Bitcoin might be stable and be called cryptocurrency king now. But don't forget that ideas and solutions change very fast in the blink of an eye.
Remember Yahoo? It once was the greatest company of modern Internet and then Google came. With bitcoin could be the same.
Topic: Why bitcoin will appreciate forever - page 6. (Read 20058 times)
It is sure there will be continuous rise in bitcoin's price in future. If we can keep demands in high, supplies will always go down because there are limited amount of bitcoins. So its' price will rise and rise.
In which way can be controlled the demand? In which way can be increased? In which way can be keep high? Can you show some ways or methods how to realize that? I'm curious to learn about this.
It is sure there will be continuous rise in bitcoin's price in future. If we can keep demands in high, supplies will always go down because there are limited amount of bitcoins. So its' price will rise and rise.
As long as many businesses start accepting it as a currency for their business then bitcoin demand will grow and prices will go up.
It is sure there will be continuous rise in bitcoin's price in future. If we can keep demands in high, supplies will always go down because there are limited amount of bitcoins. So its' price will rise and rise.
In the long term, unquestionably, yes.
But still there can be new bubbles and busts in bitcoin that could temporarly distrupt the uptrend, but no question it has an uptrend for long term, if the demand remains (which it pretty much does, as membership is increasing)
But still there can be new bubbles and busts in bitcoin that could temporarly distrupt the uptrend, but no question it has an uptrend for long term, if the demand remains (which it pretty much does, as membership is increasing)
Bitcoins will always be remembered for long time because of their simplicity and amazing advantages, some of them are as follows:
Accessible anywhere - It's not that 10 rupee note which you will forget on the table, It's with you anytime, anywhere!
Security and ptivacy - Security and privacy which it provides is remarkable.
Portable - It's more portable than your desktop actually! ! Can be transferred in seconds!
Easy and convenient mode of payment - It's more easy than physical cash payment method and there's no "middle-man" in your purchase
Accessible anywhere - It's not that 10 rupee note which you will forget on the table, It's with you anytime, anywhere!
Security and ptivacy - Security and privacy which it provides is remarkable.
Portable - It's more portable than your desktop actually! ! Can be transferred in seconds!
Easy and convenient mode of payment - It's more easy than physical cash payment method and there's no "middle-man" in your purchase
Bitcoin is a "dumb network". This means it doesn't care how much money you have, how old you are, what color you are, where you live, or how old you are. Are you a citizen of the country you are in right now? Bitcoin doesn't care, and it doesn't discriminate. If you have a wallet, you can use Bitcoin, anywhere, anytime, for anyone. It is truly technology for The People.
And it goes same with money. Money cannot choose people. People use them for their "activities".
Why people always say big about btc like btc already help them a lot, while in fact they selves who help them selves.
BTC is currency. and people use their currency for their own decision.
"If you have a wallet, you can use Bitcoin, anywhere, anytime, for anyone. It is truly technology for The People.".
I can use my money anywhere, anytime and for anyone without wallet.
Bitcoin is great currency for online payment, but that's not mean BTC is everything.
Same like gold, gold doesn't care how much money you have, how old you are, what color you are, where you live, or how old you are. Are you a citizen of the country you are in right now? Bitcoin doesn't care, and it doesn't discriminate. *facepalm
Bitcoin is a "dumb network". This means it doesn't care how much money you have, how old you are, what color you are, where you live, or how old you are. Are you a citizen of the country you are in right now? Bitcoin doesn't care, and it doesn't discriminate. If you have a wallet, you can use Bitcoin, anywhere, anytime, for anyone. It is truly technology for The People.
Ruble need a couple of years to loose it majority of his value against dollar but have you checked the BTC price it can go upto 1000+ and can come back to 100 within a couple of months.
You can't compare a small community based economy like bitcoin with the biggest nation in world (land wise), in fact it proved that how stable bitcoin is
No matter how large an economy is, there will always be large whales manipulating the market. In Ruble's case, the FED is such manipulator, they printed trillions of money, those money went to middle east and sent the oil price above $120, and then they stopped printing, crashed oil price and dragged down Ruble
So you can anticipate that exchange rate manipulation will always happen regardless how large the economy is, since the fiat money can be created at will. But in bitcoin's case, since no one can create coin out of thin air, if it is widely used, the degree of market manipulation will be magnitudes lower
Even a currency as large as Ruble can lose majority of its value against USD in a couple of years. Currency exchange rate is a highly guarded secret since the forex interbank market are decentralized and not regulated, I guess there are large whales behind the scene and manipulate the prices. Soros is just one small freelancer, but already enough to cause large damage to small countries
Yes precisely what I'm trying to explain. Ruble need a couple of years to loose it majority of his value against dollar but have you checked the BTC price it can go upto 1000+ and can come back to 100 within a couple of months.
