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Author Topic: Bitcoin has no role in real world  (Read 5912 times)
rexona
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March 09, 2018, 04:10:08 PM
 #461

Bitcoin already has a role, in the real world, because until now many people have been helped, its economy, thanks to bitcoin and in some countries have started using bitcoin as a means of payment. may still take time, for everyone can feel the benefits of bitcoin.
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March 15, 2018, 03:38:58 PM
 #462

As of now we can say that bitcoin has no role in real world but if the government and other big official in a country notice bitcoin and its blockchain system that has a lot of features and possibilities in the next generation like creating more secure and advanced system for our world like remittances and other important and helpful stuff that we can create using the technology of blockchain.
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March 15, 2018, 03:45:53 PM
 #463

I do not agree with you. Bitcoins are a very important part of our lives. I see now many people are using bitcoin for the purpose of payment is very popular .. many people are using it to transfer money

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March 16, 2018, 06:12:19 AM
 #464


Bitcoin technology and its lower-cost payment system design may be elegant but that does not mean it should be blindly embraced and adopted. The payment system and Bitcoin as an e-currency can’t be divorced from each other. Before Bitcoin becomes a regular and reliable method for consumer transactions, several significant risks need to be assessed and addressed
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March 16, 2018, 06:17:33 AM
 #465

For the fact that that bitcoin has been a successful project and Satoshi's vision have been actualized  and no one can deny that. Many countries are now accepting bitcoin. Some establishments, businesses, shops, and sites are also accepting bitcoin as payment for their services. Lots of people have invested and more are investing bitcoins and it have changed many lives, and still making more lives better, without a doubt.
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March 16, 2018, 07:26:11 AM
 #466

BTC has no role to play in the real world affairs. People who try to create such a role are confused between asset and currency. The design itself only considers pure virtual activity with no touch with real world. People also mistake the buzz words such as "peer-to-peer", "border-less", "decentralised" etc as the problems to be solved. But sadly these are not real problems. The insignificant problems (speed and fees) are hardly enough to sell and these problems are going away anyway. I have no respect to Nakamoto because he ignored the most important element (govt and authorities) in social situation and still want to sell it as some solution to social situations. Hardly any country has regulatory framework that deals with btc.

The problems are rooted in the philosophy of crypto, not in the code. So, the beauty of blockchain tech is irrelevant for btc. It is like selling a bad app by showing how great Android is.

1) Bitcoin does not provide controlled visibility, because it doesn't recognise the existence of governments. Now if you make changes to provide visibility to authorities, ALL privacy is gone. If you don't, then ALL visibility is gone.

2) Fees are rooted in the design. Whatever consensus you invent for a public blockchain, you can't escape rewarding the work of validating transactions. So zero fees are not possible.

Public blockchains sacrifice all good qualities of a business application for the sake of trust-less environment which is not even actually a problem to solve in many contexts. Also they make it extremely costly to run small amount of code or small storage. Who wants their business code to be validated by all arbitrary people in the world?

Most ICOs are sharing economy concepts similar to uber model. Lack of a responsible intermediary and costs will make these "innovations" to fail, if they ever have to touch real-world activities.

Bulk of the blockchain activity will move to business collaborations which might not even look like a blockchain. Crypto coins will be used in most business blockchains, but these coins will be value-less tokens and very specific to the business or institutional activity.
I would like to clarify that we fully advocate the bitcoin payment option and even prefer it. If we are able to pay all of our running expenses in bitcoin, there would be no need for a bank account or converting BTC.

Unfortunately that is not the case.

Bitcoin adoption is currently taking place at the small to medium sized business level. You don't see multi chain super giants accepting any crypto (few and far inbetween), all places consumers can make a purchase directly in bitcoin are also the ones few hear about.

For example, a small business that sells baked goods sets up a crypo point of sale system, people can come in and purchase a donut by scanning a QR code and sending bitcoin. Now the bitcoin is in the possession of the small business.
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March 16, 2018, 07:32:18 AM
 #467

Its implementation has already been accepted by Bitcoin in some countries, and the encryption of Bitcoin also gives cryptocurrency a high level of security. I believe that it will be developed better and there will be more channels to use in life.
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March 16, 2018, 08:12:34 AM
 #468

BTC has no role to play in the real world affairs. People who try to create such a role are confused between asset and currency. The design itself only considers pure virtual activity with no touch with real world. People also mistake the buzz words such as "peer-to-peer", "borderless", "decentralized" etc as the problems to be solved. But sadly these are not real problems. The insignificant problems (speed and fees) are hardly enough to sell and these problems are going away anyway. I have no respect to Nakamoto because he ignored the most important element (govt and authorities) in a social situation and still want to sell it as some solution to social situations. Hardly any country has a regulatory framework that deals with btc.

