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Bitcoin (cryptocurrency)
- Thread starter vonkeynotvenky
- Start date
Bitcoin has a lot of benefits.
For me, and anything that follows is just my humble opinion.
The biggest benefit is the fact that it is yours. Ever heard of the bank IT depart going down overnight?, people cannot use their cards?. Your account is frozen?
Can never happen with bitcoin.
Bitcoin is a direct competitor to Visa, Amex etc. so it is taking on some really heavy dudes. Its advantage against these heavy dudes is the cost. There was a 55million dollar worth transaction the other day, the cost of the transaction was less than 3 dollars, imagine what the geezer saved compared to Visa.
That small restaurant/pub/shop you use, they all have costs of 3% to pay when you use your card.
Each day more sellers embrace bitcoin.
But there is the problem, bitcoin blockchain (blockchain= where the buy/sell is done) only processes 7 transaction a second, compared with 22000 of Visa
The meteoric rise of bitcoin 3 years ago is when news of an enhancement of bitcoin surfaced of bitcoin greatly upping its transaction per second volume. When it became obvious that this was not imminent bitcoin then tanked.
The devs/coders on bitcoin are without doubt the best out there, because for the best coders it is a badge of honour to be associated with bitcoin.They do not get paid, some get grants, but for the majority it is a labour of love for the coin.
Much progress has been made on said enhancement(LN), and more and more bitcoin users are embracing it, which could be a very good reason for bitcoin's price rise.
Just think if bitcoin hit £15000 doing 7 transactions a second, what could it be worth if it ever equals Visa?
Take the above with a pinch of salt, many think it is just a store of value, like gold.
For me, and anything that follows is just my humble opinion.
The biggest benefit is the fact that it is yours. Ever heard of the bank IT depart going down overnight?, people cannot use their cards?. Your account is frozen?
Can never happen with bitcoin.
Bitcoin is a direct competitor to Visa, Amex etc. so it is taking on some really heavy dudes. Its advantage against these heavy dudes is the cost. There was a 55million dollar worth transaction the other day, the cost of the transaction was less than 3 dollars, imagine what the geezer saved compared to Visa.
That small restaurant/pub/shop you use, they all have costs of 3% to pay when you use your card.
Each day more sellers embrace bitcoin.
But there is the problem, bitcoin blockchain (blockchain= where the buy/sell is done) only processes 7 transaction a second, compared with 22000 of Visa
The meteoric rise of bitcoin 3 years ago is when news of an enhancement of bitcoin surfaced of bitcoin greatly upping its transaction per second volume. When it became obvious that this was not imminent bitcoin then tanked.
The devs/coders on bitcoin are without doubt the best out there, because for the best coders it is a badge of honour to be associated with bitcoin.They do not get paid, some get grants, but for the majority it is a labour of love for the coin.
Much progress has been made on said enhancement(LN), and more and more bitcoin users are embracing it, which could be a very good reason for bitcoin's price rise.
Just think if bitcoin hit £15000 doing 7 transactions a second, what could it be worth if it ever equals Visa?
Take the above with a pinch of salt, many think it is just a store of value, like gold.
carlosthejackal
Well-Known Member
- Joined
- 13 Feb 2010
- Messages
- 4,471
Huge rises lately , withdrawn my initial investment and now got a free hit with the healthy profit . Where does anybody see it going from here ?
Wafty Cranker
Well-Known Member
- Joined
- 31 Mar 2006
- Messages
- 1,109
One way to ticket to the moon!Huge rises lately , withdrawn my initial investment and now got a free hit with the healthy profit . Where does anybody see it going from here ?
Hopefully it'll continue to trend upwards. Six figures (in USD) next year would be nice and is not beyond the realm of possibility.
More and more Bitcoin addresses are HODLing. Take all those coins out of circulation, along with all these supposedly lost coins, add in the mix institutional investors piling in and you have good old supply and demand driving the price. It's not like Bitcoin is tied to any assets, or has any earnings report or anything, with no intrinsic value that supply and demand is quickly going to send the the price soaring. Still plenty of up upside if you look it market cap vs gold, stock to flow and all that jazz. I think JP Morgan recently set a target of $146k
What does worry me slightly is the amount of addresses with loads of coins in them, and if they decide to dump a load on the market in one go. Ot oh!
Last edited:
Skip Donoghue
Well-Known Member
If you listen to some commentators like Cathie Wood who runs ARK investments into the hundreds of thousands and for anyone who doesn't know who Cathie Wood is give her a googleHuge rises lately , withdrawn my initial investment and now got a free hit with the healthy profit . Where does anybody see it going from here ?
If you listen to some commentators like Cathie Wood who runs ARK investments into the hundreds of thousands and for anyone who doesn't know who Cathie Wood is give her a google
How much would you say £5k get you in bitcoins now then?
Brother in law put £30k in, he’s just taken his £30k out and has £150k left in as it stands.Huge rises lately , withdrawn my initial investment and now got a free hit with the healthy profit . Where does anybody see it going from here ?
journolud
Well-Known Member
Would love to withdraw what is left of my Bitcoin but can’t for the life of me remember how to access my wallet. I’ve got a nice bit of pocket money down the back of the virtual sofa
Mad Eyed Screamer
Moderator
I haven't a clue what bitcoin is.Brother in law put £30k in, he’s just taken his £30k out and has £150k left in as it stands.
So your B-I-L put £30K in (how long ago?) and has made £150 profit??