The future of Bitcoin

[adamstgBit]

http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/

These are all interesting news, I am just afraid that all of these banks will never adopt Bitcoin. Instead, they will develop their own centralized blockchain system where they will be the only rulers as they think they should be.

They are not ready to lay down all of their power and do business in decentralized and very open way. This is just not in their DNA.

maybe you should read the article again?

[Mickeyb]

http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/

These are all interesting news, I am just afraid that all of these banks will never adopt Bitcoin. Instead, they will develop their own centralized blockchain system where they will be the only rulers as they think they should be.

They are not ready to lay down all of their power and do business in decentralized and very open way. This is just not in their DNA.

maybe you should read the article again?

I have read it very well even the first time. If you would go to my post history, just before I posted a reply above I have posted in another thread about this BoA patent where I described exactly my misunderstanding with what they are trying to do.

Here, with this post, I have just tried to imply that their next step is their own blockchain. It's not so hard to guess this especially after about 15 banks have announced or semi-announced this in the past few weeks.

I do give you a benefit of the doubt that the post might not have be relevant to the thread.

[Falconer]

What will happen when every bank or government creates theirs own cryptocurrency?
Again they depend on their fiats absolutely, the only advantage they can enjoy may be easy transmitting within their country.
But the purpose of bitcoin is not that one. Bitcoin will solve many financial crisis. So, it's meaningless when a bank or Government creates their own digital money. It's only meaningful when everybody accepts a digital money world wide. That digital money is bitcoin.

There are many people who still dont know about bitcoin, so I guess bank will take this advantage to announce them that the bank has made a revolutionary currency for them. Since those people are trusting bank, and always hear bad news about bitcoin, there is a possibility for bank to get success from its cryptocurrency.

[GetClams.com]

http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/

These are all interesting news, I am just afraid that all of these banks will never adopt Bitcoin. Instead, they will develop their own centralized blockchain system where they will be the only rulers as they think they should be.

They are not ready to lay down all of their power and do business in decentralized and very open way. This is just not in their DNA.

What will happen when every bank or government creates theirs own cryptocurrency?
Again they depend on their fiats absolutely, the only advantage they can enjoy may be easy transmitting within their country.
But the purpose of bitcoin is not that one. Bitcoin will solve many financial crisis. So, it's meaningless when a bank or Government creates their own digital money. It's only meaningful when everybody accepts a digital money world wide. That digital money is bitcoin.

must be decentralized. nothing centrazlied will be around much longer

[Denker]

What will happen when every bank or government creates theirs own cryptocurrency?
Again they depend on their fiats absolutely, the only advantage they can enjoy may be easy transmitting within their country.
But the purpose of bitcoin is not that one. Bitcoin will solve many financial crisis. So, it's meaningless when a bank or Government creates their own digital money. It's only meaningful when everybody accepts a digital money world wide. That digital money is bitcoin.

There are many people who still dont know about bitcoin, so I guess bank will take this advantage to announce them that the bank has made a revolutionary currency for them. Since those people are trusting bank, and always hear bad news about bitcoin, there is a possibility for bank to get success from its cryptocurrency.

This is what I mean when I say that Banks will try to fool and manipulate the masses. The consumers, clients might use a centralized completely controlled digital currency although a fully decentralized one which offers them freedom and independency is right next to them.

[pilscoop]

The very essence of Bitcoin is what will make it last. Bitcoin may not last forever in its actual form, but the fact that it isn't dependent on any government or institution will eventually convince a greater audience and further spread it's use. Physical money is an ancient concept, it's time we start living in the 21st century.

[Sanjx]

http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/

These are all interesting news, I am just afraid that all of these banks will never adopt Bitcoin. Instead, they will develop their own centralized blockchain system where they will be the only rulers as they think they should be.

They are not ready to lay down all of their power and do business in decentralized and very open way. This is just not in their DNA.

