Economical World Of Bitcoin And Its Difficulties

stomachgrowls

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Quote from: nidacoinlove on January 07, 2018, 01:39:59 AM

Quote from: Kotone on January 03, 2018, 11:40:43 PM

Quote from: bitcoinblog on December 18, 2017, 11:49:58 AM

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

I think that the major problem for this would be that bitcoin runs on the internet and for some cou tries that do not have neccessarily the function to carry this over to their whole nation would not have the full efficiency of using this cryptocurrency

Well this may even not be the real problem, let suppose the internet is on boom in each and every part of the world and cryptocurrency is leagalized all over the world too.
What government will do is that they will collect tax on every crypto transaction, are the users here ready to pay these taxes? The truth is a majority of bitcoin users adopted it because it is decentralized. Governments will drag it to a centralised pattern I think more than 80% of BTC users will not like it to be a centralised currency.
Secondly bitcoin transaction fee and confirmation time is too ridiculous to be used on the spot.
Honestly speaking implementation of crypto could only be a day dreaming. Crypto physically is not capable to be used as streamline currency. It could only be used as a secondary currency.

Not only on 80% but I do believe its on 95% which most people would really tend not like for bitcoin to be legalized since if it does then decentralization would be somehow affected but not fully. By means of taxation people can able to evade as they like know bitcoin can make up anonymous transactions. This is why most government wont really like to adopt it on their vicinity because of these such things. Regarding on the recent situation on where fees are ridiculously high and long confirmation times I don't really see that it can be considered to be mainstream.

BartS

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Quote from: Theb on January 03, 2018, 03:40:11 AM

Well another thing to point out to is by using Cryptocurrency instead of the regular fiat currency as a whole is that crimes will be more easier to be accomplish as they will be using computers and the internet instead of guns in stealing your money. Remember that it is prevalent now seeing HYIP sites and fake scam money making programs you know that they are attracted to this kind of cryptocurrency which new members are an easy prey for them.

I disagree I think bitcoin will help reduce those kind of crimes, right now there is an incredible amount of credit card fraud and hackers even steal the identity of the victim, with bitcoin you can avoid that since you do not have to reveal your identity to open a wallet and since most of your bitcoin can be in cold storage then that means hackers are not going to have an easy access to it.

Polipog

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The economical world of bitcoin is good, in terms of good returns of profits to every users who invest and trade. Bitcoin difficulties that there are some business intitutions stopped using and accessing bitcoin. It is sad to say but that is the reallity of what happened today about bitcoin. We are hoping that kind issue will resolve by bitcoin organizer or bitcoin founder.

sofi@

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Adaptability of different kinds of people with different age if we notice even a 2 year kid already know how to use fiat they can actually buy things but with bitcoin I think it would be quite difficult. Another thing is that those people belongs to the lower class of the society will surely find it difficult to understand digital currency and the technology it has. I think there would be lot's of issue if bitcoin will become the only currency of the world

oppasong

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if according to ane Bitcoin can indeed change the economy of a country and also decrease the poverty rate also the unemployment rate so that a country is advanced

Bachelorrd

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Add this to the difficulties, Acceptance of the government on each country. As we can see, the world government denies the use of bitcoin, although some countries have accepted it, but we cannot rule out all the others.

Samueltalk

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If my views to date, the government does not take a stand. Because bitcoin also does not harm the state or harm a country. More precisely the role of government to date just to know while monitoring the good side of bitcoin for a country's economy.

Vatimins

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Blue0x.com

Quote from: bitcoinblog on December 18, 2017, 11:49:58 AM

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

There are 2 difficulties actually that you haven't mentioned.
Another difficulty that i can see happening is when we already become a cashless society, then we will have banks that run the crypto scene. And when this happens we are doomed. Just think if somehow the government hates you, all your crypto gets frozen amd takem from the government. And even if you have cryptos you didn't declare, you won't be able to take advantage of them since smart computers someday will be able ro check every aource of any transaction and if it finds you, it will also take everything you have left of your undeclared cryptos. And authorities will come at you and lockong you up for breaking a law that the future government in a cashless world made.

Another is a possibility of having hackers hack the main servers that control all types of cryptos and you can only guess what'll happen next.

izanagi narukami

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For who own bitcoin earlier, they become rich person because bitcoin getting rare.
Yes, some government like mine still not agree for bitcoin because it can be use for criminal activity and they decide to make a fix rule on this year 2018
So for now, just keep invest bitcoin because I feel that bitcoin will make me , richer than before.

nidacoinlove

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Merit: 254

Quote from: Kotone on January 03, 2018, 11:40:43 PM

Quote from: bitcoinblog on December 18, 2017, 11:49:58 AM

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

I think that the major problem for this would be that bitcoin runs on the internet and for some cou tries that do not have neccessarily the function to carry this over to their whole nation would not have the full efficiency of using this cryptocurrency

Well this may even not be the real problem, let suppose the internet is on boom in each and every part of the world and cryptocurrency is leagalized all over the world too.
What government will do is that they will collect tax on every crypto transaction, are the users here ready to pay these taxes? The truth is a majority of bitcoin users adopted it because it is decentralized. Governments will drag it to a centralised pattern I think more than 80% of BTC users will not like it to be a centralised currency.
Secondly bitcoin transaction fee and confirmation time is too ridiculous to be used on the spot.
Honestly speaking implementation of crypto could only be a day dreaming. Crypto physically is not capable to be used as streamline currency. It could only be used as a secondary currency.

futile-resistance

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Quote from: player514 on December 30, 2017, 12:41:23 PM

Quote from: bitcoinblog on December 18, 2017, 11:49:58 AM

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

Sure Bitcoin may be a solution, but I definitely think it's far from ideal. Beyond just the first point, not only do people need internet, but they also need access to some electronic device to keep their wallets in tact and remember everything. Furthermore, a problem arises in the transaction fees and confirm times. If there's a backlog of transactions, people with micro transactions often need to spend more for fees than the transaction itself. This needs to be fixed before Bitcoin can be scaled up.

