Is Bitcoin ever be Mainstream? - page 4.

Usine

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Quote from: Renr on December 11, 2017, 01:15:49 PM

To complete a real-world transaction in which the buyer / seller requires a traditional currency.
Plenty of trades take place solely in bitcoin.
Think: drugs, extortion, you get the idea.

I'm not sure I really understand your comment. You could just as easily ask the question the other way around. Using cash to buy something is a method of exchange, that's all. Buying a cryptocurrency with cash is no different than buying foreign currency with cash. The only measure of the value you could ascertain from either transaction would be the exchange rate.

Renr

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To complete a real-world transaction in which the buyer / seller requires a traditional currency.
Plenty of trades take place solely in bitcoin.
Think: drugs, extortion, you get the idea.

Rludd

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Quote from: Bamel on December 11, 2017, 01:14:00 PM

Quote from: Amial on December 11, 2017, 01:13:32 PM

Quote from: Washball on December 11, 2017, 01:10:55 PM

The intention was to have p2p transactions, so third parties like Banks, would be avoided. So, using bitcoin as a mainstream currency would be like missing the whole point. It's not only because of technological issues like scalability, slow transactions and high fees, that will not make it work like a currency. Although there are companies accepting bitcoin, the high volatility makes it risky to use as a currency.

took me 10 days to sell my shares into FIAT..get the money into my traditional bank, send thsat money from Australia to overseas where I live then withdraw that money from my local ATM - all attracting fees..Then I bought my Bitcoin and had it in my wallet in 8 mins..LOL..

Very good points and exactly why I think - on its own - Bitcoin is a fantastic invention. However, plenty of fantastic inventions fail. And I think this will be one of them.
Blockchain, on the other hand, is much more interesting....

Could anyone explain to me why if Bitcoins and other 'currencies' are so valuable, the seller would want to be paid cash for them?

Bamel

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Quote from: Amial on December 11, 2017, 01:13:32 PM

Quote from: Washball on December 11, 2017, 01:10:55 PM

The intention was to have p2p transactions, so third parties like Banks, would be avoided. So, using bitcoin as a mainstream currency would be like missing the whole point. It's not only because of technological issues like scalability, slow transactions and high fees, that will not make it work like a currency. Although there are companies accepting bitcoin, the high volatility makes it risky to use as a currency.

took me 10 days to sell my shares into FIAT..get the money into my traditional bank, send thsat money from Australia to overseas where I live then withdraw that money from my local ATM - all attracting fees..Then I bought my Bitcoin and had it in my wallet in 8 mins..LOL..

Very good points and exactly why I think - on its own - Bitcoin is a fantastic invention. However, plenty of fantastic inventions fail. And I think this will be one of them.
Blockchain, on the other hand, is much more interesting....

Amial

newbie

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Quote from: Washball on December 11, 2017, 01:10:55 PM

The intention was to have p2p transactions, so third parties like Banks, would be avoided. So, using bitcoin as a mainstream currency would be like missing the whole point. It's not only because of technological issues like scalability, slow transactions and high fees, that will not make it work like a currency. Although there are companies accepting bitcoin, the high volatility makes it risky to use as a currency.

took me 10 days to sell my shares into FIAT..get the money into my traditional bank, send thsat money from Australia to overseas where I live then withdraw that money from my local ATM - all attracting fees..Then I bought my Bitcoin and had it in my wallet in 8 mins..LOL..

Washball

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First crypto index traded as a token!

The intention was to have p2p transactions, so third parties like Banks, would be avoided. So, using bitcoin as a mainstream currency would be like missing the whole point. It's not only because of technological issues like scalability, slow transactions and high fees, that will not make it work like a currency. Although there are companies accepting bitcoin, the high volatility makes it risky to use as a currency.

Usine

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Merit: 0

Quote from: Kesecer on December 11, 2017, 01:05:44 PM

Quote from: Amial on December 11, 2017, 01:05:21 PM

Quote from: Bamel on December 11, 2017, 01:04:57 PM

Quote from: Rludd on December 11, 2017, 01:04:33 PM

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Have you considered the vast number of data centres full of whirring computers it takes to run the very Internet we converse on? It's only 'worth it' if you consider it worthwhile. You simply don't consider bitcoin worthwhile. While others clearly think that Bitcoin has tremendous value with much more to come. Perhaps they are wrong, or are you missing something?

Well - we have currency today that is free and fast to transact, free to store and enables others to prosper, since our surpluses can be lent to others. Transactions are also guaranteed so that you are protected from fraud.
Bitcoin is very slow to transact (about 10 mins), costs a lot to store, is not easy to lend and the big problem is this: if you are defrauded, then tough luck. It's gone.
There maybe 250,000 active users of bitcoin, consuming more energy than the whole of Ireland, just to keep this ponzi scheme going.

