Questions tagged [bitcoin-economy]

Specifically, the economy which has sprung up around the Bitcoin project including goods and services purchasable with bitcoins. Do not use for questions about Bitcoin deflation, etc. as such questions are better tagged "Economics"

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2
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1answer
78 views

What does “buy the dip” mean?

I keep hearing "buy the dip" constantly with Bitcoin people/comments. I get that it means that you should buy Bitcoin while the price is temporarily low, but what do they mean by it? Do they ...
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1answer
29 views

What literal thing is determining the price of Cryptos / stocks? [duplicate]

Yes, supply and demand I know. But what literal thing is determining the price. When I see the price changing every second on Coinbase or Robinhood, what is controlling that. Is it an algorithm? What ...
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1answer
71 views

How does Bitcoin protect against inflation?

In an economy where the prices of goods keep inflating, like a car going from $10,000 to $20,000 in 1 year, what would be the incentive for people to put their money in Bitcoin? Wouldn't the price of ...
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1answer
94 views

“stable-coins”: A formal definition?

In crypto-currency news, we might heard about term of "stable-coins". Can we define a stable-coin as follows: A crypto-currency that is pegged to a fiat / formal currency to minimize the ...
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2answers
72 views

Value of cryptocurrencies: Why does noone make Bitcoin2, 3, 4,…?

Cryptocurrency disciplee sometimes say that cryptocurrencies have just as much inherent value and potential as storage of value as fist currencies. One argument specific to the Bitcoin is that its ...
2
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4answers
200 views

What is the advantage of a market-specific cryptocurrency?

Reading this article, http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/, I wonder why there would be a separate coin for each market, like a coin just for buying bananas, marijuana, ...
23
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3answers
6k views

How does lost BTC affect the market in the long run?

I bought some bitcoins in 2012 and forgot about it. Now years later I discovered that the company who maintained the wallet went bankrupt and their website no longer works. I therefore have lost ...
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1answer
102 views

I bought Bit Coins while on a Bidding site. They were bought with my Credt card. How do I trace them?

I bought Bit coins on a Bidding site that only used Bit Coins. I never used them. How can I find them? This was almost 6 years ago. It was $10.00 worth and that bought 10 bitcoins... Thanks
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1answer
44 views

Is a loss of trust in USD necessary for the success and mainstream adoption of Bitcoin?

Considering that Bitcoin will succeed if it gets to become a widely adopted store of value and means of payment, current fiat currencies' role would be taken by BTC and the value of those fiat ...
4
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1answer
59 views

Is there a central repository that states a country's latest policy on bitcoin?

The legal status of bitcoin changes from country to country, to include a wide range of policies from acceptance to outright banning it.
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2answers
4k views

What percentage of Bitcoin use is legitimate?

I wasn't able to find actual data on this. I'm under the impression that the majority of transactions represent ownership transfer between investors, traders and exchanges the majority of remaining ...
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0answers
112 views

Percent of bitcoin transactions not to exchanges?

Is there any way to estimate the percentage of bitcoin transaction volume that isn't related to speculation? For example, one could estimate the volume sent to and received from the major exchanges ...
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6answers
10k views

Why did Bitcoin lose value so fast in early January 2015?

What on earth is driving the price of Bitcoin and other alternative currencies down lately? It's one thing for it to go down a bit but losing practically 80% of its value in less than a year? I feel ...
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1answer
113 views

Is Bitcoin still an experiment? [closed]

Definition of the word Experiment: A scientific procedure undertaken to make a discovery, test a hypothesis, or demonstrate a known fact. If Bitcoin was/is an experiment, I don't think it's ...
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1answer
53 views

Small altcoin usage effects

So I'm working on an altcoin for me and my friends to use. None of them are familiar with mining. If my computer is the only one mining, how much would that affect the economy? Also, how many ...
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1answer
865 views

How much Bitcoin volume is for purchasing stuff versus trading/speculation/investment?

