10 reasons for bitcoin to prosper

[deisik]

11)   Hidden functions
Well, not actually hidden, but not used. Bitcoin code gives us much more financial instruments then most people even know. Like futures trading, betting, sharing info, securing links, contract registration and so much more. As new bitcoin functions will be discovered by the public, more people will get involved.

And at that you could just as well add that Bitcoin may give them even more then they will ever need. And surely, this is not what you need to make Bitcoin a success. It should at first give people some simple advantages before its direct competitors, that is, national currencies as a means of exchange and precious metals as a store of value. Yes, it may have some, but even this is still a point of much debate here, whether Bitcoin is actually worth it...

[Dioptriy]

I feel no need resopnd to such obvious and laizy troll

[slikes]

Your number one reason for bitcoin to prosper is that it's new. You had some good points, but I almost stopped reading right there.

[cryptocoinlog]

Free the market!

This is the number one reason why crypto currency must succeed!
http://youtu.be/rCI-xc8pwMo

[Desensitizer]

12) Limited number of bitcoins to ever enter circulaton

Bitcoins are conceptually strong in the sense that inflation is controlled and will eventually cap itself off once there are enough bitcoins in circulation. Thats a bonus that was not yet mentioned but is pretty big.

[deisik]

12) Limited number of bitcoins to ever enter circulaton

Bitcoins are conceptually strong in the sense that inflation is controlled and will eventually cap itself off once there are enough bitcoins in circulation. Thats a bonus that was not yet mentioned but is pretty big.

With this feature it will not be able to become a proper medium of exchange. Any currency to work properly should be constantly depreciating to avoid its being squirreled away, whereas Bitcoin deflationary nature will wreak destruction on the economy. In short, this won't work...

[Dioptriy]

inflation is dynamic  and open market situation, it is not controled , and I dont think that it is even important

[Kaligulax]

Governments today enjoy unprecedented power of monetary observation, which they argue has resulted in a “safer” world with less money laundering, greater impediments to criminal activity, and reduced tax evasion. Industrialized nations are just beginning to maximize the benefits of this newfound transparency and so understandably have no interest in reverting to a more opaque banking system.

Monetary control is power

But beyond monitoring money flow, there is an even more fundamental reason why substantial Bitcoin success is undesirable for governments. For any government, ceding control of money supply is tantamount to an abdication; without control of money there is no control at all. For this reason, as Bitcoin continues to gain users, government indifference must gradually give way to bemusement and ultimately resistance.

However, well before governments attempt to curtail Bitcoin, there is another antagonist that might take action more rapidly: the financial services industry. Banks and their kin make tens of billions of dollars every year from providing the very basic task service of moving money from one place to another. And as a nearly foolproof revenue stream – zero risk, almost zero cost, and billions of dollars in profits – it’s also a pillar of their business model. In fact, banking as we know it today would have a far diminished role, if any, in a Bitcoin-denominated economy. Hence, you will see little support for digital money from any bank.

Thus, if Bitcoin can continue to gain in popularity, its users can look forward to an eventual confrontation with two extremely powerful antagonists. Unfortunately for Bitcoin, both parties, governments especially, can follow a simple strategy to ensure Bitcoin, or any other aspirational digital currency, never gains widespread use.

[vtrx]

Well not 10 but 11 reasons, round numbers seem to look better))))
All of the following is my humble opinion about bitcoin future from the marketing point of view.
So here we go:

1)   It’s New!
Bitcoin is a new and fresh thing. And there is always a factor of interest for something totally new and just gaining popularity. Whether this wave will be short or long, the main thing it exists.

2)   Freedom
There is always demand for a way to trade free and bitcoin is the only way today to do it. (altcoins still very small and underdeveloped). FIA currencies  hold so many limitation and borders , they hardly could be called a free way for trading today.

