Topic: Will Bitcoin become better - page 6. (Read 932 times)

Let me start with my own opinion. I am also an investor in Bitcoin. Talk about its advantages and disadvantages

Advantages:

1. Increased currency stability: If the US dollar is backed by Bitcoin, it may reduce the impact of inflation on the value of the US dollar because the supply of Bitcoin is limited.

2. Reduced financial system risk: Pegging the US dollar to Bitcoin may help reduce risks within the financial system because the decentralized nature of Bitcoin may provide more transparency and security.

Disadvantages:

1. High uncertainty: The Bitcoin market is extremely volatile, and pegging the US dollar to Bitcoin may increase uncertainty in the value of the currency, leading to greater volatility.

2. Legal and regulatory risks: The legal status and regulatory environment of Bitcoin remain unclear, which may pose risks to the stability and legitimacy of the US dollar.

3. Technical challenges: Achieving the peg between the US dollar and Bitcoin requires solving technical and infrastructure challenges, which may be a complex process.

For Kennedy and Trump's remarks, politicians usually put forward various views when discussing monetary policy and financial system reform. Some views may be based on their views on the current situation or for political propaganda purposes. Therefore, these remarks need to be analyzed in depth and combined with other factors to assess their impact.

Whether Bitcoin will be better depends on how it is implemented and how the market and regulators respond. Bitcoin itself has many unique characteristics, including decentralization, limited supply and security, which may have a positive impact on the monetary system.

The question there is: is there any country that has a Bitcoin backup? Can you name a country that has done that? For sure, you can't identify any country that did that because, first of all,
Bitcoin is decentralized and the government is centralized, you know?

In short, what you are saying is impossible, and that cannot be possible. At least it will never happen that Bitcoin will be regulated under government regulation; remember that.

Exactly, very well said. Obviously,  now that some politicians have mentioned crypto currency or bitcoin itself, many more politicians will also say it or mention it in their promises. This domino effect proves that politician will take the chance in order to make their names popular and attract people to vote for them, and of course it is possible that most of those politicians didn't know what crypto or bitcoin was, but for the sake of votes, they will make promises or keep on mentioning it. Is that the politician you will want? Fake promises involve bitcoin and crypto. Of course not. Maybe some politician or candidate will keep their promises, but before we choose who we will vote for, we need to analyse and know if they will really do what they promise. And not just politicians; some celebrities are also mentioning and spreading the news that they are doing crypto stuff in order to attract popularity.

Hmm that's instinctively political propaganda !  

But anyway, for me it doesn't make sense that the US dollar will be backed by Bitcoin. It's is  impossible to do because Bitcoin is a commodity, its supply is finite and it has a decentralized ecosystem From all above, Bitcoin is a highly volital assets so I mean it's just completely different from the US Dollar. Considering both in the same aspect is not the right thinking. Theoretically, it is possible, but in reality it doesn't make sense because Bitcoin is a highly volital assets and the US dollar is a stable coin While another thing is that Bitcoin is decentralized and the US dollar is under the control of the central tendency of the Government.  

So the weighing up between Bitcoin and the US $ is impossible. Bitcoin and US dollar weighing up of both of them are different from each other, but backing up US against Bitcoin is a distant thing. It is not possible, it is nothing but a fraud to get votes from the public.
 
Silly D. Trump! 

I think if you understand the dynamics and the total independence that bitcoin has got maybe you would understand better how well these thing may not really have much effect on bitcoin except in the fact that if you are doing DCA then you may get affected a little. i don't think there's actually really goin to have such a big effect of the dollar on the coin if eventually it happens that all this are in place and bitcoin has got the backing of the dollar in recent times. bitcoin isn't actually dollar dependent , its only valued in dollar due to the universal adaptability of the dollar.

bitcoin will get more acceptability if its backed by the dollar and that's  the major advantage i really get to see in the backing of dollar on bitcoin asides which the block chain technology doesn't allow for bitcoin to be affected so much by the strength or backing of the dollar as its only using dollar for its valuing system asides which the economic situations around dollar may not really get to affect bitcoin well enough

It is impossible, the US dollar can't be backed by Bitcoin because Bitcoin is decentralized.It's just like backing up a centralized asset with a decentralized one,which we know the both can't work together.

