Is bitcoin really the future of money? - page 2.

Nrcewker

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Quote from: Odusko on November 19, 2022, 12:10:02 PM

Bitcoin can only be used as an alternative to the national currencies, and bitcoin can not be call the future of money because bitcoin is just an alternative.
But we must also know that Bitcoin is also an asset that has value and is also volatile, so Bitcoin can be taken to be a global asset and should only be used for trances border currency and devoid of any form of control by the Government or an individual, this is why Bitcoin is called the decentralized currency with a speculative price.

The whole perspective of Bitcoins was to make it a popular digital good. It wasn’t created to use as a currency. I mean Bitcoins are limited in number, and this makes Bitcoins valuable. So why the hell will someone trade with Bitcoins, when he have other options other than saving Bitcoins? According to me, if anyone wants to take full advantage of Bitcoins, then he shouldn’t giveaway or trade the Bitcoins too often. Just save it and when time comes definitely while selling you will make the maximum profit out of it.

jokers10

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Quote from: 2stout on November 20, 2022, 04:13:42 PM

Yes, Bitcoin is the future on money and even the central banks see this, which is why their cbdc is on the horizon. As Bitcoin is decentralized, there is really no way to kill it unless we the people as a collective whole decide it is dead and don't use it or mine it- this isn't happening.

CBDC is an additional money control over all citizens funds. So making a competing system for Bitcoin is not the main purpose why central banks are starting to issue CBDC, it is much worse. If now a central bank needs go get info from commercial banks and organisations (control on a 2nd level) with CBDC it will have a direct control. And while CBDC is centralized it will have an option of doing anything with anybody's money.

That's why Bitcoin as an alternative is so important.

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Yes, Bitcoin is the future on money and even the central banks see this, which is why their cbdc is on the horizon. As Bitcoin is decentralized, there is really no way to kill it unless we the people as a collective whole decide it is dead and don't use it or mine it- this isn't happening.

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Quote from: Diuyen Kim on November 13, 2022, 10:54:20 PM

The value of Bitcoin is comparable to that of gold. Bitcoin cannot be used as legal tender. Even the legal currency of a country is to save the country's economy and does not want to rely on the US dollar for development.
Bitcoin is an emergency safe-haven solution. It cannot be said that Bitcoin is the future of money, it can only be said that Bitcoin will exist for a long time in the future.

The whole '"legal tender" ordeal isn't actually relevant for Bitcoin. Legal tender, for all intents and purposes, just means the government has a stamp of approval on a currency which can be used for transactions. If you're issuing funds to the government or by order of government to another party, you can only use the currency regarded as "legal tender." For anything else, it's up to you and the other party what currency you use.

Of course, you don't actually need the government's permission to conduct commerce in free countries so whether Bitcoin's classified as legal tender or not is entirely irrelevant. Most transactions are private in nature and therefore the currency does not need to be legal tender.

Bitcoin will exist forever. Whether or not people use it the software will be there and be forever accessible. Fiat currencies exist in a transient state because governments are forever temporary. There is no guarantee that even the strongest currencies will, for certain, exist in the future because that would require with absolute certainty that the issuer will continue to operate.

Odusko

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Quote from: BITCOIN4X on November 19, 2022, 01:23:46 PM

Quote from: Odusko on November 19, 2022, 12:10:02 PM

Bitcoin can only be used as an alternative to the national currencies, and bitcoin can not be call the future of money because bitcoin is just an alternative.
But we must also know that Bitcoin is also an asset that has value and is also volatile, so Bitcoin can be taken to be a global asset and should only be used for trances border currency and devoid of any form of control by the Government or an individual, this is why Bitcoin is called the decentralized currency with a speculative price.

I quote something for you: What is bitcoin?

Quote

Bitcoin is an innovative payment network and a new kind of money.

From the quote above, bitcoin is one of many other currencies that can be used as means of payment. We can expect bitcoin to be a legal currency for adoption in a country regardless of whether people use it as currency or for something else. The innovation that comes with bitcoin is much better than fiat, this has made bitcoin more suitable for both individuals and businesses to adopt.