3)   Privacy
This is actually very big and complex issue. Privacy is needed not only for selling illegal stuff, but needed  by general public as well. Whether it is psychologically motivated or legit need for fund safety. Principals of Secrecy and  sanctity of property rights were untouchable but not anymore. Cyprus was just a warm-up, test for the incoming actual attack on property rights all around the world.
Just recently ended long respected era of bank secrecy in swiss banks
http://en-maktoob.news.yahoo.com/swiss-sign-last-rites-banking-secrecy-oecd-100647333.html

4)   Safety
Today banks are not actually safe way to hold to your money anymore. Banking crisis, high possibility of money theft, shifts in personal rights politics and many more. Bank can freeze your account or even take away a part of your money like they did all over the world. (again Cyprus is the most graphic example). Bitcoin gives you today maybe the highest level of money safety and freedom.
Bitcoin is the first structure that gains its safety not by political or cultural decisions but from great open source code. This is actually kind of “New Era” stuff.

5)   Market stats
Whatever the reasons are, crypto-currency  market is growing, and it’s a fact. So the tendency will continue for some time. People believe in what they see so stats are not only “conclusion” but also a “reason”.
You can look here for number of transactions growth stats
http://blockchain.info/en/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
And here for market capitalization
http://blockchain.info/charts/market-cap?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

6)   Black market factor
It is all about reasons 2, 3 and 4, but what I am trying to say here is little bit different. Total black market capacity of the world is more than 2 trillion US dollars. And BM actually needs systems like bitcoin. So we will witness a big  shift towards bitcoin with those groups, I think.


7)   Limited emission and mining
As you know bitcoin code limits daily emission of coins into the network, so there is no regulatory or any other softening factor to limit deficit when it hits the market. So significant deflation kicks in. And though mining difficulty does not have direct effect on BTC price, it still kind of does, as bitcoin quantity is limited in the end.

8 )   Herd instinct
Even not very good or valuable products can witness the herd instinct effect. When everyone uses twitter(service with very limited functionality), a lot of people kind of subconsciously want to use it too. In some cases you will even have to follow the public in case if you need to reach that group of people. The effect is also witnessed at vogue waves. So the more people will use bitcoin, the more new ones will follow them. So it can kind of  snowball at some point.

9)   Geek effect
Geeks are a very big group of people and bitcoin is as cutting edge as it gets. So it is match made in heaven. We already can see a huge support from fans of new technology. For some it’s “just for fun”, for others it’s lifestyle or even ideology.

10)   Free market gap
1,5 billion dollar “capitalization” today is a drop at the sea. There is a huge market for that kind of financial instrument and there is no actual competition. Altcoins are trailing behind and IT corporations are afraid to start a new currency.

11)   Hidden functions
Well, not actually hidden, but not used. Bitcoin code gives us much more financial instruments then most people even know. Like futures trading, betting, sharing info, securing links, contract registration and so much more. As new bitcoin functions will be discovered by the public, more people will get involved.

PS
I know that some reasons are part of another and my “factors” are from very different fields of marketing. I am not trying to pass the test! I am trying to make a point.

What about writing an update after 4 years have passed (almost passed) and most of these reasons have been proved?

[KingdomHearts]

Yeah, writing about update will be cool and I am glad that bitcoins have proved of the reasons already true by now. Bitcoins are the future. I don’t understand why some dumb investors don’t get this point and keep wasting time into other shitty coins. Invest into bitcoins for bright future.

[joromz1226]

There are really a lot of reasons for us to be prosper because of bitcoin.  One of this I think is if you know the proper knowledge of doing the actual trade you can be a millionaire instantly, if you timing the coin you buy will become x 1000% profit of your capital investment especially you buy a huge amount it. Then secondly, if you participate or join in one of the ico signature campaign aor invest some of the ico token you could also become rich because of it.

[Dioptriy]

i know there are many ppl still using this text for explanation behind bitcoin growth. sadly i did not have enough funds to diversify my investment and wex nz took everything i had. if you can help in any way pls contact me.

