The Bitcoin: A New World Currency?

[jpmartin]

I really want to get behind bitcoin or some type of cryptocurrency but it's just too complicated. When it becomes "easy" to transfer, buy and cashout via a cryptocurrency and the general public can actually figure out how to use it, that's when it will blow up (get huge). Until then, I won't purchase or use it. This is from someone who has never really gotten into bitcoin so I have no idea how any of it works for the most part

Yep, the problem is its too complicated for most, not mainstream enough. However, having said that - think of this current time in blockchain & cryptocurrency like my friend said:

Blockchain no doubt is the future , it’s like we are in 1996 and we hear this thing called internet.

As for the "I don't purchase or use it" - that's ok. But you should ask yourself, what's more important your using it, or your making money from it as an investment? Just because its not 'easy' doesn't mean you can't try. The last thing you should be doing is piling in at the peak, when almost everyone in mainstream is on board.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[AdamMaxum]

Yep, the problem is its too complicated for most, not mainstream enough. However, having said that - think of this current time in blockchain & cryptocurrency like my friend said:

Blockchain no doubt is the future , it’s like we are in 1996 and we hear this thing called internet.

As for the "I don't purchase or use it" - that's ok. But you should ask yourself, what's more important your using it, or your making money from it as an investment? Just because its not 'easy' doesn't mean you can't try. The last thing you should be doing is piling in at the peak, when almost everyone in mainstream is on board.

Yeah, the easy part, true, but until bitcoin has the ability to impact a larger group of people, it's not a safe investment in my mind. If everyone lost their money in bitcoin, the world wouldn't care. Nobody except the community investing their money into it would care or help. Until a currency has the ability to touch a wider group of people and people can understand it, I would never trust a large amount of money into it. Maybe some of my F U money, but that's about it. When something comes along that is easy, you can still get in early before everyone and their mom gets in on it, so there's still plenty of time to make moves before that would happen, if it happens.

 

[ArcherCarmic]

Bitcoin has the potential to have massive impact on the world at large. A lot of the people here seem to be taking for granted the financial systems in place around them that allow them to save and spend money freely. There are a lot of places in the world where these systems are broken, unreliable and corrupt.
Take a look at Nigeria where 39.5 per cent of the country’s population have no access to financial services (that 36.9 million adults) or Venezuela, where inflation has destroyed their currency.
(Why Bitcoin Will Thrive First in the Developing World)
(Why Venezuela's Currency Crisis Is A Case Study For Bitcoin)

Bitcoin is in it's infancy, like the old dial up bulletin board system of the early internet adoption.
The growth curve of that to phones in our pockets with direct access to the entire repository of human knowledge happened in less than 30 years. The same growth will happen with blockchain technology. Bitcoin is just the bulletin board system, it's the blockchain that I'm excited about.

The amount of businesses that will be annihilated when trustless contracts and other solutions come into place will be staggering. It will happen, and it will happen faster than anyone believes. There are so many problems that can and will be solved with it, and even more we can't even dream of yet.

As far as early stage currency goes, I'm a bigger fan of Monero as it has solved the fungibility and is private, much like real cash.

 

[Torger]

Personally i believe this is only the beginning, and that 1 bitcoin can potentially be valued at 500k$ - 1M$ in 7 -10 years as more people and business are starting to accept bitcoin as payment etc. Ofcourse there is risks, but the ROI vs loss is pretty solid long term.

I myself bought 2 bitcoins nov 2016 for 700$ now valued at around 3000$.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Loffinds]

Haven't had the chance to look over this entire thread but love the fact that Bitcoin is becoming a casual topic for people.

My opinion:
I think Bitcoin itself is destined for a major downfall in the coming months/years. It has MAJOR scalability issues, and blockchain startups are moving away from Bitcoin every day it seems.

The upside: Ethereum.
Ethereum is going to rock the world in the near future.
It's the absolute forefront of internet technology and I honestly think it will run a lot of modern day services in the future.

It could take the middle man out of so many transactions, it's seriously a game changer.

And it's Ether currency also has skyrocketed from $10 to $90 in the past 2 months (about to hit $100!!).

I've invested in ETH and am also dedicating myself to learning the Solidity language to begin building decentralized apps with Ethereum.

Seriously guys, if the tech behind Bitcoin sounds even remotely interesting to you... look at Ethereum. It's like Bitcoin on steroids.

 

[MJ DeMarco]

the problem is its too complicated for most

Yup. I'll never accept bitcoin as a currency as long as it is as complicated as learning Japanese. Such complications are a fertile breeding ground for being scammed. Not interested, and I don't care how much the chart explodes into the stratosphere.

 

[pds]

I invested 2% of my wealth in BTC a couple of months ago. So far, I got lucky with the timing, but it was a small enough % that I wouldn't care if I lost it all. I plan on holding it for the long haul because I see the potential for it to become more mainstream. I'll need to look into ETH.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Frankie Relax]

Yup. I'll never accept bitcoin as a currency as long as it is as complicated as learning Japanese. Such complications are a fertile breeding ground for being scammed. Not interested, and I don't care how much the chart explodes into the stratosphere.

