Topic: Bitcoin as a leading currency? - page 14. (Read 15096 times)
Of course, Bitcoin is now the leading currency. And in the near future it will remain the leading currency. I do not see any competitors now.
Let not forget the fact that out of the 21 million bitcoin in circulation 10 million bitcoin is already taken by the great santoshi Nakamoto himself, so we are left with just 11 million bitcoin to the general bitcoin community. But even at that bitcoin is rich in potential to sustain all of us in the community as long as it sustain it steady increase in value against the US dollars and other currencies in the exchange market.
Where did you get 10m from? To my understanding it is 4m. Also 21m or 11m doesn't really matter as bitcoin is designed to be used not as whole bitcoins but in smaller fragments of bitcoins.
Let not forget the fact that out of the 21 million bitcoin in circulation 10 million bitcoin is already taken by the great santoshi Nakamoto himself, so we are left with just 11 million bitcoin to the general bitcoin community. But even at that bitcoin is rich in potential to sustain all of us in the community as long as it sustain it steady increase in value against the US dollars and other currencies in the exchange market.
Where did you get 10m from? To my understanding it is 4m. Also 21m or 11m doesn't really matter as bitcoin is designed to be used not as whole bitcoins but in smaller fragments of bitcoins.
Reminds me of this theory; there is only one female on earth capable of giving birth(there is a TV series about it as well) could you imagine the worth and importance of that lady? she's indeed priceless
The reverse case would be more demonstrative
I mean with just one male remaining. What's the purpose of that female if she could only give birth to a dozen of children all of them could be boys (and she could die in the process)? While with just one man, given today's technologies (e.g. in vitro fertilisation), it is possible to fertilize many thousands of women. And that would really work out
A competition in the economy must be considered when we're making the assumption of Bitcoin that will lead the future trading currencies. In fact that this month isn't that a good month for sellers, how much more could it impact in the presumed reality that it will lead the currencies. It should prove first its competency not just in its price but also in its market characteristics. Will it be reliable as the primary global currency in imports and exports in all of the countries? In general, it needs development.
Yes we can say that Bitcoin is a leading currency because it is the top most cryptocurrency today and all the other cryptocurrencies and altcoins are regulated with respect to it.In the last 8 years it has attained a new height and has gained a lot of popularity from the people.More and more people are investing in Bitcoin so as to earn more profits in a short period of time.The signature campaigns also give us decent payments weekly.In signature campaigns you are paid according to your rank.So higher the rank more will be the payment.It is a time of digitisation so everyone wants to know about Bitcoins and use it.
Currently bitcoin is the main currency in cryptocurrency and is still the source of crypto trading, almost all bitcoin-oriented crypto transactions and its contribution is enormous for the advancement in the field of digital currency so as to be able to popularize digital currency to various countries.
A competition in the economy must be considered when we're making the assumption of Bitcoin that will lead the future trading currencies. In fact that this month isn't that a good month for sellers, how much more could it impact in the presumed reality that it will lead the currencies. It should prove first its competency not just in its price but also in its market characteristics. Will it be reliable as the primary global currency in imports and exports in all of the countries? In general, it needs development.
Yes we can say that Bitcoin is a leading currency because it is the top most cryptocurrency today and all the other cryptocurrencies and altcoins are regulated with respect to it.In the last 8 years it has attained a new height and has gained a lot of popularity from the people.More and more people are investing in Bitcoin so as to earn more profits in a short period of time.The signature campaigns also give us decent payments weekly.In signature campaigns you are paid according to your rank.So higher the rank more will be the payment.It is a time of digitisation so everyone wants to know about Bitcoins and use it. 
Many people are stressing on this fact and I think one day will come when government of each country will have to think about the crypto currency in the positive way as we are looking at it today. They don't accept the currency the way we want today but if we see the circulation of coins and the right break up for the currency then we can really go right with it. The break up need not to be related with the dollar cent or euro cent its completely different thing. We can always use the units provided by the Mr. Satoshi and thats the satoshi or bits itself. This we can use easily because the prices already too much for the bitcoin and thus these are the only dollars and cents for us in the world of crypto currency.
