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Showing 19 of 19 results by Jo_Liu
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Board Bitcoin Discussion
Re: BITCOIN IS NOT A STORE OF VALUE
by
Jo_Liu
on 05/09/2022, 09:55:25 UTC
Historically, people have converted their fiat to gold and recently to oil to escape the woes of inflation. But the recent crisis between Russia and Ukraine hints that the world might be ready for a new "store of value". AND WHEN IT COMES TO THE "STORE OF VALUE", I THINK YOU HAVE SOME WRONG OPINION ABOUT IT.
Broadly speaking, a store of value is any object that retains purchasing power into the future, and can be readily exchanged for something else. In other words:

1. A store of value should be worth the same or more over time.
2. A store of value must be exchangeable with something else (like gold, or dollars).

This creates some constraints on good stores of value. A good store of value should not have a very short lifespan, like flowers or milk. It should also be reasonably liquid, which is a measure of how easy or difficult it is to exchange. For example, it’s much easier and faster to exchange a bar of gold for money, than it is to exchange a house for money. Put another way, gold is more ‘liquid’ than real estate. If no one will exchange your store of value for something else of value, then your store of value is effectively worthless. Finally, stores of value should be relatively scarce, or hard to obtain. Air is vitally important, yet its abundance makes it worthless as a store of value.

AND HERE ARE SOME ARGUMENT FOR BITCOIN IS A STORE OF VALUE, FOR YOUR INFORMATION:
There is no denying the newness of Bitcoin, but that newness can also be considered a strength. To give an example, 14 years ago, the first smartphone was released (iPhone). A mere 14 years later, smartphones are ubiquitous around the world. Smartphones allowed people to do old things (browsing the Internet, taking pictures, communicating) in new, better ways. Bitcoin is doing that, but for money and finance. Bitcoin, like many new and disruptive things, is volatile, but if you zoom out it has only gone up -- massively. Indeed, it is the best performing liquid asset in the last decade.

As mentioned, critics of Bitcoin point out that it is artificially scarce, so it is worthless. Yet, plenty of stores of value are artificially scarce. In fact, fiat currency, one of the primary stores of value, is artificially scarce! Governments can always print more, and they often do, but in general they don’t because they want the currency to be relatively scarce. Yet while central banks can reduce the scarcity of fiat currencies at will, Bitcoin’s scarcity is set in stone. There are only 21 million possible bitcoins, and a not insignificant portion of that is lost forever.

It is true that Bitcoin’s technology is not as cutting-edge as other cryptocurrencies, but this can also be seen as a benefit. While newer technologies are likely to have flaws and exploits, Bitcoin is hands down the most battle-tested decentralized network in the world. It has functioned, without downtime, 24/7 since launching in 2009.

Bitcoin is a reasonably liquid asset, and its liquidity is improving by huge percentages every year. Bitcoin is already much easier to transact with than gold, though less easy than fiat currency. Every year more businesses start accepting bitcoin as a viable payment method, which means Bitcoin is developing greater utility. It is currently used for international remittance, and recently has been accepted by some governments as a form of legal tender.

Another important factor contributing to Bitcoin's potential as a store of value derives from its decentralized and purely digital nature. Because Bitcoin is simultaneously everywhere and nowhere, it's difficult to seize or steal yet trivially easy to "take with you." This empowers people to store value independently of third parties, whether they be banks or nation-states, and it eliminates the associated third-party risks. For example, people storing fiat in the bank run the risk that the bank will default or otherwise restrict access to their funds. The same goes for certificates representing gold held in a centralized vault. And while it's true that all of the stores of value discussed in this article can also be stored independently from third parties, the fact that they are physical objects makes storing and moving them inherently more difficult than Bitcoin. While the other stores of value require heavy duty security and are risky or costly to move, Bitcoin - whether it be $100 worth or $100 million dollars worth - can be stored and accessed with little more than a memorized password (and with shared wallets, the single-point-of-failure risk can be mitigated).
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Board Bitcoin Discussion
Re: why can't bitcoin be based on something that has value?
by
Jo_Liu
on 02/09/2022, 08:56:16 UTC
To many experts, this limited supply, or scarcity, is a big contributor to Bitcoin's value. Cannot be copied: Because Bitcoin operates on a blockchain ledger, no one can counterfeit a Bitcoin.  The scarity is what Bitcoin's value based on. https://xtrading.com/financial-questions/what-makes-bitcoin-valuable/
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Board Bitcoin Discussion
Re: Can Bitcoin be worth zero?
by
Jo_Liu
on 02/09/2022, 08:52:36 UTC
It is technically possible for any cryptocurrency's price to crash to zero, as seen with the Terra Luna price crash. But, for something as popular and valuable as Bitcoin, some huge shifts would need to take place to allow for such a catastrophic loss of value. It's important to understand Bitcoin's functionality to understand why this is the case.
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Board Mining
Re: Can mining be relied on for financial stability?
by
Jo_Liu
on 25/08/2022, 09:54:08 UTC
It depends on your current condition where you live and if you have a very cheap or free electricity source.
Financial freedom can be achieved if you know how to keep holding them and only sell them at the right time.

