Bitcoin as a currency (an economist view/contribution)

[hasmukh_rawal]

56 years old huh wow that's quite inspiring and motivates younger people like me to stay into the crypto world forever.
I was knowing about Crypto from 3 years but came into the community a few months back. I really feel obliged to be in this community where one helps the other and earns side by side. I wanted something like this where I can be the boss of myself and don't have to be under any person.
Bitcoin has fulfilled this dream of mine and made me achieve a lot of things which I can't explain it right now.
I welcome you here and am quite impressed with the older generation people to walk aside the younger ones.

[iamTom123]

Definitely crypto currencies and blockchain is a revolution and innovation that is going to change everything in everything, finance, trade, investment, banking and above all central banking. To comment on your post, no matter what governments or central banks do, they have only one choice. Admit, adopt and adapt to the new facts that there are non inflationary free crypto currencies. On the other hand crypto developers have to discuss and tackle the issues facing crypto currencies and its functionality. (my second post). The community has to decide what are the targets and priorities.
Based on these priorities development should go.

As an economist, technically, I hate the fact that money gets printed just as a central bank sees convenient. This is another reason I personally wish to see crypto currencies based on the principles of Bitcoin and Satoshi Nakamoto a day to day currency, a currency that allows you to tip a waiter or donate 1 cent to a beggar, a currency you can receive your salary in. But having a for example a Crypto Dollar, or Euro,..etc... that gets issued by a central authority doesn’t mean it is a REAL crypto currency. Though it still can happen I guess.

i fully agree with the statement above. How I wish that there would be more people having the same kind of understanding and orientation like you so that Bitcoin can really go mainstream as soon as possible. Yes, there are still many problems and challenges that Bitcoin can be facing but am sure that it can be able to withstood them all making it a very resilient and forward looking cryptocurrency.

We all know that central banks are using the power vested to them anytime to be printing the money they all want which can have many ramifications for the economy in general and our pockets in particular. This is one area which Bitcoin is a big contrast since its supply is quite limited.

There is a big possibility that governments would also get enamored with cryptocurrency and they will also be issuing their own versions of cryptocurrency...I have seen this trend and there is already a government on the verge of getting  this idea into reality.

[limopc]

56 years old huh wow that's quite inspiring and motivates younger people like me to stay into the crypto world forever.
I was knowing about Crypto from 3 years but came into the community a few months back. I really feel obliged to be in this community where one helps the other and earns side by side. I wanted something like this where I can be the boss of myself and don't have to be under any person.
Bitcoin has fulfilled this dream of mine and made me achieve a lot of things which I can't explain it right now.
I welcome you here and am quite impressed with the older generation people to walk aside the younger ones.

Thanks hasmukh_rawa, I again say, I’m not old, 56 yes, but saying again I am teen in heart. LOL.
I knew about bitcoin sometime ago in 2013, but at that time, still it was absolutely virtual. So I didn’t go in.
I was quite busy as well to follow up... but I just started about 1st September when I bought my first crypto and sold it and got money back to my bank. Then I took it seriously.

You are lucky, you are younger, you can reap the rewards some time, you already did somehow from what you wrote.

Just commenting on your post, I absolutely don’t agree with you that you can be “unemployed” now matter how rich you get. No matter how much endless guaranteed passive income you get. Humans should work and produce and be productive no matter what. Even working for free. If you are “consuming” something on this planet, morally you have to give something back at least equals to what you consume.

I hope together we can contribute something useful.

I see, I am being always called old generation though I’m feeling teen inside.

[limopc]

i fully agree with the statement above. How I wish that there would be more people having the same kind of understanding and orientation like you so that Bitcoin can really go mainstream as soon as possible. Yes, there are still many problems and challenges that Bitcoin can be facing but am sure that it can be able to withstood them all making it a very resilient and forward looking cryptocurrency.

We all know that central banks are using the power vested to them anytime to be printing the money they all want which can have many ramifications for the economy in general and our pockets in particular. This is one area which Bitcoin is a big contrast since its supply is quite limited.

There is a big possibility that governments would also get enamored with cryptocurrency and they will also be issuing their own versions of cryptocurrency...I have seen this trend and there is already a government on the verge of getting  this idea into reality.

I see we are sharing the same understanding. But don’t worry about crypto currencies. It is here to stay, nobody can really stop it. If they thought they have a little potential to stop it they wouldn’t have thought of issuing their own cryptocurrency.

The only challenge I see for now, in general, is the cost of transaction and speed, ease of use, to include everybody, every minor transaction.

If we reached this, it makes no big difference if they keep printing money.