Bitcoin is means of payment, but people tend to use it as an alternative for many reasons. Primarily this may be due to the lack of widespread adoption in each country which is likely due to various reasons including price volatility that bitcoin could be intended as an alternative.

I appreciate your effort to give a more detailed explanation of what my comment cover on the surface, I understand that Bitcoin has high ability than fiat and that is why Bitcoin is a hedge against inflation even though Bitcoin operate within the same economy as other currencies that suffer massive inflation, the only difference is Bitcoin volatility.
The unstable nature of bitcoin is what has made Bitcoin of a higher class than other currencies and bitcoin can play as an alternative to any currency as long as the system adopts bitcoin and build the relevant gateway that will allow easy access to Bitcoin usage.

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Quote from: roslinpl on November 19, 2022, 01:52:18 PM

Most of the old people know the answer for this.Because the adoption of bitcoin in 2013 and 2022 is not same.It’s nearly Increase in 100 percentage of the traders and participants into the ICO.When the market was reached the new high value,their will be some good involvement of new projects to the market.Till the market back to the normal,no new project will come to existing.

The adoption rate have changed with time, but we can't be judgemental based on the adoption for it to be used as mainstream currency. To me, it serves as an alternate to the traditional fiat. Maybe this could change over time, but it won't take the place of bitcoin completely. Over time we can see country's considering bitcoin's limited supply as a way to enrich the traditional fiat system that's been followed all around.

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First of all it is a good concern but it does not have to be supported or shielded in the current situation, you mention it in your OP as a starting point in the question and it is not necessary to have this concern because we are currently in a particular moment of bitcoin.

The diatribe then around that topic is because of what Bitcoin offers as a technology and not because its price is "x".

Now that future depends on the trust of users at this time, if that is achieved, it will surely be an option, perhaps not the only one, but it will be one of the most important options.

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Quote from: noormcs5 on November 17, 2022, 04:56:51 AM

No doubt bitcoin was developed with the thought to replace the paper currency and also to have a significant change in the financial system of the countries.

I believe Bitcoin is created to remove banks and third parties from the transaction system. It is intended to be a digital currency that can be send P2P and I believe I have never read anything on the whitepaper that it is intended to replace paper money. If there is, probably I missed the clause and kindly redirect me to it, thanks.

Quote from: noormcs5 on November 17, 2022, 04:56:51 AM

However, since the adoption of bitcoin means that government will have less or no control over the money, this means that government will never let bitcoin grow and will never let it use as a payment gateway. There is an indirect war between public and government where government wants to continue the current banking fiat system and public wants to switch to digital money.

The government will always be the biggest promoter of adoption and at the same time the greatest hindrance to Bitcoin. I believe that one-day government will recognize Bitcoin but will never do the "stupid" (since government financial expert thinks that it is stupid) thing of replacing their national currency with Bitcoin. Although the technology behind it may be the future of money, I believe Bitcoin will always be an alternative.

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Most of the old people know the answer for this.Because the adoption of bitcoin in 2013 and 2022 is not same.It’s nearly Increase in 100 percentage of the traders and participants into the ICO.When the market was reached the new high value,their will be some good involvement of new projects to the market.Till the market back to the normal,no new project will come to existing.

BITCOIN4X

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Quote from: Odusko on November 19, 2022, 12:10:02 PM

Bitcoin can only be used as an alternative to the national currencies, and bitcoin can not be call the future of money because bitcoin is just an alternative.
But we must also know that Bitcoin is also an asset that has value and is also volatile, so Bitcoin can be taken to be a global asset and should only be used for trances border currency and devoid of any form of control by the Government or an individual, this is why Bitcoin is called the decentralized currency with a speculative price.

I quote something for you: What are bitcoin?

Quote

Bitcoin is an innovative payment network and a new kind of money.