The government would never want to terminate the CBDC for no just reason because the CBDC is still controlled/managed/regulated by the government.How sure are you concerning this information?.

It won't because it wasn't invented to be controlled by centralized entities.

think about the likely possibility for that first before considering the benefits, government fiats currency is centralized, bitcoin is decentralized, can the two work together except they are the same, because government cant regulate bitcoin.


I will say no to this.


If am getting this correctly, you're referring to him saying that he may clamp down on CBDC, i doubt this.


This is nothing more than a political propaganda sort of or game.

There is no doubt that a politician can make big promises and say many things before the elections only to get more votes from people who have these things in mind and would support the politician who promises to work on these things. Now these politicians understand that Bitcoin and cryptocurrencies are a trending topic and there are a lot of people who are in support of these things, so if they show support for Bitcoin and cryptocurrencies, those people will support them in the elections.

Politicians play a lot of mind games, they can tell a lot of lies and make a lot of fake promises to the people only for personal benefits and gains, and as you said, they would forget their promises and claims after the elections. This is at least what happens mostly in third-world countries, I'm not sure about developed nations though.

The politicians are not just liars they are the biggest haters of cryptocurrency because they have no control over the assets of cryptocurrency investors and enthusiast. I think you have got his main aim of speaking good about crypto because his sugar coated speech will increase his chances of getting vote into power but after he is elected as the next president who becomes the speech he made before he was elected? Bitcoin is doing well without the intervention of politicians and government bodies entirely so let no body be deceived to believe that Bitcoin can be used to replace fiat or think that the government will automatically see more reason to encourage Bitcoin believes because they can have the same benefits of regulating and monitoring the transaction of cryptocurrency traders the way they constantly control and monitor the fiat transactions especially in the banks.

The U.S dollar cannot be backed by BTC, it is important to start topics about things that are realistic, and even if not, it should be something that makes for a good discussion, and not this.

Take note that even if cbdc's fail in the U.S, it still has nothing to do with BTC. The U.S house of reps recently passed a bill to stop the Fed reserves from issuing cbdc, because of its surveillance tendencies, we would have to wait and see how that one develops. As for Trump, he is just doing what he can to win the election ahead, and he probably does not even know what he is talking about.

First, I do not think that US dollars will be backed by Bitcoin, there is no gain for the US government to implement such financial system.  Remember the government always wanted to have control over their jurisdiction and if possible even outside their territory.  So even the idea of using Bitcoin to back up their US dollar won't get into the government financial advisors mind.


I believe no, Bitcoin is good as it is having a decentralized nature independent from any political influence.  If Politics enter the Bitcoin ecosystem, we might see "circus" events since I think that there will be a lot of controversy that may happen.

At this point where Bitcoin will be the worst if US $ is backed by Bitcoin, I can agree with it, to accumulate Bitcoin they are not stupid to go for the IOU version of Bitcoin, they will directly offer the OTC deals and incentives to them in every means. Haha, they will start a new monopoly similar to the current one printing more money based on fewer reserves hmm in the way they will sell the IOU version of Bitcoin on the basis of less accumulated on-chain supply an this will be total destruction.

Anyway, there's no point in thinking that way because it's not gonna happen ever. My straight view on Bitcoin is the supply should be more and more decentralized in order to maintain the continuous growth of Bitcoin.

The main reason behind the interest of the people for Bitcoin is that Bitcoin is not under the control of anyone and nobody can have access towards the changes in its price. People choose Bitcoin more often for the purpose of investment because it's price is not changeable due to the thoughts of the people therefore I think once it becomes centralized then the number of Bitcoin investors will not be more as that is today.

