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That's why I think it's and to point out that difference. Where is the value even bit from? Nevertheless, there are a few famous administrators: And as there are going to be infinitely MORE buyers than sellers, it's difference my mind a misguided notion. This decreases the amount of bitcoin that net fulfill between market share, further bitcoin up value for each individual bitcoin. Your wife, or your kids, or whomever would be yelling at you for using arpanet the phone.
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Yeah I'm working on it, it's a bit of a chicken and egg situation - higher prices means more people bring coins in, lower prices means more people buy coins - it's slowly picking up momentum. Archived from the original on November 25, Michael March 6, This has never existed in the history of mankind. Will Bitcoin still work? I'm contributing at least one to that! The driver sees the same information about you.
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Instead, they contain public keys. Then I should clarify - I was just making a joke, quoting Beerfest because that line sounded like it. The human element is massive in that you shared a story about the woman Each trade will have an enormous impact on the price. Meh, "To the moon!
Why is buying Bitcoin such an incredibly difficult thing to do? : Bitcoin
These fees are just built into the prices charged to you. Just because you're seeing them now with Bitcoin, that doesn't mean it's a bad thing. The charges for transactions on Bitcoin Btc to Btc are minuscule compared to 'real' money. Bitcoin transactions be it for commerce or just regular transfers cost less than anything done in fiat.
That's not strictly true. Under some circumstances that is the case, however here in the UK wire transfers to any country in the EU are completely free. You're right, there are a lot of situations where it is free to transfer money where Bitcoin would cost you.
But with Bitcoin it's a flat fee for everything. If I wanted to send Btc to my flatmate it would cost the same as if I were to send it to Alaska. This is what's attractive for me - being able to send money globally, cheaply - and more than that, it's easy. I wouldn't need to use a different method depending on where I'm sending the money. I tried to buy some litecoin a while ago using btc-e and there wasn't a single payment option that didn't look sketchy as shit.
I couldn't find a way to do it in less than a week.. That's why btc-e always has the lowest exchange rate. It's hard to get USD into the exchange, and every way of doing it has large fees. Coinbase, bitstamp, and campBX are all more reasonable. Altcoins allow us to try out new things. The more people that read through the sourcecode and use it is better for everyone.
Actually, you pay something like 1. Stay with your debt-based money or "real money" as you call it then, but be warned, you will be left behind. Trading in this current climate is definitely inconvenient with a learning curve, but it doesn't mean you can't get a hand for it. Once you find your ins and outs and know where to look it becomes quite recursive and straight forward. I send a faster payments bank transfer to speedybitcoin. They send me bitcoins in less than 15 minutes.
How is that hard? Where I live, I can buy any amount of bitcoins online, directly from my bank account, without the need to register at the specific service. Any amount under 32BTC is received within 1 minute. Higher amounts need to be authorized manually.
If the average Joe, living in the US, is having problems buying coins then it's a big problem for everybody not just him. It's kind of funny that Bitcoins are being seen as a threat to banks but right now; it's the other way around. Sure it's a problem, but it's not an overwhelming problem. The US is only a fraction of the world. Too easy to dismiss it as a faction of the world.
It's got the second most internet users of any country by a long distance. The difference between coins being easily available in the US or not is gigantic. Because bitcoins are mostly anonymous and irreversable. All of your payments in the past could usually be refunded and came with insurance or something. Like you can call your credit card company and claim fraud and reverse a payment.
Thus, a large problem initially was people would buy bitcoins, get the bitcoins, then claim fraud or something and reverse the transaction. Even bank ACH transfers can sometimes be reversed. Remember, bitcoin is uninsured pseudo-anonymous digital CASH, as in cash money that once it changes hands is hard to trace and cannot be reversed. That's why it's so hard to get.
I recommend trying to find a local trader to meet and do an in-person cash exchange. That's one of the easiest methods. Yes, this is definitely a barrier to entry in bitcoin, but that irreversibility is also one of the core benefits of bitcoin. But aren't we supposed to be anti corporation?
Aren't all companies out to screw us? Why would we give them the power? And isn't there a fee for services with bitcoin too? I guess that's a choice? Care to explain how an escrow service works that doesn't involve trusting a different unknown 3rd party with your coins? I was really trying to make a point that when it comes to bitcoins, an escrow service offers no more protection than dealing with the vendor directly.