What will happen when every bank or government creates theirs own cryptocurrency?
Again they depend on their fiats absolutely, the only advantage they can enjoy may be easy transmitting within their country.
But the purpose of bitcoin is not that one. Bitcoin will solve many financial crisis. So, it's meaningless when a bank or Government creates their own digital money. It's only meaningful when everybody accepts a digital money world wide. That digital money is bitcoin.

Such decisions stand to affect billions of participants in the FIAT economy to participate in the bitcoin econonmy, but ultimately lie with a very few people.

[Falconer]

There are many people who still dont know about bitcoin, so I guess bank will take this advantage to announce them that the bank has made a revolutionary currency for them. Since those people are trusting bank, and always hear bad news about bitcoin, there is a possibility for bank to get success from its cryptocurrency.

This is what I mean when I say that Banks will try to fool and manipulate the masses. The consumers, clients might use a centralized completely controlled digital currency although a fully decentralized one which offers them freedom and independency is right next to them.

Yeah and completely it is a main challenge for bitcoin to get attention by people and be more trustworthy than bank. The banks have appeared in our society for years, so people will give his credence to bank instead of trusting a new decentralized technology like bitcoin. But the good news is there are many more bitcoin atm and new bitcoin users in the world

The very essence of Bitcoin is what will make it last. Bitcoin may not last forever in its actual form, but the fact that it isn't dependent on any government or institution will eventually convince a greater audience and further spread it's use. Physical money is an ancient concept, it's time we start living in the 21st century.

Even though we will use a cryptocurrency in future, I guess governments will make their own cryptocurrency instead of choose bitcoin as currency for their people.

[MasterYii]

I would like to start a discussion about the future of Bitcoin.
The following is my prognosis
The future of Bitcoin
After vears of trying to break the blockchain technology that runs Bitcoin, the bankers and governements finally realized that because blockchiain was a public ledger that kept all transaction and that this ledger could not be hacked or falsified; Bitcoin could not be stopped or blocked. Like email, and i-porn, it used the internet highway and without destroying the internet and its highways of communication, the blockchain technology could not be blocked.

The banks and governments decided on another plan called “f you can`t beat them, join them”. They decided that their only chance was to buy up all the Bitcoins. They started small and encouraged Bitcoin`s price to drop by demanding regulation, not realizing that the blockchain is just a public ledger that can not be regulated. The threat of regulation caused the price of Bitcoin to drop, and when the banks and government thought that the price of Bitcoin would not go any lower, they started to buy up Bitcoins. When people realized that the banks and governments were buying up the Bitcoins, the price of Bitcoins soared in an avalanche. This made banks and governments very rich. 

Bitcoin became to be used as electronic money that could not be falsified or tampered with and that could be used as electronic cash replacing coins and notes. The banks and governments started to encourage the use of Bitcoin and replaced their coins and notes with Bitcoins. Then they replaced their plastic credit cards with chips that were implanted and that allowed money transactions to be made much faster and conveniently than with Bitcoin. They made their own centralized and regulated version of Bitcoin and called it i-coin.

After i-coin became convincingly more appealing than Bitcoin, i-coin became widely accepted. Bitcoin became outdated and old fashioned and the price of Bitcoin started to drop. Then there came a time where the only ones that were using Bitcoins were the ones that were afraid of the chip implants, and those that were afraid of the corrupt banks.
Then the corrupt criminals got on the Bitcoin bandwagon, and Bitcoins started to be outlawed in many countries. The decentralized Bitcoin miners - the keepers of the public ledger - became scarcer and scarcer and were overtaken by centralized criminal miners.

Bitcoin became what it started out as-. electronic cash for buying illegal goods. Eventually, the criminals took it over to use as their own black cash for trading one illegal good for another. This caused a boom in illegal goods, and made the criminals very wealthy.

The link to the video is below
https://www.youtube.com/watch?v=u48ccZ27wfQ&list=UU9rOAPUfZe3KEja0vvFpe_A
https://www.youtube.com/watch?v=u48ccZ27wfQ&list=UU9rOAPUfZe3KEja0vvFpe_A

There is a very big opportunity of Biticoin in  the future as time goes by I have observed that the price may fall but rise again as much as it fall. But there is a good thing about it when the price fall off it means you can buy many coins as you want and wait for the price to rise again.

