Can Bitcoin change the world's financial system? - page 4.

prettybuds

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Quote from: practicaldreamer on May 13, 2016, 02:53:00 PM

Quote from: prettybuds on May 13, 2016, 02:44:46 PM

Quote from: practicaldreamer on May 13, 2016, 02:40:47 PM

And it offers a lot of utility (99% of which is yet unrealised) over and above fiat, and even gold/pm's.

I totally agree! Still, it doesn't seem to change the world.

I remember a vague buzz about the internet circa 1996. I worked at a college in the UK that had a pc on the top floor that was connected. I was eager to try it out. When I eventually did it only (in a very slow, interrupted and unreliable kind of a way) connected me to a very small library held by a US university - I can't remember which one, but it doesn't matter. It was shit.
Even as late as 2000/2001 I remember people expressing to me their scepticism regarding online trade(rs) such as Amazon.

Thats where bitcoin is today.

That's a very interesting view.
But what makes us so sure that Bitcoin can indeed be compared to technology as disruptive as the Internet?

RodeoX

legendary

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The revolution will be monetized!

I think it has already had an effect on the banking sector. New payment systems are all the rage in finance right now. Credit cards and payments had not changed in decades. Then bitcoin shows up to disrupt things and now we have Apple-pay, Venmo and many others. This rush to develop payments is spured on by bitcoin. Even the conservative banks agree that payments will never be the same again. We won the war.

practicaldreamer

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Quote from: prettybuds on May 13, 2016, 02:44:46 PM

Quote from: practicaldreamer on May 13, 2016, 02:40:47 PM

And it offers a lot of utility (99% of which is yet unrealised) over and above fiat, and even gold/pm's.

I totally agree! Still, it doesn't seem to change the world.

I remember a vague buzz about the internet circa 1996. I worked at a college in the UK that had a pc on the top floor that was connected. I was eager to try it out. When I eventually did it only (in a very slow, interrupted and unreliable kind of a way) connected me to a very small library held by a US university - I can't remember which one, but it doesn't matter. It was shit.
Even as late as 2000/2001 I remember people expressing to me their scepticism regarding online trade(rs) such as Amazon.

Thats where bitcoin is today.

prettybuds

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Quote from: Jhanzo on May 13, 2016, 02:46:30 PM

they have to make changes in order to compete with bitcoin.

I personally don't think so, they just want to spend less on the system they're using (blockchain being efficient)

They don't have to compete with Bitcoin at all at this point

Jhanzo

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Thank satoshi

bitcoin is already in the process of changing the world's financial system. why do you think the banks are trying to implement blockchain-like system? they have to make changes in order to compete with bitcoin.

cryptoheadd

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Quote

That's right my friend! You could do that. But nobody does Wink
Do you understand what I mean?
Bitcoin is brilliant technology, but it's not changing very much.
Certainly not what Bitcoin hardliners are claiming.

That's true.
But I think, that's because of the legality issues.

Why do you think most people aren't using it?

prettybuds

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Quote from: practicaldreamer on May 13, 2016, 02:40:47 PM

And it offers a lot of utility (99% of which is yet unrealised) over and above fiat, and even gold/pm's.

I totally agree! Still, it doesn't seem to change the world.

practicaldreamer

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Where to locate value - that is the question.

For me bitcoins value is derived from the utility (benefit) it confers over and above the alternatives.

And it offers a lot of utility (99% of which is yet unrealised) over and above fiat, and even gold/pm's.

prettybuds

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Quote from: coinzat on May 13, 2016, 02:37:57 PM

Quote

There are 1-2 million Bitcoin users in the world.

I doubt this number. I think bitcoin users are more than this number by many times.

Yes, many doubt this number, but it is the truth.

Active users are even much, much less, only about 200-300k

Quote from: cryptoheadd on May 13, 2016, 02:39:10 PM

Right now, I can send 10,000$ to you and you'll receive it within 30 seconds. (Not counting the confirmations)
Plus, I'd only have to pay a 0.05 USD fee (0.0001BTC).

If I do a wire transfer, the fee is going to be a whole lot more, along with the turn around time of more than 2 working days.

That's right my friend! You could do that. But nobody does Wink

Do you understand what I mean?
Bitcoin is brilliant technology, but it's not changing very much.
Certainly not what Bitcoin hardliners are claiming.

cryptoheadd

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Activity: 1036

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Quote from: prettybuds on May 13, 2016, 02:33:06 PM

People always say that Bitcoin is changing the world.
Everyone I know doesn't care about Bitcoin, like at all, like absolutely not at all.
There are 1-2 million Bitcoin users in the world. That's like one grain of sand on an utterly huge shore.
I don't know what all the fuss is about.
IMO Bitcoin can't change anything.
HOWEVER it is a brilliant experiment, and I think it's absolutely fascinating.
But that's about it for me.
Am I wrong?

Bitcoin has already changed a lot.
It has made money transfer so easy & convenient.

Right now, I can send 10,000$ to you and you'll receive it within 30 seconds. (Not counting the confirmations)
Plus, I'd only have to pay a 0.05 USD fee (0.0001BTC).

If I do a wire transfer, the fee is going to be a whole lot more, along with the turn around time of more than 2 working days.

coinzat

sr. member

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Young but I'm not that bold

Quote

There are 1-2 million Bitcoin users in the world.

I doubt this number. I think bitcoin users are more than this number by many times. I agree with you that many people around the world do not care about bitcoin because they did not try it yet. so give bitcoin more time and you may get better results

prettybuds

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Bitcoin fans always say that Bitcoin is changing the world.
Everyone I know doesn't care about Bitcoin, like at all, like absolutely not at all.
There are 1-2 million Bitcoin users in the world. That's like one grain of sand on an utterly huge shore.
HOWEVER it is a brilliant experiment, and I think it's absolutely fascinating.

Much could be done with Bitcoin, but it's not really used all that much. That's not exactly setting the world on fire.

Am I wrong? Can/will/has it change(d) the world?

Thank you for your posts guys!

Topic: Can Bitcoin change the world's financial system? - page 4. (Read 2355 times)