Topic: Will bitcoin ever truly be able to integrate with society (Read 532 times)
Sooner or later btc can become a part of our everyday life. It's like any innovation at first people do not really trust it but with time people will accept it I think
The main idea of cryptocurrencies was a complete decentralization. If bitcoin looses its own primary idea it will also loose its users as well.
Probably not all as some of btcs supporters will continue supporting it though there will certainly be a huge decline in users. There are a lot of features that can still be maximized though personally, i also will be losing interest if bitcoin becomes centralized because that's what sets it away from banks and monopoly
for me it time will come that bitcoin will truly be accepted by the society..
It may not yet be possible within the years to come.
BTC community must first be able to educate other people with regards to its advantages as compared to fiat.
As the number of BTC supporters increases we will get near to the vision that it will be totally accepted by the society...
It may not yet be possible within the years to come.
BTC community must first be able to educate other people with regards to its advantages as compared to fiat.
As the number of BTC supporters increases we will get near to the vision that it will be totally accepted by the society...
Bitcoin is a fairly new thing, it evolves, we don't what it will become in 5-10 years. It may even become centralized at some point.
The main idea of cryptocurrencies was a complete decentralization. If bitcoin looses its own primary idea it will also loose its users as well.
Why would we want it to integrate into government? That would open the door for government to try to control or manipulate it!
It can be integrated into society quite easily and it would exist along side fiat currencies. Think of it as a Paypal or Venmo that exists along side fiat without problem. They can coexist quite nicely!
That is why bitcoin is such a great thing because goverments cannot control it no matter how hard they want to.It can be integrated into society quite easily and it would exist along side fiat currencies. Think of it as a Paypal or Venmo that exists along side fiat without problem. They can coexist quite nicely!
It is just because Satoshi Nakamoto have made BTC decentralized, and thanks to this BTC is a great chance for normal citizens: it gives them an opportunity to make the settlements between people and companies without any use of third party services.
Its has given us the ability to avoid using banking system, but the adoption of cryptos by governments is very important for us, because we need to be sure we are secured when the law enforcement finds out.
It could if enough people adopt it and for that it's probably have to earn their trust first. I don't see any government willingly dumping their fiat for bitcoin anytime soon though. The fact that it's decentralized means they cant easily manipulate it and many enthusiasts like it that way. So maybe rather than becoming the de facto currency of a country, you can think of it as just existing alongside fiat.
How that would turn out I can't really tell but should it become possible to use it for microtransactions then fiat would probably mostly be used for things that require heavy regulation from the government like bank loans while bitcoin would be used for everyday stuff like buying groceries.
How that would turn out I can't really tell but should it become possible to use it for microtransactions then fiat would probably mostly be used for things that require heavy regulation from the government like bank loans while bitcoin would be used for everyday stuff like buying groceries.
We are moving towards a global uniform type of civilization (which is essential for the survival of human being as a specie, this will be a long debate so if you want we can discuss it further). English is becoming a global language, MacD and Dominos etc are now global fast foods, Democracy is global form of governance etc.
Now if you look into the role of bitcoin in this manner you will find that it is in the edge of becoming global currency and that way it can integrate the society.
Now if you look into the role of bitcoin in this manner you will find that it is in the edge of becoming global currency and that way it can integrate the society.
I think it would be integrated with the society but definitely not with the government. They want to always have the control and they won't be able to do that with Bitcoin. Probably it can be known with other people and maybe they would like to support bitcoin.
Bitcoin is decentralized and open source which makes it difficult to regulate or encourage from a political standpoint. Is it possible for bitcoin to be integrated into real government and society if it is so hard to regulate. Will it ever become truly "mainstream" and will people start to accept it and find ways to integrate it into society, because right now it almost feels kind of like a gimmick. I see machines around every once in a while to get bitcoin but they always charge ridiculous transaction feels, and whenever I see a sign that says "now accepting bitcoin" it always feels kind of gimmicky. What do you thing?
