What Is the Future of Bitcoin?

D

DrRipley

New member
For those who are unfamiliar with Bitcoin, here is a short video explaining what it is.

Basically, it's virtual cash, as opposed to Paypal's method and others like it where in you have or are given a balance in your account in exchange for goods and services. With Bitcoin, you are able to keep the amount as digital encryption in a wallet on your computer or mobile device. And since this is a monetary commodity free of any government involvement, it's economy is dictated by the people and companies that use it. Big companies are also slowly incorporating it into their systems, and even Wordpress now accepts them as payment, and the value of it just keeps getting higher and higher. For example, one Bitcoin nowadays is valued at $48 each which is a great leap from it's value just a few years ago or even just months ago probably.

So what do you think is the future of Bitcoins? Do you speculate that the value goes down in the near future and why? Do you think it will become obsolete given enough time?

I personally think that it will continue to to gain momentum and will be adopted by more and more legitimate companies in the future. I think it is only natural that we eventually use virtual cash online as well as debit and credit.
 
It will never be a true virtual currency unless it's controllable... which means it'll never happen. There's just too much profit in the multi-currency system, payment processing and all the other stuff surrounding "real" currencies for the big boys to let go.

Think of it like oil: we'll only get mass-produced alternative cars once the people who control the oil have found a way to make masses of profit from them. Such is the nature of profit, control and big business.

Did you know that there are actually projects in place in Europe to do away with cash - as in hard currency? The banks and governments would LOVE to be able to do that as it would totally remove all black market transactions if everything ran through one single account for each person. Of course, society won't accept it... but there are still plans to do as much as possible.

And although that sounds like conspiracy theory, it isn't. Cool in one way, frightening in another!
 
Well, some websites are already accepting bitcoin as a payment method but I don't see in the future a large amount of websites doing this. It is more likely that they adopt google wallet instead of bitcoins.
 
Bitcoin will probably be used as an official payment method, like paypal, or Google wallet. The price of 1 bitcoin has been pretty stable lately, so I don't see why implementing it would actually hurt. I'm sure someone can configure it where it recognizes the price for 1 bitcoin, and change it whenever it updates, so that's also great. The great thing about Bitcoin is that you can't chargeback like you can on Paypal, so that's very effective if you're selling something that's worth a lot.
 
I would be surprised to see this take off or last, to be honest. First, it's not based on anything of real value, which makes it inherently unstable. Second, you can't have a sustainable, uncontrollable currency - I don't believe there has ever been such a thing.
 
It is uncontrollable so it can not be said trustworthy.
Moreover people rely upon on Paypal, Payza and wire transfer for online accepting money.
 
Bitcoin is definitely here to stay. Once I found out about "Silkroad" I knew Bitcoin would be around for a long time.

Regarding the value of Bitcoin, I'm not sure. It could fly up to a crazy amount ($1000 a coin?) or it could simply hover at it's current rate for a long time. Who knows? Is it worth buying a Bitcoin and holding onto it just in case? Probably...
 
Well whether bitcoin is successful or not sort of depends on how many companies incorporate it as a payment method! The only way at the moment that I can think of spending them is on the Bitmit auction website! I also think that a few problems might occur as the difficulty of mining bitcoins keeps on increasing! For example: I just read an article that said every single bitcoin cannot be mined until 2030. Therefore, it will eventually become unsustainable for the miners!
 
I wish i had some bitcoins. But i heard the value dropped a lot since they shut down the silk road. Unless another silk road pops up i doubt it will rise as much as it did. If i had spare cash lying around i might invest, some people get lucky on these.
 
I don't really see it going anywhere for now until its used or something more than dodgy transactions. I don't think it will ever be considered a genuine currency and widely adopted, I do wish I had heard about them earlier and bought a few when they were .05c each, could have sold them at $220 for quite a profit!
 
I still regret not purchasing bitcoin when they were dirt cheap. You really never know where these type of currencies go though. Now, it has become a staple for the hidden web. I still am trying to mine some as the cost is for one is pretty crazy.
 
Expect that value will fluctuates or climb up every now and then. Actually that's a good advice danea, it's wise to buy bitcoins when price deflates and sell them when it inflates. It's a matter of good timing in trading.
 
Bitcoin is a software-based online payment system described by Satoshi Nakamoto[note 1] in 2008[4] and introduced as open-source software in 2009.[5] Payments are recorded in a public ledger using its own unit of account,[6] which is also called bitcoin.[note 2] Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.[9] Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.[10]
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins.[11] Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services.[12] Users can send and receive bitcoins electronically for an optional transaction fee[13] using wallet software on a personal computer, mobile device, or a web application.
 
You must log in or register to reply here.
Back
Top