Bitcoin is the New Economy, we are only at the very beginning

[velo_coinpit]

The Cryptographic Winds of Change
by Bharath Rao

A little over a hundred years ago, the claim that a metal tube with stationary wings could fly halfway around the world would have been called a fraud by many. Yet the Wright brothers took the first step to make this seemingly impossible idea a reality.

Several weeks ago, Jamie Dimon made a big splash and ruffled some feathers by pronouncing Bitcoin “a fraud.” The reality, however, is that Bitcoin has an immense value proposition: Indeed, cryptocurrency will revolutionize the world order as much as, if not more than, air travel did nearly a century ago.

There are a number of passionate opinions on the cryptocurrency ecosystem. Bitcoin in particular has been dismissed as a fraud and a Ponzi scheme, while at the same time lauded as the greatest financial invention in the last century. Its past association with dark markets and the high volatility of the exchange rates intrigues and mystifies the general public as to the nature and possibilities of cryptocurrencies, as well as the risks.

While Bitcoin’s value has been volatile, in general it has risen steadily. Bitcoin old timers know that there are a lot of people who hold most of their wealth strictly in crypto. When there is weakness in price, they look at it as an opportunity to convert more of their holdings away from fiat.

The legacy market participants struggle to understand why this is so. What gives confidence to bitcoin holders to ride out a 70% down move without breaking a sweat? Why do most people in crypto prefer to invest in the wild west of ICOs instead of the regulated stable legacy markets?

The answer is simply that the crypto-economy has a far greater value proposition than any legacy market. The ability of a third party to delay, censor, or monitor your transactions is a risk, and removal of any risk is an automatic increase in confidence. Risk is also a form of cost and the crypto ecosystem by that definition is always cheaper, safer, and more efficient.

Anyone who understands this value proposition understands the value differential between the legacy and crypto ecosystem is not just large, but precipitously large, which results in an unprecedented economic pressure that will rapidly move capital from legacy systems to cryptosystem. For now, this is slowed by the rather cumbersome UX of using crypto. Once that’s addressed, the dam will break.

Builders of economic systems in crypto have been the winners since 2009 in fortune and their stature among their peers. The early adopters of this new economy will continue to reap rich rewards as it further develops and matures.

http://paymentsjournal.com/cryptographic-winds-change/

[Qartersa]

I don't think bitcoins are an economy by itself. If you say economy it is something that is produced and consumed by the people.
In bitcoins there is only a medium of exchange, nothing else. There is no economy to speak of here. The only thing bitcoins would
be in an economy is a way to pay for stuff, but it can't produce stuff, nothing goes around.

[Alalex]

                Bitcoin has been running well before. The development of the times is not just cripto money developing for the first course of the economy is a form of efforts of all people who produce the basic needs of all societies. Not only the weak but rich people fit the economy well.

Things that can improve once the economic needs can all be helped if understanding Bitcoin money, must know how to do to earn Bitcoin money. If the economy does not change after a lot of profit from cripto money so still trying not to be the wrong person using cripto money. Choosing only always complicates things.

[Visbay]

The Cryptographic Winds of Change
by Bharath Rao

A little over a hundred years ago, the claim that a metal tube with stationary wings could fly halfway around the world would have been called a fraud by many. Yet the Wright brothers took the first step to make this seemingly impossible idea a reality.

Several weeks ago, Jamie Dimon made a big splash and ruffled some feathers by pronouncing Bitcoin “a fraud.” The reality, however, is that Bitcoin has an immense value proposition: Indeed, cryptocurrency will revolutionize the world order as much as, if not more than, air travel did nearly a century ago.

There are a number of passionate opinions on the cryptocurrency ecosystem. Bitcoin in particular has been dismissed as a fraud and a Ponzi scheme, while at the same time lauded as the greatest financial invention in the last century. Its past association with dark markets and the high volatility of the exchange rates intrigues and mystifies the general public as to the nature and possibilities of cryptocurrencies, as well as the risks.

While Bitcoin’s value has been volatile, in general it has risen steadily. Bitcoin old timers know that there are a lot of people who hold most of their wealth strictly in crypto. When there is weakness in price, they look at it as an opportunity to convert more of their holdings away from fiat.

The legacy market participants struggle to understand why this is so. What gives confidence to bitcoin holders to ride out a 70% down move without breaking a sweat? Why do most people in crypto prefer to invest in the wild west of ICOs instead of the regulated stable legacy markets?

The answer is simply that the crypto-economy has a far greater value proposition than any legacy market. The ability of a third party to delay, censor, or monitor your transactions is a risk, and removal of any risk is an automatic increase in confidence. Risk is also a form of cost and the crypto ecosystem by that definition is always cheaper, safer, and more efficient.

Anyone who understands this value proposition understands the value differential between the legacy and crypto ecosystem is not just large, but precipitously large, which results in an unprecedented economic pressure that will rapidly move capital from legacy systems to cryptosystem. For now, this is slowed by the rather cumbersome UX of using crypto. Once that’s addressed, the dam will break.

Builders of economic systems in crypto have been the winners since 2009 in fortune and their stature among their peers. The early adopters of this new economy will continue to reap rich rewards as it further develops and matures.

http://paymentsjournal.com/cryptographic-winds-change/

It’s true there is no doubt that bitcoin is new in this market it have almost nine years in market but I will tell you that bitcoin in a very short time achieved a lot of its goals and target and I’m sure that in coming time bitcoin will achieve some more of its goals because if we see the performance of bitcoin so in these years bitcoin reached to many countries and its users are also very high and it also replaced some other crypto from market and still its users are going to increased.

