Bitcoin users?

[Arashel]

Cryptocurrencies are different from one another in many aspects. Banks have no control of the currencies whatsoever, and it frightens most of them.

It really doesn't. Banks have connection within governments and with some lobbying all of those technohipsters toys will be either banned or taxes as high as inhumanly possible. Like I said before crypto-currencies are childishly free and subsequently there isn't anyone who has resources and political power to protect it. It's loose "coalition" of different internet randoms, who doesn't know each other, doesn't support each other and who would probably jump to each other throats after brief exchenge of their political views/preferences xD

In my opinion if cryptocurrencies is the currency of the future, then none of these existing currencies will be in existence.

There is few thousands years of history of human civilization. There never was a currency not backed by some kind of standard(like gold) and/or backed by one specific person or entity who owned it.

 

[Neorisen]

I might be just too stupid to grasp this bitcoin thing, but for me it seems that people who approves the idea of cryptocurrency are on some kind of a "HypeTrain" and doesn't realize (or deny to do so) that its still too far from becoming a real currency. Im just a simple man but I think that stable currency has to be controlled by someone and bitcoin feels like bubble right now. A lot of people are talking about it so there's a demand (for now at least)

Can someone explain me the idea of bitcoin and cryptocurrency?

 

[Lordfire]

I might be just too stupid to grasp this bitcoin thing, but for me it seems that people who approves the idea of cryptocurrency are on some kind of a "HypeTrain" and doesn't realize (or deny to do so) that its still too far from becoming a real currency. Im just a simple man but I think that stable currency has to be controlled by someone and bitcoin feels like bubble right now. A lot of people are talking about it so there's a demand (for now at least)

Can someone explain me the idea of bitcoin and cryptocurrency?

Do you trust government? Are you sure it will never fail and the paper in your wallet will always have value? I don't. That's where cryptos shine.

The idea behind cryptocurrency is you don't have a central bank and state-issued paper money, each fraction of coin is worth exactly what people believe it is worth, you can not have negative money (no debt, no bank loan), and it works like an asset.

 

[e.e]

I might be just too stupid to grasp this bitcoin thing, but for me it seems that people who approves the idea of cryptocurrency are on some kind of a "HypeTrain" and doesn't realize (or deny to do so) that its still too far from becoming a real currency. Im just a simple man but I think that stable currency has to be controlled by someone and bitcoin feels like bubble right now. A lot of people are talking about it so there's a demand (for now at least)

Can someone explain me the idea of bitcoin and cryptocurrency?

I agree there's definitely still some distance left to make cryptocurrencies completely practical like physical currencies.
We'll need someone more knowledgeable about the technicalities of cryptocurrencies than myself to argue strongly in any direction on exactly how big that gap is and how long it's going to take to reduce or remove that gap entirely to make cryptocurrency a viable day-to-day currency, but I can fill in the rest, hence this post.

Cryptocurrencies, like I said in an earlier post, is still in development by, as monkey-swag Arashel would say, a bunch of technohipsters, i.e. it has not been developed by some billionaire group with near-unlimited resources, but by random Internet people, similar to how Linux, the Internet, Open Tibia, and a very large portion of other big and small open source projects has been made.
Meaning it (cryptocurrencies) still has a way to go in many different ways and is (at least probably in my estimate) being relatively slowly developed compared to say products of NASA.

I don't think anyone is expecting that next month you can go buy groceries for Bitcoin, well, except perhaps for another Arashel with a stance on the other side of the spectrum on this issue, he would believe pretty much anything it seems.

Cryptocurrencies is at least arguably a revolutionary idea, and the thing with revolutions is that you can never tell what's going to happen, all you can say is that it's definitely going to upset somebody/people that doesn't want things to change, and IF it succeeds it's going to set a precedent and change the world forever.
How long it's going to take, how much opposition it's going to be met with, how many problems there'll be on the way, those are all factors completely open to debate and for the most part hard to pin down.

I'll also backup Lordfire's second paragraph, he neatly and imo. aptly summarizes the differences between crypto and regular currencies in a simple nutshell kind of way I think.

 

[Arashel]

Do you trust government? Are you sure it will never fail and the paper in your wallet will always have value? I don't. That's where cryptos shine.

