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Author Topic: Future of Bitcoin Economics  (Read 31853 times)
deisik
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November 06, 2017, 01:16:53 PM
 #721

In my opinion, Bitcoin is cryptocurrency of future. Now very few people deal with cash - they prefer doing everything using credit/debit cards. A rare person now remembers when he kept all his money at home.
Meanwhile, doing bank operations, people hate to pay commissions for it and withdrawal in ATM costs too. BTC gives all chances to get rid of many commissions.
Bitcoin economic will flourish.  Wink

Well, but what about transaction fees? Right now it is around $4 for a fast transaction. I think Bitcoin is a great tool for transferring huge amounts, but not so good for the small ones. Maybe this problem will be solved in the future and then indeed Bitcoin will be used more than credit/debit cards.

If anything, that's unlikely

Personally, I doubt that the problem with the high fees will be solved. Bitcoin is not used as a tool for transferring daily values. And that has become sort of normal. If you need fast and cheap transactions, use Litecoin or something similar. But this is not what I want to say here. My point is that Bitcoin has basically burned the bridges behind itself, and it has no place where to retreat or run for cover. If it crashes for some reason and turns into yet another coin, it is effectively doomed for extinction, since, technically, it is an utterly outdated coin, and its only advantage is higher profitability over longer terms entirely due to speculation. But will it last forever?

Even if you are right and Litecoin or any other crypto is better than Bitcoin regarding the speed and the price of transactions, for most people it will take huge amount of time to comprehend that. Most people, and I mean educated and wealthy people, don't use Bitcoin still, and when they will start using BTC it will take another 10 years for them to learn about advantages of other cryptos. But I personally think that it is not guaranteed that Litecoin will not face similar problems (or other critical problems) when used on a larger scale.

It is not about me being right or wrong

It is an established fact that the total majority of coins are way faster than Bitcoin, and most of them are cheaper in terms of transaction costs at that. But that's not my point, which you to have missed entirely. You seem to have missed or discarded my assumption that if Bitcoin should crash massively (for whatever reason), there will be no way back for it since it will instantly turn into a completely outdated coin. You basically assume that Bitcoin will never crash but that is not a given by any means

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November 07, 2017, 08:12:49 AM
 #722

the future of bitcoin economy will be better than it is now. if more and more bitcoin users will drive the bitcoin economy. the rising bitcoin price makes me even more diligent in finding bitcoin.

So far so good as price is rising people who had made good amount of investment in this segment are reaping the rewards and making their money grow quickly which is not possible anywhere else. Considering this demand may increase more when we have more good news and prices are tend to rise .

sometimes you have to think that bitcoin are more than just about price , people nowadays really almost lost their idealist thought about how bitcoin should be used as a currency just like fiat in real life .

just the matter how people can completely accept bitcoin as their payment tool , and i am a little bit pessimistic it could be done sooner.

Economists is afraid of crypto because it can lesser the transactions and many of them will be affected and fiat money would be less useful in the future.Bitcoin and other altcoin will dominate in the future because people want fast and hassle free transaction.Never afraid of crypto but be positive in it because many were given chance to be rich.
We all know that due to excess of digital currency usage in the modern world a time will come in near future when the physical money is going to be completely replaced by cryptocurrency. Altcoins as well as a bitcoins are taking over the international market because of their excessive use and increment in the consumer level.

So the future of Bitcoin economy is very bright and anyone who is holding the BTC is in his wallet must not get fearful about the future of Btcs.

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November 07, 2017, 10:49:49 AM
 #723

In my opinion, Bitcoin is cryptocurrency of future. Now very few people deal with cash - they prefer doing everything using credit/debit cards. A rare person now remembers when he kept all his money at home.
Meanwhile, doing bank operations, people hate to pay commissions for it and withdrawal in ATM costs too. BTC gives all chances to get rid of many commissions.
Bitcoin economic will flourish.  Wink

Well, but what about transaction fees? Right now it is around $4 for a fast transaction. I think Bitcoin is a great tool for transferring huge amounts, but not so good for the small ones. Maybe this problem will be solved in the future and then indeed Bitcoin will be used more than credit/debit cards.

