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At the moment, the chances of Bitcoin surpassing the value of the Fiat money is less than 1% in percentage. Even though some institutions had finally recognized Bitcoin as an speculative asset class and some hedge fund managers invested certain percentrage of their portfolio in this asset, it does not give absolute guarantee to say that Bitcoin will surpass FIAT automatically. It will surely take a very lot of time and might take some decades before it will happen. People think that just because a system had some errors, you automatically need another one as replacement. True, banks have problems too, but does not mean it had some issues, you will now say Bitcoin will need to replace them.

Foreign Exchange is one of the biggest market today which are behind it and major players are the banks. Banks plays a very important role in one country. And you cannot just immediately replaced it with Bitcoin (digital cash). FIAT was there ever since human kind understand the market so it is very hard to replace them.

One I can say is that there is no perfect system. There will always be bull market and bear market. Maybe you can say this things because Bitcoin and the whole cryptocurrency market is in bull spree at the moment.

But in reality, a whole economy will surely crash more or even deteriorate over time without banks especially central bank. Central bank act as regulator in the fiat system of the whole country. Some countries central banks are shit that seems like they do not know what to do especially when printing money which devalues their fiat value but let us not generalize every bank. Banks were there for decades and does not perform very good all the time. There are ups and downs too. Even the cryptocurrency as a whole has its lapses too.

I am a bit of 50-50 depending on the situation. The first question that you need to answer on yourself is that, do you know where you will put your money? Do you understand how it works? What are the risks?

Unless you are too good or had completed extensive research about bitcoin and the cryptocurrency as a whole, then the next step to take will be the security, how are you going to secure your bought bitcoins, in an exchange or offline wallet?

You can also trade it on short-term or long-term depends on your lifestyle.

But overall, as long as you studied everything, had some expectations and alternative plans if something happens, then definitely you are good to loan. But if you just loan and invest in cryptocurrency because you were hyped, you are very wrong and should rethink things.

I agree with you. XRP is one of the fastest way to transfer cryptocurrency from one address to another. Everytime I withdraw money too, I convert any cryptoassets to XRP and transferring it to the local exchanger where I can convert it for my countries FIAT. It is undeniably one of the key for fast transaction payments.

But as of today, there are a lot of alternatives. For now I use USDT TRC20 as payment. Lesser fees and fast transactions too.

Overall, XRP or Ripple is better fit as a payment solution. If maybe in the future, it will become a stablecoin, it will be surely accepted as a way of payment from across borders as what is it used now. One of the problems of cryprocurrency specifically Ripple with very good use case is the volatility of it.

To be honest, we should not think negatively and focus on the good things. Even to the fact that 2020 was one of the worst year, we should also be thankful.

Bitcoin had a worst dumped from 10,000 down to approximately 3,000-4,000 again but this event made the world realized that Bitcoin could be a safe haven to this kind of global crisis. This resulted for Bitcoin  to gain support from institutional investors which what was really need to grow the market capitalization. Eventhough bad things happen, be positive because it will always need a good event to make things neutral again.

We cannot predic lt the future, 2021 is still yet to come. What we can do is be prepared for the future.

Covid has not affected Bitcoin and cryptocurrency in general but the whole financial market.

Bitcoin's positive effect from Covid is that Bitcoin was tagged as a possible safe haven for a pandemic and economic crisis like this happened in 2020. In 2020 alone, Bitcoin price pumped up from approximately 3,000+ to this December almost 20,000. More institutions have finally eyed and chosen Bitcoin as part of their portfolios as hedge for FIAT. More people tend to appreciate bitcoin and the cryptocurrency as a new way of money especially in this pandemic because physical cash can transfer the virus from one people to the other.

On the other hand, COVID-19 affected Bitcoin negatively only when it was in the 1st quarterly in the year when Bitcoin price dumped very hard with other finanicaassets to like gold, crude oil, even the forex market.

You might forget something. As of today, hedge fund managers example Paul Tudor had Bitcoin as part of their investment portfolios, not because of what is it or even Bitcoin is faster in transaction but the community that supports it, these geniuses believes too that this can be a great hedge for FIAT especially in this Pandemic. As some point, even cash is KING, these cash loses value because of the government who keeps on printing money to support businesses and its citizen. Though the point there is to help, it cannot be denied that it will have an effect to their economy.