What percentage of Bitcoin transaction volume is due to people actually buying stuff ("goods") versus between traders, investors and speculators? Of the "goods" volume, what percentage is for illicit ...
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3answers
302 views

Why are people creating so many coins and can all of them sustain?

I wonder why people are creating so many crypto currencies and how many of them may sustain? Can anyone here predict what is going to happen? (Not asking to predict what coins are going to sustain as ...
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2answers
764 views

What will be the value of a bitcoin if it becomes as common as any other currency? [closed]

The bitcoin is around 1000USD today even with very little adoption. I am wondering what its value will be if it becomes as common as other currencies (say USD).
2
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2answers
8k views

why did bitcoin suddenly spike? [closed]

about 2 months ago the price was at about 140 USD per coin, but a couple days ago I checked and it was well over 1000! what caused the sudden spike in value and will it continue to grow?
4
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0answers
287 views

What has caused bitcoin to double in value in the last ten days? [closed]

What is the reasoning behind bitcoin's value skyrocketing in the last 10 days? Why the sudden influx of Chinese investors? Does this constitute another bitcoin bubble?
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3answers
1k views

How can Bitcoin change the world?

Let's think of a hypothetical scenario if Bitcoin becomes the world's major (most used + highest market cap) currency one day. How will it change the world? The obvious point is cheaper money ...
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1answer
209 views

How does the Chinese Bitcoin ecosystem differ from the European/North American ones?

What is the background of the whole Bitcoin ecosystem in China? Their market has been growing insanely in the last days... but I guess it can be very specific (different mentality of people, the Yuan, ...
2
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1answer
507 views

Why did Dan Kaminsky say that Bitcoin is dependent on the Federal Reserve?

Dan Kaminsky embed a custom message in a block, which reads "BitCoin's new dependency upon [...] BERNANKE". Why did he say that Bitcoin is dependent on the Federal Reserve?
2
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1answer
355 views

What is the maximum amount of users bitcoin is ideally suited for?

In terms of user scalability, how many total users is the current bitcoin system best suited for? Example: The current bitcoin mining limit is set at 21 million, therefore the bitcoin ceiling does not ...
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3answers
529 views

Why hasn't bitcoin mining been scaled / wouldn't that ruin the concept?

I'm just learning/getting started with bitcoin and one thing that's obvious straight away, is that the more computational power you can throw at it (with the cheapest energy possible), the more coins ...
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2answers
175 views

Probablity that a Bitcoin has been Lost

I am building some new metrics to better understand the Bitcoin economy and one that seems to be useful is a probabilistic notion that a Bitcoin has been lost. I'm aware of the bitcoin days destroyed, ...
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1answer
489 views

Metrics to Study the Bitcoin Economy

I'm creating a course on the Bitcoin on Udemy that serves as both an introduction to the bitcoin and also a source to explain how mining and speculation work. I'm working on lecture three which is on ...
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3answers
4k views

What is the most common use of Bitcoin? [closed]

I'm a total newbie here, and I've read a bit on Bitcoin. I get that it's a cryptographic currency, and that it can't be directly "cashed", etc. I'm interested in the common purchase using Bitcoin - ...
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3answers
270 views

Any Stock Trading using Bitcoin?

I would imagine Bitcoin is the perfect tool for students to learn about economic and learn about investing. Any out there available yet?
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3answers
4k views

How does Bitcoin “inventor” makes money?

Other than by having a non existent digital code become currency and riding on seeing the previously no-value cash become more valuable, how does the Inventors of Bitcoin profit from developing ...
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2answers
194 views

Can you use BTC without mining?

Question: Can I just buy/sell/trade to BTC and hold it and still be profitable? I mean with money you'd need to invest it in stocks, bonds, and etc to make more cash and simply holding on to cash over ...
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1answer
192 views

Long term cost of using cryptocurrencies

I'm not an economist but.... What are some way of determining whether cryptocurrencies will be a cost effective way of trading compared to some established fiat currency like USD? In other words, ...
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7answers
2k views

What are some ways that the powerful elite can thwart cryptocurrencies?