Two things can change the price of Bitcoin one is news and another is demand so if news is spreading in a positive direction then there is a chance that price will also boost. Demand for Bitcoin describes the success in coming days therefore without these two nothing can be a cause of Bitcoin fluctuations as it is not under the control of anyone.

Forget it, this is will not happen under the current circumstances, governments obtain too many benefits with fiat currencies that are not backed by anything, so backing their currencies is not a decision that politicians will take lightly and at best it will be their last resort, so they will only think about backing their currencies with gold, with bitcoin not being an option, when the economy was in such a bad shape and their fiat currency was no longer trusted that they had no other choice, but since we have not reached that point yet then this scenario wont happen.

Bitcoin is scarce, which is useful for pegging purposes. But it's also not as widely recognized as something valuable as gold is, so there can potentially be an issue with that. More importantly, there are two things to mention here. One is that Bitcoin is really volatile, and fiat currencies strive to be stable, so pegging to something volatile is problematic. Another point is that the USD is actually doing alright with current policies, so it doesn't need to be backed up by anything. As for whether it's technically possible, I think it is if the US government buys a lot of BTC and keeps it as its own reserves. But also, it's kind of not possible because the US economy is much-much bigger than BTC's total market capitalization, and even the USD circulation is twice as big as BTC's total market cap.

He was talking about CBDC not bitcoin and possibility of USD backed up by Bitcoin is literally zero cause why would someone need USD when they can simply use Bitcoin itself, back in the days which was gold but its physical and hard to keep it secure but bitcoin is just digital and no one could ever know that you have billions worth of BTC if you don't want to reveal it to them.

Well, most of these politicians just say things to get more supporters, they're aware that people are beginning to see Bitcoin as an asset class and are investing heavily in it, so they're trying to use that medium to gain the support of people who use an invest in Bitcoin, well I'm not really sure if they'll even keep to their promises but I don't think Bitcoin would improve the value of their currency immediately if backed by it due to it's volatility but if they're thinking of long-term asset to back up the US dollars then Bitcoin Bitcoin could be seen as the best option for that, we've seen it's improvement over the years since it's creation and it still got a lot of potential to improve more over time. And backing the US currency with Bitcoin could further attract lots of new investors making it to gain more in price.

Bitcoin will never become a reserve currency for any Fiat. Not at least in next 100 years. It could become a possibility if the world experiences a nuke war and everything is destroyed.

The reason is very simple - no country will want their money printing machinery to become dependent on something which they do not control. It's easy to print money on debt. But if the Fiat becomes dependent on Bitcoin, government cannot print money at their own will. So I don't see this as a possibility.

Btw, do you still believe Trump?

I don't see a reference link that we can see in full what Kennedy or Trump said as you said and the claim seems a bit ambiguous and doesn't have any value.

Bitcoin has been getting better before it was even talked about and bitcoin has a different side without anyone controlling it. Digital currencies have securities and they are controlled so coordinated that there is no chance of achieving the freedom that bitcoin has. If asked what the advantages are then we can hardly find anything because every thing that is controlled has a much greater level of play.

Politicians have a passion for lying and they deliberately create chaos to make people think otherwise. Remember how Covid-19 emerged and you should know why it happened and what aspects affect the world economy.

Trump and Kennedy if say they will make sure that CBDC (Central Bank Digital Currency) won't be a thing it does not mean they will back the US dollar by Bitcoin, what do you think, they wish to be out of elections, I mean most of the people are already against them, and once they made this statement that they will backup US dollar by Bitcoin, they will already lose the support they have now. So, technically and logically, it's possible, but it's not a reliable thing to do.

As BTC is highly volatile, and if you are from a smart world, you don't reserve funds of your country in a highly volatile currency, instead, you choose a currency, or assets, that will gain value over time, but also not so volatile at the same point. However, they can choose a mixture of assets like BTC, Gold, and silver, etc. etc. to back up their currency. But still, I don't think these two entities are supporting BTC because they love it, its because they love votes, and people who love these, will give their vote to them and after that, they are gone with different accuses.