[2017-05-08] The Future of Bitcoins

[Bitwah]

The main appeal of Bitcoins and other cryptocurrency is that these digital currencies are commonly perceived as “democratic”, in the sense that they are not controlled by any one central bank and therefore are not subject to the politics and influence of any one government or economic trend (e.g, price of oil or inflation). They are generated by the users or ‘miners’ as they are called, using complex mathematical formulas. In today’s fast digitizing world, they are attractive because these currencies can be transferred electronically, almost instantaneously and with very low transaction fees.

http://bwdisrupt.businessworld.in/article/The-Future-of-Bitcoins/08-05-2017-117729/

[1715541494]

1715541494

[1715541494]

1715541494

[bouren]

Nice description, bitcoin and cryptocurrencies are indeed on raising scale in India due to reasons mentioned by you. But I think "Sovereign" will be better to use for Bitcoin than "Democratic". 

[@prashant]

Bitcoin is rising ,dont know why ,there isnt any political crises as far i have heard.but this lead to further delay in bitcoin transaction ,soon this hype will be over and altcoin will rise again.bitcoin will be taken over by ethereum in coming years because ethereum blockchain is more reliable​ ,faster and majority of upcoming are based on its blockchain.

[bitcoinisbest]

Just heard that banks have being told to close the accounts of those dealing with bitcoin. Now sure how much true it is. Also Axis bank users have being issued a notice against this for their closure of bank account dealing with bitcoin. Kindly confirm if this is true or heard anything related to it?

[@prashant]

Just heard that banks have being told to close the accounts of those dealing with bitcoin. Now sure how much true it is. Also Axis bank users have being issued a notice against this for their closure of bank account dealing with bitcoin. Kindly confirm if this is true or heard anything related to it?

This issue arised when a minister requested to ban bitcoin in india as he think it is a Ponzi scheme,he requested rbi to check exchange which are dealing with btc.as far i heard ,rbi quoted that people should stay away from bitcoin or virtual currency and govt will not be responsible for any loss.
So,it is not ban,people will be responsible to use it or not.

[skang]

Bitcoin is rising ,dont know why ,there isnt any political crises as far i have heard.but this lead to further delay in bitcoin transaction ,soon this hype will be over and altcoin will rise again.bitcoin will be taken over by ethereum in coming years because ethereum blockchain is more reliable​ ,faster and majority of upcoming are based on its blockchain.

I feel the ethereum blockchain shall cease to exist in a few years because it is neither turing complete as they falsely advertise, nor is it a technically a blockchain because a blockchain only works as an DMMS algo if the underlying token governs one fixed task, whereas ether does not. How does one determine the gas price of an opcode in a network? How does ethereum do it? (I think only people understanding the need for proof-of-work blockchain will understand this) One cannot do this accurately as evident by the spam attack on the suicide function in ethereum a few days ago.

[iram3130]

Just heard that banks have being told to close the accounts of those dealing with bitcoin. Now sure how much true it is. Also Axis bank users have being issued a notice against this for their closure of bank account dealing with bitcoin. Kindly confirm if this is true or heard anything related to it?

This issue arised when a minister requested to ban bitcoin in india as he think it is a Ponzi scheme,he requested rbi to check exchange which are dealing with btc.as far i heard ,rbi quoted that people should stay away from bitcoin or virtual currency and govt will not be responsible for any loss.
So,it is not ban,people will be responsible to use it or not.

Yes, the official statement is "people should transact in Bitcoin or any cryptocurrencies on their own risk."
Govt will not take any responsibility of you got scam or anything happen like that. They can't ban Bitcoin openly, it's near to impossible.

[rajasumi3]

Bitcoin price is on the rise and it is possible that the demand for bitcoins in india might rise up if adoption of bitcoins goes high up and bitcoin is not a ponzi scheme ,it is neutral in india.