Bitcoin is Becoming a Global Currency - page 143.

deisik

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Quote from: HarHarHar9965 on August 30, 2015, 06:39:44 AM

Quote from: deisik on August 30, 2015, 04:03:54 AM

Quote from: HarHarHar9965 on August 29, 2015, 12:31:10 PM

yes, the currency used for buying petroleum is called petrodollar which ensures trade taking place as it is essential and as dollar is used in trade almost everytime such a transaction takes place, its value is increased making it more secure for people. Along with that, other markets and countries also have a role to play which result in US becoming the most widely used currency, making it in a way, the global currency.

If I'm not mistaken, Iran under sanctions had been selling oil to China for euros. In their hatred for America, they went so far as to have set up a bourse on the island of Kish in the Persian Gulf. The bourse had been intended to operate in various currencies other than the US dollar (primarily the euro and Iranian rial)...

Don't know what's become of this enterprise, though

So, Iran now competes with Russia in sell oil to China. But Iran's cash goes to Russia anyway to buy missile systems (under the latest agreement, for "domestic" use only). But where is China getting excess cash to buy Iranian oil? From it's trade surplus with the US. Obama's world trade policies are working well.

You dramatically forget that the US is not the only pebble on the beach. Since China allegedly buys Iranian oil for euros, it gets them from its trade surplus with the EU...

Yeah, I understand the pain in Obama's ass

HarHarHar9965

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Quote from: deisik on August 30, 2015, 04:03:54 AM

Quote from: HarHarHar9965 on August 29, 2015, 12:31:10 PM

Quote from: wxa7115 on August 29, 2015, 09:54:09 AM

This, the US dollar is a global currency due to its reserve currency status, also for the fact that oil is traded in dollars and finally because you can go to some countries and pay with it.

yes, the currency used for buying petroleum is called petrodollar which ensures trade taking place as it is essential and as dollar is used in trade almost everytime such a transaction takes place, its value is increased making it more secure for people. Along with that, other markets and countries also have a role to play which result in US becoming the most widely used currency, making it in a way, the global currency.

If I'm not mistaken, Iran under sanctions had been selling oil to China for euros. In their hatred for America, they went so far as to have set up a bourse on the island of Kish in the Persian Gulf. The bourse had been intended to operate in various currencies other than the US dollar (primarily the euro and Iranian rial)...

Don't know what's become of this enterprise, though

So basically this means that Iran competed with Russia to sell oil to China. What's the point competing anyway because Iran's money goes to the Russian reserves in return of missiles Wink

I was wondering how China got that extra cash to invest in the oil from Iran, figured out its from trade surplus with the US itself Tongue

World trade, nice concept.

wicks

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Even if a person lives at some part of the world where he cannot have internet or something, it doesn't matter. Even with modest SMS messaging on your basic phone, you can transact business globally. You are the bank. Buy, sell and trade worldwide, with no banking fees. No car, debit card or ID required.

deisik

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Quote from: HarHarHar9965 on August 29, 2015, 12:31:10 PM

Quote from: wxa7115 on August 29, 2015, 09:54:09 AM

This, the US dollar is a global currency due to its reserve currency status, also for the fact that oil is traded in dollars and finally because you can go to some countries and pay with it.

yes, the currency used for buying petroleum is called petrodollar which ensures trade taking place as it is essential and as dollar is used in trade almost everytime such a transaction takes place, its value is increased making it more secure for people. Along with that, other markets and countries also have a role to play which result in US becoming the most widely used currency, making it in a way, the global currency.

If I'm not mistaken, Iran under sanctions had been selling oil to China for euros. In their hatred for America, they went so far as to have set up a bourse on the island of Kish in the Persian Gulf. The bourse had been intended to operate in various currencies other than the US dollar (primarily the euro and Iranian rial)...

Don't know what's become of this enterprise, though

HarHarHar9965

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Quote from: wxa7115 on August 29, 2015, 09:54:09 AM

This, the US dollar is a global currency due to its reserve currency status, also for the fact that oil is traded in dollars and finally because you can go to some countries and pay with it.

yes, the currency used for buying petroleum is called petrodollar which ensures trade taking place as it is essential and as dollar is used in trade almost everytime such a transaction takes place, its value is increased making it more secure for people. Along with that, other markets and countries also have a role to play which result in US becoming the most widely used currency, making it in a way, the global currency.

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Quote from: HarHarHar9965 on August 29, 2015, 06:30:35 AM

I think you are talking about the Greece government and I don't think so they have banned bitcoins, and last I heard they were the country which were receiving ATM machines which could cash out bitcoins. Greece has not banned anything, rather paypal has banned Greece. This took place when Greece was going through the bailout phase and the 60 euro bank withdrawal rule took place.

