Saw the future

[YogoH]

I recently convinced a small city(65k) bowling alley to accept bitcoin.  It was very easy when they learned you can instant convert to dollars and put in bank account for basically no fees when compared to a credit card and paypal. The setup time for accepting bitcoin was less than 10 minutes (used coinbase, tablet with merchant app).  I sent them a few transactions of 2-3 dollars and the payments showed up instantly. I went home and made on post on reddit, and put them on coinmap.org. I got a call from them the next day saying someone saw them on coinmap and they had their first customer (a pizza and soda). They were hooked.  The local newspaper even put an article in their paper and they received free promotion.

I saw with my own eyes the power and future of bitcoin.

I believe the cost of NOT using bitcoin will cause certain businesses to lose competitive edge in pricing, user experience (more choices for consumer) security, and speed. Businesses  will see bitcoin as a way to save even just a small percentage (fees, fraud, etc) in a worsening economy.  It will force the other companies to adopt or fall behind.

The killer feature is the cost , the other amazing features(including future innovations) will keep the momentum and users adopting until an 10% adoption rate has occurred, from there we will see an explosion into 70-80% of American homes especially with people under 30. I predict this will take about 8 more years.

Small businesses and E-commerce will be first, then brick and mortar box stores and financial systems, and finally Government.


It will be a worldwide phenomenon that changes the social and economic structure of the planet.  We are the lucky ones that get to watch it all.

[tutkarz]

This is nice but I'm waiting for a moment when people will start to accept bitcoin directly and not use 3rd party to convert it for fiat. But for this price have to be more stable and predictable.

[MatTheCat]

This is nice but I'm waiting for a moment when people will start to accept bitcoin directly and not use 3rd party to convert it for fiat. But for this price have to be more stable and predictable.

Then you will be waiting on the coming gold backed digital global currency, 100% created and controlled by The Man.

Bitcoin's value will always be determined by its convertibility into FIAT currencies.

[YogoH]

It doesn't matter. Coinbase allows for NO fees until over 1 MILLION $ in transactions.  That is beyond cheap, and these are first generation processors. With more competition and use of custom implementations the cost becomes basically nothing.
 
The smaller the business the larger their credit card fee %'s. There is no reason not to take it besides lack of understanding.  The snowball is going to keep getting bigger and bigger as nobody leaves the free ecosystem.

Also I believe Satoshi Nakomoto will be eventually outed and will eventually win a Nobel Peace Prize in economics.

[Cassius]

Good job! We should all be doing the same to broaden the useful bitcoin economy.

Also I believe Satoshi Nakomoto will be eventually outed and will eventually win a Nobel Peace Prize in economics.

Or else kidnapped and tortured until he gives up the private key to what by that point could be a $10 billion stash of btc. Could go either way.

[solarflare]

Also I believe Satoshi Nakomoto will be eventually outed and will eventually win a Nobel Peace Prize in economics.

I think you meant "Nobel Prize in Economics".
I agree though that he should win a "Nobel Peace Prize in Economics";Bitcoin will help bring peace to the world, just like the internet.

[jl2012]

Also I believe Satoshi Nakomoto will be eventually outed and will eventually win a Nobel Peace Prize in economics.

Whether the bitcoin in current form will succeed or fail, I have no doubt Satoshi will win a Nobel Prize (if the rules allow awarding it to anonymous person(s))

BTW, we have Nobel Peace Prize. We have Nobel Prize in Economics. There is no Nobel Peace Prize in economics. 

[Rygon]

The Nobel prizes are a joke anymore. Why don't we start a Nakamoto Peace Prize for individuals that actually contribute to bringing freedom and peace to the world? Paid out in bitcoin, or course, lol.

[tutkarz]

This is nice but I'm waiting for a moment when people will start to accept bitcoin directly and not use 3rd party to convert it for fiat. But for this price have to be more stable and predictable.

Then you will be waiting on the coming gold backed digital global currency, 100% created and controlled by The Man.

Bitcoin's value will always be determined by its convertibility into FIAT currencies.

bitcoin have been created so you don't have to use middleman for transactions.

[spazzdla]

When bitcoin starts to move.. it's going to get crazy. IMO the next bitcoin price move will happen within a week and it will move 1000-10000%.  IMO paper is going to start looking a lot like paper really soon and when that happends.. gold, silver, food, BTC is going to get crazy.  I really think that is what is going to drive the next bitcoin price rise.. the housing bubble never popped..  Food and water are true wealth...  sorry went a little off track there.

[podyx]

When bitcoin starts to move.. it's going to get crazy. IMO the next bitcoin price move will happen within a week and it will move 1000-10000%.  IMO paper is going to start looking a lot like paper really soon and when that happends.. gold, silver, food, BTC is going to get crazy.  I really think that is what is going to drive the next bitcoin price rise.. the housing bubble never popped..  Food and water are true wealth...  sorry went a little off track there.

a 10k% increase would imply $60k lol

u really think we gonna see $60k/btc in less then a year?

[MatTheCat]

bitcoin have been created so you don't have to use middleman for transactions.

Thankyou for informing me of that.