Let not forget the fact that out of the 21 million bitcoin in circulation 10 million bitcoin is already taken by the great santoshi Nakamoto himself, so we are left with just 11 million bitcoin to the general bitcoin community. But even at that bitcoin is rich in potential to sustain all of us in the community as long as it sustain it steady increase in value against the US dollars and other currencies in the exchange market.
Yes true, with the price increase that happened very extraordinary then make bitcoin is very strong currency and counted everybody, I'm sure bitcoin performance keeps improving.
The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.
Among cryptocurrencies, I agree that it is indeed the leading cryptocurrency but I doubt that it is the leading in general. Bitcoin is not yet recognized in many countries as of this moment. Even if it had the largest market value among any ither currencies, I think it is not yet the strongest or leading. There will be more years to come for that thing to happen. I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.
That's pretty much enough for now on.
And if it would really pose a problem a hardfork would solve it but again it is not necessary.
Even if hard fork/upgrade was really necessary and needed I have doubt it would be done.And if it would really pose a problem a hardfork would solve it but again it is not necessary.
We can see that needed changes - scaling upgrade is neglected for at least 2 years and there is still no solution at hand.
If bitcoin can't successfully manage its own upgrades we might see grim future ahead.
Interesting, I think it will depend on the question whether financial institutions and governments will embrace the blockchain.
Not so much de development of Bitcoin itself, but rather the ecosystem around it.
Honestly speaking I dont think the Hard-Forks were of much use. While there have been nice ideas behind these hardforks it does not mean that the ideas are going to realize anytime soon. I saw BTG hard fork and it did not seem to get any edge over others. Then there was sbtc and lbtc forks about which I was not even aware of until HitBTC told me that I would receive the altcoins.
The concept of HF was exciting when it first happened and now its fading away.
The maximum amount that will ever be mined is 21 million bitcoin yes, but It's impossible for that amount to be in circulation even when everything is mined because people are losing their bitcoins all the time and they are lost forever.
Bitcoin is unlikely to become a leading currency simply because the banking system won't let it happen. Its unstoppable but won't be the main currency for sure. As for paying using smalls amounts, that's not really where bitcoin strength shows but hopefully with Lightning Network, that would be possible.
There are over a million bitcoin being lost forever and majority of the coins is held by the known address of satoshi which are never moved till now and a lot of coins being lost because of lost private keys and majority from early investors or miners,bitcoin opened a new area of investment and it has its major flaws and hopefully the lightening network implementation would sort some issues we have right now,it is a new era of economy and it is the leading crypto currency and i am not here to see bitcoin compete against fiat but as a solely new form of investment platform.Bitcoin is unlikely to become a leading currency simply because the banking system won't let it happen. Its unstoppable but won't be the main currency for sure. As for paying using smalls amounts, that's not really where bitcoin strength shows but hopefully with Lightning Network, that would be possible.
The maximum amount that will ever be mined is 21 million bitcoin yes, but It's impossible for that amount to be in circulation even when everything is mined because people are losing their bitcoins all the time and they are lost forever.
Bitcoin is unlikely to become a leading currency simply because the banking system won't let it happen. Its unstoppable but won't be the main currency for sure. As for paying using smalls amounts, that's not really where bitcoin strength shows but hopefully with Lightning Network, that would be possible.
There are over a million bitcoin being lost forever and majority of the coins is held by the known address of satoshi which are never moved till now and a lot of coins being lost because of lost private keys and majority from early investors or miners,bitcoin opened a new area of investment and it has its major flaws and hopefully the lightening network implementation would sort some issues we have right now,it is a new era of economy and it is the leading crypto currency and i am not here to see bitcoin compete against fiat but as a solely new form of investment platform. Bitcoin is unlikely to become a leading currency simply because the banking system won't let it happen. Its unstoppable but won't be the main currency for sure. As for paying using smalls amounts, that's not really where bitcoin strength shows but hopefully with Lightning Network, that would be possible.