XRP is an alternative token, remember that. It means alternative of bitcoin. Every coin other than bitcoin is called altcoin because it BITCOIN itself is not perfect. The fact that its price is high because there are people who believed in it, and these people are BUYERS. BUYERS and SELLERS are the one that moved the market. Since bitcoin price is higher at the moment, it means that there are buyers will to buy bitcoin at certain prices.

I agree with all that you said mate.

At some point if you believe in the future of cryptocurrency with its blockchain technology, you should be playing this games as a sign of support and also a way to market to your friends and colleagues what are these blockchain games, what is cryptocurrency, and its future. Basically, these games are created for purposes for fun, convenience, past-time and especially a way to earn while playing games. This what I loved about blockchain games to be honest.

But before picking some games, you need to understand first and ask these questions. How am I going to earn in it? What will be the system of earning from within? Why still research these things? Of course, Time is gold and playing these games takes your time and at some point you need to make your effort worth it. Knowledge is the key.

Time flies so fast indeed. Yet the effects of Covid-19, this pandemic is too hard to forget especially that we experience this kind of event.

I honestly belittle Covid-19 way back it started last November 2019 for the reason that pandemics and its effect years ago before are far different from today. We already have advanced medical technologies and development today which made me think that it will not worsen as time passes by. Glad we also have the modern social media with the main media spreading the news and precautions for everyone. Even cases reached more than millions, it is still to be thanked that the mortality rate is very little but still we should need not to be care-free and still be vigilant in our surroundings.

In this pandemic, I realized that no one is above, even the greatest people, or even the greatest countries was affected and there economy is weakening. Financial Assets like Gold, Foreign Exchange Currencies, Crude Oil, even the whole cryptocurrency market was affected with that.

On point!

This is why I think most people in cryptocurrency industry does not understand furtherly the system or the things they are talking about.

Cryptocurrency exchanges cannot become the replacement of banks nor a new way of banking. Specifically Binance, it is originally created as exchange, where people can buy and sell crypto assets, hold their assets there, overall trade there. Though Binance offers some kind of staking, apy defi things that offers more interest in banks, it does not mean it can replace bank. It depends on how you consider it. If you think Binance is a good place to out your money in, then so it. But remember, there are always a risks. Even Binance had a SAFU, it is an online website and it is vulnerable to hacks. What I want to say here is that do not put all eggs in one basket.

Banks on the other hand is not just a tool where you put money in there and done. No! If you don't know, bank also helps the economy in every countries.

Also to think of that Foreign Exchange is the largest marketcapitalization and volume traded everyday. And to think that Banks are the major players in the ForEx market.

Overall, there is still a lot to consider before you can conclude or in the near future, crypto exchanges will reolace banks. They will always be there, as a medium of trading but not as what the banks can do.

This is a great start if a conversation!

I trade in the cryptocurrency market and use an advanced strategy called Elliot Wave Principle. It entails that in every IMPULSE, there will always be a CORRECTION. Price does not pump or dump straight, there is always a range. In every bull market, there will always be bear market. If you explain it in simplest way.

In correlation with that, in the Elliot Wave Perspective, Bitcoin is typically in the longest pump from its birth in 2009 and didn't create any macro correction. Way back when I was studying Elliot Wave, my mentor discussed about any reason or event that could make that happen.... Then he mentioned about the incoming solar flares. It is a event where all electronic devices will stop for a while, might take days because of that event. So technically what I mean is that this is only a temporary event but could have a big impact to prices of Bitcoin.

Before answering your question, let me tell you first that current exchanges in the cryptocurrency industry is around approximately more than 33,000 while alternative coins are around 7,800, these are just listed on coinmarketcap. In that 33,000+ exchanges, only few stands up and is currently dominating the cryptomarket in terms of volume. That is the 1st (first) key for an great exchange volume. Volume entails liquidity, which means anyone at anytime can buy or sell his/ her bitcoin or alternative coin (based on the coin though).
Second one that people consider are security of these exchanges. Majority of whats in the internet can be penetrate with all the hackers in the internet, it means, anything can happen. So the good thing to do is to ensure your clients, the traders, that there money in your exchange is safe. You can also offer insurance like binance, they have #SAFU, they have % of their profits locked to be a fund in case anything happens. There are still a of things to be considered, so be mindful in creating an exchange before spending a lot. Cheers!
These are a lot of exchanges and thats why you need to understand that you will need a lot of effort, product development, marketing, etc to stay in this industry.

