Vlog: 144: Will we enter the 5 digits Bitcoin era?

stellastella (48) · 7 years ago

You just hit the nail on the head. They could not detect the housing bubble on time, and now they have turned to bubble detectors just Because bitcoin is hitting them below the belt. One of the reasons why I feel bitcoin is not a bubble, is because of its growing acceptance as legal tender.
Previously, Bitcoin’s biggest challenges had been acceptance by lawmakers and financial regulators due to its decentralized nature and its unfortunate association with criminal activities carried out on the dark web. However, Bitcoin’s “official” acceptance is on the rise.
For instance In the Philippines, citizens have been increasingly using Bitcoin to send and receive low-cost remittances.Countries such as Australia and Russia have recently made similar statements that could lead to Bitcoin becoming a fully accepted medium of exchange in their respective countries. This is a trend that is likely to continue, given the growing demand for Bitcoin as an investment as well as an online payment system.
Yes, like every fast growing stock, there might be a correction, but I don't see a bubble in view. Nice one.

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4 votes

jamest (33) · 7 years ago

Certainly interesting points. If Bitcoin really is in a bubble, it's a very strange kind of bubble, and one that recovers from bursting almost instantly.

I think the biggest issue that people run into is that, while there are some principles of economics which apply to new kinds of currency (and hence Bitcoin), Bitcoin is such a different beast compared to other kinds of currency and property. How do you make accurate predictions about something so unique? The answer is that, generally, you don't. Everything is a semi-educated guess.

More to the point of this post, yes, I see a 5-digit Bitcoin as a very real possibility, and it may be only the beginning of exponential growth. You might say I've bet money on it. ;)

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3 votes

bitfiend (59) · 7 years ago

A strange bubble indeed. Especially when people tell me that it popped. I wonder where they get their news.

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callej2 (25) · 7 years ago

Yeah the real "bubble" is the US petro dollar and the slow world shift to the new silk road which no one seems to talk about. Though I think Bitcoin is not without its problems. Its certainly not the best coin for transactions its slow, and the difficulty is so bad that if there is a serious dip in price miners switch to BCH for their profitability. Though with 10K BTC I guess they wont switch anytime soon. I also think BTC is kind of the xgeneration/millennial gen gold. Since the metals market is so manipulated many are hoarding cryptos instead of gold or silver. I think maybe BTC will be around as a large store of wealth like gold, but we need silver or ethereum or litecoin for transactions. Cool posts guys for sure we are moving into this change with our eyes open..

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christianposts (47) · 7 years ago

'if they are really good at detecting bubbles why did they not see the housing bubble'

This really made me laugh. So on point @exyle.The moment its an issue of bitcoin, these bankers have suddenly become bubble detectors, they probably deserve a Nobel price.
You know I've been thinking about this topic for some time now. The principle behind bitcoins rise follows basic economics taught in high school. The supply is limited to 21 million units and this necessarily makes bitcoin a scarce asset. When things are scarce and people want those things, their value will ultimately rise. Supply and demand at work.

Thus, when economics and the network effect intermingle, you have a recipe for explosive growth within an asset. Bitcoin is not some new version of the 17th century tulip bulb. It is a groundbreaking advancement in accounting and money.

If bankers choose to ignore this, then thus makes me smell something fishy.

Awesome post @exyle, I really love your posts.

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kesolink (61) · 7 years ago

I woke up this morning around 4:00am, then I saw bitcoin is now $9500, I was really surprise.
I was just thinking how high it will hit the sky before of on 1st of 2018.
The way bitcoin is moving, it seems that it will hit 5 digital before next weekend

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holm (67) · 7 years ago

I remember I tried Dtube when it first released, it seemed so slow that I didn't bother. But hey, I will give it a new try!

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exyle (79) · 7 years ago

It has improved so much. Give it a try!

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pewuf (52) · 7 years ago

It is definitely too hyped right now, even people who are most unlikely to learn about tech are actually looking to put their money into BTC; I think this is a sure sign of a overheated market.

