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Author Topic: Is bitcoin now the strongest currency in the world?  (Read 32731 times)
melvster
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March 22, 2013, 01:43:58 PM
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After the events of last week.

I was making this suggestion to some folks yesterday, but they claimed that bitcoin is too small.  Does it matter?
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tysat
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March 22, 2013, 01:45:50 PM
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Nope, it wouldn't take a whole lot to get the numbers to start going down (compared to other currencies).
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March 22, 2013, 01:51:03 PM
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Nope, it wouldn't take a whole lot to get the numbers to start going down (compared to other currencies).

As much as it pains me to say it, this is the truth.

Now, it does have the capability to become the strongest, so do take that into account.

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March 22, 2013, 01:57:05 PM
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Nah, gold is. But bitcoin has huge potential, even if limited by the State to "just" the black market.

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March 22, 2013, 01:57:37 PM
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After the events of last week.

I was making this suggestion to some folks yesterday, but they claimed that bitcoin is too small.  Does it matter?

I would compare bitcoin with a $7 stock that has a market capital of 800.000.000 U$S...
It's going up, but any big shot with, say, 100-500k can manipulate the stock considerably and pump it and dump it.
As the market capitalization of bitcoin grows, the currency will be resistant of those kinds of "attacks" and hopefully, the price, although it will continue to move up perpetually, it will slowdown considerably compared to today's volatility.

Anyway, a quicker answer to your questions is NO, it's not even close to being the strongest currency in the world.

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March 22, 2013, 02:18:57 PM
 #6

Nope, it wouldn't take a whole lot to get the numbers to start going down (compared to other currencies).

As much as it pains me to say it, this is the truth.

Now, it does have the capability to become the strongest, so do take that into account.

I definitely agree that it could become one of the strongest currencies in the world, but right now it's very weak.

I would compare bitcoin with a $7 stock that has a market capital of 800.000.000 U$S...
It's going up, but any big shot with, say, 100-500k can manipulate the stock considerably and pump it and dump it.

^ Good explanation of how I view it, bitcoin will be strong when it can't be moved with a "small" amount of money.
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March 22, 2013, 02:59:22 PM
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Bitcoin isn't the strongest currency for reasons stated, but it is among one of the most valuable.

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March 22, 2013, 03:03:26 PM
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Bitcoin isn't the strongest currency for reasons stated, but it is among one of the most valuable.

please define "valuable"?

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March 22, 2013, 03:04:55 PM
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I'd say currently bitcoin is one the weakest currencies in the world, but this can (and hopefully will) change in the next couple of years.
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March 22, 2013, 03:07:35 PM
 #10

After the events of last week.

I was making this suggestion to some folks yesterday, but they claimed that bitcoin is too small.  Does it matter?

I would compare bitcoin with a $7 stock that has a market capital of 800.000.000 U$S...
It's going up, but any big shot with, say, 100-500k can manipulate the stock considerably and pump it and dump it.
As the market capitalization of bitcoin grows, the currency will be resistant of those kinds of "attacks" and hopefully, the price, although it will continue to move up perpetually, it will slowdown considerably compared to today's volatility.

Anyway, a quicker answer to your questions is NO, it's not even close to being the strongest currency in the world.

But a $7 stock isnt a currency, really, is it.  I mean you need a certain amount of liquidity to be considered true currency, you could argue that bitcoin has that now.  But a stock?
deathcode
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March 22, 2013, 04:19:26 PM
 #11

After the events of last week.

I was making this suggestion to some folks yesterday, but they claimed that bitcoin is too small.  Does it matter?

I would compare bitcoin with a $7 stock that has a market capital of 800.000.000 U$S...
It's going up, but any big shot with, say, 100-500k can manipulate the stock considerably and pump it and dump it.
As the market capitalization of bitcoin grows, the currency will be resistant of those kinds of "attacks" and hopefully, the price, although it will continue to move up perpetually, it will slowdown considerably compared to today's volatility.

Anyway, a quicker answer to your questions is NO, it's not even close to being the strongest currency in the world.

But a $7 stock isnt a currency, really, is it.  I mean you need a certain amount of liquidity to be considered true currency, you could argue that bitcoin has that now.  But a stock?

Read my statement: "I would compare bitcoin with a $7 stock that has a market capital of 800.000.000 U$S"
I say I would compare bitcoin with a $7 stock. I never mentioned the word currency. I pointed out the market capitalization so therefore my comparison is oriented towards that particular aspect.
I know a stock isn't a currency. Actually stock is backed up with something, bitcoin isn't Tongue

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March 22, 2013, 04:27:37 PM
 #12

As a currency, Bitcoin is still, and will remain for some time, unstable. There are three things that need to change:

- low capitalization - more people need to join
- centralization - I think it is safe to assume that whatever happens with BTC price on MtGox, it will be reflected on other exchanges which make up (please correct me if I'm wrong) less than 10% of the Bitcoin trading market, with MtGox in control of the rest.
- difficulty of getting started into Bitcoin and actually using it safely and conveniently
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March 22, 2013, 06:59:59 PM
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No, but it is: 'the fastest growing currency in the world'
http://www.guardian.co.uk/technology/video/2013/mar/22/bitcoin-currency-video

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March 22, 2013, 09:15:01 PM
 #14

I'd say it is definately the strongest currency on the planet...considering it is completely unique in the way it is designed and how it opperates, and is invulnerable to the catestrophic weakness posessed by fiat currency. It is only a matter of time before it is recognised as being the strongest currency, there is no debate as to whether or not it is, the debate is over when it will take it's place as no1 currency in terms of number of users.



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March 22, 2013, 09:56:37 PM
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Absolutely the strongest. I mean, what else could lose 50% of its value overnight and still be 30x more valuable than the next "strongest" currency?

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March 22, 2013, 10:01:38 PM
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How can it be a strong currency when you cant actually use them to buy essential day to day stuff? What use is a Bitcoin if you don't own a computer?

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deathcode
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March 22, 2013, 10:19:36 PM
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Absolutely the strongest. I mean, what else could lose 50% of its value overnight and still be 30x more valuable than the next "strongest" currency?

Just because a btc is worth U$S 70 does not make it the strongest currency.
the dollar has a market capitalization worth trillions and widely accepted, that's a strong currency.
BTC is not even close to be there. BTC is not even close to be comparable to a weak currency of a third world country yet, however, due to its characteristics it has the potential to become a very strong currency due to its features.
It's not there yet.

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March 23, 2013, 05:37:09 AM
 #18

As a currency, Bitcoin is still, and will remain for some time, unstable. There are two things that need to change:

- low capitalization - more people need to join
- centralization - I think it is safe to assume that whatever happens with BTC price on MtGox, it will be reflected on other exchanges which make up (please correct me if I'm wrong) less than 10% of the Bitcoin trading market, with MtGox in control of the rest.
- difficulty of getting started into Bitcoin and actually using it safely and conveniently

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March 23, 2013, 05:44:29 AM
 #19

What use is a Bitcoin if you don't own a computer?

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March 23, 2013, 11:11:57 AM
 #20

I believe In bitcoin and Think it is very cheep at the moment. But bitcoin Is not the strongest currency ATM because it is brand new and has huge fluctuation. Alot of people don't have faith in bitcoin and this can cause panic sell's. Bitcoin has a future of becoming the strongest currency in the world but has not hit this as yet. It needs to be more available and easier to trade for goods and services to become strong.       
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