Topic: Bitcoin will not be the future currency? (Read 206 times)

A Airbus 380 Jumbo plane costs $380,000,000. They pay in US Dollar or Euro. World trade and commerce is done in international currencies.

A large oil tanker/ship needs 1,000,000 gallons of fuel per trip. That is $4 million of fuel.

It is obvious that governments and financial regulators will try to take control of the crypto-currency issuance.
Most likely, state crypto money will be issued, which will gradually supersede bitcoin.

It's been a good year for bitcoin investors but a terrible one for those who hoped that the cryptocurrency would become the de facto tender for the internet. Bitcoin’s creator, may be dismayed at what has become of the project, intended as peer-to-peer electronic cash that didn't require the supervision of banks. Instead, bitcoin has become an investment vehicle, embraced by many on Wall Street, an asset class like every other. For all the success of the blockchain and bitcoin's soaring value, it's clear that Nakamoto's original vision had sung the swan song.

Bitcoin is unsuitable as a currency, because people are far more likely to hold it in anticipation of it appreciating in price. Its volatility strips bitcoin of the characteristics needed "of a plausible substitute currency," making it instead a "speculative asset, a get-rich quick scheme." Stable values are required to encourage both commerce and investment, since people need to understand the value of what they're buying, and buying into.

Bitcoin was designed to be deflationary -- artificially limiting the supply of bitcoin to 21 million, forever. But there's a problem with using deflationary money to run an economy. The limited supply of Bitcoins will plunge our primitive economy into a recession, mirroring the Great Depression of the early 20th century. Hence, it is the best to consider bitcoin is an dynamic virtual asset rather than a currency.

BITCOIN CAN NOT BE THE FUTURE CURRENCY  BECAUSE SOME COUNTRIES DO NOT ALLOW BITCOIN OR RATHER SEES IT AS A POZI SCHEME AND SOMETHING ILLEGAL

I found this opinion BORING/Vapid! Anyone feels me?

So now banks wants to use Blockchain and disrupt Bitcoin 🤔 well good luck ain't going to work, at the end its a centralized currency.

Bitcoin is a bubble, how long are you crybabies going to continue this tape?

Its shown as a investment tool, outperforming every other investment asset.

Bitcoin is the new market and the other market is a disappointment for me.

Long live Bitcoins, it can make you rich but can't buy you common sense and knowledge of what you say is wrong, maybe your bank coins will!

Obviously, crypto currency will be the future of currencies. Bitcoin may be the one that started it but I think it will not be the one who will finish it but as long as bitcoin is giving profit and pumping up, people will still use it and will keep it.

We cannot say the total future of bitcoin as our future currency, but today, there are some banks study on how to adapt cryptocurrencies, and it is generalize bitcoin as their target market investment. So, we can say that it is the next stage of crypto as being usable in the market by improving and developing their total popularity as an asset.

First i don't agree with the bubble thing that you mentioned because it is not,bitcoin is no longer a simple bubble.Banks are threatened by bitcoin,they afraid of losing their revenues because of it's fast growth and the acceptance of many people worlwide.It is not a surprise if banks would do something about bitcoin.If a currency comes from a bank then it won't be decentralized that i'm afraid other would not agree with it.We all know that people use bitcoin because of its unique nature.

I think that I am bored of people placing links of news and quoting someone, this is such a low quality content. Why don't you write something yourself?

Bitcoin is not the future currency for sure but ''cryptocurrency'' will be the future currency, bitcoin is just an experiment to me, but it will definetely not die.

That's an old argument. Bitcoin is not structurally fit to become a mainstream currency because this coin is based on the idea of decentralization which is directly opposite to the idea of government backed centralized currency. So majority of the government will not allow it to be mixed with their own fiat currency system or economy in general, because not every government is progressive like Japan or USA. But there is a silver lining. Even governments know that they won't be able to cut down the usage of crypto currency in a massive scale due to the lack of the infrastructure. So it will be used by the investors and enthusiasts. The maximum a government can do, is to tax on it in exchange of the legality. If you pay tax on something, that can be proudly declare as a legal asset in all countries. Majority of the governments are aiming at that.

Like in my country, the tax authority had sent out tax notices to almost 0.3 million people for trading and making profit in crypto currency and the tax rate is also ranging from 5%-30%. The actual number of crypto currency users are actually four times than this number. So bitcoin will be used in my country as an investment asset and government will be paid taxes on it. It will remains as a speculative asset like many other commodities. The only difference is that, commodities are tangible but crypto currency is intangible. Don't expect it to be accepted by the governments as a legal tender. Just trade and make profit.

for now i think bitcoin cant be use as a currency simply because its being used for trading speculation making its price too volatile to be use as a currency.

A cashless future is indeed on its way, and governments and central banks have no choice but to prepare for it. But a cashless future doesn't necessarily require government-backed digital currency. And while the technology underlying Bitcoin and other such cryptocurrencies will almost certainly have many useful applications, replacing physical cash is unlikely to be one of them.

A cryptocurrency that is issued by a central bank is doomed to fail.
One of the major reasons for the success of Bitcoin is that its supply
is capped and that it is completely decentralized.

On the other hand the supply of a cryptocurrency that is issued by a central bank
could be increased at will just as they are doing it with the fiat money supply.
Therefore such a currency would never gain any traction and would linger on without
much actual usage.

I agree with that, and givwn the fact that some countries banned Bitcoin already, it means that this is recommended currency for now, and I think it will be better if Bitcoin will be after the fiat, but to sum it up Bitcoin is a better currency for us to used as medium of payment and investments.

Bitcoin may have failed in its original mission, but its greatest victory may be to open the door for other, more-scalable cryptocurrencies. Harnessing the power of the blockchain, projects like Ethereum, which have fewer of the limits imposed by Nakamoto on their own creation, have the potential to spread much wider.

well its not impossible if the bank will release in there own currency but it will not stop bitcoin
we use bitcoin because all exchange support it you can exchange any currency on it

Maybe you are right but in the cryptomarket bitcoin still the number one powerful cryptomonnaie used and many countries in the future will accept that and will accept bitcoin in our life not in trade sites and winning btc in the net only

"Bitcoin will not be the future currency because central banks will release their own technical money before letting Bitcoin threaten the money supply. However, Bitcoin is a speculative bubble. Bitcoins as well as cryptocurrency types, they are commodities and are in a vicious cycle of speculation, attracting a lot of money and investment from the gold market. I think they will grow even further. But anyway, they are still bubbles and will affect the financial markets in general. " Jack Rasmus, professor of political economy at St. Louis Mary, California, said.

What do you think about this opinion?