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1841
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Economy / Economics / Re: Is small business ready to sell for cryptocurrency?
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on: January 27, 2020, 04:08:45 PM
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What do you think, how many people are ready to sell their goods or services on crypto? Let's say that we have service which help quick and easy to build online store and sell for cryptocurrency. What kind of reasons can motivate people to start a crypto business?
I think that it depend on individual awareness and government regulations on crypto in various locations. I don't feel like most "small businesses" are ready to take on their daily lives with cryptocurrency-backed purchases. Cryptocurrencies are no stranger to high volatility levels that could drastically change the prices that they may put in their counters. If in any case they will however, they might put some allowance on the prices of their goods which you could otherwise just buy with fiat in a much lower price. So until the issue with volatility is fixed, the latter will be the only viable option these businesses can take on. |
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1842
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Alternate cryptocurrencies / Altcoin Discussion / Re: Japan reportedly working on a proposal to issue a national digital currency
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on: January 27, 2020, 03:31:35 PM
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I think the coin race has begun the only surprising thing is that the giant USA is somehow way behind in this race but it could be that USA is launching Libra as a state coin in the background because Mark zuckerburg of facebook has steong backdoor relations and contacts with American govt and agencies so this can be true, otherwise we would have atleast heard about the launch of US national usd coin by now.
Donald trump does not really show us any great interest in the digital markets of the decentralized cryptocurrencies. This might make USA back in the race as they have to intentions to do the same. Even they have already banned some Initial Coin Offerings which has made it even more clear that they would hardly generate any of such coin to be their national coin. Speaking in terms of Libra coin, it is mainly developed for the facebook community. Rather than the strong relations of Mark Zuckerburg with USA, I do not really think they might accept Libra coin as their national coin. This news from japan is really a good one and I really hope that more countries should too start creating their own national coins like Japan and China. This is what probably is going on with Japan. They wanna create a cryptocurrency or a digital currency at the very least specifically made to cater their local population. Few countries especially those allied to Japan might ride the wave as well if this proves to be useful. Which in turn is a good way to rightfully start up the revolution from fiat to a new age cryptocurrency. Hope to hear from this project soon snough. |
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1843
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Economy / Economics / Re: World debt and currency reset
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on: January 27, 2020, 02:38:20 PM
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no, that won't happen. debt remains. although currency changes. because everything has notes. for example all currencies of each country are replaced with bitcoin. it will not erase debt. but disrupting the world economy is true. especially large economies such as the US, EUROPE, etc. because we know that this country is the economic leader in the world.
But debt-wise, that is possible. Some countries implement what is called a debt forgiveness. Usually this happens when the owner of the money which is in this case the government finds the debt of the person or the state too high to pay off based on his/its economic status, or as an incentive for paying off a major debt if you have multiple debts to pay. That being said, it happens. But not quite frequent. |
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1844
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Bitcoin / Bitcoin Discussion / Re: What happens to my two Bitcoins (just for example) if I lose my security key?
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on: January 27, 2020, 01:01:11 PM
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What happens to my two Bitcoins (just for example) if I lose my security key? I do not have any Bitcoin at the moment. But, I am quickly learning about Bitcoin as I want to very soon make my very first purchase of some amount of it. My question has to do with there being a finite amount of Bitcoin in circulation. Today about 17,000,000 (17 million) Bitcoins are in existence. By year 2140 as I understand it there will be no more than 21,000,000 (21 million) Bitcoins in existence. Furthermore, my understanding is that I am the only person with access to my Bitcoin through my private security key. Now, my question is. If I lose my security key to, let's say, one of my Bitcoin wallets that has maybe 2 Bitcoin in it. Then, what happens to that 2 Bitcoin in the context of the 17 million Bitcoin currently in existence. Who can find and use those 2 Bitcoin that I "lost". Or, do those 2 Bitcoin get lost forever, because I'm presuming no one ever will find/guess my lost security key? An analogy is, if I lose a hundred dollar bill, someone will likely find it and be able to use it to put it back into market circulation. However, if the hundred dollar bill gets flushed down a sewer drain, then it gets permanently removed from market circulation. So, I'm wondering, do the 2 Bitcoins in my example that I "lost", do they permanently get removed from market circulation. And, if so, then does that mean that in 2140 there will be 2 Bitcoins fewer in the total market circulating, for example, 21,000,000-2 would make it 20,999,998 Bitcoins in circulation. Or, can those 2 lost Bitcoins be *replaced* by Bitcoin mining over time so that the market has the full 21 million in circulation.
