Bitcoin as a leading currency? - page 3.

Sanugarid

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Quote from: travwill on February 06, 2020, 06:02:03 PM

Bitcoin is already a leading cryptocurrency. Its complexity in use is more than offset by its functionality and safety.
Stable coins belong to certain companies that may be closed if they violate the law, that is, they are centralized, which means it adds additional risks if you store your funds in the form of stable coins.

For me, that is because bitcoin was the first cryptocurrency being created and also it is the most used cryptocurrency. Just think of it that bitcoin was being used in so many aspects, bitcoin as an investment, bitcoin as their bet when playing gambling, bitcoin as a payment for something you bought or when you are making a transaction. I can say that it is also because of bitcoin being famous all around the world because we can use it everywhere and we only need an internet connection and a device to access it.

Quote from: sulendra12 on February 16, 2020, 02:16:18 PM

Quote from: Blackdeath on February 08, 2020, 11:15:05 AM

Bitcoin mining is really expensive, but i think even other people had been using other source of electricity in bitcoin mining it is still not enough because an equipment in bitcoin mining needs to be working 24/7, so it needs really needs a huge amount of electricity.

If you are living in 3rd world country and then electricity is gonna pain in the ass to pay. You might suffer with losses if you in 3rd world country. It was profitable before due to lower difficulty but with upcoming halving and higher difficulty I find mining is not profitable if you are not experienced

Indeed, bitcoin is also being mined but just like what you said if you are paying for electricity bill, you might not want to get involved with mining because when you actually do that you might not get any profit and you can lose your money instead by paying internet bill and an electricity bill, maybe you can do that if you have your own source of power to provide for your mining.

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Quote from: Blackdeath on February 08, 2020, 11:15:05 AM

Bitcoin mining is really expensive, but i think even other people had been using other source of electricity in bitcoin mining it is still not enough because an equipment in bitcoin mining needs to be working 24/7, so it needs really needs a huge amount of electricity.

If you are living in 3rd world country and then electricity is gonna pain in the ass to pay. You might suffer with losses if you in 3rd world country. It was profitable before due to lower difficulty but with upcoming halving and higher difficulty I find mining is not profitable if you are not experienced

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Quote from: bearexin on February 16, 2020, 12:55:27 PM

The topic of discussion is not that bitcoin is not a leading currency, its more about where its leads. Sure its better than all other coins, hell the market cap of bitcoin is more than all other coins ever in existence combined together, that is leading by its best. However when it comes to other currencies, bitcoin is so small that even the smallest nations currencies are valued more in peoples eyes

Cannot disagree more with such a view

As this question had been discussed at length in the past (like 3-4 years ago). So while Bitcoin doesn't stand a chance against such currencies as the US dollar, Euro, the British pound or even the Chinese Yuan and Russian ruble (it can try but will look pale in such a showdown), the truth is most currencies of the rest of the world are smaller than Bitcoin. Whatever way or angle you may look at it, Bitcoin is a real deal on a world scale

But that's not all, and even not the most important thing. What is, however, is the wider acceptance and recognition of Bitcoin across the world. I can't really fathom what you are going to do with a pack of Zimbabwean dollars anywhere outside Africa. For fuck's sake, I'm not even sure that you will be able to get along anywhere with any currency out there outside their home countries other than with a few world top currencies accepted everywhere

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The topic of discussion is not that bitcoin is not a leading currency, its more about where its leads. Sure its better than all other coins, hell the market cap of bitcoin is more than all other coins ever in existence combined together, that is leading by its best. However when it comes to other currencies, bitcoin is so small that even the smallest nations currencies are valued more in peoples eyes.

If you are not a bitcoin person, having Zimbabwe dollars makes more sense to you than having bitcoin because you have no idea what bitcoin is whereas you know Zimbabwe even with high inflation and horrible economy, is at least a nation. So, what bitcoin has to do is to scale even bigger in order to reach a level where at least its more trustworthy than some nations currency, not other altcoins.

