What is bitcoin future roles in Finance?

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Quote from: pinggoki on June 03, 2024, 10:30:16 AM

Bitcoin's already shaped the future of finance, it changed a lot of people's view when it comes to how they see finances and it also saved a lot of people from falling into the scheme of the banks to just go with fiat no matter what, imagine a time where bitcoin's not here and we're still relying on fiat, we'd all be dead in the water by now with how high the inflation is and how fast it goes up, a lot of us would never be able to keep our current lifestyle. For me, the only thing that we should anticipate for bitcoin to do is if bitcoin becomes globally accepted/adopted or even better, becomes a legal tender.

Certainly,I honestly think We're already in the future.Because for me,70% of what Bitcoin was slated to offer has already been achieved,in as much as there's still more to come and be completed or achieved,the most anticipated features of Bitcoin is what we are currently relying on.Its going to keep impacting and Making flawless transactions for Bitcoin users.Bitcoin users are globally harmonized and higly influential.

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Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

What is bitcoin future roles in Finance? Its gonna impact the regulatory of a country yes and of course will have an impact on traditional banking too. For now bitcoin is too big there is and ETF for it, back then some people look bitcoin as a joke and things like that. But now bitcoin already proven as a worthy asset like gold. People start to notice it, buy it and it is not jus regular people like me and you but you can see a big investment company a car company and tech companies buy bitcoin heck even a country.

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Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

I'm sure the banking system would have no choice but incorporate bitcoin into their system at some point.
the regulation, i'm sure moving forward, will be more flexible toward crypto in general as more and more people finally come to understand what value crypto actually hold.
it was not so welcoming to crypto because some people just haven't yet understood about it deep enough to make valid statement and thoughts.

I'd imagine it's gonna be like how michael saylor went from hating bitcoin to becoming bitcoin maximalist.

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Quote from: bitcampaign on November 08, 2024, 10:29:03 AM

It is indeed difficult to see the future of Bitcoin, even until now Bitcoin has not been able to become a legal tender worldwide, but only a few countries do that and the rest of the people use Bitcoin as their asset for the future, because the reality is like that it cannot be denied that the development of Bitcoin in the digital world is only anonymous, whatever the role of Bitcoin in the future I support what the community does to Bitcoin as long as it is on a positive path.

Bitcoin is already doing great, and some countries, I guess, have already made it a legal tender, which I see as a good thing, and I don't think we need to be hoping for more countries to make it a legal tender in the future.

All that I think will shape the future of bitcoin is if there could be a more crypto-friendly policy for it all over other countries where anyone can use it where and when ever they want with the feeling that they are breaking the rules of their country and can be prosecuted as long as everyone is free to use it like any other digital currency. It's enough to be expected in the future.

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This OP question will have different opinions from different people, but all of them can be said to be true and possible in the future even now. And in my personal opinion and experience, Bitcoin can be the perfect currency in the future, because Bitcoin is very safe and secure thanks to the very secure blockchain technology and will be a financial system that is more acceptable to everyone and is fully controlled by its owner, there are many more beauties of Bitcoin for now and also in the future. And many people are investing in Bitcoin for the future and this is already one of the proofs that Bitcoin will have many benefits for those who have it, and also Bitcoin is an alternative to fiat currency and this will continue to grow until finally everyone does it.

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It is indeed difficult to see the future of Bitcoin, even until now Bitcoin has not been able to become a legal tender worldwide, but only a few countries do that and the rest of the people use Bitcoin as their asset for the future, because the reality is like that it cannot be denied that the development of Bitcoin in the digital world is only anonymous, whatever the role of Bitcoin in the future I support what the community does to Bitcoin as long as it is on a positive path.

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Quote from: Smartprofit on November 07, 2024, 02:29:03 PM

Quote from: NotATether on November 07, 2024, 03:43:49 AM

Quote from: Iranus on November 07, 2024, 03:33:51 AM

The scarce and decentralized nature of bitcoin makes it more suitable as an asset, store of value or safe haven than as a currency.

I disagree with you. I use BTC as both a currency and as an asset. There is really nothing stopping you from buying things in Bitcoin. I mean what, you're going to send it to and from exchanges (and by extension, linked bank accounts) and eat up all those transaction fees?

