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Author Topic: Number 1 reason Bitcoin is going to succeed  (Read 3180 times)
Realpra
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April 22, 2012, 04:08:03 PM
 #21

Cross border transfers.

According to wikipedia remittance alone is more than 250 billion $:
http://en.wikipedia.org/wiki/Remittance

If 1/1000 part of that was temporarily stored in BTC the exchange rate would approach 28$/BTC even if all other BTC markets and current BTC value was 0.

Using other services sending costs around 15% (WU) - with BTC 0%.

Go ahead and add business transfer and tax avoidance amounts to that...

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Saturn7
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April 22, 2012, 07:07:52 PM
 #22

There are lots of metrics in favour of Bitcoin like the one in Forbes that said the black market is worth 10 trillion dollars and they need a global currency or if only 1% of global transactions went though Bitcoin each coin would be worth ~$64,000.

What makes you think that all the people on the black market would switch to bitcoins, if only people doing illegal things used bitcoins? The only entry points into BTC are the exchanges or mining, and if 90% of btc traffic was illegal stuff, the exchanges at least would be under massive scrutiny.

Isn't it also far more advantageous to have a currency you can actually spend in useful ways? If all you could get by selling weapons was btc, and you could only buy other weapons for btc...would anyone bother with btc? There's no non-weapon profit to be had, whereas there is tons if you go via USD.

It doesn't make sense to expect or rely on the idea that an exclusive use of bitcoins by the black market would make a bitcoin extremely valuable. If everyone in the world accepted bitcoins for goods/services, then they might add demand if they can use it almost anonymously.

Have you recently tried to send money to an individual in another country?  The form is bigger than applying for a passport. Two proofs of ID, proof of address and so on,,, and your not even asking for a loan, your just trying to send $100 of your own money to somebody.

"black market" probably loses about 20% of its revenue just moving money around.

Because the banksters won't allow good things to happen first with bitcoin.
The fact is its still quite hard to buy bitcoins without having to wire money and wait a couple of days for funds to clear.

First there was Fire, then Electricity, and now Bitcoins Wink
Hunterbunter
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April 24, 2012, 12:48:50 AM
 #23

"black market" probably loses about 20% of its revenue just moving money around.
The fact is its still quite hard to buy bitcoins without having to wire money and wait a couple of days for funds to clear.

Yeah exactly, there is a choke point into getting BTC. If 99% of BTC commerce is illegal (and all law enforcement agencies around the world knew this), and there is a record of fiat transfer to the exchanges (mtgox verification), then who would be idiotic enough to use BTC for illegal purchases?
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April 24, 2012, 05:14:43 PM
 #24

"Providing financial services to the 2.5 billion people who are 'unbanked' could boost economic growth and opportunity for the world's poor," says World Bank Group President Robert B. Zoellick.

http://edition.cnn.com/2012/04/19/business/poor-bank-accounts/index.html?hpt=hp_t3



So what your saying is that its the Bitcoin community that is doing "God's Work."   Not Lloyd Blankfein?

"It is, quite honestly, the biggest challenge to central banking since Andrew Jackson." -evoorhees
cypherdoc
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April 24, 2012, 05:21:40 PM
 #25

"Providing financial services to the 2.5 billion people who are 'unbanked' could boost economic growth and opportunity for the world's poor," says World Bank Group President Robert B. Zoellick.

http://edition.cnn.com/2012/04/19/business/poor-bank-accounts/index.html?hpt=hp_t3



So what your saying is that its the Bitcoin community that is doing "God's Work."   Not Lloyd Blankfein?

that should be our new slogan.
cbeast
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April 25, 2012, 01:00:36 AM
 #26

"Providing financial services to the 2.5 billion people who are 'unbanked' could boost economic growth and opportunity for the world's poor," says World Bank Group President Robert B. Zoellick.

http://edition.cnn.com/2012/04/19/business/poor-bank-accounts/index.html?hpt=hp_t3



So what your saying is that its the Bitcoin community that is doing "God's Work."   Not Lloyd Blankfein?

that should be our new slogan.
Bitcoin is nothing short of miraculous at a time when we need it. Maybe it is "God's Work."

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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