Topic: Cryptocurrency Adoption: A Breakthrough? (Read 667 times)

Since then bitcoin always been like this, being treated as venue of investment more on being use as payment transactions, seeing the potential there many people who are enjoying the current situation.

With how it's moving now there are many new investors that following this industry, chances  still have it's full potentials to gained decent
amount of money with this ongoing breakthrough.

Although cryptocurrency adoption may be a groundbreaking investment it's not popular in many countries. They think Bitcoin may be a lot of risk so it'll take time to develop. This method is followed to stay the amount of block inventions unchanged. The greater the resolution of the hardware the greater the complexity of the issues following this method the amount of exposed blocks in bitcoin mining is kept unchanged. Hardware with of processing power is required to unlock the blocks.

Bitcoin is not such a convenient medium for small daily payments as other alternative coins, so I think that Bitcoin is definitely in danger of being introduced as such, and many people on this forum are sincerely mistaken about this. Therefore, the near future for bitcoin will continue to develop as an asset for accumulation and speculation for financial and exchange traders and players in the vast majority of cases. Also, bitcoin can serve as a means of transfer for relatively large amounts in a small number of cases.

Bitcoin is not really made for investment purposes its for decentralisation of transaction payments and to have a advance way of transferring money form one to another. But since it's still on it's early stage, early adootors will have the benefit of to be able to make it as a investment that can bemake gains whenever adoption happens.

I don't think so

Moreover, I can't even fathom your logic behind this assumption. Bitcoin mass adoption as a means of payment would naturally increase the demand for Bitcoin, and given that there are only so many bitcoins in existence (read, supply cannot rise), it will necessarily bring about higher prices. In a nutshell, you can't get around the law of supply and demand, which is going to hold in this case. With that said, it is still unlikely that people are going to use Bitcoin specifically as a medium of exchange en masse

Thing here is, if we force bitcoin adoption, it will ultimately whittle down the coins price because of the endless cash-in and cash-out that the people will do once the coin becomes adopted by the public. This means bad news for the people who are here to invest on bitcoin, especially those who have already spent thousands of dollars and are expecting a gain from it.

The crypto industry has been going through a precise turbulence for last two years. After hitting a consequential high and hitting the peak of the market, the norm of Bitcoin has since weakened, rebounded and stabilized. Likewise, the ICO growl that has exhorted billions for blockchain motives and contributed to the prompt propagation of the segment, many services and petitions that have elevated or plucked to raise capital. Nevertheless, the pace of industry sustains to come off, wielded by consumer and financier optimism, and the usury of institutional investors and entrepreneurial businesses. Trading Contracts for Difference (CFDs) has befitted one of the most exoteric performances for retailers to avail extensive exposure to broad range of credits, often with profit. Latterly, several companies in the industry have summed up cryptocurrency CFDs to their platform overtures, providing a new access clause into market, while historically generating interest among more focused merchants toward traditional strategic assets. Crypto CFD, a move that is less acquainted to digital asset ecosystem and inward deeds, can be enormous for exchanges than those on-board merchants. As CFDs become more conventional crossways the industry, fewer dealer who are less blockchain-savvy can avail exposure, resulting in higher volumes and more lively ecosystems. Moreover, crypto usurer BlockFi has revealed that they will generate Bitcoin based usury accounts, allows users to attain usury in both Bitcoin or ether. With the announcement, users would be able to pay tax liability on cryptocurrency, the elevation of banking ease is a fabulously positive sign for the outgrowth of crypto market.

You are on the right track

Though not still there. You should sell not just the amount you need for your everyday expenses, but a somewhat bigger portion of your stash so as to be able to buy back at pullbacks. When you eventually get the hang of it, you could live entirely off the volatility in the cryptocurrency of your choice (and while we are at it, Litecoin seems to be the best choice). Now add strong fiat inflation to the mix, and you will see how you can use it as a leverage or multiplier

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Re "A Breakthrough", it just occurred to me that BTC price spikes (like we apparently have now: $13,790 as I write) will get attention and FOMO.  Each incremental advance in BTC adoption and/or price spikes will get attention and more users.

My interest in a debit card is to allow me to incrementally CA$H-OUT of Bitcoin during price spikes.  In 2017 I was able to do this by buying gold, but there is still not a convenient way to cash-out for, well, cash.

Also, we travel (did until COVID anyway), having a MasterCard funded with BTC might come in very handy.  I could get $500 out of the ATM whether in Peru or in Europe...

Over the years I have typically bought BTC more-or-less every month or so.  The only exceptions were when I sold (just some) in late 2017 and a small amount in early 2018.

Bitcoin is still a "risk asset" as far as I am concerned.  Risky, but with a likely (?) great future.  

I have never been able to predict the future, so when I am handed a gift (like a big-time BTC price spike), I take the it...

I think the dangers and fears of using a cryptocurrency payment card are greatly exaggerated

I don't know for certain (as I don't have such a card yet), but it is safe to assume that you will be able to set limits on how much you can spend daily. So even if the hackers scan your card, they won't be able to steal all your coins from the exchange. Moreover, the card account is a separate account on Binance, while you can move your coins freely between your accounts. So just top up your card account at a bare minimum and you are good to go


You are looking at it from the wrong angle. It is not about crypto weakening fiat. Rather, it is about fiat strengthening crypto through the failure of its own, the process which we now have a chance to witness

I think their card is going to make btc payments easier and bring more users to crypto because they will finally be able to spend from the same exchange account they uused to buy and trade.

