Strength of Bitcoin

[Reid]

I think this is really what is important of all.

“Networks have “network effects.” Adding a new participant increases the value of the network for all existing participants.”

We are all trying to invest in. Who is using it for new participants to come in? Very low usage. It became one like gold by now instead of gold before which is being used on the streets as a currency to trade goods.
We really need the merchants. Push them to use bitcoin as an option for payment so that it could circulate and also be used by other people.
That way this will happen.

If the system can grow large enough, fast enough, it will become an unstoppable juggernaut, and the rest of the economic universe will need to come over to the new playing field.

[Baofeng]

I think this is really what is important of all.

“Networks have “network effects.” Adding a new participant increases the value of the network for all existing participants.”

We are all trying to invest in. Who is using it for new participants to come in? Very low usage. It became one like gold by now instead of gold before which is being used on the streets as a currency to trade goods.
We really need the merchants. Push them to use bitcoin as an option for payment so that it could circulate and also be used by other people.
That way this will happen.

If the system can grow large enough, fast enough, it will become an unstoppable juggernaut, and the rest of the economic universe will need to come over to the new playing field.

I think you are right as much you elaborated but till now there are no good words that can be enough to show the importance of bitcoin. I know it is no one crypto which made good market name all around the world. The best investment now a day is bitcoin and it has become an unbeatable investment it's the most potencies investment.

Because it's sell-explanatory. I mean we have seen bitcoin grow in the last ten years or so. No one really talks about it until such time that we have it grown to $100-$19k last 2017. So many people are searching about bitcoin 2017-2019 because they know that it is the world best assets if you are going to look at it's performance in the last ten years. Decentralise could be one of the strengths and it could also be one of its drawback, just saying.

[izanagi narukami]

When they can made company such like amazon and facebook aware, bitcoin influence really strong.
So why are you still doubt about bitcoin strength ?
For me, they are amazing till end of time

[Distinctin]

When they can made company such like amazon and facebook aware, bitcoin influence really strong.
So why are you still doubt about bitcoin strength ?
For me, they are amazing till end of time

We are gonna see big success in the future, bitcoin will become mainstream adoption because it's people who have power here, it's transparent and it cannot be monopolize with mainstream adoption happening.

Adoption has already started and the fundamentals are good, like this one great news for this week.
https://cointelegraph.com/news/burger-king-lets-you-pay-your-way-in-germany-with-bitcoin

It's just one of the big company that starting to adopt with bitcoin and I believe more and more will adopt and this chain will become bigger and bigger.
I am also hoping that someday, amazon will start adopting bitcoin but I'm sure facebook is already adopting because they have plans to launch their Libra coin which is a coin of their own, it's already tantamount to adopting with bitcoin.

[Oceat]

The reason bitcoin is so valuable to the world:

https://hackernoon.com/why-everyone-missed-the-most-mind-blowing-feature-of-cryptocurrency-860c3f25f1fb

With that phrase "Control the money and you control the world." I realized why Bitcoin is not going to be adopted worldwide.
No government would choose losing power over money in order to adopt cryptocurrencies. They are fed by the corruption and money plays a vital part for them when it is in their hands.

When money is the necessity around the world you can control everything the way you want it that's why owning the money is like owning the world. And we already see how powerful it is ever since that's why i like the idea of Satoshi to make a decentralized cryptocurrency because somehow the government wouldn't touch your own money even if they need to since you are the one who holds it and they can't use it against you.

[BitHodler]

I am also hoping that someday, amazon will start adopting bitcoin but I'm sure facebook is already adopting because they have plans to launch their Libra coin which is a coin of their own, it's already tantamount to adopting with bitcoin.

Amazon will not accept Bitcoin unless it has proven to be able to process hundreds or thousands of transactions per second. The volumes they generate are insane. Bitcoin doesn't stand a chance unless LN grows much bigger.

PurseIO allows you to purchase items through Amazon and use Bitcoin to settle the payment with a pretty discount, but the downside is that you're then filling the pockets of Bcash'ers following every step of Roger Ver.

It's more likely for Amazon to accept Libra (if it ever sees the light) than Bitcoin. People have been dreaming about Amazon accepting Bitcoin for many years and it seems that the dream will last a couple of more years.

[jrrsparkles]

It's not an article about Bitcoin. The author said crypto guys need to think big and also need to find a better way to distribute crypto coins to most people. If they succeed, it will change the whole dynamics of money.

If crypto currencies dispersed everywhere then the real use of crypto currencies will begin that is people will ignore fiat due to the crypto currency benefits while using and it also will change the whole economic structure of this world but the chances of happening is still low since most governments were trying to crush the growth of crypto currencies and the fields there were used by.

[YuginKadoya]

It's not an article about Bitcoin. The author said crypto guys need to think big and also need to find a better way to distribute crypto coins to most people. If they succeed, it will change the whole dynamics of money.

If crypto currencies dispersed everywhere then the real use of crypto currencies will begin that is people will ignore fiat due to the crypto currency benefits while using and it also will change the whole economic structure of this world but the chances of happening is still low since most governments were trying to crush the growth of crypto currencies and the fields there were used by.

