https://motherboard.vice.com/en_us/article/7xmvbq/bitcoin-energy-science-world-electricity-demandNow Motherboard is not the best source for news, but let's consider the implications of this... Consuming immense amounts of energy is actually somewhat counterproductive if we consider the vision of Bitcoin giving us tools for independence. And it's somewhat unethical because we should not be using more than we need on this earth. However, we don't really know how much energy it is consuming at this stage, so this could just be another reporter trying to find a story. In my opinion, energy consumation is already been a problem even before. What others should say is that bitcoin is added as a contributor to this. Everything existing and being developed nowadays really do consume energy. And I believe, there are ways to solve this problem. And that would be the use of natural energy. There are lots of ways to make alternative power resources. Investing, saving and helping nature is what we should do. |
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Successful currencies meet three criteria:
(1) they are in widespread use as medium of exchange
(2) they serve as unit of account
(3) they are a stable store of value.
Most sovereign currencies fully meet all three criteria.
What about Bitcoin?
If that is how currency is being defined, I believe as of now bitcoin can not be consider as one. Being only accepted in just some countries already limits its use for transacting. Though it has a value stored, its stability is the problem. The volatility of bitcoin makes it hard to identify its exact value. When it comes to being a unit of account, I think it is still not being consider as one. Though I believe as time goes by bitcoin will achieve it. |
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I'm not referring to the price of Bitcoin (we all know it's going to be $250,000/coin by 2022), but the goal that it would be a legitimate alternative to inflationary government fiat currencies. When the altcoin market is examined, it is inextricably linked to the price of Bitcoin. Where Bitcoin goes, so does the rest of the cryptocurrencies. There's even somewhat of a dismissive attitude toward other crytpos in some investment circles; strangely this was a similar sentiment held by those "respectable" investors when Bitcoin was in its infancy.
What do you think? I'd love to hear from some crytpo veterans.
I believe it still has not yet attaining its goal. There are still a lots of obstacles and works for bitcoin to go through. I believe what bitcoins' primary objective is to be acknowledge by every country worldwide and accepted as another means of transacting and earning. As of now, I think it still beyond reach but there is a possibility for it to happen. Bitcoin is still developing and should continuously grow and be known by everyone. Just take its time. |
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If that's even his name. Just read the bitcoin wiki on him and I'm amazed. Nobody knows him.
Long time passed since he last posted in here. Why? "Busy"? I don't think so. He was active when bitcoin needed support but since the slashdot...
Also, it seems has knowledge in many areas, especially economy. He doesn't act like the average human. Not taking advantage out of his creation, leaving without telling anything. Is he even a single person or a group?
How can someone create something so great and not stepping out to get the credit?
No one knows who he is or if he is only one person or a group. Personally, I believe it really does not matter what is his name or what do he looks like. What I want to know is his reason for creating bitcoin. How he come up with such idea and his reason for making this kind of system. He is not stepping out even though bitcoin is getting more known worldwide, maybe because he wants to keep his life lowkey and still live peacefully. |
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This forum was created for people to learn more about bitcoin and not to hate it or spread false information about it. Guys, is it enough that these days we sit here  and here all sorts of FUD being spread about bitcoin saying all sorts of things which are not true??? Let's not forget that it is as a result of these these FUDs that brings all sorts of panic sells which brings the value of bitcoin down and what bores me is that at the end the come back here and say, "Finally bitcoin is dead" forgetting the very fact that they were the very ones that caused it. But they can't because bitcoin is still strong. Well, I believe what we should focus is how to keep bitcoin growing and spread facts about it. There will always be critics, as well as, people who are looking for things that can destroy bitcoin that is continuously getting popular and growing. Though, I don't really understand such persons whose hobby is to spread negative infos. Well at the end of the day, everyone has freedom of speech, just focus on your pace and don't let others ruin it. |
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What if people convince governments of their nations to make Bitcoin as a legal currency or what if we agree to give tax on our bitcoin income? Will government then make Bitcoin a legal currency.
I think it is a yes. What government aims is to regulate whatever it is that affects its nation's welfare and being. I guess it is okay if it can be access by the government though I hope they will not use it for their own good. What bitcoin should do as of now is to make sure to continuously stabilize and grow. Also, it must avoid issues that can affect its name. Aiming to be accepted by the government and every country worldwide is what I also look forward for bitcoin. |
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Hello, would love to get your opinion on this topic. Do you think there would be more regulations regarding cryptocurrency by the Government? Both now and the future? Let’s say bitcoin price rises to $100,000 per bitcoin, Do you think the government would actually let it be and function on its own without constant regulations? Well, personally I think we would see more regulations from the government down the line to a 1 Trillion Dollars total market cap and above. But I’m positive such regulations won’t hamper on the further growth and advancement of cryptocurrency. So tell me, what do you think?
