AVLRECORDS if they fix the fees and transaction times, then yes. Lets just hope Segwit and Lightning network (or some alternative) gets supported in the future
Unfortunately, this video completely misses the point of BitCoin. BitCoin has a "fixed" (predictable) amount of units in circulation which makes it impossible to inflate. The growth rate with which new BitCoins are added in circulation is known for all participants. Compare that to the Dollar, which can be printed by the FED in any quantities deemed necessary. BitCoin is like a digital gold standard.
I do not think the video misses that point, it just was not considered important. As the opening line asserted, BTC is a terrible currency, so the video talked about the potential of its use as a payment system.
+neeneko By that logic, I can say that the dollar is a terrible currency because the ability to create dollars is in private hands and can't be influenced by "investors" and I can conveniently forget that the dollar is the reserve currency (because I don't consider it important). Moreover, your statement that "BTC is a terrible currency, so the video talked about the potential of its use as a payment system" is devoid of logic. The potential use of any currency as a means of payment has a lot to do with the inflation and deflation mechanisms of said currency.
Ahm, since there was no 'logic' in my comment, I am not sure what you are talking about. You did not seem to understand why the video did not talk about an aspect that was outside the scope of the video, so I commented on that. 'logic' is not just some word to throw around when you have an emotional attachment to something and wish to be dismissive.
+neeneko Are you for real? Read your own comment: "the video talked about the potential of its use as a payment system". If the video talked about the "potential of its use as a payment system" they would've mentioned the mechanism which governs BitCoin creation and how it is impossible to (hyper)inflate the currency in circulation. You have no idea what a payment system is, do you?
I'm a technology management graduate student with a degree in economics. I think that bitcoin has the potential to topple traditional financial institutions the same way that the internet has overthrown retail... I can't wait to see what people come up with in the next 10-15 years using bitcoin
The challenge lies with bitcoins 'management' (for lack of a better word). There was some kinda schism between different modes of thinking about the future of bitcoins technology. TBPH, it was little more than the same old obscure "nobody cares" IRC battles that have happened uncountable times. IOW the people are more concerned about winning than they are about bitcoins future. It's done 2 things: 1) fragment the largest and oldest blockchain currency and 2) give the establishment time to catch up. The next 5 years are going to very interesting technologically. Between driverless vehicles and blockchain currency, there's going to be a lot of sociology for governments to consider.
More dollars! More! Why is everything getting more expensive? I know! We need more dollars to buy the stuff that's getting more expensive! More dollars!
It's so cute how people somehow think that you can separate the payment network from the currency. That's like separating the internet from electronics. Obviously, the only possible outcome is that the currency will get better and better until it's the worlds' primary currency.
I ran round in circles till I finally came across comments on RU-vid talking about Grafton’s expertise. With him, You are sure to make profit from your bitcoin trades. Reach out to... *Wesgrafton (a) g ma il. com...* Or... *(61) -480-023-771* To maximize your potential of earning from bitcoin..
@@Freddyyyy266 Your claim that someone is "sure to make profit" by following particular advice or system is, at best, disgracefully irresponsible. No one can predict the future with 100% accuracy and therefore by definition it is impossible for any person or advice to be guaranteed to be correct. People should do their own research and remember three golden rules a) your capital is always at risk, b) past performance is not guarantee of future success and c) anyone claiming to have a "guaranteed" method for success is either deluded, bullshitting or out to scam you.
@@jmckendry84 they are scammers. OP didn’t even talk about Wes Grafton, but as if on queue someone started talking about this guy, allowing OP to advertise. Also, it looks as if the comments were all made at about the same time
I'd like to see more p2p "permissionless" innovation. I think there are ripe markets for it beyond bitcoin (and torrents), like: a p2p search platform to replace engines like google, p2p encrypted file hosting and app-as-service hosting, etc
After 10 years of it's creation, my parents still think it's a pyramidal scheme, but technologically advanced. Whatever I say to them, they'll never change. People are destined to hate what they don't understand.
