[ DG ] Cryptocurrencies: the future?

to7update

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When people hear about cryptocurrencies, then they mostly think about Bitcoin, but crypto is far more than that. Bitcoin was the messenger, brought the blockchain message, the trustless transmission of value, but from Bitcoin on a lot of blockchains, dApps and smart contracts have been developed, in an unstoppable force that can change the face of society.



People keep saying that Bitcoin is the future, then at the same time, I hear bitcoin or cryptocurrency is risky. I do not think bitcoin will be the future as long has it holds the status of a risky investment. If I invest money into something that is not stable, then to me that does not sound like that is the future, and it sounds more like certainty in the cryptocurrency market. This may have been the future for the founders of bitcoin; A few months ago, I seen something on TV where this company had moved to a small town where electricity was cheap and had millions of dollars in computer power in order to mine bitcoins, I forgot what the stats were, but I think they said they only mined so many bitcoins per hour, however, if the currency is not backed up by any government without rules and regulations, then that is not really the future, it is just another risky investment.

One thing is bitcoin mining, another thing is the technology behind bitcoin. Just think of it, central banks issue currency, that can be dollars, euro, pounds, and so on. Banks rule money emission. Bitcoin brought the decentralized creation and transmission of value, something independent form governments and central banks, and this is why it's so attacked from everywhere, it menacing the current status quo from society.

Anyone have an interest or holding any crypto currency?
 
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DGStaff

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One thing is bitcoin mining, other thing is the technology behind bitcoin. Just think of it, central banks issue currency, that can be dollars, euro, pounds, and so on. Banks rule money emission. Bitcoin brought the decentralized creation and transmission of value, something independent form governments and central banks, and this is why it's so attacked from everywhere, it menacing the current status quo from society.
Bitcoin is attacked because it is a risk-based currency system that is not backed by any financial institution, and this is why bitcoin is not really considered a legitimate currency, even though it may be popular in the digital world; bitcoin is not so popular or practical in the real world. If you are going to bring technology into this, then technology may get power banks electronically, but technology does not guarantee currency.
 

to7update

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I get your point, but who do you think are legitimate, people or governments? It really goes down to something as existentialist as this, the corrupt governments and banks or the people? People, for the first time in history, are creating and transmitting value, and that is the power of bitcoin.

Sure, financial institutions don't back it (even if I believe they hold tons of BTC) because BTC is questioning their system!
 
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DGStaff

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I get your point, but who do you think are legitimate, people or governments? It really goes down to something as existentialist as this, the corrupt governments and banks or the people? People, for the first time in history, are creating and transmitting value, and that is the power of bitcoin.

Sure, financial institutions don't back it (even if I believe they hold tons of BTC) because BTC is questioning their system!
If Bitcoin was a currency rather then an investment, then it would be another story. You cant call bitcoin everyday currency because it is not, as it is a type of investment and not really considered every day spending money, and the stock market is not everyday spending currency either, as there is a risk when it comes to the stock market. As long as bitcoin is considered an investment, then it can not be considered everyday currency.

https://www.ft.com/content/42822ebe-fc4a-11e7-9b32-d7d59aace167

Everyone keeps saying bitcoin/cryptocurrency is the future, however, as long as it is an investment that can be lost, then I do not think it will be the world will be interested. If you click the link above, it explains how bitcoin lost 50% of its worth around the beginning of the year.
 

to7update

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Again, you are right, at the moment. :) Bitcoin usage these days might be 95% investment, and 5% currency, but this is about to change in the future. The main blockchain issues (don't forget Bitcoin is not even a teenager!) are scalability and fees, and these problems are being addressed, namely with Lightning Network.

We are talking about Bitcoin, but we could talk about Litecoin, Nano, Monero, Verge, and so on and on, as there are a lot of techs being developed in the pure cryptocurrency aspect.
 

Heatman

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The truth is that bitcoin and other cryptocurrency are promising investments that a lot of people are rushing into recently because of how lucrative they are in our world today. Some countries have accepted the use of bitcoin and these cryptocurrency as a legal tender that can be used in any form of transaction.

The price value of cryptocurrency is what really attracts lots of people to invest in it. Once someone have managed to invest any amount, there is an immediate opportunity of making a good profit from such investment. The only problem that is facing bitcoin and other crypto today is lack of universal acceptance by all countries. This makes it a risky investment but in my opinion, it's 100% worth taking.
 

maestro

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Now that we are beginning a new age of digital currency I would be more careful in what I decide to invest in. I don't trust cryptocurrency on bit, I actually don't think I'm getting myself mixed with bitcoin or anything of the sort.
 

to7update

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The truth is that bitcoin and other cryptocurrency are promising investments that a lot of people are rushing into recently because of how lucrative they are in our world today. Some countries have accepted the use of bitcoin and these cryptocurrency as a legal tender that can be used in any form of transaction.