Currently, Bitcoin has a limit on the number of daily transactions. If I am not mistaken, the number of daily transactions cannot exceed 400,000. This does not allow 8 billion inhabitants of planet Earth to constantly use Bitcoin to buy goods (works, services). And this is a technical limitation.

In addition, the Bitcoin network has periods of high fees. With such high fees, sending small amounts of money becomes a very unprofitable business. Of course, there is Lightning, but this system is also very imperfect.

Currently, there are serious discussions about creating Bitcoin reserves in the US government financial system. This, in my opinion, shows the vector of further development of Bitcoin.

I made a few transactions at the time when the BRC20 craze caused congestion on the bitcoin network and my transactions took up to 7 days to complete.

I don't want to use bitcoin for payment because I find it quite annoying and time consuming to have to check transaction fees before paying. I even have to delay the payment if the transaction fee at that time is too high.

For everyday bills, using bitcoin is even worse because I have to pay extra fees just to pay for a cup of coffee that costs less than $1. Whereas if I use fiat or bank, I hardly pay any extra fees and the transaction time is almost instant.

You are right, think if there were billions of people using bitcoin every day and what would the transaction fees be at that time? I know Bitcoin was designed to be a peer to peer currency but it is more suitable as an asset, an investment, IMO.

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Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

I guess the finance institutions or businesses can adopt the use of Bitcoin of course with their mode of payment. Still, they need to consider if their country has now accepted the use of crypto. Then they are one of the large-scale countries or lets say the third world country because once they adopt this too and other countries will follow of course no one wants to be left behind with the trend and they will grab the opportunity to do the same thing. Again the market of crypto is volatile and they need to consider too having an exchange rates.

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Quote from: Smartprofit on November 07, 2024, 02:29:03 PM

Currently, Bitcoin has a limit on the number of daily transactions. If I am not mistaken, the number of daily transactions cannot exceed 400,000. This does not allow 8 billion inhabitants of planet Earth to constantly use Bitcoin to buy goods (works, services). And this is a technical limitation.

It's technical limitation but it can be changed in future and not all people who have bitcoins will use bitcoin daily. Assume 8 billion people on Earth have bitcoin, not all 8 billion people will use bitcoin for daily transactions.

Bitcoin has many use cases and some of them is as Store of Value, and people who use bitcoin this way, will hold their bitcoins most of time.

Quote

In addition, the Bitcoin network has periods of high fees. With such high fees, sending small amounts of money becomes a very unprofitable business.

There are times with cheap fees and people ignore it, if they know how to do it, they will take advantage of cheap-fee time for their transactions like consolidation or deposit.

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Of course, there is Lightning, but this system is also very imperfect.

You can not find anything perfect in life and beyond Lightning Network, there are Layer-2 projects to solve it. They're not perfect too, but they can bring additional solutions and options for people to choose.

Bitcoin Layer 2 Technologies.

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Quote from: alastantiger on November 08, 2024, 04:06:28 AM

Quote from: Onyeeze on November 07, 2024, 03:45:51 PM

but I believe that Bitcoin currency that every word across the nations will accept Bitcoin for each purpose but right now I think that bitcoin is still building structure and having more influence but with the time every other countries will make use of Bitcoin

You have spoken like a typical new recruits to the industry, Bitcoin doesn't have to be used by everybody in the world before it has an impact because there are some places that we can't see Bitcoin being used or it won't be as popular as other countries that have the facilities that'll encourage the use of Bitcoin over there. There are countries without good electricity and good internet hence people over they might find it very challenging to make use of Bitcoin because some of them don't have mobile phones or money to invest. They'll use their money for their essentials needs.

Bitcoin future role in finances will be surrounded around being an investment for most people because they'll still prefer to make use of their cash as it'll be less expensive and comfortable to use for them. Bitcoin potential will make many of them to not want to sell.

I think that as time goes on - more and more people and higher/bigger entities will see the potential in BTC.
It's inevitable and it will be a race of sorts what country or a group would be able to utilize BTC to the best extent - and help the community at the same time to bring awareness for what BTC stands for and why.