[coinplus]

The future of bitcoin :
1. One satoshi might be more than $1
2. Your salary will be paid in Bitcoin
3. Your everyday needs do not require any fiat only bitcoin is enough to buy them.
4. If you prefer you can pay tax. Only optional tax for salaried. Business needs to pay tax.
5. All countries thinking to adopt a single fiat as country specific is no more meaningless as bitcoin doing cross border.
These are our future just because of bitcoin.....

[nobanks4me]

http://www.coindesk.com/barry-silbert-private-blockchains-will-capitulate-to-bitcoin/
Very interesting discussion and argument to why private centralized blockchains, (as I predicted in my original post at the start of this discussion would take over Bitcoin), will not take over Bitcoin. The article touches on other aspects that I attempted to simplify in my Youtube video on "Dollars, Gold and Bitcoin" that you can view at:
https://www.youtube.com/watch?v=872B88VWm_s
The text of the video is below:

Dollars, Gold and Bitcoin

There are about 165,000 tons of gold in the world. This can be represented by a cube with an edge length of about 20 meters. At $US 1,000 per troy ounce of gold, all the gold in the world would cost $US 5.3 trillion. There are about $US 4 trillion worth of coins and paper currency in circulation in the world.  $US 1.2 trillion are US coin and paper currency.  There are about 7 billion people in the world, and about 1 million of them hold BTCs. There are about 14 million BTCs in circulation. At $400 per Bitcoin, all BTCs in the world would cost $ 5.6 billion, a thousandth of what all the gold would be worth.   

If all the BTCs were equally divided, each person would have 0.002BTCs or about $US 0.80. Enough to buy a piece of bread. If all the gold was divided equally, each person would have 0.75 troy ounces of gold worth $US 750. Enough to make 5 finger rings. If all the currency was equally divided, each person would have $US 570.
Fiat currencies, like the US dollar, are not backed by anything except empty promises. Throughout history, they have a 100% failure rate of maintaining value. The US dollar lost 95% of its value since its creation by the Federal Reserve in 1913 by being indiscriminately printed to hide an ever increasing debt that enslaves people. History keeps on repeating our mistakes and we never learn from them. We keep swinging like a pendulum from quality money like gold to quantity currencies like debased coins or fiat paper notes and back again. Gold always delivers the knockout blow to debased currencies.

When currency is debased by printing too much of it, prices inflate and when people lose the purchasing power of their currency, they bid the price of gold up till it reaches or exceeds the value of all the currency in circulation. This has been repeated throughout history. Because the currency of all countries are fiat currencies that are backed by the US dollar, this repeating cycle is now happening at a global scale for the first time.

The cycle starts with the country issuing good money based on precious metals. The country develops economically and socially and builds public works and grows in affluence and influence. To defend their economic affluence and politic influence, they build up a military complex. The military is eventually used and expenditures explode. To fund the wars, governments steal the wealth of the citizens by debasing their coinage with base metals and expanding currencies in unlimited quantities. The loss in purchasing power of the expanded currency supply is sensed, prices increase and confidence in the currency decreases. A mass movement out of the currency into precious metals and tangible assets eventually collapses the currencies and raises the gold price.

There has never been a fiat currency in history that has survived. When the US dollar eventually dies, there will be a great world crisis because the dollar is the world reserve currency holding up all other currencies of other countries. For all crises, there are great opportunities. When the dollar collapses, new currencies have to replace it. Like the cycle of history shows, it will be based on precious metals in the beginning. Many of the few rich will lose their wealth. Wealth never gets destroyed, it just gets transferred, and a few of the many poor will become very rich.

At present, there is a global lack of confidence in the US dollar that is accelerating rapidly. The change to a new monetary system is inevitable and will be chaotic. One new candidate to replace the dollar is Bitcoin.

