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Author Topic: Can btc be use to purchase crude oil  (Read 314 times)
GeorgeJohn (OP)
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June 24, 2020, 11:17:25 AM
 #1

From my perspective it's obvious that in next ten (10) years bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.

Here comes the list of things bitcoin can purchase in next ten years without physical cash and it's called bitcoin vision 2030.

* Housing estate's

*companies

*car industry and private use

*importation of goods and service from different countries

* payment of worker's with bitcoin

* And also use for payment of shopping.

I believed strongly that this vision bitcoin 2030 shall come in reality.
What is your suggestion.

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June 24, 2020, 11:59:00 AM
 #2

This is possible but what I find it hard to believe is bitcoin will turn into centralized just because those you mentioned will accept payment in bitcoin.

Bitcoin will surely get there perhaps its already beginning and many particular fields has started to accept bitcoin. Controlling bitcoin will be hard when almost all holders of it are whales and crypto enthusiasts which are not favor in government.

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June 24, 2020, 12:19:24 PM
 #3

Your Topic question is about purchasing crude oil using BTC but the description is about the list of things that can be purchased with Bitcoin in the next 10 years? How are they related?

Please change your topic title or write the purpose of writing that question.

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June 24, 2020, 12:52:14 PM
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 #4

From my perspective it's obvious that in next ten (10) years bitcoin will be centralised
Do not get this wrong, bitcoin is a decentralized currency, governments or any organization can not control bitcoin price, so it can not be centralized and can not be subjected to government manipulations. Even we did not know the identity of Satoshi Nakamoto who created bitcoin, he crated it to be decentralized and nothing can change that.

Here comes the list of things bitcoin can purchase in next ten years without physical cash and it's called bitcoin vision 2030.

* Housing estate's

*companies

*car industry and private use

*importation of goods and service from different countries

* payment of worker's with bitcoin

* And also use for payment of shopping.
About housing estate, it is not yet common but in some countries now, bitcoin is used for this purpose. Bitcoin is also use for online and offline shopping and this is even common in developed countries.

I get your point, you meant in the future, bitcoin will be more depended on. Yes you are right and bitcoin adoption and price will increase.


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June 24, 2020, 01:19:36 PM
 #5

From my perspective it's obvious that in next ten (10) years bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.
You're probably mixing up the "centralised" word with something else here. If Bitcoin gets centralized in 10 years, or whenever in the future, Bitcoin would be pointless just like the hundreds and thousands of altcoins out there.

Here comes the list of things bitcoin can purchase in next ten years without physical cash and it's called bitcoin vision 2030.
I suggest we don't create such name as it really sounds like a certain Bitcoin fork. Tongue

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June 24, 2020, 01:50:10 PM
 #6

From my perspective it's obvious that in next ten (10) years bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.
You're probably mixing up the "centralised" word with something else here. If Bitcoin gets centralized in 10 years, or whenever in the future, Bitcoin would be pointless just like the hundreds and thousands of altcoins out there.

Indeed, the OP might have some misconception or misunderstanding with the word centralized as he thinks that applying it to Bitcoin would be a good thing nor would help any economy if ever his visions would have happen. Yet the funny argument here is that would it be possible to make the vast network of decentralized Bitcoin be centralized? I don't think it is possible as it requires huge effort and time just to restart a system that has been running on cloud for almost a decade.

With regards to the OP, those what you've called visions is already possible, as some (actually, most) companies, dealings, and purchases already are accepting cryptocurrency and it is so common for all the visions you've suggested. Actually, it is already Bitcoin Vision 2020. lol Cheesy

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June 24, 2020, 03:10:00 PM
 #7

From my perspective it's obvious that in next ten (10) years bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.


I don't know how did you come out with that idea or thinking it was created to be decentralized and the whole community is bonded by the thought of decentralization and anonymity, even if there are so many companies and exchanges that ask for KYC, still there are sides of it that will keep it anonymous and we have services like mixer to help it continue to become anonymous.

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June 24, 2020, 03:41:28 PM
 #8

<…>
Substitute "centralised" for "generalized" in the OP, and I figure we’ll get the OPs intent, without the current misleading choice of words. Being that the context, the listed purchasable items could well be a possibility, just as they currently are on a small scale today.

Nevertheless, those options nowadays, even if feasible in some cases, are subject to regulation restrictions (different in extent per country) and the will to go forth (most people probably prefer to speculate with Bitcoin than use it from an operational point of view). Ten years down the road, in a hypothetical scenario of generalized tenancy, we’d still need to see how regulation and will to use have evolved, and those are big questions now to project a decade from now.

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June 24, 2020, 06:48:38 PM
 #9

From my perspective it's obvious that in next ten (10) years bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.

Here comes the list of things bitcoin can purchase in next ten years without physical cash and it's called bitcoin vision 2030.

* Housing estate's

*companies

*car industry and private use

*importation of goods and service from different countries

* payment of worker's with bitcoin

* And also use for payment of shopping.

I believed strongly that this vision bitcoin 2030 shall come in reality.
What is your suggestion.

Why and How will Bitcoin centralize? cause if it becomes centralized then there will be no difference between Fiat currency and Bitcoin. I do not agree with you on this part.

Indeed many vendors and retail companies are now accepting Bitcoin and other major cryptocurrencies. I am sure within few years you will be purchase  almost all products using Bitcoin.
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June 24, 2020, 09:01:01 PM
 #10

How do you think BTC will be centralized? Can you share soke example; I don't think you have. Either way, if BTC gets centralized, it won't valuable anymore.
Here's your question answer, here's the tokenized crude oil in currency.com- https://currency.com/tokenized-us-crude-oil-price
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June 26, 2020, 07:15:12 PM
 #11

Doing centralized bitcoin implementation will not be that easy and will not be fully applicable to the lists you have mentioned.

