Is Bitcoin Really The Future Of Money? - page 94.

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Quote from: instacalm on January 25, 2017, 10:09:26 AM

Quote from: ameerrosic on November 06, 2016, 05:03:14 PM

Bitcoin has been proclaimed dead 89 times. It has been labeled a Ponzi scheme and a failed experiment. Writers have argued for it to be forgotten and for developers to move on to greener pastures. But moving beyond this rhetoric, it’s not all that difficult to compare the rise of bitcoin to that of another technology: the World Wide Web. http://blockgeeks.com/questions/what-is-your-future-predictions-of-bitcoin/#comment-604

To answer the question raised in your topic's title -- no, I don't think that Bitcoin is the future of "money". At the moment it is one of the most sophisticated ways of sending secure peer-to-peer transactions. What makes it so interesting is that it cuts out the intermediary, allowing transactions to take place directly from user to user. Thus it may help shape the future of the financial industry -- but its future is most likely not as a digital currency. I don't believe we'll see the abolishment of money as we know it anytime soon

In a decentralized world a centralized currency would be a black sheep of sorts

By a decentralized world I mean a world where will be no more governments in the sense we understand them today. If there are no more governments sticking around, obviously there will be no place for government money either (but money itself will still be important, though not necessarily Bitcoin). I don't know how that could be made possible, but, on the other hand, some ten years ago hardly anyone could ever think that something like Bitcoin would be possible at all

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Quote from: ameerrosic on November 06, 2016, 05:03:14 PM

Bitcoin has been proclaimed dead 89 times. It has been labeled a Ponzi scheme and a failed experiment. Writers have argued for it to be forgotten and for developers to move on to greener pastures. But moving beyond this rhetoric, it’s not all that difficult to compare the rise of bitcoin to that of another technology: the World Wide Web. http://blockgeeks.com/questions/what-is-your-future-predictions-of-bitcoin/#comment-604

To answer the question raised in your topic's title -- no, I don't think that Bitcoin is the future of "money". At the moment it is one of the most sophisticated ways of sending secure peer-to-peer transactions. What makes it so interesting is that it cuts out the intermediary, allowing transactions to take place directly from user to user. Thus it may help shape the future of the financial industry -- but its future is most likely not as a digital currency. I don't believe we'll see the abolishment of money as we know it anytime soon.

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Now the money is free, and so the people will be

I believe the technology of bitcoin is the future of money. Unfortunately, what will probably happen is central banks and such will create their version of bitcoin, controlled by them, and then that will replace bitcoin in the normal economy. they will try to marginalize what they cannot control. I know Bank of Canada and bank of england all have interesting papers on blockchain tech and bitcoin.

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It is not that I do not believe in bitcoin to be on top of all currencies over the world but I guess, making bitcoin as fiat one to be a future money I guess it is a bit hard to imagine tho the fact of many now are involving into bitcoin, but we must also look to the point that it is still inside of the computer where not all of us can access any time then.
And not all country allows bitcoin to use it as the transaction method to pay things.

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Quote from: Victorycoin on January 25, 2017, 05:37:49 AM

Quote from: maxxdxx on January 24, 2017, 07:26:12 AM

Yes It will be. Because,

More stability
More trust from institutional investors
More organic growth
Less manipulation
Less volatility
More distribution of liquidity outside of China
Higher probability for financial instruments approval

I must say all the points you highlighted are strong points Bitcoin can put forward any day as a favorite contender of the future of money, however I do not buy the idea of your 5th point. Bitcoin cannot be said to be a less volatile currency. Only recently, we were trading at about $1150 per Bitcoin, it came down to $752 and now trading at over $900, how else can volatility be described?

That aside, strong volatility is not a disadvantage, it in essence is showing high liquidity and which is what creates the enabling environment for demand and supply to compete effectively leaving us with a reasonable for Bitcoin.

yes i agree with you , i think volatility of bitcoin is good for trader. I think bitcoin is apropriate as future of money . Because we can do something that we can't do with paper money such as fast world wide transaction.

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Quote from: Zadicar on January 25, 2017, 05:55:14 AM

Quote from: mkmdoc on January 25, 2017, 05:51:47 AM

Quote from: slapper on January 24, 2017, 10:08:42 AM

Quote from: vaxo_nba on January 24, 2017, 01:08:45 AM

I share opinion the most of the members claim here that fiat must be replaced sometime but I don't think this will be such quickly. First of all knowledge should be increased in this sphere in order to avoid next "revolution" in finances.

That is correct. If people do not have knowledge, they can not fully understand how Bitcoin work. Therefore, we need to hold some campaign which increase people knowledge and information about Bitcoin. BItcoin should be taught in school and college so that students will lead a country to success in using Bitcoin

Many people are doing campaign in their local area already, like daily they are doing some conferences to get awareness about bitcoin. Some people don't have complete belief on bitcoin because the price of bitcoin is unpredictable. Many people are showing interest to learn about bitcoin but some people don't have any knowledge about internet also, so we need train them how to use internet firstly.

