Topic: The future of Bitcoin as a sustainable currency. - page 3. (Read 876 times)

If no KYC (or anything similar) is required, then I'm okay with that

I just meant to say that using phone (physically handling it) is not very convenient. Why would anyone want to see your phone at all, especially when you are standing in line? I've seen people using their phones this way, and it doesn't look like a very bright idea to me

Though personally, I would prefer to have that option for litecoins as Bitcoin should be used as a store of value and as a tool for wealth transfer (I mean real wealth). You see, Bitcoin gives value to altcoins (this goes without saying and further debates), so if Litecoin usage expands, Bitcoin should also profit from it (it's sort of giving back)

In my opinion, payment cards are way less convenient. I'm thinking of something like Apple Pay or Google Pay, without pre-paying or pre-loading anything, without registering and giving away your details, etc. Just your bitcoin wallet on your phone, swipe a terminal, paid. <5 seconds, no KYC, no hassle. Essentially allowing you to pay in bitcoin to stores that don't yet accept bitcoin. That's an app I would use, but perhaps others don't feel the same.

Bitcoin been used as an exchange for goods and services without third party involvement was the major reason for it developments and we are still far from achieving that.  If we must keep third party out of transactions then we must try and understand what blockchain stand for and stop using bitcoin as a speculatives assets. For big companies and individual to start using bitcoin as a mode of exchange for goods and services bitcoin must be able to get stable in pricing because that is were the whole issues are.  The volatility nature of bitcoin is not too favorable for adoption.

But isn't this exactly how Bitcoin payment cards are supposed to work? When you pay with them, basically the same sequence of events occurs. At first you send bitcoins to your wallet and then at the cashier's your bitcoins get converted to fiat which is paid to the merchant. And as far as I know, BitPay also issues prepaid Visa cards. In this way, a debit card is working like your phone (and if you ask me, payment cards are more convenient)

So what did I miss in your post (or maybe something else)?

That is the reason why they say that nobody is perfect. Nobody could design a system that does not have any defects.
Bitcoin will grow and spread when it has to. Few of the successful things have become successful on it's own and bitcoin might be one among them.

The forecast for bitcoin's price for 2019 is very difficult to make, since there are still many obstacles and possible prohibitions on its way. But many analysts and traders are inclined to believe that bitcoin is expecting steady growth this year, thanks to large companies that are able to increase the amount of invested funds in it. And I agree that bitcoin expect a prosperous future.

Surely if exchanges do this, with essentially a multi-sig wallet for each customer, they are then would be unable to pool funds into cold storage wallets or batch transactions. Fees would go up, not just for this reason, but also it would be a huge amount of extra work to process withdrawals.

In terms of a "killer app", I'm envisioning something like a reverse BitPay, where I can swipe my phone over a payment terminal and it would debit my wallet with the right amount of bitcoins, automatically convert them to fiat, and then pay the merchant in fiat.

There is no doubt about having great front end application, which attracts novice users to bitcoin and we need to find more solutions on holding the coins in exchanges, hopefully we will have a dual private key system in the future so that no coins will be hacked in the future from any exchanges.

A good analysis can find the entire transactions and if someone is doing something illegally, i am sure with the right sense he would not want the world to know that and have an online record for transaction for his act. Only fools will do such things, billions of fiats are transfered to terrorist groups, how come we find that terrorist groups are funneling bitcoin to fund their activities, how come he know that, it is simply because everything is transparent.

The bigger transaction fees was the first hurdle as many merchants stopped accepting bitcoin and then comes the hacks and scams, with regulations and tight scrutiny we could control this and hopefully we will achieve this.

I agree with you on the fact that we need to have more killer applications for Bitcoin to make it a sustainable currency for the future and that is why I suggested this, https://bitcointalksearch.org/topic/m.49541786   

Yes, we cannot ignore the fact that Bitcoin will be used for illegal activities, but it is the norm for all currencies and payment systems around the world.

Changing people's perception after all the damage that was done with scams and hacks, might be our biggest challenge in the future. 

Money itself is a kind of credit, as long as the recipient believes that these currencies received this time can still be used for equivalent payment next time, whether the currency itself has value and use value is not important.
Earlier money, such as gold and silver, still had a certain use value, but its use value was far below the exchange value, which was rooted in the belief that it could continue to be used. With the development of monetary form, modern credit currencies such as French currency have almost no use value, but French currency can still be exchanged with other commodities as general equivalents, which is guaranteed by the law of the country and the trust of the people. Once the people lose trust in the government, this guarantee will be ineffective. In Zimbabwe, for example, because of hyperinflation caused by excessive currency issuance, nobody wanted to hold the Zimbabwe dollar, and eventually the government had to abandon issuing its own currency and allow the use of foreign currencies.
Similarly, Bitcoin, like French currency, has no use value. What guarantees its credit and exchange value is an impeccable cryptographic algorithm and an open distribution mechanism.
Bitcoin has been attacked by hackers for more than eight years, but it has never been attacked, and its security and reliability have been fully verified. Historically, hackers such as Mt. Gox have stolen bitcoins because of poor internal management, insufficient system security and even self-theft. Additionally, the natural scarcity of Bitcoin's 21 million issuance cap is comparable to or even beyond gold and silver, making it more trustworthy than most French currencies.

Yes Bitcoin has a very good future, with support From various parties, Bitcoin is very likely to be a future of the digital financial system.
We all are just waiting for the occurrence of an ecosystem that is evenly distributed, Bitcoin will be a thing to look forward to in the future.

