Posted in r/CryptoCurrency by u/LORD_HODLEMORT • 3 points and 14 comments Bitcoin, the crowning cryptocurrency of all the time is almost not being used by anybody, Bloomberg report claims recently. However, the depth of the sentence is gotten the attention of Blockstream’s CSO Samson Mow who appears to be a bitcoin adherent. He took twitter back-lashing Bloomberg’s write-up and states ‘so many things are wrong in this article about Bitcoin’. This is because Gresham's Law applies: people will spend satoshis and keep bitcoins. As economic activity increases, demand for the satoshi will rise, putting the fixed exchange rate under pressure. The satoshi will inevitably be devalued, probably several times. Eventually, the fixed link to bitcoin will be broken, and the value of bitcoin in satoshi will float. Gresham’s Law states that ‘Bad money drives out Good money’, meaning an inferior form of currency will drive out a superior form. Think back to when man used Gold and Silver coins. Gold coins were the currency statdard, and Silver coins were denominated in the amount of gold coins they represented, ie. Five silver to every One gold. Because Gold was worth more than Silver here, people ... But the famous classical ‘Gresham’s Law’ also reveals the intrinsic difficulty. Thus ‘good money’ will not naturally supplant and replace ‘bad money’ by a simple Darwinian ... Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. Bitcoin's transaction speed is less than it has been in the past. Its been said to currently hover around 7 transactions per second. But isn't that number woefully low? How could bitcoin be traded internationally with millions of traders a day wouldn't that mean that there would be a massive back log on me sending my bitcoins to Joe Shmoe at any random moment? These are two questions I keep ... People often misunderstand Gresham's law. By default good money defeats bad money. It's only in the presence of government distortion that bad money can thrive. Bitcoin is largely outside the ability of regulation to control. That's because words in lawbooks have no power unless enforced by code. And bitcoin does not code to arbitrary laws other than its own. A money largely outside of ... bitcoin address with most bitcoin - Fourthly, choose the bitcoin address where the bitcoin has to be sent. Fifthly, collect the cash amount. Likewise, different ATMs have different ways to be used. You can choose the ATM which you think you will be able to choose. Conclusion . It is very easy to use a bitcoin ATM, and the only thing is you need to have a bitcoin ATM. If the W. Twins didn't distinguish between exchanges on their Creation Units , then Gresham's Law tells us that their ETF would become flooded with bitcoin from the cheaper exchanges. I assume they're smart enough to figure this out, and define their Creation Units such that the CUs reflect the stated investment policy "to reflect the performance of a weighted average price of Bitcoins"
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