Using the mine coins for trading is very risky unless you have knowledge and skills in trading and if you also have free power you don't need to worry about the monthly electricity bill and risk of loss in trading but mining units have a lifespan we do not know how long your mining units can mine. So you must manage them well if you want to achieve financial freedom(Always HODL is the best).


TRUE! It is not just an investment(like luck or not kind of "gambling") , it has some math in it. You got to think and figure it out with your sensible mind. The most safe and not risky way is to hold it and "don't let it go".lool
https://xtrading.com/financial-questions/what-are-the-math-problems-in-bitcoin-mining/
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Board Bitcoin Discussion
Re: Btc not money
by
Jo_Liu
on 24/08/2022, 09:09:48 UTC
If someone thinks that bitcoin = money, you must be sure that he don't understand bitcoin correctly. Bitcoin has different usage. These people see Bitcoin as a way to transfer money. In the end, they think Bitcoin is a worthless token.
PayPal is a better option for these people. (if they are just looking for a hassle-free transfer)

I am wondering why we call Bitcoin cryptocurrency.  And yet not consider it as money anyway this is to show the difference between money and currency

Quote
Currency is the promissory note or coin presented in the form of money. Money is an intangible concept. Currency is a tangible concept. Money takes the form of numbers.

https://i.imgur.com/rPE0KzJ.png''''''''''''''''''''''''''''''''''''''''''

Cryptocurrency



Same but online



Cryptocurrency is
an intangible concept



Cryptocurrency takes
the form of codes


Cryptocurrency is backed
by market demands



Bitcoin, Ethereum,
Litecoin etc.


Can be transferred
online


Now, given with the infographic difference between currency and money what category do you think BTC fall in??  

Aside from the given infographic do you think BTC meets these characteristics of money?
durability
portability
divisibility
uniformity
limited supply
and acceptability

or these properties of money?
Medium of Exchange
Unit of Account
Store of value.

I think depends on the answer, people will have a variation of answer to whether Bitcoin is money or not.