Bitcoin will do well. I can give an example of its value easily
1) I came to Munich, I had to change dollars for euros, you think it was just no, I had to go to the central bank all day and they told me the address of the bank that accepted dollars (at the station in the basement near the McDonalds and toilet was an American bank) The next time I changed bitcoins in 10 minutes.
2) I take myself to a citizen of the world and I want to freely move everywhere, and not to explain and lose time at the airports why and where I carry so much money, this is my own business.

Maybe someone will tell me to use credit cards, in that case I remember how easily they are stolen and you remain a beggar, hello to France. Plus, these are too old technologies and slow ones, those who have encountered their inhibition will understand me.

i wouldn't call it worst year for bitcoin, etc to be honest. yeah we had a lot of scams and a lot of newbies lost a lot of money but that is just how the altcoin market has always worked. if you look at the altcoin charts you can see that every year or so we have the same situation with them being pumped a lot and then get dumped on the newbies who decide to bag hold them.

you are also ignoring all the real growth that bitcoin had during 2017 and 2018. with all the real adoption and the increase in number of merchants that are not accepting bitcoin as payment. not to mention how lightning network has been setting a new record every month.

We need to change the mentalities of people and the finance industry. People are so used with the current system that they can't imagine an alternative is possible. They need to understand the Bitcoin's ideology, its advantages (as well as disadvantages), how we can change the economy and why it would be better to BYOB.

More the demand increases more solutions will come naturally, we will always have people/companies ready to provide solutions/services/open source projects/...  By demand, I mean people using it for real usages and not for trading). When the adoption will really start then we may begin to think that companies would have real advantages in using Bitcoin (either because they could increase their market, or because they would have a financial advantage, whatever reason).

Regulating Bitcoin is removing one of its advantages, and not a small one. Over-regulating will simply kill what Bitcoin was supposed to give us. At best, it will so become just another SOV or a currency only used on the www by few people and few e-commerce.

I can understand why people were buying crypto like crazy during the end of 2017, everyone wanted a slice of the get rich quick action. What I’ve noticed is, since that and the expensive TX fees the vast majority of high profile or easily accessible to the public places such as steam, pretty much every online computer retailer in the UK, nearly every single E-sig store on the high street in the UK, micro brewery pubs, independent coffee shops etc... today no longer accept Bitcoin or any crypto. In my eyes that’s a massive step back.

You’re right, digital fiat commerce is much more convinent and I wasn’t suggesting cryptos would be threatening than market but it’s the public perception, normalisation of seeing a Bitcoin sign or “crypto accepted here” that the public walk past and become more aware of.

I can remember growing up just before the internet became mainstream, people would have thought you were mad if you suggested putting your credit card details into some website to buy something, we have shops and mail order for that Etc... Now high street is dieing 20 years later, normalisation is a powerful thing, and crypto fluffed it with what happened in 2017.

Majority of people won't like cryptocurrency very much while still having digital fiats that are convenient to use..
The only "nice thing" that brought people to Bitcoin has been taken from them.

Trading is still profitable but only few people have the patience and skills to stick around and learn it.

I think you’ve miss understood what I were getting at with this thread, I was thinking of ways to improve the optics of crypto in general. 99.999% of the general population couldn’t give 2 shiny fucks about anonymity as social media is a testeament to.

I’m aware of the limitations of Bitcoin, I’m also aware of the sentiment of the majority of people in real life I have noticed with regards to Bitcoin or crypto in general. Bitcoin is headliner for them and I’m fairly certain wouldn’t be able to name another coin.

I’m thinking long term, and maybe I should have used crypto currency in the title instead of Bitcoin I thought it might have been a good thread to generate conversation on crypto as a whole.

Edit: That  un-ironic big in Japan 

Definitely. There's definitely some more complications concerning lightning when talking about non tech-savvy people. But of course, technology moves forward along with ease-of-use. It will be ready in time.

Anyway, best of luck with your publicizing of bitcoin. +1

Agreed, especially if we are going to be moving towards lightning network. I've only dabbled with lightning so far, and I understand it's effectively in a pre-alpha stage and a long way from general use, but it seems significantly more complex to set up than a standard transaction. There's definitely a big hurdle in terms of ease of use to get over before widespread adoption.

My next targets are my gym and the coffee shop next to work - both are independent, single location businesses.

that is true.
and that is happening. which is why the price has been going up solidly and staying up. why do you think a decentralized digital currency is worth more than three thousand dollars?

lesser extent in this context means a percentage so negligible that is is not even worth talking about. specially since you are talking about bitcoin (a non-anon coin) not some anon coin like monero. so i don't even know why you brought this up here!

no it was not. both years were good years with 2017 being one of the best and not because of price but because of the adoption growth that we had. you seem to have forgotten the fact that we took at least 10 big steps in adoption whereas normally 1, 1.5 step per year is taken.
need i remind you of countries such as Japan and their adoption of bitcoin as a legal way of payment?

so you just explained the thing that has been going on from day on and is still going on!
watch the altcoin market and you will see the bullshit coins every day!

again you are repeating the same thing. they are still accepting anon coins such as monero in dark net, just like before. bitcoin's usage is still the same tiny negligible amount also by those who haven't yet figured out bitcoin is not anonymous.

that is already happening, you just have to stop hanging out in dark net markets and start hanging out in real world where legal infrastructure has been built and has been working for a long time