Why have Bitcoin instead of cash? - page 82.

MMA

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Quote from: choppork on February 10, 2017, 01:40:24 AM

Quote from: gabmen on February 09, 2017, 06:54:30 AM

Well yeah but up until when can this go on? I mean bitcoin is gaining popularity and i think soon governments will start legalizing bitcoin which means that most likely it will be taxable in a way. Though i agree with you, at this moment, doing online jobs releases you from any tax responsibilities which in a lot of countries end up in corrupt people's pockets. I think this is also one thing that makes working onine and transacting through btc is appealing to most of us

"Popularity", "Soon"? You're using those words wrong. Compared to how much followers do Justin Bieber, Kylie Jenner, and Selena Gomez have on Instagram, bitcoin is nothing. I bet that if you make an account about bitcoin on any social networking sites, it wouldn't surpass those people. There are regular people that are even more famous than bitcoins.

If bitcoin is really popular, this forum should be crowded by people and literally every single time you refresh the page, you'll see one new reply somewhere. People are tweeting about "popular" people much more than they post here so I guess that's a good sign that bitcoin is far from being popular.

How did you even come up that the government would legalize bitcoin? Even if the population multiplies by 10, I doubt that the government would bother taking a look at bitcoins, let alone legalizing it.

yes there is no doubt that the population of bitcoin community is still very low, and the reason is that still very little people have very little knowledge about bitcoin. but i also like to tell that we must accept the fact that the bitcoin users are increasing from time time and the ration of the people who accept bitcoin is more that any other currency. and therefore we are hoping that very soon governments will start thinking about the legalization of bitcoin.

bravehearth0319

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Quote from: BIT-Sharon on July 08, 2015, 01:33:37 AM

Besides, Bitcoin is an invisible gold and do not be restricted by the customs.

Its invisible because even is untouchables, but the value is like gold that as time goes by the price is increasing because of the demand of the community users by bitcoin together with the business investors.

choppork

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Quote from: gabmen on February 09, 2017, 06:54:30 AM

Well yeah but up until when can this go on? I mean bitcoin is gaining popularity and i think soon governments will start legalizing bitcoin which means that most likely it will be taxable in a way. Though i agree with you, at this moment, doing online jobs releases you from any tax responsibilities which in a lot of countries end up in corrupt people's pockets. I think this is also one thing that makes working onine and transacting through btc is appealing to most of us

"Popularity", "Soon"? You're using those words wrong. Compared to how much followers do Justin Bieber, Kylie Jenner, and Selena Gomez have on Instagram, bitcoin is nothing. I bet that if you make an account about bitcoin on any social networking sites, it wouldn't surpass those people. There are regular people that are even more famous than bitcoins.

If bitcoin is really popular, this forum should be crowded by people and literally every single time you refresh the page, you'll see one new reply somewhere. People are tweeting about "popular" people much more than they post here so I guess that's a good sign that bitcoin is far from being popular.

How did you even come up that the government would legalize bitcoin? Even if the population multiplies by 10, I doubt that the government would bother taking a look at bitcoins, let alone legalizing it.

Monnt

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Quote from: olushakes on February 07, 2017, 06:58:19 AM

From where I stand over here, having cash now in this current economy is like having paper as the value of what it can get decreases every day by day which is not good for anyone which means the value of my money have to move in that direction or more if I will have to buy the same quantity I bought a week ago and the only means that can happen is keeping my money in bitcoin which is risky though but I am ready to leave by that.

It is true that the bitcoin is a great asset and a good way to ensure a great way to make profit.
But we cannot lie about having to adopt to the real word, since the world uses cash in every transactions and in everyday life in restaurants supermarket, and we have to use cash even if we don’t want to.

Taki

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Decades, but rather centuries, gold has been a safe haven in times of economic uncertainty. When stocks fall, people buying gold. When there was a collapse of the economy, people are buying gold. However, in recent years more and more investors prefer other asset in times of economic uncertainty. When the economy went down in 2013, Bitcoin raised. When in 2015, the devaluation of the Chinese Yuan, it happened again. And when Brexit made markets tremble in 2016,Bitcoin investors have a reason to rejoice, as the price of the digital currency has grown by more than 100$ in one day. For the month, which was before Brexit, fears, broke up the price from 400$ to more than 750$. Bitcoin is not associated with the global financial system. It offers people an easy way to get out of the economic systems that depend on bad monetary policy and issuance of money by governments.
If you are one of those many people who are concerned about the position of us dollar as world reserve currency - Bitcoin looks not a bad bet.

