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Author Topic: You don't want Bitcoin, You don't want Future :-\  (Read 578 times)
Debonaire217
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November 01, 2019, 01:02:09 PM
Merited by Lauren Smith (2)
 #1

We are now bound with the unstoppable development of our financial system. We are then before bound to the banks that holds our funds and finances. The emerging technology of blockchain and the creation of bitcoin set us free from all the restrictions that we had from these third parties.

Here are some advantages of banks according to Difu Wu(2014):
1. good Liquidity
2. secure place to deposit money
3. gaining interest on deposits
4. allows us to gain loans and investments

reference: https://www.quora.com/What-are-the-advantages-and-disadvantages-of-the-banking-system

From this, we can see that bitcoin smashed these advantages on how we benefit from its capabilities:
1. Irreversible Transactions
2. Paper no More
3. Volatility (Provides huge profit from investments)
4. Fast Transactions (Anytime and Anywhere)

reference: https://bitcoin.co.th/benefits-of-bitcoin/

And here's my own view on how bitcoin impacts on me:
1. My funds are much more secured and easily accessible
2. I can send money if I want it anonymous (Through mixers)
3. Multiple source of assets (Trading and freelance works)
4. Bitcoin is an eye opener on the world's future
5. Bitcoin is the future

There are some cases that most of the people don't see the goodness that bitcoin brings, and on our nature, we feel the urge to educate them and teach them about it. But most of the time, spoon feeding the information to those who's mind is close will not bring any good to bitcoin. There is one thing they need to understand even if we don't tell them to, if they don't like bitcoin, then don't like the future.


If you have more experience where bitcoin impacts you positively, you are  free to share it on the comments below.

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November 01, 2019, 01:12:45 PM
 #2

You have already listed the advances of bitcoin because that is what your question is. The whole big talk about it for my view is that bitcoin is part of the modern world. You can't afford not to grow, is all digital and hodl bitcoin for more growth.

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November 01, 2019, 01:22:35 PM
 #3

We are now bound with the unstoppable development of our financial system. We are then before bound to the banks that holds our funds and finances. The emerging technology of blockchain and the creation of bitcoin set us free from all the restrictions that we had from these third parties.

Here are some advantages of banks according to Difu Wu(2014):
1. good Liquidity
2. secure place to deposit money
3. gaining interest on deposits
4. allows us to gain loans and investments

reference: https://www.quora.com/What-are-the-advantages-and-disadvantages-of-the-banking-system

From this, we can see that bitcoin smashed these advantages on how we benefit from its capabilities:
1. Irreversible Transactions
2. Paper no More
3. Volatility (Provides huge profit from investments)
4. Fast Transactions (Anytime and Anywhere)

reference: https://bitcoin.co.th/benefits-of-bitcoin/

And here's my own view on how bitcoin impacts on me:
1. My funds are much more secured and easily accessible
2. I can send money if I want it anonymous (Through mixers)
3. Multiple source of assets (Trading and freelance works)
4. Bitcoin is an eye opener on the world's future
5. Bitcoin is the future

There are some cases that most of the people don't see the goodness that bitcoin brings, and on our nature, we feel the urge to educate them and teach them about it. But most of the time, spoon feeding the information to those who's mind is close will not bring any good to bitcoin. There is one thing they need to understand even if we don't tell them to, if they don't like bitcoin, then don't like the future.


If you have more experience where bitcoin impacts you positively, you are  free to share it on the comments below.
This post is too pro bitcoin. Even I agree that bitcoin is a really a great invention. But when you saying that you want bitcoin. I have a pretty simple question for you. What do you want bitcoin as?? Do you want it as a source of holding your idle funds while bitcoin increases in value? or you want it as a mainstream method of settlement and want that fiat should be replaced by it. Because using it for both ways would bring a lot of disadvantages along with advantages so do ponder over this question before merely saying it is the future.

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November 01, 2019, 01:28:03 PM
 #4

You have already listed the advances of bitcoin because that is what your question is. The whole big talk about it for my view is that bitcoin is part of the modern world. You can't afford not to grow, is all digital and hodl bitcoin for more growth.
If the would continues to get digital like its going is it possible that there would come a time bitcoin or cryptocurrency would go out of date and a new and more advanced form would emerge

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November 01, 2019, 02:43:17 PM
 #5

Do not be too hard to force people to like bitcoin, actually bitcoin is just a tool that leads us to get a life better in the future.
Not without bitcoin we will not have a future, this case will make people even more confused. To make our lives better in the
future, there are so many ways that can be taken, not necessarily through bitcoin. So from that I say bitcoin is only one tool
that can make our future better, actually without bitcoin we can live more better in the future. So it's just a matter of taste,
whichever suits your taste. Whether with bitcoin or not with bitcoin it's the right of everyone to choose.

