Economical World Of Bitcoin And Its Difficulties - page 3.

bakkang

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Quote from: bitcoinblog on December 18, 2017, 12:49:58 PM

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 ?

Awareness about crypto is a big thing because if everyone has been aware about it then they will agree that we remove fiat then we can use crypto. It is very important that people must be educated about it and they know how it works. Their awareness is a great factor to make it possible together with internet of course.

bitcoinblog

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Quote from: hardhardy on December 19, 2017, 05:21:14 PM

Honestly I think the biggest problem we'll face are dirty plays by banks. And since you can prevent any dirty trick by anticipating it, expect the unexpected

Banks are not problem because they are into business , if currency face will become Crypto instead of Fiat. They will find another sort of business with Crypto and run same Banks ( may be possible they will change Bank with some other technical name ).

What is the duty of Bank ? This is is what we have to understand before going against Bank concept. Because human nature is to stock by assuming uncertainty in his life , same time he is afraid of loosing those stocks .. So they (humans) made a system call bank. Later they found it usefull so they expand it and started giving Loans , Interest etc

So if brain will change and instead of Fiat there will come Crypto , same human race will turn things into another thing. So as per my believe it is possible even having banks to adopt crypto but things not going to change in 1-2 decade. We have to make our surrounding aware of how to use Crypto , Specially the next generation.

CHENIEN

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The economical world of bitcoin is base on how many people access or being registered daily. The mean difficulties also is that the price of bitcoin is not permanent.

Freshmen

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Quote from: bitcoinblog on December 19, 2017, 06:48:55 AM

Quote from: mrcash02 on December 18, 2017, 12:56:43 PM

Volatile price all the time, impossible to have a stable financial life.

Volatile price is due to comparison of Crypto to Fiat , As subject said. Economical World of Bitcoin , where concept to buy things are of Crypto only.

Transaction issue almost 80% raised. My question is : Is Staking concept helps in making chain easier for transaction as all small units are somewhere calculating chain and helping to build a smooth network ? Sorry i am not very much technical so like to understand if i am thinking right ?

What are the ways to make transaction more easier ? Because already we saw so many Forks but almost all coins are taking time to reach one person to another.

I think that there is not a serious difficulty but you are right that the price is so volatile and many people are afraid of investing in bitcoin. They think that if the price falls they will lose all their investment and it is a bad thing. Internet is also a problem.

Sometimes internet does not work properly and if I need to buy or sell my bitcoin I will face difficulty. Many people are unable to deal in bitcoin because they have internet facility in their places.

SixOfFive

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Basic difficulty that people are facing to adobt BTC as regular transaction mode is the HIGH transaction fees and delay in confirmation in transaction. Lightning network can be a solution to this prob but I don't know when it will be effective.
Altcoin like BCH is getting popular and gaining price hike due these cons of BTC.

bering

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remove fiat seems impossible for me because the government in this world still consider fiat as their actual currencies so they won't let these currencies removed however maybe volatile will be major difficulties to use cryptocurrencies as world currencies because difficult to controlled the price and possible some people could manipulate the price and the big impact is there will be big inflation will happened if we use that

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The very basic challenges impeding progress and development comes to mind before all the technical and technological aspects accessing Bitcoin do. That's what we have to think about when it comes to economics. Education and literacy are right at the top - in my state, we only achieved 50% literacy for the first time this year. It's a small population of 3 million people, but the worry is that of that 50%, more than half are below the age of 50, meaning that this generation and the ones coming still do not have the ability to read or write.

Bitcoin and crypto have talked a lot about the unbanked, about decentralisation, about trustless systems. But I feel the people that need financial access the most still need banks, still need to trust some kind of organisation, some kind of centralisation. It's difficult to see in my lifetime how Bitcoin could benefit them, especially now that it has become the playground of the same privileged people (okay, some new millionaires but all persons of economic privilege in terms of global perspective).

ajmapalo22

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For me one of the major difficulties we will be facing if full adoption of bitcoin will happen is the fact tha uneducated member of the society will surely find it difficult to transact using computers and internet in fact some of them really don't know how computers are operated and government needs to give a proper eduction for them and surely it will not be an easy thing to do although crypto currencies will really help for the growth of economic status of a certain countries this issue is something they need to fix first.

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Quote from: AK47- on December 20, 2017, 10:45:32 AM

The main difficulty or hurdle is GOVERNMENT. Government won't let a decentralized currency run the country. Countries might launch their own cryptocurrencies, but the cryptocurrencies we are looking at now aren't the future replacement for fiat. Government needs a stable and centralized currency to keep the economy running. The model on which cryptocurrencies work isn't sustainable to run a country's economy.

Absolutely they are the number 1 enemy of cryptocurrency. But I don't believe governments will hated bitcoin forever, maybe there is twist in the coming days and they fully support bitcoin. And with that way, the only possible difficulties we've encounter in future is the delay of online transactions due to a large numbers of in and out transactions everyday.

nguyenkhanhhung14

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LOL. It's really difficult

) For now, if cryptocurrency can replace the fiat system I think at first cryptocurrency must be legalized worldwide, but for now, there are no country that legalize any cryptocurrency yet that why it's really hard for us to use cryptocurrency directly for payment. If this thing can happen I think it'll take at least 10 - 20 years more

.

AK47-

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The main difficulty or hurdle is GOVERNMENT. Government won't let a decentralized currency run the country. Countries might launch their own cryptocurrencies, but the cryptocurrencies we are looking at now aren't the future replacement for fiat. Government needs a stable and centralized currency to keep the economy running. The model on which cryptocurrencies work isn't sustainable to run a country's economy.