No I'm not talking about Greece government, but to all governments in the world who legalizing bitcoin. Greece cant ban bitcoin, because it would make people dont trust government completely.

Quote from: Dotakels on August 29, 2015, 10:03:13 AM

if they not banned anything? and they not bitcoin ? how the banks owner can not complain bitcoin as a threat to their business? because if there a thousands of atm machines in their country, people will now use bitcoin and theres no will save or use the banks anymore.

People dont have any reason to save their money in bank nowadays after the crisis, which atm bank ruled them to limit their withdrawal for just 60 euros.

andysbizz

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Why not, if he has all the opportunities for growth? Perhaps BTC flood the whole world in the near future. Wink

Dotakels

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Quote from: HarHarHar9965 on August 29, 2015, 06:30:35 AM

Quote from: Falconer on August 28, 2015, 12:54:02 PM

Quote from: Dotakels on August 27, 2015, 09:51:24 AM

yeah i also though that, so their government not support that type of business because in bitcoin theres no taxes, but if they not support that business why they let that company build an atm if they know that more people will used bitcoin than their fiat money?

Thats a hard question for me to be answered, and actually I dont know what the government plans behind this. But I think those governments who legalizing it dont consider bitcoin as a threat, or maybe they have known that its useless to ban it, since people would still using it.

I think you are talking about the Greece government and I don't think so they have banned bitcoins, and last I heard they were the country which were receiving ATM machines which could cash out bitcoins. Greece has not banned anything, rather paypal has banned Greece. This took place when Greece was going through the bailout phase and the 60 euro bank withdrawal rule took place.

if they not banned anything? and they not bitcoin ? how the banks owner can not complain bitcoin as a threat to their business? because if there a thousands of atm machines in their country, people will now use bitcoin and theres no will save or use the banks anymore.

wxa7115

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Bitcoin is GOD

Quote from: BTChaintrader on August 29, 2015, 08:42:36 AM

Quote from: MUFC on August 29, 2015, 06:40:11 AM

It's hardly a global currency when hardly any place around the world accepts it. We've got a long way to go before it achieves this title but it certainly has the potential but it's not going to happen over night. And USD isn't a global currency either. Sure, there are many countries that accept it or even have it as their defacto currency but I can't buy anything in my country or most places in Europe with it. In fact, I've probably got more chance of being able to spend my bitcoins over dollars.

USD is considered a global currency, because every central bank in the world keeps some reserves of it and usually import/export is being made with USD.

This, the US dollar is a global currency due to its reserve currency status, also for the fact that oil is traded in dollars and finally because you can go to some countries and pay with it.

But this doesn’t mean that is accepted everywhere; in my country you can see signs in the supermarket that states very clearly that dollars are not accepted, only local currency.

Spamela Anderson

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Until I can go on holiday and spend coins its not a global currency, though it sure can achieve that within our lifetimes.

Quote from: BTChaintrader on August 29, 2015, 08:42:36 AM

Quote from: MUFC on August 29, 2015, 06:40:11 AM

It's hardly a global currency when hardly any place around the world accepts it. We've got a long way to go before it achieves this title but it certainly has the potential but it's not going to happen over night. And USD isn't a global currency either. Sure, there are many countries that accept it or even have it as their defacto currency but I can't buy anything in my country or most places in Europe with it. In fact, I've probably got more chance of being able to spend my bitcoins over dollars.

USD is considered a global currency, because every central bank in the world keeps some reserves of it and usually import/export is being made with USD.

Do you have sources for that. I couldn't go to any of my banks and pay in dollars thats for sure.

BTChaintrader

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Quote from: MUFC on August 29, 2015, 06:40:11 AM

It's hardly a global currency when hardly any place around the world accepts it. We've got a long way to go before it achieves this title but it certainly has the potential but it's not going to happen over night. And USD isn't a global currency either. Sure, there are many countries that accept it or even have it as their defacto currency but I can't buy anything in my country or most places in Europe with it. In fact, I've probably got more chance of being able to spend my bitcoins over dollars.

USD is considered a global currency, because every central bank in the world keeps some reserves of it and usually import/export is being made with USD.

MUFC

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Quote from: mindrust on August 29, 2015, 05:40:32 AM

Bitcoin is already a global currency in the terms of cryptocurrencies. Agreed.

USD is the only global currency atm tho.

It's hardly a global currency when hardly any place around the world accepts it. We've got a long way to go before it achieves this title but it certainly has the potential but it's not going to happen over night. And USD isn't a global currency either. Sure, there are many countries that accept it or even have it as their defacto currency but I can't buy anything in my country or most places in Europe with it. In fact, I've probably got more chance of being able to spend my bitcoins over dollars.

