Bitcoin becoming the sovereign currency - page 2.

richmcrich

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Quote from: BartS on June 04, 2018, 08:47:58 AM

Quote from: xanmanluca on January 13, 2018, 02:20:02 PM

What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.

So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.

So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?

Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?

Just a thought i had today and i thought it was interesting and that i'd share with you guys.

P.S. is there anywhere i can change my user? lol Roll Eyes

It is very unlikely we are going to reach that point, even if the sovereign currencies of all the countries were in a state of crisis governments are not going to give their right to print their own currencies and accept bitcoin, they will lose power if that happened however we do not need recognition of the government if bitcoin becomes the most widely used currency around the world then there is no doubt that bitcoin would have achieved its goal to become a currency you can use without any third party interference.

Exactly! No government will actually want to give the full power to the people and that is the main reason they would rather keep finding ways to make fiat work. However, like you said, even without the government in the show, we have been making use of bitcoin as a currency until recently that it is becoming more of a speculative asset.

As far as I am concerned, even though they would both have to go hand in hand, most people who are smart enough will eventually find out it pays to make use of bitcoin than fiat.

Hamstead

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Though it have popularity today but I not thinking that it will take over fiat and make it disappear. In fact, there is no such feelings cause wide adoption of bitcoin as becoming currency isn't big enough to have that way, it only happens that people have an options which could they preferred to used in a certain transactions. It could really nice also that bitcoin will officially considered as legit currency in some places and it can be accepted either local or online transactions.

Biscutard

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Quote from: keycellko on June 09, 2018, 10:36:08 PM

I don't understand why people are making statements as if bitcoin will replace fiat. That is not the mere reason why bitcoin was developed. We always relate bitcoin with fiat. So considering what you're saying that fiat will somehow lose its value in the future, what then? I really see no rivalry between bitcoin and fiat. So i feel there is no need to argue things like this

I think it is due to the fact that they(government) were still trying to make more regulations about of the legality of bitcoin. While some are still arguing about of the banks vs cryptocurrency that's why i think this is the main reason that they keep on talking about this all over again.

Kemarit

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Quote from: Carreuh on June 14, 2018, 02:21:27 PM

I think the possibility of bitcoin being the country's currency is very small because now every country still has its own currency that has been very long applicable in the country and has been very long known by the public, so chances are small they will change their currency.

Of course, any country won't accept the fact that bitcoin could be their legal tender except for Japan. Although bitcoin is treated as money for most of us, still government doesn't want it to consider because its decentralizes and its open for price manipulation. Plus what will happen to the established financial systems like banks in a country? So let's put aside the idea that bitcoin could be main currency. Let it be a investment instrument for most of us, store of value and hope that our own country will accept it so that we can enjoy the fruits of this new technology.

Noctis Connor

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Quote from: richardsNY on June 12, 2018, 05:36:41 PM

Quote from: BartS on June 12, 2018, 03:45:23 PM

think about it a person that invested 50k at the beginning of the previous year and sold at the top could have 1 million dollars.

That's almost impossible to happen. Realistically, if you invest $50,000 in something, you will likely start cashing out profits at the moment you are up 50%. In case you only cash out half, you will likely end up cashing out the rest if the price once again increases with 50%. No one could have ever seen the price increase that much within the same year. In the same way the majority of the early birds have been cashing out their coins throughout the years. Only people who are firmly holding their coins no matter what the value is will be able to book 1000% gains in the long run. It's definitely not as easy as you state it to be. Only a few manage to do that.

In my opinion, Bitcoin is always been the sovereign currency, It used by most people in the world inside the crypto, and it is the currency that is talking by mostly all nationalities in this forum, You can do a lot by using bitcoin, High profit, balanced market and great platform, the product mostly are the worlds next technological advancement.

ttking

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If the public's confidence in the sovereign currency disappears, the state expects hyperinflation. In this case, the value of national money primarily falls in relation to the value of liquid goods, such as gold or foreign currency, for example, the US dollar

Magiklair

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The finance ministers and heads of central banks of the 20 countries prepared a draft regulatory document that states that the crypto currency "does not have any signs of sovereign currencies" and should be regarded as an asset

Carreuh

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I think the possibility of bitcoin being the country's currency is very small because now every country still has its own currency that has been very long applicable in the country and has been very long known by the public, so chances are small they will change their currency.