It's that easier. You would loose your bitcoins if you loose your security keys. Bitcoins are a digital currency which wholely depends on the security keys, private keys, wallet id, etc and if you loose any of those, you could loose your money/bitcoins. Certainly, private keys are so secure that you'd only be the one to get a hold of it, incase you lose it, you pretty much lose everything. If ypu hid your private keys in a wallet let's say then you have a good chance of retaining it, as long as you have connected the addresses beforehand and you have remembered your passphrase because most wallet in the system requires a special passphrase that you are required to enter first. So if you lose both of them. You wonmt be able to use your bitcoins anymore but they're still pretty much in the market per se. |
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1845
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Economy / Economics / Re: What will happen if the all countries convert to cryptocurrency?
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on: January 26, 2020, 05:19:32 PM
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Now that more and more countries are starting to go cashless ( http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage? Cashless society requires a high literacy level to ensure that everyone in carried along the development stride. Cryptocurrency engenders cashlessness, so if all countries convert to cryptocurrency, then cashless society will be easily implemented. Though I see the reason why some countries have not gone cashless is due to some economy situation that should be resolved. But with time as the world progresses, the western world will go fully cashless. Switching to cryptocurrencies could also make or break them in the process. For instance, cryptocurrencies require large amounts of electricity to operate. A nationwide scale will require more energy which could be sustained by switching to renewable resources rather than fossil fuels. But this will take time to implement. And if the process takes long, not only will it cause a drop on the economy, they are also riskig the quality of the environment they are in. |
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1846
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Economy / Economics / Re: Which currency will dominate the crypto market? Please vote!
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on: January 26, 2020, 04:34:31 PM
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Almost everyone says that will dominate the market is bitcoin, because they always believe that bitcoin is the best and popular coin of all time.
because most people choose bitcoin because it proves to be profitable compared to other coins and always gives a good return, especially in long-term investments.
Bitcoin shows the most potential out of all the others on the cryptocurrency market, that's why a fair amount of people trust it, and ever since bitcoin reached an all time high last 2017, it had become a mainstream coin and basically became the face of cryptocurrency for quite some time. I still have trust on bitcoin, but who knows? The competition is pretty much close right now, let's just wait and see who comes up on top and stays there. |
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1847
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Economy / Economics / Re: Jim Rickards: His Gold Price Prediction Explained...
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on: January 26, 2020, 04:00:27 PM
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No one would debate the value of Gold and its bright future. We don't have to actually listen to anyone to realize that. But Jim Rickards will have to listed to Bitcoin experts to realize that it is better to have a diversified investment portfolio.
You're missing the point, what Jim Rickard's saying is that it's better to buy gold now that it is relatively cheaper instead of rushing in when it's no longer available for the common joe. Gold is a good investment that you can't go wrong with because of it's constant uptrend. It's not bad to make a diversified portfolio but it's best that you include gold in your investment because of it's high profitability. Basically insuring yourself of the future. |
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1848
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Economy / Economics / Re: Say Goodbye to Banking as We Know It
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on: January 26, 2020, 03:15:29 PM
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The banking as you know it is also not the banking older generations know it neither. So do not think that just because during the life span of bitcoin, banks will be improving and changing for the better just because competition also does it and everyone "has to" be the best bank they can possibly be without being too good to make as much profits as they can, doesn't mean they are doing it out of fear of bitcoins.
Anyone here remember the times when credit cards fist started out? You literally had to use a huge machine, clink clunk over it, get signatures, call up some places, and many other horribly long taking times yet few people started to use it, nowadays you can read a QR code with your phone and you are good to go, it is that much improved. None of it because of Bitcoin, all because banks compete with each other.
In 50 years banks will be sooooo much different than today, technological improvements and exponential, 5 year improvements in 2010 to 2015 are less than improvements in 2015 to 2020, and in 2020 to 2025 we will have bigger, so in 50 years banks will be so high end that right now we can't even imagine what would it be like. People 50 years ago didn't had the notion of understanding a smart phone could ever exist, or if you could talk, text, pay, online search, and video chat on the same device, basically all in one, if 50 years ago people didn't even imagined the technolgy we are so used to by now in smart phones, think of what unimaginable stuff will happen in 50 years from now. That will reflect on banks and change too many things for better.
Banks have been good for a time, until they got rid of the customer in the equation and started focusing on making money. They have been doing this for a very long time already and we pretty much can't do nothing about it besides condemn banks which really doesn't do anything. The concept of a special place where you can store your money for safekeeping is good, until they weren't anymore. Bitcoin brings the consumer back to the equationc and that's why we feel like it's better than banks right now. |
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1849
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Bitcoin / Bitcoin Discussion / Re: Elon Musk finally weighs in on Bitcoin in a longer than usual commentary
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on: January 25, 2020, 05:10:12 PM
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A link to the video would be better.
