Topic: Will Bitcoin become better - page 5. (Read 932 times)

Currently Bitcoin has not been used as a replacement for FIAT and I think that is not a problem because Bitcoin can be used as a safe haven for storing your money. Bitcoin is a digital currency but making Bitcoin an asset and utilizing blockchain technology in real cases are positive things to get from Bitcoin. I believe Bitcoin will get better in the future and may truly become the digital currency of the future. But talking about anonymity for now Bitcoin is not truly anonymous while you still use exchanges that ask for KYC. I personally don't have a problem with it although there are some people who want to make transactions completely anonymously.

Bitcoin is a decentralized currency that cannot be controlled by anyone. And if anyone wants to link their central currency with this improbable subject, there will surely be a collapse. Bitcoin is a highly volatile currency so it can not backed by any others fiat currencies. If the US dollar is backed by Bitcoin then a bullish period of Bitcoin would bring good news for that country but a bearish period we can see a nautical disaster from which it would never recover. A country can never rely on such a currency. If any politician comes up with such a plan, there is no doubt that the plan will come to an end. I think no one would take such a suicidal decision. Also, I don't think America would knowingly take such a wrong decision. Such comments can only be personal and are not possible at the national level.

The idea of backing the US dollar with Bitcoin is an interesting concept, but it's important to note that it currently remains highly speculative and has not been implemented on a large scale. It is not the official stance or policy of the United States government or central bank.

Advantages of such a system could include:

1. Decentralization: Bitcoin operates on a decentralized network, which means that control is distributed among many participants rather than being centralized in a single authority. This decentralization could potentially offer increased transparency and security.

2. Limited supply: Bitcoin is designed to have a finite supply, with a maximum of 21 million coins. This characteristic may provide protection against inflation and could potentially stabilize the value of the currency.

3. Global acceptance: Bitcoin is accepted by a growing number of businesses worldwide, and integrating it into a national currency could potentially facilitate international trade and transactions.

Disadvantages and challenges of backing the US dollar with Bitcoin include:

1. Volatility: Bitcoin's value has been highly volatile since its inception, experiencing significant price fluctuations. This volatility could introduce instability into a national currency system, making it challenging to maintain price stability and confidence.

2. Regulatory concerns: Bitcoin operates in a relatively unregulated environment, which raises concerns about issues such as money laundering, tax evasion, and consumer protection. Integrating Bitcoin into a national currency would require robust regulatory frameworks to address these concerns.

3. Technological challenges: Bitcoin's underlying technology, blockchain, faces scalability and efficiency issues when handling large transaction volumes. Overcoming these challenges on a national scale would require significant technological advancements.

Regarding the claims made by Kennedy and Trump, it's crucial to evaluate political statements critically. Politicians often make promises or express opinions during campaigns, but the actual implementation of such policies depends on various factors, including legal, economic, and societal considerations.

As for the impact on Bitcoin, if a major economy were to adopt Bitcoin as a backing for its currency, it could potentially increase the recognition and adoption of Bitcoin as a legitimate store of value. However, the success of Bitcoin is influenced by numerous factors beyond government policies, including market acceptance, technological developments, and regulatory frameworks.

It's important to stay informed and consider multiple perspectives when evaluating the possibilities and implications of such proposals.

Wouldn't being backed by anything make bitcoin a centralized currency? I don't even think that it's possible because a lot of people would be alarmed that this will happen, I mean look at it this way, if bitcoin becomes USD backed, whatever happens to USD will greatly affect the price of bitcoin and we all know how much a lot of organizations want to try their hands on destabilizing the dollar and trying to compete with it in the global markets, bitcoin is going to be greatly affected by it too. Also, a lot of people wouldn't like that idea that it's backed by the USD, a lot of people would probably sell their bitcoins because they don't want the possibility that there's a manipulation that can happen to the market.

Nowadays, any difficult task can be solved with the pressure of a few fingers, especially the world has advanced a lot in terms of technology. It will not be possible for anyone to take control over Bitcoin. People are interested in Bitcoin because no one controls it and they are pooling their money there. Many big major  governments have tried, but ultimately failed, to regulate Bitcoin. Above all, Bitcoin is running at a unique speed now and will go far in the future.

I don't think if that will be possible because no one has full control or authority over bitcoin that is why bitcoin is not a centralized, this is not my first time of hearing something like this about Trump threatening to put and end to this digital currency. but ever since then I haven't heard anything concerning that aspect anymore, that's to show that no one has authority over digital currency had it been is that possible they would have put and end to it long time ago.

The world is fast moving into technology where digital assets come to play more role in means of online payment, which is Bitcoin is a digital currency. Hence Bitcoin has many a many functions such as a digital assets investment and digital currency which no one has control over it, and the only thing that happened to Bitcoin price drop is the politicians play against Bitcoin that gives another opportunity to buy more in a dip point.

What kind of support do you mean and how does this support work while the US Dollar has securities that encourage them to be non-identical. Trump is just trying to take advantage of the large community that exists in bitcoin, but I'm not really sure he'll be able to do that even if he returns to power. Politicians do try to influence the public to achieve their desires, but they don't actually do what they say.

There are levels of advantages and disadvantages and I think this idea will never work and I also don't understand what is meant by bitcoin backing the US dollar because bitcoin should be much more independent without anyone's influence.

Bitcoin will be better with or without support from anyone because from its emergence until now Bitcoin has gained the right momentum to make it one of the best coins ever.

