Topic: Bitcoin taking over the big 5 (Read 1408 times)

I think merchants will start phasing out credit cards in favor of bitcoin,
because the fees are way too high.

Thoughts:

Gold.  No, 'cause it ain't shiny.  Most gold is for jewelry, and a watch for him, necklace for her isnt going to be replaced by a Bitcoin. Some cultures have large dowries or gifts expected in gold.  For goldbugs holding coins and bars, nothing else will do and same goes for government reserves.  Some might drop gold in favour of Bitcoin for investment, trading etc.

Credit cards.  So much is made about the costs of credit cards... to the merchant.  As a consumer I dont see that cost and i like the protection being offered.  Unless someone makes it possible for Bitcoin trades to be reliably escrow'd, this is going to be very difficult to replace.  Oh, and then there's the credit aspect (just a small advantage implicitly not possible with Bitcoin)

Micro payments.  Here's a market ripe for exploitation.  If people focused on this rather than the other "big" areas, it could gain a solid foothold in mainstream consciousness.  Then it might be ready for...

Banking.  Not as it is.  So much discussion I see seems US in focus around costs and convenience of banking.  In Europe and UK we have mostly free or low cost banking already.  I transfer money to utilities, family/friends if required instantly with no costs.  i can transfer internationally for a modest fee (about £15 iirc).  Bitcoin doesn't offer the option of a loan if i need it.  

Remittances.  There's scope here, but the technology is too advanced for widespread use imo.  A lot is made about use of smart phones in Africa fulfilling the technology side, but the phones are low spec and people share a phone owning only their SIM.  Thats not going to work with wallets is it?  Cant be dismissed but its not there, and technical hurdles need to be addressed. The phone compaies are already working themselves into this space and provide strong challenge.  In other countries as technology improves, established banks  can probably keep ahead of the market.  It has potential, but i just not sure i see it happening.

Remittances and micropayments perhaps.  Gold is gold, its not going anywhere.  Banking and credit cards are also going nowhere so long as people still need/ use credit.

Like the confirmation times, growing size of the block chain, insecure exchanges. Don't get me wrong, i like bitcoin, but it has a long way to go.

like what?

Because there is no room for dissent on this internet forum? Really, guy? This ain't a church.

So if you guys dont believe in bitcoin then go to another alt forum.

I agree that it will change all of those industries significantly, but gold the least. There will always be a strong gold market because not only has it been established for thousands of years as a very good store of value, but it also has intrinsic value in its usefulness. The computer (or hand-held) you're reading this post on has gold in it. Plus if its in your possession gold is apocalypse proof unlike Bitcoin.  

It won't be Bitcoin, but other Better cryptos taking over those 5 listed. Bitcoin is lacking in Many areas...

Just one.

there is a 100% chance bitcoin will servive this crurent downtrend. soon more adaption and new buyers coming into the bitcoin market will make price go back up

We'll probably need a few years to do that and there still are some issues with bitcoin. One of them being frequent hacks and the unreliable exchanges. Nobody's going to trust bitcoin in the same way they trust gold until those are resolved.

Was watching a video on the world bitcoin network (great yt channel)...
And he said bitcoin has potential to take over 5 distinct markets,
All of which are trillion dollar markets.

Gold
Credit cards
Micro payments
Banking
Remittances

Thoughts?