I believe that bitcoin is now a very valuable digital currency with very high price voting. but there will be regulations that apply to every country that wants to adopt bitcoin.

Buying crude oil using bitcoin might be realized, but not in the near future. FIAT is still the main currency above bitcoin and still cannot be replaced. FIAT is now also available in the form of a more efficient digital currency.

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June 26, 2020, 08:12:29 PM
 #12

From my perspective it's obvious that in next ten (10) years bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.

I don't see any correlation between bitcoin centralization and whether bitcoin can be used to buy various goods (that we can't purchase with Bitcoin today).
From my perspective, if Bitcoin is centralized, that means whoever control Bitcoin will limit how Bitcoin could be used and thus won't be able to dominate other currency.

Bitcoin can never be centralized and hence it will never become a major currency. We may have a digital currency which will be used in future but that will be centralized one. Just like China developed its own first digital currency and many other countries will follow the same.

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June 26, 2020, 08:30:56 PM
 #13

bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.
Bitcoin is a decentralized asset meaning it's not controlled by government and other organizations, the only centralised ones are the fiat currency in your country, take note. So bitcoin is already a decentralized currency that's why the slogan "be your own bank" is popularly used in the cryptosphere.
Here comes the list of things bitcoin can purchase in next ten years without physical cash and it's called bitcoin vision 2030.
* Housing estate's
*companies
*car industry and private use
*importation of goods and service from different countries
* payment of worker's with bitcoin
* And also use for payment of shopping.
Application of cryptocurrency especially bitcoin had been adopted in some countries across the world. Altcoin is mainly used in shopping mall, such project is Alibabacoin, using bitcoin and other coins is usable for transaction in the above mentioned instances but for the case of buying of industries, I haven't come across such news maybe in the future time as her adoption increases gradually.

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June 26, 2020, 11:23:15 PM
 #14

From my perspective, it's obvious that in next ten (10) years bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.
I really don't think that Bitcoin will be centralized, Bitcoin will be always decentralized, as what it's initial characteristic and also aim.
f the BTC will be used as a payment method to buy many more services and products around the world, it doesn't mean that BTC should be centralized. It will be still decentralized and it is available to be used for payment method, as what it can do right now. The difference is probably in the next 10 years later, the use of BTC for payment in the world will be spreading, many more merchants or services will accept it, many more countries will legalize the BTC for not only a digital asset but also for payment method.
So, it doesn't need to be centralized.

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June 28, 2020, 12:20:58 PM
 #15

I really don't think that Bitcoin will be centralized, Bitcoin will be always decentralized, as what it's initial characteristic and also aim.
f the BTC will be used as a payment method to buy many more services and products around the world, it doesn't mean that BTC should be centralized. It will be still decentralized and it is available to be used for payment method, as what it can do right now. The difference is probably in the next 10 years later, the use of BTC for payment in the world will be spreading, many more merchants or services will accept it, many more countries will legalize the BTC for not only a digital asset but also for payment method.
So, it doesn't need to be centralized.


Authorities are forcing it to be centralized. KYCs, tax reporting, it's getting easier to be tracked as more exchanges and services embrace them in order to stay in business.

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chinedu4210
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June 30, 2020, 03:53:55 PM
 #16

Since Bitcoin is not centralized that's make it's impossible to be use to purchase large bulk of crude oil by government but individual can use it  as a purchasing power to purchase goods and services including crude oil for self use. If the necessary law or statutory are being put in place  and countries start abiding to the regulation, in near future Bitcoin can be use.
Decentralization of Bitcoin has made it impossible for government to regulate or control Bitcoin.
In general Bitcoin is being accepted as a means of exchange by certain individual, corporate body e.t.c.
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June 30, 2020, 05:38:24 PM
 #17

I don't think it so, because there are many people who even know nothing about Bitcoin. This is not the big issue, the big issue is many countries wants to ban Bitcoin, cause it is decentralized, Govt. are unable to regulate its price. If the government ban Bitcoin then how will the people use it? so I think until the government understands the benefits of BTC. it will not be possible to make full use of BTC in our daily work.

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June 30, 2020, 10:19:10 PM
 #18

From my perspective it's obvious that in next ten (10) years bitcoin will be centralised and it can be use for exchange of product's in all ramifications and it will dominate any other currencies across the world.

Here comes the list of things bitcoin can purchase in next ten years without physical cash and it's called bitcoin vision 2030.
I think what you were trying to say is that in the next ten years, there will be mass adoption of bitcoin. Centralization is something completely different and bitcoin will never be Centralized so long as we have different miners, mining pools and nodes that run the network all over the world.

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July 01, 2020, 07:24:00 AM
 #19

Kinda weird to see the title and the content of the discussion somewhat being a mismatch. Anyway, I think it's enough to discuss the 'centralized' part of the OP, at least until OP shows up again and rebut every argument mentioned above. At this point, it's like kicking a dead body.


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July 01, 2020, 08:08:45 AM
 #20

Yes, two things are completely different there's a difference between buying BTC petroleum and what's getting to happen at BTC within the last 10 years However it'll take an extended time for Bitcoin to become centralized. nobody will support it If centralized then the advantages that we get in exchange are never possible then the demand for bitcoin-like Fiat currency will come down tons Maybe in 10 years Bitcoin will improve tons but it'll not be effective in using industrial products with Bitcoin.
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