bitcoin cannot replace currency in the world because price is not stable - page 30.

8Habits

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Quote from: micher143 on July 28, 2017, 02:18:45 AM

Quote from: facenew111 on July 07, 2017, 02:40:42 AM

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

It is very well explained. However, As long as you are using bitcoin for buying stuffs or other it is called currency just like game credits no matter what it is but as long as you are spending it, it is called currency so in terms of stability that is normal because the bitcoin have a limited supply.

Currency - from the word current, it will keep on moving like a current and there is really nothing we can do about it except to capitalize on its price movement and trade - buy low and sell high.

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Quote from: facenew111 on July 07, 2017, 02:40:42 AM

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

In my opinion,I think there will be a financial crisis if ever bitcoin will replace dollar. As of now, bitcoin can not replace dollars. Even though bitcoin is growing it has a limitation too. As you said bitcoin currency is not stable and in a month it will up and down 20% unlike dollar that its currency price is up and down 1-2% in a month. I think people will complain if they encounter that scenario. It is a one of disadvantage of using bitcoin. Most of the people will choose cash rather than a digital currency because it is easy to use.

micher143

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Quote from: facenew111 on July 07, 2017, 02:40:42 AM

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

It is very well explained. However, As long as you are using bitcoin for buying stuffs or other it is called currency just like game credits no matter what it is but as long as you are spending it, it is called currency so in terms of stability that is normal because the bitcoin have a limited supply.

fred dave

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All the currencies worldwide have the prices not stables, not only bitcoin, thats why there is a lot of people making big money from trading and forex.

Midas111

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Quote from: Wind_FURY on July 07, 2017, 03:02:42 AM

OP, your argument is only scratching the surface. Bitcoin cannot replace fiat simply because banks will never ever give up their control over the monetary system. They will move mountains and use everything in their power to prevent Bitcoin from gaining critical mass.

wouldnt it be really funny if the answer to the big secret of who is the original backer of btc, was a big bank? What bank is in the name bitcoin hmmmm what is BTC backwards HMMM???

PhucS

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In my opinion, I think Bitcoin can not replace the world's money. Bitcoin is still a digital decentralized currency. Although it grows strong, its value is very high but it still has some limitations, its popularity is still quite poor, many people still do not know it. Many countries have yet to accept Bitcoin as an official currency. Cash use is still more convenient and easier. However, in the future no one knows anything, the impact of Bitcoin is undeniable. Very likely it will replace cash

zarados

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Quote from: facenew111 on July 07, 2017, 02:40:42 AM

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

I think not just because the price is not stable, but because its decentralized too. for a limit of bitcoin that only about 21 m, Imagine, if bitcoin is used as currency, the price will climb the moon, because As more and more people use it, with its limit, of course the price will be pegged up, fortunately, bitcoin can be divided into eight digits. But it also makes the bitcoin value unstable, as it increases and decreases the user of the bitcoin itself. Not to mention, the number of bitcoin every year is reduced due to missing and others. I think bitcoin can be used as a facility that makes it easy to transact between countries because it is peer to peer, but not to be a currency.

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Quote from: cramcram21 on July 28, 2017, 01:00:50 AM

Quote from: facenew111 on July 07, 2017, 02:40:42 AM

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

This is quite true but it is a new currency it is unlikely the ones that we have been holding or using for a long time,
It is a digital currency and yes the price depends on the demand for it and the fluctuation is so volatile .

Bitcoins right now is more suitable for be considered as digital asset and digital gold than currency at least for right now because except bitcoin's price is high fluctuating, bitcoins has problem with scaling, we must pay the fees sending transaction and it is not good for small amount of transaction, but if the hard fork of bitcoins be succesfull, there are chance to bitcoins be new currency and adopted by all of the people for payment method daily like fiat currency.

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Quote from: facenew111 on July 07, 2017, 02:40:42 AM

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

This is quite true but it is a new currency it is unlikely the ones that we have been holding or using for a long time,
It is a digital currency and yes the price depends on the demand for it and the fluctuation is so volatile .

hisuka

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Quote from: Pejoh Asu on July 28, 2017, 12:03:01 AM

Yes, and this is the essence of decentralization, everything is pure and dependent on the market, when demand is high, of course, prices go up and vice versa.

Bitcoin is decentralied and you were right it depends on the market with its fluctuation. The more users the more is active in the market so price is not stable. Therefore, it cannot replace currency of the world because of its votality the outcomes would not be good because it not yet legalized by the government even here in my country.

