The Most Impressive Thing in Bitcoin’s Success Is the ...
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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
What are the biggest threats to Bitcoin's success in the long-term?
Would like to preface this by saying that I'm a huge believer in Bitcoin and it's the only cryptocurrency I'd bother owning. But, like any other bet, I'm open to the possibility of being wrong. I'm curious about people's opinions on this. Implicitly, people assert that Bitcoin will succeed in the long run without any other considerations, going as far as saying that it would replace the dollar. What are some things to watch out for that could cause Bitcoin to fail over the long-term?
Mass Adoption is Not Necessary For Bitcoins Success
For many Alt Coins, the only path to success is mass adoption. But Bitcoin can succeed without mass adoption, as it fulfills many other more important needs and use cases. Bitcoin can succeed as an investment vehicle, a store of value and digital gold. Bitcoin can succeed for cross border payments as people flee war torn countries, and countries facing financial crisis. There are many different ways Bitcoin can succeed, without mass adoption.
Bitcoin succeeds in part because it has no leader, no "Jesus", no "messiah". Bitcoin succeeds largely because it's face is... us. Please don't give anyone such a status. It's Paramount to Bitcoin's success.
I'm currently traveling through South America, where credit cards are rarely accepted (only by really high-end restaurants and hotels). I normally take cash out of the ATM and use that, but I screwed up and forgot to take my card back from the ATM so it got eaten. I called the ATM's bank and they said it would take 5 days to get the card back, but I was already on my way to a different country. My bank said they could mail a new ATM card but that would also take 5+ days. So I found myself stuck with about $25 to last me for 5 days, maybe even more. I looked at my different options, Western Union and MoneyGram wanted to charge about $15, plus a 3% fee on conversion rate - PLUS a bank wire fee of $25 by my own bank! Then I had the idea to get on Coinmap, and lo and behold there's a cafe that accepts BTC. I stopped in for lunch and the owner asked me if I wanted to sell any Bitcoin. I was like hell yeah, that would be a lifesaver! He used a local exchange rate, which was worse than mine, so not only did I get a fresh stack of cash to hold me over for a week, I did everything completely "off the grid" and actually made a few percent instead of paying like $50 in fees. It was my first cash sale of Bitcoin and it really showed me how useful and flexible having a decentralized currency can be. Anyways, just wanted to share my success story from today :] Cheers all
If Theymos truly cares about bitcoin's success, he might want to do the selfless thing and step down.
Similar to when Charlie Shrem stepped down from the Bitcoin Foundation shortly after his arrest, in order to distance the negativity surrounding his case from bitcoin in general. Albeit, the circumstances are different but the principle is the same. Charlie put bitcoin ahead of himself; perhaps it is time for Theymos to do the same. *edit: Just to clarify, this post is not intended to be an attack on Theymos. From what I've read, Theymos appears to be an intelligent young man with good intentions. That said, he has single-handedly divided the bitcoin community by censoring relevant technical and philosophical discussions on the forums he controls. Mike Hern put it best: “Bitcoin has gone from being a transparent and open community to one that is dominated by rampant censorship and attacks on bitcoiners by other bitcoiners.”
The best things happening now aren't big jumps but rather the slow and steady elimination of the 'big objections' to Bitcoin success.
My guess is we'll trade between $9k-$12k for the next month or two. I don't see us going below that as many buyers are watching for dips and the new retail money from Nov/Dec already got scared and left when we dipped 50% (shook out weak hands). The next good jump will happen when the FUD starts to tire out and we see something positive hit the news. I believe whales are waiting for a wave to catch and then will help build it up, but currently there's little to try to build on and so the runs just peter out. Some possible good news to work from... regulation that eliminates risk and uncertainty from a big country (even if it's just early talk) such as China starting to allow some highly regulated exchanges to re-open or the EU starting to work on a unified regulatory position. Lightning will help eliminate the scaling/cost FUD (and hopefully fuck BCash) but it's growth will be slow and steady not overnight, nothing major to get a bull run built on for another 6-12 months when someone like Amazon announces it's proven and reliable enough to 'think' about supporting. The best things happening now aren't big jumps but rather the slow and steady elimination of the 'big objections' to Bitcoin success. Every time we see Segwit adoption jump, Lightning nodes increase... a market like South Korea implement rules, France appoint a czar to determine how to regulate, Germany state there needs to be a unified regulatory approach...and the public tire of anti-bitcoin bullshit news coverage we get closer and closer to wide open track. Then WATCH OUT. Hodl the line.
Bitcoin's success will depend on its decentralization
Here are my thoughts on the big blocks, etc. Please let me know if I am off. Bitcoin should be to enable us to posses it free of theft and coercion and to transfer ownership without permission or interference. Trustlessness. If it can do these things well, then everything else will work itself out. Payment speed, fees, etc, will work themselves out. Centralization is destructive to trustlessness. Decentralization should not be sacrificed, at all, for the secondary interests of transaction fees or speed or anything like that. This is the foundation of everything. Anything like lightning network that utilizes the Bitcoin blockchain to make it more usable is awesome. We can hire them and fire them at will because they can't get to our Bitcoin without our consent. These institutions don't have to be completely decentralized. Trying to do everything on chain is missing the point, and I think it will sound ridiculous soon. The most secure and decentralized blockchain will continue to be the most valuable.
Chris Pacia:”Personally I don't measure bitcoin's success by market cap. I measure it by the % of global trade that uses bitcoin as a medium of exchange. Right now that % is near zero. Sure making millions through speculative trading is fun. But it's not going to change the world.”
Bitcoin success stories are growing in number at a faster rate as bitcoin is one of the most affluent cryptocurrencies in the world today, along with other counterparts like Ethereum, Ripple, etc. But Bitcoin is far ahead compared to its competitors. It has not yet reached its peak value because a lot of people are still not aware of the possibilities of Bitcoin or other cryptocurrencies. Log-in to your dashboard after setting password. You can login by clicking or from the rewards tab. Share with 1 click. Watch your referrals in real time. Bitcoin hailed as ‘success' by China in dramatic shift in attitude. Country plans to launch its own cryptocurrency next year. Anthony Cuthbertson @ADCuthbertson. Wednesday 13 November 2019 02:53 ... Bitcoin Profit has a high success score of more than 92%; this means each user can earn a profit daily. Fast withdrawals, this is convenient for all users, the withdrawal request process occurs in less than 24-hours. Simple account creation process, no need for elaborate details. Demo trade feature. Multiple payment options on Bitcoin Profit- Excellent customer support. Other trading ... The Bitcoin Evolution software is an innovative and powerful trading tool that has a success rate of over 98%. It is also one of the most successful and effective trading tools in the industry. The software has been designed so that anyone can trade profitably. When using the Bitcoin Evolution software in automated mode, it opens and closes trades to ensure that you gain maximum profit from ...
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