I think You don't see the flaws in your own logic. Or to be more precise, that lack of logic.
You're noticing real flaws in current currency system. Which is good. You're not complete moron But at the same time You're assuming that other system - in this case bitcoin, will be much better just because it is something different. This is dangerous. You don't have actual proofs that bitcoin is capable of being valid currency. No one ever established some kind of isolated(but still broad in terms of different economic aspects) community, introduced bitcoin as the only currency and study it.

you can not have negative money (no debt, no bank loan),

Wut? If I borrow bitcoin from other person or entity then I still have a debt/loan. Your logic is very twisted and inaccurate,

 

[e.e]

Wut? If I borrow bitcoin from other person or entity then I still have a debt/loan. Your logic is very twisted and inaccurate,

 

[GailMakesItHard]

I agree there's definitely still some distance left to make cryptocurrencies completely practical like physical currencies.
We'll need someone more knowledgeable about the technicalities of cryptocurrencies than myself to argue strongly in any direction on exactly how big that gap is and how long it's going to take to reduce or remove that gap entirely to make cryptocurrency a viable day-to-day currency, but I can fill in the rest, hence this post.

Cryptocurrencies, like I said in an earlier post, is still in development by, as monkey-swag Arashel would say, a bunch of technohipsters, i.e. it has not been developed by some billionaire group with near-unlimited resources, but by random Internet people, similar to how Linux, the Internet, Open Tibia, and a very large portion of other big and small open source projects has been made.
Meaning it (cryptocurrencies) still has a way to go in many different ways and is (at least probably in my estimate) being relatively slowly developed compared to say products of NASA.

I don't think anyone is expecting that next month you can go buy groceries for Bitcoin, well, except perhaps for another Arashel with a stance on the other side of the spectrum on this issue, he would believe pretty much anything it seems.

Cryptocurrencies is at least arguably a revolutionary idea, and the thing with revolutions is that you can never tell what's going to happen, all you can say is that it's definitely going to upset somebody/people that doesn't want things to change, and IF it succeeds it's going to set a precedent and change the world forever.
How long it's going to take, how much opposition it's going to be met with, how many problems there'll be on the way, those are all factors completely open to debate and for the most part hard to pin down.

I'll also backup Lordfire's second paragraph, he neatly and imo. aptly summarizes the differences between crypto and regular currencies in a simple nutshell kind of way I think.

You can already pay in Fletcher hotels here. Crypto money = tinder honeys.

 

[GOD Wille]

doesn't bitcoin take a long time to process transactions along with a high transactions fee? how is that sustainable in the future? won't people just try to switch currency to a faster & cheaper alternative, causing btc to drop?

 

[macedoon]

im new to the game

 

[xinn]

@Kaspar:
Obviously he never said he is Satoshi, but most likely Bitcoin's creator is Hal Finney. A cypherpunk who unfortunately was diagnosed amyotrophic lateral sclerosis and died in 2014. There is actually a lot of stuff which points toward him.
- He was a recipient of first bitcoin transaction and second user of Bitcoin (after Satoshi himself)
- Text analyze among all bitcoin developers shows him as the one who is most likely Satoshi
- Satoshi stopped writing posts after Hal's death
- Hal is known to work "in shadow" (he was doing that in the past for one of cryptographic companies)
- Hal lived close to a guy named Dorian Satoshi Nakamoto ;-)

 

[whitevo]

Ugh, guys, just watch few tutorials how to make cryptocurrencies and what is the difference between decentralized network, centralized network and distributed network.
After that, you pretty much get the idea why we will move towards crypto and why it's going to be more reliable than paper money.

Paper money won't disappear banks are well funded even though every country is in debt which is quite ironic imo xD
But every person will have the choice to pay with mobile, credit card or physical money

 

[Beo]

I use not only BTC, but DASH and others ^^
Nowadays I have been working on the creation of an Open Tibia Server in which cryptocurrencies circulate as the money game (some more info at raganius.com)

pls tell me ur rich now

 

[randomgirl]

I mined a few for a university computer science demonstration and got 2.3k out of them a few years back. I wish i still had them. haha

 

[Lordfire]

I think You don't see the flaws in your own logic. Or to be more precise, that lack of logic.
You're noticing real flaws in current currency system. Which is good. You're not complete moron But at the same time You're assuming that other system - in this case bitcoin, will be much better just because it is something different. This is dangerous. You don't have actual proofs that bitcoin is capable of being valid currency. No one ever established some kind of isolated(but still broad in terms of different economic aspects) community, introduced bitcoin as the only currency and study it.

I didn't say that bitcoin is much better because it is different, you are jumping around my arguments.

Yes, I see that we have lots of flaws with current currencies, and yes I know bitcoin is not the silver bullet. A new idea doesn't need to be perfect to be adopted. Just see how we humans usually evolve one step at a time. I don't have a proof that bitcoin can be used as currency because such thing does not exist. It is valid until someone breaks it, and as long as people give it value. Please note that a cryptocurrency is isolated from a government.

I don't believe that bitcoin will be the cryptocoin of the future, too. It is very primitive by design, as it was the first, and there are a lot of better engineered ones being launched, such as Monero and Zcash.

