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Author Topic: The future of Bitcoin as a sustainable currency.  (Read 361 times)
GunsLair
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February 11, 2019, 01:49:18 PM
 #41

The forecast for bitcoin's price for 2019 is very difficult to make, since there are still many obstacles and possible prohibitions on its way. But many analysts and traders are inclined to believe that bitcoin is expecting steady growth this year, thanks to large companies that are able to increase the amount of invested funds in it. And I agree that bitcoin expect a prosperous future.

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February 11, 2019, 04:59:13 PM
 #42

Bitcoin will be adopted when it's ready to be so. For now, pretty much all we can do is to wait.

About the scams though? While it's definitely unfortunate that a lot of people lost money due to they scams(and possibly are turned away from the cryptocurrency space because of this), there's so little we can do unfortunately. Scams have existed since forever, and will continue to exist for years to come. It's honestly partly their fault, as they just throw their money wherever, without doing any research at all.
That is the reason why they say that nobody is perfect. Nobody could design a system that does not have any defects.
Bitcoin will grow and spread when it has to. Few of the successful things have become successful on it's own and bitcoin might be one among them.

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February 11, 2019, 05:30:41 PM
 #43

As far as a potential currency, it does have alot of potential but the thing is that to be a big currency its gonna take some time as there are still doubts about how it's being used, especially in some sites.
Yeah, i think also that it will take some more times. Bitcoin is a very strong and more popular cryptocurrency in the cryptocurrency market. It has a lot of opportunities bring a sustainable currency. We should wait for that.

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February 11, 2019, 05:45:22 PM
 #44

In terms of a "killer app", I'm envisioning something like a reverse BitPay, where I can swipe my phone over a payment terminal and it would debit my wallet with the right amount of bitcoins, automatically convert them to fiat, and then pay the merchant in fiat

But isn't this exactly how Bitcoin payment cards are supposed to work? When you pay with them, basically the same sequence of events occurs. At first you send bitcoins to your wallet and then at the cashier's your bitcoins get converted to fiat which is paid to the merchant. And as far as I know, BitPay also issues prepaid Visa cards. In this way, a debit card is working like your phone (and if you ask me, payment cards are more convenient)

So what did I miss in your post (or maybe something else)?



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arpon11
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February 11, 2019, 06:36:16 PM
 #45

Bitcoin been used as an exchange for goods and services without third party involvement was the major reason for it developments and we are still far from achieving that.  If we must keep third party out of transactions then we must try and understand what blockchain stand for and stop using bitcoin as a speculatives assets. For big companies and individual to start using bitcoin as a mode of exchange for goods and services bitcoin must be able to get stable in pricing because that is were the whole issues are.  The volatility nature of bitcoin is not too favorable for adoption.

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February 11, 2019, 07:15:06 PM
 #46

-snip-
In my opinion, payment cards are way less convenient. I'm thinking of something like Apple Pay or Google Pay, without pre-paying or pre-loading anything, without registering and giving away your details, etc. Just your bitcoin wallet on your phone, swipe a terminal, paid. <5 seconds, no KYC, no hassle. Essentially allowing you to pay in bitcoin to stores that don't yet accept bitcoin. That's an app I would use, but perhaps others don't feel the same.


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February 11, 2019, 07:27:09 PM
 #47

-snip-
In my opinion, payment cards are way less convenient. I'm thinking of something like Apple Pay or Google Pay, without pre-paying or pre-loading anything, without registering and giving away your details, etc. Just your bitcoin wallet on your phone, swipe a terminal, paid. <5 seconds, no KYC, no hassle. Essentially allowing you to pay in bitcoin to stores that don't yet accept bitcoin. That's an app I would use, but perhaps others don't feel the same

If no KYC (or anything similar) is required, then I'm okay with that

I just meant to say that using phone (physically handling it) is not very convenient. Why would anyone want to see your phone at all, especially when you are standing in line? I've seen people using their phones this way, and it doesn't look like a very bright idea to me

