Quote from: Sanitough on August 24, 2022, 09:19:22 PM

Quote from: gunhell16 on July 14, 2022, 04:17:50 AM

Quote from: NotATether on July 02, 2022, 11:49:50 AM

The only way to get people to stop worrying and shying away from Bitcoin, is to banish the volatility aspet of it, naturally.

I put emphasis on the word "naturally" because you cannot force a monetary process to establish itself in a few short years. The price and users must gradually reach an inflection point on their own.

It is similar to implementing the Euro as the official European currency. By no means were the governments rushed to scrap their central bank currencies, they were give ample time (about a decade or two IIRC) to phase it in, in stages.

So Bitcoin, and anything that wants to follow it in market capitalization, must be introduced to the public in phases, which could take a very long time.

The rest of the altcoins that do not stabilize can disappear (e.g. Solana), I have no pity for them as they only serve to give larger cryptocurrencies (and crypto in general) a bad name in the news.

As I see Bitcoin as time goes on, its price in the market is going up, and we have all seen that since 2009 which started with less than 1 $ each Bitcoin is now priced at 20k $ more than one. Although it has fallen from a high price of more than 69k $ and it can be said if it really stabilizes, especially now that many believe that bitcoin in the future will possibly be 100k $ each or more so many are buying now and they are holding it's a few years from now.

It’s hard for bitcoin to get stabilized, as its volatility will always be present no matter what. That is why using it as a currency or a legal tender might create more confusion on part of the people, the reason why the government is still hesitant to adopt it as a currency. However, in terms of market stabilization, I know in the long run bitcoin will bound to recover and will reach new all time highs once again. For now, let’s just grab the opportunity of buying it at a discounted price.

I think the government is still reviewing Bitcoin as a legal tender,
it is with this volatility that the government still has not legalized Bitcoin as legal tender,
we'll see what the future will be like because this is an interesting discussion