If anything, that's unlikely

Personally, I doubt that the problem with the high fees will be solved. Bitcoin is not used as a tool for transferring daily values. And that has become sort of normal. If you need fast and cheap transactions, use Litecoin or something similar. But this is not what I want to say here. My point is that Bitcoin has basically burned the bridges behind itself, and it has no place where to retreat or run for cover. If it crashes for some reason and turns into yet another coin, it is effectively doomed for extinction, since, technically, it is an utterly outdated coin, and its only advantage is higher profitability over longer terms entirely due to speculation. But will it last forever?

Even if you are right and Litecoin or any other crypto is better than Bitcoin regarding the speed and the price of transactions, for most people it will take huge amount of time to comprehend that. Most people, and I mean educated and wealthy people, don't use Bitcoin still, and when they will start using BTC it will take another 10 years for them to learn about advantages of other cryptos. But I personally think that it is not guaranteed that Litecoin will not face similar problems (or other critical problems) when used on a larger scale.

It is not about me being right or wrong

It is an established fact that the total majority of coins are way faster than Bitcoin, and most of them are cheaper in terms of transaction costs at that. But that's not my point, which you to have missed entirely. You seem to have missed or discarded my assumption that if Bitcoin should crash massively (for whatever reason), there will be no way back for it since it will instantly turn into a completely outdated coin. You basically assume that Bitcoin will never crash but that is not a given by any means

I agree with you, indeed majority of other coins are faster than Bitcoin right now. I'd been using some of them and I was amazed about the speed of transactions even when working with trash coins. But do you think they will be as fast when used on a larger scale? I personally don't know the answer and that's why I assert nothing as certain. I really want to read your answer to that question because I respect you and generally I enjoy reading your posts.

As for Bitcoin's hypothetical crash ... Well, anything can happen, but I think it is very unlikely, given the fact that its popularity and hence support is on the rise.

I want to use an example from agriculture in that regard. Wild grass is much better adjusted to the environment than a cultivated plant. Yet a cultivated plant has more chances to survive when it is cared of, or, in other words, supported. Wild grass stands for altcoins in our case, and a cultivated plant stands for Bitcoin.

deisik
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November 07, 2017, 02:06:23 PM
 #724

In my opinion, Bitcoin is cryptocurrency of future. Now very few people deal with cash - they prefer doing everything using credit/debit cards. A rare person now remembers when he kept all his money at home.
Meanwhile, doing bank operations, people hate to pay commissions for it and withdrawal in ATM costs too. BTC gives all chances to get rid of many commissions.
Bitcoin economic will flourish.  Wink

Well, but what about transaction fees? Right now it is around $4 for a fast transaction. I think Bitcoin is a great tool for transferring huge amounts, but not so good for the small ones. Maybe this problem will be solved in the future and then indeed Bitcoin will be used more than credit/debit cards.

If anything, that's unlikely

Personally, I doubt that the problem with the high fees will be solved. Bitcoin is not used as a tool for transferring daily values. And that has become sort of normal. If you need fast and cheap transactions, use Litecoin or something similar. But this is not what I want to say here. My point is that Bitcoin has basically burned the bridges behind itself, and it has no place where to retreat or run for cover. If it crashes for some reason and turns into yet another coin, it is effectively doomed for extinction, since, technically, it is an utterly outdated coin, and its only advantage is higher profitability over longer terms entirely due to speculation. But will it last forever?

Even if you are right and Litecoin or any other crypto is better than Bitcoin regarding the speed and the price of transactions, for most people it will take huge amount of time to comprehend that. Most people, and I mean educated and wealthy people, don't use Bitcoin still, and when they will start using BTC it will take another 10 years for them to learn about advantages of other cryptos. But I personally think that it is not guaranteed that Litecoin will not face similar problems (or other critical problems) when used on a larger scale.