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Quote from: choppork on February 08, 2017, 07:35:36 AM

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Quote from: gabmen on February 07, 2017, 09:52:13 AM

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Quote from: Rinder on February 06, 2017, 02:43:08 PM

Im using bitcoins to store my savings, in the general, i am using some altcoins to store btc as well some ammount applied into bitcoin as well, bitcoins grows more then if i let my savings at bank besides those the huge potencial to get better price does make it an atractive investment.

I'm doing that also but it is really hard to implement this where you are living in society that are fully using fiat. Because here in my place only very few people knows what is bitcoin and uses it. But if we wanted to have a very fast transaction and lesser fees, bitcoin is the right choice for it and it cannot be stolen by someone.

yes I think for investments and savings, I'd prefer bitcoin over fiat. it would pretty much be the same as when you save btc's, the price would be moving as well and you'll earn more with your savings a lot faster than when you save in a bank. for for transactions in the real world, I think there wont be any argument that cash is much more needed is a lot more important than bitcoin

Here in my country if you are going to invest with fiat for sure you cannot avoid the taxation and that's what I want to avoid. So do I prefer bitcoin for it and also when I'm doing online shopping there is no taxation depending to the merchant if he is paying tax. But when I don't have choice and I need to use fiat, I just use it.

Oops.. Wrong. Just because you don't know how to avoid paying taxes, doesn't mean it's impossible to do in your country Wink

Rich people do it often. I also don't know how to and I don't intend to do so but it's 100% possible. Some of them might not make you escape 100% of the taxation but lesser you pay is better. He's a website that I found (Warning: Don't take things on that in a literal way. Read the explanation below them)

Of course the merchant of the online shop has paid for the tax for the materials that he used or the products that he bought. The only one that doesn't have a tax is the transaction that has happened between you.

That is why because of bitcoin I can avoid to pay taxes because every salary I got from my real job there's already a deduction of salaries and other expenses together with obligations. Yeah a lot of rich people manage to avoid taxes in whether it is with investment or anything related to their wealth.

Well yeah but up until when can this go on? I mean bitcoin is gaining popularity and i think soon governments will start legalizing bitcoin which means that most likely it will be taxable in a way. Though i agree with you, at this moment, doing online jobs releases you from any tax responsibilities which in a lot of countries end up in corrupt people's pockets. I think this is also one thing that makes working onine and transacting through btc is appealing to most of us

choppork

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Quote from: gabmen on February 07, 2017, 09:52:13 AM

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Quote from: Rinder on February 06, 2017, 02:43:08 PM

Im using bitcoins to store my savings, in the general, i am using some altcoins to store btc as well some ammount applied into bitcoin as well, bitcoins grows more then if i let my savings at bank besides those the huge potencial to get better price does make it an atractive investment.

I'm doing that also but it is really hard to implement this where you are living in society that are fully using fiat. Because here in my place only very few people knows what is bitcoin and uses it. But if we wanted to have a very fast transaction and lesser fees, bitcoin is the right choice for it and it cannot be stolen by someone.

yes I think for investments and savings, I'd prefer bitcoin over fiat. it would pretty much be the same as when you save btc's, the price would be moving as well and you'll earn more with your savings a lot faster than when you save in a bank. for for transactions in the real world, I think there wont be any argument that cash is much more needed is a lot more important than bitcoin

Here in my country if you are going to invest with fiat for sure you cannot avoid the taxation and that's what I want to avoid. So do I prefer bitcoin for it and also when I'm doing online shopping there is no taxation depending to the merchant if he is paying tax. But when I don't have choice and I need to use fiat, I just use it.

Oops.. Wrong. Just because you don't know how to avoid paying taxes, doesn't mean it's impossible to do in your country Wink

Rich people do it often. I also don't know how to and I don't intend to do so but it's 100% possible. Some of them might not make you escape 100% of the taxation but lesser you pay is better. He's a website that I found (Warning: Don't take things on that in a literal way. Read the explanation below them)

Of course the merchant of the online shop has paid for the tax for the materials that he used or the products that he bought. The only one that doesn't have a tax is the transaction that has happened between you.

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Quote from: Fatanut on February 07, 2017, 11:30:03 PM

Quote from: Taki on February 07, 2017, 11:42:31 AM

One of the problems with regular Fiat is that the government can print it in any quantity and often does so. If you do not have enough dollars to repay the national debt, the central bank simply can print more. If the economy is bursting at the seams, the government can throw these new money into the economy, using a popular process known as quantitative easing. This leads to a decrease in the value of the currency. Bitcoin was designed that it's number is limited. Initially it's impossible to get more than 21 millions of coins. This means that inflation hasn't place to be if you use bitcoin and keep your money in it.

