maikrothaman
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PandoraCash.com anonymous money
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December 23, 2022, 02:56:54 PM |
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With 12 years of bitcoin staying in this industry, can't it still be considered money? Almost countless companies and small merchants have accepted number one as their mode of payment, but is it still not considered a currency?
Of all the cryptocurrencies, in 1 decade and 2 years Bitcoin was the only recognized top crypto performance that showed more popularity as a basic good investment that can give investors a good return on their capital.
If you are looking for funding, why and for what? you must have a good plan for this dude.
Bitcoin needs three things in order to overtake all other currencies:. 1. Privacy must compete with money. 2. Scalability: It must have the ability to handle at least 1000 transactions per second. 3. Price stability. When bitcoin stops being so speculative and simply becomes a commodity. It might happen in the next 5 or 10 years.
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Pandora Cash is the bitcoin killer Untraceable, anonymous e-cash money Private assets, unlinkable transactions, anonymous marketplace
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BigBos
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December 24, 2022, 05:32:41 PM |
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As far as I know many people are afraid that they will regret giving away their bitcoin for a good, because they think the bitcoins will be worth way more later. Those people are in bitcoin to make money and not to use it, as it was planned. Unfortunately 80%+ of users think so.
That's what happened in fact, but it's not a problem if Bitcoin is used as an alternative investment because Bitcoin still needs more widespread adoption throughout the world so the government doesn't have the option to not legalize Bitcoin as a legal transaction tool. In my opinion, behind the volatility of bitcoin, actually, it can still be used as a transaction tool with a decimal count, but if the initial price of goods is 0.01 BTC, then if fluctuations in BTC occur in the market, it will be difficult to adjust the price, meaning (goods) must be set at a certain value. something else stable like gold or something else so Bitcoin can be used.
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virasog
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December 30, 2022, 07:38:25 PM |
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As far as I know many people are afraid that they will regret giving away their bitcoin for a good, because they think the bitcoins will be worth way more later. Those people are in bitcoin to make money and not to use it, as it was planned. Unfortunately 80%+ of users think so.
Why are we afraid that it is not used as a currency as the moment? It will be used as a currency plus a store of value in the future, there is no doubt about it as the paper money era is going to collapse soon and we will see bitcoin take over. Currently, people prefer to invest in bitcoin and not use it in transactions because they are not allowed to do that. There is a fear of being caught and suspected of money laundering if they got caught by the government and law-making authorities. The governments are mostly anti-bitcoin and therefore people invest privately in bitcoin and do not tell anyone about their wealth in digital currency.
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Pmalek
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December 31, 2022, 01:14:12 PM |
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It sounds like you all feel like volatility is the thing keeping Bitcoin from becoming the currency that it was designed to be. That is a compelling argument.
Question: Would products and services being priced in Bitcoin reduce the volatility? That depends. Will that price be a fixed BTC amount for a longer period of time or will the price change in real-time in comparison to fiat? Here is the problem with BTC being a currency. Let's say you earn $2000 a month but you are paid in BTC. For simplicity, lets say that is 0.12 BTC. It's great and you are happy when the purchasing power of your coins go up short-term and you can buy more for those coins. You are less happy when you notice that your purchasing power is 10% less in just 24/48 hours. And with Bitcoin, that can happen in both directions. That wouldn't be a problem if all goods and services were represented in a fixed BTC amount. You wouldn't care. But they aren't. I don't see them becoming priced in BTC in the foreseeable future. If your financial situation is such that those -10% are a huge burden to you or your family, who in his right mind would want to do that and be hungry for the last 5 days of the month until the next paycheck arrives? If everyone prices everything in BTC and only thought in BTC terms with no reference to fiat values, such an economy would work. It's not going to work if the stuff I normally buy become significantly more expensive over night while the salary I earned lost the same amount in purchasing power.
franky1 talks about efficient mining being $15k at the moment. Taking that into consideration, the development of technology won't and isn't working in Bitcoin's favor. Why? Because more efficient miners will be developed in the future. They will have a better hash rate but require less electricity. Unless electricity and ASIC prices go up, miners will profit selling their coins cheaper. So, that fair value could drop to $12k, $10k, maybe $5k eventually.
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gunhell16
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January 01, 2023, 06:20:32 AM |
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As far as I know many people are afraid that they will regret giving away their bitcoin for a good, because they think the bitcoins will be worth way more later. Those people are in bitcoin to make money and not to use it, as it was planned. Unfortunately 80%+ of users think so.
Why are we afraid that it is not used as a currency as the moment? It will be used as a currency plus a store of value in the future, there is no doubt about it as the paper money era is going to collapse soon and we will see bitcoin take over. Currently, people prefer to invest in bitcoin and not use it in transactions because they are not allowed to do that. There is a fear of being caught and suspected of money laundering if they got caught by the government and law-making authorities. The governments are mostly anti-bitcoin and therefore people invest privately in bitcoin and do not tell anyone about their wealth in digital currency. It's true what you said that most governments are anti-bitcoin because most countries today are still a bit skeptical of Bitcoin technology although some countries are open to it and some countries have even made it legal tender as currency the bitcoin. And then most of this time bitcoin is temporarily recognized as a good long-term investment in the future because it is also one that is aware of the fact that it can provide a good profit in the future as well.
