Bitcoins

#91
Punter786, what's so special about Bitcoin that other cryptocurrency does not have? Agree, it's the first one created, but their nothing else to differentiate.

The concept is useful and has many applications (underwriting is on which is being used by many banks/insurance/shipping industries). But BTC (or any other currency) as alternate currency will never take off! The reason being simple, people understand money which they can see even if they don't carry any actual value on printed paper but for hundreds of years gone by and everyone in world (accept view tribes living in amazon) accept it as legal tender.

Cryptocurrency other hand is limited to select few those who have extra money to burn (ok invest). It might catch-up but it could take hundred more years. But if world govt rule just bcos they could manipulate paper currency, imaging corporate/individuals who could do same with crypto.

As earlier posts pointed that fixed distribution of currency will create deflation which is not good for anyone.
Fine. This is your opinion. You are a crypto sceptic. History tells us in every new radical change or ideas there have been voices in support and against. With whatever understanding I have of fiat economics I have chosen to be with cryptocurrencies and blockchain tech.

About what is so special about BTC, anyone who remains in touch with this subject knows it the scalability which makes it so special.

BTW, are you against cryptocurrencies or BTC only?
 
#92
and since y'day it has dropped 700$ in value
So? What is your point? Its life time high was 20k something.

How many percentage points your Nifty and Dow was down in 2008?
 

siddhant4u

Well-Unknown Member
#93
About what is so special about BTC, anyone who remains in touch with this subject knows it the scalability which makes it so special.

BTW, are you against cryptocurrencies or BTC only?
Bitcoint has scalability issues due to restriction on number of transaction bitcoin network can process.

I'm not against any crypto currency. Original topic was started why no one is trading in cryptos and why it hasn't taken off yet. The answer is simple, people need to trust an instrument, should have liquidity and stability before they would start trading in it. Otherwise it's just speculative and not mainstream.
 
#94
Bitcoint has scalability issues due to restriction on number of transaction bitcoin network can process.

I'm not against any crypto currency. Original topic was started why no one is trading in cryptos and why it hasn't taken off yet. The answer is simple, people need to trust an instrument, should have liquidity and stability before they would start trading in it. Otherwise it's just speculative and not mainstream.
Sorry, if people got digress... long ago when I was active I used to comment in a proper dedicated bitcoin thread. I thought this is the same thread. Recently started visiting the forum, that too randomly, upon getting bombarded by traderji email alerts!!

Bitcoin scalability issues are being solved. Thanks to upcoming lightning network it will be fixed soon.
 

siddhant4u

Well-Unknown Member
#95
Sorry, if people got digress... long ago when I was active I used to comment in a proper dedicated bitcoin thread. I thought this is the same thread. Recently started visiting the forum, that too randomly, upon getting bombarded by traderji email alerts!!

Bitcoin scalability issues are being solved. Thanks to upcoming lightning network it will be fixed soon.
Another thing is crypto are too technical and trader are not software developers to understand 'soft fork'/ 'hard fork'. Simple decision to increase block size and developers involved couldn't agree on rules, resulting in Hard Fork and getting 'Bitcoin Cash' as separate currency. Now today even Bitcoin Cash got split up into two!

Traders here understand 'Reliance' being split up between mota-bhai and chota-bhai and business model of newly split companies not about software developers capabilities and their software rules!

Transaction wise, it's just 7 transactions per seconds ! Visa does 24,000 per seconds just to give you an example
 
#96
Another thing is crypto are too technical and trader are not software developers to understand 'soft fork'/ 'hard fork'. Simple decision to increase block size and developers involved couldn't agree on rules, resulting in Hard Fork and getting 'Bitcoin Cash' as separate currency. Now today even Bitcoin Cash got split up into two!

Traders here understand 'Reliance' being split up between mota-bhai and chota-bhai and business model of newly split companies not about software developers capabilities and their software rules!

Transaction wise, it's just 7 transactions per seconds ! Visa does 24,000 per seconds just to give you an example
Tech illiteracy is not an unresolvable problem - not something fatal.

And transaction speed like I said this is a known problem and being solved with **lightning network**. Once it is implemented difference between Visa and BTC will be as wide as between the Sun and Pluto!!

Also don't take everything you read on internet as gospel truth. This 24k/sec transaction speed of Visa is disputed, it is theoretical many says. Realistically it can do around 2k only!!
 
#99
Thanks for your thread. I didn't invest in Bitcoin yet. But I have an interest in investing in other projects. How is going crypto market? Is it safe for someone to invest right now? Though I have been watch a lot of crypto projects using a single tool https://cryptolinks.com/ Does anyone this it?

I need your reply. LOL!
 
It was really interesting to go through this thread which originated in 2013. My thoughts are it seems like the bitcoin had a bubble which burst last year but just like the dot com bubble, we have been rid of all the short term profiteers so that now the bitcoin's value will reflect its actual value. Personally speaking, Bitcoin (and other crypto-currencies) are the future of the banking sector. So much so that I have started learning some strategies in crypto-currency from an online course.
 

Similar threads