What is the Future of Bitcoin ?

[newIndia]

that's why, at the end, the gov can only tax the FIAT movment ... and not when you pay merchandise and employees with bitcoin and receive bitcoin from customers.

Overstock take this way ...

Is overstock paying their employees and suppliers in bitcoin ?

They can't force their employees and suppliers to accept bitcoin. If they do not want to be paid this way and overstock is only willing to pay in bitcoin then the suppliers and employees will simply not work for overstock.

I did read an article that said that overstock was planning on paying some bonuses in bitcoin.

I wonder how they plan on working out the payroll taxes?

They may actually break it up into 2 parts. Till the non-taxable limit earning may be paid in FIAT and beyond it payment may be made in Bitcoin.

[Cenenigo]

The biggest problem that I see with bitcoin is that by design, it is a deflationary currency. Instead of increasing the money supply every year (like say, the US government does with USD), the supply of bitcoin increases by a smaller number of "coins" each year, until eventually no more bitcoins are created... ever again.

[Cenenigo]

Assuming demand for the currency trends upward long-term (and if it doesn't, it wouldn't really be a successful currency), the value of a single bitcoin will increase. Inflation is healthy and necessary for a currency because it encourages people to spend and/or invest their cash, as opposed to deflation which encourages people to hoarde, further deflating the currency (by decreasing supply).

[Cenenigo]

Theoretically at least, this could create enough deflation per year that basically nobody would ever want to actually spend a bitcoin, which would lead to a crash/total failure of the bitcoin economy.

[jonald_fyookball]

we've never had a deflationary currency before (except during times of chaos) so you really don't know.

gold is a deflationary currency but doesn't work well for small payments because it's not easily divisible.  this is the first time we've tried an asset based deflationary currency that's easily divisible.

[Cenenigo]

It is also interesting to note that a deflationary currency like this actually rewards early adopters (which is why bitcoins have been compared to Ponzi Schemes by numerous experts). Finally, the "mining" of bitcoins is remarkably inefficient in its use of energy and computational power when compared to other systems of creating currency.

[jonald_fyookball]

It is also interesting to note that a deflationary currency like this actually rewards early adopters (which is why bitcoins have been compared to Ponzi Schemes by numerous experts). Finally, the "mining" of bitcoins is remarkably inefficient in its use of energy and computational power when compared to other systems of creating currency.

all been discussed many times before.

early adopters are rewarded for risk taking and spearheading new technology.

proof of work may appear inefficient but is the only proven method
for distributed consensus.

[Cenenigo]

Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.

[newIndia]

Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.

Implode or Explode ? What do u mean ?

Now, even the Forbes predicts, Bitcoin value will explode...


http://www.forbes.com/sites/peterdiamandis/2014/06/23/my-insights-on-bitcoin-going-from-deceptive-to-disruptive/

[gbooz]

Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.

Bitcoin is a lottery ticket for its holders.  Lottery tickets never fade into obscurity.  It is changing the format over the time...

[Vintage]

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

[Beliathon]

The biggest problem that I see with bitcoin is that by design, it is a deflationary currency.

That's not a problem with bitcoin. On the contrary, Bitcoin's deflationary design is the SOLUTION to the deadly problem of inflationary fiat scrip.

Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.

Bitcoin is a lottery ticket for its holders.   Lottery tickets never fade into obscurity.  

No, bitcoin is nothing like the lottery. Lottery is - like fiat money - a scam for people who are bad at math. Bitcoin is in fact the inverse.

Also, you should use less emoticons when conversing with adults. Overusing emoticons makes you look stupid and insecure.

[gbooz]

The biggest problem that I see with bitcoin is that by design, it is a deflationary currency.

That's not a problem with bitcoin. On the contrary, Bitcoin's deflationary design is the SOLUTION to the deadly problem of inflationary fiat scrip.

Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.

Bitcoin is a lottery ticket for its holders.   Lottery tickets never fade into obscurity.  

No, bitcoin is nothing like the lottery. Lottery is - like fiat money - a scam for people who are bad at math. Bitcoin is in fact the inverse.

Also, you should use less emoticons when conversing with adults. Overusing emoticons makes you look stupid and insecure.

I am very emotional! 

[newIndia]

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

Bitcoin was primarily devised to solve remittance problem, where 10 min is nothing. At the time of design, Satoshi probably did not think that Bitcoin may be used in fast food stall. But now as we are moving forward, we can solve this problem by incorporating side chains.

[Dogtanian]

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin?

[BitCoinDream]

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin?

Why do u think that u dont need to wait 10 min ? Unless u wait, there remains a chance of double spending ...is no it ?

[Skele]

I believe it's future will be the same as every new innovative stuff or technology; actually we are living it's rising, in a few years we will live it's climax

and maybe in long-term it will dissappear and another innovative thing will replace it...

[gbooz]

The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.

[jonald_fyookball]

The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.

didnt seem to stop Dish or Expedia

[gbooz]

The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.

didnt seem to stop Dish or Expedia

I mean really large and really many.