Address: 1EYi1t7MKPxYKEJJVP76a7vFg2cVrSqASp
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My rank is up
I changed my signature too. So if there are slots available please join me
Thank you
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