The problems are rooted in the philosophy of crypto, not in the code. So, the beauty of blockchain tech is irrelevant for btc. It is like selling a bad app by showing how great Android is.

1) Bitcoin does not provide controlled visibility because it doesn't recognize the existence of governments. Now if you make changes to provide visibility to authorities, ALL privacy is gone. If you don't, then ALL visibility is gone.

2) Fees are rooted in the design. Whatever consensus you invent for a public blockchain, you can't escape rewarding the work of validating transactions. So zero fees are not possible.

Public blockchains sacrifice all good qualities of a business application for the sake of trust-less environment which is not even actually a problem to solve in many contexts. Also, they make it extremely costly to run a small amount of code or small storage. Who wants their business code to be validated by all arbitrary people in the world?

Most ICOs are sharing economy concepts similar to the uber model. Lack of a responsible intermediary and costs will make these "innovations" to fail if they ever have to touch real-world activities.

The bulk of the blockchain activity will move to business collaborations which might not even look like a blockchain. Crypto coins will be used in most business blockchains, but these coins will be value-less tokens and very specific to the business or institutional activity.
Yes, it is true Bitcoin has no role in the Real World. This is because not many countries recognize the existence of Bitcoin, maybe if Bitcoin has been legalized in all countries in the World. Certainly, Bitcoin is a very important role in everyday life.
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March 22, 2018, 03:33:02 AM
 #469

For me I really think that bitcoin has many role in the real world today, people saying that bitcoin has no role in the real world must be blind. Bitcoin has many uses in the real world today, it serves as payments to millions of transactions happening every day. Just open up your eyes guys and you will surely see how many big organizations uses bitcoin on their business.
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March 22, 2018, 03:50:04 AM
Merited by RodeoX (1)
 #470

It depends on the person.    Around 5 billion of the world's people have little use for aviation and travel by airplane.   It's only accessible to around 2 billion people.   Just because a 'majority' have no use for it doesn't mean it has no role.    I use btc on a daily basis, but of course the people who are working in 9-5 jobs might have much less reason to use it for anything.

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March 22, 2018, 04:24:07 PM
 #471

It depends on the person.   ...
Agreed. It is the only money I use on the internet. I buy stuff every week with bitcoin. I travel, invest in businesses, etc. So who are you to say it has no role? It has a huge role in my economy.

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March 22, 2018, 04:53:13 PM
 #472

You have a good argument I must admit, however, you overlooked the rudimentary building blocks of bitcoin. If the idea was to protect or align with governments' old ways of things, then bitcoin would have failed before inception. The aspect of the technology that frees or liberates humanity from the aggressive grip of old financial system deliberately orchestrated by the elites to keep the world financial system in their palms. The aspect of the technology that makes location, race, gender and economic advantage less of a yardstick for integration and business deals. The aspect that makes the greed of middlemen less felt. All these are what make bitcoin a thorough technology, admittedly, with more improvements in the area of speed and fees.

Secondly, imho, there was never a disruptive innovation that came without hesitance and push backs from techno-phobias. It is expected that for a mainstream adoption bitcoin would naturally meet some brick walls, but that is just the system of things.
I am therefore not persuaded that the bitcoin technology is misplaced compared to blockchain adoption.
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March 24, 2018, 06:03:24 PM
 #473

The largest bank in Russia, it turns out, bought them for its laboratory of artificial intelligence. On the other hand, judging by the information of the sellers, massive purchases of cards for mining were observed.
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March 31, 2018, 06:20:54 AM
 #474

Yes bitcoin has no rule in the past, but for now bitcoin has already a big role even in real world, because it helps many peoples lives to overcome financially, it also helps the growth of the economy of the states. Bitcoin now is recently accepted and being legal in many countries and on many banks also.
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April 02, 2018, 08:27:43 AM
 #475

