What is the future of Bitcoin? Will it become a mainstream currency, or will its popularity wane, and why?
Maybe you should listen to a couple of Billionaires and what they were saying about Bitcoin instead of asking the layman.In the Lisbon Websummit conference, one of the biggest Silicon Valley icon,Tim Draper who made over $1 billion by getting early on Twitter, Skype, Tesla had this to say:he told Forbes:"In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant... there will be no reason to have the fiat currencies."Hedge fund legend Mike Novogratz on the other hand predicted last month that Bitcoin will hit $10,000 in the next few months time.And he’s not just saying it, he’s putting his money where his mouth is with a $500 million crypto-fund.Recently, after the short $1000 dip from the Segwit2x cancellation, he was also rumored to have bought $15–20 million worth of Bitcoin. (probably less than 1% of his portfolio)John McAfee - creator of the antivirus software predicts that Bitcoin will hit $500,000 within three years.Mark Cuban changed his long term skepticism and invested in a Bitcoin ETN. But he said you got to pretend like you’ve lost your money like collecting art or baseball card.Bill Gates mentioned in 2014 during an interview that Bitcoin is “Better Than Currency”Richard Branson Thinks Bitcoin is Working and is an investor in Bitpay a Bitcoin payment processing platformOf course, there’s no guarantees these guys will be right, but they’re the 1% and we’re the 99%. So who would you listen to?Warren Buffett is probably one of the famous Billionaires who says Bitcoin is “The Real Bubble”For me , I haven’t heard of these types of bullish forecasts since the early days of the internet and tech bubble. Or you might have read the famous comparison to the Tulip mania.But how can you still compare Tulip Bulbs to cryptos? Personally it doesn’t make sense.To understand why Bitcoin is a revolution and a brand new asset class that is completely different from stocks, bonds and other traditional currencies you’ve got to read this.
What is the future and impact of digital currency?
Let’s talk about current situation …First, I believe that people are attracted to the market due to stories about quick monetary gains since the volatility is much higher compared to the traditional stock and forex markets.Secondly, we have the issue of integrating cryptocurrencies into society, and that would require regulators to get on track correctly resulting in proper regulations. Also, calculating taxes for a year of crypto trading will be a character-building endeavor.Third, the marked would probably need to crash badly to clean out all shit coins which would trigger media distributing negative news scaring away people leaving scars which might take some time to mend.The sound projects would have to work hard to turn around the public opinion through marketing and offer a product which solves real-life problems for the masses compared to the current system. It is undoubtedly interesting disruptive times.A bright future might look like this:Creation of a new global banking systemCommerce without the middlemanDirect buyer to seller transactions anywhere in the worldDecentralized internet and appsSmart machine-to-machine data sharingWorldwide inter-connected super computerCloud storage contributed by everyoneA new evolution of gamingGlobal private data storage (based on permission access)Transforming the advertising and publishing industries while benefiting viewers and sellers directlyAnd the list goes on….Join CaptainAltcoin’s Telegram channel to receive regular guides on questions like this - Join Telegram Channel
How would a global recession affect cryptocurrencies?
That’s actually a very interesting question and i hope that others will also share their views.Let me start by talking about the hierarchy of money. Whether we want it or not, we are still, to some extend, on a gold standard schema (banks have to have reserves at the Central Banks).For starter, the money you have on your bank account (deposits) is nothing else than a promise (from the bank) to give you currency whenever you want (bills/coins), and currency is a promise to pay a certain amount of gold (or FDR). This is why when a crisis hits (or volatility starts to increase), the price of gold goes up (refuge).So the question is to know if a cryptocurrency is implicitly backed by gold or not. If it is, then it is nothing more than a deposit (promise to pay currency → promise to pay gold or FDR). The same mechanisms and effects would apply.If the cryptocurrency is not implicitly backed by gold, it would mean that this is the ultimate money (the highest level of hierarchy). It requires a really strong level of confidence. Which is why i would eliminate that possibility.Cryptocurrencies would (have to) find their place within the hierarchy. One interesting feature is the ledger (blockchain), which brings openness, transparency, security and speed. It has some limitations. Cryptocurrencies relies on the internet and computing power (to mine). Attacks are more likely to come from the cyber space and we could definitely imagine some scenario where those currencies would be at risk.Until now, cryptocurrencies have been really volatile and weakly correlated to the use case: value tend to increase when more use are created and tend to plummet when use is limited (we’ve seen it with Bitcoin, following some decision in China or from the FED).The HUGE advantage that i would see is that cryptocurrencies travel faster and without borders. If a recession happens in one country or one region, i would expect to see the cryptocurrency act as a refuge (easier to transfer capital). I would also expect that to happen in case of a global crisis (the intensity of the crisis will not be equally distributed).Another factor is that cryptocurrencies are, for now, a micro-niche. Very few people know about it or own/use them. In my entourage, i’m the only who ever had Bitcoins and was considered “a crazy freak”. It is more “widespread” in China for example (because it is a way for them to have assets outside of China).I will keep thinking about it and update my answer later.