Anyways, he is just saying the facts. Bitcoin is still used to pay illegal transactions that are hard to trace and identify. It does still make its objective, to be an alternative to cash system, but the way it cannot scale that much, and these shady transactions using the Bitcoin as a tool, is true and we cannot do much about it until all exchanges are subject to regulation and KYC. Which is where the dilemma comes in.
You're right. He is entitled to his own opinion, and at the very least he is making correct statements at the safest approach so as to not unintentionally offend anyone, which I think is great. He sees potential in the technology that is behind bitcoin. But bitcoin, I guess not so much, and I think that is okay, change is inevitable in life, after all. |
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1850
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Alternate cryptocurrencies / Altcoin Discussion / Re: Can Stablecoins Promote the Mass Adoption of Cryptocurrencies?
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on: January 25, 2020, 04:24:51 PM
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I think they can. Indeed, if stable coins gain popularity as a type of fiat currency asset only in digital format, this will in any case direct the attention of stable coins users to cryptocurrencies,
because buying them will become an extremely simple task for them. Add to this the crypto market growth spurt, and we get the second full-scale bull run.
But there has to be some form of reliable connection that can connect stablecoins to cryptocurrencies, and cryptocurrencies to fiat. We can't just say that stablecoins in itself can promo the mass adoption of cryptocurrencies without that vital part that would entice people to switch over to cryptocurrencies. But I think that with all of that in the mixture, we have a good chance of spurring a mass adoption of cryptocurrencies |
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1851
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Economy / Economics / Re: Halving is approacing: HOLD YOUR BITCOINS AND NEVER SELL THEM (118 days left)
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on: January 25, 2020, 03:48:07 PM
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All of my friends group discussions are ending with this statement now. Not the time to sell Bitcoin, accumulation time going on. I have sold some of my alts recently and converted them to btc as I wanted to hold more in terms of BTC. My opinion is that the rally will start after the halving so still time is there.
It'll be the most sensible thing to do honestly. You expect an increase on your assets so hodl on them until the increase comes in, then you sell it. And I like the enthusiasm most people here are showing right now. I mean, after almost 2 years of bad news and stale progress, we have already received great news regarding bitcoin's price. I cannot be more happier. Just hoping that less weak-hearted people come in here only to sell their coins after they find out it's not a get rich-scheme. Just hoping for the best. |
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1852
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Alternate cryptocurrencies / Altcoin Discussion / Re: Are you sure crypto is the future currency?
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on: January 25, 2020, 02:59:58 PM
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I completely agree that crypto will be the currency of the future. Cryptocurrencies are already used all over the world and constantly more and more countries begin to legalize cryptocurrencies and recognize them as official currencies, this is just a matter of time when the whole world will already fully begin to use cryptocurrencies with its full potential.
I can't completely agree with you that you are thinking cryptocurrency will be the currency of the future. I think cryptocurrency can't gain or hasn't support from all country all over the world. Either you have to privacy let gone or all country can't support this currency. You guys are missing a lot of point here. Most of us see potential in cryptocurrencies surpassing fiat money itself. And this vision is slowly but surely being realized over time. More and more people are engaged in cryptocurrency investing and most of us are into this because we saw this potential and we are happy to support it. It wouldn't be the next currency after fiat is support is not there, that's why we're doing all we can to push through. |
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1853
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Economy / Economics / Re: How regulation affects the crypto price
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on: January 25, 2020, 02:17:03 PM
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If you regulate the Bitcoin with proper regulations like we see in the Japan nothing will affect the BTC price or any cryptocurrency but cheapest country like US and all will not allow BTC boom.
So they will put the struggles for sure. So soon if we boycott those countries we can see BTC go bigger.
That pretty much is what will happen even if laws and regulations were put up to control bitcoin's transaction. If anything it could pose a positive effect on bitcoin's price because people could get the impression that since it's accredited by the government, we can invest on it without any worries of it being scam or something. However, that is still up for debate, and until sufficient knowledge is gained, we wouldn't be able to really know what the answer is to this question. |
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1854
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Alternate cryptocurrencies / Altcoin Discussion / Re: Crypto is the World’s Best Performing Asset Class
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on: January 24, 2020, 04:24:27 PM
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Indeed like that Crypto is an asset in terms of growth since its birth experienced an increase every year, and the graph is uphill, this means that internet users who know and use crypto are also increasing. Some countries have also adopted technology used in crypto to be applied to the economic and financial system in their countries.