 
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November 01, 2019, 02:44:51 PM
 #6

With Bitcoin or against Bitcoin huh? Can't people want "the future" and not want Bitcoin? Big fan boy here, don't get me wrong, but just because I like the idea of keeping all my money on the internet instead of in a bank account, doesn't mean everyone else has got to like to do it too.

Besides, if Bitcoin's the future, does it mean I'm already in the future, and people who can't afford mobile phones or never seen the internet are... not wanting the future?

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November 01, 2019, 02:51:38 PM
 #7

If somone does not want Bitcoin it does not mean he will not have a secure future. Bitcoin is P2P payment processing system. It was never meant to become an assest. It is people like us who have made it a product and started comparing it with gold. The primary objective of Bitcoin was to ease the life of a common person financially and not make him rich.

You post on Bitcoin sounds more like a make me rich option. Whereas it is not.

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November 01, 2019, 03:00:25 PM
 #8

Bitcoin is the near future, in the far future we will find something more interesting.
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November 01, 2019, 03:05:46 PM
 #9

I’m a huge bitcoin believer but I don’t exclusively believe that bitcoin alone would be the future of this world, though it may have sparked the change and the revolution already that’s for sure. Lots of potential game changers and important names in the industry have already been making moves, thanks to bitcoin inspiring them to do so. You pretty much outlined what bitcoin needs in order to survive but then again, bitcoin may only be the inspiration and not the way forward in the future but that doesn’t mean we don’t want a better future to come.

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November 01, 2019, 04:02:57 PM
 #10

Excellent contributions and I totally agree with them, closing your eyes to Bitcoin and in general towards cryptocurrencies implies being against a much better financial future, although the traditional financial system has several advantages, cryptocurrencies far outweigh them and every day more people realize that, so we move towards mass adoption, although the process will take some time.
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November 01, 2019, 05:54:21 PM
 #11

With Bitcoin or against Bitcoin huh? Can't people want "the future" and not want Bitcoin? Big fan boy here, don't get me wrong, but just because I like the idea of keeping all my money on the internet instead of in a bank account, doesn't mean everyone else has got to like to do it too.

Besides, if Bitcoin's the future, does it mean I'm already in the future, and people who can't afford mobile phones or never seen the internet are... not wanting the future?
that is correct, you can not force someone else to do the same thing as you to get recognized.

the fact that elderly scared to something new like all these bitcoin with blockchain technology to be used in everyday life , many of them believe that the future is about that stuff , they just can not do it for reasons.
the current and next generation maybe more open minded and really love to experimenting, that is fit with the technology nature that moving really fast against the time, especially the blockchain technology itslef that powering bitcoin.

the full adoption of bitcoin in our daily life requires a long time to realized.
we are on the phase where people still put interest in bitcoin but can not go allin -yet- for security reason.
which means bitcoin still makes people insecure, it takes time to make people feel comfortable and secure using bitcoin.

 
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November 01, 2019, 06:11:35 PM
 #12

True that bitcoin plays a critical role in the inevitable future of money and financial systems but that doesn't mean that Bitcoin is the future itself. Fur now, Bitcoin is the best candidate for that and the biggest player as well. In times to come, we might see another thing better and that will topple Bitcoin.

 
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November 01, 2019, 06:13:12 PM
 #13

You have already listed the advances of bitcoin because that is what your question is. The whole big talk about it for my view is that bitcoin is part of the modern world. You can't afford not to grow, is all digital and hodl bitcoin for more growth.
If the would continues to get digital like its going is it possible that there would come a time bitcoin or cryptocurrency would go out of date and a new and more advanced form would emerge

Bitcoin has a chance to change and adapt, it has changed a bit since the beginning.

The only major change i could foresee at some point, is changing from its classic sha256 crypto algorithm to a quantum crypto algorithm. Perhaps in a 100 years. There could be another coin to do the same thing, of course. This is only after quantum computing reaches mass production and the masses. We may not even be here to see it, but it should occur before the last bitcoin is minted in 2140.

As opposed to bank interest, trading shouldn't be the answer. You CAN trade with fiat, in the so called forex market. No, the correct counterpoint would be: Not losing value overtime, in fact, gain. It is a small gain, as it is a deflationary coin, with limited production that no one can order increase the amount suddenly by executive order when the yearly budget doesn't fit...

You could say that "the interest is built in", but the correct answer is, all fiats are losing value intentionally promoted by the dominating school of economy, afraid that deflation would stop the getting in debt craze that they insist slavering the people into.

I think Bitcoin and the Austrian school of economy will have to come together. there are too many fools here that still fear deflation, they simply haven't read any Austrians, they think the world is what the Chicago boys said, and nothing else exists. Well it does, banks shouldn't be paying you interest if you are not lending; your money keeps its purchasing power on its own you should only spend what you have, and not what you "could" have, as the vapor economy of today insists.

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November 01, 2019, 06:38:40 PM
 #14

Bitcoin properties make it a good candidate for a worldwide currency indeed, but I think it's going to take some time for people adopt it just because we as humans are generally reticent to new things especially when it comes to finances. Hopefully the new generations will be much more open to the neo era.