If you want an update check out some documentaries on it, this vid has got some of the points wrong and doesn't really even cover some of the major points of the currency
Some people ask "Why use Bitcoin when we have credit cards?". Here are some of the reasons Bitcoin is better: There is a fixed supply. You don't get your savings diluted by a country's central bank endlessly printing more money. It is borderless. This means you can send money to any vendors or relatives anywhere in the world 24 hours a day instead of waiting for slow expensive wire transfers of banks that only work 7 hours a day 5 days a week. There is a cost to create it (through the mining rewards) just like there is a cost to mine gold or silver. This gives Bitcoin real value whereas paper currency has nothing backing it (the US dollar stopped having Gold backing it in 1971) and it is inexpensive to print paper currency so the central bank can print a lot of it thereby inflating your money away. It is much cheaper to use than credit cards. Merchants have to pay credit card companies typically 3% or more plus a minimum transaction fee of approximately $2 every time you use your credit card. Bitcoin transactions are much cheaper, typically less than 0.1% which will lead to lower prices for goods in the long run. It is inexpensive to store (you don't need bank vaults or expensive banking computer systems). It is better for the environment. You don't need to support all the tens of thousands of bank branches, all the electricity to power those branches, all the building materials needed to build those buildings, all the gasoline needed for the bank employees to go to work every day. Once a transaction takes place it is final. Merchants really like this feature which is a lot better than credit cards where the transaction can be reversed through a charge back up to 120 days later so a credit card transaction isn't really final for 120 days. You can send very small amounts (smaller than 1/100 of a penny) so new innovative business models are possible such as bloggers or musical artists getting paid a few fractions of pennies every time somebody listens to their song. You can't send that amount of money with a credit card and credit cards have minimum fees so the fee would destroy the value of the money you are sending if the amount is small. It has transparency, since every transaction can be seen by everybody it is much more resistant to fraud. It doesn't require cutting down trees to make paper because it is electronic. Bitcoin is near perfect money.
+I'm Nubby Dollar is a good currency because it is an internationally recognized currency that most (if not all) countries hold in order to trade internationally, BitCoin is weird, it's not a currency that was backed by gold then switched to Fiat, or used as an international currency to finance the post war economies of europe and asia. Its a currency that just is for now. It really is like the internet for the eighties we currently have no use for it as much as our traditional currency. But given a few years it might be something (or not IDK) But yeah the whole dollar inflation rate is another topic. It has something to do with the Bretton Woods System and the Marshall plan. Peeps need to stop stating facts without knowing its causes and implications. (inflation is not as simple as the devaluation of currency)
KikomochiMendoza except that the causes came long after the physical diminishment of value to the currency, as well as long before. Nickels cost 1.8 nickels to make, that's a systematic flaw in the currency. And, the Euro is the currency that brought Europe from the post war blues back to health, and also happens to be the most worldly currency, being used in far more countries. The Dollar doesn't work anymore because of its reliance on banks, which can be said for the pound, euro, yen, renminbi, and more. The world's money is held hostage by banks, and they all fell in value immensely after the 2008 fuck up. As they did after the 1929 fuck up. As they likely will time and time again in the current system.
The reason they charge a lot of money to use PayPal or Mastercard is so they can add things like extra warranty or charge backs. With bitcoin you send the money and its gone.
As a democratic socialist I do embrace "central authority" when it comes to making sure society's priority is to ensure the population is fed, healthy, housed and given equal opportunities to better ones self regardless of financial circumstance, beliefs, race etc etc. However, where I don't necessarily embrace "central authority" is when the peer-to-peer model is under threat by national banks (public or privately owned it doesn't matter in my eyes) and to champion autonomy and innovation. If you're gonna gamble with markets and resources; do it away from government and potentially knackering up ones economy!
1 Bitcoin is equal to £2179.69 (July 2017). Wouldn't it be harder to remember how much Bitcoin you have? £100 is equal to 0.05 Bitcoin and £500 is equal to 0.23 Bitcoin. The point I'm trying to make is that hard cash is easier to remember than Bitcoin, so will it be useful for the modern consumer to use 0.004581 XBT (Bitcoin) instead of its equal value £10?