Sure, but there's a huge difference between a couple of years and a couple of months. Non-BTC currency pairs obviously have a degree of volatility. My point is that that volatility tends to decrease as a currency pair becomes more actively traded. I'm not saying that USD/RUB is static - I'm saying that because it is more heavily traded than BTC/USD it is more stable/less volatile than BTC/USD. Two years to go from ~30 rubles to the dollar to ~60 rubles/$ isn't quite the same as two months for BTC to go from USD 166 to USD 300.
I think your thinking in wrong direction, if more and more businesses accept bitcoins and create a natural demand for coins then we may need to mine more to meet the demand right? Also as of now lot of coins are with traders hand hence they will trade every day to make some profit with those coins, it makes it more unstable. When more businesses and normal people holds these coins then it will appreciate and it will more more stable price.
(My emphasis)
Are you sure? Because I'd be willing to bet that there a lot more Forex traders trading non-BTC USD currency pairs than are trading BTC/USD. If I had to guess I'd say USD/EUR, GBP/USD, GBP/EUR and USD/JPY dwarf most other currency pairs. I seriously doubt BTC/USD is even in the top 50 currency pairs at this stage (I'd be very happy to be proven wrong). In general people assume that the more actively traded a currency pair (or stock, commodity, etc), then the more stable it'll be.
I agree that mining follows price, however.
Because the other currency markets are very bigger than bitcoin market size hence by daily trading other currencies demand and supply will not change so faster compared to very tiny bitcoin market.
So... if the BTC/USD market grew - i.e. there were more traders - it would become more stable? (Rhetorical question - obviously I believe it would).
Even a currency as large as Ruble can lose majority of its value against USD in a couple of years. Currency exchange rate is a highly guarded secret since the forex interbank market are decentralized and not regulated, I guess there are large whales behind the scene and manipulate the prices. Soros is just one small freelancer, but already enough to cause large damage to small countries
Yes precisely what I'm trying to explain. Ruble need a couple of years to loose it majority of his value against dollar but have you checked the BTC price it can go upto 1000+ and can come back to 100 within a couple of months.
I think your thinking in wrong direction, if more and more businesses accept bitcoins and create a natural demand for coins then we may need to mine more to meet the demand right? Also as of now lot of coins are with traders hand hence they will trade every day to make some profit with those coins, it makes it more unstable. When more businesses and normal people holds these coins then it will appreciate and it will more more stable price.
(My emphasis)
Are you sure? Because I'd be willing to bet that there a lot more Forex traders trading non-BTC USD currency pairs than are trading BTC/USD. If I had to guess I'd say USD/EUR, GBP/USD, GBP/EUR and USD/JPY dwarf most other currency pairs. I seriously doubt BTC/USD is even in the top 50 currency pairs at this stage (I'd be very happy to be proven wrong). In general people assume that the more actively traded a currency pair (or stock, commodity, etc), then the more stable it'll be.
I agree that mining follows price, however.
Because the other currency markets are very bigger than bitcoin market size hence by daily trading other currencies demand and supply will not change so faster compared to very tiny bitcoin market.
So... if the BTC/USD market grew - i.e. there were more traders - it would become more stable? (Rhetorical question - obviously I believe it would).
Even a currency as large as Ruble can lose majority of its value against USD in a couple of years. Currency exchange rate is a highly guarded secret since the forex interbank market are decentralized and not regulated, I guess there are large whales behind the scene and manipulate the prices. Soros is just one small freelancer, but already enough to cause large damage to small countries
I think your thinking in wrong direction, if more and more businesses accept bitcoins and create a natural demand for coins then we may need to mine more to meet the demand right? Also as of now lot of coins are with traders hand hence they will trade every day to make some profit with those coins, it makes it more unstable. When more businesses and normal people holds these coins then it will appreciate and it will more more stable price.
(My emphasis)
Are you sure? Because I'd be willing to bet that there a lot more Forex traders trading non-BTC USD currency pairs than are trading BTC/USD. If I had to guess I'd say USD/EUR, GBP/USD, GBP/EUR and USD/JPY dwarf most other currency pairs. I seriously doubt BTC/USD is even in the top 50 currency pairs at this stage (I'd be very happy to be proven wrong). In general people assume that the more actively traded a currency pair (or stock, commodity, etc), then the more stable it'll be.
