Topic: Can we sell cryptocurrencies in the traditional market like any commodity? (Read 186 times)
August 07, 2018, 08:01:45 AM
If the crypt is to cover the trade sector, then we will quickly come to the fact that the crypt becomes a full currency.
August 07, 2018, 07:53:17 AM
The comparison of electronic money and commodities is also applicable (my point of view). However, the nature of these two types is not the same. Commodities can hardly last long because they will break down over time, or get old and lose value. Electronic money is just numbers and it is not broken, but it will be affected by the general market. Currently not applicable. And in the future, I'm not sure.
August 05, 2018, 12:14:45 AM
The nature and perceptions about cryptocurrency is that it is for certain group of people .Either for only those who like technology or the rich.But if we can go a step further to introduce cryptocurrency like any other financial method in the traditional market places, people attention will be drawn.
Bitcoin as alternative investment was already introduced to the entire market and to the most people of the world. Its just happen that Bitcoin or the Crypto are not feasible to all in which the need of technology is vital to every people that will join this investment unlike the traditional market in which traditionally the commodities are mostly doable. Therefore Bitcoin as investments will need more development and improvement in order for this investment to become more acceptable in all over the world.
But bitcoin market already reaches a few steps to be known in the traditional market, look at this news https://www.ccn.com/breaking-worlds-biggest-stock-exchange-operator-is-launching-a-bitcoin-market/.
August 04, 2018, 08:36:36 PM
The nature and perceptions about cryptocurrency is that it is for certain group of people .Either for only those who like technology or the rich.But if we can go a step further to introduce cryptocurrency like any other financial method in the traditional market places, people attention will be drawn.
Bitcoin as alternative investment was already introduced to the entire market and to the most people of the world. Its just happen that Bitcoin or the Crypto are not feasible to all in which the need of technology is vital to every people that will join this investment unlike the traditional market in which traditionally the commodities are mostly doable. Therefore Bitcoin as investments will need more development and improvement in order for this investment to become more acceptable in all over the world.
August 04, 2018, 07:41:47 PM
the first step is, the legalization of the government. then provide a traditional market specifically for crypto. If there is no government legalization, it is difficult for a company or community to make a traditional crypto market.
August 04, 2018, 06:54:29 PM
If crypto could be introduce in traditional market it will be awesome, unfortunately it's not that simple, the legality of crypto still in big question mark, and then the popularity in crypto is not too good in some countries, so I would say it need more time to introduce crypto to traditional market
Some of the countries (India) still think that crypto investments are like pyramid schemes, many people may lose money and the only handful of people will make money from these investments. The second issue is people can use cryptos for illegal activities and government agencies not able to trace them so legalising or regulating cryptos may take many many years. But whoever early investors may have good chance to make a good profit in the future so I think it is better to invest a small portion of savings in cryptos and wait.
August 04, 2018, 06:44:24 PM
people are increasingly eager to use it but are still limited, it is a very hindering thing.
I don't have that impression actually. I see a lot people constantly rehash that they would use it in this or that scenario, but they aren't doing anything to prove that they are genuinely interested in utility instead of speculation.Yes, adoption isn't optimal, but it's changing and there are enough ways to conveniently make use of your crypto currencies. You can always sign up for a crypto backed debit card allowing you to spend almost anywhere.
I am not really confident in things to change much in the coming few years, especially if crypto keeps jumping up and down. Less volatility will translate into less speculative trading and more actual use. Maybe that institutional capital will help.
August 04, 2018, 06:35:42 PM
First of all, what exactly do you mean by traditional markets?
Do you mean the traditional financial institutions that are currently playing a huge role in the fiat economy, or do you just mean the ability to spend bitcoins on a day to day basis for purchases? You really need to make yourself clear here.
Bitcoin is not something that is only offered to the rich. In fact, quite the opposite. The lack of entry requirements make it extremely accessible to anyone who wants to use it. In fact, most forum users are just regular Joes in reality. If you want to see bitcoin being integrated into the traditional banking system, I don't think that it's something that's needed at all. But it's definitely all up to the banks. However, from a commercial standpoint, bitcoin obviously currently can't be used for buying much goods at all on the traditional, offline markets, but this will change as adoption increases, imho.
Do you mean the traditional financial institutions that are currently playing a huge role in the fiat economy, or do you just mean the ability to spend bitcoins on a day to day basis for purchases? You really need to make yourself clear here.
Bitcoin is not something that is only offered to the rich. In fact, quite the opposite. The lack of entry requirements make it extremely accessible to anyone who wants to use it. In fact, most forum users are just regular Joes in reality. If you want to see bitcoin being integrated into the traditional banking system, I don't think that it's something that's needed at all. But it's definitely all up to the banks. However, from a commercial standpoint, bitcoin obviously currently can't be used for buying much goods at all on the traditional, offline markets, but this will change as adoption increases, imho.
August 04, 2018, 05:19:17 PM
If there are new technologies being introduced in the traditional market and they accept cryptos then we can gsay that we can sell their cryptos there in that traditional , but without those advanced gadgets in it ,then cryptos will not be accepted and transacted in that market.
August 04, 2018, 03:54:06 PM
Right now establishments and some companies will not consider cryptocurrencies as a mode of payment like any other assets as they are very volatile. As you can see only few companies such as online shops like Newegg.com and very few establishments over the world considers it. however there are people who does private transactions for instance trading BTC to any other crypto without the use if exchanges as some sees this as more profitable than selling in such platforms as most of the times fees are high. There is also people who trade it for physical items but it is more evident in the black market.
