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Google "blockchain" technologies. Every major banking house in the world will be using it in the near future. The question is which currency. Bitcoin has the highest volume. Ethereum has the blockchain technology that some of the biggest companies are adapting as we speak. Personally, I'm in, but will wait until the fork on 8/21. I'll buy and hold as best I can.
What people seem to be neglecting is that unless there is a particular blockchain technology that offers a sustainable competitive advantage, the incumbents will develop their own blockchain technology, but there won't be a "Microsoft" token for example. Microsoft will implement the technology into its existing infrastructure and any advantage it brings "should" be reflected in its stock price. That's not to say that no crypto will make it, but 99% of this will fail, so people should just be cognizant of that. With that said, there are speculative gains to be had, but for people that think this market will be a hedge against the broader market, they might be disappointed.
What people seem to be neglecting is that unless there is a particular blockchain technology that offers a sustainable competitive advantage, the incumbents will develop their own blockchain technology, but there won't be a "Microsoft" token for example. Microsoft will implement the technology into its existing infrastructure and any advantage it brings "should" be reflected in its stock price. That's not to say that no crypto will make it, but 99% of this will fail, so people should just be cognizant of that. With that said, there are speculative gains to be had, but for people that think this market will be a hedge against the broader market, they might be disappointed.
Yes. My point was not that each company would "mint" their own currency or even use, for example, the blockchain that is used to mine a cryptocurrency. My point was that blockchain technologies are responsible for the development of cryptocurrencies, and that this technology is for real.
I thought we agreed that gold/silver won't be of any use then. I don't think bread or guns will be either.
Why will bitcoin survive this? What gives it value then?
The "$&@ hits the fan" meaning the price escalating exponentially. The value comes from the awareness of the masses that this is a currency that could work for them better than any other.
The fork happens tonight, 12:00AM. At the very least it makes for interesting possibilities.
Coming back to Bitcoins. Current forks make it sound as if this is turning out to be a ponzi scheme which makes more $$ for the folks who already hold up significant stakes in particular coins. So the new bitcoin fork means people who already own bitcoins now end up owning not only bitcoin but whole set of new currency called bitcash? Looks like the only negative hit this fork is causing is to ETH and other alt coins, bitcoin is all set to make massive gains
Just the other day on the news they outlined that more larger companies that had initially said they would accept bitcoin have backed away from it mostly stemming from the fact that people aren't using it as a currency rather an investment and holding on to them. If they aren't being treated like a currency by the holders then retailers can't keep up the support for accepting them
Coming back to Bitcoins. Current forks make it sound as if this is turning out to be a ponzi scheme which makes more $$ for the folks who already hold up significant stakes in particular coins. So the new bitcoin fork means people who already own bitcoins now end up owning not only bitcoin but whole set of new currency called bitcash? Looks like the only negative hit this fork is causing is to ETH and other alt coins, bitcoin is all set to make massive gains
I agree I think all this fork stuff is bad for Bitcoin in terms of peoples perspective on it. I get that a fork may be in the best interest of improving the technology, although that depends upon what side of the argument your on but I guess that's the point is the community decides.
That said after seeing all the confusion this has caused someone new to Bitcoin and someone who maybe isn't super tech saavy is going to be scared to invest because god forbid it splits again and they have to try to figure out what it means, how to safely store their coins, it seems like money is being created out of thin air which is kind of the opposite of what Bitcoin is about.
Imagine if there was some big conflicet in traditional banking where half the merchants stop taking Vis and will only have mastercard and if you have an account with Chase Chase splits into two banks. I can see how the current situation doesn't make a new person want to enter the market definately.
I don't think "Bitcoin Cash" should continue going by the name Bitcoin, it's basically now an altcoin. Also I wish both sides would work together to find consensus rather than just splitting apart.
I'm tempted to sell my BCC futures for 1k a piece but don't trust the exchanges offering this service so just going to sit tight.
Just the other day on the news they outlined that more larger companies that had initially said they would accept bitcoin have backed away from it mostly stemming from the fact that people aren't using it as a currency rather an investment and holding on to them. If they aren't being treated like a currency by the holders then retailers can't keep up the support for accepting them
Bitcoin IMHO isn't meant to be a currency so much as a storage of value, Bitcoin isn't meant to be and shouldn't be used to pay for your coffee at Starbucks, maybe for larger value transactions. There are other currencies with faster clearance times and cheaper fees for that.
That said the CEO of overstock had said he's shocked more companies aren't taking it. I was also surprised to hear initially they were keeping 50% in Bitcoin and cashing 50% out into Dollars. Currently its 90% into Dollars 10% kept in Bitcoin but I did find that surprising due to the volatility
I dipped my toe into the water. Partly as a learning experience. To this point all I did was buy $25 worth at CoinBase. It was a pretty smooth process.
They have a partial link to USAA so that they value of my wallet will display with my USAA assets. You can't transfer money that way.
Coinbase is not supporting BitCoin Cash. But you can buy BitCoin and Ethereum and LiteCoin.
I plan to throw about $1,000 eventually in as 'mad' money.
So yesterday was the big day, Bitcoin forked or split. I honestly thought Bitcoin Cash, the spinoff, was going to quickly get sold off and fizzle off into oblivion and lose value.
I was tempted to sell mine on the futures market for $1,000 but didn't really trust the exchange I would have to send my coins to do to so.
Well this morning I woke up to see Bitcoin Cash trading at $1,111 which totally blew me away. As the morning has gone on its down below $900 but none the less I'm still quite surprised it's getting as much traction as it is.
It will be interesting to see if this will remain or if those supporting Bitcoin Cash are just going to run it up, dump it and then buy back in at lower prices after it comes down.
Going to be an interesting week for Bitcoin
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