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Author Topic: Help - Understanding bitcoin democratization  (Read 955 times)
maisonaubry
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October 01, 2014, 11:13:55 AM
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Dear users,

Could you please help me to get a better understanding of the bitcoin’s world in answering these few questions.

I actually understood that, the bitcoin evolution ( positive one ) will be highly related to the democratization of the services around bitcoin, I mean the abilities for customers to buy with crypto currencies.

As I believe in this new shape of transaction, I still have some points that make me reluctant. First of all, don’t you think that nowadays, the bitcoin value is simply too high and even if professional says that a bitcoin isn’t related to USD or other currencies, in masses mindset, the fact that a potential democratic crypto money reach that value point is an evidence of instability and non-accessibility.

Maybe I’m wrong in saying that, but, all this system is based on Bitcoin value and do you simply think that another crypto currency with decent value and price stability can emerge and surpass the bitcoin’s aura.

Thanks in advance guys
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teukon
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October 01, 2014, 11:52:42 AM
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First of all, don’t you think that nowadays, the bitcoin value is simply too high and even if professional says that a bitcoin isn’t related to USD or other currencies, in masses mindset, the fact that a potential democratic crypto money reach that value point is an evidence of instability and non-accessibility.

I don't really follow this.  Are you suggesting that the value of a single bitcoin is too high or that the total value of all bitcoins (the "market cap") is too high.

Also, I'm not sure where you got the "democratic" notion from.  Bitcoin is really very much unlike anything I would describe as democratic.  Care to elaborate?

Maybe I’m wrong in saying that, but, all this system is based on Bitcoin value and do you simply think that another crypto currency with decent value and price stability can emerge and surpass the bitcoin’s aura.

I believe that the currency with the most potential to capture the spirit of crypto-currencies (the freedom, the decentralisation, Bitcoin's "aura") while keeping any issues regarding value and stability of the units to a minimum is Bitcoin itself.
Jamie_Boulder
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October 01, 2014, 12:08:54 PM
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First of all, don’t you think that nowadays, the bitcoin value is simply too high and even if professional says that a bitcoin isn’t related to USD or other currencies, in masses mindset, the fact that a potential democratic crypto money reach that value point is an evidence of instability and non-accessibility.

I don't really follow this.  Are you suggesting that the value of a single bitcoin is too high or that the total value of all bitcoins (the "market cap") is too high.
I think he means a single Bitcoin, in which case I agree 100% - to many "investors" buying/holding their coins instead of actually using them has inflated the price way to much.

Doesn't help that idiots like the winklevoss twins are going around telling people BTC will be worth 40k ea in a few years.

maisonaubry
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October 01, 2014, 12:15:53 PM
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I don't really follow this.  Are you suggesting that the value of a single bitcoin is too high or that the total value of all bitcoins (the "market cap") is too high.

I wish I can highlight the fact that I'm not talking about pure trading, but I try to care about potential customer mindset.
And that's why, I firstly need to get back to your point.

Quote
Also, I'm not sure where you got the "democratic" notion from.  Bitcoin is really very much unlike anything I would describe as democratic.  Care to elaborate?


My meaning was, the only way to see masses starting to adopt bitcoin as a new way to buy goods was to democratize it and to see small and medium businesses accepting to receive payment with this crypto currency

Then How can people start to use a new money ( a single bitcoin ) which is 400 times higher than their base currency. That's for me the real limit.


Can I have a professional eye on it ?
Elwar
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October 01, 2014, 01:32:29 PM
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Then How can people start to use a new money ( a single bitcoin ) which is 400 times higher than their base currency. That's for me the real limit.

Would you rather use something that is .4 times the dollar such as the mBTC?

Or .000004 times the dollar such as Satoshis?

Do you know that you do not have to actually buy a full bitcoin?

Why would anyone spend dollars when a 1000 dollar bill is so expensive compared to an ounce of gold?

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Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
Unbelive
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October 01, 2014, 01:44:15 PM
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Or .000004 times the dollar such as Satoshis?


Exactly.

OP, dont you think now 0.0000004 USD is to low?

What BTC needs mainly is stable price, and we will get there sooner or latter.

teukon
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October 01, 2014, 04:03:28 PM
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I don't really follow this.  Are you suggesting that the value of a single bitcoin is too high or that the total value of all bitcoins (the "market cap") is too high.

I wish I can highlight the fact that I'm not talking about pure trading, but I try to care about potential customer mindset.
And that's why, I firstly need to get back to your point.

Quote
Also, I'm not sure where you got the "democratic" notion from.  Bitcoin is really very much unlike anything I would describe as democratic.  Care to elaborate?


My meaning was, the only way to see masses starting to adopt bitcoin as a new way to buy goods was to democratize it and to see small and medium businesses accepting to receive payment with this crypto currency

Then How can people start to use a new money ( a single bitcoin ) which is 400 times higher than their base currency. That's for me the real limit.

I still don't get the "democratize Bitcoin" sentiment.  What do you imagine people would vote on?

As for the currency unit (thanks Jamie_Boulder for helping to clarify), don't worry.  A single bitcoin is very valuable but can be broken into very small pieces.  If these smaller pieces are thought to be sufficiently useful then they'll earn names naturally with time.  Personally, I like to think and deal in terms of mBTC (which I call "mills") because bitcoins are too large for most things.

Also, notice that normal people deal with even larger jumps in currency units all the time.  Consider South Koreans whose currency unit, the Korean won, is worth about 1000 times less than the euro, yet ordinary Korean people are capable of visiting Europe and using the currency without any kind of special training.
xephireusMMX
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October 01, 2014, 04:28:54 PM
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I actually understood that, the bitcoin evolution ( positive one ) will be highly related to the democratization of the services around bitcoin, I mean the abilities for customers to buy with crypto currencies.

I think we are getting close to the point where you can spend your Bitcoin for anthing you want. But before more people get paid in Bitcoin, we wont see much higher Bitcoin usage

maisonaubry
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October 01, 2014, 04:50:34 PM
 #9

Having a digital currency with such an high value remains awkward and I guess the market itself will correct it sooner or later.

When I'm talking about bitcoin democratization, and I'm sorry if I used the wrong term, I'm talking about a global use of digital currencies.

Quote
Personally, I like to think and deal in terms of mBTC (which I call "mills") because bitcoins are too large for most things.

Since the BTC value is high right now and if it remains the same for a while, then, it is clearly be the right way to approach it.


teukon
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October 01, 2014, 06:40:26 PM
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When I'm talking about bitcoin democratization, and I'm sorry if I used the wrong term, I'm talking about a global use of digital currencies.

Ah, I see now.  I thought you were suggesting some change to the way Bitcoin works.  Perhaps "popularisation" (also "popularization") would be a better choice of word.
Elwar
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October 02, 2014, 07:12:43 AM
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Having a digital currency with such an high value remains awkward and I guess the market itself will correct it sooner or later.

Yes, just like the market correction for people wanting to buy Google stock at $560 per share.

I am sure the small time investor who wants to invest is not willing to buy fractions of a share because it is awkward. This will probably bring the price down.

Would it be easier for you if you were able to buy 2500 Satoshis for $1?

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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