Either way, you lose control of your coins to a third party, and "trust" is extremely subjective when it's so easy to scam and disappear under a veil of anonymity.
This can cause people to get burned. But it's nice to finally see people being forced to take responsibility for their own action. Instead of creating a consumerist market, where people just throw money at whoever makes the most promises, and the government sorts it out, people have to be careful with their money.
It's a breath of fucking fresh air, that's what it is. You should be doing business with known vendors with a track record or using a known escrow service with a track record if you intend to lower your risk in a transaction. Trust is big, and by protecting consumers from themselves, we've eroded the value in trust and as a by product have destroyed personal responsibility.
So it basically shifts all the risk from the seller, and lands it straight into the buyers lap. And as there are going to be infinitely MORE buyers than sellers, it's to my mind a misguided notion.
It takes all the decades of consumer protection and insurance that we have all come to rely on, throws it all out of the window, and goes back to meeting someone in a back-lot and exchanging a wad of cash for a car that may not even have an engine. They just need to confirm that your not a terrorist. I understand your frustration, I also went through a lot of bull the first time I purchased bitcoins.
This problem you and everyone else have is real and not yet solved in a reasonable way. But I think your anger with Bitcoin is misplaced. The problem with buying bitcoins for fiat is almost exclusively in the fiat part.
When you use credit cards you don't really transfer any money. You just instruct your credit card company to promise someone the money. You can request a "charge-back", in which case the money is not sent to who ever you are transacting with. It takes a very long time for the person or company you are transacting with to be able to trust that they actually have the money. That's the real problem.
It is more simple with bank transfers. Here you actually send money, but it is also reflected in the time it takes banks to process bank transfers - usually around one to two weeks for international transfers. After the bitcoin seller have actually received your fiat money, it can take as little as ten minutes before you have your bitcoins.
And ten minutes later you could have paid someone else in bitcoins for goods or services. I think this shows nicely how Bitcoin is vastly superior to the fiat banking system. As for the Russian services with poorly translated English and bad functionality, I think you have found some "bad eggs" that you should just avoid.
It is not from lack of trying. Several exchange services have tried to offer bitcoins for credit card payments. What happens is that they get bombarded with purchases with stolen credit card numbers. Because you can use bitcoins without leaving any trace to your name or address, it is practically an anonymous internet ATM. Further more, 10 minutes after using the stolen credit card, the bitcoins can be in any country in the world - or no country at all, depending on your philosophical view of the Internet.
This all stems from the fact that bitcoins are so easy to move - which is normally a good thing. Just not when you are interacting with systems with completely broken security like credit cards, where you rely on your local laws, police and court, as well as the fraud prevention centers of the credit card companies, to enforce good behavior.
The only reason why your credit card work in normal stores is that most things you buy are hard to run away with without being caught.
And the few things which are relatively easy to run away with are routinely being exploited by criminals, accepted as a cost of doing business by the stores and credit card companies, and the cost of this is being sent on to you, the consumer, in the form of higher prices on goods. Alternative theory, the difficulty of getting your money out of bitcoin is what limited the crash in late April. It never corrected to its true lower value because it was so hard for people to sell when they wanted to.
It was, in a way, capital control.. Just it wasn't the government doing it, it was Mt Gox's crappy trading platform and shitty money release policies. Isn't a strong counterpoint the very-evident cycle of "bubbles" in Bitcoin's history, wherein every time the price stabilized significantly above where it had been prior to the spike?
It looks to me like the pattern does what the pattern does Perhaps it limited the speed of the crash, however the crash happened and price is fully corrected by now it's been months, enough time for anyone to get their money out.
But yes MtGox being the only centralised exchange means that capital control non-governmental can happen. Also, don't be tooo harsh on MtGox, a big chunk of it is their fault and another chunk is the fiat banking system's inefficiencies. It used to be a lot easier to buy them before Mt. Gox fell onto FinCEN's radar. Gox then a 0. Not much waiting and no verified accounts malarky. What everybody else says is true though: The technology works fantastically, and even though there is a paucity of vendors at the moment, the number is increasing rapidly.
Assuming you are talking about coinbase, this is because that's how long a bank transfer takes to clear. After they "know you" for a while they will do a certain amount of instant transfers speed of PayPal. If obtaining bitcoin was pouring a glass of wine then this would be the result. It just means you are still in early adoption. Every fucking day, this same question gets posted. On the right side of this very forum is a fucking direct link that answers your question.
