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Alternate cryptocurrencies / Altcoin Discussion / Re: Why Ethereum GAS fee so high?
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on: April 13, 2021, 08:58:11 PM
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Why ethereum GAS fee is so high?
Is there any possibility of fee reduction?
What are the factors are responsible for increasing or decreasing the fee?
You can decrease the gas in your transaction, however it will make your transaction slower. The best way if you are on an exchange and want to send funds from an exchange to another is to use a fast crypto with low fees ( tron, bch, cardano ) and then send your funds and exchange them again. Depending on the amount ( it may not always be a good idea ). |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Will stablecoins replace Fiat currencies in the future?
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on: April 13, 2021, 08:42:52 PM
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Stablecoins are crypto assets pegged to the value of Fiat, bringing people the "best of both worlds". The most popular stablecoins are often pegged to the US Dollar, since it's the world's reserve currency. Some of them comply with regulations, further legitimizing the industry as we speak. With all of the benefits stablecoins provide, Fiat's prominence could be threatened in the long run. After all, it's much faster and cheaper to use a stablecoin than a credit/debit card. People could stop using Fiat currencies like the US Dollar or the Euro in exchange for a stablecoin of their choice. This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance.  We may see countries with small economies adopt stablecoins based on popular cryptocurrencies blockchains but bigger countries are not going to put this much stress on there currency and if they wish to offer stablecoins, they will do with their own cryptocurrency. Nonetheless wrapped tokens may be used to boost the adoptions. |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Can Crypto be more valuable than gold?
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on: April 11, 2021, 09:43:03 PM
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I have thought that one key advantage crypto (bitcoin, litecoin, Dash, monero etc.) has over gold is that its supply level is fixed and transparent, but can this or features make crypto more valuable than gold?
Gold currently has more utilities than crypto ( tech, drugs, accessories...), and the limited quantity of availability makes the gold is more valuable for the moment but it started to change, with DeFi cryptocurrencies are starting to have more utilitiees and will certainly soon dethrone gold. |
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Economy / Economics / Re: Bitcoin to trigger central bank collapse
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on: April 11, 2021, 08:18:51 PM
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It's not really the case, actually, big investors and banks are now betting on bitcoin too. Bitcoin is like gold, scarcity and it's status is the only reason why one btc cost so much.
However, it is not a realistic option unless there is a fork that can make it scalable. Blockchain on the other hand and altcoins may indeed make the financial world more decentralized but we are not there yet.
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Economy / Economics / Re: Why you can't be rich by owning crypto
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on: April 08, 2021, 03:42:13 AM
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The value of Bitcoin have increased by 707% over the last year, and the average deflation is 96%
As the value of Bitcoin increases, it's owners would have a reduced incentive to do their job, and they would retire at a younger age(since they would have enough money to live the rest of their life). This would decrease the global productivity, even if the demand remains same(or even increase due to increased wealth). This would in turn increase the price of all commodities almost at the same rate as that of Bitcoin(law of supply and demand)
So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)
The illusion that the value of your Bitcoin wallet is increasing only works when you compare it with other currencies, and if every other currencies go extinct, the only way to measure our currency is by number of things that can be bought for one unit(purchasing power)
I'm not sure if that's how it works, correct me if I'm wrong(I'm not really an economist)
The more bitcoin becomes mainstream the less it is volatile, therefore the variations in price will become smaller and smaller. You will hardly see a 707% price increase at a certain point. |
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Economy / Economics / Re: bitcoin are good and not USDT what else?
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on: April 08, 2021, 03:33:37 AM
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what else?
if btc are good and nobody cant take it from you by freezing your balance but the problem is btc are volatility.
so my conclusion: banks and bitcoins are good and best? banks are best becouse you can hold your stable fiat currency safe there
Are you talking about USD or USDT am not sure am getting what you are saying. USD and USDT are actually very different and there is more risk holding USDT than USD. However it's like an investment portfolio, you always have to diversify. You never know when the crypto winter comes, it's always good to have both, fiat and cryptocurrencies. |
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Bitcoin / Bitcoin Discussion / Re: What happens to my bitcoin if I die today?
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on: April 08, 2021, 03:00:35 AM
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Bitcoin as a Decentralized Cryptocurrency has no physical structure just like the bank. It’s basically stored in a digital wallet/account being operated from a mobile device and its security embedded there also. In creating Defi wallet or block chain account no available section for next of kin or third party details Its always advised to keep Recovery Phrase details secret in save location, these will help in recovering the wallet.
Literally bitcoin details remain secret and personal to me. If I continue to keep my details secret of what use would it be to me when I’m no more and my love ones can’t benefit from my bitcoin? Here is my question what happens to the bitcoin of someone who died and didn’t disclose his/her wallet details to anyone? please I need response . Would the bitcoin be abandoned in the wallet forever?? Would it be a waste of bitcoin?
Going to waste, no one will never be able to get them back for you. Unless they are in an online wallet and your family knew about them. Even if it was the case, it is still going to be hard for your family to get them back from the wallet or the exchange. |
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Bitcoin / Bitcoin Discussion / Re: You Think Bitcoin Save Your Economy
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on: April 08, 2021, 02:54:01 AM
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With the recent situation with the pandemic going on. Has created many economic challenges for all.
Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?
This be in the form of trading. Use of the currency? creation of? education. etc
What are your thoughts on this. Could this cryptocurrency help people give some new direction?
Bitcoin can actually be very harmful to an economy, especially one that keeps printing money with nothing backing it. |
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