Greeks Aren’t Necessarily Buying Bitcoin…Yet

[Michaelxavierd]

http://bitcointechie.com/greeks-arent-necessarily-buying-bitcoin-yet/

Still, give Greece time to learn about bitcoin, time to welcome new alternatives to purchase bitcoin and time for capital controls on banks to be lifted. Only then will we start to see the link between Greece and bitcoin strengthen. In the meantime watch the price continue to rise as the rest of the world learns about the risk involved when you trust a government with your life savings.

[Biitcoin]

I don't think it's gonna happen at least not anytime soon but I try to trust Kim Dotcom (what he tweeted) so Buying #gold and #Bitcoin it is. Hopefully a huge pump is coming because of Greece . and even better on the halving block

[ransomer]

Bitcoin is not ready yet.

The average Greek grand mother and butcher would be completely perplexed by creating cold wallets and so on and on. Mainly the security is not there. Once the security is there, and bitcoin is seen as a real viable alternative way to keep wealth secure and safe - then people will flock there where there are trouble like in Greece now.

Exactly when is the block being halved?

[Biitcoin]

Bitcoin is not ready yet.

The average Greek grand mother and butcher would be completely perplexed by creating cold wallets and so on and on. Mainly the security is not there. Once the security is there, and bitcoin is seen as a real viable alternative way to keep wealth secure and safe - then people will flock there where there are trouble like in Greece now.

Exactly when is the block being halved?

https://en.bitcoin.it/wiki/Controlled_supply and there is also http://bitcoinclock.com "Reward-Drop ETA: 2016-07-28 10:43:00 UTC (55 weeks, 2 days, 19 hours)"

[ransomer]

Bitcoin is not ready yet.

The average Greek grand mother and butcher would be completely perplexed by creating cold wallets and so on and on. Mainly the security is not there. Once the security is there, and bitcoin is seen as a real viable alternative way to keep wealth secure and safe - then people will flock there where there are trouble like in Greece now.

Exactly when is the block being halved?

https://en.bitcoin.it/wiki/Controlled_supply and there is also http://bitcoinclock.com "Reward-Drop ETA: 2016-07-28 10:43:00 UTC (55 weeks, 2 days, 19 hours)"

Ok. Thanks.

[randy8777]

Bitcoin is not ready yet.

The average Greek grand mother and butcher would be completely perplexed by creating cold wallets and so on and on. Mainly the security is not there. Once the security is there, and bitcoin is seen as a real viable alternative way to keep wealth secure and safe - then people will flock there where there are trouble like in Greece now.

Exactly when is the block being halved?

the older generation and bitcoin is a very difficult combination. but the younger more advanced generation are the key. they can make a huge difference in securing their wealth. it wouldn't be that hard for them to figure out what bitcoin exactly is and what it can mean for them.

[gogxmagog]

The Greeks aren't buying BTC, not much anyway. They can't; not enough access to thier cash.
However, I am sure many nearby nations to Greece with similar financial conditions (crisis) like Portulgo or Ireland may be taking notice and diversifying. Also, these spikes cause the Bulls to run so I think there is money flowing in from all over.
It's slow yet. Let's see where we are in a month

[kwukduck]

The greeks have other priorities than buying funny internet money right now.
Even if they wanted to, most of them couldn't.

Plus bitcoin couldn't even scale if the greeks were to start using it for real.

One of the major problems why bitcoin fundamentally can't work or be worth the thousands of dollars you all imagine it to be. It's built into the protocol.

[huadylmate]

The greeks have other priorities than buying funny internet money right now.
Even if they wanted to, most of them couldn't.

Plus bitcoin couldn't even scale if the greeks were to start using it for real.

One of the major problems why bitcoin fundamentally can't work or be worth the thousands of dollars you all imagine it to be. It's built into the protocol.

Have to agree with you, when I first got into bitcoin I had an income and way of survival in real life that allowed me to learn about what bitcoin was and it still took awhile to get the basics as it is all new.

Add that they have very little money and with a lot more on their mind it is going to take awhile but in the future /years they will be slowly coming aboard I'm sure.

We don't need all the greeks to start using it do we? Not that they will anyway lol

Not all of us imagine it is worth/going to be worth $1000's

[ransomer]

The greeks have other priorities than buying funny internet money right now.
Even if they wanted to, most of them couldn't.

Plus bitcoin couldn't even scale if the greeks were to start using it for real.

One of the major problems why bitcoin fundamentally can't work or be worth the thousands of dollars you all imagine it to be. It's built into the protocol.

What do you mean "it couldn't scale"?

[gentlemand]

What do you mean "it couldn't scale"?

It can only handle around 2.7 transactions per second at present. If a significant proportion of a country started using it it would seize up or require enormous fees to bypass the backlog. That's why the lead developers still call it an experiment.

[Amph]

What do you mean "it couldn't scale"?

It can only handle around 2.7 transactions per second at present. If a significant proportion of a country started using it it would seize up or require enormous fees to bypass the backlog. That's why the lead developers still call it an experiment.

not to mention that they cannot buy in bulk(i mean the whole 11M population cannot buy 1 btc each or 0.5 for that matter), and seeing that the price is too low for having less than 1/0.5 btc each, there will not be enough bitcoin for all, bitcoin need a better price to accomodate a whole nation

distribution must come in a small step, also i doubt there are even more than 3M coins available in the market, there are not many sellers, besides the few occasional manipulators...