What are some ways that the powerful elite can thwart cryptocurrencies? Cryptocurrencies appear to be not susceptible to most forms of power, regulation, or control. Due to their decentralized and ...
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3answers
2k views

Will bitcoins be devalued by competing digital currencies? [closed]

Bitcoin is becoming more recognizable and trusted. But as it's popularity increases, the supply isn't going to change significantly because the supply is fixed to the internal mining algorithm. This ...
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1answer
241 views

How bitcoins increase their value [duplicate]

Possible Duplicate: How is the exchange rate for Bitcoin established? I notice that bitcoins are sold on the market with alternate prices. How is their price established ? Who is establishing ...
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2answers
2k views

What research papers cover Bitcoin's impact on Central Banks, “velocity of money”, and reserves?

I'm looking for research papers that cover the impact Bitcoin may have on Central Banking, interest rates, velocity of money, and their reserve. What research papers or information from thought ...
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1answer
287 views

Why it's not good to the community to hoard bitcoins?

Colin Dean's answer to zcopley's question inspired me to ask this: While Bitcoin supporters would hope that one would not hold on to Bitcoin as an investment, but rather spend it in order to further ...
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3answers
2k views

Can I buy or sell with bitcoins offline?

Is it possible to buy or sell something using Bitcoin, in an offline mode? In other words, if I had my wallet on my mobile phone and I wanted to send or receive money from another Bitcoin user who ...
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1answer
9k views

What are colored coins?

What exactly are colored coins? I've tried understanding, but I don't quite get it yet . . . Do any examples exist?
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5answers
27k views

What will happen to mining after the 20 999 999th Bitcoin?

After the 21 millionth bitcoin or 20,999,999th bitcoin is mined, what will happen to bitcoin mining? - will it just stop, or will we make a further division of the satoshi thanks to Bitcoin's infinite ...
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2answers
4k views

How will the Bitcoin network look after BFL ASIC hardware shipments?

There have been over 7000 pre-orders of BFL SC series mining machines, with the cheapest one supposedly running at 3.5 GH/s and the most expensive being 1000GH/s thats a lot of hashes about to be ...
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1answer
797 views

Between which locations are transfers using Bitcoins cheaper than PayPal for 100$?

I believe that once it becomes significantly cheaper to transfer money between countries using Bitcoins, its usage will increase significantly. My question is, therefore, between which countries will ...
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5answers
979 views

How do economists view Bitcoin?

Have there been any articles or presentations about Bitcoins in any influential or respected economic websites or perhaps interviews with notable economists?
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5answers
4k views

Is there any good reason to buy Bitcoins?

I've read the introduction to bitcoins. But the main question remains: what reasons could push me to buy bitcoins today?
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4answers
2k views

Why did Bitcoin transaction volume heavily increase in November and December of 2011?

Looking at this chart: http://blockchain.info/charts/estimated-transaction-volume It's clear that the amount of bitcoins moved between November 14th and December 12th of 2011 was much larger than any ...
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1answer
661 views

What would be an estimate of the value gained if the whole world started using Bitcoins?

I remember that before the Euro was first introduced, I read estimates on how much economical benefit every person would get (GDP per capita) once the Euro was fully implemented. Estimates like these ...
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3answers
1k views

“Market capitalization” over time

Is there a convenient data source and/or graph that gives the "market capitalization" over time for Bitcoin (i.e. the number of bitcoins issued to date times their current value on the big exchanges). ...
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4answers
413 views

Is there already an existing closed cash flow loop for the currency BTC?

Loop means: merchant will get delivered goods from producer in BTC customer will buy goods from merchant in BTC factory worker will get salary as BTC (at least in parts) At this loop there is no ...
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1answer
170 views

What's the best way to ask a merchant to accept Bitcoin? [closed]

When I buy something off the internet, I'd like to ask the merchant to consider accepting Bitcoin. What's the best way to explain to a merchant what Bitcoin is, and what it would do for them? Any ...
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8answers
19k views

Where can I sell things for bitcoins? [closed]

I have old items that I want to sell for bitcoins. This includes digital content and physical objects. What websites can I use to sell them?