Sergio444

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Quote from: JPage on April 26, 2018, 05:46:03 AM

Have you met people who suffered losses from bitcoin investment? I haven’t. But I saw many who achieved profits.

I have met a lot including myself. Its not because of anything but because of market instability. The market is really poor that the value of my coin has depreciated since the day i bought it as at the price of 10k till now. I am really worried even though i calculated all the risk involved. The loss i will incur will be very great if i should sell out.

zakariajaki

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my personal views related to the opinion above I agree and justify it, by looking at facts in the field as data, 100% I am not sanctioned that sebanarnya world crypto has started to open our view of modernization both technological and even asset including mindset, and very likely when the assets of crypto, bitcoin and altcoin are of general concern when they can compete even more than the dollar, and it is very and necessary to be considered more profoundly both from economic to cultural analysis, and we must be prepared for that, precisely in the resurrection of our crypto more mature with the economy because crypto becomes privacy and invidual wealth that is not bound by anything including government and bank regulation, and I think the government should support and create comfortable conditions, hopefully useful and successful for all of us

justdimin

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www.Crypto.Games: Multiple coins, multiple games

Quote from: rimueng agam on June 04, 2018, 04:42:48 PM

It seems impossible if for example bitcoin into the currency of a country because now every country has its own currency and currency used by the country has been very long in use and already all people know the currency and also the currency of a country is the identity of a country .

No country will even want to jeopardize the idea of centralization and leave it all up for decentralization to rule. I am not sure how that is going to play out, but I want to believe it is something that may not play out at all.

Bitcoin is a store of value and that is what I believe it is going to keep being whereas even as a store of value it still serves as currency but let us not forget that even though it is accessible to everyone, not everyone will find it easy to access and that makes two community in the long run with one being a fiat community and the other being a crypto community.

JPage

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Bitcoin is the best way to get extra money without spending your time at the office. All you need is to study the technology, learn information about bitcoin market and make an investment.

patarfweefwee

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You have to keep in mind that our goal is not to make the price of crypto currency higher, but ultimately to make the price more stable and less volatile to actually achieve adoption by businesses. I'm pretty sure when this happens BTC's price will be lower although very much stabler than it is now. Right now, yes it is better off investing short term on BTC.

orayorayan2

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bitcoin as the country's currency is very far from the possibility. because bitcoin does not have an official institution to create a law on the subject. bitcoin too independent does not meet the standard laden as the country's currency

perfect999

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Quote from: darewaller on June 09, 2018, 01:19:53 PM

Quote from: Roomshambles on June 04, 2018, 09:19:32 AM

Your thinking may become a reality in the future, where the local currency will lose its value and will be replaced by a digital currency such as bitcoin. But initially we also still need a reference paper currency such as dollars or euros to determine the value of bitcoin.

Well, no one knows how the future is going to be playing out, but judging by how things have been and how things are now, I am not certain there would ever be any possibility of that happening at all. As days go by, I believe with the government not having much say or control over bitcoin, it would be accepted in a way but as a means of payment and not to replace fiat.

We all know bitcoin is not going to spread around, as there would be some who would still prefer the traditional system they have been used to and some due to limitations when it comes to internet facilities and some other things, may find it hard to even make use of.

You can’t be just so pessimistic. Time has changed now and if you make a comparison of bitcoin with bitcoin of 2009 and around, you would be seeing a comprehensive difference. The reason behind this much gap is performance of bitcoin. Plus the love of people for bitcoin have increased and now they want more bitcoin in their lives. They want to make their lives amazing.

senin

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I do not think that bitcoin in the near future can rise in price to one hundred thousand dollars. So far this is not realistic, and I do not know whether it will be good for him or for the whole country. If bitcoin rises to this value, then the risk of investing in it will increase substantially. Then at any moment there can be panic because of negative information and bitcoin after that can fall in price to the level of its practical depreciation. That is, a significant increase in the price of bitcoin can bring about its depreciation. This will greatly damage the popularity of the entire crypto currency.

BTCforJoe

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Quote from: richardsNY on June 12, 2018, 05:36:41 PM

Quote from: BartS on June 12, 2018, 03:45:23 PM

think about it a person that invested 50k at the beginning of the previous year and sold at the top could have 1 million dollars.

