Topic: Do we need bitcoin? - page 9. (Read 1417 times)

Bitcoin is just an online currency which is decentralized, just like a money, you can use it for illegal or legal purposes, that depends on your decision as you are in control of your coin. You are asking if we need it, yes we need it because the centralized system built by the government is corrupt, with decentralization, we can make transactions of our own without a 3rd party and investors are seeing that potential, reason why bitcoin has increase its value already.

Maybe some would hate, but we can't blame them, everyone has their own stance, and besides, bitcoin is still young, it still need years for people to completely adopt and the market will be fully regulated.

The idea of Bitcoin creation is not to hide something. It's just that the decentralized feature of Bitcoin attracts the people in the SR black market and any other illegal use, then took advantage of it.

I won't say the world doesn't need it, when banks has our data and money. I mean we don't have the full access to our asset. The main idea of Bitcoin is to let us acquire full access of our money. You can easily send and receive Bitcoin anytime anywhere without any confirmation from a third party company (banks) that sometimes fail to work.

I come from a low-income country, so I need Bitcoin to get income. It is true that not everyone need Bitcoin, then the number of people who
have Bitcoin is still small when compared to fiat. But in the future people will need Bitcoin. Because we need an alternative payment other
than fiat and also we need privacy, these two things Bitcoin can provide.

First and foremost, we don’t just look at the price movement of Bitcoin. It’s definitely about the real and positive use cases of it. What I really liked about Bitcoin is the full transparency of the transactions through the disruptive blockchain technology. It cannot be tampered and definitely the most secured way in sending and receiving funds online.

This is one reason why we need Bitcoin nowadays. No government can prevent us from competing the transactions here and there. Just my opinion.

Okay let me clear few things for you :

* It's only used for investments and money laundering ?

Only 10% Bitcoins is used for illegal activities !!
It's an amazing source to transfer the money from one part of the world to another without compromising time/privacy/excess fee and all.
People are buying houses with it !! Even coffee.
Lightning network does need a lot of improvement but in the future we might have some new way to send instantly without using much fee.

* You are seriously talking about governments like they are the rulers of the kingdom and we should do as they please. They work for us not the other way around! Ask for your rights.

See this centralization is disastrous !! We are living in a world where people are oppressed and corruption and discrimination is killing most of them , decentralization gives person a chance .

* It actually gives us a chance to protect our assets in a different way , trade for short and long term , have a option for the time when market falls , even during corona virus Bitcoins did help a lot of people , it provided jobs , opportunities to earn , expand their business overseas without much problems.

* Cash is used way more for these things !!!
We cannot even expect to actually find out about the transactions and such but Bitcoins is transparent and when we are talking about censorship and government , we should understand that it is way more open as compared to any governmental body.

The question of if we really need bitcoin is subjective, in my own case for example, my country's fiat value is depreciating with the years as well as our economy and i doubt there is any silver lining in the future with covid-19 and the recession coming with it, bitcoin is personally a viable alternative to retain value for your money.

I only hold our fiat and a reasonable mount of it to buy by needs in stores that accept just cash, and to pay bills; as i keep accumulating bitcoins regularly, holding only cash means your money loses value daily, economists have predicted a major inflation/recession coming my country's way, i sure need bitcoin as an alternative when that happens.

Bitcoin is really good for investment, but it doesn't mean that people are using bitcoin because of investment. There are many things that we can do with bitcoin. It's not all about investment. We can use bitcoin for online transactions which is faster and more secured compared to fiat currency. Bitcoin could be a standard currency in the future because it gives us help in many aspects of our lives.

Not only that but cash are mostly experience inflation in these past years, many countries nowadays who now prefer to use digital currencies because of the inflation. Like the country of Venezuela where they experienced hyper inflation that leads to their many citizens to migrate in other countries. I saw a image yesterday where you need to have a lot of cash in order to just buy a whole chicken. Imagine the inflation that they are into, we really need bitcoin because what happened in bitcoin is deflation.

