Investing

Bitcoin and Ether

  • Last Updated:
  • Oct 23rd, 2017 12:44 pm
Tags:
Deal Addict
Jul 11, 2008
4033 posts
1299 upvotes
Frank2029 wrote:
Aug 4th, 2017 8:36 pm
Not sure what's so funny about a 10% gain in a couple days?
because crypto is extremely volatile place and things go up and down all the time? if he can do 10% consistently every 2 days, i'll give him some credit. it's nothing.
Deal Addict
Mar 10, 2005
4352 posts
429 upvotes
JimboD wrote:
Aug 4th, 2017 12:20 pm
How to withdraw bitcoin cash???
Check with your exchange
I don't do downvotes but feel free to downvote me.👎

"Talent gets you in the door. Character keeps you in the room."
Member
Feb 17, 2012
433 posts
65 upvotes
Toronto
mathiewannabe wrote:
Aug 4th, 2017 9:04 pm
because crypto is extremely volatile place and things go up and down all the time? if he can do 10% consistently every 2 days, i'll give him some credit. it's nothing.
Ohhhhhh yea makes sense. Thinking Face
Deal Addict
Mar 10, 2005
4352 posts
429 upvotes
All time high today, It came through with flying colours.
I don't do downvotes but feel free to downvote me.👎

"Talent gets you in the door. Character keeps you in the room."
Newbie
Jan 13, 2017
41 posts
10 upvotes
Are you guys selling BCH and buying more BTC with it or keeping BCH for the long run. ?
Member
User avatar
Nov 17, 2015
265 posts
48 upvotes
Resolute, NU
ilostmyid wrote:
Aug 5th, 2017 7:27 pm
Are you guys selling BCH and buying more BTC with it or keeping BCH for the long run. ?
I'm holding both long term (I only have a small amount of BCH compared to BTC though).
Deal Addict
Nov 9, 2013
1852 posts
640 upvotes
Edmonton, AB
For a cryptocurrency to become a long term success it must eventually be adopted for the general purchase of goods and services. To me this seems like an insurmountable barrier to overcome - if I want to go buy a coffee how do I buy one with bitcoin, or ether? I can't.

There's a switching cost from traditional money. The Canadian Dollar (or American Dollar; or any other Western Currency) has a network effect - the more people who use it the stronger it is and the more people want to use it. In essence it has a very wide moat as it is so widely used. As it's so widely used, why would you want to try to use something else, that will probably not be accepted?

Think about it in terms of credit cards - would you go out and sign up for a Discover credit card if no one accepts it? Would you invest in Discover Financial Services stock, when Discover Credit Card makes up ~ 5% of credit card transactions in the US (and even less in Canada)? What % of non credit transactions to cryptocurrencies make? I would wager it is substantially less than 0.01% of all non credit transactions in North America. Perhaps I'm being short sighted, but how can these be a long term success? Traditional currencies are too deep rooted, too conventional to topple.

Thinking about it more I think cryptocurrencies would have a better chance in the third world - a place where traditional national currencies are less stable and less trusted by the population. All you would really need is a smart phone to conduct transactions, and you could cut your destabilized national currency and your shoddy government out of the transaction.
Deal Addict
User avatar
Dec 14, 2010
4248 posts
3164 upvotes
treva84 wrote:
Aug 6th, 2017 10:19 pm
For a cryptocurrency to become a long term success it must eventually be adopted for the general purchase of goods and services. To me this seems like an insurmountable barrier to overcome - if I want to go buy a coffee how do I buy one with bitcoin, or ether? I can't.
Actually, you can:

http://www.bitcoffee.eu/

https://coffee.foldapp.com/

Lots of large and small businesses accepting bitcoin, check out the list in this article

treva84 wrote: There's a switching cost from traditional money. The Canadian Dollar (or American Dollar; or any other Western Currency) has a network effect - the more people who use it the stronger it is and the more people want to use it. In essence it has a very wide moat as it is so widely used. As it's so widely used, why would you want to try to use something else, that will probably not be accepted?

Think about it in terms of credit cards - would you go out and sign up for a Discover credit card if no one accepts it? Would you invest in Discover Financial Services stock, when Discover Credit Card makes up ~ 5% of credit card transactions in the US (and even less in Canada)? What % of non credit transactions to cryptocurrencies make? I would wager it is substantially less than 0.01% of all non credit transactions in North America. Perhaps I'm being short sighted, but how can these be a long term success? Traditional currencies are too deep rooted, too conventional to topple.