The price value of cryptocurrency is what really attracts lots of people to invest in it. Once someone have managed to invest any amount, there is an immediate opportunity of making a good profit from such investment. The only problem that is facing bitcoin and other crypto today is lack of universal acceptance by all countries. This makes it a risky investment but in my opinion, it's 100% worth taking.
Crypto peaked in December 2017, when Bitcoin reached 20k, but from them on came down to 5k, and it's just bouncing back to 9k again. Regulators came down harsh on crypto, but once regulation is done, more money than ever will get in there. It is still a great time to get in! :)
 

Heatman

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Crypto peaked in December 2017, when Bitcoin reached 20k, but from them on came down to 5k, and it's just bouncing back to 9k again. Regulators came down harsh on crypto, but once regulation is done, more money than ever will get in there. It is still a great time to get in! :)
It's true what you just mentioned about the fall bitcoin experience a few months back, I was actually among those that took the opportunity to invest more in the cryptocurrency because it's an excellent opportunity that I'm sure wouldn't come twice anytime soon. The cost of investing in bitcoin was a serious deterrence for many people who were yet to get into it but earlier this year, it was a huge change for people to grasp the opportunity presented for them.
 

maestro

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Has anyone here actually made money from bitcoin? I don't mean to sound pessimistic but I am one of those guys that like to see proof before I decide to get involved in something especially if it concerns money.
 

to7update

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@Heatman, are you holding any crypto now?

Are you serious @maestro? Anyone that bought it under the current 9k value made money. I bought it at 6.3k, so I am making money, if I sell. At the same time, if I had sold at 20k and bought back at 5k, I would have made 4 times the amount of BTC i have today.
 

DGStaff

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Has anyone here actually made money from bitcoin? I don't mean to sound pessimistic but I am one of those guys that like to see proof before I decide to get involved in something especially if it concerns money.
I am sure people have gotten rich on Bitcoin, and I am sure people are making money on Bitcoin, however, it is strongly advised that you know the risks, and if you are not an experienced investor, then you have a good chance of losing money, and this goes for any type of investment, and this is why it is called "investing" you are using your knowledge hoping to gain profits, but you also have a risk of losing your investment also. Think of it like this, let's say for a moment that @DigitalGlobal was looking for investors, based on brand, and what you see so far, would you then take the risk on investing in his business/company? It Digital Global takes off one day, then you make money or a return on your investment, if it turns out to be a flop, then it is simple, you simply lose any money that you invested in Digital Global, and this is how investments work, as you would analyze all the data you can concerning the business, then you decide if you want to jump into that investment or not, and this happens all the time, someone may have all the right data thinking the business will be a gold mine one day, then the business turns into sour grapes, then the investor loses all the money he invested in that business, in other words, investors normally do not invest in something they have no faith.
 

to7update

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Yeah, the risks are simple, Bitcoin value can go to 0, no one can question that. In December it was worth 20k though, so I personally don't believe it can go to 0. I am seeing it surpassing that 20k barrier, I just cannot tell when. BTC is just one currency though, there are dozens of them, and among those a lot of scams. So beware!

Well said @DGStaff, nothing like analyzing where we are planning to invest.
 

DGStaff

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Yeah, the risks are simple, Bitcoin value can go to 0, no one can question that. In December it was worth 20k though, so I personally don't believe it can go to 0. I am seeing it surpassing that 20k barrier, I just cannot tell when. BTC is just one currency though, there are dozens of them, and among those a lot of scams. So beware!

Well said @DGStaff, nothing like analyzing where we are planning to invest.
I have been looking over some of the payment processors that are implemented into the online marketplace, and if I am not mistaken, I saw an option for bitcoin, and DG has already stated that he will not accept or use bitcoin, why? Because neither one of us has used bitcoin, so it is going to be a safe bet that DG will not implement any type of crypto type currency into the marketplace because we can use PayPal, credit cards, etc, and there would be no justifiable reason to use bitcoin when there are other pay processing platforms that are available to the world. I know the online marketplace would be able to accept credit cards, PayPal, and supports other types of payments, and I think merchants get paid via PayPal, and I know for a fact that Paypal and Stripe will be the two biggest pay providers for our marketplace, and the merchant will be required to have them.
 

to7update

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There are already quite a few options to accept crypto payments for merchants, and I think the most trustworthy one is from Coinbase. If you are interested in checking it out, you can just Google Coinbase merchant and all the info is available. A lot of people holding crypto these days, and that number will just grow, so you never know what audiences you'll attract by putting crypto payments up.
 

