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Author Topic: Bitcoin a revolutionary currency?  (Read 504 times)

Offline 0t3p0t

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Bitcoin a revolutionary currency?
« on: February 11, 2024, 10:35:14 AM »
Quote
Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

Source: https://www.nerdwallet.com/article/investing/what-is-bitcoin

Does this mean that Bitcoin is a revolutionary form of digital money?
Is this the reason why some governments don't accept Bitcoin legally?

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Bitcoin a revolutionary currency?
« on: February 11, 2024, 10:35:14 AM »

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Re: Bitcoin a revolutionary currency?
« Reply #1 on: February 11, 2024, 11:25:25 AM »
Government have final regulation about bitcoin is not legal currency digital transaction but adopted only as commodity assets, I think bitcoin a revolution of currency still need waiting more longer time have many countries still not adopted or accept bitcoin as legal currency payment transaction.
Bitcoin had transparence when using as payment currency but many government still not see this advantage side and bitcoin need waiting few years later for accepting as legal currency payment or revolutionary of currency in the future.

Offline Don Pedro Dinero

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Re: Bitcoin a revolutionary currency?
« Reply #2 on: February 11, 2024, 04:07:50 PM »
Does this mean that Bitcoin is a revolutionary form of digital money?

This is at least how it was conceived, but today its majority use is far from this. In that ideal world, humans would exchange goods and services for bitcoin, without intervention from central banks and governments, but in the real world, most people buy bitcoin as an investment, not for use as currency, mostly in centralised exchanges and many use custodial wallets.

That is why I think governments tolerate bitcoin, because its actual use is far from the ideal use that was imagined when it was created. They are also implementing legislation to control it even more.
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Offline Charles-Tim

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Re: Bitcoin a revolutionary currency?
« Reply #3 on: February 11, 2024, 05:03:28 PM »
Does this mean that Bitcoin is a revolutionary form of digital money?
I see bitcoin revolutionary as a means of investment than a peer-to-peer means of making transaction. I will have this view until the mempool is not congested in a way not to discourage bitcoin to be used for making transaction. Also that because most people still prefer the fiat transactions. Most bitcoin transaction is likely related to investment.

Is this the reason why some governments don't accept Bitcoin legally?
Bitcoin is accepted nearly in all countries. I do not think there are even more than 15 countries that do not accept bitcoin. Even in China that we thought bitcoin is not accepted has the second highest bitcoin mining hash rate and bitcoin is accepted in China as a digital property that people can hold.

Offline Hamza2424

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Re: Bitcoin a revolutionary currency?
« Reply #4 on: February 11, 2024, 05:13:33 PM »
Quote
Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

Source: https://www.nerdwallet.com/article/investing/what-is-bitcoin

Does this mean that Bitcoin is a revolutionary form of digital money?
Is this the reason why some governments don't accept Bitcoin legally?

Well I can say smoothly that this is one of the most recurrently discussed topic on any Bitcoin section, Anyway I think Bitcoin in sometimes really hard to judge as a payment mode, I know I'm going off track but the question OP asked everyone has his/her own exposure to that.

While on the same time in same context proving Bitcoin as payment in the congested network crisis is really hard but Bitcoin was meant to be the decentralized P2P payment mode not just a liquid assets class.
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Offline ZAINmalik75

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Re: Bitcoin a revolutionary currency?
« Reply #5 on: February 11, 2024, 07:22:47 PM »
Does this mean that Bitcoin is a revolutionary form of digital money?
Is this the reason why some governments don't accept Bitcoin legally?
Is this a real question or are you just refreshing the old definitions in our minds? Not heard this question for a long time. It does mean Bitcoin is a revolutionary form of digital money but not with the same factors that influence the value of money in the real world, the factors that influence the value of BTC are demand and supply. BTC being digital money and behaving as decentralized money is not the only reason that some governments don't accept it.

El Salvador has accepted it and made it a legal tender, USA has accepted BTC ETF which directly means USA accepts BTC legally. The question you have asked is a little bit outdated regarding to the current developments that BTC has made. BTC has improvised a lot that factor of decentralized seems old talks now that's why I said is this a real question.
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Offline vegasus

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Re: Bitcoin a revolutionary currency?
« Reply #6 on: February 11, 2024, 11:58:40 PM »
Does this mean that Bitcoin is a revolutionary form of digital money?
Is this the reason why some governments don't accept Bitcoin legally?
we could say that. That's one of the goals of Bitcoin as a global currency. However, it cannot yet be implemented in all countries because not all countries make Bitcoin legal tender. This goal is still a long process to be realized.