The internet on a whole uses a lot more energy than Bitcoin, but it is a lot more efficient in that I can send multiple online data transactions for a fraction of the energy expenditure required to make a single Bitcoin transactions.

If Bitcoin had the same activity and economic output at the internet does currently, the energy expenditure needed to secure it would be orders of magnitude larger than the internet.

You are forgetting Moore's law. And Bitcoins finite number.

Kesecer

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Quote from: Amial on December 11, 2017, 01:05:21 PM

Quote from: Bamel on December 11, 2017, 01:04:57 PM

Quote from: Rludd on December 11, 2017, 01:04:33 PM

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Have you considered the vast number of data centres full of whirring computers it takes to run the very Internet we converse on? It's only 'worth it' if you consider it worthwhile. You simply don't consider bitcoin worthwhile. While others clearly think that Bitcoin has tremendous value with much more to come. Perhaps they are wrong, or are you missing something?

Well - we have currency today that is free and fast to transact, free to store and enables others to prosper, since our surpluses can be lent to others. Transactions are also guaranteed so that you are protected from fraud.
Bitcoin is very slow to transact (about 10 mins), costs a lot to store, is not easy to lend and the big problem is this: if you are defrauded, then tough luck. It's gone.
There maybe 250,000 active users of bitcoin, consuming more energy than the whole of Ireland, just to keep this ponzi scheme going.

The internet on a whole uses a lot more energy than Bitcoin, but it is a lot more efficient in that I can send multiple online data transactions for a fraction of the energy expenditure required to make a single Bitcoin transactions.

If Bitcoin had the same activity and economic output at the internet does currently, the energy expenditure needed to secure it would be orders of magnitude larger than the internet.

Amial

newbie

Activity: 28

Merit: 0

Quote from: Bamel on December 11, 2017, 01:04:57 PM

Quote from: Rludd on December 11, 2017, 01:04:33 PM

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Have you considered the vast number of data centres full of whirring computers it takes to run the very Internet we converse on? It's only 'worth it' if you consider it worthwhile. You simply don't consider bitcoin worthwhile. While others clearly think that Bitcoin has tremendous value with much more to come. Perhaps they are wrong, or are you missing something?

Well - we have currency today that is free and fast to transact, free to store and enables others to prosper, since our surpluses can be lent to others. Transactions are also guaranteed so that you are protected from fraud.
Bitcoin is very slow to transact (about 10 mins), costs a lot to store, is not easy to lend and the big problem is this: if you are defrauded, then tough luck. It's gone.
There maybe 250,000 active users of bitcoin, consuming more energy than the whole of Ireland, just to keep this ponzi scheme going.

Bamel

newbie

Activity: 28

Merit: 0

Quote from: Rludd on December 11, 2017, 01:04:33 PM

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Have you considered the vast number of data centres full of whirring computers it takes to run the very Internet we converse on? It's only 'worth it' if you consider it worthwhile. You simply don't consider bitcoin worthwhile. While others clearly think that Bitcoin has tremendous value with much more to come. Perhaps they are wrong, or are you missing something?

Rludd

newbie

Activity: 28

Merit: 0

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Irvinn

full member

Activity: 966

Merit: 104

Crypto currency is still only developing. In order for us to be able to make not only large purchases in bitkoyne, but also small household purchases, there must be a certain legal and technical basis for this. This is not yet at our proper level. In addition, recently, most bitkoyna accumulated a lot of problems with the bandwidth of its transaction and their high cost. These problems seem to be solved after the launch of the "lightning" project. Therefore, we can say that we are going to the fact that after a certain time we will really have bitkoyn, which can be paid for small household purchases.

Lecam

sr. member

Activity: 700

Merit: 254

Quote from: hndrk10 on December 11, 2017, 12:33:47 PM

Will we ever use Bitcoin for day by day use? Buy a bread, a phone, a car, an appartment? Or Bitcoin will more likely be a way of just storing value and we have to rely on altcoins to use them daily?

I think we will in the future. Actually some countries are starting to invest and trust bitcoin, even some countries banks are starting to store their own bitcoin. However, some countries are banning bitcoin because they think it's an investment without security. Well, we will just see in the future if bitcoin will be used freely by people.

benalexis12

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Quote from: Rludd on December 11, 2017, 12:55:55 PM

Quote from: Bamel on December 11, 2017, 12:55:29 PM

Quote from: Amial on December 11, 2017, 12:54:56 PM

Quote from: Kesecer on December 11, 2017, 12:54:38 PM

Quote from: Usine on December 11, 2017, 12:54:17 PM

Quote from: Renr on December 11, 2017, 12:53:42 PM

Money has been practically the same for hundreds of years, controlled at a centralized source, etc.