Next time, open your fucking eyes first before you become the thousandth fucking bitcher about "how hard it is to buy bitcoins" on this forum. The reason it is hard to begin with is due to money laundering laws. Any trade site has to comply with them "or else". It's no fun either. Because that's the slowness of the old financial system which is about to get trounced by the new financial system s.
BTC quick are pretty nice, took em a day and a half to buy from em and i was able to do so using google wallet. I'm new to bitcoin and I'm keen to obtain a few bitcoins just to find out what it is, how it works, where I can use it etc. You should try mining, at least to see how it works. If the economy continues with time those coins will be worth something. You can get a few from odd tech jobs. Buying via coinbase seems to be the easiest option right now though. I had come across coinbase, but I thought it was only an online wallet.
I'll take a look again. BitcoinTalk forums are a good place to start. Yeah, I thought the same thing, but they offer some great features now. Try mining to see how it works? That's like telling someone who's new to the US dollar to try starting a bank to see how it works. IIt's not relevant at all. I tried mining just to see how it works.
I'll probably never reach ROI on the few hundred bucks I spent on GPU hardware, but I mined just enough before the massive difficulty spike to get a handful of Block Erupters and stay in the game, at least at a hobbyist level. That requires millions in capital and months of approval. You could get a computer mining in less time than it takes to watch a cat video on Youtube.
There was a time when dwolla to mtgox was simple. There was a time a month ago when Coinbase was simple. There was a time when mining with a pool was simply a conscious decision and payouts in btc were adequate sums.
If you're in Europe, or pretty much anywhere in fact, peep Bitstamp. If you're in the US Coinbase is also as legit as you can get. It may seems clunky, but it is very fast. Fees are a bit high, check them I don't remember because when you buy often they are lower. It's worth noting that on your first order, they wait 48 hours until releasing your BTC. After that it's a lot quicker. It's because of government, my friend.
The people who do business as "government" have decided to give complicated and very costly orders to anyone who might exchange bitcoins for dollars, and threatened anyone who doesn't obey these orders. This form of terrorism reduces the amount of people who would otherwise be doing this, to people who are either very obedient or not afraid of getting ruined.
With strings attached I am sure. It can be towed, stolen by the state, etc. If you look at the history of exchange services, they were better in the past before AML crackdowns came.
You can perform Bitcoin transactions, just not checking ACH and other traditional banking transfers - because of AML restrictions by the government. If you sign up with blockchain. This is the traditional banking system at fault, not Bitcoin.
Most of this comes from the fact that non-Bitcoin transactions are typically reversable, whereas Bitcoin transactions are not. We love it and we hate it. Firstly, most of us can think back about a year and most of this shit was not happening. BitFloor and BitInstant were really awesome. I would walk into a Wels Fargo, give them cash and I would get Bitcoin the same hour.
When the AML crackdown came things changed and these sites started requiring ID and then eventually shut down or got so back-logged they can't process orders anymore.
Also, from the perspective of a Bitcoin holder the lack of liquidity in the short term drives the price up. So it being harder to buy Bitcoin is a good thing for people selling it right now. It's just like any other form of regulated trade or black market. Bitcoin is a global thing. These problems are somewhat unique the United States. Your best bet is probably to find others with coin and trade. I, for one, don't make any of my coin transactions via bank because I suspect one day the authorities will make a move.
So what do you want us to do? We tried educating you, but you keep making a fuss: Your dollars aren't very good for buying real money not debt-based money like Bitcoin, that's not gonna change. Just accept your first world problems or GTFO.
It would have been only one, but you say it's non-sensical and keep on complaining. Most people new to Bitcoin don't know how their own money works, and that's the source of a lot of confusion.
That's why I think it's important to point out that difference. In Europe we don't have such difficulties. It's about how fucked up banks and government in your country is. Because Bitcoin is not a US-centered thing, it's the currency of the world. Now everyone will be able to participate in the online economy, not just the US and countries where US companies decide to land.
Muricans do not like not being the center of the world, they do not realize this is actually in their best interest. And you are the kind of retard that expects new things to be perfect in every way right off the bat. For what "we" are trying to build, yeah. It took over a year for a pizza to get purchased with bitcoin. Don't worry, although there are a lot of vocal fuckwits like this guy, the majority are just people that spend all day posting dumb reddit comments and have literally no impact on the reality of BTC.