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Mr. Magkaisa
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January 09, 2023, 05:52:04 AM |
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It is not the centralized solutions according to you that makes people think btc is for investment. It is how bitcoin was designed to be volatile that makes it an investment assets. If volatility is no longer in bitcoin, ie bitcoin behaves like a stable coin, people will start using it as a currency because it will not rise in the future, needless of keeping it.
- Agreed, this volatility also the reason why other government don't have the trust on this thing, but a big help to everyone who are deeply know about Bitcoin. Actually there are a lot of advatanges of having a bitcoin and also usefull in so many ways aside from safe, fast transaction, but could give us a security savings in the future as well. But Bitcoin is not like as stablecoin functioning, this is the good thing about this one.
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Accardo
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January 09, 2023, 10:51:35 PM |
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It sounds like you all feel like volatility is the thing keeping Bitcoin from becoming the currency that it was designed to be. That is a compelling argument.
Question: Would products and services being priced in Bitcoin reduce the volatility? That depends. Will that price be a fixed BTC amount for a longer period of time or will the price change in real-time in comparison to fiat? Here is the problem with BTC being a currency. Let's say you earn $2000 a month but you are paid in BTC. For simplicity, lets say that is 0.12 BTC. It's great and you are happy when the purchasing power of your coins go up short-term and you can buy more for those coins. You are less happy when you notice that your purchasing power is 10% less in just 24/48 hours. And with Bitcoin, that can happen in both directions. That wouldn't be a problem if all goods and services were represented in a fixed BTC amount. You wouldn't care. But they aren't. I don't see them becoming priced in BTC in the foreseeable future. If your financial situation is such that those -10% are a huge burden to you or your family, who in his right mind would want to do that and be hungry for the last 5 days of the month until the next paycheck arrives? If everyone prices everything in BTC and only thought in BTC terms with no reference to fiat values, such an economy would work. It's not going to work if the stuff I normally buy become significantly more expensive over night while the salary I earned lost the same amount in purchasing power.
franky1 talks about efficient mining being $15k at the moment. Taking that into consideration, the development of technology won't and isn't working in Bitcoin's favor. Why? Because more efficient miners will be developed in the future. They will have a better hash rate but require less electricity. Unless electricity and ASIC prices go up, miners will profit selling their coins cheaper. So, that fair value could drop to $12k, $10k, maybe $5k eventually. How then would the volatility of bitcoin be calculated if all goods and services were fixed in a BTC amount? Wouldn't it be the regulation we'll are scared of happening? Because having a fixed bitcoin price for commodities, means having a fixed price for bitcoin too, as it's no longer pegged to the dollar. We'll have to evaluate products in a very difficult way if the volatility of bitcoin continues in such a situation, whereby products and services will have to amend prices now and then as to the volatile nature of bitcoin. Let's say buying a product for 0.12BTC today and tomorrow the price for the same product hits 0.13BTC a sign the price went down. It'll be a tough market for merchants; experiencing rapid price changes and difficulty in knowing that the market price went down. Unless they'll be a radar for all products pegged to bitcoin that'll change now and then regarding market condition, it'll be so difficult to attain such a height of having only bitcoin without fiat, which is why I think they'll be no room for bitcoin without being pegged to fiat for easy tracking of its volatility. Unless they'll be no bear or bull in the bitcoin market, then that'll work yet it's similar to being regulated to a specific price.
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didIplaywell
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January 10, 2023, 02:28:51 AM |
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Volatility is in practice the main hindrance regarding bitcoin mass adoption as currency. I'm trying to tackle on that problem with this proposal: https://bitcointalk.org/index.php?topic=5390178.0My first approach to implement it is to develop it on Taro, and thankfully I did got some attention on their community. Anyone is welcome to collaborate ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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hexvir
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January 16, 2023, 09:36:30 PM |
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With 12 years of bitcoin staying in this industry, can't it still be considered money? Almost countless companies and small merchants have accepted number one as their mode of payment, but is it still not considered a currency?
Yes it is considered money, to move big amount of balance with a very low Fee per transaction the bitcoin is perfect.
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bettercrypto
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January 17, 2023, 07:48:04 AM |
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There are several factors would need to be in place like:
1. Increased security 2. Improved scalability and stability 3. Stronger user education 4. Greater regulatory clarity 5. Widespread acceptance
All in all, it wil take a favorable regulation to make Bitcoin a widely accepted currency and increased adoption.
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didIplaywell
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January 17, 2023, 08:55:41 AM |
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As far as I see "on the street", from direct experience in my routinely effort of evangelizing about bitcoin, volatility just can not be taken out of the equation. 99% of people simply can not afford it, as much as they may understand and like bitcoin, they just can't. Volatility must be addressed in order to achieve mass adoption, or it will not happen.
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