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christianposts (47) · 7 years ago (edited)

[email protected] lot of people have compared bitcoin to past bubbles, calling it a hype, and they are not wrong to do so. Any normal reasonable person that earns his money from hard work will like to be sure before he invests his or her money.Yes I personally think what people call hype in the case of bitcoin is actually people talking of the potentials bitcoin truly possesses.Bitcoin is serving the purpose for which its being talked about so well. Ive been able to transfer money easily between countries because of bitcoin, and that's just one of its benefits. If you check through history, you'll find out that the bubbles of past years were because the products were just hyped..They did not deliver what they promised. Just recently, bitcoin saved people's money in Zimbabwe when there was a political crises.These are the feats that make bitcoin valuable and thick,and not just random hype.

neduejianya (46) · 7 years ago

Wow. what people see as a bitcoin "bubble," from the perspective of the new paradigm, is merely the predictable and systematic devaluation of fiat currencies that will continue, with obvious ups and downs, until all fiat currencies reach the zero point. As the relative value of bitcoin temporarily drops, they will point to this as proof if their understanding. It won't matter. The reality if this new world is what it is. Those who understand will be the leaders of this new world

minnowpowerup (58) · 7 years ago

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captaincanary (58) · 7 years ago

Exciting times!... but I guess it has been for all of 2017 so far. Dtube is a bit weird for me and doesn't work very well, for example your video was zoomed in on the top left corner and a large chunk of the frame was cut off

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imaginationicon (50) · 7 years ago

I'm having a hard time with this whole thing as well, correction or bubble? That is the question.

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charles1 (68) · 7 years ago

Am sure that we will enter the 5 digit bitcoin era might be sooner than later however expect our dear steemit to shine from next year, am quite optimistic..
Upped, always. My gift for you, feel free to see my latest post on bitcoin and a new project and apply for free coins / airdrop....success

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doitvoluntarily (77) · 7 years ago

sure has been a surprising ride this year

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stokjockey (70) · 7 years ago

Yes we will see Bitcoin 5 digits soon. @exyle Just buy what you like on pullbacks in price. I am going to check out the Dtube video right now.

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kickassfacts (51) · 7 years ago

will we ?
https://steemit.com/bitcoin/@kickassfacts/bitcoins-facts-infographic

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stadex (50) · 7 years ago

2weeks. A tipp-look at the marketcap daily this tells you a lot. It's goimg uo steady so BTC could be 10000 in days. HISTORY PEOPLE. After that the big investors will all want in.

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adnanrabbani (70) · 7 years ago

Excellent video my friend i am also happy to see the way bitcoin is growing and in my opinion bitcoin tx are way too slow compare to steem or ETH but still bitcoin is growing why because it the oldest protocol and peoples have so much trust on it and second thing is that if we see coinbase last week many bitcoin new wallets are created it means more and more peoples are using bitcoin and it's now become a viral thing the way it's active users and no. of wallets are growing i personally see a 15k bitcoin soon, wow i like d-tube 0.5 as well and it's way faster than previous versions and your video plays beautifully, i even able to see a rain drops pouring outside of the windows so the result of the video is also awesome, thanks for sharing very nice information with us, Stay blessed.

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serkagan (65) · 7 years ago

Oh yeah @exyle, you're close to the truth of my friend and in the near future we will actually see a five-digit number in the price of Bitcoin, at least I hope so and all the talk of the fiat whales, as you noticed, just talk! I, for example, can say that the dollar is also a bubble when someone needs it and let them convince me otherwise!

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immarojas (68) · 7 years ago

Can i join you in the giggling part😂

3 votes

exyle (79) · 7 years ago

Ofcourse, you can!

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michael11 (46) · 7 years ago (edited)

Kool. @exyle you have smartly summarized the bank - bitcoin 'argument' in just one line:

'if they are good at detecting bubbles, why did they not see the housing bubble'

You are totally right. The technology and system around bitcoin is reasonable and firm. What am I trying to say?