For now, many people are seeing btc as an investment asset owed to its high volatility factor. So for them, this is a very good market to earn high profits. Education is the key to lessen if not totally discard the negative thoughts towards crypto market and blockchain technology. Because it is indeed real that if blockchain tech is used accordingly, it can serve a lot of amazing things to any business. Just consider the transparency and the duration of transaction it can do to any business, and they will discard the human error in the process. However, such aspect has been utilized only by few up until now. How many big companies are deploying blockchain tech in their business operations?

Lets not buy things they said about bitcoin being connive in any forms of Physical currency because
this is not what the nature opf bitcoin being created by satoshi , this will only change the essence and
the maturity of bitcoin in the future and for sure their plans is for bitcoin to depend in dollars than
dollars depending in bitcoin .
it is our privilege and not by the government , bitcoin was created for the people outside
the office of government and the government will never allow this as it is uncontrollable so why
would they let this to act such way when even them cannot own this?

Technology will only benefit us when we use the technology in the right way.
Bitcoin is always good for everyone. It will be good for all countries. But still many governments and central banks see bitcoin as an economic threat due to money laundering through bitcoin. But proper use of bitcoin will make life easier.
But not all countries completely ban the concept of Bitcoin. Because Bitcoin is seen as an investment asset. But transactions are prohibited by legal means.

The only thing these two politicians can do if they become rulers is to recognize Bitcoin as legal tender as El Salvador did. But the possibility is very small because Bitcoin is not centralized and is not controlled by any authority, the existence of two currencies in one country will make one of them die, in this case the Dollar will be unable to compete with Bitcoin. Politicians will use weapons that are considered the most effective to attract sympathizers to support their programs, Bitcoin is a medium that is very easy to get attention from the public because its increasingly widespread level of development means more and more sympathizers.

I have very often seen politicians choose something that is in demand by various levels of society to use as a weapon in campaigning, but they very easily break all their promises when they are elected. Kennedy and Trump will never be able to control the price of Bitcoin because the concept is always determined by supply and demand. The United States central bank will not agree with this idea because it could weaken the dollar due to Bitcoin and no one can regulate it.

Not all countries completely ban the idea of ​​bitcoin as we still see them accepting bitcoin as an investment asset even though it is banned as a legal means of transaction. On the other hand, not all politicians do not recognize the concept of bitcoin because we never know that they themselves are sometimes involved in bitcoin and maybe they are reluctant to provide public information.

Opposition occurs because the state and politicians are too concerned about the operation of bitcoin but they do not completely want to ban it. If they really want to do so then all exchanges should not be given operating permits and everything related to bitcoin should be blocked. In fact, this was not done and in fact they did not try to limit it more strictly except for only a few countries that banned it completely.

I can't think of BTC being backed by USD because at first place, the government didn't create Bitcoin. They simply can't do it.
With regards to those politicians, don't get lured on what they're saying especially Trump who is obviously using Bitcoin to gain some popularity.

There are no advantages, or disadvantages because this simply can't happen. You already said that the biggest liars are the politicians, and I always believe that there are still politicians around the world that aren't corrupt and they're down to earth, but most of them are just taking advantage of their people.

Bitcoin can become better, but not in this way. There are many ways for Bitcoin to become better.

With time, I am sure it will be. There are probably two things that I want to see, and after those two things are done I do not think that anything else would be needed, we could grow to trillions of dollars easily without a trouble. First of all, we need to find a way to securely make blocks quicker, so that we can pay somewhere, and make it cheap, and make it fast as well, just as quick as a credit card payment because if we can do that it would be helpful for everyone.

Secondly, we need some app that we can use to pay everywhere, using QR code technology I assume but whatever we can from our phones, which means that we do not require any place to take bitcoin, we need an app that pays that person fiat, but we are paying in bitcoin, hence we can use our bitcoins everywhere.

They can't do anything to bitcoin,no one can control its price,if there are people who will say they will control the bitcoin maybe they are dreaming it is decentralized so even politicians can't control it,bitcoin is for a long term investment and it is the most safe investment in crypto because it is proven and tested for a long time and only time can tell the future of btc not the politicians most of them are liar just like what you said.

That doesn't really mean anything, being backed by dollar means that bitcoin is controlled by someone and I don't think that any person here is going to like that idea that there are people out there that can control bitcoin because it's backed by the US dollar, also it's clearly impossible given how decentralized the bitcoin network is, it will never become backed by anything. I don't think that bitcoin being backed by any currency isn't a thing that would make bitcoin better, it will not speed up the transactions or lower the transaction fees so how can you expect bitcoin to be better by just doing that thing.

Bitcoin will always be better for everyone and for every country as well. It's just different in how people treat Bitcoin. The only sad thing about the majority of countries around the world is that the countries' governments and politicians do not recognize the good concept that Bitcoin has.

It's because politicians always prioritize their personal interests over the welfare of the people they are supposed to serve, not the ones being served. This is the reality for all countries around the world at this time.

I have always believed that Bitcoin can always maintain

People are imagining the future of the United states of America with bitcoin because many politicians are coming out and promising the crypto community of good things. Let us be reminded that these politicians do not care about anything but themselves.

they can and they will lie to our faces if it meant gaining your support and your votes. Whatever the government says and how much they want to say that they are in favor of bitcoin or cryptocurrencies, there will always be a level of resistance and cautiousness from the government.