From the quote above, bitcoin is one of many other currencies that can be used as means of payment. We can expect bitcoin to be a legal currency for adoption in a country regardless of whether people use it as currency or for something else. The innovation that comes with bitcoin is much better than fiat, this has made bitcoin more suitable for both individuals and businesses to adopt.

Bitcoin is means of payment, but people tend to use it as an alternative for many reasons. Primarily this may be due to lack of widespread adoption in each country which is likely due to various reasons including price volatility that bitcoin could be intended as an alternative.

Pmalek

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@OP
Look at this future of money and tell us is this what it's supposed to look like? Is it a shitcoin? Well, kind of. It's the historic purchasing power of the world's most popular fiat currency - the USD. It just looks like a shitcoin.

Ever since bitcoin was created, it's been going through cycles of extreme price increases and big dumps. Who knows, maybe that's how it's going to be forever or at least for as long as we will halving events. It tells me that bitcoin is still trying to find its price range. It was obviously not $65-70k, because it didn't hang around in that zone for too long, but it's also not $4.000 since it rebounded from that dip as well. Maybe we should consider $30-40k to become a realistic value zone for the future instead of having extreme price hikes all the time.

Odusko

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Bitcoin can only be used as an alternative to the national currencies, and bitcoin can not be call the future of money because bitcoin is just an alternative.
But we must also know that Bitcoin is also an asset that has value and is also volatile, so Bitcoin can be taken to be a global asset and should only be used for trances border currency and devoid of any form of control by the Government or an individual, this is why Bitcoin is called the decentralized currency with a speculative price.

Cryptodebjoe

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Storage of value is one of the three generally accepted functions of money, (quote)..... To be honest does storage really necessarily add value to money? With the whole rising inflation if there's any disadvantage of storage is the tendency of the value of money to go down, money on its own is becoming as volatile as BTC. Those who study the BTC market enjoy it's volatility and don't necessarily want it to be the future of money but they enjoy the fact that it's decentralized.

Ziskinberg

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Quote from: xSkylarx on November 14, 2022, 08:49:06 AM

Quote from: Ziskinberg on November 14, 2022, 07:54:31 AM

You have to consider the fact that not all are preferred to use Bitcoin, Therefore, never think OP that this will become the future of money but instead, this will remain as another option/alternative. I think, we just leave it that way because in the first place we are not urged to use this. In fact, the digital way of payment already existed before BItcoin but guess what, only a few people were able to adopt and use it. Many still do not know how to use this as they are still preferred using fiat money.

Before, we thought that digital money or decentralized transactions would not be possible, but now we can see it, which is a great innovation for technology. Though you have a point that not all of us can use it as this requires the internet, and the user should know how to use a phone or computer; still, it has a possibility that this could be future money in the future (not sure if we are still alive on this time), but for now, let's use and enjoy it as it is helping us

Indeed, we can't say it was impossible but that for many years from now and might not witness it to happen.
Moreover, it was important that we enjoy and value Bitcoin more than just an investment. If we have been given the chance then why not, I know it still satisfies our needs and give us a comfortable life which is what we wanted. There is no need to go to the banks and line up and pay our orders with no hassle. Just imagine how good it was but we can't deny the fact that many people still do not see it and still with the influence of their negative mindset.

jokers10

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Quote from: Franctoshi on November 16, 2022, 10:38:14 AM

In case of this , that is Bitcoin becoming the future of money and for it to be used world, more improvement would have taken place as regards to the transaction fee, in such a way that the transaction fee is cheap and people could use it to pay for anything, If that did not happen , then it will still be the future of money but would be used to settle or pay for more higher bills other than coffee imo.

Of course, commission, scalability and transaction time are known problems but all of them are solvable. Bitcoin is not what it was at the start because its code is being developed all the time. So one day we'll see how all these problems are being solved. May be not tomorrow but it is better to make it reliably than fast. I'm not saying that Bitcoin is ready for replacing some of anchor currencies at the moment but I'm sure it will be in the future.