Both gold and BTC have their strengths. Gold has been in use as money for over 6,000 years and has a proven record to be one of the best ways to store wealth. Bitcoin is only a few years old based on new technology. It has been proven to be a reliable, safe, cheap and convenient method of payment. It is electronic cash that cannot be counterfeited, stolen and controlled and produced by any central authorities like governments and central banks, all of which have a proven record of over printing their currencies until they are worthless.
Gold and BTC make a great pair to act as a world currency. BTC by its definition and protocol can never be printed to any excess. The amount of its creation is inherent in its design and cannot be changed. Its cryptology protects it from being counterfeited, and its decentralized nature protects it from being hijacked by any centralized criminals be they legal banksters and politicians or illegal mafia. Its digital form makes it convenient to be transferred in our digitalized world.  It upholds all the requirements of money as an accountable medium of exchange with purchasing power such as portability, durability, interchangeability, divisibility and guaranty of not being counterfeited. The only requirements that are not met by BTC is its lack of having any inherent store of value over long periods of time. Gold has proven to be the best at that. BTC can act as digital gold and be like digital cash for transactions made on the internet.  BTC together with gold fulfills all the requirements that money should have, including that they cannot be indiscriminately printed to excess till they are worthless.   

Of the about million people who have BTCs, most of the BTCs are owned by only about 1,000 people. About a 100 of the 1,000 own most of the BTCs. Unfortunately, money, whether fiat paper, glittering gold or virtual BTCs breeds greed.   Once a form of money is created that cannot be owned by individuals in amounts greater that what they need and cannot be horded in amounts greater than they can spend, then and only then will world poverty be eliminated.

It is hoped that the new rich, the early adapters of the new monetary system, will be more like robin hoods than barons. If that happens to be Bitcoins, then there is a chance of that happening, because the early adapters of BTCs are mostly intelligent geeks born without a silver spoon in their mouths and born with the fortune of having experienced the humility of poverty and strengthened by the misfortune of being exploited economically. May their humbleness overshadow any inherent greed in their souls, and their strength help them in their resolve to blaze out new trails to world prosperity.   

[onemorexmr]

http://www.coindesk.com/barry-silbert-private-blockchains-will-capitulate-to-bitcoin/
Very interesting discussion and argument to why private centralized blockchains, (as I predicted in my original post at the start of this discussion would take over Bitcoin), will not take over Bitcoin. The article touches on other aspects that I attempted to simplify in my Youtube video on "Dollars, Gold and Bitcoin" that you can view at:
https://www.youtube.com/watch?v=872B88VWm_s
The text of the video is below:

Dollars, Gold and Bitcoin

There are about 165,000 tons of gold in the world. This can be represented by a cube with an edge length of about 20 meters. At $US 1,000 per troy ounce of gold, all the gold in the world would cost $US 5.3 trillion. There are about $US 4 trillion worth of coins and paper currency in circulation in the world.  $US 1.2 trillion are US coin and paper currency.  There are about 7 billion people in the world, and about 1 million of them hold BTCs. There are about 14 million BTCs in circulation. At $400 per Bitcoin, all BTCs in the world would cost $ 5.6 billion, a thousandth of what all the gold would be worth.   

If all the BTCs were equally divided, each person would have 0.002BTCs or about $US 0.80. Enough to buy a piece of bread. If all the gold was divided equally, each person would have 0.75 troy ounces of gold worth $US 750. Enough to make 5 finger rings. If all the currency was equally divided, each person would have $US 570.
Fiat currencies, like the US dollar, are not backed by anything except empty promises. Throughout history, they have a 100% failure rate of maintaining value. The US dollar lost 95% of its value since its creation by the Federal Reserve in 1913 by being indiscriminately printed to hide an ever increasing debt that enslaves people. History keeps on repeating our mistakes and we never learn from them. We keep swinging like a pendulum from quality money like gold to quantity currencies like debased coins or fiat paper notes and back again. Gold always delivers the knockout blow to debased currencies.