Reminds me of this theory; there is only one female on earth capable of giving birth(there is a TV series about it as well) could you imagine the worth and importance of that lady? she's indeed priceless
The reverse case would be more demonstrative
I mean with just one male remaining. What's the purpose of that female if she could only give birth to a dozen of children all of them could be boys (and she could die in the process)? While with just one man, given today's technologies (e.g. in vitro fertilisation), it is possible to fertilize many thousands of women. And that would really work out
The right comparison but there is a big difference.
Your Euro and USD can be created over and over again once they were lost. Not with bitcoin.
The lost coins which some have huge amounts i.e. the lost old computers where thousands or maybe tens of thousands are missing.
Those will not be recovered or is buried forever.
There will be a time when demands will come consodering the lack of bitcoin outside the market.
That is why many of us here are just holding it thinking it will be rare someday.
Your Euro and USD can be created over and over again once they were lost. Not with bitcoin.
The lost coins which some have huge amounts i.e. the lost old computers where thousands or maybe tens of thousands are missing.
Those will not be recovered or is buried forever.
There will be a time when demands will come consodering the lack of bitcoin outside the market.
That is why many of us here are just holding it thinking it will be rare someday.
The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.
To lead other currencies, bitcoin need to achieve some important things :I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.
- scalability ( which it isn't right now)
- instant transaction ( we have to wait if use bitcoin to be confirmed)
- legalized by government (many countries doesn't yet)
- cannot spend bitcoin for micro payment, it can be stuck forever.
Bitcoin still far away from many factors that required to become number one currency.
I'm not so sure about that, why would the world want to give so much money to likes of Wu and BU bag holders?
We're not yet mainstream and not yet fully adopted by the majority of markets still they're pulling us down with their stubbornness, let alone the fact about what would've happened if we were in worldwide scene?
Of course Bitcoin will remain the top cryptocurrency but we need a few things to change first to gain the public trust by getting rid of those taking Bitcoin for granted by controlling the network and play monopoly with hash power.
We're not yet mainstream and not yet fully adopted by the majority of markets still they're pulling us down with their stubbornness, let alone the fact about what would've happened if we were in worldwide scene?
Of course Bitcoin will remain the top cryptocurrency but we need a few things to change first to gain the public trust by getting rid of those taking Bitcoin for granted by controlling the network and play monopoly with hash power.
Indeed, gaining the wide public trust should be the most important job of the market! Than it is just a matter of time that wee wil see bigger players coming.
I'm not so sure about that, why would the world want to give so much money to likes of Wu and BU bag holders?
We're not yet mainstream and not yet fully adopted by the majority of markets still they're pulling us down with their stubbornness, let alone the fact about what would've happened if we were in worldwide scene?
Of course Bitcoin will remain the top cryptocurrency but we need a few things to change first to gain the public trust by getting rid of those taking Bitcoin for granted by controlling the network and play monopoly with hash power.
We're not yet mainstream and not yet fully adopted by the majority of markets still they're pulling us down with their stubbornness, let alone the fact about what would've happened if we were in worldwide scene?
Of course Bitcoin will remain the top cryptocurrency but we need a few things to change first to gain the public trust by getting rid of those taking Bitcoin for granted by controlling the network and play monopoly with hash power.
The economic reach of Bitcoin is an interesting subject of discussion. In the end there will be a maximum of 21.000.000 BTC. BTC is a eight-digit number.
I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.
The satoshi is currently the smallest amount of bitcoin but if bitcoin became so valuable that the value of a satoshi was bigger than that of a dollar cent, then more units could be added to the code and that is it, while I’m not a programmer that does not sound too complicated. I suppose that a currency can only be leading if it has the possibility ta pay in small amounts, equivalent tot e.g. dollarcent or eurocent. This statement limits the range of BTC, will the satoshi be the future euro/dollarcent?
In that case the maximum money supply wil be BTC 21.000.000,00000000 is e.g. EUR 99.999.999.999.999,99 (by the way: interesting exchange rate).
The money supply in the Eurozone (M3) is over EUR 10.000.000.000.000
So without any constraints, the structure of the BTC satisfies the necessary condition.
Let's inventory the other constraints.
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