I'm really really surprises to hear such words from you, @MJ DeMarco .

You are the same person who said "it has to be hard, it has to be complicated..." and "you can learn basically anything which doesn't involve physical skills..."

If you really wanna learn about it, you can. I can also point out the irony that in your life you did a lot of things which I can consider pretty complicated right now, but you refuse to learn about cryptocurrencies, a matter which I found quite simple to learn.

Thus, "complicated" is just a relative word.

With this post, I would like to offer my mentorship to you - about BTC - for free. If you want I will be glad to do it!

I have used cryptocoins since 2013 and I believe I'm prett expert about it.

 

[Vigilante]

I'm really really surprises to hear such words from you, @MJ DeMarco .

You are the same person who said "it has to be hard, it has to be complicated..." and "you can learn basically anything which doesn't involve physical skills..."

If you really wanna learn about it, you can. I can also point out the irony that in your life you did a lot of things which I can consider pretty complicated right now, but you refuse to learn about cryptocurrencies, a matter which I found quite simple to learn.

Thus, "complicated" is just a relative word.

With this post, I would like to offer my mentorship to you - about BTC - for free. If you want I will be glad to do it!

I have used cryptocoins since 2013 and I believe I'm prett expert about it.

The forum doesn't exist to create one-on-one mentorships, but you would be welcome and encouraged to start a thread and mentor everyone here in what you have to teach about cryptocoins.

 

[Vigilante]

Surging Bitcoin prices inspire a wave of scams

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vigilante]

How To Spot A Bitcoin Scam

 

[Argue]

And for the tech entrepreneurs here, I highly recommend doing some investigation into the Etherium platform. When everyone and their brother is building ETH apps and you're thinking to yourself, "Damn, why didn't I get in on that earlier!" you can remember that I told you so...

I'm taking your advice haha. This ETH platform sounds like the next gold rush.

 

[MJ DeMarco]

You are the same person who said "it has to be hard, it has to be complicated..." and "you can learn basically anything which doesn't involve physical skills..."

True, but you missed the point of "I don't care" to learn about it. If I wanted to, I could.

When its as mainstream and simple as a dollar bill in a wallet, or a figure on a smartphone screen, then I'll adopt.

And you're also missing the point that BC is trying to appeal to the masses. You can't do that when it's freaking Chinese to most people. You think a 69 year old grandma wants to hear about blockchains, digital wallets, and mining datacores?

In the end, I'm sure boatloads of people will get rich with the technology and I applaud them for it. And the folks who iron out the complications will become billionaires. I stick to my assertions: Change creates millionaires and billionaires and the entire crypto thing is an opportunity for anyone who wants to pursue it.

It just isn't going to be me.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Roli]

I really want to get behind bitcoin or some type of cryptocurrency but it's just too complicated. When it becomes "easy" to transfer, buy and cashout via a cryptocurrency and the general public can actually figure out how to use it, that's when it will blow up (get huge). Until then, I won't purchase or use it. This is from someone who has never really gotten into bitcoin so I have no idea how any of it works for the most part

It's very easy, go to Kraken.com and open an account, if you need help email them. However it's pretty self explanatory. Bitcoin is shortened to XBT there, you can transfer in USD and then buy bitcoin using "Orders" on the "Account" section. Stay clear of leverage trading till you know what's what.

I'm happy to give you any more info should you need.

 

[Frankie Relax]

And you're also missing the point that BC is trying to appeal to the masses. You can't do that when it's freaking Chinese to most people. You think a 69 year old grandma wants to hear about blockchains, digital wallets, and mining datacores?

Well, as I already wrote, even a 69 year old woman (as well as any other person) can get all the knowledge she needs, for free, just using the Internet.

Moreover, I also want to point out that you don't need to fully understand a technology to be able to use it. For example, the most of Internet users just don't know anything about TCP/IP, client/server, packet switching, FTP, and other technical things or about the history of Internet.

For Bitcoin it is about the same thing. You can send and receive money from other users, even if you know nothing about blockchain, peer-to-peer, Satoshi, mining, etc.

 

[Loffinds]

I'm taking your advice haha. This ETH platform sounds like the next gold rush.

There are some great dApps coming out from the Ethereum platform, the most exciting IMO is Golem, which is essentially creating a distribute super computer to send off CPU intensive tasks to.

So if you have a massive video rendering, you could send it into the Golem network, and 500 computers could do the heavy lifting and send it back to you for example.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Manfern]

I don't get it. Putting all trust in bank system, violating the commandment of control and
crypto is not new payment system/method(like Paypal), it is much more than that - why it should be easy?

Old people not the best example because they don't like any change.