You mentioned that volatility is an advantage of BTC. Well.. for the average people who wants to use it as a method of payment it is not good. He doesn't want his belongings to go up and down in value. Volatility is an advantage for traders, but as the Bitcoin price raises and more money pours into the market the price will eventually stabilize.

 
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November 01, 2019, 06:40:06 PM
 #15

bitcoin is not for all. there are rich countries and the people there doesn't need btc, their government must be a good provider.  not that they don't want the future but they will soon adopt blockchain and maybe even btc when there are merchants accepting it in their country.


You have already listed the advances of bitcoin because that is what your question is. The whole big talk about it for my view is that bitcoin is part of the modern world. You can't afford not to grow, is all digital and hodl bitcoin for more growth.
If the would continues to get digital like its going is it possible that there would come a time bitcoin or cryptocurrency would go out of date and a new and more advanced form would emerge

Bitcoin has a chance to change and adapt, it has changed a bit since the beginning.

The only major change i could foresee at some point, is changing from its classic sha256 crypto algorithm to a quantum crypto algorithm. Perhaps in a 100 years. There could be another coin to do the same thing, of course. This is only after quantum computing reaches mass production and the masses. We may not even be here to see it, but it should occur before the last bitcoin is minted in 2140.

As opposed to bank interest, trading shouldn't be the answer. You CAN trade with fiat, in the so called forex market. No, the correct counterpoint would be: Not losing value overtime, in fact, gain. It is a small gain, as it is a deflationary coin, with limited production that no one can order increase the amount suddenly by executive order when the yearly budget doesn't fit...

You could say that "the interest is built in", but the correct answer is, all fiats are losing value intentionally promoted by the dominating school of economy, afraid that deflation would stop the getting in debt craze that they insist slavering the people into.

I think Bitcoin and the Austrian school of economy will have to come together. there are too many fools here that still fear deflation, they simply haven't read any Austrians, they think the world is what the Chicago boys said, and nothing else exists. Well it does, banks shouldn't be paying you interest if you are not lending; your money keeps its purchasing power on its own you should only spend what you have, and not what you "could" have, as the vapor economy of today insists.

quantum computers is probably no match to the SHA256 hashing algo but if the quantum computing can break these algorithm like the signature, i don't think its that difficult to shift to a new one.



 
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November 01, 2019, 07:05:09 PM
 #16

Bitcoin is the near future, in the far future we will find something more interesting.
Ever since the invention and widespread adoption of internet people were trying to come up with a digital currency that can be used and no one was able to come up with a solution until someone who could combine everything that people did in the past and developing something unique that no one ever thought about in the past and this will continue and bitcoin does have a good development team and they will find the solution need for it to scale.

 
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November 02, 2019, 02:30:59 AM
 #17

This kind of post really makes us think and see the possibilities that bitcoin can bring. It is evident that bitcoin doesn't signifies the future of the world by comparing the future to bitcoin directly. Thanks to those who comment and gave their best responses, I owe you guys a merit in the future  Wink

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November 02, 2019, 02:41:44 AM
Last edit: November 02, 2019, 04:09:53 AM by Google+
 #18

Bitcoin has very sophisticated technology and is very useful for the future but you have to know that not all future technology is created from the bitcoin platform so I don't think bitcoin is always the main influence of world development, so I'm sure bitcoin will be combined with some other technology to be able to create something new and very useful for the future.

 
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November 02, 2019, 03:36:21 AM
 #19

Be open-minded and don't only list its advantages, but be open to its disadvantages, and we can discuss how to address these negative sides of bitcoin. For one, Bitcoin's anonimity may be good in terms of privacy, but too much and you'll have problems with tracking illegal activities made on the internet, paid through the bitcoin network. Another thing you said is volatility, which may be good for investors for profit, but volatility is two-sided and you also risk losing huge part of your money.

 
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November 02, 2019, 04:30:31 AM
 #20

Do not be too hard to force people to like bitcoin, actually bitcoin is just a tool that leads us to get a life better in the future.
Not without bitcoin we will not have a future, this case will make people even more confused. To make our lives better in the
future, there are so many ways that can be taken, not necessarily through bitcoin. So from that I say bitcoin is only one tool
that can make our future better, actually without bitcoin we can live more better in the future. So it's just a matter of taste,
whichever suits your taste. Whether with bitcoin or not with bitcoin it's the right of everyone to choose.
Indeed, it depends on the person itself if he/she wants to adopt or accept bitcoin and use it to have a greater future because we have different preferences and perception. As you can see a lot of people are getting curious and interested about bitcoin, some of them are thinking for the possible benefits that they might get and the opportunities that they can encounter along the way.They are thinking that in bitcoin they are able to achieve what they want in life like to be financially stable. Well for me people can still have a good future even without bitcoin, as long as they are hard working and responsible to their jobs it can help them to achieve their goals in life.

 
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