BTCUSD 17,000

How do you ban a currency that's not controlled by any central bank?

I dont know about BTC... What I do know about is Ripple and I have in the last few weeks studied extensively on it... when i brought it up on the other thread it was at 0.24 its currently at 0.75 it will hit 10 USD plus on the future... Its usage makes more use as compared to the others...

https://en.m.wikipedia.org/wiki/Ripple_(payment_protocol)

Are you buying? If yes, from iqoption?

Answers the way I see it

1. Eventually. With the advent of Atomic swaps, exchange of money will be peer to peer, bypassing the need for exchanges. Ask yourself, what is money? Your 100, 1000 shillings, what is it really? Its only an accounting system that says you have so many units of something that someone else does or doesn't have


2. Yes. Eventually it will be 'Money'. Just like cowrie shells were, once mass adoption takes place. Slow but sure we'll get there. Currently there are countries you can pay tax and fines in BTC, you can buy cars and other goods from Japan in BTC. Other goods and service providers also accept crypto.

3. Yes. We are currently here. Its all about acceptance and capital injection. The more the acceptance the higher the price becomes. Forces of demand and supply. When things settle down, status quo might or might not remain

4. Your number 4 has a problem, no?

5. Maybe, maybe not. BTC is very volatile. Today worth one thing, tomorrow another. As a store of value, you'd be taking quite the risk

BTC is a payment system much like Mpesa but differs in two areas:-

1. BTC is decentralized-unlike mpesa which is centralized by the cellular network it can therefore be shut down by govt but BTC is not under control of govt authority so it can't be raided by govt. If a govt put in capital control to stop forex leaving a country you can use BTC to avoid the capital controls and transfer your capital out of the country.

2. BTC is deflationary-the amounts of BTC is fixed to 21 million so it becomes like electronic gold limited in supply therefore people use it to store value which is the reason for the 'skyrocketing'. If it is a store of value then you can use it as a currency to exchange goods and services. Kenyans before mpesa were using airtime as a quasi-currency so during 2008 PEV airtime was more exchanging beyond its intrinsic value so 100 airtime could sell for 250.

3. BTC was conceived after the 2008 global financial crisis when fiat currency(debt backed) was facing a crisis. To get out of the GFC and to stop deflation central banks decided to inflate using QE. BTC skyrocketing is being seen as hyper-inflationary collapse of fiat currency.

Lastly @swenani in behavioral-economics you learn to see things as they are happening not as they should happen in theory. You missed this point with the GDP during brexit remember how you were long instead of going short. You must stay ahead of the curve.

I wonder how they will seek to regulate it.

If it's payment system, why is it valued? What does a 1 BTC imply? Why does it keep on fluctuating in price/value.

If it's a payment system, what are people mining? Of what value would it help you to get a historical transaction trail of a currency? Do you usually check the historical transaction trail of the notes you have?

Good questions to provoke deeper thoughts on crypotcurrency. Thumbs up though!

My friend @wukan. Come on man show some seriousness, you put alot of words there meaning you must know something, don't just hot air things like Trump.

1. No BTC is NOT a payment system, it is only bitCOIN/CryptoCURRENCY. Don't complicate things. It is all but the digital currency that is an alternative of existing hard cash. in addition, it has technology that it works with that is effective for transparency. NO it is not like Mpesa it is like Kenyan Shillings.

2. Just like KES are exchanged/transferred/stored using Mpesa/Bank Accounts etc Bitcoin(and other cryptos) are exchanged using Exchanges/Platforms, and is stored in Digital Wallets/Vaults an alternative to Bank Accounts and your personal wallet.

3. As you said only 21,000,000 will be existant therefore it will not be scalable, the value might rise but in all will remain a commodity.If any Investment it is simply like the Forex market, hence it is traded versus another currency and has a value. Just like 1 USD = 103 KES, 1 BTC = 1X,XXX USD. So yes it can be traded and invested (and profited) in like any other currency. If one would assume holding USD cash as an asset then hey it can be considered as an alternative to gold but that depends on your individual perspective.

On a more personal note, I definitely agree that Kenyans should embrace the whole Bitcoin if you are willing to Risk why not, each to their own.