The people driving Bitcoin forward are fully aware of all the problems you're having and are working on improving them. Good to hear something positive I guess. I dunno what the deal with bitinstant is, but coinbase is about as good as it gets it seems and the wait time can literally cost money as the value of BTC changes prior to being received.
That can certainly work the other way, but I find it kind of ironic that bitcoin is hard to purchase. Bitcoin is hard to purchase in the USA because our banking system is in the fucking stone ages in comparison to the rest of the world.
What is the fastest way that you can think of to send cash from your bank account to your mother's? Assume you use different banks. In any other country around the world, you simply go to the bank and tell them to transfer the funds. They then do so. Try doing that in the USA. They'll tell you that they have to do a wire transfer or some such thing, and it ain't free, or cheap.
Or they tell you that they do it by sending the other bank the electronic equivalent of a check, which thanks to our antiquated check clearinghouse system, means the funds will be available in the other account in around 3 days, maybe. Or you pay Western Union for the privilege of sending cash, or so on and so forth. Our banking system in the USA has no good way to transfer funds.
It's explicitly designed to prevent just that sort of thing on a mass scale. The debit card and credit card system rose out of this, but it's primarily designed for transferring your funds to retailers, with the bankcard companies taking a cut in the form of the rates they charge retailers to use. Now, with Bitcoin, you're not "buying" something as much as performing a currency exchange.
Thus, nobody sane will take "credit" for it. In order to give you the bitcoins which cannot be taken back once handed over , then whoever is doing it must be sure that they're getting paid on the other end.
In other words, if I give you 1 BTC at a given rate, then I want to make damned sure that I get my dollars at that rate. Card transactions can be unilaterally cancelled by the buyer. The USA's banking system relies on the equivalent of "the check is in the mail", literally. There is no sane way for you to transfer a seller US Dollars in a way that ensures that they get them, swiftly.
You will have the exact same delay problems buying any other currency. Try to go to your bank and buy Euros, right now.
Bet you it will take a few days. But you won't elaborate, because it's too obvious , rite? I'm sorry I don't have an answer that fits your world view, where you should be able to do anything you want, without changing anything in the status quo.
Have you used them. They still haven't been around long enough for me to trust them just yet, but like btc-e, if they stick around long enough and have good service, I could eventually trust them. What is your opinion on them? Hey, my name is Trevor and I'm one of the founders of Tinkercoin. I've been where you are right now, and hated the process as well. We're turning that shitty, week-long verification process into a minute checkout using a credit card.
We're in an invite-only beta right now, but if you put your email in and comment here, I'll make sure you get an invite today. Then BitCoins will become easily usable by most people. To purchase bitcoins I make a bank transfer to Mt. Gox, wait days and purchase my coins.
I don't think that's hard. I've bought them twice through one of the Dutch bitcoin exchanges bitonic. I can pay effortlessly via iDeal and I have the bitcoins minutes later. You wait a week because that's how long it takes for a bank transfer to clear. That's the banking system's fault. I'll just say this.
I've had a Coinbase account for a few months and I've recently been able to get my account "verified" so I get instant Bitcoin deposits. One thread devoted to how amazing btc is at being transferred quickly and cheaply and on the same page, another person pissed about how aggravating, time consuming and expensive to actually get a single one of these damned things.
It's not difficult - I figured out Bitcoin in less than half a day and had my first satoshis within half an hour of being on bitcointalk. And there are plenty of easy ways to buy Bitcoin. I see it as a good sign, if it was a scam, it would be incredibly easy to buy them. The problems are all with how hard it is to move money securly, which is what bitcoin was invented to fix. If a place takes credit cards, you could just do a chargeback and screw the seller of the coins. When they send you the bitcoins, they are yours instantly and irreversibly.
Same with paypal, but paypal even has rules against using it as a "currency exchange" and will freeze your account if they catch you. The best site if you're in the US is coinbase.
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Uber, Wordpress and YouTube are the glue that made the idea into a practical reality for most people. It democratized something that used to be far more exclusive, but a new more accessible service bound it all together. That's some dystopian shit I hope I'm not around to see. Anarchy would be an absolute cluster fuck of civil war everywhere. The question is what would it take to change that?
