Some ppl say bitcoin is internet money, some say its an environmental hazard, some say its a bubble, some say its only used by ppl.in dark web, some say its a ponzi scheme. all these negativities associated with bitcoin saddens me. So whats your understanding of bitcoin
As far as I see it, electronic methods of trade, including electronic money, are our future. Especially as technology advances.
Im basically interested in seeing as to how many ppl that arent into cryptos are aware of the core financial and economic problems that bitcoin proposes to solve
at some point, bitcoin will dominate currency. I don’t think money will actually go anywhere, just become less used. Kind of like how canada got rid of pennies because no one used them and it’s kind of like how some places are starting to not accept cash but rather, credit cards only instead. It’s just a matter of how and when. Probably not within our life time but eventually in the near future. that’s what i think anyway.
I am unaware of all you just spoke @satoshi if bitcoin ever replaces the current form of money then ig i'll switch over but until then i actually am okay with the way money is
Fair point and i totally agree with it. One huge step towards this it the Financial Action Task force (FATF) urged all the 35 countries under its purview to devise the same regulations for crypto exchanges as they have for banks.
We all think the way the money is right now is fine. But its really not if u take A deep dive into how money really works. Going forward, the current form of money will lead us to disaster. The economic disparity keeps increasing, central banks keep failing. there are over 20 countries with negative interest rates atm. This is how economies fail. Do u wanna see the day when the inflation is so insane that your sitting in a bar and the price goes up by the time u finish one bottle?
^ bitcoin has huge inflation rates if that's your argument though. Bitcoins value is constantly changing by extremes and there are never any "new" bitcoins, there is a limited amount so that value can only increase
Exactly. Bitcoin has a limited supply which makes it a deflationary currency and a good store of value. So like u pointed out its value is supposed to keep increasing. Now your text book economics says that a deflationary currency is bad. But i think its just a ploy by central banks. Gold was a deflationary currency and there was no financial crisis when it was used as a currency. Ppl had to replace it cuz its not feasible to carry. bitcoin is just electronic gold. Regarding constant change with extremes i'd say bitcoin has lost much of its volatility. Its a store of value regardless and with more and more money chasing bitcoin we will see stability Also, the currency we use now is inflationary and they can print as many as they want at will. They constantly devalue these currencies to exercise control over ppl and eventually cases like venenzuela, argentina, zimbabwe happen. On the contrary bitcoin is people's money, the decentralized aspect of it makes it so. There is no centralised authority, now money doesnt recognize borders with bitcoin, etc. Etc. P.s could u elaborate on "bitcoin has huge inflation rates?
Ever since i saw your username I was wondering if you were going to make a thread lol Anyways i think crypto currency is the future even though a lot of people doubt it, they’ll have to face it at some point. Cash is paper which we depend on trees to make it. In 100yrs trees may no be a thing anymore. Remember this was introduced in 2011 I think or 12 not sure almost as long as pimd anyways it didn’t blow up till recently. It’ll have to take some more years for it to really bloom as it’s suppose too, people thought credit cards were stupid and didn’t had a chance against cash but look at us now cash and card and now we got apple pay or Samsung pay one step closer to what bitcoin can evolve for us in the future.
2009, a perfect time to launch something like bitcoin when we had been hit by a bad recession. The value was $0.03, so no it has been blowing up since 2009 lol, but the real awareness has started coming in now. The beauty of bitcoin is that you can send and receive it from anywhere to anywhere at a minimal cost. Like there was a 40m transaction that happened cross border a few months ago and the cost of the transaction was only $2k or something, or less idk. Having the property of gold, bitcoin also aims for prosperity of all. Credit cards, on the contrary, are again scams imo. Its just designed to have people in debt always. Again, the central banks exercising control over average population. Overspending is a huge problem in todays world.
Cryptocurrency aims to replace cash with its perks but because it is decentralised it comes with a lot of unknown factors. It could potentially be more mainstream in the future, but since there is no physical security linked to it, it could also worth nothing and go away.
Thats a very simplistic view we all have about bitcoin. Lets dive in a lil deeper and see why it wont go away. The intrinsic value of bitcoin comes from the network and for it to go down the entire network has to shut down. Bitcoin will continue to work even if one node survives. About physical security being linked to it, this is how i see it. The Currencies that we use now arent backed by anything but a promise by the central bank. Now who's to say that the central banks wouldnt go down? Especially with more and more currency printing more countries are inching closer to negative growth and thus a complete standstill. We need a replacement. As far as bitcoin is concerned the network is the security. Theres other advantages like cross border remittances, privacy etc. Which we will cover as the discussion unfolds. My idea is just to try and bring more awareness in as many platform as i can so people can then actually go do research and know what cryptocurrencies and blockchain brings to the table. But other cryptos are for later lets stick to bitcoin for now
Just like you could advocate the perks, there’s always two sides to a coin. Who are currently dominating the mining? How do we get Bitcoin? People are using electricity to mine this, aren’t we trading a resource for another? In my humble opinion, cryptocurrency is part of the progressive future. If cryptocurrency is 1, and current cash is 0, a new type of security backed virtual currency which is in between them will be more accepted as it is less volatile.