3 countries that have the biggest impact on Bitcoin value

Countries are pushing towards going cashless, that means every street drug dealer will end up using bitcoin. Illegal drug market is valued at $360 billion. Bitcoin's market cap would need to double to handle this.

Think about it, digital dollar is coming, other countries are pushing to get rid of cash too. Some of it is to push to get tax money, other reason is to push negative interest rates, among other reasons. There way more black market transactions that just drugs, but drugs alone is valued at $360 billlion. Bitcoin would need to double to handle that. Meaning price will go up at minimum +100%

I know this isn't the best reason for bitcoin to go up, but the underlying economics of it still hold true.
submitted by dancingbearstonks to Bitcoin [link] [comments]

Eight Countries That Don’t Tax Your Bitcoin Gains. In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting – meaning that individuals do not have to pay capital gains tax or value added tax (VAT).

Eight Countries That Don’t Tax Your Bitcoin Gains. In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting – meaning that individuals do not have to pay capital gains tax or value added tax (VAT). submitted by gengyanisme3e to CryptoCurrencyTrading [link] [comments]

How are cryptocurrencies like bitcoin, ethereum valued? Why are they so expensive? Why do most countries do not approve cryptocurrency transactions if they have been so hot since last few years?

submitted by laidbackmillennial to AskReddit [link] [comments]

How are cryptocurrencies like bitcoin, ethereum valued? Why is it so expensive? Why do most countries do not approve it if it's been so hot since last few years?

I have been wondering about this for quite some time. I would like to know what perspectives do the economists, finance specialists, administrative officers and others who are well-read and well-informed have to offer to my questions.
submitted by laidbackmillennial to NoStupidQuestions [link] [comments]

If Bitcoin 10x its value and governments become interested in saving and trading in bitcoin. Some might redirect there nuclear plants to mining . There can even be attacks on power stations for rival countries. A distributed AI system would eventually figure out a strategy to get 51%.

submitted by rbirsan to Bitcoin [link] [comments]

Bitcoin reminds me of the Internet: no intrinsic value, not really owned or operated by one person or company or country, & almost zero regulatory oversight. But even so incredibly useful and valuable for instant, global interactions.

submitted by oceanicplatform to Bitcoin [link] [comments]

Sorry, but securing #Bitcoin is not a waste of electricity. Bitcoin's value is bigger than the size of Singapore🇸🇬/Brazil's🇧🇷 M1 supply. That's $119,619,683,167 USD. I bet those countries use more electricity, CO2 and produce more waste.

Sorry, but securing #Bitcoin is not a waste of electricity. Bitcoin's value is bigger than the size of Singapore🇸🇬/Brazil's🇧🇷 M1 supply. That's $119,619,683,167 USD. I bet those countries use more electricity, CO2 and produce more waste. submitted by tiestosto to Bitcoin [link] [comments]

Bitcoin is a ruthless financial virus that won't stop until it has consumed all value on Earth. It doesn't matter if Russia or other countries 'ban' it. Spoiler alert: Bitcoin wins.

Make no mistake, bitcoin is a financial weapon, conceived by some of our most elite geniuses. The math, technologies, and theory for its existence sparkled to life among the Fight Club culture of the late 90's, but it would be over a decade (2008) before the time had finally come to deploy the damned thing.
How amusing that even as Tyler Durden mused about resetting the debt record on screen, there was a real product in existence/development that would do exactly that. I wouldn't even be surprised if bitcoin were referred to as 'Project Mayhem' at some point.
For those nations that foolishly try to ban bitcoin, they are wasting their time. They might as well try to ban the common cold. There is only one thing they can do to fight bitcoin, and they're so shortsighted they haven't even considered it as an option.
That would be to start their own, state-sponsored, rival Cryptocurrency. However the window for the viability of that is fast closing / already passed. Bitcoin has a 7 year lead, even if a clone were copy/pasted today. And even if such a stunt were attempted, the legitimacy that bitcoin would gain at that moment would be enormous.
It's essential that the true creators of bitcoin maintain plausible deniability until global adoption has already occured. This ensures that other nations and players don't unnecessarily prolong/hamper the process.
Any intelligent person who studies the history and facts can only arrive at the same conclusion.
Bitcoin is unstoppable. It's fuel is sheer human greed, and that same fuel will power the protocol through tier after tier of global finance. The dollar will crash before 2020, and though I don't believe anyone can predict exactly when that will happen, bitcoin will continue to ensure that the 'good guys' remain in control.
The technological portion is done. That ended the moment bitcoin was released into the public. Now it's just a social and informational war, controlling the opinions of the population and ensuring a slow trickle of government and corporate adoption.
Bitcoin is posed as some neckbeard, anti-establishment movement, but it's not. Not even close. The common pleb lives so far down the informational ladder they can't even grasp the true nature of their world: play your xbox, eat your Doritos, and don't worry about what the left hand is doing. There is nothing that can be realistically done at this point: Bitcoin wins, and the only winning move?
You better get your ass on the bitcoin standard as soon as possible.
submitted by americanpegasus to Bitcoin [link] [comments]

Which countries are googling "Bitcoin" the most right now? It's not US, China, or S Korea. Surprisingly, the top 3 countries researching bitcoin right now are African: South Africa, Nigera, and Ghana. Bitcoin offers real value there: A financial system that the under-banked can access and trust.

submitted by GabeNewell_ to Bitcoin [link] [comments]

If btc falls under $ 6000 mining in most countries becomes more expensive than bitcoins value. What will happen then?

submitted by Perr1982 to Bitcoin [link] [comments]

Exponential rise in Bitcoin exchanges: BTC now strong means of transferring value between countries, communities, businesses, & individuals.