It is not about me being right or wrong

It is an established fact that the total majority of coins are way faster than Bitcoin, and most of them are cheaper in terms of transaction costs at that. But that's not my point, which you to have missed entirely. You seem to have missed or discarded my assumption that if Bitcoin should crash massively (for whatever reason), there will be no way back for it since it will instantly turn into a completely outdated coin. You basically assume that Bitcoin will never crash but that is not a given by any means

I agree with you, indeed majority of other coins are faster than Bitcoin right now. I'd been using some of them and I was amazed about the speed of transactions even when working with trash coins. But do you think they will be as fast when used on a larger scale? I personally don't know the answer and that's why I assert nothing as certain. I really want to read your answer to that question because I respect you and generally I enjoy reading your posts

I'm mostly interested in Litecoin

And thus I can't say anything definitive about other altcoins. Litecoin has SW and LN activated already, so we should just wait and see when its current transactional capacity is exhausted, i.e. the capacity it has without employing Lightning Network capabilities. Regarding your example of weeds versus crops, I think it is not applicable here in the sense you mean it. In other words, you can take any weed plant, cultivate it, and you will likely get even a better result. That's why I make a point out of a possible Bitcoin collapse. It would create a level ground for all coins, and devil take the hindmost

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November 07, 2017, 02:11:07 PM
 #725

In my opinion, Bitcoin is cryptocurrency of future. Now very few people deal with cash - they prefer doing everything using credit/debit cards. A rare person now remembers when he kept all his money at home.
Meanwhile, doing bank operations, people hate to pay commissions for it and withdrawal in ATM costs too. BTC gives all chances to get rid of many commissions.
Bitcoin economic will flourish.  Wink

Well, but what about transaction fees? Right now it is around $4 for a fast transaction. I think Bitcoin is a great tool for transferring huge amounts, but not so good for the small ones. Maybe this problem will be solved in the future and then indeed Bitcoin will be used more than credit/debit cards.

If anything, that's unlikely

Personally, I doubt that the problem with the high fees will be solved. Bitcoin is not used as a tool for transferring daily values. And that has become sort of normal. If you need fast and cheap transactions, use Litecoin or something similar. But this is not what I want to say here. My point is that Bitcoin has basically burned the bridges behind itself, and it has no place where to retreat or run for cover. If it crashes for some reason and turns into yet another coin, it is effectively doomed for extinction, since, technically, it is an utterly outdated coin, and its only advantage is higher profitability over longer terms entirely due to speculation. But will it last forever?

Even if you are right and Litecoin or any other crypto is better than Bitcoin regarding the speed and the price of transactions, for most people it will take huge amount of time to comprehend that. Most people, and I mean educated and wealthy people, don't use Bitcoin still, and when they will start using BTC it will take another 10 years for them to learn about advantages of other cryptos. But I personally think that it is not guaranteed that Litecoin will not face similar problems (or other critical problems) when used on a larger scale.

It is not about me being right or wrong

It is an established fact that the total majority of coins are way faster than Bitcoin, and most of them are cheaper in terms of transaction costs at that. But that's not my point, which you to have missed entirely. You seem to have missed or discarded my assumption that if Bitcoin should crash massively (for whatever reason), there will be no way back for it since it will instantly turn into a completely outdated coin. You basically assume that Bitcoin will never crash but that is not a given by any means

I agree with you, indeed majority of other coins are faster than Bitcoin right now. I'd been using some of them and I was amazed about the speed of transactions even when working with trash coins. But do you think they will be as fast when used on a larger scale? I personally don't know the answer and that's why I assert nothing as certain. I really want to read your answer to that question because I respect you and generally I enjoy reading your posts

