Brexit bill approved! What does this mean to bitcoin if anything?

[Sithara007]

If the same product is 1 pound, 1 Euro and 1 dollar. Where will buy it?

What sort of weird logic is this? The prices will depend upon the exchange rates. For example, if a product costs 10 UKP, then the same will be priced 12.3 USD or 11.5 Euro, as per the latest exchange rates.

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[GreenBits]

On bitcoin's side, nothing will change much.

GBP will be ruined to deth though. Taking England out of Europe will cause massive trauma on Brits. In other words, long story short; Cheap Brit Coins are on their way.  Stay with $$$.

GBP/USD used to be 2.0 wow, it became 1.5 later, and then 1.3, and now its 1.20. Soon it will be 1.04 or  smth, maybe lower. It will share the same fate as EUR. Maybe even worse.

Yezzir. Like the Greek debt crisis, like the Chinese capital flight event,  it really doesn't change too much for bitcoin except make them really attractive to purchase. Anytime a fiat that commonly trades with BTC does badly, BTC usually reacts positively. So if anything, GBP will take a punt, and btc will soar. But, when Brexit is finally realized, there will be other market forces at play also driving up the price of bitcoin.

We will see

[Sithara007]

On bitcoin's side, nothing will change much.

GBP will be ruined to deth though. Taking England out of Europe will cause massive trauma on Brits. In other words, long story short; Cheap Brit Coins are on their way.  Stay with $$$.

GBP/USD used to be 2.0 wow, it became 1.5 later, and then 1.3, and now its 1.20. Soon it will be 1.04 or  smth, maybe lower. It will share the same fate as EUR. Maybe even worse.

Yezzir. Like the Greek debt crisis, like the Chinese capital flight event,  it really doesn't change too much for bitcoin except make them really attractive to purchase. Anytime a fiat that commonly trades with BTC does badly, BTC usually reacts positively. So if anything, GBP will take a punt, and btc will soar. But, when Brexit is finally realized, there will be other market forces at play also driving up the price of bitcoin.

We will see

The rising value of the Bitcoin can be a double edged sword. If investors notice that Bitcoin is an asset which guarantees them an assured return, then they will start hoarding the coins. And that will go against the primary purpose of the BTC, which is to act as a currency.

[mindrust]

On bitcoin's side, nothing will change much.

GBP will be ruined to deth though. Taking England out of Europe will cause massive trauma on Brits. In other words, long story short; Cheap Brit Coins are on their way.   Stay with $$$.

GBP/USD used to be 2.0 wow, it became 1.5 later, and then 1.3, and now its 1.20. Soon it will be 1.04 or  smth, maybe lower. It will share the same fate as EUR. Maybe even worse.

Yezzir. Like the Greek debt crisis, like the Chinese capital flight event,  it really doesn't change too much for bitcoin except make them really attractive to purchase. Anytime a fiat that commonly trades with BTC does badly, BTC usually reacts positively. So if anything, GBP will take a punt, and btc will soar. But, when Brexit is finally realized, there will be other market forces at play also driving up the price of bitcoin.

We will see

The rising value of the Bitcoin can be a double edged sword. If investors notice that Bitcoin is an asset which guarantees them an assured return, then they will start hoarding the coins. And that will go against the primary purpose of the BTC, which is to act as a currency.

Acting as a currency was never the main purpose of bitcoin. Bitcoin made us able to do so only in some particular occasions but it is still nothing near visa/mastercard in terms of usefulness on daily trades. (slow confirmations)

Is it good for buying a house, buying a boat, buying a car? Yes it is.
Is it a good way to get out of the banking system? Yes indeed.
Is it a good way to transfer your money overseas? Yep.
Is it good for hiding away your money? yepppp

Is it good for buying a happy meal? No it is not. (fail.)

You don't buy a house everyday, but you pay for the hamburgers all the time.

[Sundark]

The rising value of the Bitcoin can be a double edged sword. If investors notice that Bitcoin is an asset which guarantees them an assured return, then they will start hoarding the coins. And that will go against the primary purpose of the BTC, which is to act as a currency.

Bitcoin because of its deflationary design is already failing to act as a currency.
Tell me why should I buy something for bitcoin when my bitcoin might, and probably will be worth much more in the future?
We all know story of bitcoin Pizzas bought back in 2010 for 10,000 BTC, which is more than $11 million today.

[frankbit]

The rising value of the Bitcoin can be a double edged sword. If investors notice that Bitcoin is an asset which guarantees them an assured return, then they will start hoarding the coins. And that will go against the primary purpose of the BTC, which is to act as a currency.

Bitcoin because of its deflationary design is already failing to act as a currency.
Tell me why should I buy something for bitcoin when my bitcoin might, and probably will be worth much more in the future?
We all know story of bitcoin Pizzas bought back in 2010 for 10,000 BTC, which is more than $11 million today.