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Quote from: Terezi on November 17, 2022, 03:47:28 AM

Quote from: lalabotax on November 16, 2022, 06:21:30 PM

Basically, yes. Bitcoin is a very precise future money. In fact, Bitcoin can become a global currency to facilitate transactions globally, without the need for complicated administration and high fees.

However, this will not go smoothly because many parties still do not approve of the use of Bitcoin. Why? Because Bitcoin has no backup, is not controlled, is very volatile, and is also at risk. That is always their reason. In fact, there are actually many positive sides that can be used. But then again. Currency is usually associated with government regulation and control. Hence, it may not be completely successful.

Bitcoin is the Final Boss. It gives everyone in the world the property rights to protect themselves. Bitcoin is not controlled by anyone, it is owned by everyone. It has helped many people around the world achieve financial freedom. The characteristics of Bitcoin make it have better development and value-added potential, but it does not necessarily become the future of currency.

No doubt bitcoin was developed with the thought to replace the paper currency and also to have a significant change in the financial system of the countries.

However, since the adoption of bitcoin means that government will have less or no control over the money, this means that government will never let bitcoin grow and will never let it use as a payment gateway. There is an indirect war between public and government where government wants to continue the current banking fiat system and public wants to switch to digital money.

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Quote from: Nrcewker on November 16, 2022, 11:08:52 AM

I mean it all depends on user’s thought. If you still don’t have trust on Bitcoin, then you also don’t have the right to claim that you are a good Bitcoin investor. I mean these market fluctuations are not new. We have seen this type of situation before. We have seen Bitcoins touching 69k usd from 8k$, and still people disrespect Bitcoins when the price fall down. I am not saying Bitcoins will give you instant profits, but yes it will take some time. Just wait patiently and wait for better results.

True, based on user's opinion still trust or not with Bitcoin, the old user and know about Bitcoin maybe have two opinion between positive and negative side with Bitcoin maybe when purchasing at price above $60,000. Actually if earn much profit with Bitcoin they will agree for investing in Bitcoin but some people have frustrated invest on hype moment when Bitcoin make all time high likely disappointed what happen with Bitcoin price.
I think based on experience when getting much profit have positive opinion with Bitcoin, but ever get dump drastically after investing in Bitcoin they will have bad side opinion about Bitcoin.

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Quote from: lalabotax on November 16, 2022, 06:21:30 PM

Basically, yes. Bitcoin is a very precise future money. In fact, Bitcoin can become a global currency to facilitate transactions globally, without the need for complicated administration and high fees.

However, this will not go smoothly because many parties still do not approve of the use of Bitcoin. Why? Because Bitcoin has no backup, is not controlled, is very volatile, and is also at risk. That is always their reason. In fact, there are actually many positive sides that can be used. But then again. Currency is usually associated with government regulation and control. Hence, it may not be completely successful.

Bitcoin is the Final Boss. It gives everyone in the world the property rights to protect themselves. Bitcoin is not controlled by anyone, it is owned by everyone. It has helped many people around the world achieve financial freedom. The characteristics of Bitcoin make it have better development and value-added potential, but it does not necessarily become the future of currency.

lalabotax

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Basically, yes. Bitcoin is a very precise future money. In fact, Bitcoin can become a global currency to facilitate transactions globally, without the need for complicated administration and high fees.

However, this will not go smoothly because many parties still do not approve of the use of Bitcoin. Why? Because Bitcoin has no backup, is not controlled, is very volatile, and is also at risk. That is always their reason. In fact, there are actually many positive sides that can be used. But then again. Currency is usually associated with government regulation and control. Hence, it may not be completely successful.

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It is the governments around the world to decide whether bitcoin is the future of money or not. Very few countries around the world give importance to the adoption of bitcoin, one that have made a very bold decision is the El Salvador. Majority of the countries have created their own CBDC to restrict the usage of cryptocurrencies by the common people. This hasn't made any big change in the market, but it shows the plans of the governments.

Bitcoin having multiple usage is an added advantage. In one way or the other it gets used all around even when the government haven't got big plans with the cryptomarket. However there is very less countries banned its usage which is good.

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