Bitcoin, does that name sound familiar to you? It might due to recent events. On the 9th of November, 1 bitcoin was worth almost 7900$. This might not be shocking on a first look, but comparing to 1000$, which bitcoin was worth on the beginning of 2017, it is quite an achievement. 790% profit return in a year sounds brilliant, but how about that. If you spend 1000$ on bitcoin in 2010, you would now have about 333k bitcoins, which is about 2,63mld $!. So what is bitcoin and how does it works?
Questions:
Do you own any cryptocurrency?
Do you think bitcoin is a bubble like famous tulip mania in 17th century?
Do you think in few years we will use bitcoin rather than dollar or euro in daily activities?
Comments
The first one is about bitcoins as recognized currency in China. All were agreed that it is a strong PR run from people who created bitcoin. If you want that country such as China recognize some kind of unknown currency, what a powerful source it must be.
And the second thing that we were agreed with that it is a ponzi scheme. What would be in the end,when all the bitcoins were sold? Nothing. Of course, you can earn money now, maybe, without any risk taken.
I bought 2 years ago some bitcoins.
I hope and believe that in one day will everthing change, there won't be a competition between countries(between dollars and euros) and we will enjoy one national currency, but certainly, not bitcoin. It can be called xCOIN or something like that
To be fair it's hard to say what will happened to bitcoins. None of us here is a some kind of expert in that field, so it's hard to get some trusted data. IMO, everything may happen do bitcoin, but my guess it's that will just be as it is and it's value will decrease.
It is hard to foretell what will happen with bitcoin. It was mostly used in darknet to avoid banks, but now it is treated more like gold than a currency.
I had watched quite a few videos and read multiple articles on Bitcoin but never quite understood how it works. This video is the first one that made some sense.
Today bitcoin cost 7740$ ... when maybe 3 month ago was 3000$ .
I think yes, in the future we will be using crypto currency.
Bitcoin for sure is a bubble, but it will be still growing for many years. Nowadays there is a hype on cryptocurrencies.
There is a project called "TenX" which allows you to pay in 200 countries by using cryptocurrency, but I don't think that people will do it. That's because of fluctuations in exchange rates. It's more likely people will start using them about 5 years from now.
It is really hard to predict the future of bitcoin. When I first heard about it a few years ago I though about it as a currency for some dirty businesses like drug dealing and then I couldn't even think that something like this can be used outside darknet and be recognized as some kind of good investment and regular currency.
Nowadays bitcoin has great value but many people says that it is a bubble and it will break sooner or later but I'm not sure if this opinion is based on some math, statistic and ecomonic knowledge or they just jelaous and they hope that bitcoin will fall.
I don't think that cryptocurrencies will replace regular currencies. People want to feel safe with their money and coutries are creating those feeling of safety. Something like this is really difficult for cryptocurrencies because people have a problem with finding the origin of the value of CC. CC looks like a wild element (look at the value changes of Bitcoin. BC is changing it value so fast).
In fact Bitcoin is the first currency in the world that is both decentralized and digital. It is more more private and transactionally efficient than "modern" digital banking. This is why people are excited about bitcoin, it has the potential to be completely revolutionize money.
I'm really curious if they continue to gain even more influence as they are transforming from an obscure dark web marketplace payment system to another modern way of payments. It is amazing how Bitcoin has spread. Today there are Bitcoin ATMs and the investment funds who are considering whether it would be worth to invest on Bitcoin market (still not, but the fact they even talk about it shows Bitcoin's growing importance). Bitcoins are still too volatile and have no stable ecosystem behind them to be worth the risk for the investment funds. There is also an issue with their privacy. I heard that Monero is gaining traction right now, because it guarantees better privacy than Bitcoin. Bitcoin has also a problem with FBI which has managed to penetrate Bitcoin transactions pretty effectively. They took down AlphaBay and Hansa. I am anticipating more troubles for Bitcoin from the USA, especially if it happens to be a used for funding terrorist activities.
About the last question. Couple years? No way, there are huge problems with creating one universal currency among the world so how cryptocurrency can replace it. And you will still need some pennies to pay for parking or flower that some grandma sales on street. There are many others problems with it even bigger than those I have mentioned.
