Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Bobcrypto on June 22, 2021, 02:14:53 PM
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I am beginning to feel that btc has suddenly become the ultimate digital currency of the earth, a reason I'm wondering avout all sort of clamp down on trading, Mining and investment in many countries. Has Btc overtaken the fiats of some of these countries of the world? Too many confusion about btc in the past 6weeks. Your thoughts.
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I don't think BTC has taken over any fiat currencies at this point. At least not in terms of use-case. But is it the hardest, soundest, most global store of value? Yes, nothing compares to bitcoin in this regard.
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I am beginning to feel that btc has suddenly become the ultimate digital currency of the earth, a reason I'm wondering avout all sort of clamp down on trading, Mining and investment in many countries. Has Btc overtaken the fiats of some of these countries of the world? Too many confusion about btc in the past 6weeks. Your thoughts.
I can see that Bitcoin has lagged far behind most cryptocurrencies as it is very slow and expensive to transact. Even its high price is already a constraining factor for investments for new entrants to this market, while at the same time increasing the risks for invested capital many times over, taking into account the increased possibility of price fluctuations.
It makes no sense at all to compare it with the national currencies of states, these are completely different financial assets.
Bitcoin has its advantages and disadvantages, it is still very far from ideal money.
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I'm sure it will happen, even some countries will choose Bitcoin as a deposit asset and create a stable coin to be used in every transaction in that country.
In the future we will see that there will be many new stable coins and Bitcoin will become the currency of the nation's unification, where every country will accept Bitcoin because no one controls and even prints Bitcoin like fiat.
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I think the sooner it happen the better for all crypto enthusiasts users world wide. This is because the clamp down on bitcoin mining, investment, trading activrties is generating a lots confusion, and I think some of these ongoing clamp down are just attempts to bring the Btc price down for many of these big buyers to gain entrance onto the crypto market. This is just my opinion.
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It may be too early to say this because there are so many issues of Bitcoin spreading in the world. Many people concern with BTC with their certain reasons. Some are because of the fondness of BTC itself, some because they don't like the dominance of Btc, and some about the playing condition by many parties in the world. BTC is now full of conflict and games from the whales and big people or institutions.
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Since Bitcoin (BTC) became the first decentralized digital currency in 2009, it has become a wild journey for cryptocurrency.
Since then, millions of transactions have taken place, millions of dollars have been stolen or lost, and we have witnessed the emergence of several new cryptocurrencies, including exciting and innovative technologies and security systems behind them.
This is an exciting time for the future of digital currency.
This does not mean, however, that there are no major barriers to crossing before we can begin to embrace it. We’re mostly on the right track but that doesn’t mean there aren’t any major problems for emerging cryptocurrency markets.
While the early days of cryptocurrency - now obsolete - were notorious for its widespread use on dark websites like the Silk Road, we’ve seen a few key adoption metrics in recent years.
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Highlights
2014 has brought some big wins to cryptocurrency advocates. Each of these victories puts the currency one step closer to widespread adoption and I doubt anyone would deny that 2014 brought a lot of momentum and awareness about digital currency - or at least bitcoin.
So in my opinion there is no fear about the success of Bitcoin, the use of Bitcoin has been going on since 2009 and will continue in the future inshallah.
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Bitcoin will never replacement fiat, both are different but can walk together. This time bitcoin already like gold but not all can take the risk. We still focus on pump and dump because from there bitcoin future will exist. No more debate, just use it to get fiat because that"s the real call.
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@Bobcrypto Bitcoin (or any other cryptocurrency) cannot replace FIAT. There are many reasons and of course almost all are economic reasons taken by governments, banks and large companies, but there are other reasons that have nothing to do with it. There are many people who do not understand what cryptocurrencies are, there are people who do not trust them for the simple fact that they cannot touch them and there are also people who do not care.
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It is okay to hear that the use of btc is becoming worldwide and most generally accepted online for transactions, but it getting into the physical use on our day to day activities will have to take time and the regulation on it will be strict in someways by the country in context. Btc is the dominant crypto in the market today, and that is not replaceable, and that is for the internet, not on the physical use yet.