[goldade]

Well not 10 but 11 reasons, round numbers seem to look better))))
All of the following is my humble opinion about bitcoin future from the marketing point of view.
So here we go:

1)   It’s New!
Bitcoin is a new and fresh thing. And there is always a factor of interest for something totally new and just gaining popularity. Whether this wave will be short or long, the main thing it exists.

2)   Freedom
There is always demand for a way to trade free and bitcoin is the only way today to do it. (altcoins still very small and underdeveloped). FIA currencies  hold so many limitation and borders , they hardly could be called a free way for trading today.

3)   Privacy
This is actually very big and complex issue. Privacy is needed not only for selling illegal stuff, but needed  by general public as well. Whether it is psychologically motivated or legit need for fund safety. Principals of Secrecy and  sanctity of property rights were untouchable but not anymore. Cyprus was just a warm-up, test for the incoming actual attack on property rights all around the world.
Just recently ended long respected era of bank secrecy in swiss banks
http://en-maktoob.news.yahoo.com/swiss-sign-last-rites-banking-secrecy-oecd-100647333.html

4)   Safety
Today banks are not actually safe way to hold to your money anymore. Banking crisis, high possibility of money theft, shifts in personal rights politics and many more. Bank can freeze your account or even take away a part of your money like they did all over the world. (again Cyprus is the most graphic example). Bitcoin gives you today maybe the highest level of money safety and freedom.
Bitcoin is the first structure that gains its safety not by political or cultural decisions but from great open source code. This is actually kind of “New Era” stuff.

5)   Market stats
Whatever the reasons are, crypto-currency  market is growing, and it’s a fact. So the tendency will continue for some time. People believe in what they see so stats are not only “conclusion” but also a “reason”.
You can look here for number of transactions growth stats
http://blockchain.info/en/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
And here for market capitalization
http://blockchain.info/charts/market-cap?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

6)   Black market factor
It is all about reasons 2, 3 and 4, but what I am trying to say here is little bit different. Total black market capacity of the world is more than 2 trillion US dollars. And BM actually needs systems like bitcoin. So we will witness a big  shift towards bitcoin with those groups, I think.


7)   Limited emission and mining
As you know bitcoin code limits daily emission of coins into the network, so there is no regulatory or any other softening factor to limit deficit when it hits the market. So significant deflation kicks in. And though mining difficulty does not have direct effect on BTC price, it still kind of does, as bitcoin quantity is limited in the end.

8 )   Herd instinct
Even not very good or valuable products can witness the herd instinct effect. When everyone uses twitter(service with very limited functionality), a lot of people kind of subconsciously want to use it too. In some cases you will even have to follow the public in case if you need to reach that group of people. The effect is also witnessed at vogue waves. So the more people will use bitcoin, the more new ones will follow them. So it can kind of  snowball at some point.

9)   Geek effect
Geeks are a very big group of people and bitcoin is as cutting edge as it gets. So it is match made in heaven. We already can see a huge support from fans of new technology. For some it’s “just for fun”, for others it’s lifestyle or even ideology.

10)   Free market gap
1,5 billion dollar “capitalization” today is a drop at the sea. There is a huge market for that kind of financial instrument and there is no actual competition. Altcoins are trailing behind and IT corporations are afraid to start a new currency.

11)   Hidden functions
Well, not actually hidden, but not used. Bitcoin code gives us much more financial instruments then most people even know. Like futures trading, betting, sharing info, securing links, contract registration and so much more. As new bitcoin functions will be discovered by the public, more people will get involved.

I know that some reasons are part of another and my “factors” are from very different fields of marketing. I am not trying to pass the test! I am trying to make a point.

PS
i know there are many ppl still using this for explanation behind bitcoin growth. sadly i did not have enough funds to diversify my investment and wex nz took everything i had. if you can help in any way pls contact me.
38hNEd4K1thnFyvzMtZ5UBUPhEFBB98gUN

These are great reasons as to why bitcoin will prosper. I, however, do believe that one can continue to list without stopping reasons why bitcoin will continue to prosper.
I do believe, though, that one of the most important reasons bitcoin will prosper is the privacy it gives to its users. The anonymity one enjoys with using bitcoin is quite underrated. Now, I'm not afraid my details might be used against me because I no longer need them to make transactions.
Now, the most important advantage of bitcoin is the freedom we enjoy. Bitcoin took away power from the government and banks and gave that power to the masses. Now, I control all my finances and I am not afraid it might be confiscated at any time.