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Yes, but this year 2020, the bull market runs again, bitcoin will begin to rises with the price of $ 10,191.28 according to coindesk. And I think this bull market price will continue. But there are almost four million bitcoins are lost forever so that instead of twenty-one million bitcoins that circulates. Theoretically, seventeen million number of bitcoins are currently in circulation already in the market and the other almost four million bitcoins will gone forever.

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Quote from: onrise on May 05, 2017, 09:54:24 AM

For 9 years we have seen that bitcoin is the leading currency as there are thousands of other alt coins came and went but only bitcoin could withstand this for years and price rose to all time high of 1600+. Near future it could be even more who knows it.

Bitcoin will for surely gonna be accepted by so many people soon because we are on this era that we are trying to make everything else hassle free like using digital currency in doing your transactions. Bitcoin is a good example since it really makes our transaction faster than before. It is the most trusted coin that is why the value of other coins out there is dependent on the current value of bitcoin.

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And all these online resources say, that they can make your bitcoins quantity twice bigger, hah. It's not funny at all. Couple of months ago I found a website, which could give me some real guarantees about support for cryptocurrency, on some real examples with real people. I've contacted with them, and they have approved that that Prifinance service works perfectly, helping people all around the world.

Hopefully crypto will gain support across the country If crypto moves usually the price of bitcoin for bitcoin will increase if the crypto market is grazing. From the very beginning Bitcoin is very popular and demand has not decreased so we should all hope that the price of Bitcoin will increase further.

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Quote from: OmegaStarScream on May 05, 2017, 09:35:40 AM

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.

That's true. Still fiat money was the one who is leading the game for it is the major currency that circulating to the people. Almost the whole population are still uaing fiat money and not cryptocurrency. Well it is not surprising because we are still in the beggining phase for the adoption of bitcoin. Maybe this was possible but may still have a problem because of its volatility.

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Quote from: Blackdeath on February 08, 2020, 11:15:05 AM

Quote from: Janation on February 07, 2020, 09:04:51 AM

Quote from: Subbir on February 06, 2020, 10:39:21 PM

You are right but i feel it'll not be difficult if you recognize the way to use it properly. Bitcoin is that the first to exchange the market. Many coins have come after Bitcoin but cannot compete with Bitcoin. But hopefully, Bitcoin will still rise through the facility of electricity.

What do you mean by that?

The facility of electricity? Are you talking about how expensive Bitcoin is in mining and it needs to be developed on that? If that is the case, miners are already using other means of a source of electricity. Bitcoin is the leading currency because it is the first one, that is the reason a lot of people recognized it since it is there for a very long time.

Bitcoin mining is really expensive, but i think even other people had been using other source of electricity in bitcoin mining it is still not enough because an equipment in bitcoin mining needs to be working 24/7, so it needs really needs a huge amount of electricity.

depends on different factors . it can be expensive if you buy expensive hardware and pay expensive bills but it can be cheap once you know how to save electric bills and use cheap mining tools .

bitcoin isnt the leading currency because curency means overall ( it includes usd , euro , etc ) btc only leads on the crypto currency section because there are also online currency that are popular and indemand than cryptos such as btc but who care with them ?

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Quote from: Janation on February 07, 2020, 09:04:51 AM

Quote from: Subbir on February 06, 2020, 10:39:21 PM

You are right but i feel it'll not be difficult if you recognize the way to use it properly. Bitcoin is that the first to exchange the market. Many coins have come after Bitcoin but cannot compete with Bitcoin. But hopefully, Bitcoin will still rise through the facility of electricity.

What do you mean by that?

The facility of electricity? Are you talking about how expensive Bitcoin is in mining and it needs to be developed on that? If that is the case, miners are already using other means of a source of electricity. Bitcoin is the leading currency because it is the first one, that is the reason a lot of people recognized it since it is there for a very long time.

