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beantownsox87
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May 30, 2017, 08:52:08 PM
 #1

is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley
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May 30, 2017, 09:20:36 PM
 #2

Volatility is typical of something which is scarce as an asset.  However, there just isn't any way to change this, because that would require making the supply flexible, thus making it inherently worth very little like fiat currency.

The problem is that Bitcoin needs to find its place.  Bitcoin volatility basically just happens because people think it happens - if everyone was convinced that Bitcoin was 100% stable and convenient, its usage would be much higher and in turn it would become stable.  

After its price is high enough that trading is kept to reasonable levels in a high-liquidity markets, the price fluctuations as a percentage shouldn't be too much higher than fiat.

The Bitcoin volatility is already beginning its path to getting low, if you have a look at the Bitcoin volatility index.

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May 30, 2017, 09:24:23 PM
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Great point. The lack of backing from a country as a currency draws instability fears to the citizens as well. The Dollar is only stable because the US backs it and it is the widely known currency. You could put popcorn in its place, if it was US backed and widely known..than popcorn would be the currency.
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May 30, 2017, 10:06:16 PM
 #4

is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley

Bitcoin being volatile and unpredictable in nature are characteristics of bitcoin that makes bitcoin as bitcoin. All just have to deal with it. If the scene you stated is a big deal then why not convert btc to fiat immediately after the transaction so that no value will be lost.

It is blurry to see bitcoin as a universal economic currency because not all government will compromise to bitcoin. Some might accept bitcoin as a mode of payment but they will not entirely embrace bitcoin and forget about their original currency.

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May 30, 2017, 11:21:47 PM
 #5

is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley

Bitcoin being volatile and unpredictable in nature are characteristics of bitcoin that makes bitcoin as bitcoin. All just have to deal with it. If the scene you stated is a big deal then why not convert btc to fiat immediately after the transaction so that no value will be lost.

It is blurry to see bitcoin as a universal economic currency because not all government will compromise to bitcoin. Some might accept bitcoin as a mode of payment but they will not entirely embrace bitcoin and forget about their original currency.
although there can so many reasons for that, but i think one reason can also be that the users of bitcoin are increasing, people are putting more money in bitcon which increasing the demand and lowering the supply of the bitcoin and therefore the price of bitcoin is also increasing.
HaXX0R1337
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May 30, 2017, 11:52:19 PM
 #6

is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley
Bitcoin is a universal currency and you really do not need any government to proclaim that,if you look at the user base we would see people from all over the world and that does not make you think that it is universal. Dollar might be getting old and so does the rest of the currencies and it is really difficult to see some currency replacing dollar.

Great point. The lack of backing from a country as a currency draws instability fears to the citizens as well. The Dollar is only stable because the US backs it and it is the widely known currency. You could put popcorn in its place, if it was US backed and widely known..than popcorn would be the currency.
Nothing changes,you really need no have any backing from any government ,if people fears about bitcoin ,do not enter it as no one is forcing them to invest in it,for those who like to take some risk and play the game will make a good fortune.
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May 30, 2017, 11:55:38 PM
 #7

is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley
You are wrong in one key ascept. Its not bad that Bitcoin is volatile, its natural occurence in fresh market. Oil or Gold is also volatile and it doesn't matter.

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May 31, 2017, 02:43:24 AM
 #8

is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley
Bitcoin is not that volatile you are talking about bitcoin losing more than 90% of its value in less than a few hours, while there are variations in price such wild variations are not going to happen with bitcoin for the simple reason you will need hyper inflation for that to happen and that is impossible in  bitcoin, other currencies have followed that path like the mark of the Wiemar republic.

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May 31, 2017, 02:55:26 AM
 #9

first of all most merchants conver bitcoin that they receive to fiat right away at that current price. you can check out Bitpay and see how easy and fast it is for them to do this.

also the fluctuation is still here because everything is small. when you can go on an exchange and dump some bitcoin and price comes down, that means it is small. and the opposite is also true, with a big buy price goes up easy!

and this can only change with time. the exchanges need to become bigger.


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May 31, 2017, 02:58:27 AM
 #10

is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley
Bitcoin is not that volatile you are talking about bitcoin losing more than 90% of its value in less than a few hours, while there are variations in price such wild variations are not going to happen with bitcoin for the simple reason you will need hyper inflation for that to happen and that is impossible in  bitcoin, other currencies have followed that path like the mark of the Wiemar republic.

There is always a possibility of it crashing it can never be ruled out. I doubt it would happen in a few hours but the possibility is always there for it to drop in value.
Many factors could cause this.

World Wide Black outs.
Sustained attack on the blockchain
Even solar radiation could knock out all the computers in the world at some point and it would be bye bye all crypto!