Lack of knowledge regarding on internet would really be the big problem to lessen the process of bitcoins adoption because if people wont know about internet they wont never know about bitcoin since they dont have any idea on it. Bitcoin would really be a good cryptocurrency in the future but i dont think it would be a main currency.

Aside from people who have no knowledge on the internet there are just people who are fixed on using fiat currency that they wont join bitcoin since they have huge market and are earning. Bitcoin is very volatile and its one of the reasons why they are afraid and disinterested on using bitcoin. My friends are also like that they said that if bitcoin has a stable price then possibly they will engage on it.

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Quote from: mkmdoc on January 25, 2017, 05:51:47 AM

Quote from: slapper on January 24, 2017, 10:08:42 AM

Quote from: vaxo_nba on January 24, 2017, 01:08:45 AM

I share opinion the most of the members claim here that fiat must be replaced sometime but I don't think this will be such quickly. First of all knowledge should be increased in this sphere in order to avoid next "revolution" in finances.

That is correct. If people do not have knowledge, they can not fully understand how Bitcoin work. Therefore, we need to hold some campaign which increase people knowledge and information about Bitcoin. BItcoin should be taught in school and college so that students will lead a country to success in using Bitcoin

Many people are doing campaign in their local area already, like daily they are doing some conferences to get awareness about bitcoin. Some people don't have complete belief on bitcoin because the price of bitcoin is unpredictable. Many people are showing interest to learn about bitcoin but some people don't have any knowledge about internet also, so we need train them how to use internet firstly.

Lack of knowledge regarding on internet would really be the big problem to lessen the process of bitcoins adoption because if people wont know about internet they wont never know about bitcoin since they dont have any idea on it. Bitcoin would really be a good cryptocurrency in the future but i dont think it would be a main currency.

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Quote from: slapper on January 24, 2017, 10:08:42 AM

Quote from: vaxo_nba on January 24, 2017, 01:08:45 AM

I share opinion the most of the members claim here that fiat must be replaced sometime but I don't think this will be such quickly. First of all knowledge should be increased in this sphere in order to avoid next "revolution" in finances.

That is correct. If people do not have knowledge, they can not fully understand how Bitcoin work. Therefore, we need to hold some campaign which increase people knowledge and information about Bitcoin. BItcoin should be taught in school and college so that students will lead a country to success in using Bitcoin

Many people are doing campaign in their local area already, like daily they are doing some conferences to get awareness about bitcoin. Some people don't have complete belief on bitcoin because the price of bitcoin is unpredictable. Many people are showing interest to learn about bitcoin but some people don't have any knowledge about internet also, so we need train them how to use internet firstly.

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Quote from: maxxdxx on January 24, 2017, 07:26:12 AM

Yes It will be. Because,

More stability
More trust from institutional investors
More organic growth
Less manipulation
Less volatility
More distribution of liquidity outside of China
Higher probability for financial instruments approval

I must say all the points you highlighted are strong points Bitcoin can put forward any day as a favorite contender of the future of money, however I do not buy the idea of your 5th point. Bitcoin cannot be said to be a less volatile currency. Only recently, we were trading at about $1150 per Bitcoin, it came down to $752 and now trading at over $900, how else can volatility be described?

That aside, strong volatility is not a disadvantage, it in essence is showing high liquidity and which is what creates the enabling environment for demand and supply to compete effectively leaving us with a reasonable for Bitcoin.

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Quote from: cokkapaga on January 24, 2017, 05:11:41 PM

I think that someday bitcoin will be the future of money
if all country is already accept bitcoin for the payment and bitcoin is ready to be the future of money in the world.

I don't think that bitcoin is going to be the future of money but although I think that many are going to adopt bitcoin. Still bitcoin is going to exist and that is going to make currency of bitcoin as secondary currency in the future. Because the governments will adopt it that it is going to be one of the best currency as we know that it is decentralized.

What we only need is to see the increasing adoption of bitcoin, when more people are adopting that means more business will be coming in to operate and that makes it easy for us to transact online. I never expect it will be better than our current fiat system now as it will never gonna happen.

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Quote from: n0ne on January 24, 2017, 11:19:58 PM

Quote from: Sundark on January 24, 2017, 11:03:00 PM

Quote from: Md Saad on January 24, 2017, 07:39:48 AM

and also a question is whether it will be accepted by the countries who are leading the economic?

Bitcoin won't be accepted by any country. They would never embrace decentralized technology they can't control. It is entirely in people's hand whether bitcoin will succeed.
Bitcoin adoption is a fight against propaganda of banks, financial institutions, governments and trolls who are envious of bitcoin status as king of cryptocurrencies.