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While El Salvador is bent on making Bitcoin a legal tender in the whole country with its current President even doing the personal campaign for people to adopt Bitcoin by giving each citizen $30 worth of Bitcoin, in China it is quite different as it has fully implemented its policy against Bitcoin and this time around even including Bitcoin mining. For Bitcoin to become the currency of the world, that might still be years from now. We should not expect that institutions and governments will be laying a red carpet for Bitcoin, this is a disruptive technology and many will look at it as an enemy.
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While El Salvador is bent on making Bitcoin a legal tender in the whole country with its current President even doing the personal campaign for people to adopt Bitcoin by giving each citizen $30 worth of Bitcoin, in China it is quite different as it has fully implemented its policy against Bitcoin and this time around even including Bitcoin mining. For Bitcoin to become the currency of the world, that might still be years from now. We should not expect that institutions and governments will be laying a red carpet for Bitcoin, this is a disruptive technology and many will look at it as an enemy.
At the same time, even now bitcoin could be considered at some level to already be the currency of the world. That is, it doesn't necessarily need the endorsement of the governments in order to function as world currency and medium of exchange.
It's a matter of adoption and adoption has been on the rise all these years without endorsement or support from any governments. In fact institutional support for bitcoin only came AFTER it saw major adoption by a large number of people and not the other way around... so I think we will see bitcoin continue what it has done in the past and become further adopted world-wide and this, more than any other factor, will determine whether bitcoin is / becomes a "world currency".
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While El Salvador is bent on making Bitcoin a legal tender in the whole country with its current President even doing the personal campaign for people to adopt Bitcoin by giving each citizen $30 worth of Bitcoin, in China it is quite different as it has fully implemented its policy against Bitcoin and this time around even including Bitcoin mining. For Bitcoin to become the currency of the world, that might still be years from now. We should not expect that institutions and governments will be laying a red carpet for Bitcoin, this is a disruptive technology and many will look at it as an enemy.
I agree with you. In addition to everything we have said so far in this thread, it must always be borne in mind that governments will reject everything that cannot be under their absolute control. It does not matter if it is something that can improve the lives of the citizens of a country, if the governments do not control it they will deny it, with FIAT they have their citizens controlled 24 hours a day anywhere in the world, and that is what they have always wanted and will always want, absolute control.
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There are many interests from several certain countries, whales, and institutions that want Bitcoin or don't want Bitcoin to be one of the global currencies. So far, China is the most country that always fights against Bitcoin although many of its citizens concern with BTC. but once more, it may be one fo the reasons why always many FUD
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The only answer can be: do you see BTC as a currency?
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While El Salvador is bent on making Bitcoin a legal tender in the whole country with its current President even doing the personal campaign for people to adopt Bitcoin by giving each citizen $30 worth of Bitcoin, in China it is quite different as it has fully implemented its policy against Bitcoin and this time around even including Bitcoin mining. For Bitcoin to become the currency of the world, that might still be years from now. We should not expect that institutions and governments will be laying a red carpet for Bitcoin, this is a disruptive technology and many will look at it as an enemy.
Many states have now legalized cryptocurrencies, including bitcoin, as legal tender. El Salvador is trying to conduct a more serious experiment - using bitcoin as the national currency. This is much more than just recognizing bitcoin as a legal tender along with its national currency. Although the president of this country was supported by the parliament, this issue has not yet been finally resolved, since the opposition has appealed to the country's Constitutional Court and, most likely, it will be he who will end this dispute. This is a very serious step, because in case of failure, Bitcoin, I think, will significantly lose its popularity.
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While El Salvador is bent on making Bitcoin a legal tender in the whole country with its current President even doing the personal campaign for people to adopt Bitcoin by giving each citizen $30 worth of Bitcoin, in China it is quite different as it has fully implemented its policy against Bitcoin and this time around even including Bitcoin mining. For Bitcoin to become the currency of the world, that might still be years from now. We should not expect that institutions and governments will be laying a red carpet for Bitcoin, this is a disruptive technology and many will look at it as an enemy.