Thinking about it more I think cryptocurrencies would have a better chance in the third world - a place where traditional national currencies are less stable and less trusted by the population. All you would really need is a smart phone to conduct transactions, and you could cut your destabilized national currency and your shoddy government out of the transaction.
The whole idea is to change the traditional economic model. For me to send money to you, I need to ask permission to the government. Don't need it with BTC. If we're in different countries and I want a product from you, it costs and it takes days for me to convert and send my currency to you, in your currency. Meanwhile, BTC allows a global payment system, where I send you a coin (in hours, not days), for a fraction of the cost, and it's the same currency. No government to intermediate, it allows a direct link between end-users and businesses. It's encrypted and decentralized. The more it's adopted, the more it can be used for other businesses - like the different use cases for the list above. The potential is huge and realistic in my opinion.

It will be really interesting to see how this will evolve in a few years - and what the government and central banks will do about it. And in a few years from now, most, if not all payments will be done via blockchain. Ether is a protocol that solves problems today that cannot be impemented with today's technologies and processes. There's a reason why companies like Visa are posting jobs like these.


Rod
Everything about my Investing and automated Trading strategies to boost your income: https://boostyourincome.ca
Deal Addict
Nov 9, 2013
1852 posts
640 upvotes
Edmonton, AB
rodbarc wrote:
Aug 6th, 2017 11:51 pm
Actually, you can:

http://www.bitcoffee.eu/

https://coffee.foldapp.com/

Lots of large and small businesses accepting bitcoin, check out the list in this article




The whole idea is to change the traditional economic model. For me to send money to you, I need to ask permission to the government. Don't need it with BTC. If we're in different countries and I want a product from you, it costs and it takes days for me to convert and send my currency to you, in your currency. Meanwhile, BTC allows a global payment system, where I send you a coin (in hours, not days), for a fraction of the cost, and it's the same currency. No government to intermediate, it allows a direct link between end-users and businesses. It's encrypted and decentralized. The more it's adopted, the more it can be used for other businesses - like the different use cases for the list above. The potential is huge and realistic in my opinion.

It will be really interesting to see how this will evolve in a few years - and what the government and central banks will do about it. And in a few years from now, most, if not all payments will be done via blockchain. Ether is a protocol that solves problems today that cannot be impemented with today's technologies and processes. There's a reason why companies like Visa are posting jobs like these.


Rod
What I mean is on my way to work I can't stop and buy a coffee with Bitcoin. To buy in person I suppose I could use the third party app that would allow me to convert my bitcoin to buy a coffee, but then I'm still using the native currency (i.e. CAD) to buy the coffee, not Bitcoin.

Just for fun I went to WebJet.Com (one of the retailers listed as accepting BitCoin) and I tried to book a flight from Edmonton to Hawaii - there is no option to pay with BitCoin, only with credit card.

I understand things would be different in the US but there are still barriers to widespread adoption. It seems the easiest ways around these barriers are to buy gift cards or do point of transaction conversion from Bitcoin to dollars, but then you're really undermining the whole reason for a cryptocurrency in the first place.
Deal Addict
User avatar
Dec 14, 2010
4248 posts
3164 upvotes
treva84 wrote:
Aug 7th, 2017 7:15 am
What I mean is on my way to work I can't stop and buy a coffee with Bitcoin. To buy in person I suppose I could use the third party app that would allow me to convert my bitcoin to buy a coffee, but then I'm still using the native currency (i.e. CAD) to buy the coffee, not Bitcoin.

Just for fun I went to WebJet.Com (one of the retailers listed as accepting BitCoin) and I tried to book a flight from Edmonton to Hawaii - there is no option to pay with BitCoin, only with credit card.

I understand things would be different in the US but there are still barriers to widespread adoption. It seems the easiest ways around these barriers are to buy gift cards or do point of transaction conversion from Bitcoin to dollars, but then you're really undermining the whole reason for a cryptocurrency in the first place.
True, but that's today and at this point it's all about potential adoption. I agree that it's not mature yet to replace our current commodity (money), and it feels like this is the 90s when a few heard about the Internet - nobody could explain what it was or what it was used for, but look where we are now. Crypto-currency (and Ether) is like Internet v2 (and bitcoin is just one application, like email v2). At a very minimum, this opens up the technology for a new delivery system, which is truly secure, cheap and fast.


Rod
Everything about my Investing and automated Trading strategies to boost your income: https://boostyourincome.ca
Member
Oct 29, 2014
284 posts
56 upvotes
905
I have a couple concerns with Bitcoin/ETH. The volatility it to large to be considered a standard currency. Unless it levels out and cannot be manipulated buy large holder it won't be useful for companies to accept.