Money is now entering an new era, acquiring new dimensions, becoming decentralized, and becoming smart

It will take a while for people to get used to this, but they will....

The criminals have got used to it very quickly indeed. That's what happens when you have no centralised control.

You're referring to (private) bankers, right?

The first use case is almost always criminal as institutions are slow to move and have pesky regulations, especially when it comes to finance. As with the internet, it will change very very quickly. Buckle up.

How people equate the current financial system as something trustworthy is beyond me! Cryptocurrency's decentralised mechanisms will allow the population to vote on it's future.

No, and only an ideologically blinkered fool would think so.

It's like Email add industry way back then they develop how many years. and here comes bitcoin that will change the banking system and especially all the taxes and charge of fees

Aneelal

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Quote from: Giric on December 11, 2017, 12:59:59 PM

Quote from: Stianyd on December 11, 2017, 12:59:35 PM

Quote from: Vaskiy on December 11, 2017, 12:58:41 PM

However high things get advanced, we won't be getting bitcoin mainstream. It'll always tend to be a technology to serve better than the banking network. Same as the altcoins serving to be the alternative to bitcoin, bitcoin serves as an alternative to the traditional system we follow.

Oh dear. Perhaps we should ban cash?

Thank you for this wonderful suggestion, we will be implementing it soon.

The Government.

Automobiles should not be encouraged. They will only aid kidnappers and drug smugglers.

Photographic cameras should not be encouraged. They will be used to create child porn.

Electricity should not be encouraged. It aids fraudsters, murderers and rapists.

Giric

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Quote from: Stianyd on December 11, 2017, 12:59:35 PM

Quote from: Vaskiy on December 11, 2017, 12:58:41 PM

However high things get advanced, we won't be getting bitcoin mainstream. It'll always tend to be a technology to serve better than the banking network. Same as the altcoins serving to be the alternative to bitcoin, bitcoin serves as an alternative to the traditional system we follow.

Oh dear. Perhaps we should ban cash?

Thank you for this wonderful suggestion, we will be implementing it soon.

The Government.

Stianyd

newbie

Activity: 14

Merit: 0

Quote from: Vaskiy on December 11, 2017, 12:58:41 PM

However high things get advanced, we won't be getting bitcoin mainstream. It'll always tend to be a technology to serve better than the banking network. Same as the altcoins serving to be the alternative to bitcoin, bitcoin serves as an alternative to the traditional system we follow.

Oh dear. Perhaps we should ban cash?

Vaskiy

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DGbet.fun - Crypto Sportsbook

However high things get advanced, we won't be getting bitcoin mainstream. It'll always tend to be a technology to serve better than the banking network. Same as the altcoins serving to be the alternative to bitcoin, bitcoin serves as an alternative to the traditional system we follow.

Rludd

newbie

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Quote from: Bamel on December 11, 2017, 12:57:58 PM

Quote from: Amial on December 11, 2017, 12:57:30 PM

Quote from: Kesecer on December 11, 2017, 12:57:08 PM

Quote from: Usine on December 11, 2017, 12:56:45 PM

Quote from: Renr on December 11, 2017, 12:56:16 PM

logical fallacy

Sorry but the current system it totally open to criminals just as much as bitcoin. At least with bitcoin you can see every transaction on the ledger.

How, exactly?

There’s a quaint idea going around of moving towards an environmentally sustainable, peaceful World supported by appropriate money, currency and finance systems. Complementary currencies could play an important role, if we weren’t so busy feeding greed.

No. Judging by the lack of comments.

inB4 someone says Tulips!

Bamel

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Quote from: Amial on December 11, 2017, 12:57:30 PM

Quote from: Kesecer on December 11, 2017, 12:57:08 PM

Quote from: Usine on December 11, 2017, 12:56:45 PM

Quote from: Renr on December 11, 2017, 12:56:16 PM

logical fallacy

Sorry but the current system it totally open to criminals just as much as bitcoin. At least with bitcoin you can see every transaction on the ledger.

How, exactly?

There’s a quaint idea going around of moving towards an environmentally sustainable, peaceful World supported by appropriate money, currency and finance systems. Complementary currencies could play an important role, if we weren’t so busy feeding greed.

No. Judging by the lack of comments.

Topic: Is Bitcoin ever be Mainstream? - page 4. (Read 930 times)