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Re: Bitcoin a revolutionary currency?
« Reply #6 on: February 11, 2024, 11:58:40 PM »


Offline Mrbluntzy

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Re: Bitcoin a revolutionary currency?
« Reply #7 on: February 12, 2024, 01:31:02 AM »
 Bitcoin have already created a revolution in terms of how people prefers Bitcoin p2p payment more than the traditional way of receiving payment. The reason why the government of some country doesn't allow Bitcoin is because they can not control it, Bitcoin is not centralized, so they can't control it the way they want and they fear that if they freely allow Bitcoin, it could take over and become more dominant than the traditional means of payment. Bitcoin will continue to thrive and fulfill the purpose of which it was designed for.
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Re: Bitcoin a revolutionary currency?
« Reply #8 on: February 12, 2024, 03:21:26 AM »
Quote
Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

Source: https://www.nerdwallet.com/article/investing/what-is-bitcoin

Does this mean that Bitcoin is a revolutionary form of digital money?
Is this the reason why some governments don't accept Bitcoin legally?
We know how the Banks are operating in front the government meaning they are having a better relationship in terms of making money from us depositors and with the presence of crypto decentralization this bonding will soon be ending so most of the government are not allowing this to come reality.

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Re: Bitcoin a revolutionary currency?
« Reply #9 on: February 12, 2024, 03:35:16 AM »
I think that describing Bitcoin as a revolutionary form of digital money does not give it full justice, because Bitcoin is much farther and bigger than that. It is a real revolution against the defunct banking system that lasted for many centuries.

It is not only a revolutionary form of money, but rather a complete revolution because it is a transition from one era to another and the replacement of an old, centralized system full of restrictions and control with a new, decentralized system that grants freedom and equality of opportunity.

This is exactly what makes governments reject Bitcoin because it is a replacement of the old system through which governments control everything with complete centralization with a new decentralized system that is out of control.

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Re: Bitcoin a revolutionary currency?
« Reply #10 on: February 12, 2024, 06:06:02 AM »
Does this mean that Bitcoin is a revolutionary form of digital money?
Is this the reason why some governments don't accept Bitcoin legally?

Yes, that is why Bitcoin is considered a revolutionary digital currency which is disrupting the global transaction system. It introduces a decentralized system, high security, and pseudonymity, which will allow people carrying out transactions to be able to execute their transactions more securely from their devices. Bitcoin also uses a wallet system which allows users to store their assets in a wallet, rather than in a centralized place like a bank. And there are many other reasons which make Bitcoin a digital currency that is monitored/banned by the government because of its various features that can disrupt the banking system.

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Re: Bitcoin a revolutionary currency?
« Reply #11 on: February 12, 2024, 02:44:50 PM »
Even in China that we thought bitcoin is not accepted has the second highest bitcoin mining hash rate and bitcoin is accepted in China as a digital property that people can hold.
I thought of this before as well not until someone confirmed that in a specific place in China crypto related activities were allowed. Well as of this time I can say that Bitcoin is more of a revolutionary digital investment than a digital currency since most of us are holding it for profits rather than using it as a form of digital payment.

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Re: Bitcoin a revolutionary currency?
« Reply #12 on: February 12, 2024, 05:51:46 PM »
Even in China that we thought bitcoin is not accepted has the second highest bitcoin mining hash rate and bitcoin is accepted in China as a digital property that people can hold.
I thought of this before as well not until someone confirmed that in a specific place in China crypto related activities were allowed. Well as of this time I can say that Bitcoin is more of a revolutionary digital investment than a digital currency since most of us are holding it for profits rather than using it as a form of digital payment.
In my opinion, Bitcoin has already made a financial revolution, but nevertheless, many analysts predict that in the future Bitcoin will most likely be viewed more as an investment than as a means of payment.  In the meantime, it obviously lacks buyers, which means that the Bitcoin rate is not immune from further collapses.
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Re: Bitcoin a revolutionary currency?
« Reply #13 on: February 13, 2024, 04:22:28 AM »
In my opinion, Bitcoin has already made a financial revolution, but nevertheless, many analysts predict that in the future Bitcoin will most likely be viewed more as an investment than as a means of payment.  In the meantime, it obviously lacks buyers, which means that the Bitcoin rate is not immune from further collapses.
It actually is seen by most crypto enthusiast as more of an investment rather than a payment system I agree with that as well, we can see and read it on news wherein investors are hoarding more and more Bitcoins in preparation for the upcoming new ATH.  So I think most of us do this for profits not as payment.

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Re: Bitcoin a revolutionary currency?
« Reply #14 on: February 14, 2024, 06:56:26 PM »
It actually is seen by most crypto enthusiast as more of an investment rather than a payment system I agree with that as well, we can see and read it on news wherein investors are hoarding more and more Bitcoins in preparation for the upcoming new ATH.  So I think most of us do this for profits not as payment.
Many rich people currently own very large amounts of Bitcoin. They are aware that Bitcoin has a very limited supply, so many have hoarded it and will sell it later when it becomes very expensive because they realize that Bitcoin can be a place to store money. as much as they want and will have the potential to make a profit when the price rises.

 

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