> "Dollars are a good currency" > *Stupid laughs* > Maybe some stupid "kek" referencee > *Forgets to realise the dollar is the global reserve currency*
“Dollar is our good currency” It that something associated with the death of gold standard, the Great Depression, the Latin America, Asian, and global financial crises?
Bitcoin is internet currency. It is mined using Graphics card rather than a cpu because a CPU core can execute 4 32-bit instructions per clock (using a 128-bit SSE instruction) or 8 via AVX (256-Bit), whereas a GPU like the Radeon HD 5970 can execute 3200 32-bit instructions per clock (using its 3200 ALUs or shaders). Bitcoins are worth a hell a lot when they were first introduced, like for example when they came out about 5000 Bitcoins where worth pennies, and now 1 bitcoin is worth like $600+ CAD. So the person who bought the 5000 bitcoins in like 2009 is a millionaire, but that mainly depends on if he/she sold all his bitcoins, which in fact takes a really long time because not a lot of people know about this currency. Bitcoins are risky now to buy because they are really expensive and if your hard drive stops working all of a sudden say good buy to the mulla.
I never see a wonderful hacker like hacker Shawn he turn my 2btc to 4btc within 5 days I'm glad text him on whatapp....+1 (412-423-5194) if you wish to double your BTC. 💯💯 💯✓✓✓
Why are Vox narrators in love with the vocal fry? That's my question. Explain that, Vox. It doesn't make you sound smarter. It makes you sound like a pretentious hipster...which I guess they kind of are.
The Internet wasn't 'unusable' in the 80s; those of us who were on it then found it perfectly usable. It just wasn't in a form useful to the robber barons who ultimately took it over.
"Bitcoin is a crappy currency. Dollars are a good currency." Yes, you will swallow those words once your puny fiat markets will have broken down and your central banks will have failed you! MUHAHAHAHAHAHAHAHA! Ok, sorry, just needed to get that out of my system. Go on, please.
Only an American from the land where cheques are still in use could think bitcoin is a good method of making payments. It can only deal with 7 transactions per second and they can take up to one hour lol. In Europe we just do transfers internationally on our phones lol. I lived in Kenya in 2003-2006 and MTN allowed people to make transfers by SMS.
The idea that bitcoin is good as a payment network but crappy as a currency does not and has never made sense. The only way you are able to transfer dollars (or any other non-bitcoin currency) over the bitcoin network, is to buy bitcoin on one side and sell it on the other. In both cases, you can only buy and sell it from people who are already holding it. So in reality, the holding of bitcoin is what allows the bitcoin network to transfer value. The network can transfer value because bitcoins themselves have value, because they are held, because they are a currency. Just to continue a bit, bitcoin is not really a great payment network for non-bitcoin anyway. It is definitely not equivalent to visa, where, when you transfer a dollar, you are transferring something of equal value on both sides. The bitcoin network does this, but only for bitcoin itself. Exchanges build on top of bitcoin allow you to transfer dollars by buying on one side and selling on the other, but if you need to do this, the exchanges are likely in different jurisdictions with different exchange rates, so the sent fiat amount and the received fiat amount would be different. Even if it were the very same exchange, the buy eats through the asks (moving price up) and the sell by the recipient eats through the bids (moving the price down), so the amount received is less than the amount sent. And by how much can vary heavily depending on the amount and the depth of the order book. Bitcoin is a fabulous currency and network, and I love everything about it. But this idea that the bitcoin network is perfect for non-bitcoin things and not the bitcoin currency itself, seems to me really strange, wrong, and misguided.
All of your comments are spot on. I have no idea why there are some that want to dismiss bitcoins the currency while at the same time extol the virtues of Bitcoin the network. It's easier to sell that "balanced thought process" to the general public. It makes the salesman seem like less of a wacko who's promoting some sort of digital token with no backing as a dollar replacement.