If people want to call bitcoin a bubble, they ought to explain why exactly it is, instead of incompetently comparing it to past bubbles that do not share any characteristics with bitcoin other than a big price tag. If bitcoin were a bubble, it would be the largest one humankind has ever witnessed (not counting the 6,000-year old gold bubble, of course). But that is unlikely. It is more likely that bitcoin is just an amazing creation. Its value and potential dwarfs any fintech idea heretofore imagined, and the blockchain communities are just getting started.

Thanks for this wonderful post today @exyle,i love crypto alot that's why I love to involve myself in any discussions involving it. Would gladly expect more from you i the future. Thanks.

exyle (79) · 7 years ago

Thank you.

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doctorjohn (62) · 7 years ago

Thanks for the encouragement to take profits.

georgechuks (52) · 7 years ago (edited)

I agree with youwhy didnt they see the housing bubble. :) Bitcoin's own market cap or any other market cap all nothing to do with bitcoin price. It may grow on it's own pace. Own pace also in exponential. So, 5 digits may be reached within a month.
It will reach $10,000 or $100,000 in the future. It will just take long time. 5 years ago, the price was less than $1.
And i must say that the uploader is great.
Rather than expecting you to go to steemit.com to alter your article, you would now be able to specifically do that inside DTube. On the off chance that you need a custom Steem Article (that doesn't get created from your video portrayal), you would now be able to do that in the propelled some portion of the transfer page.

eveokonma (46) · 7 years ago

Yeah. I also like that it recollects your volume settings and keeps it at a similar level, rather than turning it move down to 100% on each new video. This is something that will enhance enormously the solace while perusing DTube, and I'm uncertain why that wasn't done before.

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blessing2002 (45) · 7 years ago

Well said. Youve just explained in few lines what I've had in mind for a long time now. The good thing about bitcoin is that even if a correction will come, you can sell anytime you want, and then buy back when you think it's safe again. I don't really see a bubble Because the foundational ideology around bitcoin is really solid. There are numerous reasons I feel bitcoin would not have a bubble burst, as the antagonistic central banks are trying to pass,(banks who never cared about us, but all of a sudden are now caring about our investments, just because it's affecting them), but one of them will be it's increasing merchant adoption.
The arguments for online merchants to accept Bitcoin are actually very strong; fees are lower than for credit card payments, chargeback fraud is entirely eliminated, new customers can be reached in underbanked regions and a new, tech-savvy consumer base can be attracted.

The more that merchant adoption increases globally, the more there will be regular and stable demand for the digital currency. And given the current low rate of merchant adoption, there is a substantial room for upside.

The earlier banks accept this fact the better for them. They have to put away personal gains and work for the good of the general population.

yaanivapeji (65) · 7 years ago

The mainstream must always have something negative to say about bitcoin because it is not mainstream yet.

nancy7819 (45) · 7 years ago

Its mainstream friend.

The financial establishment's vision for bitcoin, though, has proved to be extremely near-sighted. On Tuesday, the CME Group announced that it plans to list bitcoin futures contracts by the end of the year. The development is positive. Right now, if investors want to bet on the price of bitcoin, the only real way to do it is to buy bitcoin. That's not only potentially inflating the price of bitcoin but also making it harder to determine the currency's true value

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yaanivapeji (65) · 7 years ago

Ok. Thanks for the knowledge.

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neduejianya (46) · 7 years ago

It is becoming mainstream friend. Bitcoin is virtually impossible to fabricate, as a record of every transaction that coin was ever a part of is encoded into each unit into what is called a blockchain. This blockchain technology is weaving its way into every orifices of the banking industry and beyond, as it is the greatest innovation to date for ledgers. Get used to hearing the word.

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yaanivapeji (65) · 7 years ago

Well good, good. Thanks for sharing your knowledge of bitcoin.

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delighty (46) · 7 years ago

Great development. Hope the many-sided quality of changing over a video to the best possible organization for an arbitrary client has been resolved.
I agree that it cant be a bubble. Bitcoin’s supply is limited. There will only be 21 million bitcoins created, and 80% of this number has already been created. The more funds invested in bitcoin, the greater the value of each bitcoin. Other blockchain currencies could affect bitcoin’s value, but all the other cryptocurrencies combined are not yet equal to bitcoin’s market value. In addition, those cryptocurrencies that don’t have limited supply will not hold their value. Thanks @exyle

princesson (48) · 7 years ago

Yeah it has been. The new uploader does that for you, by making another web-good 480p encoded video record from your unique document transfer. That record will appropriately play in each program, and load immediately. There is no doubt that this is really awesome. Just go and try it. Dont take my word for it :) just try it and see for yourself.