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Pearls Before Swine
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May 31, 2017, 03:24:48 AM
 #11

Great point. The lack of backing from a country as a currency draws instability fears to the citizens as well. The Dollar is only stable because the US backs it and it is the widely known currency. You could put popcorn in its place, if it was US backed and widely known..than popcorn would be the currency.
Eh, yeah, but if the popcorn fluctuated 50% in value within a span of weeks, it still would be a shitty currency.  That's the point here.  Do you want your paycheck to lose value before you can spend it?  Hell no, you wouldn't.  Sure, it'd be nice if the value rose, but that's certainly not a certainty.  Get it?

This is only one reason among many why bitcoin isn't doing so hot as real money.  It's far too unstable to use for everyday things or to receive a paycheck in.  I wouldn't opt to get paid in bitcoin, would you?
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May 31, 2017, 03:27:09 AM
 #12

bitcoin is still in the adoption phase so it is bound to fluctuate like this. if you look at other markets, for example in the stocks market the Apple shares has been very similar to bitcoin's fluctuation, when these are new and people invest in them there is bound to be big rises and falls like this. but over time as the market grows, the size of these fluctuations become smaller too. you can't see the same big rises we had back in 2013 now too.

and as someone else pointed out, if a store is worried about the price they can always sell bitcoin for fiat the same day to prevent any possible loss.

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May 31, 2017, 03:37:29 AM
 #13

Bitcoin is not money. Sure it can be used as a form of digital currency, but at its essence, Bitcoin is a private and secure store of value that is protected from inflation, government programs, robbery, etc.

Bitcoin is more like Gold in the sense of how it is hoarded and perceived, only it is far more fungible and transportable.

A different cryptocurrency will eventually become the new form of "money" as we know it.

Just know it won't be Bitcoin - this shits even more valuable.

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May 31, 2017, 03:46:04 AM
 #14

Bitcoin is not money. ~ secure store of value ~

then i guess we need to inform Satoshi Nakamoto and ask him why the hell was he calling bitcoin as a "digital cash" all the time and why he created it with the goal of becoming a currency!

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May 31, 2017, 03:51:13 AM
 #15

bitcoin will always fluctuate in price just as shares and other assets do, thats why all goods and services that accept bitcoin do so based on what it exchanges to in fiat terms and 99% of them then use a payment processor that exchanges it for them meaning the user pays more in fees than he would just going through an exchange himself.
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May 31, 2017, 04:00:53 AM
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is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley

What are you trying to write, first you put up questions on the price fluctuations, then you show it could be bad business, then again you put its good. Look op price fluctuations happens due to demand and supply. Normally all transactions are done at a fixed rate, so if there a increase or decrease no one can help it. No risk no gain. USD is not that strong any more yes, currently due to trump policies it's weak, I expect Bitcoin to be strong as usual and continue for long. Keep buying at every dip that's the only way to work out this price fall.

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May 31, 2017, 04:36:36 AM
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It all depends on the country whose currency attracts instability concerns to its citizens. Dollar is only stable because the US supports it and this is a widely known currency.

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May 31, 2017, 04:39:40 AM
 #18

Bitcoin being unstable and eccentric in nature are qualities of bitcoin that makes bitcoin as bitcoin. All simply need to manage it. On the off chance that the scene you expressed is a major ordeal then why not change over btc to fiat instantly after the exchange so that no esteem will be lost.
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May 31, 2017, 04:46:02 AM
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is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley

What are you trying to write, first you put up questions on the price fluctuations, then you show it could be bad business, then again you put its good. Look op price fluctuations happens due to demand and supply. Normally all transactions are done at a fixed rate, so if there a increase or decrease no one can help it. No risk no gain. USD is not that strong any more yes, currently due to trump policies it's weak, I expect Bitcoin to be strong as usual and continue for long. Keep buying at every dip that's the only way to work out this price fall.

As we know, bitcoin's supply is limited and it is capped and demand is continuously increasing. Hence, the price of bitcoin is dependent to the demand and we can't make it stabilize due to the fact that we can't increase the supply so we can say that the price will only stabilize when the demand stabilizes which is impossible. It is part of bitcoin, price fluctuations I mean that's why we just need to live with it and make profit from it.

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May 31, 2017, 04:52:58 AM
 #20

is creating a wall that makes it harder for BTCto be a universal economic currency. Stores may take 1BTC for a product and in the AM that 1BTC could be valued at .08BTC. Obviously theres a ton of positives to this happening I think more than negatives. I for one hope it does though because USD is getting old Smiley
If bitcoin ever gets to a point where it is being accepted as a "universal economic currency" there is going to be no need to price any goods in anything other than just Bitcoin, so it becomes a game of 'I can sell this to you for xBTC' and another person will say 'I can sell this to you for yBTC'. There isn't going to be any of this 1BTC here 0.8BTC there or whatever. It'll be a (semi) free market and it just comes down to what you can sell it for, no fiat required.
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