August 04, 2018, 02:41:48 PM
The nature and perceptions about cryptocurrency is that it is for certain group of people .Either for only those who like technology or the rich.But if we can go a step further to introduce cryptocurrency like any other financial method in the traditional market places, people attention will be drawn.
I agree with you, it's true that crypto will be able to get to the traditional community, of course it will be easier to access it, but if the convenience can be answered fully by the ATM machine, I think everyone will be easy and facilitated, especially when there is no internet network. more assured of the shortcomings in internet technology that is now underway, hopefully useful and successful for all of us August 04, 2018, 01:59:11 PM
If crypto could be introduce in traditional market it will be awesome, unfortunately it's not that simple, the legality of crypto still in big question mark, and then the popularity in crypto is not too good in some countries, so I would say it need more time to introduce crypto to traditional market
Yes, you are right. There are still many people who don't know crypto in traditional markets. Some of them assume that crypto cannot help them. Because they don't understand how crypto works. We recommend that if anyone understands crypto use, they must teach people to understand crypto usage.
August 04, 2018, 01:32:54 PM
The nature and perceptions about cryptocurrency is that it is for certain group of people .Either for only those who like technology or the rich.But if we can go a step further to introduce cryptocurrency like any other financial method in the traditional market places, people attention will be drawn.
In the current journey there is still no gap for the government to be able to introduce further into traditional markets and can only be limited in the current scope, but whatever happens Bitcoin will plan in that direction in promoting relations between the world, this is a problem that has not opened eyes in the crypto world, people are increasingly eager to use it but are still limited, it is a very hindering thing.
Perhaps it can be, but for those countries not implementing any law regarding bitcoin. It is good to introduce bitcoin in the traditional market because of bitcoin asset as a high possibility of gaining profit. As of now, it depends upon on which country you are bitcoin is allowed in a traditional market.
Yes of course, In my country, so many youth cryptocurrency enthusiast practice at this and has used it as source of income.
Same here in our country since bitcoin was recognized by our government there are a lot of groups or people who used their business using bitcoin.Yes, congratulations on where you live with great enthusiasm for Bitcoin, not my place of residence, which can only hold it and is still limited to a wider use of it as a digital currency.
August 04, 2018, 01:17:19 PM
The nature and perceptions about cryptocurrency is that it is for certain group of people .Either for only those who like technology or the rich.But if we can go a step further to introduce cryptocurrency like any other financial method in the traditional market places, people attention will be drawn.
Then it will defeat the very purpose of crypto, that is decentralization. Almost all of the traditional markets has a bank stomped on it so its unlikely that banks and crypto will be on the same side, in my opinion. Perhaps regulations will be enough for others to join this market. But if they are still not comfortable then they should stick to traditional markets then. That's why you will hear traditional investors like Warren Buffett doesn't like crypto and hates it, decentralized markets.
August 04, 2018, 01:16:39 PM
The nature and perceptions about cryptocurrency is that it is for certain group of people .Either for only those who like technology or the rich.But if we can go a step further to introduce cryptocurrency like any other financial method in the traditional market places, people attention will be drawn.
This is what we are trying to achieve here I guess. I mean what do you think why people are struggling here to get involved with the different projects around the globe. For example, lot of altcoin projects are being created so that they can bridge the real world and crypto currency world. They are doing in this in the hope that they can make it usable in the real world. I mean altcoins having over the internet and having in the real world is completely different thing. Even the kind Bitcoin is striving these days. However we still have created some of the techniques which can be used for trading our bitcoin and fiat and also product/services in the world.
August 04, 2018, 01:14:35 PM
I have encountered people who really bought BTC not knowing what it really is, it was around 1k USD. The seller told him it would give him profits a year and he believed him just for only 1 reason and that is he is his friend. The sad part is, he lost the storage where he kept the keys containing 2 BTC. So people really don't think much if you sold them a thing or two if they would gain even more from it.
August 04, 2018, 01:02:05 PM
Introducing cryptocurrency into the traditional financial market can only be done by banks. Otherwise, it would require a license to operate just like banks. And this is not something that any company can get. Add to that, the nature of cryptocurrency is rather considered as a "tool" for activities not very clear, so governments are rather reluctant
I would not compare cryptocurrencies to assets like equity, where banks and sophisticated investors are the market players. Even if retail investors can buy equities, the intermediaries are all big financial institutions. I would see cryptocurrencies being traded like gold - small players can play as big as a role as the big banks.
August 04, 2018, 12:26:45 PM
Introducing cryptocurrency into the traditional financial market can only be done by banks. Otherwise, it would require a license to operate just like banks. And this is not something that any company can get. Add to that, the nature of cryptocurrency is rather considered as a "tool" for activities not very clear, so governments are rather reluctant
August 04, 2018, 11:49:07 AM
Perhaps it can be, but for those countries not implementing any law regarding bitcoin. It is good to introduce bitcoin in the traditional market because of bitcoin asset as a high possibility of gaining profit. As of now, it depends upon on which country you are bitcoin is allowed in a traditional market.
Yes of course, In my country, so many youth cryptocurrency enthusiast practice at this and has used it as source of income.
Same here in our country since bitcoin was recognized by our government there are a lot of groups or people who used their business using bitcoin. August 04, 2018, 11:23:13 AM
some countries have already done that, like Japan and Indonesia. on indonesia, there's a cryptocurrency called E-DinarCoin, with this coin you can bought a coffee on coffee shops which is allows this coin. on japan, there's even a big ballyhoo to advertising bitcoin and some cryptocurrencies.
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