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Is it crazy to think cryptocurrency is the future of money?


9lives

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There are many people out there who think cryptocurrency is a scam. They believe that if they can't hold it physically, then it isn't actually worth anything. But how does something gain any value? Something gets its value from the belief of it actually being worth something. If I held in one hand a sheet of paper and in the other hand I held paper money and told you that you can take only one, which would you choose? You'd take the money. The reason you would take the money over the sheet of paper is because you believe it has more value. Currency has changed multiple times throughout history. For an example, in the past, sea shells was used as a form of currency. Now days though, sea shells are worth hardly anything. So how come people believe our current form of currency won't change in the future? I believe the people who think that our currency will forever remain the same are the ones who are crazy. What do you think, could cryptocurrency be the future, or are we always going to use the currency we use today and why?

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All different kinds of industry has developed a new and actual way to develop using technology.  Not happened with the economic industry so far, right now cryptocurrencies are setting a path for that change but....but it comes in a parallel world against centralism due the nature of cryptos.  I don`t know if bitcoin or other coins are or will be the future but for sure we all here, participating some how in the ecosystem, are making contributions for such change the economics needs so bad.  It is about time to create a change as the traditional banking has been doing nothing to perform its job.  Let`s contribute to the mass adoption, that is the secret.  G20 in Japan will give many profiles of what is about to come, keep an eye on those forums.  Good luck.

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Nah, its not crazy, its a popular view right now in the online community and many people believe that it will be the future for online payments. In my opinion, I don't know how accurate this statement is considering that people who don't normally go online, will never accept it as payment. It will be interesting to see whether the world shifts towards or away from crypto. I think it will be funny for whichever side is on the wrong side

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Unfortunately it all depends on the countries policies, if more and more countries will allow cryptocurrencies in more aspects of economy then the future is bright, but from what I have seen so far everything is going into opposite direction and more and more countries are banning crypto

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I personally belief that crypto currency can overtake the physical money that we are using daily for everything. It is just a matter of adoption. I compare crypto with physical gold. Gold just is a metal that people get out of the earth. Imagine when the very first gold nugget was digged. Who ever thought it would have such a value in the future and be used as backing for multiple federal reserves. Its just a matter of adoption. 

If 1000s of years back gold wasn't adopted to become some sort of standard and payment attribute then people would have never cared about gold. But because it got mass adoption it gained value.

Second way to compare it with gold is that there is a limited reserve. There only is a limited amount of gold on the earth. Same for BTC. There only is a limited supply. So the more it gets adopted in the world the more it will gain in value. 

So for those 2 reasons I strongly belief BTC or at least one of the stable currencies can overtake physical money and will become the main payment option globally.

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Not crazy at all. However, you need to understand that majority of the investors basically view crypto as an asset primarily and currency secondarily at present which must be reversed with time through higher adoption rates.

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when you put it like that i must say it is crazy tthe fact that we have credit cards is crazy let alone now we are paying with crypto its insane the amount of improvement the worth and human mind has evolved to jesus christ its going so fast time i mean and its scary 5 years ago feels like yesterday times moving quick and im not liking it but to answer your qquestion yes it is mental that crypto is the new currency to day to day life :D

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It's not crazy and that's what we crypto users actually hope for. Being able to use a single currency around the world sounds good to me and i think technology can achieve just that. I just don't know if it's gonna happen anytime soon but I'm still hoping it will someday. Maybe 10 years from now is not that bad of an estimate.

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Yeah a bit because numberone there is limited amount of it and number two without lightning confirmations it is impossible for it to be used by everyone in the world. 

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Hey, at first when i heard about btc i though the same untill then when i got 150Eur from it i can hold it the people who tell its a scam probably lost all or are too scared to trust it. Many people and banks told use btc will fall to 0 look at us now 1 btc is 12k usd. The team you newer belive will win will always win.

Wee crypto gamblers dont listlen to the haters cuse wee all know if wee stay toghether like a family wee will rise high. ❤️ 