I agree that mining follows price, however.
Because the other currency markets are very bigger than bitcoin market size hence by daily trading other currencies demand and supply will not change so faster compared to very tiny bitcoin market.
So... if the BTC/USD market grew - i.e. there were more traders - it would become more stable? (Rhetorical question - obviously I believe it would).
I think your thinking in wrong direction, if more and more businesses accept bitcoins and create a natural demand for coins then we may need to mine more to meet the demand right? Also as of now lot of coins are with traders hand hence they will trade every day to make some profit with those coins, it makes it more unstable. When more businesses and normal people holds these coins then it will appreciate and it will more more stable price.
(My emphasis)
Are you sure? Because I'd be willing to bet that there a lot more Forex traders trading non-BTC USD currency pairs than are trading BTC/USD. If I had to guess I'd say USD/EUR, GBP/USD, GBP/EUR and USD/JPY dwarf most other currency pairs. I seriously doubt BTC/USD is even in the top 50 currency pairs at this stage (I'd be very happy to be proven wrong). In general people assume that the more actively traded a currency pair (or stock, commodity, etc), then the more stable it'll be.
I agree that mining follows price, however.
Because the other currency markets are very bigger than bitcoin market size hence by daily trading other currencies demand and supply will not change so faster compared to very tiny bitcoin market.
What if something better than Monero pops up? Should people constantly change to a new currency because of new feature and introduce more inflation every a few years?
The biggest advantage for bitcoin over fiat currency is its inflation resistance, and that's the fundamental support for its value. The consensus among cryptocurrency users is: Select one currency with limited supply and keep building its infrastructure and user base, you will get many anti-inflation benefits in the long run. However, if every a few years we introduce a new currency with new features and start to rebuild the infrastructure and rebuild the value and community from ground up, you can guess who will be participating this kind of cycle
Finance is about long term perspective, that's the reason bitcoin worth almost nothing in the first 2 years, you need time to prove a concept's value. If Monero can reach bitcoin's status after another 5 years, maybe people will start to take it seriously
Now that we have a public blockchain and a private blockchain, you would be hard pressed to find something as fundamental to upgrade. Someone suggested a blockchain that was capable of zero-second confirmations but I have yet to see one like that so far.
Your argument is to just keep building off of bitcoin, but you are missing the bigger point: it is unsuitable as a global currency. Blockchain analysis is only going to get more and more sophisticated as we go forward and the idea of everyone being able to see everyone else's transactions is absurd on a global scale. Privacy is essential, and not privacy that depends on a centralized source: true privacy.
Very rarely have we ever had "one" of anything; there has always been competition, especially with money involved. Multiple blockchains are an inevitability. The key is to ensure they have drastically different features and aren't just a clone (which is why I think litecoin has no future).
Why does gold suitable as a world currency for thousands of years given its many inconvenient properties? Because it is most widely accepted. Transparency makes bitcoin much easier to be widely accepted by general public
I think your thinking in wrong direction, if more and more businesses accept bitcoins and create a natural demand for coins then we may need to mine more to meet the demand right? Also as of now lot of coins are with traders hand hence they will trade every day to make some profit with those coins, it makes it more unstable. When more businesses and normal people holds these coins then it will appreciate and it will more more stable price.
(My emphasis)
Are you sure? Because I'd be willing to bet that there a lot more Forex traders trading non-BTC USD currency pairs than are trading BTC/USD. If I had to guess I'd say USD/EUR, GBP/USD, GBP/EUR and USD/JPY dwarf most other currency pairs. I seriously doubt BTC/USD is even in the top 50 currency pairs at this stage (I'd be very happy to be proven wrong). In general people assume that the more actively traded a currency pair (or stock, commodity, etc), then the more stable it'll be.
I agree that mining follows price, however.
I think Bitcoin might start appreciating more once it can no longer be mined, or the buyers per mined coins increases..so as more and more people invest in bitcoin and less and less coins are being mined then we may see another big trending upwards. I don't know but that's how my little logical brain would put it. Just my 2 bits.. 
I think your thinking in wrong direction, if more and more businesses accept bitcoins and create a natural demand for coins then we may need to mine more to meet the demand right? Also as of now lot of coins are with traders hand hence they will trade every day to make some profit with those coins, it makes it more unstable. When more businesses and normal people holds these coins then it will appreciate and it will more more stable price.