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georgechuks (52) · 7 years ago

This was a truly necessary component. Not just a great deal of clients are transferring recordings that have a shameful configuration for the web, a considerable measure of clients have a low data transmission and can't appropriately stream the source document.

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maya7 (63) · 7 years ago

Very good news my friend, bitcoin price will be unstoppable force. Very much impressive for the community and ultimately we will see the golden era of steemit community. Thanks for the great update.

theguruasia (67) · 7 years ago

@exyle,
"But a correction and a bubble are not the same things."
You got it well! Yeah correct and bubbles are not the same thing! Nice Dtube 0.5 version update also! Seems it's preparing to finish the era of Youtube also! Great post dude!

Cheers~

ghulammujtaba (59) · 7 years ago

Just bought some BTC for the first time in my life!

exyle (79) · 7 years ago

Congrats!

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opheliafu (76) · 7 years ago

We were discussing the speed of DTube uploading yesterday at dinner with another Steemian- may have a look if it has sped up a bit. I haven't made a video in ages.

exyle (79) · 7 years ago

This new version loads much faster. Can't wait to see what else they do with it.

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meesterboom (78) · 7 years ago

I think we might see it sooner than we suspect. Although there is bound to be a pullback I think it might be a minor one before another surge

exyle (79) · 7 years ago

I hope so man. It sure are interesting times in crypto.

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rocksg (69) · 7 years ago

Yup bitcoin will hit the 10k mark before the end of this year. Those who are saying it a bubble have not known the true power of it.

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rocksg (69) · 7 years ago

Yup bitcoin will hit the 10k mark before the end of this year. Those who are saying it a bubble have not known the true power of it.

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realityisfake (46) · 7 years ago

They call it a bubble because they live in a bubble.

Things are changing. Everything's changing. No one denies this, yet still there are people who "get" it and people who don't. And then there's the general demos who want to get it, pretend to get it but usually only manage a shallow understanding of what is going on across the globe, and in every nook and cranny of human life.

Not that I myself understand anything so completely. This is bigger than any individual mind can grasp. But still, to quote Erasmus, in the land of the blind, the one-eyed man is king.

And Bitcoin emerged so that those who can sense the spirit of the new era might have a chance at prosperity. Still, each of us has to apply some reasoning and some care or we might lose what we have been granted.

At least that is true at the level of the individual. For humanity, though, and this world of ours, our fate is sealed and posted. The old guard will live to see the collapse of their back-lot fakery and the emergence of this new thing, whatever it is.

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quinnpeterson (49) · 7 years ago

wow that's great updates,really It's fast and it looks fantastic,thanks for good sharing

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starbug05 (25) · 7 years ago

Yes I personally see a future for bitcoins,i project a rapid rise for the currency in a couple of months if not years because it made a rise from the latter hundreds to the ten thousands it is at right now.

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sanif (25) · 7 years ago

its crazy... I never bought it fast enough..

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krystal-paws (44) · 7 years ago

so stop beating yourself up it's never 2 late to realise u create your entire reality. u will realise it eventually dear one.s

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tonygreene113 (59) · 7 years ago

So what does the Steemify app actually help the Steem user do? What actions are being manipulated and helped with the use of the application?

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dragonking (57) · 7 years ago

That would be massive point for introduce DTube 0.5 version launched. It will be very fast and fascinating interface. Nice to looking. Other way BTC hit massive target and will keep going over 10k. This is time for buy bitcoin and hodl better i think. Am I correct? If I wrong plz give me solution.

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bridgetoby (47) · 7 years ago

Great question bro. The world is becoming ever more reliant on the internet.
So, really:
It is no surprise that Bitcoin, a secure, global, and digital currency has claimed the interest of investors.
Bitcoin is open to everyone and provides an exciting opportunity to delve into an entirely new asset class.
Investing in bitcoin may seem scary, but know that it takes time and effort to understand how Bitcoin works.
As with any market, nothing is for sure.