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Some economic analysts predict a big change in crypto is forthcoming as institutional money enters the market. Moreover, there is the possibility that crypto will be floated on the Nasdaq, which would further add credibility to blockchain and its uses as an alternative to conventional currencies. Some predict that all that crypto needs is a verified exchange traded fund (ETF). An ETF would definitely make it easier for people to invest in Bitcoin, but there still needs to be the demand to want to invest in crypto, which some say may not automatically be generated with a fund. These characteristics make Bitcoin fundamentally different from a fiat currency, which is backed by the full faith and credit of its government. Fiat currency issuance is a highly centralized activity supervised by a nation’s central bank. While the bank regulates the amount of currency issued in accordance with its monetary policy objectives, there is theoretically no upper limit to the amount of such currency issuance. In addition, local currency deposits are generally insured against bank failures by a government body. Bitcoin, on the other hand, has no such support mechanisms. The value of a Bitcoin is wholly dependent on what investors are willing to pay for it at a point in time. As well, if a Bitcoin exchange folds up, clients with Bitcoin balances have no recourse to get them back. The future outlook for bitcoin is the subject of much debate. While the financial media is proliferated by so-called crypto-evangelists, Harvard University Professor of Economics and Public Policy Kenneth Rogoff suggests that the “overwhelming sentiment” among crypto advocates is that the total “market capitalisation of cryptocurrencies could explode over the next five years, rising to $5-10 [trillion].”The historic volatility of the asset class is “no reason to panic,” he says. Still, he tempered his optimism and that of the “crypto evangelist” view of Bitcoin as digital gold, calling it “nutty,” stating its long-term value is “more likely to be $100 than $100,000.” Rogoff argues that unlike physical gold, Bitcoin’s use is limited to transactions, which makes it more vulnerable to a bubble-like collapse. Additionally, the cryptocurrency’s energy-intensive verification process is “vastly less efficient” than systems that rely on “a trusted central authority like a central bank.” Some of the limitations that cryptocurrencies presently face – such as the fact that one’s digital fortune can be erased by a computer crash, or that a virtual vault may be ransacked by a hacker – may be overcome in time through technological advances. What will be harder to surmount is the basic paradox that bedevils cryptocurrencies – the more popular they become, the more regulation and government scrutiny they are likely to attract, which erodes the fundamental premise for their existence. While the number of merchants who accept cryptocurrencies has steadily increased, they are still very much in the minority. For cryptocurrencies to become more widely used, they have to first gain widespread acceptance among consumers. However, their relative complexity compared to conventional currencies will likely deter most people, except for the technologically adept. A cryptocurrency that aspires to become part of the mainstream financial system may have to satisfy widely divergent criteria. It would need to be mathematically complex (to avoid fraud and hacker attacks) but easy for consumers to understand; decentralized but with adequate consumer safeguards and protection; and preserve user anonymity without being a conduit for tax evasion, money laundering and other nefarious activities. Since these are formidable criteria to satisfy, is it possible that the most popular cryptocurrency in a few years’ time could have attributes that fall in between heavily-regulated fiat currencies and today’s cryptocurrencies? While that possibility looks remote, there is little doubt that as the leading cryptocurrency at present, Bitcoin’s success (or lack thereof) in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead.

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Crypto currency is the future of money, and it is not a scam. But we all know that by 2100, crypto may not be in use again and people would have moved on to another thing. Crypto will be the main thing when the world bank and other banks accept them into their policy, but I believe nothing last forever and very soon people will move on from crypto and make crypto the past.

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I have no doubt that crypto currency will be continued to be adopted throughout the world. The only problem is a few Asian countries that have banned it completely. Honestly once those countries reverse those bans, I could see crypto being something that's used commercially around the globe. maybe not Bitcoin. But something definitely 

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  • 2 months later...