Exponential rise in Bitcoin exchanges: BTC now strong means of transferring value between countries, communities, businesses, & individuals. submitted by ulyos to Bitcoin [link] [comments]

Bitcoin has more intrinsic value than stocks

A common argument thrown by traditional investors is that cryptocurrencies don't have an intrinsic value. The classical example is saying that Bitcoin is not as good as gold because you can build stuff with gold, while Bitcoin's only use is speculation, but I don't find this true at all.
First of all, you can use Bitcoin to pay fees to write into the most decentralized and robust database in history. That by itself has instrinsic value. And second but not less important, you can actually own Bitcoin easily. A lot of investors don't actually possess gold. They posses contracts that say that they own gold “somewhere” with no easy way or no way at all to redeem it. So you usually couldn't due anything with the gold you “own”. You cannot melt it, forge it, or anything.
Same for stocks. They often are not under your name. Heck, sometimes there are not even stocks involved at all. You only have a contract that tracks the price of them. So, a lot of people can't do anything with their stocks other than trading them through intermediaries and during trading hours/days. You usually don't receive a dividend or have a way to vote on the company's direction. Unlike some cryptocurrencies that actually provide you with that and you can actually own by yourself, unlike the gold, stocks, or forex, you probably would never be able to withdrawn (only your balance in a specific asset, not in any other of the assets you allegedly possess).
Yesterday I tried to discuss this on investing, and I got a lot of backlash, with a lot of people missing the point, thinking that I was suggesting buying stocks based on the dividends they offer or something similar, which is far from what I'm saying. So I thought about starting the same discussion in this community to see if the argument lands better or I'm really missing something here.
What do you think?
submitted by alive_consequence to Bitcoin [link] [comments]

03-23 16:13 - 'There's a huge difference between value and utility. I meant you have no proof bitcoin will become the main currency in the world. I wouln't call a currency highly successful until a country can use it for their day to day busin...' by /u/Optimise removed from /r/Bitcoin within 0-8min

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There's a huge difference between value and utility. I meant you have no proof bitcoin will become the main currency in the world. I wouln't call a currency highly successful until a country can use it for their day to day business without converting it. This sub shows 1 million people have an interest in it, that's far off 7+ billion. I'm not against Bitcoin in any way but it is still in its early days and nobody is sure what the future will hold for it.
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Author: Optimise
submitted by removalbot to removalbot [link] [comments]

Indian government must buy Bitcoins!

I strongly believe in the future the government currencies will be backed by Bitcoins, similar to how the currencies used to be backed by gold. If they buy Bitcoin now, India will be economically in a better position in the future. Buying before it’s too late would be a good idea.
submitted by TacticalWolves to IndiaSpeaks [link] [comments]

Where do you see bitcoin in 10 years?

Bitcoin is 11 years old now, and has had weathered the coronavirus crash with a v-shape recovery. Bitcoin consumes more electricity per year than the whole country of Switzerland. The number of hardcore fans is growing year by year, but the price has been very volatile and bearish for the last 3 years. Bitcoin hasn't really caught on as a payment system, as it's rare to find an online retailer to accept bitcoin. Most bitcoin users use it as a store of value, much like a savings account that might increase in value. It is, however, increasingly becoming more accepted as an investment class by the financial elite.
So I guess I ask, where do you see bitcoin going in the next 10 years?
submitted by ShotBot to investing [link] [comments]

If btc falls under $ 6000 mining in most countries becomes more expensive than bitcoins value. What will happen then? /r/Bitcoin

If btc falls under $ 6000 mining in most countries becomes more expensive than bitcoins value. What will happen then? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Azerbaijan unpegs currency from the dollar yesterday amid falling oil prices and currency loses 50% of its value overnight. Citizens of these oil rich countries now have a reason to take a hard look at bitcoin.

Azerbaijan unpegs currency from the dollar yesterday amid falling oil prices and currency loses 50% of its value overnight. Citizens of these oil rich countries now have a reason to take a hard look at bitcoin. submitted by BitcoinDreamland to Bitcoin [link] [comments]

Will other countries follow Vietnam's decision to make use of Bitcoin illegal? Will such decisions permanently damage Bitcoin's value and growth?

Two part question.
Following SBV's (State Bank of Vietnam) decision to make use of Bitcoin illegal from 2018, will other national banks follow suit? Are we seeing the crumbling banks and government institutions fight back against the monumental growth of Bitcoin?
Can Bitcoin recover from such actions? What's to stop something like this happening in the UK? or France? Or US?
submitted by Fickle_Monster to Bitcoin [link] [comments]

Most countries and central banks seem to be interested in releasing their own crypto currency. Can this hurt the adoption of bitcoin and as a result the long term value of it?

submitted by alienfromjupiter007 to Bitcoin [link] [comments]

How many of you think that bitcoin could one day be part of a country's global reserve portfolio? With all talk about moving away from dollars, and with BTC serving as a store of value, this seems very plausible in the long run..

submitted by -double-o- to Bitcoin [link] [comments]

Which countries are googling "Bitcoin" the most right now? It's not US, China, or S Korea. Surprisingly, the top 3 countries researching bitcoin right now are African: South Africa, Nigera, and Ghana. Bitcoin offers real value there: A financial system that the under-banked can access and trust.

submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

Slovenia - The Crypto Country  Bitcoin.com Documentary bitcoin banned countries , bitcoin price ( due to banning ... World Highest Currency (2019) - 180+ Countries compared ... Amazing Countries For Bitcoin And Cryptocurrency Investors How Does Bitcoin Work? - YouTube

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Slovenia - The Crypto Country Bitcoin.com Documentary

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