I'm mostly interested in Litecoin

And thus I can't say anything definitive about other altcoins. Litecoin has SW and LN activated already, so we should just wait and see when its current transactional capacity is exhausted, i.e. the capacity it has without employing Lightning Network capabilities. Regarding your example of weeds versus crops, I think it is not applicable here in the sense you mean it. In other words, you can take any weed plant, cultivate it, and you will likely get even a better result. That's why I make a point out of a possible Bitcoin collapse. It would create a level ground for all coins, and devil take the hindmost
No doubt that bitcoin economy has a bright future, Bitcoin price is increasing from time to time which is the proof that bitcoin  has a bright future.
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November 07, 2017, 02:18:31 PM
 #726

Personally I do not see the future of bitcoin economy. Now the miners mined bitcoins, and the rest buy them and hold in hopes to get rich when the price of bitcoin will rise. Agree it's not the economy. While it reminds me of a pyramid which at any moment can collapse.

Pyramiding reminds me last week when bitcoin arises when mass adoption happen since those who were on top or have it before were really benefiting ,i think economy will always like that.
I think bitcoin is different than pyramid since we already experience to lose investment because of pyramid scheme..
Bitcoin has a good future since lots of company and business are starting to use bitcoin and we can use bitcoin also for developing build own arcade computer shop that accept bitcoins could be a good idea. and hope someone can do that here in my country or if ever bitcoin is really well know i can use bitcoin to build a computer shop that accept bitcoin and before the computer to run they need to send bitcoin first and computer will open..           
Bitcoin could be a great payment processor because you can use it even in mobile we are in field of technology so bitcoin economy has a great future..


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November 07, 2017, 07:07:50 PM
 #727

Ideally, the majority of it's a HOLD / HODLBut why not spend a little and and experience the Technologies.Be a part of the Trend
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November 07, 2017, 08:18:14 PM
 #728

However, the technological advances of today allow us to deduce that the best way to negotiate or invest money is in digital currency.
Of course, it is very likely that the Bitcoin of a good change of course, I could not say no, however, from now until 2018, a surprising rise in Bitcoin is predicted. Cool
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November 07, 2017, 08:26:40 PM
 #729

I think the situation of the price of bitcoin will continue to rise in the future. People's interest in bitcoin is growing every day and I think it will reach more volatile prices in the future.

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November 07, 2017, 08:56:28 PM
 #730

Well i believe the future of bitcoin economy is really great. why? It is all because of its fastiest growing economy we all see that bitcoin is really old butvwe can see that is is now growing and many people will now   depending on the money that tbey gain doing btc.maybe there can never be a way to stop btc in the future because many people support on it because it was jjst like a bleesing .i believe  the bitcoin economy in the future will be great because it is getting popular each day.


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November 07, 2017, 09:08:07 PM
 #731

Well i believe the future of bitcoin economy is really great. why? It is all because of its fastiest growing economy we all see that bitcoin is really old butvwe can see that is is now growing and many people will now   depending on the money that tbey gain doing btc.maybe there can never be a way to stop btc in the future because many people support on it because it was jjst like a bleesing .i believe  the bitcoin economy in the future will be great because it is getting popular each day.
The future of bitcoin economy is only predicted by users that how much users are adopted in bitcoin which is only possible by demand of bitcoin .If its demand increases then so many people will have to accept it, in otherwise we can say that the future of bitcoin is directly proportional to users.It also depends on the usage of the bitcoin by most of the people.

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Twinscoin2017
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November 07, 2017, 09:18:24 PM
 #732

Well i believe the future of bitcoin economy is really great. why? It is all because of its fastiest growing economy we all see that bitcoin is really old butvwe can see that is is now growing and many people will now   depending on the money that tbey gain doing btc.maybe there can never be a way to stop btc in the future because many people support on it because it was jjst like a bleesing .i believe  the bitcoin economy in the future will be great because it is getting popular each day.
The future of bitcoin economy is only predicted by users that how much users are adopted in bitcoin which is only possible by demand of bitcoin .If its demand increases then so many people will have to accept it, in otherwise we can say that the future of bitcoin is directly proportional to users.It also depends on the usage of the bitcoin by most of the people.

well i also believe on that considering that bitcoin is only newborn coin and it is now come this far .maybe in the next 7 years bitcoin economy will be  greater than today and it is now really predictable .because we have some kind of way go put bases on the past price on how it grows up and  make it  so high this day around i was thinking that bitcoin can get more higher because im really sure many people will used it in tthis coming couple of year.