Many states have now legalized cryptocurrencies, including bitcoin, as legal tender. El Salvador is trying to conduct a more serious experiment - using bitcoin as the national currency. This is much more than just recognizing bitcoin as a legal tender along with its national currency. Although the president of this country was supported by the parliament, this issue has not yet been finally resolved, since the opposition has appealed to the country's Constitutional Court and, most likely, it will be he who will end this dispute. This is a very serious step, because in case of failure, Bitcoin, I think, will significantly lose its popularity.
As of now, El Salvador is the only nation-state where bitcoin is legal tender... should this even be reversed (or 'fail' as you say), it wouldn't be bad for bitcoin. Bitcoin hasn't needed any country or person or organization to get to where it is today and it won't need anyone to move forward from here. It's more the case that these countries need bitcoin and the sooner they come to understand that, the better of they will be in the course of the coming decades.
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BTC has gained a lot of popularity in a very short period of time.BTC is now called the king of all coins And everyone's idea is that these coins will control the whole world at some point.There is a lot of confusion about BTC in some countries which is actually a rumor.
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Lately it's been more apparent than ever how much Bitcoin divides the world, and how regulators are not nearly as enthusiastic about it as most everyday people (except for El Salvador, of course). I'm not sure what this will mean for Bitcoin in the long run.
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Much as I like Bitcoin, it is quite far from becoming the "ultimate currency" still. Can it compare to the US Dollar or the Euro? I don't think so.
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No question about Bitcoin currency is now the most popular currency worldwide, but this is just in talking of investment, unlike the fiat currency that commonly used as payment for goods and services and repayment of debts, such as taxes, in any particular country socio-economic context that even children can use it instantly in both poor and rich countries.
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The only answer can be: do you see BTC as a currency?
Yes, we have to admit that we practically do not see bitcoin as a currency, as a means of payment. While it is in the main speculative store of value. The national currency of states basically performs just the function of money, that is, a means of payment. So far, as the main money, that is, the national currency, bitcoin is accepted in El Salvador. However, the opposition there appealed to the Constitutional Court of the country and it is not known how it will end. Although the experiment is very interesting and it would be better to observe its result.
Bitcoin and other cryptocurrencies are not intended to be the main currency in the country, the cryptocurrency must occupy a certain niche in the financial sector and go along with the national money.
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No bitcoin will not overtake the fiats, I'm sure some people will not use bitcoin because you know the transaction fee is so high.. Are you willing to pay the transaction fees? and I think the government would not allow that bitcoin will replace fiat money.
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Btc is the innovation of the 21st century kind currency I don't think It has come to takeover the currency of the Earth but to change the way native currency function digitally although Bitcoin is more valued more than some country currency that's why most countries are fighting the existence of Bitcoin, that's my opinion.
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I am beginning to feel that btc has suddenly become the ultimate digital currency of the earth, a reason I'm wondering avout all sort of clamp down on trading, Mining and investment in many countries. Has Btc overtaken the fiats of some of these countries of the world? Too many confusion about btc in the past 6weeks. Your thoughts.
For Cryptocurrency digital currencies, Bitcoin is indeed number one when compared to other Cryptocurrency currencies. But if to take over Fiat , I think this is still not the time . The use of Cryptocurrencies as legal tender, is still prohibited in many countries and it seems that this will still wait for a longer process.
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taking into account the fact that bitcoin costs tens of thousands of dollars, this is a new type of mineral, which may soon become the most investment attractive for any investor, bitcoin has already experienced collapses, falls, economic crises and will continue to successfully conquer the world.
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I would say btc is becoming, haven't fully become yet, reason being many people are still afraid to put money in crypto, and also the market volatility contribute to the reason why a good number of people are feeding reluctant to join this space, it is very natural to see people's hesitation not to support the crypto but latter some came still ready to invest and support the community.
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Bitcoin is a solution to make it easier for us to make transactions, especially during the Covid-19 pandemic conditions like today, Bitcoin should be used as a substitute for Fiat, but unfortunately there are still many obstacles that Bitcoin must fight, especially bans from the government.
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Bitcoin is a solution to make it easier for us to make transactions, especially during the Covid-19 pandemic conditions like today, Bitcoin should be used as a substitute for Fiat, but unfortunately there are still many obstacles that Bitcoin must fight, especially bans from the government.