Yeah, I wonder Laszlo probably still in shock of what price he bought the pizza. I hope he managed to earn more bitcoins. He then said that earn a lot of bitcoins.

[mastermold]

These two issues are related tangentially.

Bitcoin is a mathematical construct, and math is independent of borders and governments. But its value (and especially it’s exchange rate) is based on pure supply-and-demand economics. In the long run, it’s value is likely to be buttressed by perceptions of political or economic instability or uncertainty.

To the extent that the public perceives instability or uncertainty surrounding the UK decision to exit the EU, Bitcoin may experience upward pressure. But if the EU decision ultimately leads to economic stability or confidence (on either side), then this event may exhibit little influence or even a mitigating force on the Bitcoin exchange rate.

My own hunch is that world events will gradually lead to adoption of Bitcoin for an increasing fraction of business and consumer activities—in addition to growing use as a speculative buy-and-hold investment or an investment hedge against inflation.

[Mometaskers]

I still think the UK would do fine leaving the EU. The problem would be Scotland trying to maintain its ties with EU that could lead it to separate with UK. If that happens I would no longer be sure both would do ok. As for bitcoin, a little instability would probably not do it much harm. The value could rise for example as people buy more of it as hedge against possible problems with their fiat. Hopefully though it wouldn't be so bad that the rich would buy up large amounts of it that it become so expensive most people wouldn't be able to buy any sizable amount, thus hampering wider adoption.

[20kevin20]

I still think the UK would do fine leaving the EU. The problem would be Scotland trying to maintain its ties with EU that could lead it to separate with UK. If that happens I would no longer be sure both would do ok. As for bitcoin, a little instability would probably not do it much harm. The value could rise for example as people buy more of it as hedge against possible problems with their fiat. Hopefully though it wouldn't be so bad that the rich would buy up large amounts of it that it become so expensive most people wouldn't be able to buy any sizable amount, thus hampering wider adoption.

Instability = Bitcoin price increase. Same thing happens to Gold and Silver, which are commodities. Bitcoin is a commodity too now.

The UK leaving the European Union means a price increase for Bitcoin and we'll see that in a few weeks probably. People still do not realize what this means, and it probably means instability in the whole EU. After the UK we may see other countries get out too, turning everything upside down. And then I am asking myself, isn't this exactly what they want?

Look at the altcoins. All the recent events did affect the prices, and the most important ones are the ETF and the Brexit final decisions. Although there wasn't a huge increase in price in the last few days, we've seen some of them spiking (like DASH), while others did fall (like Bitcoin). People are going to invest in BTC because of instability, we all would buy the safest ones. But the millenials will buy Bitcoin because they love technology and it's interesting to have something portable that keeps rising in price, while there will be investors looking for Gold (these are the people with money) and the highest percentage is probably going to be people buying Silver. It's the most affordable for everyone around, and therefore has the highest chance to rise very fast in case something happens.

[Sithara007]

The rising value of the Bitcoin can be a double edged sword. If investors notice that Bitcoin is an asset which guarantees them an assured return, then they will start hoarding the coins. And that will go against the primary purpose of the BTC, which is to act as a currency.

Bitcoin because of its deflationary design is already failing to act as a currency.
Tell me why should I buy something for bitcoin when my bitcoin might, and probably will be worth much more in the future?
We all know story of bitcoin Pizzas bought back in 2010 for 10,000 BTC, which is more than $11 million today.

Can't agree with that argument. Suppose you are having $10,000 in fiat cash and BTC10 in coins with you right now. A particular restaurant offers you a 5% discount, if you make the payment with Bitcoin. Will you still use fiat cash to make the purchase? If I am in your place, I would make the purchase with BTC, and after that I will convert some of my fiat to Bitcoin.

[coszy]

I still think the UK would do fine leaving the EU. The problem would be Scotland trying to maintain its ties with EU that could lead it to separate with UK. If that happens I would no longer be sure both would do ok. As for bitcoin, a little instability would probably not do it much harm. The value could rise for example as people buy more of it as hedge against possible problems with their fiat. Hopefully though it wouldn't be so bad that the rich would buy up large amounts of it that it become so expensive most people wouldn't be able to buy any sizable amount, thus hampering wider adoption.

Instability = Bitcoin price increase. Same thing happens to Gold and Silver, which are commodities. Bitcoin is a commodity too now.

The UK leaving the European Union means a price increase for Bitcoin and we'll see that in a few weeks probably. People still do not realize what this means, and it probably means instability in the whole EU. After the UK we may see other countries get out too, turning everything upside down. And then I am asking myself, isn't this exactly what they want?