What if something better than Monero pops up? Should people constantly change to a new currency because of new feature and introduce more inflation every a few years?
The biggest advantage for bitcoin over fiat currency is its inflation resistance, and that's the fundamental support for its value. The consensus among cryptocurrency users is: Select one currency with limited supply and keep building its infrastructure and user base, you will get many anti-inflation benefits in the long run. However, if every a few years we introduce a new currency with new features and start to rebuild the infrastructure and rebuild the value and community from ground up, you can guess who will be participating this kind of cycle
Finance is about long term perspective, that's the reason bitcoin worth almost nothing in the first 2 years, you need time to prove a concept's value. If Monero can reach bitcoin's status after another 5 years, maybe people will start to take it seriously
Now that we have a public blockchain and a private blockchain, you would be hard pressed to find something as fundamental to upgrade. Someone suggested a blockchain that was capable of zero-second confirmations but I have yet to see one like that so far.
Your argument is to just keep building off of bitcoin, but you are missing the bigger point: it is unsuitable as a global currency. Blockchain analysis is only going to get more and more sophisticated as we go forward and the idea of everyone being able to see everyone else's transactions is absurd on a global scale. Privacy is essential, and not privacy that depends on a centralized source: true privacy.
Very rarely have we ever had "one" of anything; there has always been competition, especially with money involved. Multiple blockchains are an inevitability. The key is to ensure they have drastically different features and aren't just a clone (which is why I think litecoin has no future).
The problem I see with altcoins is that they all cause inflation in cryptocurrency world, thus people lacks long term incentive to hold them: If today I start to inject part of my capital towards Monero, then those added Moneros will dilute the value of bitcoin, and what will happen to my monero's value if tomorrow there are even better coin Monexo, Moneyo, Monezo, etc... So it is better we just upgrade the bitcoin protocol to include the best features of Monero if they really are appreciated by most of the community members, and refuse any monetary inflation in crypto currency world
You have a good point, that minor features should not restart a block-chain.
However the improvements to Monero make it a fundamentally different instrument that bitcoin. It would be impossible to transfer bitcoin over to the standards that Monero uses for cryptography because the entire point of those standards is privacy and anonymity. Every Monero has had those guarantees of privacy since inception whereas bitcoins have not.
Now, I'm not saying that bitcoin needs to be replaced, in fact, we need a public and a private ledger. Both serve an important role.
But the old adage of, "just incorporate that technology into bitcoin" doesn't apply here. In the future, I will agree with you: just incorporate that technology into Bitcoin/Monero where applicable, but sometimes radically different concepts require a new blockchain.
What if something better than Monero pops up? Should people constantly change to a new currency because of new feature and introduce more inflation every a few years?
The biggest advantage for bitcoin over fiat currency is its inflation resistance, and that's the fundamental support for its value. The consensus among cryptocurrency users is: Select one currency with limited supply and keep building its infrastructure and user base, you will get many anti-inflation benefits in the long run. However, if every a few years we introduce a new currency with new features and start to rebuild the infrastructure and rebuild the value and community from ground up, you can guess who will be participating this kind of cycle
Finance is about long term perspective, that's the reason bitcoin worth almost nothing in the first 2 years, you need time to prove a concept's value. If Monero can reach bitcoin's status after another 5 years, maybe people will start to take it seriously
The problem I see with altcoins is that they all cause inflation in cryptocurrency world, thus people lacks long term incentive to hold them: If today I start to inject part of my capital towards Monero, then those added Moneros will dilute the value of bitcoin, and what will happen to my monero's value if tomorrow there are even better coin Monexo, Moneyo, Monezo, etc... So it is better we just upgrade the bitcoin protocol to include the best features of Monero if they really are appreciated by most of the community members, and refuse any monetary inflation in crypto currency world
You have a good point, that minor features should not restart a block-chain.
However the improvements to Monero make it a fundamentally different instrument that bitcoin. It would be impossible to transfer bitcoin over to the standards that Monero uses for cryptography because the entire point of those standards is privacy and anonymity. Every Monero has had those guarantees of privacy since inception whereas bitcoins have not.
Now, I'm not saying that bitcoin needs to be replaced, in fact, we need a public and a private ledger. Both serve an important role.
But the old adage of, "just incorporate that technology into bitcoin" doesn't apply here. In the future, I will agree with you: just incorporate that technology into Bitcoin/Monero where applicable, but sometimes radically different concepts require a new blockchain.
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