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Topic: BTC long term (Read 559 times)

newbie
Activity: 29
Merit: 0
March 14, 2013, 01:41:41 AM
#6
Although I guess it would be very fair to say at least some people will always want bitcoins (or some equivalent cryptocurrency) and there might be at least some sort of market for them which seems to be what OP is asking anyways.

Maybe put another way: what is the likelihood of BTC competing with another open source cryptocurrency?
newbie
Activity: 17
Merit: 0
March 14, 2013, 01:30:59 AM
#5
I can't speak for everyone, but I come from a precious metal background. I see Bitcoin as a digital upgrade for gold.

I can retain my privacy, which I appreciate.

I can avoid the whims of central bankers and their fiat inflation policies.

I can avoid normal banks who tend to freeze account for pretty much any reason under the sun.

I can avoid middlemen when I want to send money to a friend down the street or on the other side of the globe.


These are all very good reasons to use bitcoins and the same reasons why I would like to see bitcoins become a currency I can realistically but dinner or pay rent with. But most people don't care about privacy. Most people use Chrome and Facebook with their real names and actually like 'personalized ads'.

Most people also do not know nor want to know anything about their own financial systems. As long as it is still easier for them to pay in dollars they will continue to do so, Internet Explorer is the second most popular browser because most people don't care enough to find a better way to do things.

If it becomes easier to use BTC than fiat currency then certainly these people will transition over but right now BTC reside in a very niche market for "those crazy anarchist libertarian people".

Bitcoins must offer some sort of incentive people care about in order to be adopted as a useable currency. And for the average user they do not.

Although I guess it would be very fair to say at least some people will always want bitcoins (or some equivalent cryptocurrency) and there might be at least some sort of market for them which seems to be what OP is asking anyways.
newbie
Activity: 41
Merit: 0
March 14, 2013, 01:03:18 AM
#4
Illegal trade is the main benefit BTC has over fiat currency.

No, no it isn't. Cash works just fine for illegal trade.
But the logistics of cash are far more complicated are they not?
You would have to somehow physically deliver it to the other party which requires being in very close proximity and can compromise anonymity.

I'm no expert on buying illegal goods with cash or BTC but it seems BTC's would be a lot simpler.

Although I suppose shipping physical goods becomes a hassle without an anonymous PO box, which could still probably be traced by high enough authorities.

If illegal trade isn't what's supporting BTC what is? Besides speculation?

Rampant government-controlled fiat debauchery (forced de-valuing aka money-printing in order to make a country's goods "cheaper" to foreign buyers).
newbie
Activity: 17
Merit: 0
March 14, 2013, 12:59:47 AM
#3
Illegal trade is the main benefit BTC has over fiat currency.

No, no it isn't. Cash works just fine for illegal trade.
But the logistics of cash are far more complicated are they not?
You would have to somehow physically deliver it to the other party which requires being in very close proximity and can compromise anonymity.

I'm no expert on buying illegal goods with cash or BTC but it seems BTC's would be a lot simpler.

Although I suppose shipping physical goods becomes a hassle without an anonymous PO box, which could still probably be traced by high enough authorities.

If illegal trade isn't what's supporting BTC what is? Besides speculation?
newbie
Activity: 17
Merit: 0
March 14, 2013, 12:52:34 AM
#2
I'm not claiming to know anything but it seems:

Currently SR and speculation are the two main forces driving Bitcoin prices up.

Yes you can use Bitcoins to buy legal things but I think we would all agree it's easier to do this with normal money.

Illegal trade is the main benefit BTC has over fiat currency.

Thus:
As long as people want to buy illegal goods.
and
As long as BTC remains the easiest way to buy illegal goods
Then
People will want bitcoins.
newbie
Activity: 29
Merit: 0
March 14, 2013, 12:47:48 AM
#1
Will people always want BTC?
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