 

[RequisiteRequium]

Bitcoin has the potential to have massive impact on the world at large. A lot of the people here seem to be taking for granted the financial systems in place around them that allow them to save and spend money freely. There are a lot of places in the world where these systems are broken, unreliable and corrupt.
Take a look at Nigeria where 39.5 per cent of the country’s population have no access to financial services (that 36.9 million adults) or Venezuela, where inflation has destroyed their currency.
(Why Bitcoin Will Thrive First in the Developing World)
(Why Venezuela's Currency Crisis Is A Case Study For Bitcoin)

Bitcoin is in it's infancy, like the old dial up bulletin board system of the early internet adoption.
The growth curve of that to phones in our pockets with direct access to the entire repository of human knowledge happened in less than 30 years. The same growth will happen with blockchain technology. Bitcoin is just the bulletin board system, it's the blockchain that I'm excited about.

The amount of businesses that will be annihilated when trustless contracts and other solutions come into place will be staggering. It will happen, and it will happen faster than anyone believes. There are so many problems that can and will be solved with it, and even more we can't even dream of yet.

As far as early stage currency goes, I'm a bigger fan of Monero as it has solved the fungibility and is private, much like real cash.

What you mentioned by Nigeria and Venezuela is something most who study in the third world knows about which is the issues of the unbanked in a globalized society (1-3). This has lead to a ton of growth for China who is exploiting the lack of financial infrastructure to expand Huawei, and the 1 belt 1 road initiative (4-6). This lead for africans & those in the third world to lack the trust in traditional financial institutions based on political decisions about regulations, and job prospects due to inflationary pressures (see colombia with their presidential situation now or Venezuela/Brazil with their hyperinflation). This leads to the view that you need to have a financial instrument or commodity that can you can trust to deal with an unstable monetary regime like an unstable point in the chart attached. This is commonly in gold, silver, foreign currency, or Crypto assets like Bitcoin or Ethereum (7-11). This is leading to a counter to the DEFI movement in crypto where you have the IMF, China, Eurozone, and US having digital alternatives to commercial crypto (12-18). This is also leaving out the big banks like JP morgan and their role in crypto currencies where they can do triparty repo agreements which is critical in the current financial plumbing (19). It is just that all three are coming to a head where it is the death of privacy and the death of uncertainty in markets which is partially covered by Eric Townsend's book (20).

In my personal opinion, crypto currencies is a means to get privacy in a digital means where we are seeing a transition into an increasingly digitized world. I do honestly believe that you need an analog form of transaction like the traditional FX, Silver, Gold, ammo, and ext since we still have a physical body.It is just that the crypto picture is more complex than most people give credit to since some are looking at new projects or the next 3000x performance instead of the longterm impacts like the US Military releasing ARPANET to the public, regulation of that technology (21), and the perversion of it (22-25). The public needs to push for more DEFI to ensure that the rights of Citizens are properly protected, because the misuse of this technology is equivalent to Oppenheimer discovering Nuclear devices that changed warfare.
Sources:
1:Unbanked Defintion
2:How America Banks: Household Use of Banking and Financial Services, 2019 FDIC Survey
3:Unbanked: What It Means To Be Outside Of The Banking System : 1A
4:Africa’s digital payments race becomes a scramble
5:Telecom Deal by China's ZTE, Huawei in Ethiopia Faces Criticism
6:9. China's Telecommunications Footprint in Africa - China in Africa - AGE (African Growing Enterprises) File - Institute of Developing Economies
7:Turkey's Erdogan repeats call for citizens to convert forex, gold holdings
8:Black Market Bullion Is in Crosshairs of Bolivian Lawmakers
9:Bolivia passes mining law that bans partnerships with multinationals
10:The Impact Of Venezuela's Bolivar Exchange Rates
11:https://ledger.pitt.edu/ojs/ledger/article/view/170
12:https://www.imf.org/en/News/Article...ging-financial-Technology-for-the-Underbanked
13:https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html
14:https://www.ledgerinsights.com/chin...te-paper-confirming-it-is-not-synthetic-cbdc/
15:https://archive.is/F0K7H https://www.bloomberg.com/news/arti...uan-trial-reaches-5-3-billion-in-transactions
16:https://corpgov.law.harvard.edu/202...al-reserves-planned-instant-payments-service/
17:https://archive.is/xcmnO https://www.bloomberg.com/news/arti...is-afraid-of-government-backed-digital-dollar
18:https://www.bis.org/publ/arpdf/ar2021e3.htm
19:https://www.jpmorgan.com/news/jpmorgan-executes-intraday-repo-transaction-using-blockchain
20:https://www.amazon.com/dp/172917728X/?tag=tff-amazonparser-20
21:

View: https://www.youtube.com/watch?v=_cZC67wXUTs

22:https://sea.pcmag.com/security/3946...nleash-malware-that-can-survive-os-reinstalls
23:https://archive.is/CD9Sv https://www.bloomberg.com/news/feat...ny-chip-to-infiltrate-america-s-top-companies
24:https://www.theverge.com/2021/4/13/22382821/fbi-doj-hafnium-remote-access-removal-hack
25:https://www.pogo.org/analysis/2019/06/the-history-and-future-of-mass-metadata-surveillance/