[nicecrypto]

Well not 10 but 11 reasons, round numbers seem to look better))))
All of the following is my humble opinion about bitcoin future from the marketing point of view.
So here we go:

1)   It’s New!
Bitcoin is a new and fresh thing. And there is always a factor of interest for something totally new and just gaining popularity. Whether this wave will be short or long, the main thing it exists.

2)   Freedom
There is always demand for a way to trade free and bitcoin is the only way today to do it. (altcoins still very small and underdeveloped). FIA currencies  hold so many limitation and borders , they hardly could be called a free way for trading today.

3)   Privacy
This is actually very big and complex issue. Privacy is needed not only for selling illegal stuff, but needed  by general public as well. Whether it is psychologically motivated or legit need for fund safety. Principals of Secrecy and  sanctity of property rights were untouchable but not anymore. Cyprus was just a warm-up, test for the incoming actual attack on property rights all around the world.
Just recently ended long respected era of bank secrecy in swiss banks
http://en-maktoob.news.yahoo.com/swiss-sign-last-rites-banking-secrecy-oecd-100647333.html

4)   Safety
Today banks are not actually safe way to hold to your money anymore. Banking crisis, high possibility of money theft, shifts in personal rights politics and many more. Bank can freeze your account or even take away a part of your money like they did all over the world. (again Cyprus is the most graphic example). Bitcoin gives you today maybe the highest level of money safety and freedom.
Bitcoin is the first structure that gains its safety not by political or cultural decisions but from great open source code. This is actually kind of “New Era” stuff.

5)   Market stats
Whatever the reasons are, crypto-currency  market is growing, and it’s a fact. So the tendency will continue for some time. People believe in what they see so stats are not only “conclusion” but also a “reason”.
You can look here for number of transactions growth stats
http://blockchain.info/en/charts/n-transactions-excluding-popular?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
And here for market capitalization
http://blockchain.info/charts/market-cap?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

6)   Black market factor
It is all about reasons 2, 3 and 4, but what I am trying to say here is little bit different. Total black market capacity of the world is more than 2 trillion US dollars. And BM actually needs systems like bitcoin. So we will witness a big  shift towards bitcoin with those groups, I think.


7)   Limited emission and mining
As you know bitcoin code limits daily emission of coins into the network, so there is no regulatory or any other softening factor to limit deficit when it hits the market. So significant deflation kicks in. And though mining difficulty does not have direct effect on BTC price, it still kind of does, as bitcoin quantity is limited in the end.

8 )   Herd instinct
Even not very good or valuable products can witness the herd instinct effect. When everyone uses twitter(service with very limited functionality), a lot of people kind of subconsciously want to use it too. In some cases you will even have to follow the public in case if you need to reach that group of people. The effect is also witnessed at vogue waves. So the more people will use bitcoin, the more new ones will follow them. So it can kind of  snowball at some point.

9)   Geek effect
Geeks are a very big group of people and bitcoin is as cutting edge as it gets. So it is match made in heaven. We already can see a huge support from fans of new technology. For some it’s “just for fun”, for others it’s lifestyle or even ideology.

10)   Free market gap
1,5 billion dollar “capitalization” today is a drop at the sea. There is a huge market for that kind of financial instrument and there is no actual competition. Altcoins are trailing behind and IT corporations are afraid to start a new currency.

11)   Hidden functions
Well, not actually hidden, but not used. Bitcoin code gives us much more financial instruments then most people even know. Like futures trading, betting, sharing info, securing links, contract registration and so much more. As new bitcoin functions will be discovered by the public, more people will get involved.