So how come we're not just funding new more buildings and new workers all focused on making new money if we can always just pay them by printing more money? I don't think that's how it works. The government can't just print and print because that would greatly decrease the value of their currency.

There's also other factors to consider like they can't print more money because they can only print as much as the resources available in their country. Maybe even less than that. All of the excess printed money would just go to waste because people have nothing else to spend it on

It would be more correct to say that all money gets wasted

At least, in some part. It's due to money fungibility, i.e. complete equality or sameness between any two sums of money which are numerically equal. In other words, you can't possibly say that only the excess amount of printed money goes to waste. But since excessive printing still inevitably leads to money depreciation, it just means that some part of all money goes down the drain

rizkyhiw

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Quote from: Osarman on February 06, 2017, 03:14:13 PM

Quote from: rizkyhiw on February 06, 2017, 12:48:43 AM

Quote from: Vikash kumar on February 05, 2017, 04:58:25 AM

Bitcoin is more security full than cash because cash is known by everyone
while bitcoin or gold coin is unknown it remains also free from customs. So we should store bitcoin instead of cash.

Also when cash make you cannot trade online around the world , bitcoin can do it in easier way
Bitcoin is the perfect currency for future, when cash will be outdated
Cash makes you losing value in long term but bitcoin makes you having more value time to time.

yeah you are right that we can trade with bitcoin around the world and bitcoin is really a perfect and future currency and bitcoin value rising everyday so we can says that bitcoin is very profitable currency.

Besides of the fact that bitcoin is very useful for online business
It's like making money from money! Trading bitcoin , altcoin etc is indeed give you profit
Bitcoin more than just a stocks or a currency , it's considered multifunction nowadays
People keep coming to try bitcoin , and it's shows how good bitcoin rather than cash!

Fatanut

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Quote from: Taki on February 07, 2017, 11:42:31 AM

One of the problems with regular Fiat is that the government can print it in any quantity and often does so. If you do not have enough dollars to repay the national debt, the central bank simply can print more. If the economy is bursting at the seams, the government can throw these new money into the economy, using a popular process known as quantitative easing. This leads to a decrease in the value of the currency. Bitcoin was designed that it's number is limited. Initially it's impossible to get more than 21 millions of coins. This means that inflation hasn't place to be if you use bitcoin and keep your money in it.

So how come we're not just funding new more buildings and new workers all focused on making new money if we can always just pay them by printing more money? I don't think that's how it works. The government can't just print and print because that would greatly decrease the value of their currency.

There's also other factors to consider like they can't print more money because they can only print as much as the resources available in their country. Maybe even less than that. All of the excess printed money would just go to waste because people have nothing else to spend it on.

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Quote from: cellard on February 07, 2017, 12:32:27 PM

Quote from: Taki on February 07, 2017, 11:42:31 AM

One of the problems with regular Fiat is that the government can print it in any quantity and often does so. If you do not have enough dollars to repay the national debt, the central bank simply can print more. If the economy is bursting at the seams, the government can throw these new money into the economy, using a popular process known as quantitative easing. This leads to a decrease in the value of the currency. Bitcoin was designed that it's number is limited. Initially it's impossible to get more than 21 millions of coins. This means that inflation hasn't place to be if you use bitcoin and keep your money in it.

The answer is way more simpler: Governments will get rid of cash in the next 10 years. Physical cash will simply not exist anymore, so people will search for alternatives, and bitcoin will be that alternative, so when that happens, you better be 100% on bitcoin and already converted all your useless cash in the revolution of money or you will be left behind

Are you serious mate?

How Bitcoin can be an alternative to cash if it doesn't have any physical presence at all? At max, if cash is to be removed from circulation altogether (which is a very unlikely event by itself), it will be replaced with payment cards (like Visa or Mastercard), not Bitcoin. There is no feasible way that any government with strong local currency (like the US dollar, for example) would agree to substitute cash with Bitcoin

thunderbitz2717

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Bitcoin can't be steal by someone, while cash can be steal by your neighbor. Then bitcoin is can be called as investment, while cash is not an investment instead is a tool for us to have an investment. Another thing was, the value of cash is not increasing while Bitcoin can be compared into a lot and gold while time goes by the value increase same thing with Bitcoin it is increase the price value while time pass by.

cellard

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Quote from: Taki on February 07, 2017, 11:42:31 AM

One of the problems with regular Fiat is that the government can print it in any quantity and often does so. If you do not have enough dollars to repay the national debt, the central bank simply can print more. If the economy is bursting at the seams, the government can throw these new money into the economy, using a popular process known as quantitative easing. This leads to a decrease in the value of the currency. Bitcoin was designed that it's number is limited. Initially it's impossible to get more than 21 millions of coins. This means that inflation hasn't place to be if you use bitcoin and keep your money in it.

