An Overview of Bitcoin

good on ya SEC, as a trading gambling product it might be great , as a technology revolution it might be great
but as a real world valuable/ regulated mode of exchange what is the use?
Can I purchase tomatoes by using this hype and even if I can what would the shop owner do with my BTC?
Can he pay his dentist with it?
and even if the dentist accepts them can he in turn purchase rice with it and so on
UNLESS EVERYBODY IN THE SUPPLY CHAIN USES THIS WHAT USE Is it?
Please explains in 2 simple sentences
Otherwise just call it the next game in the casino and move on
We still need USD or other legit currencies,
Call me stupid but please can any "Covert" please explain with hand on heart and a straight face!
Dont get me wrong if I can trade it and make money I would love to but the ethics usefulness of it eludes me.. feel like all those ride sharing apps claiming they are just a technology company and not actually running a taxi service! just skulduggery
 
traderjo said:
good on ya SEC, as a trading gambling product it might be great , as a technology revolution it might be great
but as a real world valuable/ regulated mode of exchange what is the use?
Can I purchase tomatoes by using this hype and even if I can what would the shop owner do with my BTC?
Can he pay his dentist with it?
and even if the dentist accepts them can he in turn purchase rice with it and so on
UNLESS EVERYBODY IN THE SUPPLY CHAIN USES THIS WHAT USE Is it?
Please explains in 2 simple sentences
Otherwise just call it the next game in the casino and move on
We still need USD or other legit currencies,
Call me stupid but please can any "Covert" please explain with hand on heart and a straight face!
Dont get me wrong if I can trade it and make money I would love to but the ethics usefulness of it eludes me.. feel like all those ride sharing apps claiming they are just a technology company and not actually running a taxi service! just skulduggery
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Bitcoin is a digital investment asset that can function as a currency as well as a store of value.
 
Sprout said:
A dystopian view of the ‘inevitable fedcoin’ https://news.bitcoin.com/fedcoin-u-s-issue-e-currency/
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Here is my prediction, if everybody starts issuing a crypto currecny then we are back to square one, are we not that is there would be USCOIN, SINGCOIN, UKCOIN Googlecoin, Facebook coin etc...and then somehow people have to adjust exchange rates! hhahhha same way they do between major currencies ,actually in reality in some parts of the world USD acts as a Global currency even though there is local currency so people between Indonesia and Philippines base business decisions and accounting in USD a common way of exchanging and storing wealth! it is just that it is in a physical and also a digital currency format not purely digital! Please find a flaw in my statement
 
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I am not lazy johnarb, I was hoping those who are more knowledgeable and in blind love with this "financial phenomena " / experts can shade some light rather than just making general comments!
Back to the tomato example so If none of my suppliers are not ready to accept my Crypto and if the Coin/USD market falls I am stuck with this thing... so At this stage I can't see much value in accepting crypto unless I am ready to take currency risk, the one positive thing could be that my business perhaps will be more appealing to international travelers,
 
traderjo said:
I am not lazy johnarb, I was hoping those who are more knowledgeable and in blind love with this "financial phenomena " / experts can shade some light rather than just making general comments!
Back to the tomato example so If none of my suppliers are not ready to accept my Crypto and if the Coin/USD market falls I am stuck with this thing... so At this stage I can't see much value in accepting crypto unless I am ready to take currency risk, the one positive thing could be that my business perhaps will be more appealing to international travelers,
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Bitcoin (cryptos), imo, is not trying to replace fiat (i.e. USD) completely. We have many choices when it comes to methods of payment for goods and services, (i.e. fiat, CC's, Apple/Samsung/Android Pay, etc.). As a currency, it is inferior to the local fiat or even CC's when used daily (with volatility probably being its biggest problem in this area). Even in Japan where it is legalized as a currency, many people choose to hoard it rather than spend (from what I read).

Having said all of that, there are cases when bitcoin (cryptos) beats any other type of payment method. as it is decentralized, distributed and trustless. If you owned an online business, bitcoin is probably the best payment method as there are no chargebacks and you don't necessarily have to be exposed to the volatility if you sign up with the bitcoin (cryptos) payment processors such as Bitpay or Coinbase.

Store of value is where bitcoin shines and this is in my view its best asset (pun intended).
 
ok it is not may be but the "converted" are preaching it that way! I have no doubts about the technology it is based upon it's usefulness, or the coins as a trading ( not investing) instrument.
To a traveler yes it would be great to deal with same currency around the globe.. in other words like Euro where individual currencies were abolished and replaced with a universal currency , now add that to the technology crypto is based on = a global decentralized currency but if it is not backed by any assets a reputable regime how does it store Value?
in layman terms USD is backed by the assets and whatever power US govt has, so is say Singapore Dollar etc etc...
also it raises these questions ( example my small business)
- why should I take on currency risk by accepting payment in Crypto?
- supporters of the currency ( not the technology) say there is critical mass behind it and in my example I should have no problems in converting the crypto balance to $ but that critical mass can disappear tomorrow !
- Multi crypto , if we are going to create multiple Crypto currencies then is it not same as having USD?AUD?GBP?EURO etc
Your other point about "you don't necessarily have to be exposed to the volatility "
How? if I hold Bitcoin as an asset every second it is marked to market! and looking at the volatility I wonder unless I am trader why would I bother?
 
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