Though personally, I would prefer to have that option for litecoins as Bitcoin should be used as a store of value and as a tool for wealth transfer (I mean real wealth). You see, Bitcoin gives value to altcoins (this goes without saying and further debates), so if Litecoin usage expands, Bitcoin should also profit from it (it's sort of giving back)



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February 11, 2019, 07:58:35 PM
 #48

I don't think we should wait and most importantly other companies are not so much either. We are seeing so many different applications being built to help build Bitcoin forward, so what actually needs to happen is the positive talk and education around crypto to help when mass adoption does come.
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February 11, 2019, 08:42:44 PM
 #49

Unlike many here I think that regulation and KYC could really help Bitcoin and cryptocurrencies in general. It would give it legitimacy, legal security and framework that would make it more acceptable for businesses and economy. It's true that scams are always present and everywhere money and profit is involved, scams are also. KYC can't fully prevent and protect from scam but still it can help.
Of course with regulation and KYC rules should be done very carefuly respecting the very essence of Bitcoin and its main idea but I beleive that with some efforts and good will it could be done properly on benefit of all.

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February 11, 2019, 11:20:25 PM
 #50

Bitcoin needs to be traded for goods and services for it to be a viable currency, in the past (and currently to a lesser extent) DNMs and illicit trades were the driver for Bitcoin and cryptos worth, but that is never going to support growth into general use.
Trading bitcoin for goods and services can not be the source to make bitcoin a sustainable currency. Bitcoin is already a sustainable digital currency. Decentralization of the blockchain technology is the main contributes to why Bitcoin is a sustainable coin.    

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February 11, 2019, 11:26:22 PM
 #51

To make Bitcoin as a sustainable currency, which is even used at merchants or offline stores, it takes great synergy and support from the Bitcoin community, government, and society. Maybe it would be better for counseling to be done for publicly feasible things. But this goes back to the regulation of a country.

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February 13, 2019, 01:57:00 AM
 #52

Bitcoin is already a currency, but to become a sustainable currency, it will be done in many steps.
Maybe the first step is to become the most stable cryptocurrency in the market. And next step is to be massive adopted.
When peoples massive adopted bitcoin, that means the demands will rising, it will becoming more sustainable.

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February 13, 2019, 03:12:29 AM
 #53

currency that is now in a short time will experience a revolution or change, something like this has already happened in the first time the paper was found and made as a currency. so history will repeat itself, that will be the change of paper currency into digital currency, and this will continue to be a digital currency that can be used in all crypto countries. then in the future crypto currency will become the future currency that will replace paper currency.

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February 13, 2019, 06:04:59 AM
 #54

Bitcoin is the currency is a very potential crypto currency. Honestly, I am one of those proud crypto users that is still keep on using Bitcoin crypto currency as my main crypto medium for different transactions where I can use it. Well, in the current crypto market, no doubt why people are hesitation to tell that in the future Bitcoin still remains. But if we can clearly see and down dip into it, Bitcoin still the capable to be a sustainable currency in the coming future.
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February 13, 2019, 06:34:35 AM
 #55

Bitcoin is different from other currencies in the past. It relies entirely on the Internet to create and trade. Bitcoin's unique technical attributes derive its economic and cultural attributes beyond the current currency. Bitcoin is an electronic currency produced by open source P2P software. Compared with the current banknotes, the biggest characteristics of Bitcoin are decentralization and global circulation in the network world, followed by high security and high confidentiality. These technical attributes further extend the attributes of non-inflation, non-freezing in economy and non-artificial operation in supply. In culture, Bitcoin is popular among anarchists and liberals. The advantages of Bitcoin have been artificially exaggerated, and its anti-inflation and anti-inflation functions can not withstand scrutiny. In the long run, Bit's prospects are difficult to match gold. In the most optimistic case, Bit's prospects are to become a means of payment in local areas. But in the short and medium term, Bit still has room for speculation and imagination. In addition, the use of Bitcoin in some sensitive areas highlights the increasingly prominent role of information in national security.