Cryptocurrency community wants Bitcoin to be accepted as a payment system but government doesn't want Bitcoin to be used because of the increasing circulation of paper money less, this's always a debate among government members because no institution can control Bitcoin, it is ironic to see that because they are only interested in blockchain technology, but they reject Bitcoin.
We can be patient and wait for several countries to accept Bitcoin so that in the future the transaction system will be more transparent without any control from 3rd parties
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Bitcoin is a solution to make it easier for us to make transactions, especially during the Covid-19 pandemic conditions like today, Bitcoin should be used as a substitute for Fiat, but unfortunately there are still many obstacles that Bitcoin must fight, especially bans from the government.
Cryptocurrency community wants Bitcoin to be accepted as a payment system but government doesn't want Bitcoin to be used because of the increasing circulation of paper money less, this's always a debate among government members because no institution can control Bitcoin, it is ironic to see that because they are only interested in blockchain technology, but they reject Bitcoin.
We can be patient and wait for several countries to accept Bitcoin so that in the future the transaction system will be more transparent without any control from 3rd parties
The resistance toward bitcoin on the part of authorities, as you have mentioned, is that they don't control it. To use bitcoin as money, it would force governments to actually have sound monetary policy rather than printing as much as they want and need chucking the bucket of ever-increasing debt further down the line.
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No bitcoin will not overtake the fiats, I'm sure some people will not use bitcoin because you know the transaction fee is so high.. Are you willing to pay the transaction fees? and I think the government would not allow that bitcoin will replace fiat money.
It's right. Bitcoin has not yet become massively used as a means of payment and, most likely, this will never happen. It can still be considered its main currency in El Salvador, but we do not yet know how this experiment will end. So far, I was of the opinion that cryptocurrency can only be used along with national money, but not replace it. Let's see how events with their means of payment will continue to develop in El Salvador.
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What do you mean by ultimate crypto? There is no guarantee of success in crypto although it is the best crypto coin. Be successful or not, it depends on the way investing or trading our BTC. That's why we must have sufficient knowledge about investment or trading in crypto. If we have it, we can optimize the chance to succeed.
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Bitcoin is a solution to make it easier for us to make transactions, especially during the Covid-19 pandemic conditions like today, Bitcoin should be used as a substitute for Fiat, but unfortunately there are still many obstacles that Bitcoin must fight, especially bans from the government.
Cryptocurrency community wants Bitcoin to be accepted as a payment system but government doesn't want Bitcoin to be used because of the increasing circulation of paper money less, this's always a debate among government members because no institution can control Bitcoin, it is ironic to see that because they are only interested in blockchain technology, but they reject Bitcoin.
We can be patient and wait for several countries to accept Bitcoin so that in the future the transaction system will be more transparent without any control from 3rd parties
The resistance toward bitcoin on the part of authorities, as you have mentioned, is that they don't control it. To use bitcoin as money, it would force governments to actually have sound monetary policy rather than printing as much as they want and need chucking the bucket of ever-increasing debt further down the line.
BTC has become the ultimate currency, or there are fears about BTC success. Bitcoin Receives Bitcoin has been legalized in most rich countries. Because of this many countries think that bitcoin has become a currency in their country. What can be done with the currency of a country can be done with this bitcoin. This bitcoin acts as a currency for buying and selling anything.
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I believe at this point the only justified fear about bitcoin should be the fear of missing out. :-)
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You don't think the fear of being scammed or hacked or anything of that sort is justified?
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You have to be careful regarding cryptocurrency or can also mix it with fear because the crypto market is not stable like the Forex market and the single up's in the market can make you rich or the single downs can make you cry.
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The success of BTC is due to the existence of a very super power community that always creates good news in every news and creates a Bitcoin price that is getting higher and harder to stop.
I am also sure that the power of decentralization is what is able to make the price of Bitcoin higher because no one regulates the price of Bitcoin except the traders themselves.
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The main currency bitcoin is just starting to become in El Salvador, and then from September. However, there are already fears of the imposition of international sanctions and international banking structures as well as interstate bodies have warned the government of this country about this.
If the current experiment in El Salvador is not successful, it is unlikely that any country will repeat it. However, this is not what bitcoin should strive for. He needs to become a full-fledged means of payment along with the national currencies of states and not try to replace them, and this, unfortunately, is not happening yet.