Bitcoin mining is really expensive, but i think even other people had been using other source of electricity in bitcoin mining it is still not enough because an equipment in bitcoin mining needs to be working 24/7, so it needs really needs a huge amount of electricity.

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Quote from: Subbir on February 06, 2020, 10:39:21 PM

You are right but i feel it'll not be difficult if you recognize the way to use it properly. Bitcoin is that the first to exchange the market. Many coins have come after Bitcoin but cannot compete with Bitcoin. But hopefully, Bitcoin will still rise through the facility of electricity.

What do you mean by that?

The facility of electricity? Are you talking about how expensive Bitcoin is in mining and it needs to be developed on that? If that is the case, miners are already using other means of a source of electricity. Bitcoin is the leading currency because it is the first one, that is the reason a lot of people recognized it since it is there for a very long time.

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Quote from: Xester on May 05, 2017, 10:48:08 AM

Quote from: Slark on May 05, 2017, 10:21:22 AM

Total cap of Bitcoin currency units that will ever exist stands at 2.100.000.000.000.000 or 2.1 quadrillion it will be perfectly fine to satisfy growing adoption for many many years to come.
In fact I expect that we will have many network scaling upgrades before adding another decimal place will be needed, or we won't never reach that point.
I don't see Bitcoin as main leading currency, not in the foreseeable future. We will have digital crypto issued by central bank, and bitcoin will be merely an alternative.

Bitcoin will be the leading cryptocurrency but for the government bitcoin will be the leading commodity that has a value and can be used as a form of payment. The government have not seen bitcoin as a currency and therefore it can never be the leading currency. ANd even if the government will treat bitcoin as a currency the total number of bitcoin in circulation cannot serve the total number of population of people around the world.

This has a point how come does bitcoin can be the leading currency if it cannot serve the total number of population around the globe. As of now we can say that fiat money is the leading currency since it was the one that is being used by a lot of people. Maybe bitcoin can be a leading currency in the future but today we are still into fiat, we are just adopting the crypto little by little.

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Quote from: Hilsgort_T on February 02, 2020, 07:53:16 AM

I don't think that bitcoin will become the leading currency. For me, bitcoin is an idea. It will be difficult to use bitcoin in real life. I think stablecoins are more suitable for this.

You are right but i feel it'll not be difficult if you recognize the way to use it properly. Bitcoin is that the first to exchange the market. Many coins have come after Bitcoin but cannot compete with Bitcoin. But hopefully, Bitcoin will still rise through the facility of electricity.

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Quote from: Desscount on February 03, 2020, 10:31:53 AM

Quote from: Twentyonepaylots on January 30, 2020, 12:06:51 PM

Most people see bitcoin as a mere way to get rich apparently. Not knowing what is the real reason it was created in the first place. As of now, more and more establishments, businesses, and entities adopt payment through bitcoins. Which despite the high charges to compensate for bitcoin's volatility, is still a good step towards becoming a bonafide currency that everyone can use. So do your research, you should be able to see it.

It seems the company hasn't made Bitcoin as a payment tool for their products, I imagine if Google supports Bitcoin,
maybe Bitcoin could be a payment for their workers, like YouTube and Adsense, just a dream Grin

if the big company uses bitcoin as a means of payment I think bitcoin will be increasingly known even though there is no legality. but unfortunately it hasn't happened yet and we have to wait for it

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Bitcoin is already a leading cryptocurrency. Its complexity in use is more than offset by its functionality and safety.
Stable coins belong to certain companies that may be closed if they violate the law, that is, they are centralized, which means it adds additional risks if you store your funds in the form of stable coins.

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Quote from: Twentyonepaylots on January 30, 2020, 12:06:51 PM

Quote from: Yatsan on January 29, 2020, 07:38:53 PM

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Quote from: criza on January 28, 2020, 04:37:48 AM

Quote from: BennyK on July 01, 2019, 09:42:42 PM

Bitcoin has always been the leading currency on the market irrespective of how much a coin may surge. Bitcoin was able to capitalize the market during its early stages before the creation of other coins hence it has got lot of user-base and its community is also strong and supportive which is one of the main factors required for the survival of a coin on the market.

