Topic: The target of BTC (Read 172 times)
Bitcoin - what are the states afraid of?
It's true that volatility and currency don't mix. However I don't think the volatility will continue forever. IMHO, the volatility increased as Bitcoin became more known by the general public. Since a finite number of people exist, this trend can't continue indefinitely.
You spoiled your discussion with shortcoming, operating independently of the government predetermined system. Spot the difference game would have been better.
Now just for the sake of your argument, yeah Bitcoin has turned into an asset, both investment and speculation. Guess, I had mentioned in one of my last posts, both retaining purchasing power and unstable purchasing power. Retaining comes from those who expect Bitcoin would be used as a medium of exchange in near-future, unstable comes from speculators, in for short gains. Is there a reason it wouldn't change?
Telephone took about 75 years to reach 50M and Television took close 33 years, Internet took 4 years, Facebook took two years. Guess you should spot the difference now. Communication channels, Bitcoin isn't that only, it’s monetary model change. So target of BTC – unknown: for now.
Now just for the sake of your argument, yeah Bitcoin has turned into an asset, both investment and speculation. Guess, I had mentioned in one of my last posts, both retaining purchasing power and unstable purchasing power. Retaining comes from those who expect Bitcoin would be used as a medium of exchange in near-future, unstable comes from speculators, in for short gains. Is there a reason it wouldn't change?
Telephone took about 75 years to reach 50M and Television took close 33 years, Internet took 4 years, Facebook took two years. Guess you should spot the difference now. Communication channels, Bitcoin isn't that only, it’s monetary model change. So target of BTC – unknown: for now.
However, no one actually uses Bitcoin for sale.
Fortunately you're wrong and lot of people use bitcoin for buying stuff.
Who will use Bitcoin to pay when only 10 minutes later, Bitcoin prices may soar 500 dollars? And which seller will receive Bitcoin from customers when the price of this kind of money can drop $ 500 only 10 minutes later?
The opposite might also happen.
If you get a good deal in BTC what is stopping you from using the $ you would have spent to buy back the BTC. Nothing!!!
Again, most sellers don't take bitcoin and store them in wallets.
When your coins reach bitpay they are exchanged and the seller gets xx$ in his account. No matter what the value of the coins is.
And back to your claim that nobody uses bitcoin, why do we have 300k transactions a day and 150k in the mempool?
You're right about micro-transactions using Bitcoin, for this purpose the costs are too high. But this is going to change in the near future, as more people are using SegWit which will speed the network and cause lower fees. Also Lightning Network is being developed, this can potentially increase the confirmation times to 1 million transactions a second, according to their website. But I still believe Bitcoin is not fully speculation at this moment, it got much more use cases like value storage and just transactions with higher value. It still has the decentralized aspect, banks don't have.
According to the 99bitcoins.com website, 89 companies claim to accept Bitcoin as a currency, including Subway, the Massachusetts Institute of Technology's bookstore and the Coastal Bend Museum in Victoria, Texas. However, no one actually uses Bitcoin for sale. Who will use Bitcoin to pay when only 10 minutes later, Bitcoin prices may soar 500 dollars? And which seller will receive Bitcoin from customers when the price of this kind of money can drop $ 500 only 10 minutes later?
Whatever the original purpose, Bitcoin has now turned into a kind of asset with only one goal: speculation.
In addition, another shortcoming of Bitcoin is that many of the supporters of this kind of money operate independently of the government predetermined system.
Whatever the original purpose, Bitcoin has now turned into a kind of asset with only one goal: speculation.
In addition, another shortcoming of Bitcoin is that many of the supporters of this kind of money operate independently of the government predetermined system.
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