Steemit Poll : WILL BITCOIN BE HERE IN 5 YEARS?

jackpott69 (46) in bitcoin • 7 years ago (edited)

WILL BITCOIN BE AROUND IN 5 YEARS? 🕓💱

Economists around the world have shared mixed opinions about bitcoin, Today ill talk about Doug Casey, founder of Casey Research, who not a long while ago had a very different opinion on cryptocurrency and didn't see how they could work as they didn't have the basic fundamentals to make up a currency.

Fast forward to his recent revelation admitting #bitcoin is indeed #money but he doesn't believe it will last. 🤔...hmmm

“The problem I had with Bitcoin to start with was the fifth point: does it have use value in itself, so you can’t get stuck holding the bag? And I said that was the problem with Bitcoin. But I was wrong about that… The bottom line, Bitcoin passes the medium of exchange test for the moment and store of value test for the moment. So you can definitely say it’s money—for the moment.” - Doug Casey

The value tests were based on the famed economist Charles Kindleberger

Manias, Panics, and Crashes: A History of Financial Crises

Image source: Reading Length

Quotes by Charles Kindleberger

image source: The Burning Platform

As you've noticed, more and more #Bigfish are getting involved and pumping more cash into the #cryptosphere. From celebrities, NGOs and even Governments. They all want a piece of the freshly baked #BitPie and WANT to control it but one thing that #bitcoin has in its corner............IT CANNOT BE NEUTRALIZED

SHARE TOUR THOUGHTS IN THE COMMENTS BELOW

bitcoin money bigfish cryptosphere bitpie

7 years ago by jackpott69 (46)

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dannyftw (25) · 7 years ago

AWSOME!!!!

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jackpott69 (46) · 7 years ago

Thanks 🙏🏽

Do share your thoughts and let us know what you think

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photography-2018 (0) · 7 years ago

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jackpott69 (46) · 7 years ago

Thanks 🙏🏽 followed back 😀

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joanstewart (65) · 7 years ago

Whatever the people put value into, will hold value. What is the difference of taking your hard earned fiat currency to purchase bitcoin if it does not hold value.

Trading is happening with bitcoin the world over, once trade takes place the currency holds value.

Blockchain technology on the other hand is going to blow many aged systems clean out of the water.

IMHO bitcoin is here to stay, it has been accepted already @jackpott69

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jackpott69 (46) · 7 years ago (edited)

Awesome take Joan!

I absolutely agree.. however it's hard not to think where it will end up with all the recent news I.e China ICO Ban etc...

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davebrewer (59) · 7 years ago

There was one element of truth to Jamie Dimon's diatribe.

Government could shut it down if they wanted to. As a challenge to their monopoly power to issue and MANIPULATE currency.

Government's wont want competition.

You will know for sure BTC is here to stay, if you see action from any government to find a way to tax or otherwise get themselves a piece of the action.

As long as government can get a piece of the action, they will let the action continue

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joanstewart (65) · 7 years ago

Governments have already shown how they will implement tax @davebrewer (well in our country South Africa) when you bring bitcoin into the country and revert to fiat currency, profit made on purchase/sale becomes Capital Gains Tax.

Read up on the requirements for your country, they are sure to have some up already.

Government still received GST or VAT on purchases in retail no matter which currency you use, those are both taxes.

ATM's may need to be converted to transact from normal bank card swipe to include bitcoin, however I doubt that would be a massive adjustment if they really found the right people to implement changes to current technology.

The biggest obstacle is education of the people to learn more about the new blockchain technology.

If a moved to bitcoin all dealings would be on the blockchain making it unattractive to governments where dodgy deals are happening, in democratic countries this would be most interesting.