I need some help for a test coming upon the progress era, my book doesnt have alot of info so anything helps?
I was out of school for a while with shingles and need some help 1. What did progressives believe was the proper function of the govt in regards to society 2.How did progressives differ from the populists in the 1890s 3. What was a muckraker, what did they try to accomplish, who were some leading muckrakers 4 What types of reforms did the progressives want to make 5. what problems did cities typically have at this time, how did progressives want to solve thes problems 6. what political problems existed at this time, what political reforms did progressives want to acomplish 7 what did progressives want to accomplish for women? workers? how succesful were they 8.what was the progressive position on prohibition, how succesful were they in promoting this position 9.what was the progressives position on African-Americans, what was the impact of this position 10. who were 2 great African-American leaders of the progressive period, explain their differences
Will Bitcoin replace the current currency?
I think it depends on how you define replace.Will digital currencies supersede traditional fiat currencies as the prominent medium of exchange in the world. Yes, I think that is likely.How this happens could take many paths. With Bitcoin being more or less prominent depending on which path is taken.Let me explain.I think it is unlikely that all existing currencies are replaced exclusively by Bitcoin. As this would be unprecedented. One worldwide medium of exchange.Even today. Digital currency enthusiasts who value privacy have begun using Monero, Zcash, Dash over Bitcoin. Because of their specific feature sets adding additional layers of privacy when transacting in these coins versus Bitcoin.Niche use cases like these always exist. So I would expect multiple digital currencies to exist in whatever end state is arrived at. Versus all of them being subsumed by BitcoinAlthough it could be substantially fewer than exist today as the market evolves.And existing Fiat currencies are increasingly digital as well. With some forward looking Central Banks working towards incorporating blockchain technology into their issuance and management processes.As these experiments prove successful. Blockchain technology should be incorporated into the issuance and management of all currencies.Fiat or digital. Because of the advantages it provides.Once currencies are blockchain based. Transacting between them will be much more seamless than it is currently.So I would expect digital currencies to take an increasing share of currency holdings/transactions from traditional fiat currency as more users discover there usefulness.I would not expect traditional fiat currencies to completely disappear. Unless they are unwilling/unable to adapt to more seamless interaction with digital ones.As there should continue to be many instances where using government issued fiat currencies for transactions makes sense. Especially if competition from the digital realm improves the way they are managed.Think smart contracts, decentralized exchange, etc…
Do you think a cashless economy is foolproof?
There is no such thing as fullproof my friend. The ongoing push towards the Less-Cash Economy are the efforts to convince the people the merits this form of transacting holds over the one that involves cash. Though the latter has an edge over the former, it still isn't fully free of flaws.First things first, people need to have a basic knowledge of using there devices as a money mediator and should also be aware of the security concerns, which are way too complex for a layman.Also the infrastructure isn't adequate enough and present everywhere. This is a big hindrance in implementing the new system.People are also concerned with the charges,like many of them say that why will i pay a charge to someone in order to transact MY money.Moreover, even after government comes over and above all the setbacks that are present or will evolve with time, it won't in itself ensure the end of corruption and black money, there are more ways to do this.These are the basic problems which may act as a hindrance in implementing a system of less-cash transactions.However it is in the betterment of the society that people adopt to this as the benefits of it still outweigh the costs. And it will require efforts on the part of both public and government to successfully implement this system and eradicate the the parallel economy of black money to the extent possible.