Do you see bitcoins being accepted by the majority of major markets anytime soon?

My dad works for a bank and said they and a lot of others are starting to setup a blockchain or something. Is bitcoin going to start picking up a lot more traction? Do you think this will raise the price in USD or lower it? Also, is the fact that there is a finite amount of bitcoin really going to remain true? I think that they will adjust the amount available. The developers couldn't have predicted it would take off in such a fashion.

 

what does your dad think?

my opinion is, and i've been saying this for years now, that the value of bitcoin isn't in the currency, it's in the idea and tech that supports the currency. the financial industry's interest in bitcoin is in that idea/tech, not the currency itself. having a public (?), easily accessible system for asset monitoring would be a game changer if that's the end product we see in the near future (it's the one *I* want, at least ), but no doubt the tech will yield interesting things sometime soon

 

well my dad doesn't know much about it, he doesn't have an opinion on it. i know a lot of old businessmen are not fond of the idea of bitcoin. i asked my econ teacher what he thought and he gave me some mumbo jumbo about how it's not secure enough for him, and my friend's dad is a total fuck head about it. i asked him what he thought once and a few months later he acted like he was proving bitcoin was shit when mtgox ceo got arrested.. people don't understand it enough

 

Not too sure to be honest. Isn't everything is finite though? USD, GBP, Euros etc. are all finite. But I think I know what you mean.

I feel the price will steadily start to rise again. As for why, I don't have really many reasons other than a gut feeling.

 

bitcoins have a finite amount? i thought there is an infinite amount that can potentially be mined. just the more bitcoins that come into play, the harder it is to mine them?

and dunworry, all paper currency is infinite. what do you mean by stating usd is finite? there is a never ending supply bc the government creates it. unless you mean the resources to manufacture the paper currency will someday run out? haha

 

Interesting gut feeling. iirc, prices drop hard after Christmas. I think dominik covered the infinite part of paper currency. If there was a finite amount the US would not be able to continue borrowing

Yes, there is a finite amount of blocks. It just seems like they get harder to mine.. because they do, but not for that reason. Read about it on the link below. I believe they created it with the intention of it being out of supply in 2140, like it says, but I think technology will speed that up

https://en.bitcoin.it/wiki/Controlled_supply

 

idk, fluctuation is a big issue with btc, and theyre quite heavily dependant on the black markets, however they have in the last few years enveloped into the mainstream so in the future we could see them becoming a new global currency used by many more millions of people

 

I don't think its mainstream enough personally. It's first uses as currency was trading for things that weren't exactly legal so it's a trust issue to. ^ Up there somebody posted about its technology, I do think bitcoin technology will be the basis for future currencies.

 

Bitcoin is very secure truthfully. MTGOX hurt bitcoin at the time, but that had to do with an exchange and not the currency itself.

Nope, fiat currency is prone to inflation at the whim of governments. Bitcoin has a limited amount.

They would need overwhelming support to do that.

No one would be in favor of that however, as that just devalues the currency for everyone currently invested in it. So the short answer is no, very unlikely.

 

To those people who don't know.

Microsoft has accepted Bitcoins for Xbox Live Payments.

You can use Bitcoins to fund your xbox live account and i believe you can also buy membership?

If anyone has anything else or wants to correct this feel free

 

What do you mean by secure?

 

Nobody can take advantage of it and "own" it. The software for creation of a bitcoin follows a certain set of rules that need to be met for a bitcoin to be produced.
On the other hand, the fiat currency we currently use (dollars and such) are huge ponzi schemes because someone sitting somewhere in the world can create as many dollars as they want

 

Doesn't the Fed control how much money is printed? I wouldn't say they can just print as many dollars as they want. Sure, they could, but that would result in extreme inflation and just wouldn't be a good idea. Nobody would do it.

Bitcoin may be too hard for the average person to understand. Once they hear how you can just mine it, they'll think it's a scam. Is this a good or logical train of thought? No, not really. But it's how it's going to happen. I know it'll happen like that because the greater majority of adults I ask about it have the same response.

Also, how can we be completely certain that the creator of Bitcoin isn't able to just create a wallet of his liking? Apparently we don't even know who created it? You can tell me that the code is open source or whatever, but with code anything is possible. Anonymity and security is good but sometimes too much anonymity can lead down bad roads.

 

I understand where your coming from but my understanding is that bitcoins are finite and something is needed to be done/sacrificed to create them (mining).

@ The Fed, think about it bro, if you controlled the central bank of the most powerful nation in the world (it has private stakeholders, its not a state owned bank) you wouldn't print off as much money as you like?

I know that's a bit literal; but thats the basis of it. Central banks control a countries finances and not a single one is state-owned. The fed has the power to dismiss what the government wants and go with whatever its own officials say.

And they don't need to create hyper inflation; central banks are all controlled by the main central bank in switzerland. This should tell you that America is just the small picture, they can deliberately control the value of currencies all over the world for their own benefit.

I don't know about you, but if I had that power I would exploit it so much. And truth be told I don't think theres a single person in the world that wouldn't.