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November 07, 2017, 09:46:00 PM
 #733

If you are thinking of mass adoption = to higher demand than you are right. Simply because bulk adoption can really generate a new need that Bitcoin is yet to see. The cost will significantly increase because the higher the need will get the larger the proce will Bitcoin have. With that said , Bitcoin continues to be however to mine all of the Bitcoin available, for now we may now say Bitcoin has a limited supply to complement the increasimg demand.
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November 07, 2017, 10:26:37 PM
 #734

Well i believe the future of bitcoin economy is really great. why? It is all because of its fastiest growing economy we all see that bitcoin is really old butvwe can see that is is now growing and many people will now   depending on the money that tbey gain doing btc.maybe there can never be a way to stop btc in the future because many people support on it because it was jjst like a bleesing .i believe  the bitcoin economy in the future will be great because it is getting popular each day.
The future of bitcoin economy is only predicted by users that how much users are adopted in bitcoin which is only possible by demand of bitcoin .If its demand increases then so many people will have to accept it, in otherwise we can say that the future of bitcoin is directly proportional to users.It also depends on the usage of the bitcoin by most of the people.


No it wasn't just a prediction, but the reality on how people is going to demand to invest or buy their holdings for future profitable return of investments. The economy of bitcoins really depend on how people could have their fate towards the progress of bitcoin, and if they have a passion to do it like investing their wealth. Its a good idea and I believed that having mindset will eventually make every person rich from their holdings.

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November 07, 2017, 11:26:44 PM
 #735

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.


The true future of bitcoin is in real., because of the Fastes growing up the economy of bitcoin and many people will now join. It is in-demand from the users and that will increase bcoz people accepted.

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November 07, 2017, 11:36:33 PM
 #736

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

I think, bitcoin can be more popular and widely used, because digital technology is more advanced.

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November 08, 2017, 01:16:22 AM
 #737

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

I think, bitcoin can be more popular and widely used, because digital technology is more advanced.
It's easy to copy the technology but this one is decentralized so the government cannot copy the entire system.
This is quite new to the people so they will be hesitant to adopt but once they understand how much protection they can have in using bitcoin they will be in love with this technology, the bank will surely loss their clients as people does not need a third party to transact using their bitcoin.

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November 08, 2017, 06:26:43 AM
 #738

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

I think, bitcoin can be more popular and widely used, because digital technology is more advanced.
It's easy to copy the technology but this one is decentralized so the government cannot copy the entire system.
This is quite new to the people so they will be hesitant to adopt but once they understand how much protection they can have in using bitcoin they will be in love with this technology, the bank will surely loss their clients as people does not need a third party to transact using their bitcoin.
Bitcoin is already copied a lot of times by the altcoins but there is no one that can beat the original and the very first cryptocurrency that is ever created. The future of the bitcoin only relies on the demand of the people and based on what is happening right now, bitcoin has a lot of demand in the market and it seems that it will go even higher in the near future.

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November 08, 2017, 06:33:38 AM
 #739

Bitcoin economics is the same as fiat if there is high demand or demand the price will continue to increase and bitcoin is still currently in beta mode there still room to improve and not so many countries have accepted it mostly countries in south east asia have adopted it that is Philippines, japan, korea while the west continue's to reject it but well see in future events.

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November 09, 2017, 06:54:09 PM
 #740

so far I can assume about bitcoin. it is getting good demandable and acceptable to folks daily, if you think about the future of bitcoin then you can be assured of seeing a bright future of bitcoin financial aspects. when need raises coincidently price also raises, lately we've skilled unparalleled combination of bitcoin, so we may take an assumption that way forward for bitcoin economics is going to be steady and reputable. 
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