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How is the situation developing in El Salvador by the way, have they made any progress?
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How is the situation developing in El Salvador by the way, have they made any progress?
It is still too early to move forward after the new laws in El Salvador. Keep in mind that a lot of new things must be implemented for citizens, and that those citizens must learn the basic workings of Bitcoin and blockchain to know how to do the most basic things. There are still months of work to know how things develop, it is still too early. The good thing about all this is that El Salvador is the mirror where many countries look at themselves right now.
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Bitcoin can not be a currency that can be loved by everyone but Bitcoin can be a valuable digital asset for the future of its owner.
I'm not afraid of Bitcoin because Bitcoin is supposed to be loved and protected like we love a valuable asset in our lives.
I also believe that Bitcoin is something that can really make everyone rich in an instant because its price changes all the time.
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Bitcoin has a big problem in that it never became a mainstream means of payment. Apparently, he will never become one. Already, many altcoins have far surpassed bitcoin in terms of functionality as a means of payment. Therefore, not only did it not become the main currency, it is generally very rarely used as a currency. Whoever denies this simply does not want to notice this problem.
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BTC go high and this is good for all the market and we know when the market go high that time all the crypto market touches the sky and that time the holders will make good profit through this coin and they can sell it in a good profit that time.
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No doubt BTC is the more powerful digital currency all over the world. I think its not possible to near future that BTC has under restrictions due to investment and mining. Let's see what happen in future but we should be positive in every situation
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No doubt BTC is the more powerful digital currency all over the world. I think its not possible to near future that BTC has under restrictions due to investment and mining. Let's see what happen in future but we should be positive in every situation
Power, fame, wealth, are already visible to BTC. While the regulations and restrictions are on going to make things better so the world will make BTC the future. Regulations are always the obstacles why sometimes BTC drop suddenly without negative news than China regulation to crackdown and restrict crypto users. There are another countries that are in denial to Bitcoin ability and what it can be done in the future to human being.
Bank will stop crypto investment as much as they can, but they cannot make it due to people's positive opinion to Bitcoin investment despite of some losses. We are still in trying and error stage to polish everything.
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I want to say that bitcoin is number one in terms of capitalization, but this factor is no longer the basis for the primacy of the cryptocurrency. There are many other projects that are also interesting to the crypto community, I think, when the dependence of altcoins with bitcoin goes away, bitcoin will collapse in price and cease to be interesting, because everyone really doesn't like its long transactions, and the price tag is already biting.
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I am beginning to feel that btc has suddenly become the ultimate digital currency of the earth, a reason I'm wondering avout all sort of clamp down on trading, Mining and investment in many countries. Has Btc overtaken the fiats of some of these countries of the world? Too many confusion about btc in the past 6weeks. Your thoughts.
I believe the people were the ones that put the Big RED target on Bitcoin Back by constantly saying that Bitcoin will replace fiat and everything else. Of cause, we don't expect a Government to sit back and allow that to happen. I don't see Bitcoin as replacing fiat or being the ultimate currency even though I get the idea of why it was created in the first place but I believe it wasn't to replace Fiat. Bitcoin would have just been a tradable asset and a store of value instead of a legal tender.
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Almost everyone knows that bitcoin has not yet become a common means of payment. It is used primarily as a store of value. That is, basically, people hold bitcoin with the hope that it will rise in price and they will receive a large profit. Therefore, for the purchase of goods and services, it is almost never used. Considering that bitcoin was created as an alternative means of payment for the currently existing payment system, of course, it serves its purpose very poorly.
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BTC was created to be the main currency in digital form, but unfortunately this is a lot of opposition from many countries for reasons of security and fluctuations. Indeed, if you think about it, the high fluctuation value makes BTC difficult to accept. Then whether this BTC will be able to replace FIAT? The answer is this might happen if BTC is accepted as a Global currency, but otherwise this would not be possible.
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if bitcoin had an unlimited supply then it would just crash the price and it could never be this expensive, a very limited supply of bitcoin is a great way to get expensive as it will be harder and harder to get bitcoins and a lot of people are accepting payments using bitcoin so that bitcoin will be rarer and more expensive.