It is really far from it and even though bitcoin and most of the cryptocurrencies will be in play for now, that does not mean it would just replace the fiat system easily like that.

The governments know this is an unregulated environment and even if they cannot stop it, the volatility based on that non regulation is always going to be in play and that would make it uneasy to use it as a currency in the long run, but I may be wrong, anything can change.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Kotone on January 03, 2018, 11:40:43 PM

Quote from: bitcoinblog on December 18, 2017, 11:49:58 AM

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

I think that the major problem for this would be that bitcoin runs on the internet and for some cou tries that do not have neccessarily the function to carry this over to their whole nation would not have the full efficiency of using this cryptocurrency

With internet being spread this does not seem to be a big problem and I know there are some countries which are poor and dont have internet access but trust me they do otherwise we would not see this level of shitposting in this forum.

The bigger problem with crypto is the adoption and the acceptance. People are always having that little doubt in their mind about the nature of crypto and how safe it actually is. They should study the bitcoin.pdf whitepaper and mostly idiots investors who enter into crypto to make money will never learn this.

syaripudin

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this is not an easy thing especially in realizing bitcoin to the whole world community because I think bitcoin is an electronic currency with a blockhaind technology that is not likely everyone will understand about it. I think it is necessary to have detailed detailedization of all sectors, especially for parents who are very much not interested in electronic-based financial systems because of the limited understanding they have because of age factors that hamper understanding of the electronic currency. not to mention for children who do not yet understand about crypto. so as I say that there needs to be a realization of all sectors. or we can give an example suppose that for children to know this it means crypto must enter through the education sector that can be entered for a curriculum or subjects applied in school education.

Kotone

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Quote from: bitcoinblog on December 18, 2017, 11:49:58 AM

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

I think that the major problem for this would be that bitcoin runs on the internet and for some cou tries that do not have neccessarily the function to carry this over to their whole nation would not have the full efficiency of using this cryptocurrency

rphk

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Activity: 210

Merit: 100

Some of thing as below,

making awareness of bitcoin worldwide is important,
Some countries still bitcoin not made completely legal, bitcoin needs to be legalized,
And economy should also involve bitcoin like fiat currency with growth .
All countries should go digitization. Digital awareness will makes this happen.
mainly on bitcoin transaction fees should be reduced.

i hope still may we can say.

naidray

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Activity: 1232

Merit: 1029

Quote from: pitiflin on December 30, 2017, 01:20:53 PM

Quote from: bitcoinblog on December 18, 2017, 11:49:58 AM

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

One currency economy would lead to nothing but war, destruction and obstruction. One more problem that the crypto economy might face would be the results causes by the end of net neutrality. And to add to your first point, internet is essential but there are not enough resources for people, so care about internet later first, let the being live peacefully. Spreading an awareness to people about crypto would be something that would be impossible to do, everyone has their own understandings, it'd take forever for any economy to embrace crypto as it's main currency. There are tons of issues, we are just not seeing them.

One currency economy should even be the last thing anyone should ever want to think of. This will not work unless it remains decentralized still.

Every country will still have their own currency anyway and just like we have it already globally with USD being placed as the global currency, it can still work without issues, but we cannot really say what the outcome would really be like at the end, but until then if it eventually happens at all.

Theb

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Well another thing to point out to is by using Cryptocurrency instead of the regular fiat currency as a whole is that crimes will be more easier to be accomplish as they will be using computers and the internet instead of guns in stealing your money. Remember that it is prevalent now seeing HYIP sites and fake scam money making programs you know that they are attracted to this kind of cryptocurrency which new members are an easy prey for them.

rickadone

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Quote from: BartS on December 30, 2017, 01:34:15 PM

Quote from: bitcoinblog on December 18, 2017, 11:49:58 AM

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

But those difficulties are only going to be true if you tried to replace fiat with bitcoin right now, as technology becomes cheaper and more accessible people will begin to adopt bitcoin slowly, in the future when the Internet becomes available in a similar way than water and electricity then we will begin to see bitcoin used by all kind of people, to me the biggest problem that needs to be solved asap is the transaction fees everything else can be solved with time.

Yeah, and since that does not even look feasible from the angle we are now, it may not really pose to be a huge challenge. Fiat is still going to be very usable and only few of those who willingly want to use bitcoin would end up using it as long as they do not have any restriction doing so.

Nothing comes pretty fast just as you said, adoption happens slowly and to me bitcoin is even pretty fast than we could all have imagined within just few years, but we should expect the fiat system to keep on going for now.

goaldigger

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For me ,
1. Terminal of bitcoin transactions were more prone to get hacked.
2. Poor people cannot afford to have this card or wallet to store their coins.
3. If all transactions are electronic and the system fails, people cannot do their transactions.

RamonBTC

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The biggest difficulty that we can face in this year is the fiat banking systems officials, investors and the politician behind them. It’s like having a mafia of corrupt and greedy individuals who have plenty that want to control one country and its financial and economic standing for self interest. This is the evil that been manipulating us for a long time and we should not back down and surrender to fight for bitcoin.

Topic: Economical World Of Bitcoin And Its Difficulties (Read 404 times)