Topic: [2018-02-24]Forbes - What Will It Take For Bitcoin To Replace The Dollar (Read 106 times)
February 24, 2018, 12:06:51 PM
The best practical solution to speed up cryptocurrency transactions so far is Bitcoin Lighting Network with instant transactions (limited only by internet latency). The next crucial advantage of Bitcoin Lighting Network is you are not limited with number of transactions you can make. I guess reducing Bitcoin value volatility comes only with Bitcoin adoption, and Bitcoin Lighting Network could be the missing piece to make Bitcoin mainstream.
February 24, 2018, 10:38:32 AM
One thing really striking about this is the reason behind the fact no one is using Bitcoin as a form of payment is because its price greatly fluctuates in a minimal amount of time. I have seen the same thing, especially when some merchants in Japan have been vocal about accepting Bitcoin. You see for instance, you are buying a car valued at $100 then you use your Bitcoin to pay. IN JUST A MINUTE OR TWO, the amount of Bitcoin you paid is already 3x lower than the market value of the price of the car upon the consummation of the sale. So you see, in that situation, the car dealer suffered extreme losses. Nonetheless, the latter's losses are merely paper losses. BUT WHAT IF, Bitcoin's price never recovers? That is the loophole here. Hence, it is NOT ideal to use Bitcoin as a form of payment because you either benefit from it or lose from it; there is really no trade in that sense given there is no actual compensation for the actual prestation.
February 24, 2018, 10:17:40 AM
Is this some paid article or is this guy living under a rock?
Still, the survey results aren’t surprising to Craig Cole, CEO and Founder of CryptoMaps. “Whenever you transfer bitcoin using blockchain, it can take hours. Because of the high volatility of the currency, the value can change dramatically during that time. So for many virtual currency owners, they see this and think it doesn't make sense to use bitcoin to purchase anything.”
Hours? Nowadays almost all transactions get confirmed within 2 blocks. Yesterday the average confirmation time was around 15 minutes!
Proof, for the non believers: https://blockchain.info/en/charts/avg-confirmation-time?timespan=30days
Yes' the value is going to change dramatically within 15 minutes. Go read a book or something mister, because you clearly don't know what you're talking about.
Still, the survey results aren’t surprising to Craig Cole, CEO and Founder of CryptoMaps. “Whenever you transfer bitcoin using blockchain, it can take hours. Because of the high volatility of the currency, the value can change dramatically during that time. So for many virtual currency owners, they see this and think it doesn't make sense to use bitcoin to purchase anything.”
Hours? Nowadays almost all transactions get confirmed within 2 blocks. Yesterday the average confirmation time was around 15 minutes!
Proof, for the non believers: https://blockchain.info/en/charts/avg-confirmation-time?timespan=30days
Yes' the value is going to change dramatically within 15 minutes. Go read a book or something mister, because you clearly don't know what you're talking about.
February 24, 2018, 09:16:35 AM
Of all the problems that keep Bitcoin and other cryptocurrencies from replacing the dollar in everyday transactions, one stands out: volatility—value fluctuation in relation to the dollar.
That’s according to a recent survey conducted by Survata, an independent research firm in San Francisco, which found that 60.3% of cryptocurrency holders see cryptocurrency volatility as the most important barrier of using cryptocurrencies in everyday transactions.
Survata interviewed 402 online respondents between January 18, 2018 and January 23, 2018. Respondents were reached across the Survata publisher network, where they took a survey to unlock premium content, like articles and ebooks. Respondents received no cash compensation for their participation.
402 respondents is a tiny sample, and therefore the survey findings should be interpreted with extreme caution.
7-Day Price Change For Major Cryptocurrencies
Coin/Investment Trust Change 7d*
Bitcoin (BTC) -0.71%
Ethereum (ETH) -10.63
Ripple (XRP) -13.47
*As of February 23, 2018, at 3.30 p.m.
Still, the survey results aren’t surprising to Craig Cole, CEO and Founder of CryptoMaps. “Whenever you transfer bitcoin using blockchain, it can take hours. Because of the high volatility of the currency, the value can change dramatically during that time. So for many virtual currency owners, they see this and think it doesn't make sense to use bitcoin to purchase anything.”
What could change the situation? Two things. One is speeding up the time it takes to execute cryptocurrency transactions, something cryptocurrency exchanges are working on. “The focus has been on changing this issue,” says Cole. “Projects such as OmiseGO, DASH, Stellar, BitcoinCash and Litecoin have radically improved transaction speeds. This has eliminated some of the angst that Bitcoin has given business owners and consumers. With new point of sale platforms emerging daily like CoinBase Commerce, cryptocurrency will be a viable payment option for businesses for the sustainable future.”
Then there’s Wall Street, which has come up with financial products that allow market participants to hedge their positions against volatility in one of the major cryptocurrencies, Bitcoin. Merchants, for instance, concerned about Bitcoin volatility, can purchase Bitcoin futures, as discussed in a previous piece here.
https://www.forbes.com/sites/oracle/2018/02/21/dont-underestimate-this-fourth-cloud-dividend/#249c0eb17f5d
That’s according to a recent survey conducted by Survata, an independent research firm in San Francisco, which found that 60.3% of cryptocurrency holders see cryptocurrency volatility as the most important barrier of using cryptocurrencies in everyday transactions.
Survata interviewed 402 online respondents between January 18, 2018 and January 23, 2018. Respondents were reached across the Survata publisher network, where they took a survey to unlock premium content, like articles and ebooks. Respondents received no cash compensation for their participation.
402 respondents is a tiny sample, and therefore the survey findings should be interpreted with extreme caution.
7-Day Price Change For Major Cryptocurrencies
Coin/Investment Trust Change 7d*
Bitcoin (BTC) -0.71%
Ethereum (ETH) -10.63
Ripple (XRP) -13.47
*As of February 23, 2018, at 3.30 p.m.
Still, the survey results aren’t surprising to Craig Cole, CEO and Founder of CryptoMaps. “Whenever you transfer bitcoin using blockchain, it can take hours. Because of the high volatility of the currency, the value can change dramatically during that time. So for many virtual currency owners, they see this and think it doesn't make sense to use bitcoin to purchase anything.”
What could change the situation? Two things. One is speeding up the time it takes to execute cryptocurrency transactions, something cryptocurrency exchanges are working on. “The focus has been on changing this issue,” says Cole. “Projects such as OmiseGO, DASH, Stellar, BitcoinCash and Litecoin have radically improved transaction speeds. This has eliminated some of the angst that Bitcoin has given business owners and consumers. With new point of sale platforms emerging daily like CoinBase Commerce, cryptocurrency will be a viable payment option for businesses for the sustainable future.”
Then there’s Wall Street, which has come up with financial products that allow market participants to hedge their positions against volatility in one of the major cryptocurrencies, Bitcoin. Merchants, for instance, concerned about Bitcoin volatility, can purchase Bitcoin futures, as discussed in a previous piece here.
https://www.forbes.com/sites/oracle/2018/02/21/dont-underestimate-this-fourth-cloud-dividend/#249c0eb17f5d
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