In my opinion, I believe if government will be able to control cryptocurrency, they will definitely put regulations for it. Too much or too less of something is not good. I think it is simply for the betterment and benefit of everyone if people think of it positively. It his how you will perceive and react about it. As of now, what bitcoin should be doing is to first be accepted by every country worlwide. How it will show the government its pros and overcoming its cons. |
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i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?
In my opinion, I believe it won't. Money has and always been our medium of transacting ever since. Its value in our history is much greater than bitcoin. Personally, I don't want bitcoin to dominate the currency world. I believe the reason of bitcoins existence is to serve as another way for transacting, so people will have choices to transact. What I hope for bitcoin, is to be accepted worlwide, be part of the economic circulation and continue grow in its own kind. |
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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...
Reality speaking most of the things existing in this generation contributes negatively to the environment. When it comes to the energy being consumed by bitcoin, I believe it is not much to be an issue. There are other alternative ways to produce energy. Too much consumation of energy is already a problem even before crypto was not made. What people should think is how to make those alternative ways possible and sufficient for every country. |
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A lot of noise and FUD news was been said about the price movements of bitcoin lately. We are expecting bitcoin price to move up faster without considering the facts that the process of cryptocurrencies revolution comes in stages. Even the fiat currencies also pass through some stages before it become stabilized.
In every sphere of life, there is always a revolution and developmental stages which I believe is also affecting bitcoin too. Let have believe that this process will stabilize bitcoin in the long run and be more acceptable.
I also believe that bitcoin is still developing. Obviously, being the first cryptocurrency and paving its way in the economy, bitcoin really need to continuously grow and develop. Being part of the economy's circulation and competing with other cryptocurrency, it is reasonable to assume that the developer/s is/are thingking ways to improve bitcoin more. I hope that as bitcoin grows more, its price will stabilize and be acknowledge worlwide. |
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Do you think Satoshi wanted the market to grow that much? So many different companies, ICO's, different opinions etc...
I believe it is a yes. Of course, creating such kind of system, especially involving money or transacting with others includes an income for the developer himself. Thus, making bitcoin much more known and spread worlwide obviously benefits Satoshi. Being accepted and use increases the reliability of bitcoin. Also aside from personal benefits, I believe what Satoshi wants alsl is to create a new way for helping people be successful and shows how the economy grow. |
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I came across a quote made by someone on this forum which goes like,'An open mind is one of the best assets when it come to cryptocurrency'.
This quote got me thinking, to make bitcoin (cryptocurrency) grow everyday in relation to clearing all misconceptions people have, we need to share our little knowledge about bitcoin on this forum. Sharing of knowledge will create an atmosphere for people to be open minded and also help newbie investors to understand the crypto world and the market. I realized there is quite a great number of very helpful people and resources on this forum.
What do you guys think? Do you agree with me?
I do really agree with this. Bitcoin users should not simply focus on earning more everyday. Continuous learning and sharing ideas or experiences should be done at the same time. It will not benefit the bitcoin only for its growth, but the user himself, since he can accumulate more knowledge aside from what he already know. Teaching and helping new users also shows that bitcoin is continuously getting known worldwide. |
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A lot has been said about mining and about the electricity consumption of the activities related to bitcoin mining. However, I have thought of the alternatives and how other systems produce not just energy waste, but also plenty of useless work and "human waste".
To have a network that can ensure the completeness of transactions, the global accessibility and all the features that bitcoins, and many alts, have at the moment, would probable produce a huge carbon footprint. Just think of the VISA system or the banking system... the amount of people working on it, the waste of commuting to works, the infrastructure.
Thinking of all that, would you still say Bitcoin is bad for the environment?
I believe it is not. Bitcoin is being done only at home or anywhere you are. You don't need to travel and spend for commuting or filling your gas tank. If it is about the electricity being consumed, there are lots of alternatives already present as of this days. The natural energies and inventions like the use of salt with water etc being introduce are just some of it. Since it is also digital, man power is not needed. There are no more works, salaries and time needed to use. |
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All those FUDsters that where saying year ago how Bitcoin would fail because another currency would take over get proven wrong year after year. The more time Bticoin is alive, the stronger it gets and the bigger the network effect. Sorry but there will not be a Bitcoin 2.0. Bitcoin will go to 100k+ per coin in the next 5 to 10 years, it will absorb all the value researched in the field if not directly through protocol improvements then through sidechains.
