Will Bitcoin become better - page 7.

Mia Chloe

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Will Bitcoin become better

Firstly Op let me start by answering this. My answer is a yes. In fact it already is . For sometime now I have been quite skeptical about how users will cope as Bitcoin adoption goes up and most especially when fees were on the high side from ;

late last year (period of Ordinal crisis)
Earlier this year (still because of ordinal crisis of the previous year and also because of the anticipations before the last halving event)
And the most of it all, the uneconomical fees caused by conjestions in the halving and a couple of other blocks that came after it.

However currently fees are quite ok ( Grin

thank goodness)

Secondly Bitcoin can only become an alternative of fiat and won't replace fiat because aside from it being created by Satoshi NAKAMOTO as an alternative, it is also a decentralized currency and therefore can't be controlled by a central body (the government and central bank), and for a currency to become fiat it has to be controlled by a central body which is mainly the government.

legendbtc

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Quote from: Kalchef on May 29, 2024, 01:59:46 AM

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

How can a volatile asset support a stable asset? How can an unregulated decentralized asset support a centralized asset? Can you give a link showing Mr. Trump's statement about using bitcoin to support USD because I have also followed news related to the US election and cryptocurrency but have not seen any news about this?

Quote from: Kalchef on May 29, 2024, 01:59:46 AM

What is the advantages and the disadvantages you see here? Ate these people just saying anything that they can think of? Or this is possible? The biggest liars of the century are from the politicians around the world , once they get elected they do something else.

Will Bitcoin become better if any of these become possible?

If you already know that politicians are the biggest liars of the century then why do you believe what they say? To me, Mr. Trump's recent pro-cryptocurrency statements only serve to increase his votes. He is using every trick to get votes to become president, he has never really cared about bitcoin and cryptocurrency.

But anyway, we only have 2 choices between Trump and Biden. I will choose Trump and believe that if he is elected, the cryptocurrency market will still benefit more under President Biden.

Jawhead999

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Quote from: Stepstowealth on May 29, 2024, 02:55:26 AM

It was formally the gold standards but the United States government has moved past the commodity backed currency. No possibility in this happening, the US dollars is currently backed by the government

Yep, the moment they can abandon $ from gold standard and people sill trust the $ even though it's backed by nothing, that was their biggest achievement and there's no way they want to use assets to backed their $ because it would ruin their system.

Although there are many adoption toward Bitcoin especially the recent ones SEC approved ETFs, but I don't see it's a good thing for Bitcoin itself. Profit/gain isn't the only one thing that make people interested to own Bitcoin...

Stepstowealth

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Quote from: Kalchef on May 29, 2024, 01:59:46 AM

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility?

It was formally the gold standards but the United States government has moved past the commodity backed currency. No possibility in this happening, the US dollars is currently backed by the government and there's no chance that they would make shift to bitcoins which they have no control over as the new backing for their currency when they are ready doing that. It is not everything and any thoughts we have about bitcoins that is possible.

Helena Yu

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Bitcoin will become worst if US dollars is backed with Bitcoin, this mean The FED will own Bitcoin as much as they can and if they able to own all the Bitcoin, Bitcoin's maximum supply is just a theory. People who want to own Bitcoin can only buy it from ETFs or centralized exchange, it can't be moved to non custodial wallet. What you get is only the IOU version of Bitcoin, instead of the real Bitcoin.

Ojima-ojo

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You have to include a link to where the information is coming from, most of us will want to read the original news or article where those statements are made concerning Bitcoin as a dollar back currency or assets.

Bitcoin can not back a centralized currency like the United States dollar and even in countries like El Salvador where Bitcoin is made legal tender by the government, still Bitcoin was never used to back their original currency even though the country doesn't have it own currency but make use of the dollar, Bitcoin only still serve as an alternative to the main currency, because Bitcoin is a decentralized, and no government will want to give authority to what their can not control.

If any politician make such statement, it will likely just be a campaign promises just interest the growing Bitcoin community, to vote him her in, but even at that it will be a bad campaign approach to make such promises.

_act_

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Quote from: Kalchef on May 29, 2024, 01:59:46 AM

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

This is not possible because bitcoin is not centralized or controlled by any central authorities. Bitcoin price is derived from demand and supply and nothing more than that. That is why no central authority have the power to control bitcoin price and the reason for its huge adoption as it is totally different from fiat.

Kalchef

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What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

What is the advantages and the disadvantages you see here? Ate these people just saying anything that they can think of? Or this is possible? The biggest liars of the century are from the politicians around the world , once they get elected they do something else.

Will Bitcoin become better if any of these become possible?

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