There are a lot of potential alternative coins out there where you can buy for spot holdings.

First things first, before thinking what alternative coin to buy, ask yourself, where will I store/ hold the altcoins I hold while waiting for the price to go high? Always check for the exchange where you saw your potential coin to be bought and kept, that is the most important on my opinion. Even if you bought an altcoin multiplied its price multiple times, it doesnt matter if where you put it becomes a scam or hacked without any insurance in it.
Would highly recommend Binance if you want to hold spot on a potential alternative coin you want.

There are a lot of factors to consider when buying an altcoin for spot holdings:
1. Storage (the first thing I mentioned)
2. Product, for what is it used? (Example BNB Coin, product Binance)
3. Community
4. Liquidity
5. Partnerships
6. Etc.

Overall, highly recommend you know how to trade even for the usage of swing positions (more likely as hodl) but since you know technical analysis, you will know levels that there are buyers and sellers which will be your long term advantage.

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I trade alts and btc at the same time. What I could recommend is trade them independently. Alternative coins have different charts as to bitcoin, they are not the same. Sometimes they correlate sometimes they don't. But more often based on my experience is that they can have direct and indirect relationship at all. At what cases?

If bitcoin keeps on going up while majority of alts are going down means there were just exchange of money inside the crypto space. People are just selling alts to buy bitcoin. Easy as that, in that scenario if you observe that too early, through the use of bitcoin dominance, you can keep reshorting alts as bitcoin keeps pumping.

This is just one part of the cycle of whats happening in the crypto market.

For now, I'm not convinced bullrun is starting yet. What I would like to see is a pumo for both Bitcoin and alts, because that just means new money is coming in in the market. This is what also drives the price in 2017, FOMO. New money coming in.

Yes Sir. For me it will still take decades before that to happen. We should remember that physical money or FIAT is already there when the market was created thousands of years ago. Started from barter system and continually develop as coins created by their government or King before as part of control and authority. And up to know, still physical money either paper money or coins are still in use today.

Still you need to consider a lot of factors before deploying fully cashless society though we can't deny, it is used by a lot of people too anywhere around the world. Anyone is entitled to use physical cash or even the digital way.

One thing that I am thinking in the future is that how are they going to more produce money that they have done today especially for US that had a negative effect on their economy and value of their money. Will the FED just gonna do that so easily? If they employ blockchain as a medium of cashless society or any ways, they can't do anymore negative things that they want.

Also, will there be a centralized currency for everyone around the globe if digital society happens? Still it is very interesting what might happen in the future. What I hope is that these things will be beneficial for us.

This what I can share to you mate.

When Bitcoin price goes up while alts are going down, that means volume or money are transferring from alts to Bitcoin. Traders/ Investors are eyeing Bitcoin and are selling their alternative coin holdings for Bitcoin.

When Bitcoin price goes down while alts are going up, still the same, trader/ investors are selling Bitcoin to buy alts. Just exchange of assets inside the cryptocurrency marketcap.

When Bitcoin Price goes down while alts too, this is a bad scenario since it depicts that traders/ investors are selling Bitcoin or Alternative coins to get out from the market commonly known as Bear Market.

When Bitcoin and alternative coins price goes up this represents that new money are coming in inside the market and represents Bull Market.

This is a summary that I can share to you mate. Whatever happens, always do risk management in trading and investing.

With due respect, Bitcoin is not create at the first place to be an investment. Always remember that. In its whitepaper, Satoshi Nakamoto created it as medium of peer to peer to eliminate third party involvement especially with financial institutions. Created with coincidence after the 2008 economy breakdown and distress in USA because of broken financial system which resulted to millions losing of jobs, closure of business and lost of money by a lot of investors too. Bitcoin was maybe created also as a hedge of the broken FIAT system created by the government which was finally exposed during that time in 2008 which a lot of hedge fund managers like Paul Tudor invests in it too and a lot of institutions are finally eyeing with Bitcoin example to the newest news about Paypal integrating cryptocurrency which is a very very big news. Call that ponzi. Peace!