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Board Bitcoin Discussion
Re: Is Bitcoin a safe haven???
by
Jo_Liu
on 19/08/2022, 09:38:47 UTC
I REALLY DON'T THINK THAT WAY. It is not a safe heaven. Bitcoin is more volatilehttps://xtrading.com/financial-questions/why-are-bitcoin-other-cryptos-so-volatile/, less liquid, and costlier to transact  than other assets (including gold - the traditional safe haven) even in normal market conditions. Until the market matures, it is therefore unlikely to be worthwhile considering Bitcoin as a safe haven.
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Board Bitcoin Discussion
Re: What is Bitcoin really?
by
Jo_Liu
on 18/08/2022, 10:00:34 UTC
Bitcoin is the world’s first successful decentralized cryptocurrency and payment system, launched in 2009 by a mysterious creator known only as Satoshi Nakamoto. The word “cryptocurrency” refers to a group of digital assets where transactions are secured and verified using cryptography – a scientific practice of encoding and decoding data. Those transactions are often stored on computers distributed all over the world via a distributed ledger technology called blockchain.
Bitcoin can be divided into smaller units known as “satoshis” (up to 8 decimal places) and used for payments, but it’s also considered a store of value like gold. This is because the price of a single bitcoin has increased considerably since its inception – from less than a cent to tens of thousands of dollars. When discussed as a market asset, bitcoin is represented by the ticker symbol BTC.
The term “decentralized” is used often when discussing cryptocurrency, and simply means something that is widely distributed and has no single, centralized location or controlling authority. In the case of bitcoin, and indeed many other cryptocurrencies, the technology and infrastructure that govern the creation, supply, and security of it do not rely on centralized entities, like banks and governments, to manage it.
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Re: Will you be in favor of Gold or Bitcoin !!
by
Jo_Liu
on 09/08/2022, 09:46:50 UTC
Everlasting arguement: Bitcoin & Gold: Which one is better? Gold is one of the more rare metals. Bitcoin is rare compared to other cryptocurrencies, and gold is rare compared to other metals. They are both rare in their respective categories. But which one is better depends upon your risk tolerance, investing strategy, how much capital you have to use, and how much you can tolerate losing. Bitcoin is much more volatile than gold, making it a riskier investment than gold. And it depends on your invest goal, long-term or short-term.
https://xtrading.com/analysis/futures-analysis/gold-price-august-8-2022-non-farm-payrolls-doubled-as-expected-in-july-gold-prices-face-the-risk-of-falling/
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Board Bitcoin Discussion
Re: Could bitcoin mining solve climate change?
by
Jo_Liu
on 09/08/2022, 09:24:12 UTC
Some said Bitcoin mining would ruin evoirnment, while others said it can prevent the environment from being ruined. Take climate change for an example, by using methane produced from landfills and the oil field that would otherwise be flared, bitcoin mining can help reduce 0.15°C of global warming. By using methane produced from landfills and the oil field that would otherwise be flared, bitcoin mining can help reduce 0.15°C of global warming.But slove it? Don't think so. It's like the difference between "try to" and "manage to". Bitcoin mining can ease climate change but not solve it.
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Re: Ignore the dip and Invest in Bitcoin for long term
by
Jo_Liu
on 04/08/2022, 09:41:39 UTC
Totally agree with you. Instead of thinking we had a good run, investment in Bitcoin is better a long-term, marriage kind of thing. If you are investing for your future, you want to take a long-term view. Although the value may drop, markets generally recover the value lost over time, this could happen with Bitcoin as well. Additionally, when considering the length of time you hold onto a financial asset you should remember that the IRS has different filing requirements for short-term and long-term investments, buying and selling cryptocurrency is no different.
And I really think Bitcoin has a bright future, and it is aming for the statue as gold has. Grin
https://xtrading.com/financial-questions/is-bitcoin-a-value-store/
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Board Bitcoin Discussion
Re: why is bitcoin price important?
by
Jo_Liu
on 04/08/2022, 09:32:02 UTC
First, let's say what determines Bitcoin's price? Unlike other "money",Bitcoin is not issued by a central bank or backed by a government; therefore, the monetary policy tools, inflation rates, and economic growth measurements that typically influence the value of a currency do not apply to Bitcoin. Bitcoin acts as more of a commodity being used to store value, so the following factors influence its price:

The supply of Bitcoin and the market’s demand for it;
The cost of producing a bitcoin through the mining process;
The number of competing cryptocurrencies;
Regulations governing its sale and use;
Media and news;
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Board Bitcoin Discussion
Re: Who is really controlling the Bitcoin market.
by
Jo_Liu
on 29/07/2022, 09:36:46 UTC
By definition, decentralize means “ to move the control of an organization or government from a single place to several smaller ones. The same goes for the Bitcoin network, except instead of “several smaller places,” the control of the system is delegated to thousands of nodes - people who choose to run the Bitcoin software on their computers. No central authority makes decisions in regards to the Bitcoin network; instead, everyone gets to call the shots. No one owns Bitcoin technology, so there is no hidden mastermind who controls Bitcoin. It is users around the world who control Bitcoin. Anyone is free to develop and improve the bitcoin software. Likewise, anyone is free to choose which version of the software they want to run. However, to make it a usable, network, users must come together and run compatible versions of the software. In the end, a strong network requires everyone to operate within the same rules, and that’s how bitcoin consensus is reached - by the majority vote. These are all its theoritical points according to its characteristicshttps://xtrading.com/financial-questions/what-characteristics-does-the-bitcoin-system-have/.
BUT, IS IT REALLY SO? Huh