Bitcoin will remain the only solid coin. The only coin that survived for the longest time (other coins can't claim this unless they invent a time machine).
There will be alts that pump really hard and make people millionaires, but no alt is going to surpass Bitcoin's strength and solidity. No coin will get a bigger marketcap. In the long term people holding 21+ BTC will be rewarded by history with rich-tier status for seeing the value in it before most people did. Do not let the FUDsters trick your mind or the trolls try to derrail the excellent job being done by Core devs.
Let's continue then our path towards inevitable triumph.
I think it is more better to say that bitcoin will prevail as a cryptocurrency. Reality, speaking there are other coins already being introduce like the altcoins. Despite of this, I also believe that bitcoin will still be on top. Being the first kind and ever introduced cryptocurreng in the market, competing with bitcoin will be tough. This is also up to bitcoins development and of course how much the users themselves show support for bitcoin. |
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I foresee it coming, it keeps on ringing in my ears with series of flashbacks. It will happen like a speed of light in a vacuum. Most bitcoin holders will betray bitcoin one day, they will see no value in bitcoin again, they will dump bitcoin and call it all sort of name, with all these i know there will be holders who will follow bitcoin till death apart. They will hold on no matter how tough things will be for our mother coin.My question is which side will you be?. LONG LIVE CRYPTO, LONG LIVE BITCOIN.
Well, for me, you cannot tell what others will do if ever bitcoin falls. The best thing to do is, for us users to help each other and help bitcoin grow and be spread. Let us also make things not just for us to simply earn but what we can do for bitcoin itself. Whatever happens it will always depend on how people will react. It does not matter what will happen in the future what is important is happening now. Let us hope for bitcoin's continuous growth and success in the future. |
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So , why do they call Bitcoin a scam ? - Firstly , they say that for their reputation.
Imagine if they advise to invest in Bitcoin and btc will go down ... they will really ridiculous..
- And then , if they advise to invest , what would say Banks , ... ?
- Furthermore , they control banks and others Institutions , so if People invest in btc , they will loose power , for sure.
And as if they advise a thing , people will follow them , they can't.
Nevertheless , do not say that they don't understand this technology , they perfectly know. They have a lot of knwoledges , more thay anyone. And I'm pretty sure that one of them have a stock of BTC. Just remember that they are powerful , and full of knowledge , but bitcoin is dangerous for them , that's why they call it a scam , they are our enemies. In my opinion, I think it is because they became successful by not depending in such. Businessmen do not take huge risks when it comes to money. They will invest in something that will surely come up with a good result. Bitcoins unstableness is a factor. Also, negative issues involving bitcoin such as its use in illegal activities also contributes. Well, rich persons will more likely say such things but at the end ofthe day it is up to you whether you invest or not. |
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There has been so much FUD/FOMO lately about the bitcoin ETF proposals, debates on its merits and demerits, it makes me wonder. What is actually better for bitcoin, Is it some form of government regulations like ETF approvals or Gradual mass adoption of cryptos in general? What's your take?
Both I guess. It is better for bitcoin to be adopted not by only some countries but all around the globe. Bitcoin serving as the pioneer of cryptocurrency shows the development or advancement of how we transact with everyone. Once it has been adopted, its use should be regulated. Everything that is too much or too less is not good. Having the negative issues involving bitcoin as of now should be lessen or much better be avoided for the betterment of bitcoin and its users. |
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https://www.livebitcoinnews.com/4-in-10-americans-will-never-invest-in-bitcoin-says-latest-crypto-study/I've known some few friends who are into forex and stock investments. When they've learned that I engage myself into crypto trading and investments they discouraged me due to bitcoin's price volatility and unpredictable fluctuations. All I can say to them is that I only invest an amount that I can surely afford to lose and taking huge risks will definitely compensate you good returns as well. I bumped into this article saying that 4 in 10 Americans will never invest in bitcoin, which is somewhat realistic but still history can really tell that bitcoin has changed lots of millennials who took the risk and profited when bitcoin value skyrocketed to almost $20k last year. So with this article it shows that there is still high percentage of Americans that is willing to take risks to invest in bitcoin just to make some good profit in the near future. What are your thoughts regarding this one? Share me your thoughts. Personally, I really believe that for every huge decisions you will make there will also corresponds a huge risk if you make a wrong choice. When it comes to money or anything related to it, people tends to be cautious. Understanding bitcoins nature and how it works is critical for everyone who are firsttimers. Also, bitcoins volatility contributes in giving risks for the users. If you have a greater chance to really earn then why not invest and try to make profit. |
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The first purchase using bitcoins was in 2009 when someone bought 2 pizzas for 10,000 bitcoins. Today, that would be worth $83,746,850. Many people have started to use Bitcoin and it is now the most popular cryptocurrency in the world. Many countries whose currencies have become hyperinflated have thought about switching their national currency to Bitcoin. For something to be classified as money, it needs to be a good unit of account, medium of exchange, and store of value. Since Bitcoin has become extremely popular, I wanted to explain to investors and Bitcoin users that Bitcoin isn't a legit currency. The main three reasons why Bitcoin isn't a legit currency is because it is a poor unit of account, medium of exchange, and store of value.
