Topic: bitcoin cannot replace currency in the world because price is not stable - page 36. (Read 13345 times)
July 07, 2017, 05:08:21 AM
Bitcoin is certainly not a globally accepted currency and it's not currency at all it's just used as store of value. For bitcoin to replace fiat and become globally accepted currency it would require some drastic changes to be made in bitcoin. If there's something which cost you $1 in fiat currency the same thing would cost you more than $1 because you have to add network fee to $1 so obviously you will choose to pay with dollar instead of bitcoin so it's not just instability in the prices of bitcoin which stops it from becoming a worldwide currency but the other factors like transaction fee etc also is a hurdle in bitcoins becoming worldwide currency. And I think that tx fee is something which we can't think of bitcoin without but once more and more people and nations start recognizing it as currency the vendors themselves may adjust the prices of their products so as to include the transaction fee in the prices of their products. Bitcoin still has a long way before it becomes globally accepted currency and replace the fiat currency.
July 07, 2017, 05:00:32 AM
Bitcoin have long way to be currency and stable price is one of problem that we should think later, i think problem such as scaling solution while keep decentralization should be fixed first.
We also must find way to upgrade network regularly as computer hardware get faster and cheaper, then we can think about how to make bitcoin price stable while also think about bitcoin adoption.
We also must find way to upgrade network regularly as computer hardware get faster and cheaper, then we can think about how to make bitcoin price stable while also think about bitcoin adoption.
July 07, 2017, 05:04:36 AM
I agree with the title of this topic, bitcoin will not replace the fiat currency of the world or different countries because bitcoin is not stable on its price so the purchasing power of bitcoin for different items is not fixed and also the supply of bitcoin is limited only so it cannot supply all the demand of the people in the world so it cannot replace the current fiat system that we have right now.
July 07, 2017, 04:59:30 AM
That's clear. Bitcoin can not replace the currency, in the world. Because, not everyone has the tools to use Bitcoin. As we know, Bitcoin need a internet connection.
Bitcoin doesn't need to replace any of the existing fiat currencies. It's mind boggling how people constantly keep focusing on this. Bitcoin is a perfect alternative for those that aim to enjoy a high level of freedom, in form of not being dependent on any sort of central entity. For me Bitcoin is more like Gold, but then the 2.0 version. It offers an insane level of convenience and usability in terms of moving value from one place to another near instantly, and it allows you to store wealth outside the banking and governmental system. In terms of a proper all round currency, fiat is doing its job pretty well, and thus there is no point into changing anything in this regard. Bitcoin and fiat can perfectly co-exist, people for once need to stop being so short sighted.
July 07, 2017, 04:55:23 AM
Bitcoin is good for many use cases and it will surely change money and society, but physical currency is still needed for situations where we do not have internet access.
July 07, 2017, 04:47:16 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
Bitcoin wasn't either invented to replace country's currency because that would need government involvement. If that happens government will definitely try to control it. This is not what bitcoin is. Bitcoin will keep on coexisting with fiat, it is not here to replace it. 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
July 07, 2017, 04:46:41 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
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 not fair to compare with USD because while the ups and downs may not be as dramatic, the United States Dollar is part of a centralized fiat system and my beloved Bitcoin is peer- to-peer completely dencentralized.
It can be currency. It is currency. It has mood swings, but at least I know It is mine. Can't say the same thing about
My hard earned USD. I get to have possession of my USD but it belongs to the federal reserve and if I shred it it's a crime. If I decided to burn a Bitcoin by destroying access to my private key, it wouldn't be a crime. Because what's mine is mine, when we talk about Bitcoin.
I like the topic though, thank you for provoking my positive thoughts about Bitcoin.
Cheers. ❤️🦋🦋🦋🦋❤️
July 07, 2017, 04:44:27 AM
Whether btc prices are stable or not, btc still can not replace conventional currency because simply btc is just a digital currency. But if btc becomes popular worldwide, the price of it will become stable. And to do this as quickly as possible, we need to make reasonable changes to btc system replication to users of all classes.