I'm really suspicious when it comes to the Bitcoin. Creator is unknown, bitcoin online wallets aren't safe at all, keeping wallet on your PC/drive isn't comfortable and safe as well. I don't want to say it's a bubble or not but I wouldn't advice anyone to invest in cryptocurrencies.
I don't think that we will use Bitcoin because it's not profitable for banks and governments. Also it takes too much time to process the transaction. Maybe it's going to change in a few years. However I like the blockchain technology and I'm curious how Russian CryptoRuble will work in real life.
About the last question. I think dollar and euro has good position and bitcoin can't be opposition for them in few years. Bitcoin need a lot of time for making his position on currency market.
I don't think that we would use it in our everyday lives because it's too difficult to track, not profitable for governments and mostly used to pay for the things we generally don't want anyone to know that we paid for. The really great argument to use it for us, the users, is that payments in bitcoins doesn't involve any taxes.
I don’ think that bitcoin will cease to exist in the future, but rather its value won’t grow as much as it used to. Also, bitcoin won’t replace any national currency, because there is no sensible reason for people to use it in typical situations. I guess it will be only used if there is a low trust between two parties.
I actually do not own any, but I consider to get some. I think owning it is like an other investments with big risk. Also there are a lot of new cryptocurrencies with different dynamics and the choice is hard.
Do you think bitcoin is a bubble like famous tulip mania in 17th century?
It is hard to say that is a bubble like tulip mania, it could be but not having to. Risk is big, but this system is powerful. Also many people who invest are “new date”, and no centralized institution does not control it, what could be considered as advantage.
Do you think in few years we will use bitcoin rather than dollar or euro in daily activities?
In a few years I think no, maybe in future. Right now is like electronic financial investment product. Maybe when it will be more stable and people will be have more trust to this, then maybe consider as normal currency.
I don't think it will in nearest future replace "real" currency as banks/companies won't allow it but it can exist as support currency.
2. Yea, I can agree it’s kinda bubble. It’s all because of the cryptocurrency hype.
3. In few years - maybe, but for now I don’t think so. We still have problem with our currencies. I just think, that world isn’t ready now for such a big change.
Bitcoin is not much different from currency we use nowadays, since it's also mostly electronic and the cash is only some part of it (it's not even backed by the gold at the moment). The only difference is that "real" money is centralized but let's be honest - many economies crashed due to inappropriate money handling by central banks. Maybe it's better to leave it to computer algorithm?
I don't think we'll use bitcoin as a currency on daily basis but I'm sure another cryptocurrency will be used if government's regulations or propaganda don't stop it.
Bitcoin is the future.
I don't own any cryptowalut, but it is very interesting how fast it gets different market. In the near future it will not replace real money, but it's very similar to credit card payments.
>Yup, I remembered about it just few weeks ago, when I saw some bitcoin-related post. It turned out that a friend of mine paid me in bitcoins in 2015, back when it was about 250$/BTC, now its about 7,5k$/BTC, so I got some "free cash".
Do you think bitcoin is a bubble like famous tulip mania in 17th century?
Its hard to say, but I think not - it became popular, but its rather a long-term growth. Even in the last drop (around 11.11), when it came to 5,5k$/BTC, it didn't broke through growth trend boundaries (i.e even with that value, which dropped from about 8k$, the predicted trend was growth)
Do you think in few years we will use bitcoin rather than dollar or euro in daily activities?
I'd rather not - now its not being managed by any government (at least politically, as any govt. can buy/sell hundreds of bitcoins to speculate the price) and I'd prefer it to stay like that.
Had it and really lost it - but really small amount.
Do you think bitcoin is a bubble like famous tulip mania in 17th century?
Time will tell. But it has big potential and a very wide range and possibility of use so I think no is the correct answer.
Do you think in few years we will use bitcoin rather than dollar or euro in daily activities?
That is one of the possible scenario - people will always search for the way to hide money for others not to see (especially IRS etc.). Just look at the panama scandals. This money has to move somewhere.
Answering to the last question, at present, there is a great interest in this currency what is confirmed by
high listing at stock market. I think it's possible that we'll use cryptocurrency as a mean method of payment in the future.