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Thread: Bitcoin

  1. #31
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    Quote Originally Posted by OnlyMyOpinion View Post
    Good summary. Would you say then that unless you are a user of btc, owning it is really just currency speculation? I've never been a currency speculator.

    It appears that btc has user fees, and I fail to see why I would want to carry all of my 'cash' around in a 'wallet'. I find my no-fee credit card works just fine. I can lose it and get a replacement, they keep an eye on any suspicious transactions, I can get a spreadsheet summary of all of my transactions, etc. Meanwhile my money is actually invested, earning me a return until such time as I need to pay for my purchases.

    Call me a dinosaur, but I don't think the banks and our currency system will be leaving earth before I do.
    yes absolutely, unless you are using bitcoin to move money and make purchases, you are simply speculating

    but this isn't unsual, people make and lose fortunes speculating for an against various countries currencies everday

    bitcoin and all of its blockchain crypto currency siblings are just one more option and i agree it will be a long time before we see banks dissappear

    i can move money using bank interac email, paypal, wire transfer, apple pay and cash to name a few, bitcoin is just another option

    money prefers to move quickly and cheaply and if it can move privately, so much the better, this is what bitcoin can offer, a more frictionless way to move cash

    you buy my car and transfer coins instantly from your wallet to my wallet exactly as was done with cash but now is done electronically involving no middlemen or handling costs quickly and completely privately ... and more risk free than cash

    i don't know how else to explain the advantages of this currency

    it can be used in all kinds of other areas like media for example: https://blog.bigchaindb.com/blockcha...t-aef636ef8067

    blockchain technology is going to have a massive disruptive effect in all kinds of ways


  2. #32
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    For the sake of keeping this interesting conversation going, I would suggest that while your credit card is free to you, it is costing the merchant money. I believe most, not all, cryptocurrencies also have a finite number so you have less concern with inflationary loss of value to your money/wealth. You make good points about the suspicious transactions and the spreadsheet summary as does Sags about the increasing fees/time for bitcoin transactions. I can't help but agree though with Fatcat, in thinking crypto's have immense potential if the bugs can be worked out. The amount we pay to banks to store/transfer our money is high and if crypto's growing presense can help drive those fees down, it can only be a good thing.
    While reading through this forum, I saw a thread - Parking Money - about a person looking to hold some money for 5-10 years and then transfer to Euro's as they prepare for a move to Europe. While it's too early times to suggest this in that thread, I considered that cryptocurrencies could be a very good solution to that problem and could save them significant money in exchange fees and the like.

  3. #33
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    I saw an article discussing what is going to happen once the final 21 millionth coin is mined and they made it seem like the network is going to collapse, Bitcoin network anyway. The miners would not justify the costs of the systems and the price will go to zero.

    Is that accurate? I have never seen this discussed before and I'm somewhat bitcoin savvy for the past few years. They projected this to happen in 7 years.

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  5. #34
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    Quote Originally Posted by Johnred View Post
    I saw an article discussing what is going to happen once the final 21 millionth coin is mined and they made it seem like the network is going to collapse, Bitcoin network anyway. The miners would not justify the costs of the systems and the price will go to zero.

    Is that accurate? I have never seen this discussed before and I'm somewhat bitcoin savvy for the past few years. They projected this to happen in 7 years.
    The final coin won't be mined until 2140. Assuming that Bitcoin still exists by that time, its expected that miners will profit mainly from transaction fees.

    Here is a good read: https://news.bitcoin.com/what-happen...l-coins-mined/

  6. #35
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    Ok cool thanks for that read.

    Yeah the article read as if the writer seemed a bit biased and mad about the entire thing. So I wasn't sure if others have heard contrarian things.

  7. #36
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    A good way to understand if bitcoin is the right investment for you in the current environment is to look at the volatility. Take the bitcoin price chart and zoom into periods where it has gone down. If that were to happen again, would you be ok with it? Would you be ok with not knowing why such a correction took place and why you suddenly have less money? I don't see bitcoin taking off until the volatility is in line with competing asset classes (real currency, gold, etc.)

  8. #37
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    Bitcoin has increased 400% in past 6 months so it has already taken off , the question now is should you take a chance it will continue to climb .Ethereum has increase 1100-1200% in 3 months but looks cheap compared to bitcoin.Personally I am taking most bitcoin profits and buying other coins with it but playing at a small level in big scheme of things.

  9. #38
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    the article is written by the ceo of the company mentioned in the article so it should perhaps be seen as a promotion as much as a news piece

    nevertheless this is an interesting and quick read of how the blockchain in going to disrupt the fine art world by allowing the company using it to sell fractional shares of high-value art on the open market thus giving portfolio managers and everyday people the chance to own and invest in partial shares of fine art ...

    http://www.ibtimes.com/why-blockchai...ne-art-2551733


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