Throughout its history, Bitcoin has generally increased in value at a very fast pace, followed by a slow, steady downfall until it stabilizes.

Use tools like Bitcoin Wisdom or Cryptowatch to analyze charts and understand Bitcoin’s price history.

Bitcoin is global and not affected by any single country’s financial situation or stability.

For example, speculation about the Chinese Yuan devaluating has, in the past, caused more demand from China, which also pulled up the exchange rate on U.S. and Europe based exchanges.

Global chaos is generally seen as beneficial to Bitcoin’s price since Bitcoin is apolitical and sits outside the control or influence of any particulate government.

When thinking about how economics and politics will affect Bitcoin’s price, it’s important to think on a global scale and not just about what’s happening in a single country.

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dragonking (57) · 7 years ago (edited)

Thank you for the explain and knowledge.

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danikine (25) · 7 years ago

aaaand we're there

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ritue (48) · 7 years ago

Nice post sharing @exyle its really good

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stadex (50) · 7 years ago

You just want a like so you botpost.

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bridgetoby (47) · 7 years ago

Very true. I agree with you.
exactly.
people who think bitcoin will never go to $10,000 are delusional, bitcoin is a VERY LIMITED resources with a LOT of potential.
If even 10% of humanity would use bitcoin on a regular basis and want to transfer a large portion of their wealth in bitcoin because they either find it more convenient or more safe than fiat, than that alone would make the price of bitcoin explode.
$10,000 is absolutely nothing compared to every other market in the world. The markets measure things in billions, trillions even, and the bitcoin market trades only a few millions a day, that's absolutely pathetic amounts of money.
1 single rich guy like for example mark zuckerburg or bill gates or warren buffet could on his own buy ALL bitcoins for the current price and it wouldn't even cost him all his money.
Yeepie. Dtube 0.5 is here again. Will check it out after this. Glad to hear this. Thanks foe all your effort.

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madushanka (74) · 7 years ago

@exyle, Wow absolutely better update of BTC 5 digits Bitcoin era. BTC currently in $9200 level. It will be 5 digits very soon as i know. Actually its unbelievable and unstoppable. Great news for BTC investors and traders.
Other wise New Dtube 0.5 officially released. Its huge news for steemians. Thanks for sharing and you might long providing work for this blockchain development.

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assimyaw (29) · 7 years ago

They are just saying their minds
Before they will realize the price will be hitting 6 digits

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ariskalmunandar (43) · 7 years ago

hello

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livelifefullest (62) · 7 years ago

It is just a start, and correctionele will be made, forks will come, but Finally ...... we all benefit

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kevaton (48) · 7 years ago (edited)

You are right @exyle a 5-digit btc value is lurking around the corner possibly before the year runs out.

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eveokonma (46) · 7 years ago

Wow. Great and i couldnt agree more.
One benefit of cryptocurrencies is that they coexist with other forms of money used for transactions. Bitcoin is not in a bubble. Instead, people are using it to park their dollars so central banks cannot destroy their value.
So i see no reason why it should be a bubble.
I see the Dtube 0.5 version is up and running. I am running there now to check it out

Volatility will continue for bitcoin, as nothing moves in a straight line.

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upvotelife (61) · 7 years ago

i like nuber 5:)
thanks for post but i belive

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nancy7819 (45) · 7 years ago

Wow. So glad that the new uploader is up and running to the latest version. Will get there as soon as possible to try it.
Lol @changed "banks" to experts. Ofcourse i couldnt understand the information there because it was in dutch. Thank you for explainng that a bit. Atleast i have an idea of what was said on there.
That's the exact same thing people said when it hit $1 in 2009, then $10, then $100, now over $1000 and will continue to say at $10,000, $100,000...and so on.
This is the best bitcoin investment advice I've seen:

Dollar cost average by buying what you can afford to lose every week.
It is always a good time to buy bitcoin if you are holding long term and not just for day trading. Don't wait for the price to drop significantly again, because you could be waiting forever:

“The best time to buy bitcoin was a few years ago, the second best time is now”.

