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Author Topic: Bitcoin vs. Gold, Fiat and Altcoins (Updated: Traits of Money)  (Read 741 times)
deisik
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March 06, 2019, 10:13:05 AM
 #61


Mimblewimble doesn't require a fork and is one of multiple solutions that are expected over the next decade.

Since we are only 10 years old in bitcoin, the need for privacy on bitcoin hasn't been a huge concern yet. If it were, the privacy coins would show more users and adoption, while bitcoin can still add sidechain and 2nd layer solutions at any point

I technically agree with this part

But we should take a deeper look and try to understand why privacy is not a big concern (or a concern at all). I have two perspectives on this. First of all, people are using cryptocurrencies for speculation mostly (that's kinda common knowledge but still worth mentioning in this context), and when you are using an exchange for trading, privacy is not what you typically look for or care about (apart from all coins necessarily being in the same league there by definition)

Further, there is a deeper paint to this as the majority of people (and that would be like 99% as I'm inclined to think) don't need the level of privacy that coins like Monero, ZCash, etc offer. These people are quite satisfied with what Bitcoin already has in this department (without any mimblewimble). I could even go so far as to say that a lot people would exchange a little less privacy for a little more profit and without thinking twice at that

It's not a concern because it hasn't affected the price or the status that bitcoin is the digital gold that funds every altcoin project and ICO.

Sell it and move on if you want. The second privacy becomes an issue, the largest amount of developers in the space will have a timeline for solutions.

It has the largest amount of development and infrastructure throughout this space. Other things die if somehow bitcoin can't be used to fund all of these projects

Well, bros seem to disagree with your opinion

And as much as I myself support the view that it is altcoins that are taking from Bitcoin and not the other way around, the majority think it is not the case. Besides, you can't say that Bitcoin is actually funding or supporting altcoins as many of them would be perfectly fine without Bitcoin. In fact, I'm strongly inclined to think that they will even do better without it (not all, but definitely some)

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March 06, 2019, 10:45:58 AM
 #62

Bitcoin is something new and is very related to advanced technology so that spreaders take a long time.

no meyt bitcoin is not new . bitcoin first came out on the year 2009 ( if im not mistaken )  but your also right , the real adoption can occur in the future when all countries and people are now ready to accept bitcoin/crypto  .

so making bitcoin as a currency requires several stages, we must always believe that in time, bitcoin can be used as a legitimate payment instrument.

bitcoin is already a currency ever since it came but most people will still consired it as an asset due to the potential profit that they can gain  .

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if bitcoin is compared to gold then each has advantages and disadvantages .

yes btc and gold are always comparable  and both have thier own pros and cons  . its only up to the user if what he will choose  .

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March 06, 2019, 10:48:23 AM
 #63

I don't think bitcoin and gold are mutually exclusive, and they have very similar characteristics in their scarcity and portability. Bitcoin is essentially digital gold. However, no investment is 100 percent safe from theft, and certainly not bitcoin when human error or negligence or theft among third-party custodians is involved.
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April 11, 2019, 02:04:10 AM
 #64

I don't think bitcoin and gold are mutually exclusive, and they have very similar characteristics in their scarcity and portability. Bitcoin is essentially digital gold. However, no investment is 100 percent safe from theft, and certainly not bitcoin when human error or negligence or theft among third-party custodians is involved.
I agree with you. indeed there is no 100 percent safe investment because there must be theft. and in my opinion it is better to invest in bitcoin because it is not seen by others compared to gold that almost everyone uses it, but yes it comes back again, we must be smart to keep our bitcoin safe.
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April 11, 2019, 02:49:01 AM
 #65

I don't think bitcoin and gold are mutually exclusive, and they have very similar characteristics in their scarcity and portability. Bitcoin is essentially digital gold. However, no investment is 100 percent safe from theft, and certainly not bitcoin when human error or negligence or theft among third-party custodians is involved.
I agree with you. indeed there is no 100 percent safe investment because there must be theft. and in my opinion it is better to invest in bitcoin because it is not seen by others compared to gold that almost everyone uses it, but yes it comes back again, we must be smart to keep our bitcoin safe.


Indeed all investment assets are not 100% safe and this has a risk, so to avoid risk we must remain cautious and alert. Don't be easily tempted and keep the keys to our assets well. But what is more characterless is bitcoin, the fluctuating value that often changes makes us manage every moment appropriately, the possibility of gold and fiat has a value that is not different and the market movement looks slower and more stable.
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