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I agree that there is a huge market for domestic and international remittance business. And this can be really true in the continental Africa where many people are counting on this family abroad to be sending them money on a regular basis. There is a big business waiting for this facility established by Strike and Bitnob...am just hoping that they are doing some marketing activities to drum up support for the said option so that more and more will know and will be using it.
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Many altcoins will eventually die all because they are losing the market they are targetting and once that can happen it will only take some time before they can be forgotten in the annals of cryptocurrency history. And am sure it will not be Bitcoin that killed them but the market itself...why would you continue trusting to many platforms that got many flaws and at the end will be the reason people lost money? One thing for sure, in this market people are not stupid and they will not anymore be conned by a fraud like Sam Bankman Fried.
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One big reason Bitcoin came into being was the financial crisis that gripped the USA back in 2007/2008 leading to the collapse of many big financial institutions due to many factors. People then realized that platforms which we assumed to be solid and well-managed were not what they are meant to be. Standing opposite to the usual monetary system, Bitcoin is then seen as a possible savior by the many and a kind of wealth protector into the future. Of course, right now, if one entered Bitcoin at its highest price value, it would be a different and maybe a sad story knowing that its value is just at $17K currently. |
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I was one of the many who were then familiar with e-Gold back many years ago until it was shutdown by the USA government. Good to know that my accounts back then were already depleted of funds so I lost nothing. Now, am not aware of any similar platforms back in the 80s or 70s if there were like that. Good thing to know that more than 10 years ago, the birth of Bitcoin came on the scene and this time around there is no government that can shut it down for good.
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Good to see as optimistic as you on the future of Bitcoin. We know for sure that Bitcoin is here to see despite the many hurdles of challenges thrown into it to make it ineffective, unattractive and just futile to be with. There are many people who are against Bitcoin and am sure that there are those who are funding a campaign to make this whole deal unpalatable to as many possible users as possible. There are platforms which are openly not in favor of Bitcoin and there are governments refusing to acknowledge it even as an asset. Despite the increasing attacks against Bitcoin, the future can still be looking good for it.
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I am inspired to see a very good local-based initiative for the community to get into Bitcoin and do some business in the process. I look at Bitcoin as the new way of using money the digital money and if more and more people can be buying and selling with the use of Bitcoin we are actually building a new economy away from the necessary controls and schemes of the traditional institutions we have around. However, as a very simple non-techie person, the most important challenge when I was starting with Bitcoin years ago is always the learning curve which is so important especially in protecting the crypto we have in our wallets. There are surely many risks but we know that benefits can also be astounding not just for speculators (which all of are) but also for people who loves the idea of empowering themselves.
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While I am aware that Bitcoin has a pre-history or previous attempts of the same nature am not aware that it took 40 years for this movement to come into fruition as it is now. Yes, I agree that Bitcoin is still so young and is just starting its big journey into the mainstream of our population and that the setbacks it experienced in the past years can be the foundation for the big growth it is destined to have. Obviously, this is a big dream and nobody can guarantee what can be in the future but we have the power in our hands to unite with this empowering movement and somehow change the course of history into the future.
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We should never be trusting centralized exchanges especially with huge amount of digital assets as we can go down with it in case something wrong can happen as we just witnessed with the chaotic collapse of FTX due to frauds and mismanagement. Now, am not saying we should not get involved with them anytime but we have to be choosy and always use CEX when really necessary. Right now, the reputation of CEX is down to almost zero and this is the way it should be. People are going back to the very tenet of cryptocurrency which is decentralization and it is taking the loss of billions of dollars for the industry to be really alarmed.
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I am sure many people in crypto are now learning the many big risks associated with trusting centralized platforms especially if you are into one that is not pro-active in terms of transparency and management matters - well just like the incredible Sam Bankman Fried who pretended as someone we can trust and who has not yet admitted that he committed big frauds with the exchange he founded. This can be bias on my part but trusting people in crypto who are still young can be more risky - this is just my opinion. We have to make sure that we have the custody of our crypto funds and remember always that if we don't have the keys then we never have the control over anything.
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Of course, scammers are using any available means in order to lessen the chance of getting into the court and to serve the time for the crime committed...and we have to remember that this is the case even if cryptocurrency has never came into the scene. Now, we already have some good technologies and mechanisms that can track people - the scammers - even if they are using Bitcoin. What can be harder is recovering the funds - again this is also true if the scammer can be using the fiat system - but for proving the fraud all one has to do is work for the victims because I am sure there can be records of transactions with the scammers and this can be a good advise for all to make sure that documentation is always ready.
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The government can never stop and kill Bitcoin but it can make things around Bitcoin so difficult...just like what the China did and can be doing. Usually, only a regime which is authoritarian can do so if there is any country banning Bitcoin it could mean that its leader or leaders can be concentrating power on themselves and can soon be dictators on their own. In a democratic setting, there is no big reason why Bitcoin should be banned and must even be encouraged to survive and flourish. When you have a good level of control with the population, you are just going to say this and that - and am sure majority of the people will be following your wishes and command.
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I am expecting that the next piece that ECB will published is going to announcing that Bitcoin is already dead...without being aware that it has been dead many times and every time there was always a dramatic resurrection. In my own personal point of view, I don't think it is going to be ECB to decide on the future of Bitcoin...that power belongs to the people and that is something that ECB is good of denying of. Naturally, Bitcoin is one of their big targets because with decentralization and the blockchain there is more transparency and people are more empowered to take things on their own away from the governmental influence.
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Oh man, your mindset is so refreshing most especially in the chaotic cryptocurrency industry. I guess that if more and more people will be adopting your stance in life then we can expect a better world to live. Indeed, I fully agree that life is all about building relationships, connections and maybe even inspiring people to do positive things and contribute in our own small ways to make people happy and not just give up on living. I am considering this time for Bitcoin to be a period of cleansing, of purging platforms and people who should be belonging here in the first place...hopefully we are learning many big things here. Eventually, Bitcoin will survive and fulfill its own destiny for the benefit of the people and not those who are here to make big bucks just like Sam Bankman Fried.
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After so many details coming out of the FTX collapse, it is as clear as the sunshine that Sam and his minions committed many forms of fraud basically going against the very terms the company published...and am sure there will be more condemning evidences to look forward most especially if there are going to be cases against the man. Now, in a very recent interview in New York Times per Forbes, Sam claimed that although he admitted to have failed in many aspects of the management of FTX he actually got no intention to defraud anybody - meaning he is as clean as white as far as allegations leveled against him while being the man at the helm of the company. Who here think that Sam is just another victim of circumstances and not really the villain in this chaotic and far-reaching story of collapse? |
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The coming in of Elon Musk to Twitter resulted into loosening of many restrictions which were imposed by former guardians of the social media site...hence we are seeing many terms which are now trending compared to previous months. Though has never been an enemy of cryptocurrency industry, it was then doing its manipulations before in the name of protecting the people and stopping abuses using their own definitions of what constitute them as such. The new Chief Twit has been known to be a good friend of the crypto industry and I am sure he will not be using his power to stop the growth of it for any reason. This is actually a breath of fresh air coming from Twitter which has been predicted by Elon's critics to be imploding soon...but so far has not yet and who knows it can even be coming of this episode a lot better.
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