The most obvious cons of this method are more centralization and less security. You'll have all your coins on a centralized account used for trading/holding/spending. There were many card hacks where people were able to withdraw from your card by walking next to you or fitting scanners in ATMs. If they steal fiat money a bank can trace it but with BTC card users will be in greater danger.

It won't weaken fiat money. Binance is just a single company and even with paypal the number of users of those BTC payments will be small. How much of the market will they able to take from fiat? 0.01% globally? It would be great if it was even this much.

Bitcoin is not the only pebble on the beach, not the only fish in the sea. I emphasize that point in the article


As above, it's not so much about Bitcoin as other coins. And while Bitcoin can be considered an island of stability in the volatility-torn world of crypto (to a degree), you don't really waste your store of value on everyday needs. It means that the vast majority of people will be spending anything crypto-related but Bitcoin. And that makes such payment cards, the ones which can be linked to a bunch of cryptocurrencies apart from Bitcoin, even more interesting as with them you can build sophisticated strategies to turn the tables in your favor and take advantage of fiat currency inflation

I would call that the inflation tax in reverse. Kind of financial aikido

The trick about bitcoin and why it is having such a big problem is the simple reason that even the "users" of bitcoin do not want to sell it for anything under what they bought from, they should be users and use it but they instead become holders which means they want more fiat.

If you are looking at bitcoin as fiat thing and that is all you care about, how could bitcoin go up? You need to work for it, earn it and when you got it you have to find other people who accept it and earn it and you should be spending it there, just like how we use fiat currency in real life.

But people act like its gold, they want to buy it and put it in a safe (digital vault maybe) and hold it. It means adoption can't go up, its not possible for adoption to increase while nobody spends it.

The Binance card is a debit card

It is linked to your exchange account, more specifically, a card account, where you can move funds from your other accounts on the exchange. In that fashion, you don't need to manually convert your coins to fiat before using the card (as far as I got it). The conversion is processed automatically when you use the card (buying something or cashing out), though I don't know at which rates. But they should be close to market anyway because Binance is the largest exchange out there and can easily operate as a crypto-to-fiat gateway. It seems to me that you will be able to convert your cryptos yourself as well and use fiat as the card reserve

How will the Binance card work? Because the BitPay card is different, you will have to be loading your card before you make use of it (that's how it works if I can remember, unless there have been recent changes).

So, it's the Binance card going to be working the same; users will buy Bitcoin and when they want to use the card for shopping or withdrawal on ATMs, they will first of all convert to USD and load the card? If that's it, then it's just going to be making things easy for traders. There isn't much difference, BitPay has been around for a long time, and that's the same with Coinbase and some other ones that are offering MasterCard and Visa to users.

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That US investor I mentioned above is Paul Tudor Jones making those comments from back in May 2020.  (BTC was almost to $10,000 then)

Various references (Bloomberg, CNBC, others), Google those articles/videos for more info, but Jones is a seriously rich and smart guy (a big-time hedge fund manager), he has money on "the fastest horse".

Yes, Bitcoin volatility is a good thing.  It is a reasonable assumption (no guarantees!) that BTC will go up in price over time, so those with any extra money ought to have a stake.

As a large US investor (I don't remember who) is doing, he puts some of his own money into BTC because "it's the fastest horse in the race".

If you speculate or invest, consider betting on the fastest horse...  And I mean BTC, a legitimate solid horse.

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Here in the US there are three interesting developments I have been following that are making Bitcoin more user-friendly and available:

1)  a company called LibertyX (libertyx.com) now has a service where you can buy BTC for cash it CVS and 7-Eleven stores for as low as 1.7% or so over BTC "Spot" price.  I myself have used this service a few times, works great, have to do KYC though.

2)  I am waiting on a BitPay Debit Card.  This would allow you to fund it with BTC, they credit you with cash, then you can use it like any other MasterCard, even to take out cash from ATMs.  This is a big step.  This allows an easy way to "cash-out" of Bitcoin should you choose.

3)  PayPal has now offered an imperfect means of getting into BTC.  Imperfect, but getting a lot of attention here.

"Momentum is building."

That's the whole point which many people seem to miss or misunderstand

If crypto is used alongside fiat as a means of payment, its volatility becomes an absolute advantage specifically in this context. It is a seeming paradox, but it resolves easily if we keep in mind and account for two things. First, volatility, per definition, is a two-way street, up and down all the time. Fiat, on the other hand, is more like a one-way street. It can only depreciate and lose value in absolute terms with time, i.e. prices in any given fiat currency are only rising on a long enough timeframe. This is second

For cryptocurrency, high volatility maybe an advantage, but not for a medium of exchange which used on a daily basis.
Don't you think we need a stable coin to replace fiat money? something that has been proven possessed stable value and unaffected by inflation for centuries is gold.
A long time ago, the main idea for printing paper money was backed by gold, but then the authority abolish that rule, and here we are with inflation.

The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard. source

Bitcoin isn't just a store of value but it bridge the gate between government and the ordinary people.
Last two weeks, there was a peaceful protest that was going on in Nigeria against police brutality and reform of some components of police force especially the popularly FSARS known as Federal Anti Robbery squad with their inhuman nature of extorting the youth because you look fresh, young with cash. During the protest, the able ones were making donation for food, money to hire lawyers incase of illegal arrest of peaceful protesters, the single account was frozen not later than 5 hours after Flucterwave detected they received $5k in just hours. Donations were later received with Bitcoin which sustain the protest for two good weeks

This is one advantage of holding Bitcoin, no central authority, no middle man.
Bitcoin also helps banks the unbanked countries to transfer value between people and also provide jobs for unemployed ones. P2p transactions this year alone in Africa is at peak, I believe the future is bright for bitcoin and cryptocurrency.