July 07, 2017, 04:34:09 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
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
Well Bitcoin is the best currency ever and if you want to be happy with your $ be happy. What you don't understand is Bitcoins is far way better, Bitcoin is not centralized, it's decentralised. It's cashless so no need to carry it around, it's secure, safe and cannot be stolen. It's value increases and increases way beyond one can imagine. You can buy and sell using Bitcoins and you should understand this, sadly you don't seem well updated.
July 07, 2017, 04:09:24 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
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
Yeah, bitcoins volatility is the main reason people are shying away from using it as a medium of exchange. Right now bitcoin is being used as a speculative asset, but once bitcoin gains more user base and the market cap increases then bitcoin would become much more stable. Maybe in the next few years it would be used as a viable medium of exchange, but that doesn't mean that it would replace conventional currency.
July 07, 2017, 04:02:54 AM
That's clear. Bitcoin can not replace the currency, in the world. Because, not everyone has the tools to use Bitcoin. As we know, Bitcoin need a internet connection.
July 07, 2017, 03:53:15 AM
to the contrary of the popular belief the value recently is very stable, is as stable as you can have it, can not be more stable than that with a currency based on supply and demand
besides if you have trouble with this you can exchange asap to your currency when receive bitcoin, another thing is that if you use it as a currency you should not be worried much about the stability
besides if you have trouble with this you can exchange asap to your currency when receive bitcoin, another thing is that if you use it as a currency you should not be worried much about the stability
July 07, 2017, 03:41:10 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
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
Of course, bitcoin is still young compared to other currencies and is definitely not ready to be used as a day to day payment method, mostly because of what you have stated, about how the price of bitcoin always fluctuates. The reason to this price fluctuation is also a reason why bitcoin is so popular and often used today, and it is the decentralisation of bitcoin. The downside of this of course would be the static prices and this is why bitcoin is not ready yet to make the leap to being able to be used in real life as well as online
July 07, 2017, 03:22:34 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
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
Bitcoin is made to be a global currency and not as stock.
Why is bitcoin so volatile?
Because bitcoin is in a very VERY young stage. The system isn't final yet. There are lots of updates to be made in the future that can determine if bitcoin will continue to be the de-facto of cryptocurrencies or not. Not to mention that we haven't achieved global adoption yet.
The USD has been around since forever. So common sense should tell you that it will be stable compared to crypto that hasn't even been around for more than a decade yet.
Do your own research.
But you are forgetting that USD or any other fiat currency is controlled by the government and Bitcoin is not controlled by anyone so price fluctuation is a common in Bitcoin. I agree with OP that Bitcoin is more like a Investment option then currency mode.
July 07, 2017, 03:13:21 AM
How stable was the price of gold (globally compared) over first 20,50,100 years when it was 'invented' about 5000 years ago ?
The internet will settle the volatility in a fraction of that time, but it's a bit chicken and egg ....
The internet will settle the volatility in a fraction of that time, but it's a bit chicken and egg ....
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.
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.
July 07, 2017, 02:52:10 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
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
Bitcoin is made to be a global currency and not as stock.
Why is bitcoin so volatile?
Because bitcoin is in a very VERY young stage. The system isn't final yet. There are lots of updates to be made in the future that can determine if bitcoin will continue to be the de-facto of cryptocurrencies or not. Not to mention that we haven't achieved global adoption yet.
The USD has been around since forever. So common sense should tell you that it will be stable compared to crypto that hasn't even been around for more than a decade yet.
Do your own research.
July 07, 2017, 02:50:26 AM
Bitcoin is a long way from becoming a currency you can live your life in. You also only have 7 transactions a second. But that doesn't mean Bitcoin isn't immensely valuable as a medium-term and long-term store of value
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
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
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