Wut? If I borrow bitcoin from other person or entity then I still have a debt/loan. Your logic is very twisted and inaccurate,

Except that bitcoin system does not allow that, while paper money does. You can go to a bank and borrow money and the bank is legally protected by a government to sue you and get your money back, while if I transfer you a bitcoin temporarily there is nothing in the ledger indicating you owe me and you can just go away. That's not what I call a loan, here.

 

[Webtimize]

 

[Arashel]

I didn't say that bitcoin is much better because it is different, you are jumping around my arguments.

Yes, yes You did:
Do you trust government? Are you sure it will never fail and the paper in your wallet will always have value? I don't. That's where cryptos shine.

Yes, I see that we have lots of flaws with current currencies, and yes I know bitcoin is not the silver bullet. A new idea doesn't need to be perfect to be adopted.

In terms of economy it has to be. Look at the communism and socialism. Bad policies can ruin states and subsequently lives of many people.

Just see how we humans usually evolve one step at a time.

Human evolution is based on completely different rules. This is not even valid analogy.

I don't have a proof that bitcoin can be used as currency because such thing does not exist.

Then don't act like it does.

It is valid until someone breaks it, and as long as people give it value.

This is not how "scientific conformation" works...

Please note that a cryptocurrency is isolated from a government.

So what? Governments have power to ban everything. This is not reasonable argument. If you're going to constantly antagonize your government by the threats of using less-traceable currency, avoid some taxes which involves your currency, etc. then they will just ban it and besides some shady dark-web websites it will be worthless.

I don't believe that bitcoin will be the cryptocoin of the future, too. It is very primitive by design, as it was the first, and there are a lot of better engineered ones being launched, such as Monero and Zcash.

You should kinda grow up and not believe that any "crypto"currency will be the currency of the future. Especially with odd tendency of population to vote for socialists.

Except that bitcoin system does not allow that, while paper money does. You can go to a bank and borrow money and the bank is legally protected by a government to sue you and get your money back, while if I transfer you a bitcoin temporarily there is nothing in the ledger indicating you owe me and you can just go away. That's not what I call a loan, here.

This doesn't make sense and I think your knowledge about your own state is minimal You can switch "paper money" with "bitcoin" and this is going to be still valid. Money and banking are two separate pieces of legislation. For some reason you're assuming that loans or other banking operations are written into currency policies. They are not.

 

[Flatlander]

I don't invest in or use bitcoin because it has no actual value as a resource.

If I was going to invest in something because I do not trust the government to handle currency, I would invest in Gold, Copper, or some other precious metal. Because even if the entire world goes to hell, it will still have value due to these metals having actual real-world uses.

Crypto-Currency have a pro that is also a con.
The Pros are that they aren't regulated or controlled by anyone.
But the Cons is that they aren't regulated or controlled by anyone.

Bitcoin and other crypto will die after governments, businesses, and banks milk it for everyone's money.
They will pour money into buying bitcoin, then the price will raise, then they will sell (and/or ban bitcoin in their country) and the price will plummet.
How many millions and billions of dollars will people lose to abuse of the system until people learn that a de-regulated currency is a bad idea.

Now, if you are just using bitcoin as a stock option, and you plan to buy low sell high, fair enough, but if you think it will actually become mainstream form of payment, and you'll go to McDonalds and buy a combo #4 with bitcoin, you are sadly mistaken.


If I had gold instead, and banks bought a bunch of gold and drove up the price, then sold it all, it would never go down to 0, because gold is used for products, therefor it is worth something.
Bitcoin and other crypto has the potential of being 20 billion dollars per coin, or being literally 0.

(I do not invest in precious metals or bitcoin, but I just thought i'd provide my point of view on this subject)

 

[Arashel]

The Pros are that they aren't regulated or controlled by anyone.

I wouldn't call it a pro. It's more of an temporary state. Bitcoin is not controlled, because it is relatively new and irrelevant. Just like you said further in your post. It is very fragile. The moment when it became something bigger there will be regulations on it and it will just became part of the system or it will be banned.

 

[Flatlander]

I wouldn't call it a pro. It's more of an temporary state. Bitcoin is not controlled, because it is relatively new and irrelevant. Just like you said further in your post. It is very fragile. The moment when it became something bigger there will be regulations on it and it will just became part of the system or it will be banned.

I should have been more specific. I meant the creation and distribution of Bitcoin generally cannot be controlled or regulated due to the fact it is a crypto-currency.

You could ban companies in your country from selling products for Bitcoin, but it is generally impossible to make it so people in your country cannot own bitcoin, since all you need is a computer with internet access to do so.

 

[whitevo]

But you can buy food with crypto where the user interface is created.
Of course it wont be mainstream because most countries are under bank control.