The answer is way more simpler: Governments will get rid of cash in the next 10 years. Physical cash will simply not exist anymore, so people will search for alternatives, and bitcoin will be that alternative, so when that happens, you better be 100% on bitcoin and already converted all your useless cash in the revolution of money or you will be left behind.

BlueStackz

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I have bitcoin instead of cash because of the solid volatility of bitcoin and its great features. and of course allowing me to be my own bank and own boss to control my money.

Quote from: AUDREY23 on February 07, 2017, 11:13:24 AM

from some of the points that you convey mentioned there that are not owned by a bank that is in bitcoin no monthly admin fee tration as in banks in general

your post is not understandable. bitcoin is not owned by anybank and it is the best thing of bitcoin.

Taki

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One of the problems with regular Fiat is that the government can print it in any quantity and often does so. If you do not have enough dollars to repay the national debt, the central bank simply can print more. If the economy is bursting at the seams, the government can throw these new money into the economy, using a popular process known as quantitative easing. This leads to a decrease in the value of the currency. Bitcoin was designed that it's number is limited. Initially it's impossible to get more than 21 millions of coins. This means that inflation hasn't place to be if you use bitcoin and keep your money in it.

AUDREY23

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from some of the points that you convey mentioned there that are not owned by a bank that is in bitcoin no monthly admin fee tration as in banks in general

gabmen

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Quote from: Rinder on February 06, 2017, 02:43:08 PM

Im using bitcoins to store my savings, in the general, i am using some altcoins to store btc as well some ammount applied into bitcoin as well, bitcoins grows more then if i let my savings at bank besides those the huge potencial to get better price does make it an atractive investment.

I'm doing that also but it is really hard to implement this where you are living in society that are fully using fiat. Because here in my place only very few people knows what is bitcoin and uses it. But if we wanted to have a very fast transaction and lesser fees, bitcoin is the right choice for it and it cannot be stolen by someone.

yes I think for investments and savings, I'd prefer bitcoin over fiat. it would pretty much be the same as when you save btc's, the price would be moving as well and you'll earn more with your savings a lot faster than when you save in a bank. for for transactions in the real world, I think there wont be any argument that cash is much more needed is a lot more important than bitcoin

aarturka

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Bitcoin gives financial power to the people; takes it from banks. The most important point is this: bitcoin allows the instantaneous transfer of value from any sender to any receiver, anywhere in the world – and its completely free. With bitcoin, there is no bank, no middleman, no transaction fee. Fiat currency can’t compete.
Bitcoin's security far better than fiat security. Bitcoins are digital in nature, so they can be backed up and saved to other servers, computers, protected by multi-sig, passcodes, paper wallets, offline vaults, cold storage, brain wallets, etc. The security options are only limited by your imagination.

hurain

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Quote from: grandy on February 05, 2017, 06:55:04 PM

Quote from: agamasrori on February 03, 2017, 10:26:15 PM

Quote from: doaremon on February 03, 2017, 12:21:01 PM

Bitcoin is more safe to carry a lot of amount than money.Besides carrying this is much hastle free and easy to transfer.If every store and shop starts accepting bitcoin people won't carry cash more Grin

But spreading the idea of this kind of exchange can help this process a lot. Many people still don't know a word about bitcoin.Afterall it takes time to eshtablish a new way among general people.

I agree with you. bitcoin more convenient than cash. especially when transactions are carried out require change. if you do not have any money with small nominal would be more difficult if the seller must give change money.

yes bitcoin is more convenient than cash but in those places where the facilities of bitcoin are available where people can use bitcoin in their local shops for buying stuff and doing other shopping. but i think in most of the places such facilities are not available.

i think the number of bitcoin shops are increasing, as in my areas when i start using bitcoin there was no shop in my area who was accepting bitcoin, but now after one year i can see that there are 2 or 3 shops who are accepting bitcoin for shopping. i think it is a good progress and hopeful that this tend will continue and more and more shops will start accepting bitcoin.

olushakes

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From where I stand over here, having cash now in this current economy is like having paper as the value of what it can get decreases every day by day which is not good for anyone which means the value of my money have to move in that direction or more if I will have to buy the same quantity I bought a week ago and the only means that can happen is keeping my money in bitcoin which is risky though but I am ready to leave by that.

Topic: Why have Bitcoin instead of cash? - page 82. (Read 246169 times)