DGStaff

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There are already quite a few options to accept crypto payments for merchants, and I think the most trustworthy one is from Coinbase. If you are interested in checking it out, you can just Google Coinbase merchant and all the info is available. A lot of people holding crypto these days, and that number will just grow, so you never know what audiences you'll attract by putting crypto payments up.
You never know which direction DG may go, even though he said no, but that could always change. I also can not think why the site would need an app, however, it is not for us to decide what we need as that would be based on traffic patterns to the site, if our traffic is geared more toward mobile devices, then it may make some sense to get an app for the site, if not, then I think responsive design would certainly work. For instance, offerup does have their own app, while craigslist not be using an app, and they may not be mobile friendly either, and I have also run across sites there were app only, which simply means you can not access the site via a web browser, and you would need their app to access the site, and we will just have to see which direction the wind blows the site into the future, and we may not know until we actually reach that point.
 

to7update

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Precisely, as we never know which direction a company might go, nothing like making it available to cash in crypto format. One receives that crypto, and it's just one click away in order to convert it to USD, for example. The same with an app, it might bring a lot of users. At the same time, while setting up an app does have associated costs setting up crypto payment costs nothing If I am not mistaken.
 
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Kieranlewix

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When people hear about cryptocurrencies, then they mostly think about Bitcoin, but crypto is far more than that. Bitcoin was the messenger, brought the blockchain message, the trustless transmission of value, but from Bitcoin on a lot of blockchains, dApps and smart contracts have been developed, in an unstoppable force that can change the face of society.

Anyone have an interest or holding any crypto currency?
There has been so much chatter about cryptocurrency lately. While I don't know so much about this new form of digital currency, my interest is still at its peak. The unpredictability of bitcoin has made me transacting using it.
 

DGStaff

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Precisely, as we never know which direction a company might go, nothing like making it available to cash in crypto format. One receives that crypto, and it's just one click away to converting it to USD, for example. The same with an app, it might bring a lot of users. At the same time, while setting up an app as costs associated, setting up crypto payment costs nothing I believe.
I do not think DG knows anything more then I do about Bitcoin or even cryptocurrency in general, so if you can elaborate on exactly how a shop would benefit from using it, then that would be great, and you have already stated it could be converted to USD Funds, which I did not know, but then again, I never really even thought about it much, and how would value be assigned between bitcoin and US Currency? I do not think DG would be all that interested if someone pays in bitcoin, then the value of bitcoin drops before being converted into US funds, that would suck.

There has been so much chatter about cryptocurrency lately. While I don't know so much about this new form of digital currency, my interest is still at its peak. The unpredictability of bitcoin has made me transacting using it.
I guess that can be applied to be anything that has never been used before, and it can seem rather intimidating if you are not really familiar with the process of how anything works, and if there are any cryptocurrencies in the platform, then you never know, and this currency could be reserved for more trusted merchants and vendors. The starting platform would include split payment for vendors, and the only pay processors that support this model would be PayPal/stripe, and you would have to be a trusted vendor to receive direct payments as this involves more risk for DG, vendors, and customers, and our job is to limit risk, disputes, and chargebacks as this can cause more harm.
 
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to7update

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I think that if you take a peek at this page you will get how people can pay in crypto: https://commerce.coinbase.com/

From my perspective, some people might not have a bank account or money to pay, or even PayPal, but might have crypto, and if there is a way to use it, it's an extra client. ;)

I do not think DG knows anything more then I do about Bitcoin or even cryptocurrency in general, so if you can elaborate on exactly how a shop would benefit from using it, then that would be great, and you have already stated it could be converted to USD Funds, which I did not know, but then again, I never really even thought about it much, and how would value be assigned between bitcoin and US Currency? I do not think DG would be all that interested if someone pays in bitcoin, then the value of bitcoin drops before being converted into US funds, that would suck.



I guess that can be applied to be anything that has never been used before, and it can seem rather intimidating if you are not really familiar with the process of how anything works, and if there are any cryptocurrencies in the platform, then you never know, and this currency could be reserved for more trusted merchants and vendors. The starting platform would include split payment for vendors, and the only pay processors that support this model would be PayPal/stripe, and you would have to be a trusted vendor to receive direct payments as this involves more risk for DG, vendors, and customers, and our job is to limit risk, disputes, and chargebacks as this can cause more harm.
 
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