Its de-centralized so its hard for any government to have total control over it.
Except for Japan who truly accepts bitcoin. But other country, like The Philippines, has put a regulation on exchanges to comply with the country's KYC/AML rule. So it you are own bitcoin and want to convert it to your local currency you just have to submit documents to those exchanges and transfer your bitcoin to them. So its no gimmick for those bitcoin friendly country.
Keys don't make deals, people do.
For trust in Bitcoin, there is only supply and demand, which reduces the unit to the trials and tribulations of the market, with no "underlying" or strength. We have a name for that: speculation, as opposed to investment. Bubbles and Ponzies are other words that are bandied around, with more or less stickiness. Either way, this lack of foundation generally means that Bitcoin is not good for long term trade; you can't price ordinary goods in Bitcoin for example, because the price keeps going up, and down.
So, as a rule of the Bitcoin economy, in participating in bidirectional trades, one has to build ones own trust system in.
As a rather good example, this is exactly what the Silk Road did! Bonds were required of newcomers, and funds were held in escrow until delivery of goods were effected. Silk Road worked, trust was maintain, and deals were done.
For trust in Bitcoin, there is only supply and demand, which reduces the unit to the trials and tribulations of the market, with no "underlying" or strength. We have a name for that: speculation, as opposed to investment. Bubbles and Ponzies are other words that are bandied around, with more or less stickiness. Either way, this lack of foundation generally means that Bitcoin is not good for long term trade; you can't price ordinary goods in Bitcoin for example, because the price keeps going up, and down.
So, as a rule of the Bitcoin economy, in participating in bidirectional trades, one has to build ones own trust system in.
As a rather good example, this is exactly what the Silk Road did! Bonds were required of newcomers, and funds were held in escrow until delivery of goods were effected. Silk Road worked, trust was maintain, and deals were done.
Bitcoin is decentralized and open source which makes it difficult to regulate or encourage from a political standpoint. Is it possible for bitcoin to be integrated into real government and society if it is so hard to regulate. Will it ever become truly "mainstream" and will people start to accept it and find ways to integrate it into society, because right now it almost feels kind of like a gimmick. I see machines around every once in a while to get bitcoin but they always charge ridiculous transaction feels, and whenever I see a sign that says "now accepting bitcoin" it always feels kind of gimmicky. What do you thing?
It will be very difficult to achieve such goal.
Bitcoin is decentralized, so no government, bank or some body stand behind it.
It means that is very difficult to fully legalize bitcoin.
If any country wants to officially accept new currency, they have to sign legal agreement with legal representative.
Who is bitcoin legal representative?
Nobody.
So, if financial laws and regulations remain the same, there is no way that bitcoin becomes fully and legally accepted.
Much more realistic is that bitcoin will remain as main alternative to official currencies.
If crypto-currencies not embraced as they are, they will exist alongside traditional finance until the day they take over anyway.
Regulating them will only slow their progress, not stop it, and may actually result in a worse result for the traditional infrastructure.
Regulating them will only slow their progress, not stop it, and may actually result in a worse result for the traditional infrastructure.
Why would we want it to integrate into government? That would open the door for government to try to control or manipulate it!
It can be integrated into society quite easily and it would exist along side fiat currencies. Think of it as a Paypal or Venmo that exists along side fiat without problem. They can coexist quite nicely!
It can be integrated into society quite easily and it would exist along side fiat currencies. Think of it as a Paypal or Venmo that exists along side fiat without problem. They can coexist quite nicely!
Bitcoin is decentralized and open source which makes it difficult to regulate or encourage from a political standpoint. Is it possible for bitcoin to be integrated into real government and society if it is so hard to regulate. Will it ever become truly "mainstream" and will people start to accept it and find ways to integrate it into society, because right now it almost feels kind of like a gimmick. I see machines around every once in a while to get bitcoin but they always charge ridiculous transaction feels, and whenever I see a sign that says "now accepting bitcoin" it always feels kind of gimmicky. What do you thing?
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