When currency is debased by printing too much of it, prices inflate and when people lose the purchasing power of their currency, they bid the price of gold up till it reaches or exceeds the value of all the currency in circulation. This has been repeated throughout history. Because the currency of all countries are fiat currencies that are backed by the US dollar, this repeating cycle is now happening at a global scale for the first time.

The cycle starts with the country issuing good money based on precious metals. The country develops economically and socially and builds public works and grows in affluence and influence. To defend their economic affluence and politic influence, they build up a military complex. The military is eventually used and expenditures explode. To fund the wars, governments steal the wealth of the citizens by debasing their coinage with base metals and expanding currencies in unlimited quantities. The loss in purchasing power of the expanded currency supply is sensed, prices increase and confidence in the currency decreases. A mass movement out of the currency into precious metals and tangible assets eventually collapses the currencies and raises the gold price.

There has never been a fiat currency in history that has survived. When the US dollar eventually dies, there will be a great world crisis because the dollar is the world reserve currency holding up all other currencies of other countries. For all crises, there are great opportunities. When the dollar collapses, new currencies have to replace it. Like the cycle of history shows, it will be based on precious metals in the beginning. Many of the few rich will lose their wealth. Wealth never gets destroyed, it just gets transferred, and a few of the many poor will become very rich.

At present, there is a global lack of confidence in the US dollar that is accelerating rapidly. The change to a new monetary system is inevitable and will be chaotic. One new candidate to replace the dollar is Bitcoin.

Both gold and BTC have their strengths. Gold has been in use as money for over 6,000 years and has a proven record to be one of the best ways to store wealth. Bitcoin is only a few years old based on new technology. It has been proven to be a reliable, safe, cheap and convenient method of payment. It is electronic cash that cannot be counterfeited, stolen and controlled and produced by any central authorities like governments and central banks, all of which have a proven record of over printing their currencies until they are worthless.
Gold and BTC make a great pair to act as a world currency. BTC by its definition and protocol can never be printed to any excess. The amount of its creation is inherent in its design and cannot be changed. Its cryptology protects it from being counterfeited, and its decentralized nature protects it from being hijacked by any centralized criminals be they legal banksters and politicians or illegal mafia. Its digital form makes it convenient to be transferred in our digitalized world.  It upholds all the requirements of money as an accountable medium of exchange with purchasing power such as portability, durability, interchangeability, divisibility and guaranty of not being counterfeited. The only requirements that are not met by BTC is its lack of having any inherent store of value over long periods of time. Gold has proven to be the best at that. BTC can act as digital gold and be like digital cash for transactions made on the internet.  BTC together with gold fulfills all the requirements that money should have, including that they cannot be indiscriminately printed to excess till they are worthless.   

Of the about million people who have BTCs, most of the BTCs are owned by only about 1,000 people. About a 100 of the 1,000 own most of the BTCs. Unfortunately, money, whether fiat paper, glittering gold or virtual BTCs breeds greed.   Once a form of money is created that cannot be owned by individuals in amounts greater that what they need and cannot be horded in amounts greater than they can spend, then and only then will world poverty be eliminated.

It is hoped that the new rich, the early adapters of the new monetary system, will be more like robin hoods than barons. If that happens to be Bitcoins, then there is a chance of that happening, because the early adapters of BTCs are mostly intelligent geeks born without a silver spoon in their mouths and born with the fortune of having experienced the humility of poverty and strengthened by the misfortune of being exploited economically. May their humbleness overshadow any inherent greed in their souls, and their strength help them in their resolve to blaze out new trails to world prosperity.   

a very good read. thank you!

the only point i dont agree with is that bitcoin has no inherent value.
its value is that it is easily transferable and cant be counterfeit.

its the first time we have an asset that has this properties.

i have quoted your post in full for future reference.

[nejibens]

What will happen when every bank or government creates theirs own cryptocurrency?
Again they depend on their fiats absolutely, the only advantage they can enjoy may be easy transmitting within their country.
But the purpose of bitcoin is not that one. Bitcoin will solve many financial crisis. So, it's meaningless when a bank or Government creates their own digital money. It's only meaningful when everybody accepts a digital money world wide. That digital money is bitcoin.