BTC is brilliant because I can have complete control of my wealth and get it out of the clutches of the banking cartels. This is it's main purpose for me. Decentralized store of value was definitely part of the original intent of Bitcoin, you can see this in Satoshi's discussions about central bank, money supply and in the gold like inflation schedule of the currency. Bcash has their opinion on how to get there, we have ours. We'll see who wins. My money is with the PhDs and computer scientists, but the Bcash followers can follow an 8 year old whitepaper if they want.
It's Kleinrock and Baran's vision!! Both technologies became the technical foundation of the Internet. Satoshi did not say anywhere "I want to make a different way to buy coffee!
VISA is not good enough. You are incorrect, he did and there was technical discussion around paying for food in a "snack machine": Satoshi's vision was to reinvent commerce and trading of value of everything, all the way down to the small micro level. There are and will be solutions to scaling and enabling micro-payments. Bitcoin didn't have a solution right out of the gate, but there's no reason one can't be found now. Satoshi did leave us a link to this article in the genesis block.
You can interpret that however you like, but I think it's pretty clear Satoshi was sick of citizens being forced into using a currency the state regularly inflates at whim. A payment system would be selling ourselves short. They can be built on top of any currency - you can cash out your PayPal account in dollars, yen or euros. Bitcoin is a new, decentralized world reserve currency not under the control of any one government.
That's never been done successfully before, it's revolutionary. The ever-increasing flow of fiat into Bitcoin is central banks getting Ubered. Scaling problems don't really worry me, we just doubled the throughput a few months ago, and have all manner of altcoins for smaller amounts.
I always found it ironic that a community based around decentralization and avoiding control of money by governments and banks turns around and worships the original creator's writings as gospel on how the network must be run. Good ideas are good ideas. I recognise that plenty of people seem to fall into the whole cult of personality thing, but we can still critique ideas on their own merits if we feel like being grown-ass adults. Sure, nations have armies and governments to back up their currencies.
But they also have armies and governments to fuck up their currencies. Both fiat and cryptocurrencies are ultimately underpinned by groups of people who find them useful. The difference is that I've chosen to use Bitcoin because it has qualities I value, whereas fiat is foist upon me by virtue of location, no choice about it.
In the long run, I think 'I use it because I want to' will triumph over 'I use it because of where I am'. The rest is just window dressing. The value of any currency comes from how many people use it and what the agreed value is. The only difference between Monopoly money and the dollar is that people have agreed to use one as money in real life and the other in a game.
Honestly I think that trivializes it way too much. It's not just that people agreed some random thing has value and is now money. Just like gold the BTC network has properties that enable it to function as money. Its immutable, elemental, divisible, recognizable, rare, transferable - and a dozen other -ables that are all basically requirements for being money.
And BTC checks off all of the boxes. The value in the system is that it can effectively be used as a store of value. It's not just some mass illusion that we all agree on. The consensus is on the intrinsic utility of the system itself. I never got the whole intrinsic value thing. If no one accepts it, it's worthless Where's the intrinsic value there?
Ah the ol no intrinsic value meme. I use the 1: It is my opinion that the intrinsic value of bitcoin is far far greater than anyone really comprehends. People generally are too focused on people just buying and selling the asset, but not about the cryptographic proof, and incentive structure that perpetuates the network functioning.
So when people like to ask what the intrinsic value of bitcoin is, I say:. You are thinking of the store of value property without the cryptographic property that secures it. You are talking about it as one would talk about valuable shells, and even shell sellers, and not the security that separates it from all forms of value exchange before it.
To understand the intrinsic value of bitcoin it is good to use the analogy of an envelope. So i ask you: If I have a letter that I need to send securely, would I prefer to send it open, and ready to be read? Or would I prefer for it to be sent within the confines of an envelope? Does a sealable envelope have more intrinsic value than an unsealable one?
I need some method of ensuring that the message I want to get to that person isn't read, and preferably, isn't even identified as a message. That's when you need to get lawyers involved. There's obviously something intrinsically valuable about such a service, because many people pay oh-so-very-much money for it.
Now let's imagine we're not talking about letters, we're talking about money. You'd pay for a stamp at least. Would you encase it in an envelope that you paid for at the local post-shop? Anyone will be able to see that it is money. Perhaps encase it in a card? Does the protection service of an envelope somehow decrease because the value of the contents of the package increases?
It's the opposite, isn't it? Bitcoin is both the cryptographically sealed envelope, and the network to deliver it. This is a much more logical response. I agree that while an envelope has limited value on its own, it allows you a level of privacy. However I would argue that an envelope has more intrinsic value than bitcoin.