That's almost impossible to happen. Realistically, if you invest $50,000 in something, you will likely start cashing out profits at the moment you are up 50%. In case you only cash out half, you will likely end up cashing out the rest if the price once again increases with 50%. No one could have ever seen the price increase that much within the same year. In the same way the majority of the early birds have been cashing out their coins throughout the years. Only people who are firmly holding their coins no matter what the value is will be able to book 1000% gains in the long run. It's definitely not as easy as you state it to be. Only a few manage to do that.

Not necessarily... A few of my friends' investments into Bitcoin has been to divest their original investment amount once the price has doubled. I started recommending and suggesting investing into Bitcoin to these friends when the price was around $250-500USD. So once the price doubled, they took out their original investments and let the rest ride (upon my suggestion). I'm normally not one to offer financial advice when it comes to Bitcoin, but these friends are now Bitcoin millionaires.

In their eyes, they've doubled up on their investment within a year, and still have millions in their crypto portfolios. I guess timing was perfect for them, and chances are that this won't be possible again in today's cryptoconomy, but I just wanted to relay these experiences to "disprove" your statement lol

aeternus

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Quote from: xanmanluca on January 13, 2018, 02:20:02 PM

What bitcoin has done in the past has proven that it is a legitimate place to hold and build wealth (I always like to think of it as gold). the market is ranging between .5-.8 trillion. Experts all have no doubt it will reach 5 trillion, and a lot of experts even say that it could and maybe even will be worth 1 million dollars one day.

So for the purpose of this topic, lets just assume all this is true and here we are 2 years later and bitcoin is lets say 100k.
Everyone is freaking out because they fear the value of the dollar and other paper currencies will go down.

So there has to be a point in this transformation of worldly currency, that the value of bitcoin begins to overall outweigh the dollar in a way that its not worth holding anymore and should be invested into assets because from then on out holding bitcoin would have the value of a lot of dollars but because of that the dollar wouldn't be worth anything...so then at that point what would the bitcoin value even be based upon?

Do you guys think that (assuming everything i say becomes a reality) that it would get to a point where you'd be better off investing your bitcoins into assets because it has no more room to grow since the US dollar (and other paper currencies) at this point has become almost irrelevant?

Just a thought i had today and i thought it was interesting and that i'd share with you guys.

P.S. is there anywhere i can change my user? lol Roll Eyes

If at some point bitcoin becomes so valuable that it displaces the fiat currencies as a point of reference then bitcoin itself will be the point of reference and other things will be valued in bitcoin instead of bitcoin being valued in dollars, I know this may sound strange in a world where everything is valued in dollars but that can change.

richardsNY

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Quote from: BartS on June 12, 2018, 03:45:23 PM

think about it a person that invested 50k at the beginning of the previous year and sold at the top could have 1 million dollars.

That's almost impossible to happen. Realistically, if you invest $50,000 in something, you will likely start cashing out profits at the moment you are up 50%. In case you only cash out half, you will likely end up cashing out the rest if the price once again increases with 50%. No one could have ever seen the price increase that much within the same year. In the same way the majority of the early birds have been cashing out their coins throughout the years. Only people who are firmly holding their coins no matter what the value is will be able to book 1000% gains in the long run. It's definitely not as easy as you state it to be. Only a few manage to do that.

BartS

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Quote from: darkangel11 on June 08, 2018, 01:58:38 PM

This is not a valid point. They lost their investment not because of bitcoin or any of its features. They lost it because they trusted the wrong person and this has nothing to do with BTC. If you sign a paper that grants someone access to your home, it has nothing to do with the real estate industry. You didn't have to be a genius to buy BTC at any point since 2009 and hold it. If you did so, you are now one of those millions of "chosen ones" who at some time in their life held BTC and sold it for a higher price.

Correct, while making money with bitcoin may seem to be a very complex activity at the end it can be resumed as just hold until the price is higher than the price at what you bought, a person that did not know anything about bitcoin but that was persistent and patient enough could be rich by now if that person invested a big enough capital just in the last year, think about it a person that invested 50k at the beginning of the previous year and sold at the top could have 1 million dollars.

Topic: Bitcoin becoming the sovereign currency - page 2. (Read 682 times)