+Round Peg yep, what we need is to be able to buy everything in bitcoin with no added fees, so then I could say send bitcoins that I was paid with to some family on the other side of the world and they can receive it and then buy what they need, also in bitcoin of course. you need to cut out inefficient fiat currencies for it to make sense, otherwise it's just an extra hassle.
bitcoin is decentral. That's the main advantage of it. This makes it free as in free beer as well as free as in free speech. No rules, no regulations, no one who's in power to do anything, and no charges.
If you would have bought $100 in bitcoin when this video came out, you would now have about $1702. If you would have invested $100 every month since this video came out, you would have 85,000 dollars.
Man you really should've done a bit more research... Bitcoin's value is in intellectual property globally, tendering contracts and escrow services combined with security and negligible transaction fees. It's the synergy of its parts that make it even somewhat useable. The value exchanges are a small by product of the block chain paradigm.
I hope bitcoin comes out good. Nothing would be more appealing than to see a better way of economics and hopefully I could use this to maybe buy my house one day ;)
Bitcoin still charges fees to do transfers?...hmm, a Raiblocks transfer is totally feeless...and it's instant, as opposed to Bitcoin, which could take up to many hours to complete a transfer...
What are the other benefits of Raiblock? I don't understand if there isnt any fees so where is the incentive for miners to be miners, which supports the whole network?
aroseland1 Of course cash can be used online, ever heard of mail order catalogs? On top of that, credit cards have been being used to buy things online (and over the phone) for decades, so we need to ban bitcoin, cash, _and_ credit cards.
Rob Mckennie No I am hugely in favor of bit coin. But it totally stream lines the process more than cash or CCs do. CCs are not anonymous like BT thus they can't be used unless you are incredibly dumb. Nobody likes sending massive amounts of cash in the mail. You need a mailing address for the criminals that is a huge problem that would make illegal mail order catalogs impossible. BT solves both of those problems. But oh well you gotta take the good with the bad. BT also solves the problem of the fed printing money and devaluing everything.
Bitcoin is the most important invention since electricity! It will ensure a fair, incorruptible, inclusive world economy which grows as fast as computers--about 50% per year (Moore's law).
dollar :constantly counterfeited (yes new anti counterfeit measures are pretty good but it still gets bypassed), not backed up by anything other than a country with a 20 trillion dollar debt, high inflation, get robbed easily. bitcoin? deflational, gains value, yes very volatile but the general trend is steep incline in value, great underlying technology, no not very liquid and scaling transaction speed is hard (it admit the latter 2 things). if you invested in gold in 2009 you would've lost 4.9%. if you invested in bitcoin in early 2009? well, a rise of over 788,000%, from fractions of a cent to over seven thousand dollars each. amazing security, its gotten a ton better since mt. gox. yes, if the internet falls bitcoin will too, but if the internet falls, determining if bitcoin > dollar or dollar > bitcoin will be the LEAST of your worries, trust me.
James Caldwell Bitcoin isn’t backed by anything at all - The country with a 20 trillion debt can at least can pull in more debt to save itself. Bitcoin has no such thing.
Cyberschn1tzel Bitcoin isn't like most currencies. Deflation of bitcoin is making people extremely wanting to buy it before it gains value. I'm a trend analyzer and even I don't know why the deflation isn't causing hording of bitcoin, but it seems to actually encourage spending, as transaction volumes are reaching record levels. It's beyond me, but deflation isn't stopping bitcoin
Wrong, it's not about being a rogue financial network. It's all about the democratization of value (and thence wealth) creation - governments and banks are no longer the only authorities who can "create value" out of nothing and print paper notes. THAT's what really got on their nerves.
+The USSR Well, nobody can access your data. It's simple, if the goverment doesn't know if you got money and can't count them, than they can't tax you.
+Nich Lounds But what about when everyone finds out that they won't have any taxes if they switch to bit coin? Then a very small amount of people will be taxed, and the government will have no power. Anarchy will ensue.