[cindygirl]

I don't think bitcoins are an economy by itself. If you say economy it is something that is produced and consumed by the people.
In bitcoins there is only a medium of exchange, nothing else. There is no economy to speak of here. The only thing bitcoins would
be in an economy is a way to pay for stuff, but it can't produce stuff, nothing goes around.

Yep, bitcoin isn't even close to being an economy, it's not even really a currency yet. As you mentioned bitcoin can be used as a medium for exchange and that's really all right now. Cryptocurrency as a whole can not even be considered an economy, an ecosystem perhaps but not an economy.

[slyfox]

I don't think bitcoins are an economy by itself. If you say economy it is something that is produced and consumed by the people.
In bitcoins there is only a medium of exchange, nothing else. There is no economy to speak of here. The only thing bitcoins would
be in an economy is a way to pay for stuff, but it can't produce stuff, nothing goes around.

There is an ongoing economy in bitcoin right now most of the money is used to buy virtual goods in the form of other crypto, but there are people using their bitcoin to buy physical products but this aspect is not going very strong since the fees are not the best for this kind of activity.

[syaripudin]

whatever the reason they say I think for now is bitcoin is a new breakthrough in economic problems and of course as I feel today bitcoin has helped a lot in my life in real world. and for now bitcoin is a form of investment that has the highest asset value when compared with other forms of investment and bitcoin has become a magnet for investors who want to store assets of wealth. so any of their assumptions about bitcoin personally I just think that bitcoin already has a positive role in the economy.

[Lupus Solitarius]

Bitcoin will produce more changes in politics than in economy: with the possibility to bypass the controls of governments and central bank, bitcoin is igniting a real revolution

[Cryptosymphony]

I agree. Cryptocurrency are so different that nobody really understand how big will be the changes.

[Anco_Marzio]

Bitcoin will produce a lot of changes only if governments won't find a way to control it: they are already trying to  put any kind of blocks and rules.
So, we'll see what it's going to happen

[arpon11]

Bitcoin has actually prove to be the future of money. The earlier we accept this reality the better it would be for us. I think one should have been holding Bitcoin since 2009 if we could have understood that Bitcoin is going to be were it is today.Now still provide the best time for one to buy Bitcoin and hold for the next 5 to ten years and make good fortune in future. I have tried to keep some of my holding but most sell out of panic.

[JerryJam]

The cryptocurrency market is being formed. He is still quite small for large investors.The cryptocurrency market is still developing enthusiasts.States are trying to smoothly regulate the market cryptoeconomy. As soon as there come to large institutional investors the exchange rate of the cryptocurrency will grow.

[hitrawal91]

Well bitcoin is been running for many years and i have been using bitcoin for past five years and i am quite satisfied with it. Well, to be honest, you can't say bitcoin an economy and nor you can prove it as a money i just give it a term called virtual cash or exchange. For being an economy bitcoin has to undergo many changes and there has to a centralized governing body over the bitcoin and the bitcoin had already achieved many goals in the past few years and soon it will achieve the legal crypto benchmark from many top-tier countries soon.

[Ciscopro2000]

Yes I also agree that Bitcoin, and more specifically the blockchain technology, has proven itself as the future medium of how we exchange value between consumers.  The earlier we understand how it works and properly safeguard our investments the better we are as early adopters.  It looks like many companies are starting to look into how to harness this new technology for their businesses as well.  Exciting times. 

[blue_nexus15]

Yes I also agree that Bitcoin, and more specifically the blockchain technology, has proven itself as the future medium of how we exchange value between consumers.  The earlier we understand how it works and properly safeguard our investments the better we are as early adopters.  It looks like many companies are starting to look into how to harness this new technology for their businesses as well.  Exciting times. 

This is a great idea. Bitcoin is creating a new payment system for the whole world and this is bringing a whole new look of cryptocurrency and especially bitcoin. I believe this is just the beginning of bitcoin and the crytocurrency market and the future of true growth are on the way and let's take the opportunity today.

[Pixyoxx]

Bitcoin, or rather cryptocurrency to be more broad, is definetely the new economy. May not have been implemented as widely as needed yet but it is surely the future of economy undoubtedly.
Bitcoin have created paths for other digital currencies to come in the circulation. The added superiority over paper money makes it even better. No wonders if in future governments generate their own cryptocurrency and digitaly regulate it. They might not take up on bitcoin but the window is so wide for the digital money idea that new and new currencies are emerging and will also come in future with much better interface and overall smoothness in transactions which will definetely boost economy and make it more robust, and flaw free.

[Roukawa]

I don't think bitcoins are an economy by itself. If you say economy it is something that is produced and consumed by the people.
In bitcoins there is only a medium of exchange, nothing else. There is no economy to speak of here. The only thing bitcoins would
be in an economy is a way to pay for stuff, but it can't produce stuff, nothing goes around.

I agree with your opinion. Bitcoin is a medium of exchanges, an advance way of sending payments and storage of assets. It is not anymore economy but new way that our economy adapts. I believe that bitcoin helps our economy to develop and to become more advance in the near future. However, there are struggling times before bitcoin reach its stability and maintain the economic success of the world.

[Future3000]

I think the same, it's just a beginning of something absolutely new and it will change the way we treat money, buy goods, control money loans and the whole way of our life. I give it 10 years total

[Kprawn]

Any technology that are given wings will prosper in the long run. Bitcoin being decentralized and virtually impossible to stop,

made it easier for people to adopt it in the beginning. {No barrier to entry} Most of the barriers came much later when the

governments got involved with 3rd party regulations. {KYC/AML regulations} ...We should just keep with the basics and

avoid these 3rd party service providers.  

[Braggar25]

I believe so too.. I think 2018 will not end without this happening. Bitcoin's value will skyrocket exponentially with the launch of the lightning network.