1. The advantages of Bitcoin are exaggerated: on decentralization, no transaction costs and inflation prevention

Admittedly, Bitcoin has various advantages over paper money, but these advantages have been over-interpreted. First of all, Bitcoin is a kind of de-centralized currency. It does not have the risk of central bank controlling money supply affecting market value as paper money is a conditional advantage. Bitcoin is mainly held in the hands of big customers, and the market is not deep enough. At present, the buying and selling behavior of big customers is very easy to affect the price of Bitcoin, even when the de-centralization is regarded as a property when Bitcoin is fully mature. Advantages, then, should be added to the prerequisite of holding decentralization. In addition, the degree and type of financial risks exposed by centralized and decentralized online payment systems differ greatly.

Secondly, the low transaction costs of Bitcoin are not without transaction costs. On the contrary, due to the increasing difficulty of Bitcoin mining and the further stability of the currency value, the relevant trading platforms will increase their dependence on transaction costs, which will certainly increase transaction costs. Finally, the confidentiality of the Bitcoin transaction remains to be discussed. The principle of the Bitcoin transaction enables all the processes of each Bitcoin transaction to be stored in each machine. If someone can determine the real background of a transaction, all transactions can be found downward through the data.

Compared with other advantages, the advertised advantages of anti-inflation or anti-inflation attributes can hardly stand scrutiny. Although its supply is stable and the upper limit of supply is locked according to its algorithm, unless the global unification is achieved and all countries use bits as their currency, it can only serve as a means of payment or a store of value, which can not prevent currency oversupply, just as the current existence of gold can not restrain the growth of National currencies. If bits can only be used as a means of payment in local areas (e.g. networks), global or some countries'inflation will still be transmitted to the areas where bits are used. Therefore, the use of bits to prevent inflation is basically not valid or has strong assumptions. As for inflation prevention, that is, to have value storage function, it needs to have gold-like attributes, but in reality, the essential attributes and prospects of bits are still difficult to match gold, as detailed below.
2. Bitcoin has too high foreground

The market's expectations of Bitcoin's prospects are generally higher than those of gold and the dollar. The recognition of gold is not only due to its natural physical properties, but also due to its official acceptance as a reserve currency (or an important allocation of foreign exchange assets). In theory, as an electronic currency, Bitcoin does not have the status of uniqueness and exclusiveness, and it is more difficult to become the official reserve of central banks like gold. Therefore, it is not appropriate to expect too much from Peter. As an electronic currency, bits have the advantage of first-mover. If it can be guaranteed in terms of security, the most optimistic prospect of bits is to be used as a means of payment in local areas.

3. The speculation and speculative demand caused by event factors are the main reasons for the rise of Bitcoin in this round.

Under the credit monetary system, people's lack of confidence in the currencies of various countries and their pessimistic economic prospects are the general environment for the rise of Bitcoin. The market's major traders and Bitcoin derivatives market speculation and participants'speculative psychology further accelerated its rise. Incidents such as BTCChina's $5 million investment and Bernanke's announcement are the main drivers of the recent surge.

However, many big crocodiles began to enter the market and buy a lot, which promoted the price of bits to rise and also increased market risk. Chamath, a former Facebook executive, has spent $5 million on Bitcoin and plans to spend another $10 million. Bitcoin Investment Trust also overfulfilled its target in four weeks, raising $15 million. These investments make Bitcoin rise further while concentrating Bitcoin holdings, which strengthens the impact of individuals and institutions on the price of Bitcoin and increases market risks.

4. Short and medium term bits still have strong speculation space.

Although our previous analysis is not optimistic about the future of Bit, it is likely that Bit will still have strong speculative space in a short to medium term period of one year. As in the previous analysis, Bitcoin creators advocate that the creation of Bitcoin is not manipulated by human factors, which is very different from the credit currencies of various countries. We anticipate that next year the major countries'monetary policies may be divided, and Bitcoin will have better speculation and imagination when economic risks are released and traditional asset markets are severely damaged.