Mometaskers

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Quote from: bitcoinblog on December 18, 2017, 12:49:58 PM

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 ?

#1 - This is the main hurdle. Even in the more advanced countries, there are still areas that lag behind with regards to the internet infrastructure because of the isolated location, you can just imagine how it would be in poorer countries like mine. Using mobile internet has been a solution for some people. I believe there are also plans for "balloons" that would extend mobile signals, and hence internet connection.

#2 - With the recent hikes and then futures, bitcoin is in many people's mouths now so they'd probably be more receptive to learning about it.

#3 - This is the reason why each btc is divisible into really smaller satoshis, up to 8 decimal digits. Try looking up the value of a satoshi in a converter, it's still negligible despite the $17,000 exchange rate.

bitcoinblog

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Quote from: hardhardy on December 19, 2017, 05:21:14 PM

Honestly I think the biggest problem we'll face are dirty plays by banks. And since you can prevent any dirty trick by anticipating it, expect the unexpected

Bank is good as well as bad both in same time.

Good because at the time of loans and business , that is a primary source to get loaf of loan to start business. Obvious too much amount our relatives can't give to support.

Bad because it regulates the currency.

Honestly speaking Bank have more benefits then disadvantage. But what if bank itself become Bankrupt . Grin

. that is the main problem.

dogandogru

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Awareness and Internet connectivity is the major issue facing in adopting BTC. People all around the world are not educated enough to understand the disadvantages of Fiat and benefits of Bitcoin over Fiat. And Secondary issue is that BTC transaction is totally dependent on Internet. There is a lot of places all around the world where Internet is not freely available or it cost a lot to use internet in such areas.

innocent93

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Quote from: bitcoinblog on December 18, 2017, 12:49:58 PM

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 ?

You forgot to mention the electricity issue because this kind of energy is not available everywhere in the world and the technological problem, not everybody has a pc or smart phone.

hardhardy

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Honestly I think the biggest problem we'll face are dirty plays by banks. And since you can prevent any dirty trick by anticipating it, expect the unexpected

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Quote from: Hydrogen on December 18, 2017, 07:43:36 PM

I hate to be overly dramatic about things Roll Eyes

but I think fiat will never be replaced by crypto for one simple reason: control.

As much as I love crypto and as much as I dislike governments I must sadly agree with this notion here. I don't think governments and states will relinquish their control and probably will use their threat of violence to prevent this from happening. When you break it down it is basically like what terrorists do except in a more controlled and organized manner. That mashed together with propaganda and voila you have a mindless working class that has no problem being in debt their whole life. I hope that I am completely wrong however and crypto does one day takeover as international currency

brontosaurus

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Quote from: bitcoinblog on December 18, 2017, 12:49:58 PM

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 ?

the biggest difficulty we would face is to create as well as implement a proper system of taxation where people using BTC could be taxed. Another major problem is regarding controlling the money supply in the economy. I don't know if you know it or not the central authorities regulate the supply of money in the economy to ensure that inflation doesn't magically upsurges this is impossible with bitcoin.

webtricks

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Quote from: bitcoinblog on December 18, 2017, 12:49:58 PM

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 ?

Awareness and internet aren't the big enough comcerns to limit Bitcoin or Crypto Future as mode of payment. In countries like India, using internet is cheaper than packet of bread due to massive tech revolution.
But where actually problem lies is within the structure of these cryptocurrencies itself. Before thinking to use them as mode of payment, can we ensure that transactions will work out within seconds and at negligible fees? If cryptocurrencies can't cater such basic requirement of currency then it won't possible even if every human on face of Earth knows how to use Bitcoin and cryptos.

Quote from: richardsNY on December 18, 2017, 05:08:21 PM

Bitcoin's total number of coins will never be a problem. In current times the majority of the people can't even afford to buy 0.1 BTC anymore, and soon they won't be able to afford 0.05 BTC, and so forth. Bitcoin's total coin cap can be looked at from various perspectives.

21,000,000 BTC
21,000,000,000 MBTC
21,000,000,000,000 BITS
2,100,000,000,000,000 Satoshi's

Bitcoin's divisibililty is something that people tend to ignore since they just see Bitcoin's coin cap is fixed at 21 million Bitcoin's, while in reality it's just a GUI based level unit. We should accept that not everyone in the world is interested in using Bitcoin as their daily currency tool, so there will be enough coins, or better said, Satoshi's left for those who do end up using Bitcoin. In easy terms, no need to worry about this aspect.

This may look fancy theoretically on piece of paper but practically this isn't feasible. I wrote about this in my last post, have a look:

Quote from: webtricks on December 19, 2017, 11:51:28 AM

No doubt, Bitcoin has huge future potential but there is a big obstacle in this way, 'Scalability'. People argue that Bitcoin can be fragmented upto 100 millions units and if large number of people adopt Bitcoin there won't be any problem as people would start using Satoshis. But is that possible? Absolutely not! Scalability issue has limited Bitcoin diversification to the maximum of 4 decimal points. If we send lower than that, fees will supersede amount and transaction will become unfeasible to conduct.
So, we shouldn't expect anything above $100K for Bitcoin if current version i.e. Bitcoin Core continues to dominate Bitcoin in coming years. On the same side, I don't advocate fork or flippening rather there should be some consensus among miners to solve scalability issue.

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Using cryptocurrency worldwide would be a revolutionary thing. One day it will be a fact thanks to technology evolving so fast.
However, it may not happen soon because of many factors:
- Infrastructure: Internet is not available in some countries.
- Regulation: cryptocurrency has to be regulated before it can be used worldwide.
- Volaility: can be considered as a disadvantage.
- Ignorance: many people don't know how to use new technologies.
....

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