Health services, trade, and even porn sites now rely on crypto as a solution for their progress. As long as the Internet is functioning and in my life, I think that the progress of this crypto will continue to increase, because indeed now the era is completely virtual, people no longer need something that makes them ordain a long time, and it is all answered with crypto.
It's the fastest growing asset there is on the market which is not surprising considering the amount of support and development there is in the cryptocurrency market. Money's also quite faster to appreciate in cryptocurrencies compared to other forms of asset which basically makes people come in more. Really hoping this uptrend continues so more and more people could see past cryptocurrencies' profitability and appreciate the benefits it provides besides incentives. |
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1855
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Economy / Economics / Re: Why we must study Economics at University?
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on: January 24, 2020, 03:43:21 PM
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For me, studying Economic will increase your financial literacy, so it is important to know how market works, how your countries economy works, the law of supply and demand as we can apply it in our real life, even here in crypto as well, so it's really important to know things regarding it.
Not only that, studying economics will give you an in-depth knowledge of how the market itself works. Giving you more opportunities to formulate the best strategy of investing, allowing you to maximise your profits while lessening your losses. Aside from that, Economics gives you all the information you need in order to be more ready not only to take on the cryptocurrency market but quite others too. |
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1856
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Alternate cryptocurrencies / Altcoin Discussion / Re: Okay. What is the main factor that boosts Altcoin value? Popularity or Tech?
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on: January 24, 2020, 01:55:20 PM
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If we're talking about altcoin, it will be tchnology first before popularity. It's the technology that boosts the popularity of altcoins. And when altcoins gain more popular, it leads to a pump with altcoin's price. It's the technology that helps altcoin to receive attention because of the advancement and innovation. Because if not for technology, why do you think altcoin will get popular?
It technically is a mix of both of those factors that an altcoin prevails or not. Most of the time there are altcoins with good technology, but fail otherwise because of low publicity. On the other hand, there are dying altcoins in the market even if they are well-known ones because of the lack of development. So it's really both of these factors that decide whether an altcoin rises or not. |
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1857
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Bitcoin / Bitcoin Discussion / Re: Have anyone come across this? Whether it is a true currency or fake one....?
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on: January 24, 2020, 01:06:42 PM
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I haven't seen such money with large denomination. There is just a lot of zeros but it does not mean that it has a high value just like what you imagined. Not all currency has the same value. There are also other countries with this kind of currency. The value of their currency is much lower compared to the value of usd. But that friend of yours who said that its value is higher than Bitcoin, he's definitely wrong about that.
Just because there's a lot of zeroes on your banknote doesn't mean it has a high value. Most probably these banknotes are from a country whose economy is hyperinflated for them to print a banknote with that amount. Besides the country where the currency came from no longer exists so I don't see the reason why this is even debated. |
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1858
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Economy / Economics / Re: Cryptocurrencies have won with court in India – for how long?
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on: January 24, 2020, 12:00:16 PM
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It's good news and another step toward Bitcoin going mainstream in the eyes of the world. These are the kinds of smalls steps that are going to result in but gains in the future.
I mean, they don't have the sufficient evidences to prosecute bitcoin in the first place which is puzzling. I guess authorities will really use everything they can in power just to stop bitcoin from being widespread and put the power to the consumer's hands. Fortunately, bitcoin already set it's roots up and it'll only be time before bitcoin becomes widely accepted worldwide. |
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1860
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Bitcoin / Bitcoin Discussion / Re: Is Bitcoin a Safe Haven for Your Money?
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on: January 23, 2020, 05:35:16 PM
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although I am a supporter of bitcoin but I don't agree if bitcoin is considered the safest place for our money, something that uses digital is mostly risky especially if you are not careful, in my opinion the way to secure our money is to buy property like land, some banks also have guarantees from the government so it can also be to secure our money.
Yes, bitcoin for me also was not a safe place for all of ky money. Why? Think about it, what if you lose your private keys of your wallet or maybe your place lost the internet. How can you access and used your bitcoin now right? I Just used bitcoin as another way of financial income. Safety here is considered due to the fact that there are private keys virtually incapable of being in hands of another person unless of cpurse you lose it. The problem here is not with how bitcoin's private keys tend to lose. It should be the responsibility of the owner to take care of his own stuff. But I do agree with you on one thing. I can't say bitcoin's a Safe Haven for you to store your money. It's volatility is a big problem, yesterday you cashed in your money and tomorrow possibly lose most of it due to bitcoin's high fluctuation rate. |
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