The promise of Virtual currencies - page 2.

Reatim

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Quote from: Kyraishi on October 06, 2019, 07:39:36 PM

Pretty interesting stats, even if it is just 0.001% of all transactions, we've seen quite a lot of volume when it comes to using BTC, and keep in mind, 0.001% of the transactions in the US is still a huge number, for sure.

Remember that this is only for “US” means we take the .001% so what more if we add the other countries or should I say Continents?specialy Europe and Asian countries?this can be more even higher so this stats shows how large Bitcoin reached just for more than 5 years since this stats isn’t for 2016 when we reached the hype in 2017 ,if the stats recorded year after surely it’s more larger

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Are these stats only counting retail as purchases made by cryptocurrencies in person? Or do these also count transactions online from big brands (eg, buying a computer of newegg for BTC), or using purse.io to buy items of amazon?

I think this is the overall stats sine US will not release records that is incomplete

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Decent step to adoption, but a lot more needs to be done before we can reach a higher percent.

Well we must see also the world record to attract many investors if they saw the success of cryptocurrency and not just Bitcoins

Kyraishi

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Quote from: Astvile on October 06, 2019, 07:55:27 PM

Quote from: Kyraishi on October 06, 2019, 07:39:36 PM

Are these stats only counting retail as purchases made by cryptocurrencies in person? Or do these also count transactions online from big brands (eg, buying a computer of newegg for BTC), or using purse.io to buy items of amazon?

I think these stats are pertaining to all bitcoin-related transactions as long as bitcoin is in the talk of the transaction or used as a medium for payment they are counted in. If you'll gonna tally a compiled transaction percentage of an asset in a country you need to consider all possible transactions that will include that asset so for sure it includes all.

Damn. That's actually a lot lower then I thought it would be then, I expected companies like purse.io (basically makes it able for you to spend cryptocurrencies on amazon and some other sites) to have fairly decent traffic, as well as other online businesses that accept cryptocurrencies to be quite high traffic.

Quote from: Ailmand on October 06, 2019, 08:02:39 PM

Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies are currently a fringe phenomenon in the U.S., accounting for a tiny fraction (less than 0.001%) of all U.S. retail transactions

In the five-year period ending 2016, more than half a billion retail payments were made in Bitcoin or cryptocurrencies that include Bitcoin, Ethereum and Litecoin, according to the most recent estimates.

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies could lead to financial services for individuals and corporations that wouldn't be possible otherwise. Bitcoin itself could become the most prominent example of just such a new kind of "money"

Bitcoin can be an alternative to money or even platic money such as debit/credit card. Most people prefer it since they have access to their own money and is not controlled by other entity such as banks. Virtual money or cryptocurrency can be the next trend that we will have in the future. Imagine managing your own finance, and transacting easy, fast and convenient. Let's just hope that slowly crypto will be accepted by the government and adopted by the mass.

It can be a replacement to a lot of the payment methods we use, but the thing is getting people to change, especially when it's technology is so new and a lot of people don't like/understand it.

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Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Only because most people havent adopted the usage of it for our normal daily lives. Adoption of it could develop it in an incredible way that caters to the security and protection that is needed when transacting online. The reason is just stated by you, cause it's a fringe phenomenon.

Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies could lead to financial services for individuals and corporations that wouldn't be possible otherwise. Bitcoin itself could become the most prominent example of just such a new kind of "money"

It is already a prominent example. It's only limiting fsctor right now is that it's a "fringe phenomenon". If the world started developing towards the global adoption of Virtual currencies, a lot of natural resources can be actually saved plus to that the qol changes it could bring to most people.

minersday

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Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies (cryptocurrencies) operate on a decentralized platform; that is users are basically in charge of the safety of their funds. Setting up a legal framework will not be able to keep the funds of users safe if these users do not set up security measures to protect their private keys secured for an external interference or third party. With cryptocurrency, users are solely in charge of their funds and how they decide to send or receive funds. Users are responsible for their safety, establishing mechanisms will not really be of help keeping the funds of users safe..

Ailmand

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Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies are currently a fringe phenomenon in the U.S., accounting for a tiny fraction (less than 0.001%) of all U.S. retail transactions

In the five-year period ending 2016, more than half a billion retail payments were made in Bitcoin or cryptocurrencies that include Bitcoin, Ethereum and Litecoin, according to the most recent estimates.

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies could lead to financial services for individuals and corporations that wouldn't be possible otherwise. Bitcoin itself could become the most prominent example of just such a new kind of "money"

Bitcoin can be an alternative to money or even platic money such as debit/credit card. Most people prefer it since they have access to their own money and is not controlled by other entity such as banks. Virtual money or cryptocurrency can be the next trend that we will have in the future. Imagine managing your own finance, and transacting easy, fast and convenient. Let's just hope that slowly crypto will be accepted by the government and adopted by the mass.

Astvile

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Quote from: Kyraishi on October 06, 2019, 07:39:36 PM

Are these stats only counting retail as purchases made by cryptocurrencies in person? Or do these also count transactions online from big brands (eg, buying a computer of newegg for BTC), or using purse.io to buy items of amazon?

I think these stats are pertaining to all bitcoin-related transactions as long as bitcoin is in the talk of the transaction or used as a medium for payment they are counted in. If you'll gonna tally a compiled transaction percentage of an asset in a country you need to consider all possible transactions that will include that asset so for sure it includes all.

Kyraishi

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Pretty interesting stats, even if it is just 0.001% of all transactions, we've seen quite a lot of volume when it comes to using BTC, and keep in mind, 0.001% of the transactions in the US is still a huge number, for sure.

Are these stats only counting retail as purchases made by cryptocurrencies in person? Or do these also count transactions online from big brands (eg, buying a computer of newegg for BTC), or using purse.io to buy items of amazon?

Decent step to adoption, but a lot more needs to be done before we can reach a higher percent.

marshall2020

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Virtual currencies are currently a fringe phenomenon in the U.S., accounting for a tiny fraction (less than 0.001%) of all U.S. retail transactions

In the five-year period ending 2016, more than half a billion retail payments were made in Bitcoin or cryptocurrencies that include Bitcoin, Ethereum and Litecoin, according to the most recent estimates.

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies could lead to financial services for individuals and corporations that wouldn't be possible otherwise. Bitcoin itself could become the most prominent example of just such a new kind of "money"

Topic: The promise of Virtual currencies - page 2. (Read 262 times)