HarHarHar9965

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Quote from: Falconer on August 28, 2015, 12:54:02 PM

Quote from: Dotakels on August 27, 2015, 09:51:24 AM

yeah i also though that, so their government not support that type of business because in bitcoin theres no taxes, but if they not support that business why they let that company build an atm if they know that more people will used bitcoin than their fiat money?

Thats a hard question for me to be answered, and actually I dont know what the government plans behind this. But I think those governments who legalizing it dont consider bitcoin as a threat, or maybe they have known that its useless to ban it, since people would still using it.

I think you are talking about the Greece government and I don't think so they have banned bitcoins, and last I heard they were the country which were receiving ATM machines which could cash out bitcoins. Greece has not banned anything, rather paypal has banned Greece. This took place when Greece was going through the bailout phase and the 60 euro bank withdrawal rule took place.

deisik

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Quote from: RealBitcoin on August 29, 2015, 05:36:13 AM

Quote from: deisik on August 29, 2015, 05:29:06 AM

I guess the top Bitcoin exchange (by daily volume traded) has Bitcoin cash-flow times greater that all Bitcoin gambling sites taken together. You just won't be able to see the bitcoins at these exchanges moving (changing hands) 99% of time...

Yea but thats inhouse transaction, its not on the blockchain. I guess my list wasnt in descending order, but just as an estimate so that people can see which industries are bitcoin used for.

But you said it unequivocally that "the biggest economic industry in bitcoin is the gambling one no doubt". And you set gambling apart from "speculation/investment/trading" at that (just in case you you're gonna say that trading is essentially gambling)...

I guess you're wrong (by a good margin)

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Bitcoin is already a global currency in the terms of cryptocurrencies. Agreed.

USD is the only global currency atm tho.

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Quote from: deisik on August 29, 2015, 05:29:06 AM

I guess the top Bitcoin exchange (by daily volume traded) has Bitcoin cash-flow times greater that all Bitcoin gambling sites taken together. You just won't be able to see the bitcoins at these exchanges moving (changing hands) 99% of time...

Yea but thats inhouse transaction, its not on the blockchain. I guess my list wasnt in descending order, but just as an estimate so that people can see which industries are bitcoin used for.

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Quote from: RealBitcoin on August 29, 2015, 02:07:41 AM

Quote from: marcus_of_augustus on March 09, 2015, 01:22:52 AM

Quote

Is there any evidence of penetration beyond the black market?

The global black market capital flow has been estimated around $20 trillion and growing at faster rate with the widespread trend towards financial facism (cash limits, bank account monitoring, capital controls, financial data mining, etc).

In my research I discovered, and this is not a secret, that bitcoin already has a big demand, and spending, its just that not that maninstream yet.

◘The biggest economic industry in bitcoin is the gambling one no doubt, all these casinos popping up and dice sites, they probably hold most of the bitcoin cashflow.

(Seeing satoshidice or primedice transactions of 500 BTC moving around all day)

I guess the top Bitcoin exchange (by daily volume traded) has Bitcoin cash-flow times greater than all Bitcoin gambling sites taken together. You just won't be able to see the bitcoins at these exchanges moving (changing hands) 99% of time...

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Quote from: marcus_of_augustus on March 09, 2015, 01:22:52 AM

Quote

Is there any evidence of penetration beyond the black market?

The global black market capital flow has been estimated around $20 trillion and growing at faster rate with the widespread trend towards financial facism (cash limits, bank account monitoring, capital controls, financial data mining, etc).

In my research I discovered, and this is not a secret, that bitcoin already has a big demand, and spending, its just that not that maninstream yet.

◘The biggest economic industry in bitcoin is the gambling one no doubt, all these casinos popping up and dice sites, they probably hold most of the bitcoin cashflow.

(Seeing satoshidice or primedice transactions of 500 BTC moving around all day)

◘Then there is speculation/investment/trading, which is smaller than gambling, but its close to it.

◘Next to gambling there are all sorts of digital goods mostly: gift cards, online goods, account access, whatever.

◘Then there are local spendings: coffe, pizza place, some beauty salons, gyms, restaurants, and even some smaller stores.

◘And then last but not least there are the service sectors: online subscriptions/memberships, escrow, financial services, get-paid-to, porn, etc.

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Quote from: n2004al on August 29, 2015, 01:16:53 AM

For sure. Not only local bitcoins demonstrate this but to many other signs like more articles in the newspapers, more newspapers dedicated to the bitcoin and its technology, more startup born and new one which born every day, much development of businesses which are connected with bitcoin etc.

yes bitcoin current progress is very rapid, the more people who know what it bitcoin, how it works, and its superiority compared to paper currency, and certainly will be the currency bitcoin priority someday

n2004al

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For sure. Not only local bitcoins demonstrate this but to many other signs like more articles in the newspapers, more newspapers dedicated to the bitcoin and its technology, more startup born and new one which born every day, much development of businesses which are connected with bitcoin etc.

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