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lucyc (49) · 7 years ago

I concure with the fact that there will be a correction. Just like @exyle has said, I think a correction is inevitable, but not a bubble. Unlike what the banks want us to know, the system around bitcoin has proven the test of time, even though it's to an extent. But you could notice that 2017 has been the year in which Bitcoin has finally gone mainstream. Five years ago, if you would have asked the average person on the street what Bitcoin is, they would have most likely given you a bewildered look. Today, most people have at least heard of Bitcoin and many even know that one bitcoin is worth more than an ounce of gold.

Now that Bitcoin has become mainstream, the buying potential from new investors is immense, especially as institutional investors have started to open up to the idea of investing in bitcoin and other digital currencies.

Wonderful post @exyle, you've really stated the obvious in brief words. Thanks

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rehan12 (73) · 7 years ago

It will be sooner than later let us hope so :)

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neduejianya (46) · 7 years ago

Great post @exyle. It is not a bubble. Thats what they have been saying.
IMO, a huge part of bitcoin's rise is the fact that various Asian countries are starting to use it as legal tender. That's also why you can look at the current price of bitcoin on an index and see it going up, even if it's like 4 am in whatever American city -- it's because various Asian countries/companies are dealing in bitcoin now, and for them, it's like noon (or whatever) right now.
Great uploader there. It makes life much more easier. You rock.

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calatorulmiop (57) · 7 years ago (edited)

All this growth seems speculative to me. We shall see.

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toofunnymemes (49) · 7 years ago

Nice one @exyle. The uploader looks awesome,the update could not have come at any better time. Like you've said, I believe there will be a correction, like all 'stocks' experiences, but I don't see any bubble burst. I believe bitcoin is special.It is not a company that could lose profitability and fail. It is certainly not a speculative real estate scam that could crumble as a result of government and bank-induced chicanery. Its value is not increasing because of marketplace lies. It is increasing because it is a life-changing financial invention. It is increasing because more people are adopting it. The “network effect” is in full swing.
I believe this is just the beginning for bitcoin, I think it's heading for 20000 dollars.

Thanks @exyle for such wonderful news,and like you said, taking some profit on the way is wisdom.

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princesson (48) · 7 years ago

Wow. Atleast someone has my reasoning. I like the way you reason. It probably WILL bubble someday, but when most people have barely heard of Bitcoin, and probably less then 2% of the population own Bitcoin, and with very low institutional dollars invested (yet), we're not even close to a bubble. When the dot com bubble burst, EVERYBODY was in the market getting rich (on paper). You'd have janitors buying second homes and cab drivers giving hot tips. When that happens, I'll be worried.
Dtube has never been better. Thanks for the update.

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soekahsoelong (49) · 7 years ago

a good and very interesting information, hopefully what is planned will be the right choice and wisdom. and we hope with in this right we hope will be better and steady. thank you for sharing.

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gabrielinnocent (50) · 7 years ago

This is great. The uploader is awesome. I was not aware there was going to be an update of the uploader, am just seeing this now. What you've said is true and comes from a well Informed mind. Yes there will be a correction, but a bubble is not really feasible. Why do I say this? In addition to what you've said, let's not confuse the rapid rise of bitcoin price to artificially inflated bubble based on false truth. It is true investors are rabid to get on board and this excitement is causing bitcoin’s price to explode, but this is different because it follows principles of economics. In accordance with the network effect, the more people that continue to get involved with bitcoin, the higher the price will climb. The higher the demand, the higher the price, basic economics. But it's so unfortunate that the 'phds' of economics employed by the banks have chosen to ignore this basic rule, just for their own interest.
Thanks @exyle for helping bring this wonderful discussion to our notice. All the best.