My biggest concern which goes along with that Visa job post is , why would Amazon, apple visa etc adopt BTC or ETH when they could create there own. These would likely be seen as more stable by the general population.
Deal Fanatic
Oct 13, 2002
5514 posts
261 upvotes
Calgary
treva84 wrote:
Aug 6th, 2017 10:19 pm
For a cryptocurrency to become a long term success it must eventually be adopted for the general purchase of goods and services. To me this seems like an insurmountable barrier to overcome - if I want to go buy a coffee how do I buy one with bitcoin, or ether? I can't.

There's a switching cost from traditional money. The Canadian Dollar (or American Dollar; or any other Western Currency) has a network effect - the more people who use it the stronger it is and the more people want to use it. In essence it has a very wide moat as it is so widely used. As it's so widely used, why would you want to try to use something else, that will probably not be accepted?

Think about it in terms of credit cards - would you go out and sign up for a Discover credit card if no one accepts it? Would you invest in Discover Financial Services stock, when Discover Credit Card makes up ~ 5% of credit card transactions in the US (and even less in Canada)? What % of non credit transactions to cryptocurrencies make? I would wager it is substantially less than 0.01% of all non credit transactions in North America. Perhaps I'm being short sighted, but how can these be a long term success? Traditional currencies are too deep rooted, too conventional to topple.

Thinking about it more I think cryptocurrencies would have a better chance in the third world - a place where traditional national currencies are less stable and less trusted by the population. All you would really need is a smart phone to conduct transactions, and you could cut your destabilized national currency and your shoddy government out of the transaction.
check this company out, they have a visa that is linked to crypto wallet and only sells it when you buy something on the card...you can order this card right now for $15

https://www.tenx.tech/
Deal Addict
User avatar
Sep 14, 2008
1555 posts
229 upvotes
Winnipeg
rodbarc wrote:
Aug 7th, 2017 9:24 am
True, but that's today and at this point it's all about potential adoption. I agree that it's not mature yet to replace our current commodity (money), and it feels like this is the 90s when a few heard about the Internet - nobody could explain what it was or what it was used for, but look where we are now. Crypto-currency (and Ether) is like Internet v2 (and bitcoin is just one application, like email v2). At a very minimum, this opens up the technology for a new delivery system, which is truly secure, cheap and fast.


Rod
Yup. No foreign exchange fees and crappy bank exchange rates and lengthy processing times. No stupid details like bank , institution, transit numbers. Swift code and other garbage. Today's solutions are far from perfect. Can't wait for block chain to develop into mainstream.
Deal Addict
User avatar
Sep 14, 2008
1555 posts
229 upvotes
Winnipeg
treva84 wrote:
Aug 7th, 2017 7:15 am
What I mean is on my way to work I can't stop and buy a coffee with Bitcoin. To buy in person I suppose I could use the third party app that would allow me to convert my bitcoin to buy a coffee, but then I'm still using the native currency (i.e. CAD) to buy the coffee, not Bitcoin.

Just for fun I went to WebJet.Com (one of the retailers listed as accepting BitCoin) and I tried to book a flight from Edmonton to Hawaii - there is no option to pay with BitCoin, only with credit card.

I understand things would be different in the US but there are still barriers to widespread adoption. It seems the easiest ways around these barriers are to buy gift cards or do point of transaction conversion from Bitcoin to dollars, but then you're really undermining the whole reason for a cryptocurrency in the first place.

Third world countries don't have access to quick or secure internet.
They are very dependent on traditional cash. No one uses plastic or credit cards as they are a hassle and several security breaches mean the end user needs to pickup the tab more often than not.

As for using debit cards. Here's a list of cards you can buy that debit or crypto wallet instantly and secure. You can see from this list that canada has much catching up to do. But that is something I look forward to.
Link
Deal Addict
Nov 9, 2013
1852 posts
640 upvotes
Edmonton, AB
markj wrote:
Aug 7th, 2017 12:25 pm
check this company out, they have a visa that is linked to crypto wallet and only sells it when you buy something on the card...you can order this card right now for $15

https://www.tenx.tech/
I think this is really cool and it is very interesting how companies like TenX are decreasing the frictional costs of using crytocurrency, but at the end of the day it's still a middle man that is converting a cryptocurrency to a native fiat currency (i.e. Bitcoin / Dash to Singapore Dollars in the promo videos).

Top