Cryptocurrency may have a benefit but fiat currency is still needed when a bear market or a sudden decrease in the price had occurred many are needing to convert their Cryptocurrency to fiat just to profit, Well that is another way to put it on why the balance is needed, And I am not seeing that fiat would really cease to exist, If cryptocurrency is volatile then we had a stable currency that can convert your profit that is in Bitcoin of other cryptocurrency.

[guoyu78]

It is a great read and the decentralized nature of bitcoin is the reason why we are so free to use it and not afraid of any repercussions.

If you turn that bitcoin into cash somehow and put it in a bank account you may have a trouble but the trouble you are having is the fact that you have an unknown amount of fiat where government doesn't know where you got it and not the bitcoin itself.

In almost any country of the world you can just get into bitcoin, do whatever you want with bitcoin and never got out and nobody will know you were ever in bitcoin, only things that could be considered dangerous is the purchasing bitcoin part and selling bitcoin part, as soon as money leaves your bank account or enters it you have a problem at your hands. That is why being pure crypto will save us all.

[Ridwan Fauzi]

Even now people left using fiat and use crypto currency like bitcoin  to buy goods and to invest your money for future profit making. Now all over the world are now using crypto to buy and deal with goods of daily needs. Investing is all about crypto and bitcoin is number one coin among all in market.

A bit excessive to me when I read your statement, logically when most people use bitcoin as their payment system then I believe this forum will be filled by some people or might some companies who offer their service but the fact there is just a few service which I have seen.

Bitcoin is alternative payment system and even most of the user only use bitcoin as their source income. Such as in my country, althought the user of cryptocurrency have popped up and the innovation who use blockchain is growing but there is a few people who using crypto as their payment system.

[7788bitcoin]

When they can made company such like amazon and facebook aware, bitcoin influence really strong.

The financial world is aware of bitcoin from the start, but these major corporates were hesitant to add bitcoin as a financial asset because they wanted to have a clear rules and regulation from the government and majority of these companies are public listed and they do not want to risk anything that would raise the eyebrows of the authorities.
The real strength of bitcoin is that it cannot be duplicated like the rest of the assets as every coin has its own identity and no one can forge it.

[Jating]

I am also hoping that someday, amazon will start adopting bitcoin but I'm sure facebook is already adopting because they have plans to launch their Libra coin which is a coin of their own, it's already tantamount to adopting with bitcoin.

Amazon will not accept Bitcoin unless it has proven to be able to process hundreds or thousands of transactions per second. The volumes they generate are insane. Bitcoin doesn't stand a chance unless LN grows much bigger.

PurseIO allows you to purchase items through Amazon and use Bitcoin to settle the payment with a pretty discount, but the downside is that you're then filling the pockets of Bcash'ers following every step of Roger Ver.

It's more likely for Amazon to accept Libra (if it ever sees the light) than Bitcoin. People have been dreaming about Amazon accepting Bitcoin for many years and it seems that the dream will last a couple of more years.

I agree, talk for example Paypal, some claim that bitcoin transactions today is more than Paypal but if you are going to take a closer look, bitcoin transactions are the every day trading activity and not payment schemes as Paypal.

https://blockspectator.com/move-over-bitcoin-eclipses-paypal-in-transaction-volume/

However, I do believed that in the future, once LN takes off we may see some better statistics about how bitcoin is going to be used as a payment methods. But it will take years as merchants are not going to use bitcoin as a gateway unless the market is stable which is unlikely to happen.

[1Referee]

I agree, talk for example Paypal, some claim that bitcoin transactions today is more than Paypal but if you are going to take a closer look, bitcoin transactions are the every day trading activity and not payment schemes as Paypal.

Bitcoin has more daily value throughput measured in dollars, but transaction wise, PayPal leads all the way. And yes, the difference is quite important too because most of PayPal's value throughput goes towards payments, while most of Bitcoin's value throughput goes towards speculation. People however love to present just one side of the story to strengthen their pro Bitcoin narrative.

But it will take years as merchants are not going to use bitcoin as a gateway unless the market is stable which is unlikely to happen.

If you're referring to accepting payments directly without a third party, then you're right, but most merchants aren't really interested in holding their coins, hence the reason they adopt third party payment processors that take care of the volatility risk.

[buwaytress]

When they can made company such like amazon and facebook aware, bitcoin influence really strong.
So why are you still doubt about bitcoin strength ?
For me, they are amazing till end of time

Think Bitcoin's been on the horizons of guys like that for a long time now. They were not believers at first, but their actions of late suggests they now fear being left behind. Markers not of Bitcoin's strength rather, but of perceived threat and a fear of being made irrelevant. Good for them.

Bitcoin has more daily value throughput measured in dollars, but transaction wise, PayPal leads all the way. And yes, the difference is quite important too because most of PayPal's value throughput goes towards payments, while most of Bitcoin's value throughput goes towards speculation. People however love to present just one side of the story to strengthen their pro Bitcoin narrative.

Yeah I'm all a loverboy for Bitcoin but we have to accept its shortcomings. I don't see them necessarily as flaws, I mean transactional volume this rate after only 10 years for a new and decentralised concept? WOW, right? Time is all that Bitcoin needs.