Still hoping developers come in and answer my above question.

[Loni]

Remember the one thing - even though somebody control the situation from the above it'd always be an opponent on his stage. States that would delay the blockchain development will lose to progressive countries. Banks that don't admit cryptocurrency will lose to their world competitors. Those who'd hold on an obscure fiat economy will be like North Corea nowadays.

Reframe "divide and rule" to a new paradigm "decentralize and rule".

[limopc]

Remember the one thing - even though somebody control the situation from the above it'd always be an opponent on his stage. States that would delay the blockchain development will lose to progressive countries. Banks that don't admit cryptocurrency will lose to their world competitors. Those who'd hold on an obscure fiat economy will be like North Corea nowadays.

Reframe "divide and rule" to a new paradigm "decentralize and rule".

Sure Loni, but I don’t take things based on conspiracy theory, it is just a game, everybody plays to win.

I believe as it is open source, nobody can really do anything to it. It only depends on the developers, as open source, they should listen and interact very actively with the community. This is my experience with Linux.

May be because I am new here, I don’t know if the developers are reading this or who comments is a developer or just a user like me.

There is only one way to go, even for banks, and even central banks, digital currencies, and they will have crypto currencies, BTC, ETH, XRP... etc as a given in the environment.

Still waiting to hear an answer from a developer on my above questions.

[Ayaancool]

Hi'
   Sir after reading all about you i just feel that ,you already know all the aspects about the share market. Bitcoin is also as much as similar like that the only difference is  the currencies.And you are already aware about the risk that held in this field.Do you know something success is always belongs to the risk takers.I am dam sure that you can make a huge profit by investing in this bitcoin by the experience of your investments in share market.It will give you a fabulous retirement days.

[limopc]

Hi'
   Sir after reading all about you i just feel that ,you already know all the aspects about the share market. Bitcoin is also as much as similar like that the only difference is  the currencies.And you are already aware about the risk that held in this field.Do you know something success is always belongs to the risk takers.I am dam sure that you can make a huge profit by investing in this bitcoin by the experience of your investments in share market.It will give you a fabulous retirement days.

Thanks Ayaancool for your nice words.

It is a bit different from shares. The price of a share depends on the expected profit and expected growth, depends on the expected balance sheet of the company, taking of course lots of variables into consideration including even the management and past history and plans... companies pay dividends, you get money but you still have the original number of shares you bought.

But crypto, to make money, you mostly sell part of the crypto you already have. So, it is not income as such.

For everybody, who think about “huge” profits, or getting rich quick, as far as I know and my experience there is nothing as such. Investment is a continuous process, it is absolutely different from gambling.
There is as well nothing as expecting high returns because you are taking high risk, taking high risk means making high profit or high loss. Don’t look at profit only.

But still, there is what they call a calculated risk, it is about calculations before anything and after anything.


So, may I adivise you and everybody, investing should be a continuous process, slowly, calculating, estimating and deciding, this way you can build wealth and income sources. Other than that it is gambling.


Bill Gates, Warren Buffet, Microsoft, Google, didn’t just “happen “ in a short time, they “happened over years and years... this is the only way to do it I know of, if I know of another way I would have done it for sure, and I am not that smart as them.

Wish you all, all the best.

[GregH37]

I would highly appreciate if a developer might enlighten me and answer this question:
Assuming that blockchain or BTC completely ignored privacy, would this make transactions faster, less costly...etc.?
Or it is technically as is?

if we could turn back the clock where the bitcoin wasn't launch at full blast then we could ask the developer about this assumption but now it is too late to change the bitcoin protocol as it coin circulating reach to maturity level as high as 80 percent, and it is not easy to rewrote or re-implement new protocol once the infrastructure had been establish and a huge amount of money was invested to run the bitcoin industry, it is hard to take down and begin again from scratch.

I understand, till now nobody can travel back in time.

What I am thinking is not starting from scratch, just developing, modifying the software, the protocol or whatever to accommodate the required changes.  Software can be always and continuously modified to perform faster and faster, and cheaper, without re writing the whole application from scratch. This is the software part.

For the hardware, miners can still keep mining and solving the problems as usual using the same hardware.
They might lose some of the profits, but they might gain more if the amount and speed of transaction is increased and more people use it.
 
May be w need to think something like torrents, p2p...
What you think?

Surely bitcoin as currency will give the country specialty in the economic field the economy of that country will grow faster as compare to the other countries so as I am seeing which country will take initiative and I believe everyone will prefer the passport of that country as compare to the any other developed because there are a lot in bitcoins country.