One of the big three parts of a currency is that it is a good unit of account. For something to be a unit of account, people have to be able to compare its price to the prices of alternative retail goods. Since the value of a bitcoin changes so much, it would be hard and confusing for both the consumer and the seller to recalculate the prices every day. “Because the value of a bitcoin compared to other currencies changes greatly on a day-to-day basis, retailers that accept the currency have to recalculate prices very frequently, a practice that would be costly to the merchant and confusing to the consumer.” This quote from David Yermack’s article Is Bitcoin a Real Currency? An Economic Appraisal Bitcoin shows why Bitcoin isn't a good unit of account. That is one reason why Bitcoin can't be a form of currency and why Bitcoin isn't a legit currency.
The second part of something that is classified as a currency is that it is a medium of exchange. A medium of exchange is an intermediary instrument used to facilitate the sale, purchase or trade of goods. Since bitcoin doesn't have any intrinsic value, so its worth is held up by its usefulness as a currency in the consumer economy. The Youtube video “Why Do Banks Fear Bitcoin” by VisionVictory explains that there is a set amount of Bitcoins and by the year 2140, there will be a total of 21 million bitcoins. Miners have already mined 11.9 million of them, and this means that there is only 9.1 million left. Once all of it is mined, there won’t be any more left to be mined. Dollar bills can be printed by the U.S. government if they were needed. Some more reasons why Bitcoins isn't a good medium of exchange are that Bitcoins transactions each take around 10 minutes each, which is very slow compared to using a credit or debit card, which takes a few seconds. Also, Bitcoin transactions can cost around $20, which is extremely expensive. Because of all of these reasons, Bitcoin can't be a good medium of exchange, which is very important if it were to be a legit currency.
The third and final part of a currency is that it has to be a good store of value. A store of value means that the function of an asset that can be saved, retrieved and exchanged at a later time. In the long podcast on Youtube by Paul Vigna & Michael Casey: ‘The Age of Cryptocurrency’, they explain what a decentralized currency is. Bitcoin is an atrocious store of value and one of the reasons why is because of its constant hacking attacks and other security problems. This is mostly because Bitcoin is decentralized, which means that there is no central authority that can stop any Bitcoin transaction or any hacking attempts. One of the reasons why Bitcoin is so popular is because people can stay anonymous and make transactions without people knowing who they are. The downside of using a decentralized currency is that people can do illegal things anonymously and get away with it. And also, Bitcoin’s exchange rate has no correlation at all with any other big currencies like the Dollar, Euro, and Yen. This makes Bitcoin extremely risky to use because it is tethered to any other currencies so its’ value would change constantly. This shows how terrible of a store of value Bitcoin is and why it cannot be a legit currency.
Tons of people are jumping on the “Bitcoin Bandwagon” without doing their own research on it, and they’re going to lose a lot of time and money because of this. They need to realize that Bitcoin is not a legit currency because it fails to be a unit of account, medium of exchange, and a store of value.
Simply because you do not really have an actual currency. It can only be use indirectly. Transactions online are some. Its like a constructive way of paying. Though it does not have physical appearance it is still has value like the circulating currency. Also being a decentralized type of system, most government will not be convinced to consider as a legal currency. Bitcoin being volatile and having a high risk also considered as a factor of this. |
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as per governments view, they never accept decentralized bitcoin. the major reason is they unable to track the sender and receiver. smuggling and black money can send anywhere without third party knowledge.
so do you all think bitcoin can be centralized ? can be do ?
I believe it won't be possible. Since the creator himself or themselves are anonymous, it is reasonable that they will create a system with the same feature. I guess as long as they do not reveal themselves, anonymous accounts will continue to be use. People should think that bitcoin is a invention that shows continuous development in the economy. In my opinion it should not compete with systems already centralized since bitcoin is still growing. |
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