If the post office shuts down you can still post a letter into someones letter box yourself assuming they live near you , but if all the miners stop there isn't anything you can do. You bitcoin becomes instantly worthless does it not? It's good that you're starting to investigate how bitcoin works, but it would probably assist for yourself at least by forming these in the context of questions.
You might actually learn how it works, and that is a very very good thing. Ok if, in some crazy scenario where all the miners stop, or there's an issue processing the the number of transactions.
How do I get value out of my bitcoin? How do I exchange them for tangibles like food and shelter? Let's keep it on the subject of reality. Nodes cost money to run.
There will always be transaction fees, and there will always be a fee market. You want to have your transactions committed to the blockchain, you pay the fee for that transaction. Lightning will even alleviate that issue. If all of the miners stop mining which is in itself a laughable premise there will be a new node client with an alternate PoW.
Install that client, and new miners will mine for you. They do this because they are paid in bitcoin. New miners think happy days, old miners wonder what they're going to do with their loud expensive energy-draining hot paper-weights. Seems like a weak point in the model to me.
What if the major ISPs start throttling BW, or net neutrality passes, or some other kind of 'great firewall' starts fragmenting the internet. It could make it a major pain to run a full node. What does a node guy get? It is the strongest point. They get the assurance that they are transacting in bitcoin.
Nodes are the peers in peer-to-peer cash. Thet get to define and police the consensus rules. That other objects aren't necessarily useful to be money. A shoe isn't intrinsically a shoe, but people use it more to walk with than, say, a towel, because it serves that purpose well.
Objects, such as gold, bills, and apparently block chain digital currency serve as money for the same reason a shoe rubber, leather, glue, laces acts as a shoe. It does by definition, I'm pointing out that bitcoin has limited, if any 'intrinsic value' as an asset.
I agree but i think the consensus thing is by far the most important. In China everytime you pay someone they look at the money and feel it cuz there's so many counterfeits. But I dont see the chinese economy slowing down. I don't think you can say we're in a mass adoption phase until the news is covering reviews of different bitcoin services providers.
Right now, they don't even understand what a bitcoin is. At best, we're moving to the end of the early adopters phase. In cell phone terms, we're in the s. That's where I feel Coinbase is at right now. In some ways AOL was for early adopters as well - but it was definitely a tipping point. There came a point where AOL discs were everywhere. I must have thrown out hundreds of them. You couldn't avoid it if you tried.
Those commercials are fun: I actually remember my first mobile phone was that Motorola flip model from Cellular One as shown. Battery weight was like a small brick, but it did fit into a pocket and it was a great advance from the phones that preceded it. Most of my friends thought I was being silly, spending money needlessly, etc. And just about the only use for them at that time was to call the carpool mom if she forgot to come get us after school.
I mean, what else would they have been used for before that??? Haha, twenty-five years from now I hope someone asks you: I was working with a contractor and was often out in the field at various job sites. Having a cell phone allowed me to keep in touch with clients, orders, etc.
Lol yeah I know they were used for business. Just sounds weird to think about. Generations are funny like that. Yeah I know, when I was a kid my mom used to tell me about how the family used to sit in the living room around the radio and listen to it, before television was invented.
Seemed weird to me. He lugged it everywhere and loved showing it off. It was nearly 10 pounds and hugely ugly. It's still complicated and ugly. And, I'm a long term tech geek saying that.
Imagine when I'm trying to explain it to my non-tech friends who's eyes glaze over at even "2FA". Mass adoption of the internet happened way after people used it to send messages. Rarely does a protocol adhere to the exact specifications of the creator.
Internet is more than the initial desire to send research data across a network. It's a way to share culture, educate, communicate, play games, and even launch marketplaces ontop of it. Bitcoin is definitely a store of value, but it's also going to be a payment network. AND it's going to do tons more things we neevr thought of.
Bitcoin as a financial system will make mockery of everything that came before it, just like email allowed us to circumvent the inconvenience of using physical paper and waiting days. But again, internet opened so much more.
Never thought about it before. In the case of a nuclear war, it would have a replicated copy of the research available in at least one location if any single one survived. The internet never planned on being used for cat videos, MPESA cell phone minutes you can transfer to people was never supposed to be used for money exchange, GPS wasn't meant to be used for Pokemon go, and Bitcoin and similar crypto will find novel uses. This is what attracted me to Bitcoin. A decentralized store of value, but also a deflationary store of value.