If I want to transfer money around the world, I have open to me far cheaper methods other than Bitcoin considering that the Bitcoin will need to be converted into Fiat currency at the other end, at such high premium's that make Western Union look like a fkn charity.

If I wanted to buy electronic goods from one of the very few retailers that accept Bitcoin as a means of GBP payment, my statutory rights should anything go wrong with the transaction or product are in much better stead should I choose to pay via conventional means.

Indeed the only transactions that I find Bitcoin being either advantageous or necessary for are Silk Road transactions. Transactions where it is important that personal details of those involved in transaction are kept hidden are just about the only viable actual use for Bitcoin at this point in time for anyone living within a functioning civilised society. I could of course make a point of using Bitcoins for a lot of things, disregarding the inconveniences and increased risk of doing so just for the sake of 'sticking to The Man', but do I really want to Stick it to the Man that bad that I am prepared to dive in and out of the shark pool that Bitcoin has become everytime I do so?

[spazzdla]

When bitcoin starts to move.. it's going to get crazy. IMO the next bitcoin price move will happen within a week and it will move 1000-10000%.  IMO paper is going to start looking a lot like paper really soon and when that happends.. gold, silver, food, BTC is going to get crazy.  I really think that is what is going to drive the next bitcoin price rise.. the housing bubble never popped..  Food and water are true wealth...  sorry went a little off track there.

a 10k% increase would imply $60k lol

u really think we gonna see $60k/btc in less then a year?

I don't know if the price will jump again that quickly.. but it could.  When the bubble pops.. certian things are going to explode in value.  Houses are currently "the best investment out there".. that "common knowledge" is going to blow up soon. A house is a place to live not a peice of bullion.. people will re-learn this soon.

[elebit]

We have Nobel Prize in Economics.

Contrary to what many people believe there is no Nobel Prize in Economics. Nobel himself did not want it that way. I don't know if he saw economists as charlatans, or if he simply did not think they were bettering mankind which was the stated purpose of the prizes.

What we have is the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel". It's not funded from the Nobel foundation but from the Swedish Central Bank (Sveriges Riksbank) . It is their prize, it's just awarded at the same time as the real prizes and was given a misleading name on purpose. There is some cooperation from the Nobel Foundation as well of course, but it isn't one of the real Nobel prizes.

[Wilhelm]

When bitcoin starts to move.. it's going to get crazy. IMO the next bitcoin price move will happen within a week and it will move 1000-10000%.  IMO paper is going to start looking a lot like paper really soon and when that happends.. gold, silver, food, BTC is going to get crazy.  I really think that is what is going to drive the next bitcoin price rise.. the housing bubble never popped..  Food and water are true wealth...  sorry went a little off track there.

a 10k% increase would imply $60k lol

u really think we gonna see $60k/btc in less then a year?

I don't know if the price will jump again that quickly.. but it could.  When the bubble pops.. certian things are going to explode in value.  Houses are currently "the best investment out there".. that "common knowledge" is going to blow up soon. A house is a place to live not a peice of bullion.. people will re-learn this soon.

I don't agree...

A house is a good investment because you need to live in something. It will always remain a good investment as long as you or someone else wants to live in it ofcourse
A piece of bullion has no useful value to the average person.

[spiderbrain]

If I want to trasnsfer money around the world, I have open to me far cheaper methods other than Bitcoin

I've used bitcoin for this twice and it's much cheaper and faster than any of the alternatives.

Also, I've found  bitcoins to have a value not related to fiat, for example I've bought art with bitcoins and they decided to keep the bitcoins and not convert them. The fiat conversion rate is part of what sets it's value, but there is also the value of diversifying and introduction, I find people are interested in owning some mBTC but are ignorant and haven't got around to it, and like the opportunity to just sell something for them.

[kooke]

Thankyou for informing me of that.

If I want to transfer money around the world, I have open to me far cheaper methods other than Bitcoin considering that the Bitcoin will need to be converted into Fiat currency at the other end, at such high premium's that make Western Union look like a fkn charity.

What if the person sells their bitcoin for fiat locally at face value?

[lyth0s]

In the beginning business will convert btc into fiat, but the more business that accept bitcoin the better. Once enough business accept bitcoin (even if they turn it into fiat in the beginning) then your typical business such as the bowling alley can then make purchases in bitcoin to their vendors. For example the bowling alley needs pizza supplies, if they can only pay for the pizza dough in fiat, then the bowling alley needs to convert some btc into fiat. However, once the pizza dough company also accepts bitcoin (whether or not they turn it into fiat) then the bowling alley doesn't need to convert that btc into fiat, they can just accept bitcoin and buy all their supplies in bitcoin.

Then you tack on electric companies accepting bitcoin, and rental company and salaries all in bitcoin, and then BAM - no more need for fiat


The above post is not well organized, but the point is still clear, more people accepting bitcoin leads to decrease need for fiat.

[joeventyra]

This is nice but I'm waiting for a moment when people will start to accept bitcoin directly and not use 3rd party to convert it for fiat. But for this price have to be more stable and predictable.

Bitcoin is different than that. It is connected with fiat and it will always be. Maybe in some future it will survive on its own but for now we have to accept it the way it is.

[aminorex]

*sigh*  Please don't quote the trolls.  Ignore does not work for quotes.