[bitgolden]

I do believed that in the future, once LN takes off we may see some better statistics about how bitcoin is going to be used as a payment methods. But it will take years as merchants are not going to use bitcoin as a gateway unless the market is stable which is unlikely to happen.

Not that many people are doing that tho. I mean yeah surely if you give people the option to buy stuff with bitcoin there would be more people buying with bitcoin however the issue is not the buyers, its the sellers.

There are not that many places that accepts bitcoin as a payment that is why it is actually not doing that well in adoption, if we manage to get couple of huge chain stores that has places all around the world to accept bitcoin than maybe people next door will see it and they will start to accept as well. Like for example hotels are a great place to start, expedia takes bitcoin, maybe hotels themselves should start to accept as well, that way you can both get rid of KYC (because you give your ID while checking in anyway) and still pay with bitcoin easily.

[lixer]

I agree, talk for example Paypal, some claim that bitcoin transactions today is more than Paypal but if you are going to take a closer look, bitcoin transactions are the every day trading activity and not payment schemes as Paypal.

Bitcoin has more daily value throughput measured in dollars, but transaction wise, PayPal leads all the way. And yes, the difference is quite important too because most of PayPal's value throughput goes towards payments, while most of Bitcoin's value throughput goes towards speculation. People however love to present just one side of the story to strengthen their pro Bitcoin narrative.

PayPal is leading right now because it is an old payment system and has been on ground, if bitcoin and PayPal were to be created at the same time, PayPal would have long been forgotten because there are so many benefits of bitcoin payment to PayPal. With PayPal, there is still some limitations, and everything in PayPal transaction is not anonymous, coupled with the fact that the cost of transacting business through PayPal is far higher than that of bitcoin.

For every transfer you make through PayPal, there is a fee of 5 percent which is either burned by the sender or the recover depending on the agreement between them, but how much do we use in transacting through bitcoin, the fee is so cheap. The only thing with bitcoin is just the slow processing.

[perla]

I agree, talk for example Paypal, some claim that bitcoin transactions today is more than Paypal but if you are going to take a closer look, bitcoin transactions are the every day trading activity and not payment schemes as Paypal.

Bitcoin has more daily value throughput measured in dollars, but transaction wise, PayPal leads all the way. And yes, the difference is quite important too because most of PayPal's value throughput goes towards payments, while most of Bitcoin's value throughput goes towards speculation. People however love to present just one side of the story to strengthen their pro Bitcoin narrative.

PayPal is leading right now because it is an old payment system and has been on ground, if bitcoin and PayPal were to be created at the same time, PayPal would have long been forgotten because there are so many benefits of bitcoin payment to PayPal. With PayPal, there is still some limitations, and everything in PayPal transaction is not anonymous, coupled with the fact that the cost of transacting business through PayPal is far higher than that of bitcoin.

For every transfer you make through PayPal, there is a fee of 5 percent which is either burned by the sender or the recover depending on the agreement between them, but how much do we use in transacting through bitcoin, the fee is so cheap. The only thing with bitcoin is just the slow processing.

Don't forget Paypal's buyer protection can be abused by people who like to do dispute thing. Maybe You are right, bitcoin left by Paypal because Paypal come early than bitcoin like what people do about bitcoin and other altcoins. What famous first maybe more have support but i  believe in future more people will change into cryptocurrency and make bitcoin price can be very high.

[pooya87]

~
Don't forget Paypal's buyer protection can be abused by people who like to do dispute thing. Maybe You are right, bitcoin left by Paypal because Paypal come early than bitcoin like what people do about bitcoin and other altcoins. What famous first maybe more have support but i  believe in future more people will change into cryptocurrency and make bitcoin price can be very high.

it has never been about coming first, Paypal wasn't the first so is bitcoin that wasn't the first. it is always about how good or bad these new things are. if they were really good, then they would be adopted just as Paypal came along and started becoming popular because it was better than the other alternatives at that time. and now bitcoin has come along which is better than the alternative ways of payment.

[barbara44]

Amazon Microsoft [sorry my brain fades ] already accepted bitcoin once, steam did too, its not really that unbelievable to think they will do it again. I mean yeah surely after bitcoin dropped like crazy they started to think it may not be a great idea and they removed it and they are probably regretting their decision now however when bitcoin becomes even bigger they will have to accept because in the end people may go for the competition that has bitcoin eventually. That is why I think bitcoin will be all around the world one day, even banks will be starting to accept bitcoin deposits and withdrawals like a wallet eventually, that may take decades but it will happen, so will all places like amazon. Bitcoin transactions will be bigger than paypal as well, just needs some more time.

[pooya87]

Amazon already accepted bitcoin once,

as far as i am aware, Amazon has never accepted bitcoin.
there are tons of third parties that you can go through to buy from Amazon if you could trust them but that has nothing to do with the company itself!

I mean yeah surely after bitcoin dropped like crazy they started to think it may not be a great idea and they removed it

wrong.
steam which is the only correct one in your comment removed bitcoin when the price was rising back in 2017 and they removed it because the fees were unreasonably high. mainly because the games they sell usually worth less than the fees at that time!