Majority of businesses use payment gateways such as BitPay that automatically sells the bitcoin for fiat at point of sale because most businesses prefer not holding bitcoin due to the price volatility. And just like with every single payment processor, they do report to the IRS. So yea, they will get taxed.

https://support.bitpay.com/hc/en-us/articles/203076766-What-do-you-do-with-my-EIN-What-does-BitPay-tell-the-IRS

Agree, for those decent investors they treat bitcoin as part of their investment, they are not dealing with this
investment currency for laundering or hiding their assets, this are misconceptions and a mindset of those who
are not into this business that deep. You'll understand everything once you deal with bitcoin in the right manner
of treating it.

Yes, you didn't say that but you are pointing out that bitcoin is being used on it and we are not denying that. I guess that idea was already into bitcoin's character but that's changing already.

The taxation depends on the country you reside, if they are actively monitoring the progress of bitcoin, they can create or mandate a law that covers the taxation for bitcoin transfers or cashout into their jurisdiction.

That's valid point.

But let's accept the fact that we are into different generation and era this time. Most businesses are running through internet these days and if your business can't go online, you'll be missing too many opportunities.

Totally true. Thanks for mentioning that Venezuela needs Bitcoin due to the hyperinflation that it is going through. Bitcoin can help the citizens of my country to earn an income, we have a high unemployment figure since before the coronavirus and now it has worsened. Our internet service has ranked among the worst in Latin America. What makes it difficult for many things but not impossible. Only people need to have the knowledge and dedication to be able to help themselves with Bitcoin.
https://www.speedtest.net/global-index/venezuela

I'm talking about illegal activity, buddy. Not investment.

Hide something ? Well maybe you looking at the government people or people who are in politics taking away people's money and hiding it in bitcoin but for a real investor and hodlers, they don't need to hide anything. For such investors, bitcoin is real investment and asset.

Did I say that fiat is not used for money laundering? No.
Indeed, the most used cash system would be normally used for money laundering too.

What I'm saying that if you start accepting bitcoin in your business, no one will track you. And no one will tax you.

If you start selling drugs and accept bitcoin instead of cash nothing will change. You will have the same possibility to get caught.

We can't live without internet too. But the world didn't begin in 1995 

Bitcoin is a store of value and the main indicator of the industry, we cant live without it

1. Easy to use: Bitcoin offers a peer-peer network, which allows its users to send bitcoin from any device to anyone, anywhere in the world.
2. Secure: Besides standard encryption, bitcoin provides advanced security features like two-factor authentication, secure client-side encryption and many more.
3. Easy to invest: There are many platforms in which you can invest in bitcoin
4. Decentralized: One of the most significant of all features of bitcoin is its decentralized system and open-source nature.

Cash is more often used in money laundering and do you think that cash isn't even used for illegal activities? It's even the most used currency for those methods and this taboo about bitcoin must be changed.

Bitcoin is very much welcome in commercial use and from the perspective of being used illegally, that's changing into the mainstream day by day. It doesn't mean you use bitcoin because you are into illegal activities. You use bitcoin because you know that it's a good investment and a good alternative payment method.

Me likey Bitcoin long time too, but no, bitcoin did not went to moon because of big adoption and fixed supply. If you're keen to test this theory, just you try now and live on Bitcoin alone and no fiat for a month and see how that goes. Adoption is happening but on not many measures can you say it's in a big way. Your own question puts that notion to the gallows.


Money laundering tool? Where's your stats? Look back on all the major corruption and laundering cases. King of Spain. Panama papers. Danske Bank. Are any of them using Bitcoin?

Government can impose tax in bitcoin holder if they want.Yes,government can't track you easily because of the blockchain technology that you used anonymously but if you're going to cash out your bitcoin and you need to exchange it first into fiat money then the government can trace your transaction through their banks or remittance center. What the government want is the centralize digital currency so that they have a full control over it. That's why it's difficult for them to accept bitcoin. Whatever the reason i still use bitcoin  not just as investment  but also as payment method especially now that the covid 19 virus keep on spreading.