Bitcoin Forum
November 22, 2017, 04:04:59 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Stabilizing the Bitcoin Economy  (Read 741 times)
Lotus
Jr. Member
*
Offline Offline

Activity: 51


View Profile
September 10, 2012, 07:09:27 AM
 #1

Although Bitcoin has it place in specific markets and a good chunk of people are interested mainly in mining and investing in the coins, there are others, myself included, that have an interest in seeing bitcoins hitting the mainstream. After reading a good bit about this and discussing it with others, it seems that the current barriers are non-technical at this time. The size of the economy is still very small to make it rival credit cards (a more reasonable thing to replace before cash) for major merchants and prevent quick price fluctuations. Sellers who are use fiat currencies in their daily life need a reliable way to price their goods with bitcoins, while buyers need some assurances that their transactions will be honored once they send their payment.

What do you guys believe are the best approaches to instilling trust in transacting with bitcoins for tangible products, and bringing it into new people's hands (those that would not bother to use it unless they had a good reason to)?
1511323499
Hero Member
*
Offline Offline

Posts: 1511323499

View Profile Personal Message (Offline)

Ignore
1511323499
Reply with quote  #2

1511323499
Report to moderator
1511323499
Hero Member
*
Offline Offline

Posts: 1511323499

View Profile Personal Message (Offline)

Ignore
1511323499
Reply with quote  #2

1511323499
Report to moderator
Join ICO Now A blockchain platform for effective freelancing
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511323499
Hero Member
*
Offline Offline

Posts: 1511323499

View Profile Personal Message (Offline)

Ignore
1511323499
Reply with quote  #2

1511323499
Report to moderator
1511323499
Hero Member
*
Offline Offline

Posts: 1511323499

View Profile Personal Message (Offline)

Ignore
1511323499
Reply with quote  #2

1511323499
Report to moderator
QuantumKiwi
Sr. Member
****
Offline Offline

Activity: 336



View Profile WWW
September 10, 2012, 07:15:11 AM
 #2

Im also interested in bringing this currency to public view in New Zealand since our banking system is so corrupt.

There needs to be a new standard for bitcoin storage, thats secure and easily purchased.

Im currently looking at options of bitcoin storage there are some currently on the market but cannot slip into enough peoples wallets to make a difference.


Starting your own website?
CLOUD Hosting from $4.95/0.05BTC!
camjenk
Newbie
*
Offline Offline

Activity: 14


View Profile
September 10, 2012, 07:27:22 AM
 #3

what % of btc do you think is used for legal activity?

RELEVANT-
https://bitcointalk.org/index.php?topic=108330.0
NRF
Sr. Member
****
Offline Offline

Activity: 259



View Profile
September 10, 2012, 08:01:55 AM
 #4

Hi, fellow Kiwi here.  Good to see another interested in the technology!

Im also interested in bringing this currency to public view in New Zealand since our banking system is so corrupt.

HuH?Huh?

Is this the same New Zealand that has had the Highest Corruption Index (meaning least corruption) in 9 of the past 10 years?  (Coming second Iceland in 2004).

Kazimir
Legendary
*
Offline Offline

Activity: 1134



View Profile
September 10, 2012, 09:28:37 AM
 #5

Is this the same New Zealand that has had the Highest Corruption Index (meaning least corruption) in 9 of the past 10 years?  (Coming second Iceland in 2004).
Heh, 'least corruption' is just a relative term, when talking about banks.

In theory, there's no difference between theory and practice. In practice, there is.
Insert coin(s): 1KazimirL9MNcnFnoosGrEkmMsbYLxPPob
deathsythe
Jr. Member
*
Offline Offline

Activity: 45



View Profile
September 10, 2012, 09:37:24 AM
 #6

Personally, I view BTC the same way I view gold and silver.


An alternative currency that is only worth something to the people willing to buy it.


When the SHTF and TEOTWAWKI - it won't be worth the electrons it is printed on.


Situation like that I will rely on my stockpile of ammo to get me by.

Hurricane Sandy wrecked my car and house.