5. The use of Bitcoin in some sensitive areas highlights the increasingly prominent role of information in national security.

The U.S. government seized the drug-trading website SilkRoad early last month. A crowdsourcing network called "Assassination Market" has even marked the sale of murderers with bitcoins. The founder of the assassination market, named Kuwabatake Sanjuro, is an extreme anarchist. Whether the prism gate incident or the use of Bitcoin in the relevant sensitive areas, all highlight the increasingly prominent position of the information field in national security. The Third Plenary Session of the CPC Central Committee proposed the establishment of the National Security Committee, which will play an important role in China's security strategy and expand from traditional national defense, stability/urban security to new areas such as information security.
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February 13, 2019, 06:50:24 AM
 #56

Unlike many here I think that regulation and KYC could really help Bitcoin and cryptocurrencies in general. It would give it legitimacy, legal security and framework that would make it more acceptable for businesses and economy. It's true that scams are always present and everywhere money and profit is involved, scams are also. KYC can't fully prevent and protect from scam but still it can help.
Of course with regulation and KYC rules should be done very carefuly respecting the very essence of Bitcoin and its main idea but I beleive that with some efforts and good will it could be done properly on benefit of all.

the key point is in the second paragraph.
people always forget that regulations are not the same everywhere. it is not black and white either. as a result they always fall off the roof with their opinions about regulation. it doesn't have to be bad or good. it can be either or even both! there are times that we see regulations that actually help the growth but sometimes they even prevent it to the point that some license laws and tax laws has forced companies to move headquarters.

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February 13, 2019, 07:40:23 AM
 #57

Bitcoin is the currency is a very potential crypto currency. Honestly, I am one of those proud crypto users that is still keep on using Bitcoin crypto currency as my main crypto medium for different transactions where I can use it. Well, in the current crypto market, no doubt why people are hesitation to tell that in the future Bitcoin still remains. But if we can clearly see and down dip into it, Bitcoin still the capable to be a sustainable currency in the coming future.
We believe it as a sustainable currency cause we saw its future and we believe that it have capability but for the others, they'll look this a joke or another form of scams. We know that they are wrong and we can't push them to believe and be a part of crypto family, letting them to discover of its greatness and contribution to the community will make them amaze.


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February 13, 2019, 09:30:33 AM
 #58

Bitcoin is the currency is a very potential crypto currency. Honestly, I am one of those proud crypto users that is still keep on using Bitcoin crypto currency as my main crypto medium for different transactions where I can use it. Well, in the current crypto market, no doubt why people are hesitation to tell that in the future Bitcoin still remains. But if we can clearly see and down dip into it, Bitcoin still the capable to be a sustainable currency in the coming future.
We believe it as a sustainable currency cause we saw its future and we believe that it have capability but for the others, they'll look this a joke or another form of scams. We know that they are wrong and we can't push them to believe and be a part of crypto family, letting them to discover of its greatness and contribution to the community will make them amaze.
Bitcoin is currently being used by many people and this is a good capital because then Bitcoin has gotten a place in the community. I feel this is a positive value and can be used as a reference in the future. I am optimistic that bitcoin can be a currency that is used safely, is stable and easily accessible to people in the future.



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Rainbot
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February 13, 2019, 10:21:19 AM
 #59

Indeed cryptocurrency is a sustainable and a reliable measure for a reliable economy in a worldwide setting. When cryptocurrency is adapted in the entire economic industry there will be a decrease in a controlled economy made by printing too much paper money. Anyway this will be possible soon in the future and might be not in our generation remember the history of money it evolves since the start of the human civilization history. We might see it to the evolution of cryptocurrency that would might take thousand of years before it would really be hundred percent adapted.
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February 13, 2019, 11:01:52 AM
 #60

If Bitcoin does become consistent throughout the years then that I am sure of that it will become a currency that will sustain a lot of people, its sustainability is a priority, if BT  continues to progress this way, if the price becomes stable as well then I think in the future would be better for all of us, hopefully all things would go better for Bitcoin.
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