Question

How would you explain what BitCoin is to your parents or grandparents?

2) Why does the SEC not like the idea of a BitCoin exchange traded fund (ETF)?

3) Do you think BitCoin will still be around 5 years from now?

4) Regardless of your answer to #3 above, what other legitimate uses are there for the technology behind BitCoin (i.e. the distributed ledger and blockchain)?

Answer 1

1) We can explain bitcoin to our parents and grandparents by saying that they are a bit like stocks of listed companies which are traded in the stock market on the basis of demand and supply. The price of these coins also fluctuates like the price of the stocks in the market. You can even use them digitally to pay for goods and services you buy like credit cards. As the dollar is bifurcated into cents, they can also be divided into fractional values.

2) The Commission believes that the significant markets for bitcoin are highly unregulated. The exchange does not have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity, that's why it is a major concern for the SEC.

3) a) GLOBAL CURRENCY

The blockchain is the first system that allows doing that — not only on paper. The future, taking into account the tempo of development of blockchain and the events we mentioned, is sure to look like most countries at least will have a blockchain-based democracy soon.

Now, we know that is the plan and the results will likely come at their own pace, slower than expected, but we do think the world will be moving in that direction fast.

As America finds a way to regulate blockchain, other countries will follow. Businesses will also bloom thanks to fantastical transaction times and meeting held over the internet.

b) Paying for everything is done through a server which takes all

The move toward unification of fiat and non-fiat currencies has been ongoing for years. In the last few years, mobile banking has been a great step to improving, well, everything to do with payments — from touch payments to increased security and dedicated apps.

The next step is a terminal that combines an exchange, a wallet, a currency conversion point, and an atm. You just receive Etherium, it gets automatically converted into dollars, and you pay for a beer plus order a new beer mug from Amazon in two clicks.

4) According to me, bitcoin has a long way to go due to its feature of calibrating the data into ledger form which are updated automatically. it unifies the system of digital transaction and exchange of payment between everyone. There is still hope in the cryptocurrency market as the big Danish investment bank, SAXO itself says that the bitcoin would reach a mark of $100000 in coming two or three decades.