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In my country, Bitcoin is cracked down and the government always discourages people from investing in and using Bitcoin. They declared that Bitcoin and other virtual currencies are not legal tender or permitted means of payment in the country. Also, they said that services hosting bitcoins have been shown to be at high risk of being hacked, stolen, or have their database exchanges and exchanges stopped. Really sad.
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Banks, especially central banks, are moving away from physical cash to a completely electronic money-based system. Blockchain is resilient and has zero downtime, so it is extremely helpful and important to banks' transformation into the completely electronic money-based system.
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I'd rather have a nice shelter to live with my family than become a whale of cryptocurrency. We here are all Bitcoin lover, but the fact is, Bitcoin is not for anyone and kind of chancy. Setting small goal to achieve seems better than put all eggs in one basket.
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I don't think Bitcoin can exist without the ability to convert into fiat money. As long as people still like cash and national currency, fiat money still has the highest liquidity and Bitcoin's liquidity can't be as high. So fiat money still is the safest and most secure asset. For that reason, Bitcoin has to be converted into fiat money in case risks happen.
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I can understand why people get cold feet when they see the market dip in the red. Actually, "Losses Hurt More Than Gains Feel Good".The fear of losing $1000 is always bigger than the joys of winning $1000. In essence, human beings are irrationally, meaning that we tend to act emotionally. That's the reason why "Losses Hurt More Than Gains Feel Good". But investing is the sport of calm man and numbers, which requires rationality, not emotions. So set aside your fear and calmly analyze the market to make right decision.
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You are so patient and consistent, bro! Currently, the situation is not very good. The biggest driver of scared of the market is fear. When people start acting based on their emotions, they are bound to lose. When their emotions enter into the picture, they start to trade in and out of the market based on wrong decision.
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Fiat money has value because we believe in it and assign it a value. Without the value assignment of users, fiat money just a piece of paper and worth nothing. Bitcoin is the same. If it is believed by many people and those people accept to sell and buy in Bitcoin, then Bitcoin can become a medium of exchange. The value Bitcoin has gained is what it stores.
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Yeah, the current market has no sudden shock that can cause Bitcoin to plunge. So the reason that the price decreases is likely the manipulators that pull the strings behind it. You will tend to panic sell and end up dumping your coins, which make the price lower. While you are scream in panic, those guys are happy to be able to buy coins at a lower price to hoard it. Don't get into that trap. Holding your Bitcoins and only sell it when you're profit of when the market shows obvious shock threatening your Bitcoin.
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The world hasn't been ready for the brand new Bitcoin as well as other cryptocurrency. But cryptocurrency themselves haven't been ready for being widely used, either. One of the biggest risks of virtual currencies from the corporate perspective is the lack of liquidity. If corporations were to actively use bitcoin in daily business, their imbalance in demand for the virtual currency would increase the price volatility just through the execution of daily transactions. Although only 50% of the total Bitcoins available are in circulation, unless volume is increased, the lack of liquidity would prevent any corporation from being able to utilize bitcoin as a viable currency alternative.
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