Indeed, even with the drastic changes and events happened in the market Bitcoin still emerged as a high value asset that has gained the trust of many users, investors and traders. I believe, the potential of Bitcoin to survive the market is huge and will always lead as the best currency in the future.

It will remain as investing tool as long as it has no real usage.
I can't buy anything with it "irl" - in 7/11 or something similar to it.
If it will have its usability - bitcoin will be unstoppable then

You can literally buy anything using bitcoin online, lot of online shopping website is accepting bitcoin, and majority of country are accepting bitcoin or it is legal on them. If you think that bitcoin has no usability, I think you are just new to bitcoin, read more and you will realize that bitcoin has a lot of usability, it's not just an investing tool.

Most people see bitcoin as a mere way to get rich apparently. Not knowing what is the real reason it was created in the first place. As of now, more and more establishments, businesses, and entities adopt payment through bitcoins. Which despite the high charges to compensate for bitcoin's volatility, is still a good step towards becoming a bonafide currency that everyone can use. So do your research, you should be able to see it.

It makes me cringed when someone says that they adopt bitcoin because they want to be rich. That is the misconception that we should change, most of the people see it as investment and do not know what it is really. They are just speculating without prior knowledge about it. We should see it as a new technology where we can use it to improve the current poor payment system.

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Quote from: Desscount on February 03, 2020, 10:31:53 AM

Quote from: Twentyonepaylots on January 30, 2020, 12:06:51 PM

Most people see bitcoin as a mere way to get rich apparently. Not knowing what is the real reason it was created in the first place. As of now, more and more establishments, businesses, and entities adopt payment through bitcoins. Which despite the high charges to compensate for bitcoin's volatility, is still a good step towards becoming a bonafide currency that everyone can use. So do your research, you should be able to see it.

It seems the company hasn't made Bitcoin as a payment tool for their products, I imagine if Google supports Bitcoin,
maybe Bitcoin could be a payment for their workers, like YouTube and Adsense, just a dream Grin

Honestly Bitcoin has future only if Lightning will develop an ultimate highly adoptable payment option with it (btc).
Any other way like payment for workers in company etc it won't change the market/economy/world really.
If bitcoin won't be a payment option at all that way it becomes digital gold which has absolutely no sense since we have the "original" gold in the first place so btc will die eventually.

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Quote from: cipherer on May 05, 2017, 09:28:46 AM

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.

In fact, divisibility does not play the very first role. If states continue to levy a tax, then it’s easier for people to continue to accept euros / dollars than to accept bitcoins and then go through the circles of hell of a bureaucratic machine so that everything is acceptable. Retail is primarily sensitive to high commissions - and lower commissions than in the banking sector it will not work.And other areas are not so much interested in people. We get a situation when it will be profitable only on the periphery (Small cities in the countries of the second and third world, where there is no good infrastructure). Or, if there is a nonprofit organization that will provide at least all banking services at a price clearly lower than banking organizations (Although lending is unlikely to be cheaper, banks get money in Switzerland for less than 0%, for example).

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Quote from: Twentyonepaylots on January 30, 2020, 12:06:51 PM

Most people see bitcoin as a mere way to get rich apparently. Not knowing what is the real reason it was created in the first place. As of now, more and more establishments, businesses, and entities adopt payment through bitcoins. Which despite the high charges to compensate for bitcoin's volatility, is still a good step towards becoming a bonafide currency that everyone can use. So do your research, you should be able to see it.

It seems the company hasn't made Bitcoin as a payment tool for their products, I imagine if Google supports Bitcoin,
maybe Bitcoin could be a payment for their workers, like YouTube and Adsense, just a dream Grin

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I don't think that bitcoin will become the leading currency. For me, bitcoin is an idea. It will be difficult to use bitcoin in real life. I think stablecoins are more suitable for this.

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