I know that some reasons are part of another and my “factors” are from very different fields of marketing. I am not trying to pass the test! I am trying to make a point.

PS
i know there are many ppl still using this for explanation behind bitcoin growth. sadly i did not have enough funds to diversify my investment and wex nz took everything i had. if you can help in any way pls contact me.
38hNEd4K1thnFyvzMtZ5UBUPhEFBB98gUN

And above all of that is the Profits   . The one I keep seeing investors hammer on today is that No.4 Safety, and how Banks are no longer safe to save your money. Yeah we do understand that banks do have one or two financial issues some times but my question still remains, Before crypto, what was your view with banking system over the decades? We cannot now start to trash one system just cos we have another means and I bet you most have transfer your first Investment funds from bank even if you no longer do that or may be you still do. Just my 1 Satoshi  

[palle11]

]

But only 1 word for Bitcoin to die, "Government".

That is no more possible. The government can't stop bitcoin. If you know what value bitcoin has. The privacy and freedom from bitcoin makes it uncontrollable. So you don't think any governance or legislation can stop it.

[pankowri]

Here everyone expressed their thoughts about this topic and my opinion is as similar as theirs. One thing I want to state that BTC always maintains its quality first and try to make it more useful. People can get benefits from the other cryptocurrencies.

[mezzaluna]

]

But only 1 word for Bitcoin to die, "Government".

That is no more possible. The government can't stop bitcoin. If you know what value bitcoin has. The privacy and freedom from bitcoin makes it uncontrollable. So you don't think any governance or legislation can stop it.

Its quite true that even the government can be rendered useless when they wanted to stop Cryptocurrencies. The only thing that they can do is limit the Internet capability of their own country so that people would not have access to it or just remove the possibilities of them cashing out money from the Crypto Industry. This might also mean that the government does not have enough knowledge regarding Cryptocurrencies because instead of using its good side, they are already focusing on shutting it down which is not a good idea.

[pixie85]

Well not 10 but 11 reasons, round numbers seem to look better))))

The cult of round numbers strikes again

]

But only 1 word for Bitcoin to die, "Government".

That is no more possible. The government can't stop bitcoin. If you know what value bitcoin has. The privacy and freedom from bitcoin makes it uncontrollable. So you don't think any governance or legislation can stop it.

That's correct. A single government can stop bitcoin within its borders, but it woin't stop it globally.

You could say that all governments together can stop it on a global scale but it will never happen as it has never happened before in the history of the world. If it's impossible for governments to unite and fight drugs it will be impossible for them to do the same with bitcoin.

[tippytoes]

]
But only 1 word for Bitcoin to die, "Government".

That is no more possible. The government can't stop bitcoin. If you know what value bitcoin has. The privacy and freedom from bitcoin makes it uncontrollable. So you don't think any governance or legislation can stop it.

Its quite true that even the government can be rendered useless when they wanted to stop Cryptocurrencies. The only thing that they can do is limit the Internet capability of their own country so that people would not have access to it or just remove the possibilities of them cashing out money from the Crypto Industry. This might also mean that the government does not have enough knowledge regarding Cryptocurrencies because instead of using its good side, they are already focusing on shutting it down which is not a good idea.

In my opinion, if the government will be educated what crypto is or blockchain technology, I believe they will change their stance on this technology. Only a matter of time before they truly accept this new innovation in terms of currency as well as technology. But the blockchain tech itself has a lot of benefits to offer to humanity. This is the reason why we are seeing a lot of blockchain projects still trying to implement their respective objectives. Anyway, we don't need 10 or 11 reasons for bitcoin to prosper. Because right now, with its current value in the market, I believe, the bitcoin concept is already a successful one.

[verita1]

I think that now it is unlikely that more governments will ban bitcoin.
Digital gold as some say has gained a lot of ground, trust and credibility.
There are no borders for bitcoin, anyone can invest. Some pause to think about the use cases for bitcoin.
There is a large family of cryptocurrencies that have been created thanks to bitcoin so there are a good number of uses.