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salahchiva (59) · 7 years ago

i thik DTube is much better than youtube
First, greater profits
Second, we are paid in steem currency and this is good
And developers are working to make it the best platform

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ganeshsahu (56) · 7 years ago

I think we will see it tonight

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cecicastor (60) · 7 years ago

Since when do smart people believe in banks? Banks are not experts. They like to think they are an sway popular opinion. I don't believe that this is a bit coin bubble. I think there will be some adjustments but I don't believe that it will crash. That just what the banks would like you to believe.

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taimoorahmad (58) · 7 years ago

I'll give it a try. Last one was too slow.

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bridgetoby (47) · 7 years ago (edited)

You should. Its is very fast. I would suggest and I trust they can begin doing some 'promoting' and quicken the development of DTube. Because this is amazing. Alot of people who have had issues with it in the time past should get to know that it is a better place Maybe enlisting famous YouTubers into DTube. Bcos since @hasheur as of late began posting on DTube, a considerable measure new french talking clients joined SteemIt (and DTube most likely).
I hope they consider how to offer motivations to steemians to transfer and upvote DTube recordings.

stadex (50) · 7 years ago

I still can't upload. The video loaded but the snap keepa saying the photo is too big or its the wrong file. Im usimg a smartphone is that the reason?
Anybody else having this problem?

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hamzayousaf (66) · 7 years ago

Wow very interesting post
@exyle

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ersa-siregar (49) · 7 years ago

Good post and great, we hope this can be realized and can be achieved. this is a very interesting information and I am happy to hear this news and we hope it becomes a reality.

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sojib24 (42) · 7 years ago

Awesome post friend.
I like your all content because your content type and quality is so good.
best of luck go ahead friend.

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dylen (46) · 7 years ago

Can anybody try to tell me...what will happen to the Fiat currency in the future?

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chuksdozie2004 (46) · 7 years ago (edited)

Nice question @dylen.in my own opinion, I feel bitcoin will lead to lesser usage of fiat money. It might not take it away outright and totally, but it will lead to its reduced usage as we've already started experiencing. In response to this I believe the Central banks could simply step in and offer their own digital currency, to pre-empt a Bitcoin takeover. There is such a thing already, of course. It’s what happens whenever central banks buy assets by creating bank reserves. It’s all just digital entries on a spreadsheet. Creating central bank “digital currency” simply means offering existing digital account services to a wider group of entities.
Hope it helps

dylen (46) · 7 years ago (edited)

Thanks.. okay at least its not going to vanish totally like instantly .. but how are we going to measure the values of that bitcoin lets say 1.00 dollar yup I see it and i know its value right away but bitcoin yup I know that too but to use it as a currency to buy thing its value based on what? I'm sorry for asking too many question..

chuksdozie2004 (46) · 7 years ago (edited)

Thanks a lot @dylen for your well thought and reasonable reply and question, it well appreciated and thanks @exyle for this opportunity you given us. Very true, fiat is not going to vanish immediatelyn my own opinion, I believe goods and services will be priced in bitcoin just as they are priced in dollar now. For instance, I read a post by a wonderful steemian @jrcornel, were houses were put up for sale in in turkey for a certain amount of bitcoin. The prices will be stated in bitcoin, for example 70bitcoins,just like in the case of the dollar, example $10000. You can read more about the post here for more information
https://steemit.com/cryptocurrency/@jrcornel/you-can-now-buy-apartments-in-turkey-using-bitcoin
So I believe

dylen (46) · 7 years ago

How I wish this thing came into my head before... my curiosity will never just stop by answers.. I think its enough for me ...for now... thanks and have a nice day there

chuksdozie2004 (46) · 7 years ago

You welcome. Your questions are Always appreciated, please keep sending them in, they help make this wonderful steemit community better.

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exyle (79) · 7 years ago (edited)

Once it's in your head it wont ever go away. I think about blockchain and crypto all the time.

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dylen (46) · 7 years ago

and so am i right now..haha thanks

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neduejianya (46) · 7 years ago

No you are not asking many questions. I wish there was a platform where people could ask questions and other peiple comment and not just the poster. People atimes are just conscious of an upvote her and there and forget the true purpose of steemit. Steemit is a community and we are here to help each other. I like it when people dont just come to read but to be cleared on issues they have. I like your mindset and i believe @exyle and @gavvet share the same thoughts too. Two great people in the making i look up to on steemit. Pls feel free to ask questions.