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Re: Ignore the dip and Invest in Bitcoin for long term
by
Jo_Liu
on 27/07/2022, 10:18:45 UTC
Totally agree it is a long-term investment! What matters is HOW LONG? This is the vital point especially for those beginners, who are so afraid they would lose money, care for instant lose or win, and would totally panic when loss occur. Cryptocurrency exchanges, more so than stock exchanges, are vulnerable to being hacked and becoming targets of other criminal activity. Security breaches have led to sizable losses for investors who have had their digital currencies stolen, spurring many exchanges and third-party insurers to begin offering protection against hacks. Risks sometime is the thing cannot be taken by investors.
As for using profits made from Bitcoin to invest in other altcoins, I really don't think a newbie like me can pass this. Hahaha, Bitcoin hurts me once, which need time to remend, and I don't think to turn into another's hug would be a better way to recover. Cheesy Cheesy Cheesy
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Re: Countries have banned Bitcoin; Do you believe is because of criminal activities
by
Jo_Liu
on 22/07/2022, 09:56:41 UTC
It is banned in China. The criminal activities occur when Bitcoin or other cryptocurrencies were used to fund crimes , fraud and do something totally out of law. It is a huge thing, and when you have no sufficient knowledge about it, you will easily lose control and motivated merely by your implusion. And it is not easy for govornments to take everthing under control neither. Chinese are more prone to invest in gold. https://xtrading.com/financial-questions/how-to-purchase-gold-as-an-investment-in-2022/
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Board Bitcoin Discussion
Re: Crypto question!
by
Jo_Liu
on 19/07/2022, 09:59:35 UTC
Buy Bitcoin and ignore everything else, as simple as that. And after you buy Bitcoin, don't keep it on Coinbase but instead send it to your own non-custodial wallet like Electrum or if you can afford it, get hardware wallet which is even safer way to store your crypto.
Regarding Discord and Telegram groups, be very careful when joining those as they are plagued with scammers and shillers.
Couldn't agree more. Bitcoin has the longest history in cryptocurrency market, and it is tested by time for quiet a long time. It is always your first trust entering cryptocurrency market. It is not just we had a good run, but we are about to get a good run! But not ignore the saftey of beholding it. I mean, you don't want to say I counld have it all Cheesy
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Board Bitcoin Discussion
Re: Are we gradually approaching towards the end of Bitcoin?
by
Jo_Liu
on 15/07/2022, 10:08:37 UTC
I gonna go with NO. The Bitcoin ecosystem is still developing, making it possible if not likely that Bitcoin itself will continue to evolve over the coming decades. But I think your worry is defenitely not out of nowhere. Because however Bitcoin evolves, no new bitcoins will be released after the 21-million coin limit is reached. So if you mean an end in this way, it do make sense :)However, it is not yet, I think.It is not approaching its end.
https://xtrading.com/financial-questions/is-bitcoin-dead/
 
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Board Bitcoin Discussion
Re: Why Bitcoin is valuable?
by
Jo_Liu
on 13/07/2022, 10:13:54 UTC
Cause People live in comtemporary have reached a consensus that Bitcoin is valuable. And when lots of people reached that consense, the value beheld by the item itself is no longer vital.For example, the currency has slight value, and it is just a paper. However, who can say they have no value today? The world is developing, the fast speed of our life stresses the urgent need for fast transaction speed. Cryptocurreny is all they need. Why is it GO VIRAL now? Partly because of unstoppable momentum, which some see as a CERTAIN sign of a bubble. In Bitcoin’s case, every rise above the $1,000 mark sparks a wave of investment frenzy. In the past December, the price of Bitcoin once exceeded the $20,000 mark. Many virtual currencies have multiplied by dozens or hundreds of times, and it is too easy to make money. Many people want to come in and make a fortune. People spread the news and spread the news, so the virtual currency became popular. In addition, the popularity of virtual currency is also driven by economic, financial and cultural development factors. Regulators in countries such as Japan have approved bitcoin transactions. The soaring stock market and the continued decline in the unemployment rate in the United States have also contributed to the fuel. These factors have made investors more eager to make high-risk investments, which indirectly led to the rise of virtual currencies.
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Re: Does Bitcoin have real value?
by
Jo_Liu
on 06/07/2022, 10:10:46 UTC
I think the only reason why money is currency is out of the public consensus, which is we need it. When something is widely acknowledged, it builts its own power to convert messages. Gold and silver are once the currency in circulation, however, no matter how much value they possessed, they are eliminated by times from being used as currency. That is how things go all the time, and same as currency. The appearance of Bitcoin fully shows implied that the need for some cryptocurrencies is inevitable. And seeing through those years, though many bumps in the road, it is thriving from an overall view. And it will definately keep this trend in future. Though Bitcoin is not like gold or silver in the way of possessing value, it has value for sure. And the value possessed by Bitcoin will definately go up as the Growing of public consensus.  Smiley Cheesy
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Re: Talks of soft crypto regulations
by
Jo_Liu
on 27/06/2022, 09:53:22 UTC
I think it necessary to have regulations! However, the regulations must not try to steal any thunder from the main body, which is Bitcoin or other cryptocurrencies themselves. Proper regulations help us to abide by rules, so we can avoid some unnecessary risk in advance. But too much regulation will definately cut the vitality of both players and market.  Smiley Therefore, proper softing regulations will definately help. Grin