What Huh I disagree with you. You must be day dreaming.
Bitcoin is the best virtual currency in the world. Not only that it is also the most valuable currency.Last year the price of Bitcoin was started with only 9000$ and ended with 16k$
This year if the price of Bitcoin rise like the last year then we will see the price at 40k$. So to becoming sure that if you invest now then there is a chance of a profit of 20k$ with in just a year. Again if you see the other people then you will observe that people are becoming addicted to bitcoin. That is the people are investing more and more in Bitcoin. The price of bitcoin will not be down easily. According to some economist, one day Bitcoin will rule the world. So if you want my suggestion then instead of storing it, invest it. More and more investment will make more and more profit.
The more the profit the more will be developing the country.

Sorry, but you are too much confused here. At first, you have to confuse the value of Bitcoin in the last year.

Quote
Last year the price of Bitcoin was started with only 9000$ and ended with 16k$

Exact: You have to remember the value of Bitcoin starting at $ 1000 in early 2017 and the highest of $ 20,000 for the past year.

Quote
This year if the price of Bitcoin rise like the last year then we will see the price at 40k$

No, you can not impose a similar scenario simply double the highest value of Bitcoin in the last year.

Quote
According to some economist, one day Bitcoin will rule the world

How can that be so while it can not resist oppression from government forces like China and Korea in the past time? Smiley

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April 02, 2018, 08:49:59 AM
 #476

It depends on people . But for me BTC has a role in this world and we can say some of people didn't know what is bitcoin and how important it is but surely other people knew how use it and also how really important to there life. And we can say this bitcoin can really help the jobless people because it is great source for having an income.

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April 02, 2018, 02:23:57 PM
 #477

Low fees? within which world area unit you lmfao? BTC has one amongst the very best fees in crypto and is useless for micropayments
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April 03, 2018, 12:09:25 PM
 #478

I think bitcoin still has role in real world, bitcoin now is become economic driver that make people create bitcoin related companies which will make a lot of job vacancies. Smiley Smiley
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April 03, 2018, 12:11:32 PM
 #479

BTC has no role to play in the real world affairs. People who try to create such a role are confused between asset and currency. The design itself only considers pure virtual activity with no touch with real world. People also mistake the buzz words such as "peer-to-peer", "border-less", "decentralised" etc as the problems to be solved. But sadly these are not real problems. The insignificant problems (speed and fees) are hardly enough to sell and these problems are going away anyway. I have no respect to Nakamoto because he ignored the most important element (govt and authorities) in social situation and still want to sell it as some solution to social situations. Hardly any country has regulatory framework that deals with btc.

The problems are rooted in the philosophy of crypto, not in the code. So, the beauty of blockchain tech is irrelevant for btc. It is like selling a bad app by showing how great Android is.

1) Bitcoin does not provide controlled visibility, because it doesn't recognise the existence of governments. Now if you make changes to provide visibility to authorities, ALL privacy is gone. If you don't, then ALL visibility is gone.

2) Fees are rooted in the design. Whatever consensus you invent for a public blockchain, you can't escape rewarding the work of validating transactions. So zero fees are not possible.

Public blockchains sacrifice all good qualities of a business application for the sake of trust-less environment which is not even actually a problem to solve in many contexts. Also they make it extremely costly to run small amount of code or small storage. Who wants their business code to be validated by all arbitrary people in the world?

Most ICOs are sharing economy concepts similar to uber model. Lack of a responsible intermediary and costs will make these "innovations" to fail, if they ever have to touch real-world activities.

Bulk of the blockchain activity will move to business collaborations which might not even look like a blockchain. Crypto coins will be used in most business blockchains, but these coins will be value-less tokens and very specific to the business or institutional activity.

Bitcoin is really useless but it happens that most of the people choose cryptocurrency and bitcoins increase its value because of himself and it gain even more popularity for people to be attracted on its price in the market that keeps on increasing as the time goes by so why not invest and become wealthy in the future.

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April 03, 2018, 12:17:33 PM
 #480

Low fees? within which world area unit you lmfao? BTC has one amongst the very best fees in crypto and is useless for micropayments

The fees has come down during the last few weeks, and recently some of my transactions got confirmed after paying just 5 Sat/Byte as fees. But no one knows when they will go up again. Then it will be a repeat of the scenario we had in 2017 December, when the users were paying as much as $40 as fee for a single transaction.


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