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Quote from: Onyeeze on November 07, 2024, 03:45:51 PM

but I believe that Bitcoin currency that every word across the nations will accept Bitcoin for each purpose but right now I think that bitcoin is still building structure and having more influence but with the time every other countries will make use of Bitcoin

You have spoken like a typical new recruits to the industry, Bitcoin doesn't have to be used by everybody in the world before it has an impact because there are some places that we can't see Bitcoin being used or it won't be as popular as other countries that have the facilities that'll encourage the use of Bitcoin over there. There are countries without good electricity and good internet hence people over they might find it very challenging to make use of Bitcoin because some of them don't have mobile phones or money to invest. They'll use their money for their essentials needs.

Bitcoin future role in finances will be surrounded around being an investment for most people because they'll still prefer to make use of their cash as it'll be less expensive and comfortable to use for them. Bitcoin potential will make many of them to not want to sell.

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Quote from: Smartprofit on November 07, 2024, 02:29:03 PM

Quote from: NotATether on November 07, 2024, 03:43:49 AM

Quote from: Iranus on November 07, 2024, 03:33:51 AM

The scarce and decentralized nature of bitcoin makes it more suitable as an asset, store of value or safe haven than as a currency.

I disagree with you. I use BTC as both a currency and as an asset. There is really nothing stopping you from buying things in Bitcoin. I mean what, you're going to send it to and from exchanges (and by extension, linked bank accounts) and eat up all those transaction fees?

Currently, Bitcoin has a limit on the number of daily transactions. If I am not mistaken, the number of daily transactions cannot exceed 400,000. This does not allow 8 billion inhabitants of planet Earth to constantly use Bitcoin to buy goods (works, services). And this is a technical limitation.

In addition, the Bitcoin network has periods of high fees. With such high fees, sending small amounts of money becomes a very unprofitable business. Of course, there is Lightning, but this system is also very imperfect.

Currently, there are serious discussions about creating Bitcoin reserves in the US government financial system. This, in my opinion, shows the vector of further development of Bitcoin.

Using bitcoin as an everyday means of payment is expensive, not just because of the high transaction fees, but because of the tax implications for bitcoin transactions in some countries. Some countries see bitcoin as an asset and not as a currency. For this reason, anytime people buy stuffs with bitcoins, it is assumed that they are selling their assets (bitcoin), so they charge tax for that sale. People can actually carryout daily transactions with bitcoin, but according to you, it is unprofitable for both businesses and private individuals. That is why many just prefer to use it as a store of value rather than as a currency.

Anyway, everyone is at liberty to use bitcoin the way they derive maximise benefit from it, and I won't fault anyone for using bitcoin the way they feel is best for them.

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Quote from: Onyeeze on November 07, 2024, 03:45:51 PM

Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

bitcoin as a cryptocurrency take over the future if bitcoin runs again for 3 to 4 years added with the one bitcoin have stayed because many persons across different nation is investing in Bitcoin currently bitcoin is done that is marketing itself not testimony from any other person have seen in Bitcoin that made them to have that Faith that Bitcoin can dominate in time coming but I believe that Bitcoin currency that every word across the nations will accept Bitcoin for each purpose but right now I think that bitcoin is still building structure and having more influence but with the time every other countries will make use of Bitcoin

It is also important to understand that conventional banking and bitcoin are very different and contradictory.
The conventional banking system uses a centralized system, while cryptocurrency uses a decentralized system.
From here, you can guess how bitcoin is with the existing conventional system.
But in my opinion, in the future, these two financial systems can run side by side.

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Quote from: ? on November 06, 2024, 02:43:23 AM

It will only go wider from this moment forward - more and more countries are loosening their belts on crypto, and who knows how the space will coexist with bigger entities.
I hope though that it will have a positive impact overall and that crypto will become more widespread and understood by the common man in an informational sense.

I think it's really just getting started with the way bitcoin is being adopted and accepted by big firms. It will just be a matter of time before other countries will start opening doors for it because they will not want to be left behind.

Such moves will definitely contribute to price increases, but governments of different countries will end up holding large amounts in the bitcoin reserve, which will have both a negative and positive impact. The negative one is price manipulation up to some certain level.

