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Why Bitcoin Matters
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Why Bitcoin Matters

  #11 (permalink)
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Charlie3 View Post
There a tons of reasons to use bitcoins nowadays. I've been using bitcoins recently and I find it really fast. When you go cash in to a cheque coming from another bank, it takes days for you to get the money in your bank. But if you deal in bitcoins it is rather fast. Top of all, transaction fees are rather low or no fee at all with bitcoins.
I find it reliable in nowadays business because charge backs are rather impossible except the recipient accept to reverse the funds. There are more reasons to use bitcoins. If you need advice, do not hesitate to ask.

1) Its not sustainable. The cost of CPU power and Electricity needed to mine the coins increases exponentially, and this flaw will necessitate transaction fees that nobody wants to pay.

2) Its also not as secure as you think...

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  #12 (permalink)
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I have come around to the idea of bitcoin once I removed my blinders that who will really want to use it are people who have their assets denominated in currency outside the major currencies.

I have no interest in keeping my own money in bitcoin instead of USD but if you get paid and have your assets denominated in Zimbabwean Dollar? Hell yea, give me bitcoin.


Last edited by animalSpiritArb1; August 14th, 2015 at 06:51 PM.
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  #13 (permalink)
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animalSpiritArb1 View Post
I have come around to the idea of bitcoin once I removed my blinders that who will really want to use it are people who have their assets denominated in currency outside the major currencies.

I have no interest in keeping my own money in bitcoin instead of USD but if you get paid and have your assets denominated in Zimbabwean Dollar? Hell yea, give me bitcoin.

Someone who would consider being paid in Zimbabwean Dollars isn't going to be able to afford anticipated Bitcoin commission fees. Bitcoin will introduce commission fees because the cost of validating transactions correlates with its ever-growing blockchain length. Customers with small deposits run the risk of their hard-earned salary becoming locked in the blockchain when it becomes uneconomical with withdraw or transfer their small funds. The amount of electricity needed for mining already costs more than the reward, so the pricing structure has to change.

There are better alternatives to Bitcoin when trying to avoid volatile-currencies, such as being paid in cellphone credits (a popular choice in sub-saharan Africa).

My view is that all markets are a bubble, and its safest to exit before the underlying asset reaches its middle years. Oil and Bitcoin are well into their middle years. When speculators think its about to die, it dies fast - bubbles could burst ten years away or tomorrow - how many of us would short it at the right moment? Same applies to USD & EUR but I feel these currencies will probably run for a few more centuries so I feel safest in those markets.


Last edited by London Trader; August 21st, 2015 at 06:25 AM.
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  #14 (permalink)
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I would love to be long bitcoin here but I would never trust the infrastructure with a dime.

London Trader, even if that is true I guess I have come around to a cryptocurrency becoming the floor worst currency.

I have no idea why anyone would prefer bitcoin to USD though.

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  #15 (permalink)
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animalSpiritArb1 View Post
I have no idea why anyone would prefer bitcoin to USD though.

I think it appeals to organisations that seek to profit from moving cash between regulated and unregulated markets. For example, its very difficult to freeze the funds if they are being cashed out in a region that does not respect Interpol/FBI/etc.

If you're providing liquidity to the Bitcoin market then you might be supporting industries with very questionable ethics. Just my opinion.

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Last edited by London Trader; September 3rd, 2015 at 05:20 PM.
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