There are many people who still dont know about bitcoin, so I guess bank will take this advantage to announce them that the bank has made a revolutionary currency for them. Since those people are trusting bank, and always hear bad news about bitcoin, there is a possibility for bank to get success from its cryptocurrency.

Bitcoin grow day after day and i think that banks will allow the transactions in Bitcoin soon.

Then no one can say that it is "virtual" currency.

[nobanks4me]

http://www.coindesk.com/citi-hsbc-partner-with-r3cev-as-blockchain-project-adds-13-banks/
This sounds a lot like the i-coin that I saw coming in the future.

[BitcoinPenny]

I don't know the future of bitcoin, but I have a simple goal / investment strategy:

1. Buy as much BTC as I can.
2. HODL and wait for the price to go up.
3. Sell all my BTC one month before the zombies take over. Buy a sailboat. Live zombie-free off the coast of Belize.

But that's me.

Regards,
Christopher

[annettec80]

http://www.coindesk.com/citi-hsbc-partner-with-r3cev-as-blockchain-project-adds-13-banks/
This sounds a lot like the i-coin that I saw coming in the future.

Creating their own blockchain or alt coin is not a good idea of electronic money. Again they need to rely on bitcoin to set value against another bank's own alt coin. Accepting bitcoin is the only solution if they believe in blockchain technology.

[Omikifuse]

I don't know the future of bitcoin, but I have a simple goal / investment strategy:

1. Buy as much BTC as I can.
2. HODL and wait for the price to go up.
3. Sell all my BTC one month before the zombies take over. Buy a sailboat. Live zombie-free off the coast of Belize.

But that's me.

Regards,
Christopher

I doubt that any apocalipse will be announced with 1 month before.

And since in the apocalipse price will drop because there will be no net to use BTC, I think you should have a better exit plan

[Amanda2015]

I like the slogan “If you can`t beat them, join them”. Bitcoin is hard to be surpassed by any other crypt currency in many aspects such as its stability, fans, widely usage for payment and so on.

[kirtabit]

http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/

These are all interesting news, I am just afraid that all of these banks will never adopt Bitcoin. Instead, they will develop their own centralized blockchain system where they will be the only rulers as they think they should be.

They are not ready to lay down all of their power and do business in decentralized and very open way. This is just not in their DNA.

What will happen when every bank or government creates theirs own cryptocurrency?
Again they depend on their fiats absolutely, the only advantage they can enjoy may be easy transmitting within their country.
But the purpose of bitcoin is not that one. Bitcoin will solve many financial crisis. So, it's meaningless when a bank or Government creates their own digital money. It's only meaningful when everybody accepts a digital money world wide. That digital money is bitcoin.

Yes creating a own cryptocurrency, again a centralization. So, only solution is Bitcoin. Long live bitcoin!

[neonshium]

http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/

These are all interesting news, I am just afraid that all of these banks will never adopt Bitcoin. Instead, they will develop their own centralized blockchain system where they will be the only rulers as they think they should be.

They are not ready to lay down all of their power and do business in decentralized and very open way. This is just not in their DNA.

What will happen when every bank or government creates theirs own cryptocurrency?
Again they depend on their fiats absolutely, the only advantage they can enjoy may be easy transmitting within their country.
But the purpose of bitcoin is not that one. Bitcoin will solve many financial crisis. So, it's meaningless when a bank or Government creates their own digital money. It's only meaningful when everybody accepts a digital money world wide. That digital money is bitcoin.

Yes creating a own cryptocurrency, again a centralization. So, only solution is Bitcoin. Long live bitcoin!

Then what about alternate cryptocurrncies like Litecoin or Dogecoins....
May be ripple kind of payment system, you are denoting. But if a bank creates a own crytocurrency then it's not a centralization but just another crytocurrency backed by a bank or government.