Right now I believe there is nothing similar to a fight on adoption in any country. Most has realized the potential and for some reason its not implemented. Russia taking the ban of bitcoin use itself a example. Several countries have making fintech hubs based upon the support got from cuties.

Banning bitcoin will somehow lessen it's popularity to some countries but I don't think it will stop the increasing adoption process, it's an online currency where we can easily use without a strict policy compared to legalized payment processor. Despite of this hindrance, I still believe that the future of bitcoin will be successful and we are here to make that happen.

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Quote from: Sundark on January 24, 2017, 11:03:00 PM

Quote from: Md Saad on January 24, 2017, 07:39:48 AM

and also a question is whether it will be accepted by the countries who are leading the economic?

Bitcoin won't be accepted by any country. They would never embrace decentralized technology they can't control. It is entirely in people's hand whether bitcoin will succeed.
Bitcoin adoption is a fight against propaganda of banks, financial institutions, governments and trolls who are envious of bitcoin status as king of cryptocurrencies.

Right now I believe there is nothing similar to a fight on adoption in any country. Most has realized the potential and for some reason its not implemented. Russia taking the ban of bitcoin use itself a example. Several countries have making fintech hubs based upon the support got from cuties.

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Quote from: Md Saad on January 24, 2017, 07:39:48 AM

and also a question is whether it will be accepted by the countries who are leading the economic?

Bitcoin won't be accepted by any country. They would never embrace decentralized technology they can't control. It is entirely in people's hand whether bitcoin will succeed.
Bitcoin adoption is a fight against propaganda of banks, financial institutions, governments and trolls who are envious of bitcoin status as king of cryptocurrencies.

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Quote from: shane on January 24, 2017, 08:56:04 PM

Quote from: cokkapaga on January 24, 2017, 05:11:41 PM

I think that someday bitcoin will be the future of money
if all country is already accept bitcoin for the payment and bitcoin is ready to be the future of money in the world.

money must be accepted by all people in same place, like US dollar accepted in US and like chinese yuan accepted in china etc.
bitcoin can be accepted only in "online service" so bitcoin can't be offline curency, in this fact i doubt bitcoin will be real money, maybe bitcoin always will be payment processor only no more.

That's true because it has not quality to the definition of money which is "a current medium or exchange in the form of coins and banknotes; coins and banknotes collectively."

Bitcoin will not be useful if it will not be supported with fiat as the is the value of our money being calculated with.

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Quote from: cokkapaga on January 24, 2017, 05:11:41 PM

I think that someday bitcoin will be the future of money
if all country is already accept bitcoin for the payment and bitcoin is ready to be the future of money in the world.

money must be accepted by all people in same place, like US dollar accepted in US and like chinese yuan accepted in china etc.
bitcoin can be accepted only in "online service" so bitcoin can't be offline curency, in this fact i doubt bitcoin will be real money, maybe bitcoin always will be payment processor only no more.

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Quote from: cokkapaga on January 24, 2017, 05:11:41 PM

I think that someday bitcoin will be the future of money
if all country is already accept bitcoin for the payment and bitcoin is ready to be the future of money in the world.

yeah sure. It is true that if every country accepts Bitcoin, It will be the future of money. However, it is unlikely to happen since there are still many countries do not know what Bitcoin is and some even abandon Bitcoin for no reason. In fact, third world countries, countries which do now have enough money and the education still remain low can not full understand Bitcoin

lOvE mE forEvEr

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If adopted the bitcoin system probably yes, but whether bitcoin is used? I was hesitant, because now more and more complaints from users bitcoin, earlier I said that confirmation to tens of thousands are things that are not useful.

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I think that someday bitcoin will be the future of money
if all country is already accept bitcoin for the payment and bitcoin is ready to be the future of money in the world.

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Quote from: shane on January 24, 2017, 02:42:38 AM

people scare to use bitcoin as currency in real life, because the price of bitcoin is highly volatile, imagine if we buy a smartphone worthed $1000, the buyer want to use bitcoin, and the seller accept it with rate 1bitcoin = $1000.
then in next day bitcoin price drop so much to $600, and the seller lost his $400 (value) if he sell his bitcoin, whereas the seller wants to buy some mobile phones for stock.

This is not the reality but a very rare event which has happened once or twice, if I am not mistaken, in the past. The last years bitcoin is mature enough and after some fluctuations always recovers. On the other side we must accept that from these fluctuations there is not only the risk of loss but the chance of a good profit, right?

Musent

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Bitcoin has a tendency to be the future of money but it will totally depend on the usage and adoption of the people if everyone will prefer to go for digital payment system then no one can beat bitcoin and it can bring revolution in the payment system as of now not many are aware about the bitcoins and that is the major drawback with bitcoins.

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