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One major factor I feel is affecting bitcoin is global acceptance, not as general currency. But as a legal platform. Having world power countries settle with this would really make a difference for Bitcoin.
The factor of supply and demand of the coin in the market really can't be overlooked as it determines scarcity or abundance in the market.
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When i flashbacks far 2013 and 2014, within that range far back i remember how people were castigating bitcoin as a means of extortion of money, and also a means of scamming peoples money, but today everyone is interested to invest in cryptocurrency and more especially in bitcoin, because from what i observed from little bitcoin seminar program i hosted in my geographical domain even a nursing mother that is approximately forty to forty eight (40-48) years is interested to invest with bitcoin and children in school is already knows what is bitcoin, so with this length of bitcoin awareness in my society i think BTC can stay till infinity.
I totally agree with you, the basis upon which the conclusion that "bitcoin can stay till inifity" was drawn is weak. I also so think the content of his post really doesn't justify the topic. I understand that Bitcoin has come a long way and there's a very high possibility it would stay longer. What I am sure of is that technology today isn't what we had many years ago neither would it remain the same. I believe Bitcoin will strive in future but not without a competition. I am saying Bitcoin might stay for long maybe not till infinity we can't say. |
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You can't blame Bitcoin for the limitations fiat currency faces. If bitcoin is gaining more popularity it is because of it uniqueness as a digital currency. People would always the go what is easier, faster and profiting and Bitcoin indeeds meets these requirements.
And I am not in anyway implying that Bitcoin is the perfect replacement for fiat. Definitely not. Fiat has it place and advantages.
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This here is a really bold step and I'm sure it would encourage others who are on the edge of making this decision too. This would make sense if there is a large populace that use Bitcoin as a means of exchange
But this at the same time would take alot of evaluation due to the volatility nature of the coin. You still have to very careful about fixing prices
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To say Bitcoin is a scam is to say blockchain is a scam which is totally not true. because blockchain is far to real even to the world outside crypto currency. Even the world government wouldn't dare to think it is a scam seeing many of them see crypto as a threat to their their local currency.
To think bitcoin is a scam is quiet belittling. If Bitcoin could pull through all these years without coming off as a scam it wouldn't start now.
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The question for me is why not hold bitcoin. Holding is another means through you can build wealth on this platform. I get that volatility is key factor and the main way people earn by trading but also on a flip side, it's also an advantage for those hold for a long period. Although the price fluctuates but there has been a major build over the years. Thereby making Bitcoin worth more than it used to be years ago. This is a simple and more stress free way to accumulate wealth on this platform.
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There's no investment without risks. Bitcoin is not exempted. The volatility nature of Bitcoin is a unique feature that aids the growth of the market with time. One major risk I see is the risk of being hacked, seeing that bitcoin is a digital currency although it is highly protected from easy access by hackers. I believe it would only take time before many of them start figuring it out. Except Bitcoin it is constantly improved.
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Worst case scenario I believe would be that the government bans everything blockchain. Including every crypto currency that it aids. What I know is even if create an a customized digital currency they would still need the operation of blockchain. Overthrowing blockchain would be too much a demand I believe.
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I missed Bitcoin because I didn't know enough to want to invest in it. Also everyone around then were skeptic about it. Piratically my friends told me you might loose all your money, there was no much emphasis on what I stood to gain and how it worked.
Plus I didn't have just enough funds then. But the moment I had the chance to learn what it was and I got my hands on just the right amount of funds I needed. I went all in.
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The countries that are still finding it hard to accept Bitcoin are not undeveloped rather they have built an economy that can be independent. Such that they do not need a added edge for reliance.
About shorting down bitcoin, it would those countries cost too much. Bitcoin is decentralised it can't be regulated by anyone. It would take shorting down the internet to stop Bitcoin.
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People who have issues with Bitcoin fail to understand what really it is all about. Bitcoin is not for the hasty and naive. If you know nothing about patience bitcoin would teach you. Because often times people rush into investment not understanding what Bitcoin is really.
Those with no experience at all (good or bad) and are haters of Bitcoin are just victims of ignorance. And I'm sure there so many other life opportunities that they have intentionally failed to recognize.
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Bitcoin is a decentralised digital currency. This means money that can not be held in the hands and it's not under the control of the government. Beyund these specific features. I for one believe Bitcoin is an investment platform rather like an asset rather than a currency to be used to trade. Can it be used as a currency? very well it can. I also believe there's more to Bitcoin than we have seen.
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Whether you like it or not, there is a strong but silent competition out there in the market of crypto. And I see Elon musk using his social media platform as major weapon of warfare. Everyone that buys into the negative things he says is only a pawn on his chessboard. Majorly his aim is to reduce the worth or importance of Bitcoin thereby pushing his company as rather a better one. The funny thing is all he has to do is a single tweet😂. And the market goes down. The earlier his followers realise that he is only looking out for himself the better. He really doesn't care if Bitcoin is bad or if it crashes. In my opinion, he might not even be interested in buying. He is just out to make a name for himself and TSLA.
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It is really good to see Bitcoin in different manners of use. As a local currency inclusive. This uniqueness comes with the whole package. What I do not agree with is saying Bitcoin would be the general form of exchange between all countries, I doubt this would happen because I believe no country would want to build it's entire economy on an uncertain platform as Bitcoin.
Bitcoin is already far beyond this age, what I believe should happen in the future is that we adopt it and maximize it to its full potential
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In my country bitcoin is not banned or restricted but anyone that has anything to do with any form of crypto currency is tagged a scam, a fraudster in our words " a Yahoo boy". This gives Bitcoin a very bad look to the general public. Such that, before explaining what Bitcoin is to someone they believe they already know all they need to know concerning it. Thereby making it difficult for business owners to trust Bitcoin and any other crypto currency let allow Bitcoin transactions.
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Bitcointalk Username : Jerrykin
Current post count :31
Merit earned in last 120 days : 2
Eth wallet : [Must be e same which you used at the standard website.] 0xCAbd12B1cb21dC789de08e04CF7b7707A9059Cb4
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Yeah the pandemic gave Bitcoin a strong popularity boast.
Sometimes ago I also thought about this question, if Bitcoin would be able to maintain this suddenly increase in the participants now that things are seemingly coming back to normal in terms of the economical rejunevation going on. But I also thought and would like to agree with some of the comments here, saying it would rather futher strengthen Bitcoin's progress, because in many nations like mine, people are back into full business, companies are now running and the general economy is being built again thereby removing the excuse of low or no funds to invest in Bitcoin.
I think the vaccination is equally a good opportunity for Bitcoin to gain strength.
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I don't understand why many people are hoping Bitcoin would be a central currency. I don't think it was ever designed to be one and I don't think it would ever be. Except it becomes centralized. meaning it can be influenced by a third party (the government).
The last thing you want is a Bitcoin influenced by the government
The fact that Bitcoin is not serving as a currency is not an imperfection rather its a peculiarity. No one can change this fact.
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For me when it comes to my salary. I'd pick fiat over Bitcoin Everytime I get a chance to. Majorly because of my immediate environment. The level of exposure to crypto is very low. hardly will you find a store that allows payment with crypto currency.
Plus the added disadvantage of the instability of the price of Bitcoin. I know it could be an advantage but I'd rather not take the risk
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