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Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

bitcoin as a cryptocurrency take over the future if bitcoin runs again for 3 to 4 years added with the one bitcoin have stayed because many persons across different nation is investing in Bitcoin currently bitcoin is done that is marketing itself not testimony from any other person have seen in Bitcoin that made them to have that Faith that Bitcoin can dominate in time coming but I believe that Bitcoin currency that every word across the nations will accept Bitcoin for each purpose but right now I think that bitcoin is still building structure and having more influence but with the time every other countries will make use of Bitcoin

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Quote from: NotATether on November 07, 2024, 03:43:49 AM

Quote from: Iranus on November 07, 2024, 03:33:51 AM

The scarce and decentralized nature of bitcoin makes it more suitable as an asset, store of value or safe haven than as a currency.

I disagree with you. I use BTC as both a currency and as an asset. There is really nothing stopping you from buying things in Bitcoin. I mean what, you're going to send it to and from exchanges (and by extension, linked bank accounts) and eat up all those transaction fees?

Currently, Bitcoin has a limit on the number of daily transactions. If I am not mistaken, the number of daily transactions cannot exceed 400,000. This does not allow 8 billion inhabitants of planet Earth to constantly use Bitcoin to buy goods (works, services). And this is a technical limitation.

In addition, the Bitcoin network has periods of high fees. With such high fees, sending small amounts of money becomes a very unprofitable business. Of course, there is Lightning, but this system is also very imperfect.

Currently, there are serious discussions about creating Bitcoin reserves in the US government financial system. This, in my opinion, shows the vector of further development of Bitcoin.

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From your content I take it that you mean Bitcoin has a future role in the economy. If you mean it, I'd say that yes, Bitcoin's role in the future economy is positive. Day after day people are suffering with traditional banking system. In this way people have to suffer a lot of harassment. But Bitcoin has ushered the economic system into a new structure. It has become the fastest way to transact without any bank or financial institution. It is very reliable and error free method. It is solving the current financial system and will be better in the future. So we should welcome Bitcoin as a medium of exchange and transaction.

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Quote from: Egii Nna on June 03, 2024, 12:06:18 PM

If I could convey what you mean right, did you want to ask what are the challenges that the traditional banking system might face in the future due to the rapid adoption of bitcoin by people worldwide? If you are going on that tradition, banking will definitely suffer from many challenges that can even make them go bankrupt. Some of these challenges include:

Banks can become completely affected this much only when Bitcoin completely becomes a legal tender without an option of fiat in any of the countries where it gains adoption. Provided fiat remains a core legal tender the effect of adopting Bitcoin will not lead to bankruptcy of physical Banks and this is because at some point you will need fiat to spend after your crypto assets has been converted to fiat and that's where the banking comes in. Except acceptance of crypto becomes general then fiat may not be needed as you can make payments with crypto exclusively, such scenarios will hardly even come so I don't see this happening any soon rather I see a possible synergy of they can work independently without the banks insisting on crypto not been decentralized.

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Quote from: Iranus on November 07, 2024, 03:33:51 AM

The scarce and decentralized nature of bitcoin makes it more suitable as an asset, store of value or safe haven than as a currency.

I disagree with you. I use BTC as both a currency and as an asset. There is really nothing stopping you from buying things in Bitcoin. I mean what, you're going to send it to and from exchanges (and by extension, linked bank accounts) and eat up all those transaction fees?

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Quote from: Smartprofit on November 06, 2024, 01:56:16 PM

In my opinion, Bitcoin will become the world's reserve asset in the future and a part (probably the main part) of central bank gold and foreign exchange reserves.

I do not think Bitcoin will become the main means of payment in the future. As a means of payment, Bitcoin is not very convenient (even taking into account the development of layers 2 and 3). However, as a reserve asset, Bitcoin is ideal. All the disadvantages of Bitcoin become advantages if you think of Bitcoin as a reserve asset, and not as a means of payment.

For example, central bank gold and foreign exchange reserves can be easily audited (assuming they are entirely made up of Bitcoin).

Becoming an alternative and widely used payment method is a challenge, let alone becoming the main means of payment or currency. Because when it comes to payment methods, what most of us care about is transaction fees and transaction speed, not privacy. Meanwhile, it is clear that Bitcoin cannot meet those requirements because it has unstable transaction fees and quite slow speed. I also never thought that bitcoin could be legalized and used as a payment method in the future, nor did I ever support that idea because it is unrealistic to become a reality.

The scarce and decentralized nature of bitcoin makes it more suitable as an asset, store of value or safe haven than as a currency.

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