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lucyc (49) · 7 years ago (edited)

Okay, based on my study of bitcoin and the crypto industry at large, I can give a humble opinion. I believe there will still be usage of fiat, although this will reduce to some extent, but where I see a major drift will be in the tremendously easy access and usage to fiat of other countries foreign to the user. foreigners outside the digital central banking country might desert their own banks and deposit directly with the foreign central bank, or indirectly via some local intermediary. The increased ease of shifting deposits into a safe foreign asset might exacerbate the flows of capital in and out according to changing perceptions of the health of the domestic banking system, amplifying the credit cycle in their home country.

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dylen (46) · 7 years ago

okay that make sense.. thanks

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neduejianya (46) · 7 years ago

I couldnt resist not talking about this question. I have given it a thought several times.
You are a smart asker. When individuals have significant amounts of money invested in one cryptocurrency over another, it’s no surprise that tensions run high when they go head to head. However, these squabbles over which coin is best might be distracting us from a more pressing issue.

Some observers would argue that the true flippening isn’t a case of competition between two different forms of cryptocurrency at all. The sea of change yet to come could have more far reaching consequences, if and when digital currency as a whole becomes more popular than conventional fiat currency.

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dylen (46) · 7 years ago

Thats good, but based on what I herd before is that they want to change the whole banking system..which mean no more security guard watching over you entering the bank to complete any transaction with the bank and to overcome the corruptions etc. and its easy to be transfer anywhere in the world and that is not a problem if you have a big amount of bitcoin now how about the small number...all I can see is it will vanish just like that because of the blockchain...

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cupoftea555 (25) · 7 years ago

We are definitely going to its happening !!!

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rebatesteem (61) · 7 years ago

An encouraging discussion, this is very good news and great. thank you for sharing and hopefully the future will be born better.

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didarulselim (47) · 7 years ago

https://d.tube/ website really nice, your video is nice,

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cryptocatz (48) · 7 years ago

Dtube> check it out> got it! Thanks for the tip ;)

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teks (57) · 7 years ago

We all hope Bitcoin will continue to rise in price.
It doesn't seem crazy that this year reaches 10k.
Hehehe.

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pida (51) · 7 years ago

Hi @exyle, this is very interesting news and very liked by all circles, thanks for sharing, this is a valuable and valuable post.

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axios (62) · 7 years ago

According to Clif High, it's going to upwards of $13,800 by end of Feb!

Check out my recent article about it...super fascinating stuff: Predictive Linguistics: The Magickal Art of Cryptocurrency Forecasting

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arista (47) · 7 years ago

Nice post....

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zarfot (43) · 7 years ago

This is informative!!

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sangita (36) · 7 years ago

nice post

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tember (51) · 7 years ago

Good information, thanks for sharing, it's a nice and interesting thing

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blazing (70) · 7 years ago

seems like we have seen the five digits of bitcoin

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bitfiend (59) · 7 years ago

hah! Shots fired @ the housing bubble!! You know, my brother told me in 2014 when I was still new to bitcoin, "That bubble popped a long time ago", and I thought to myself, HUH? Just the other day I reminded him of what he said. No response! I am pretty sure we all feel bitcoin will be 100 grand sooner than later! To the moon!

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rival (67) · 7 years ago

before 5 december we have 10K

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arcange (73) · 7 years ago

Congratulations @exyle!
Your post was mentioned in the hit parade in the following category:

Pending payout - Ranked 10 with $ 168,7

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ai-crypto-tech (53) · 7 years ago

it is - finally

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fitzgibbon (61) · 7 years ago

With all the media coverage and the FOMO spreading, I suspect the 10K barrier will be breached this week!

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krystal-paws (44) · 7 years ago

will all realties exist right now asking if thats possible is fuckiing sily all things already exist u decide the reality u experiance u are that amasing we all are! in a another reality bitcoin is called fuckmyass

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marcohernandez98 (39) · 7 years ago

omg yes! you got me thinking about it now ...hmmm... really interesting

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