Cryptocurrency is not yet a used tool in trade relations. That is, while it is impossible for her to pay in shops, bars, buy real estate or a car for her (not including Japan and some online stores), for the following reasons: Cryptocurrency in most countries does not have regulation and clear legislative mechanisms. Due to the first reason, there is a high level of distrust of cryptocurrency among the townsfolk. The imperfection of the blockchain, which does not allow making transactions massive because of low scalability (as you know, the bitcoin blockchain is capable of processing 3-4 tps per second).The cryptocurrency of the future is decentralization, scalability, security (anonymity). Thus, macroeconomics with the help of blockchain will reach a new level. The main feature is the lack of centralized control. With the help of the blockchain, you can manage literally any aspect of life on your own.What is the value of cryptocurrencies and why are they needed? The value of cryptocurrencies of the future cannot be overestimated. Already with the advent of the second generation blockchain, in the form of Ethereum, cryptocurrencies ceased to be just an idea about an electronic payment system. Thanks to smart contracts, they gained global meaning, in particular for business. With these platforms, transactions become secure and the ability to manage a business more flexible. The main values of cryptocurrencies: Openness - in particular, it consists in openness of the code, mining and forging. Thus, any layman has the opportunity to influence a particular cryptocurrency, get it, and even make suggestions on code changes on some new platforms; Anonymity - this factor is valuable not only for individuals, but also for business. Innovative blockchain platforms are built in such a way that network members can independently adjust the level of anonymity. In modern realities, business and individuals should have the right to confidentiality of their own funds flows. Decentralization is the main value of this factor, it almost completely eliminates the need for third parties to participate in transactions and financial transactions. Today, people can pay without third parties only by transferring cash from hand to hand. In the case of all other non-cash payments, the third parties are banks, exchangers, dealers, brokers, which not only do they have access to all information on payments, they also charge a huge commission for this. Risk reduction - the fact is that the emission of cryptocurrencies is most often strictly limited. It is impossible to print as much as you like, as is the case with fiat, thus significantly reducing the risks associated with inflation. Security - there is an article for counterfeiting in every criminal code, fiat funds are easy to fake. With cryptocurrency, this option is excluded, it is impossible to copy, crack, fake it. And these are far from all the factors of the value of digital money. Why cryptocurrency? Yes, if only because fiat and traditional assets are concentrated in the hands of a privileged group of people: National Banks, Federal Reserve Services. The closer an individual is to similar structures, the more opportunities he has to use resources.In addition, cryptocurrency can become a global means of payment. For its movement does not need to use complex systems. Enough cloud server. While in the fiat world complex schemes are used, for example, Swift. Thus, the movement of money becomes not only very long, but also expensive.The nuances or some of the shortcomings of digital assets There is nothing universal and together with the question: “why cryptocurrency?”, They also ask the question: “why not use cryptocurrency”,Existing shortcomings: Lack of regulation - until the authorities of the countries accept cryptocurrency as a means of payment, and in this area there are no clear legislative mechanisms (which at the same time will not level the principles of cryptocurrencies), there is no need to talk about the reliability of digital coins; The likelihood of losing keys from wallets and other risks associated with storage - so far, you can store currency either on exchanges or on cryptocurrency wallets. But the problem is that no one is responsible for the loss of user funds (as, for example, it is in banks) and so far the maximum that threatens exchanges and wallets, even if they want to appropriate the funds of their users, is a loss of reputation ;Coin volatility - volatility is increasing due to low liquidity. Therefore, until cryptocurrency is widely used among the masses, there will always be risks associated with strong price spikes. And of course, it is worth mentioning the limited issue, which is good on the one hand, and on the other hand, mining with each mined coin is complicated and becomes less accessible. Also, the cryptocurrency world is an “untouched field” of activity for criminal structures. They can use anonymous systems for criminal purposes, which damages not only the economy, but also the security of entire countries. The opinions of experts The opinions of financiers, analysts, traders and many other experts in the field of finance and cryptography are divided. By the way, the statements of many of them significantly affect the pricing of bitcoin and altcoins.Is cryptocurrency needed in the future? Why cryptocurrency? Because it is the future of all macroeconomics and social aspects of life. Although this is not the near future, however, the blockchain technology is being improved every day, and soon it will become irreplaceable literally in any field, thanks to its flexibility and other advantages. Therefore, cryptocurrency is worth buying, studying, using today. So far, there is every chance to join the cryptocurrency world, start making money on it and become part of the future now.

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By the decision of the European Court, bitcoin was recognized as an alternative means of payment, currency transactions with which are not subject to value added tax.  This resolution gave a clear signal to all EU countries: the popularity of cryptocurrencies in the world is growing, and hiding your head in the sand, ignoring progress, will no longer work.

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On 6/29/2019 at 4:24 AM, 9lives said:

There are many people out there who think cryptocurrency is a scam. They believe that if they can't hold it physically, then it isn't actually worth anything. But how does something gain any value? Something gets its value from the belief of it actually being worth something. If I held in one hand a sheet of paper and in the other hand I held paper money and told you that you can take only one, which would you choose? You'd take the money. The reason you would take the money over the sheet of paper is because you believe it has more value. Currency has changed multiple times throughout history. For an example, in the past, sea shells was used as a form of currency. Now days though, sea shells are worth hardly anything. So how come people believe our current form of currency won't change in the future? I believe the people who think that our currency will forever remain the same are the ones who are crazy. What do you think, could cryptocurrency be the future, or are we always going to use the currency we use today and why?

Two things and need to differ. One is the crypto coins themselves other is the underlying Technology that helps the system and I think blockchain is the future of humanity to establish a transparent system without the need of middleman and corruption and that will itself give cryptos a boost in future!

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On 6/29/2019 at 2:24 AM, wngo123 said:

Unfortunately it all depends on the countries policies, if more and more countries will allow cryptocurrencies in more aspects of economy then the future is bright, but from what I have seen so far everything is going into opposite direction and more and more countries are banning crypto

As a matter of the future, cryptocurrencies will probably fulfill the functions of a money substitute, possibly as a full-fledged means of payment (Japan for example), but they will not crowd out fiat money, as this does not tire out the leadership of leading states. In the meantime, the Russian Finance Ministry has proposed differentiating cryptocurrencies into three categories: "technical tokens, virtual assets and digital financial assets."

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  • 2 weeks later...
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