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Quote from: joshy23 on July 07, 2017, 03:12:38 AM

I really don't understand why people think bitcoin can be the currency that is fiat. And I agree with @mjglqw, bitcoin is still its infancy while we all know fiat since time. Although bitcoin is so volatile, but I think this can be considered as one of its strengths or advantage against fiat. Let's say we just took advantage of both in our daily lives. Bitcoin as "commodity" and the usual fiat at the side.

I think Bitcoin and cash coexist in parallel will be better. Bitcoin can not replace cash in everyday life, cash does not have as many advantages as Bitcoin when dealing with the world.

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Yes, and this is the essence of decentralization, everything is pure and dependent on the market, when demand is high, of course, prices go up and vice versa.

skorupi17

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Quote from: facenew111 on July 07, 2017, 02:40:42 AM

bitcoin cannot replace currency in the world because price is not stable.

currency should be more stable.

you may reply me. currency is not stable also but you should think

USD currency price is up and down 1-2% in 1 month.

bitcoin price is up and down 20% in 1 month.

what will people think if they just change USD to bitcoin then their money down 10% in 10 minutes?

bitcoin can become stock but cannot become currency

That is quite true. A currency should be stable enough to become an effective currency. And in the case of Bitcoin, it is not suitable for the job. It is impractical for a daily basis usage. As long as Bitcoin stays as volatile as it is now, it cannot be a good currency. Include the fact that it needs transaction fees even if it is just a peer-to-peer transaction.

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Quote from: Inkdatar on July 27, 2017, 01:48:03 PM

Quote from: Oralmat on July 27, 2017, 09:39:44 AM

Definitely, I am agree with you, when i know about bitcoin deeply, then i also have thought that bitcoin couldn't change in currency. Bitcoin would be faced too much difficulties if bitcoin become into physical appearance. First of all, i am not thinking about it now and also in future. People like to use bitcoin as it is.

My point of view for this, bitcoin cannot replace the world currency for now because price is not stable. You were right on this, its not stable and it has normal fluctuation of its value ever since when its started to hit in the market. I dont think it will replace the currency in the world as it is not yet accepted globally.

Bitcoin wasn't even created for replacing fiat currency. Otherwise its supply wouldn't be limited or would have a lot more than 21 million. Bitcoin was created to coexist with fiat and gave this world a new form of monetary system different from centralised form of currency or financial system.

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Quote from: Oralmat on July 27, 2017, 09:39:44 AM

Definitely, I am agree with you, when i know about bitcoin deeply, then i also have thought that bitcoin couldn't change in currency. Bitcoin would be faced too much difficulties if bitcoin become into physical appearance. First of all, i am not thinking about it now and also in future. People like to use bitcoin as it is.

My point of view for this, bitcoin cannot replace the world currency for now because price is not stable. You were right on this, its not stable and it has normal fluctuation of its value ever since when its started to hit in the market. I dont think it will replace the currency in the world as it is not yet accepted globally.

Oralmat

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Definitely, I am agree with you, when i know about bitcoin deeply, then i also have thought that bitcoin couldn't change in currency. Bitcoin would be faced too much difficulties if bitcoin become into physical appearance. First of all, i am not thinking about it now and also in future. People like to use bitcoin as it is.

iram1011

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The kind of volatility that Bitcoin exhibits has extreme consequences for anyone doing commerce (selling goods and services) and accepting Bitcoin as payment (a currency). Most businesses cannot sell a product/service at 100, and then see the proceeds from the sale turn into 72 in a matter of days because of high volatility (it can be other way round but still uncertain). This would risk turning profitable sales into unprofitable ones. Of course, those businesses could accept Bitcoin and then trade out of the accepted Bitcoin immediately (for USD or another currency).

That seems like a solution, doesn't it? It so happens that this solution - which would be perfectly necessary - also represents the failure of Bitcoin as a currency. Then the question is why not fiat?

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Quote from: TrumpD on July 27, 2017, 08:15:45 AM

You are right about this, for as long as bitcoin remains unstable and volatile, it will be difficult to class it as a currency, and a few will shy away from using it. However, the benefits outweigh the volatility problem. And this will make it very attractive to the majority.

None feels shy of using it when it is profiting the people who trust and accept it. There are different types of people, some give priority to the security for their investment and those people completely avoid bitcoin because of volatility whereas who expect a better profiting on the investment believe and make use of the volatility.

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You are right about this, for as long as bitcoin remains unstable and volatile, it will be difficult to class it as a currency, and a few will shy away from using it. However, the benefits outweigh the volatility problem. And this will make it very attractive to the majority.

unusualfacts30

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It's not stable because it's used globally. Bitcoin in China is same as Bitcoin in US or anywhere else. If everyone in the world was using $, it would not be stable either. You never have to convert it to something else (other than fiat).

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