[ransomer]

What do you mean "it couldn't scale"?

It can only handle around 2.7 transactions per second at present. If a significant proportion of a country started using it it would seize up or require enormous fees to bypass the backlog. That's why the lead developers still call it an experiment.

not to mention that they cannot buy in bulk(i mean the whole 11M population cannot buy 1 btc each or 0.5 for that matter), and seeing that the price is too low for having less than 1/0.5 btc each, there will not be enough bitcoin for all, bitcoin need a better price to accomodate a whole nation

distribution must come in a small step, not to mention that i doubt there are even more than 3M coins available in the market, there are not many sellers, besides the few occasional manipulators...

Those all seem like real concerns for the future.

I still think the main present issue is that the average user has a hard and complicated time keeping their bitcoins safe and therefore are not willing to seriously move any wealth into them.

But in the little bit longer term the confirmation limit seems like a real issue. Is it 2.7 transactions worldwide? That is obviously waaaay too little. The needs to scale a lot if that is the case.

[gentlemand]

Those all seem like real concerns for the future.

I still think the main present issue is that the average user has a hard and complicated time keeping their bitcoins safe and therefore are not willing to seriously move any wealth into them.

But in the little bit longer term the confirmation limit seems like a real issue. Is it 2.7 transactions worldwide? That is obviously waaaay too little. The needs to scale a lot if that is the case.

2.7 worldwide indeed. That's what plenty of people are having a good squabble over right now. Multiple solutions are on the table. We'll see what transpires relatively soon.

Some argue that the blockchain should only be a means of settlement and other layers will handle the day to day transactions. I'll let people cleverer than me decide.

[doc12]

Even if we scale to 20 Mb Blocksize its just 54 TPS, so there must be another solution for high load, maybe sidechains.

[greBit]

You go to office, come back from work, put your money in the bank. You spend on fees, raise your kids, save money for them, put it in your bank.. one day all your savings are withheld from you itself and you are denied access to your own hard earned money. Betrayed by their own government (in some way, yes betrayed), would they trust another currency or another 'dream' shown to them? NO. They are too demotivated right now to believe in something they have zero knowledge about. lets educate first, then expect adoption.

[NorrisK]

I read somewhere that the avarage bitcoin purchase of Greeks went from 50 euro to 700 euro in the last months.. Kinda looks like the Greeks are buying (although still in limited numbers ofcourse).

[dothebeats]

Bitcoin is not ready yet.

The average Greek grand mother and butcher would be completely perplexed by creating cold wallets and so on and on. Mainly the security is not there. Once the security is there, and bitcoin is seen as a real viable alternative way to keep wealth secure and safe - then people will flock there where there are trouble like in Greece now.

Exactly when is the block being halved?

The security is there already provided by bitcoin. What is missing is people's awareness of how to use it and how to keep it secure by themselves. Securing digital money is different from securing fiat money. There are so many steps and precautions you should consider before being confident that you're really secure. What people need to learn is how bitcoin works, and with that kind of start, people will soon learn how to use it and maybe pick it as a better alternative for their assets instead of entrusting their life savings in a bank.

[AceWallen]

http://bitcointechie.com/greeks-arent-necessarily-buying-bitcoin-yet/

Still, give Greece time to learn about bitcoin, time to welcome new alternatives to purchase bitcoin and time for capital controls on banks to be lifted. Only then will we start to see the link between Greece and bitcoin strengthen. In the meantime watch the price continue to rise as the rest of the world learns about the risk involved when you trust a government with your life savings.

it's not about Greeks buying bitcoin. it's about the western world seeing what a depositor haircut/intensive capital controls looks like. it's about putting the fear of government default at the forefront. this is what could get people interested in bitcoin. and this will hopefully be much bigger than the population of Greece.

[ransomer]

Bitcoin is not ready yet.

The average Greek grand mother and butcher would be completely perplexed by creating cold wallets and so on and on. Mainly the security is not there. Once the security is there, and bitcoin is seen as a real viable alternative way to keep wealth secure and safe - then people will flock there where there are trouble like in Greece now.

Exactly when is the block being halved?

The security is there already provided by bitcoin. What is missing is people's awareness of how to use it and how to keep it secure by themselves. Securing digital money is different from securing fiat money. There are so many steps and precautions you should consider before being confident that you're really secure. What people need to learn is how bitcoin works, and with that kind of start, people will soon learn how to use it and maybe pick it as a better alternative for their assets instead of entrusting their life savings in a bank.

Yeah, but many grand mothers, butchers, postmen, bandido members, IT uninterested people and on and on are not willing nor confident to go through hoops to make cold wallets and so on and on. And frankly it is not realistic to expect many normal people to want to go through such hoops.

We are where Internet was in the early 1990s, and although many opportunities were there and many programmers and IT interested argued that the Internet was fine and people were just too lazy, uninformed etc... reality is that Internet and applications around it needed to evolve a lot before we had mass adoption. And the Internet was even relatively safe to mock around with - here we are talking about money so it needs to be even more ready before people are really accepting this new innovation.

We need an easy way to keep bitcoins perfectly safe (from hackers, forgetting passwords etc).