Look at the altcoins. All the recent events did affect the prices, and the most important ones are the ETF and the Brexit final decisions. Although there wasn't a huge increase in price in the last few days, we've seen some of them spiking (like DASH), while others did fall (like Bitcoin). People are going to invest in BTC because of instability, we all would buy the safest ones. But the millenials will buy Bitcoin because they love technology and it's interesting to have something portable that keeps rising in price, while there will be investors looking for Gold (these are the people with money) and the highest percentage is probably going to be people buying Silver. It's the most affordable for everyone around, and therefore has the highest chance to rise very fast in case something happens.

If there is an even worse economic situation, I'm not sure that even bitcoin will be positively affected. Perhaps you are right in this matter, but because of the lack of more information I can not understand what a strong problem can be.

[20kevin20]

I still think the UK would do fine leaving the EU. The problem would be Scotland trying to maintain its ties with EU that could lead it to separate with UK. If that happens I would no longer be sure both would do ok. As for bitcoin, a little instability would probably not do it much harm. The value could rise for example as people buy more of it as hedge against possible problems with their fiat. Hopefully though it wouldn't be so bad that the rich would buy up large amounts of it that it become so expensive most people wouldn't be able to buy any sizable amount, thus hampering wider adoption.

Instability = Bitcoin price increase. Same thing happens to Gold and Silver, which are commodities. Bitcoin is a commodity too now.

The UK leaving the European Union means a price increase for Bitcoin and we'll see that in a few weeks probably. People still do not realize what this means, and it probably means instability in the whole EU. After the UK we may see other countries get out too, turning everything upside down. And then I am asking myself, isn't this exactly what they want?

Look at the altcoins. All the recent events did affect the prices, and the most important ones are the ETF and the Brexit final decisions. Although there wasn't a huge increase in price in the last few days, we've seen some of them spiking (like DASH), while others did fall (like Bitcoin). People are going to invest in BTC because of instability, we all would buy the safest ones. But the millenials will buy Bitcoin because they love technology and it's interesting to have something portable that keeps rising in price, while there will be investors looking for Gold (these are the people with money) and the highest percentage is probably going to be people buying Silver. It's the most affordable for everyone around, and therefore has the highest chance to rise very fast in case something happens.

If there is an even worse economic situation, I'm not sure that even bitcoin will be positively affected. Perhaps you are right in this matter, but because of the lack of more information I can not understand what a strong problem can be.

Check the history of the gold price before and during every big war. You'll see changes, positive changes. These changes will happen to Bitcoin too, because now people are finally not willing to go to tracked or centralized assets like Gold which can be tracked (I'm talking about cameras that are around or in that building when you buy it, online orders with delivery to your home etc) or like fiat which is the government's. If you look in the recent years you'll notice that we're starting to hate the governments more and more. That's because we're being monitored more than ever before, and secrets are hidden from us. Secrets we should know about, like the CIA spying on us and so. Who are we to be spied by them? Am I a criminal? Are you a criminal? We aren't, and yet our conversations can be listened by them, our cameras can be turned on by them remotely. Do we feel safe anymore? We don't. So that's why instability is going to come in waves pretty soon: they know we're starting to rise against them.

Bitcoin is like a new gold, but virtual. Except the scenario of a blackout, it will only have to rise during this instability all around the world.

[Idrisu]

As a trader in other not to confuse yourself only following news that affect bitcoin directly as political news don't move bitcoin price.Brexit bill approver's news is a political news and most times politics don't affect bitcoin. Many people may sell off their pound but I doubt in their will invest it in bitcoin.

[onelove2111]

As a trader in other not to confuse yourself only following news that affect bitcoin directly as political news don't move bitcoin price.Brexit bill approver's news is a political news and most times politics don't affect bitcoin. Many people may sell off their pound but I doubt in their will invest it in bitcoin.

Only Fiat varies depending on the political and economic situation in the country. For bitcoin it means nothing. Bitcoin can only be affected by demand and manipulation on the exchange, which makes it possible to earn on the difference in price.

[Xester]

The brexit was approved but it does not mean an exit in using pounds. The countries who exited will have now full authority over their jurisdiction but they will not separate themselves from using pounds and that simply means that there is nothing for bitcoin in this occurrence. The only difference will come in is when Marine Le Pene will won the election and we can tell that LEPEN coins will raise in value and that has a direct impact on bitcoins.

[JavaLove]

I am sure that the Brexit movement will have a very large and critical impact on the future of Bitcoin. After all, it is a currency and as a currency it will be influenced by different global events.

I think it will have a mixed impact on Bitcoin. As an example, the people of Britain will have a little more optimism when investing their money into the banks and government because they have not trusted the EU for so long - even though GB has its own currency it still owes debt to the EU. Theoretically it could cause a decline in Bitcoin price, however GB does not have a large user base of BTC and so I believe we'll be fine.

However, once people see how corrupt politicians across the world still are no matter what organization they may be apart of, I believe they will flock to the currency in droves.

It takes some adjustment because FIAT seems so reliable. In reality it is nothing near reliable or trustworthy. But more people will be moving closer to BTC -- especially with the new Brexit bill that was approved.