Donations or kind words can be sent here 1Apy1m7CYhje15SQNQ798n6nentEbUWh4s

Thanks, and Cthulhu bless you.
NRF
Sr. Member
****
Offline Offline

Activity: 259



View Profile
September 10, 2012, 09:52:49 AM
 #7

Heh, 'least corruption' is just a relative term, when talking about banks.

Yeah, and making grandiose claims despite all contradicting evidence is internet for "i win".

Lotus
Jr. Member
*
Offline Offline

Activity: 51


View Profile
September 10, 2012, 12:04:01 PM
 #8

what % of btc do you think is used for legal activity?

This is precisely my concern, and probably that of QuantumKiwi's. BTC is well suited to transactions requiring a certain degree of anonymity, but is yet to become trusted for open businesses.

QuantumKiwi, by storage are you referring to consumers' BTC wallets? Or merchants'?
benjamindees
Legendary
*
Offline Offline

Activity: 1330


View Profile
September 10, 2012, 05:37:42 PM
 #9

Well, the first attempt at stabilizing the Bitcoin economy was BitPay.  And it still works pretty well from a merchant perspective.  Then there was Bitcoinica, which seemed to do a pretty good job until it self-destructed.  The next round will be the introduction of Bitcoin payment cards like the one from BitInstant, which will make things easier for consumers.  Then, hopefully we'll see something like the Bitcoincard and the OpenPay network get off the ground, and from there the sky will be the limit.

Civil Liberty Through Complex Mathematics
Monkey1
Hero Member
*****
Offline Offline

Activity: 658



View Profile
September 10, 2012, 07:13:12 PM
 #10

It will come in time.  There will be more ups and downs and bubbles and busts to go through first though, all of which offers profit if you can trade!

                  ▄▄▄▄▄▀▀▀▀▄▄▄
              ▄▄█∞══$&P▀▀▀▀▀▀▀▀█▀▀▀▄▄▄
           ▄██⌐^"'               "═▄═,▀▀▄
       ▄▀▄█▀                        `ⁿ▀▄\▀▄
     ▄▄²█▀                              ▀▀▄▀
    █▀▄█                                   ██▄
   █▄▀╛       ▄███▄  ███████▀ ██  ▐█▌       ▄█▄
  ▐▌,▀       ██▌ ▐██    ██    ██  ██         █▌█
  █╓-        ██▌ ▐█▀    ██    ██ ▐█▌         ▐▐ █
 ▐█▌         ██▌        ██    ██ ██           ▌⌐▌▌
 U█           ███       ██    ████▌           ▐▌▌▐
╟▐▐            ▀██      ██    ████▌            █▌█
█▐▐▌             ██▄    ██    ██▀██            ██
▐▐ ▀             ▐██    ██    ██ ██▌          ,█▌
 ▀▄▌▌        ▄█  ▐██    ██    ██ ▐██         ,▀█
  ▀▓ ⌐       ██▄ ▐██    ██    ██  ██▌       ╓`▀▌
   ╙█▀        ▀███▀     ██    ██   ██      ƒ▄▀█
     ██▄                                  █▀ █
      ▀▀█▄                              ▄█ ▄▀
       ╙▄▀▄▀π,                       ,▄█▀▀▀
         '═▌▄"▄"═             ,.∞═$██▀
             ▀▀▀▀▄▄▄▄▄▄▄▄▀▀▀▀▀▀▀▄▄▀▀
                    ▀▀▀▀▀▀▀▀▀▀▀▀▀
STACK









1
●● TelegramTwitter ●●
Facebook ●●● Discord





Lotus
Jr. Member
*
Offline Offline

Activity: 51


View Profile
September 11, 2012, 03:43:16 AM
 #11

Well, the first attempt at stabilizing the Bitcoin economy was BitPay.
Thanks for the summary benjamin, I did go through BitPay's website and thought they were up to something interesting, but it was lacking details about how it works beyond the few bullet points and half a page of FAQs. What is their model?
The main feature I believe we need is the ability for regular users to make payments using their ordinary money and have the gateway automatically do the conversion to bitcoins, thus increasing demand on the currency while allowing merchants to sell for bitcoins.

Bitcoincard also seems like an interesting notion, although it seems to be a bit early for it to be practical.

In your view, do you believe that the way to mainstream is through portals/gateways of this sort expanding further?
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!