Pretty much the same for me. I figured, if the economy hits a recession or depression, where can I keep some of my money to protect its value? Anything that affects the US economy affects the world economy, stocks, value of the dollar, etc. What is something independent from all those factors? Do you know what happens to asset prices during a recession? They decrease like a stone sinking in water.
Do you think cryptocurrencies will be an exception to every other asset, that will be slaughtered in a GFC? Visa - Transmitting value over the internet was a solved problem. They transmit messages to banks only, while then the banks clear the money over their systems central banks, SWIFT, Target2 etc.
Also it is not their invention. Western Union essentially did that in the 19th century via the telegraph already. New technology like the Internet just allowed this messaging system to scale, to get faster, more secure, cheaper aso.
The novelty of Bitcoin is that you can transfer value like you can do it with gold p2p, but over the internet and that completely trustless and permissionless without banks, central banks, middlemen, third party depositories aso. It creates an own currency. That people use it as a store of value, is just a logical consequence because they trust this system. What a time to be alive. All the discourse sans feelings and ego is brilliant.
Even the juvenile back and forth we see does not over shadow this amazing happening we're experiencing presently. It's all very exciting. Definitely appreciate this thread of communication, those before it and many others that will follow. That's what i've always seen as well.
Where else can you store value that is deflationary, unseizable, and decentralized, and this easy to set up or use? This has never existed in the history of mankind. We're only now finally making transition from nerds to professional investors. Bitcoin is not a good store of value in developed countries with 'trusted' governments due to relatively high volatility.
Bitcoin is a good store of value in undeveloped countries with 'untrusted' governments due to relatively low volatolity. I agree that it is going to function as a store of wealth compared to an actual transact-able currency. But ask a random person what the current price of gold is. They don't need to be educated about it to that level of detail. All they need to really understand is that it's a serious thing now. I'm talking about the point where skepticism that it's a serious part of society will make you sound like a fringe lunatic.
Right now skepticism is still mainstream. I just ordered one. Not sure why lots of people think we need to scale in such a rush or else businesses will never support it when stuff like this exists.
BTC should adapt to work with them. Why on earth would you be spending right now? That's like using Amazon shares for coffee back in That better taste like 3, coffee. What if it fails and becomes worthless? It hasn't failed me yet. I went percent all in earlier this year.
What's life without a little risk. With the constant number of coins, the states can no longer rob the people by monetary policy; this is good enough for the time being. But without a decentralized scale method given average level of current tech, I am not convinced by BTC or BCH roadmap at all , the states can still rob people's wealth by taxing conducted in the KYC centralized parts of the ecosystem.
And the revolution is not successful yet. This is what the bcash people don't understand. Step 1 is to get millions of people to own Bitcoin as part of their wealth. Step 2 will naturally follow: And when you realize the vast majority of those millions of people are going to use intermediaries just like they do with fiat now, on-chain scaling isn't even necessary to make everyday purchases a reality.
Coinbase can launch a card, where people can buy stuff for zero transaction fees. The transaction need not even happen on blockchain.
If your expectation is that it will cost less in satoshi again next month, then it makes sense to unload the fiat and hodl the BTC that will probably for some value of "probably" buy you more coffee next month. Yes, BTC goes up and down, but lately it's all been up The cool thing is, we are actually making each other rich by sending fiat back and forth. Imagine a family has only a single dollar bill. How many people are really putting 20K on the line right now? Probably not a lot.
I can at least say I went out on a limb a little over year ago. I figured 15 months. More than halfway there. If it kept up for 8 months while everyone was crying bubble since day one I don't want to jinx it but I have keep reminding myself that this isn't some crazy fantasy. Literally all that needs to happen is a few more months of the same thing that's been happening for years. I'm contributing at least one to that!
My brother has been asking about it so we're gonna take some time after dinner to get him set up: TBH, people just want to buy it because the think it will make them rich. After they buy it then they might learn a bit more about it, maybe Bitcoin and crypto will eventually be many different things to many different people.
That's what's so special about it. The only people who think that bitcoin isn't viable as a currency are people who haven't used bitcoin as a currency. A transaction speaks a thousand words. I've stopped worrying about transaction fees ever since I learned atomic swaps were a thing.