Bitcoin Forum

This guy actually wanted to use Bitcoin as a currency - to pay a transaction worth 200.000USD. His counterpart also wanted to use Bitcoin.

The conclusion - they abandoned is because Bitcoin simply does not work as a currency.

From this is becoming ever more clear that Bitcoin will eventually fail spectacularly and the price will drop to near zero as only the most avid fans remain.

https://www.cnbc.com/2017/12/07/kevin-oleary-bitcoin-is-an-asset-not-a-currency.html

I think most people are well aware of the problems in using bitcoin for transactions as caused by its volatility. That's why right now it isn't best suited to being used for transactions but in time the value will become more stable and it can be adopted.

He's not much of an entrepreneur then. :)

Reading between the lines, it seems that all he wanted to do was to make a Euro payment by using his dollars, and that is not the purpose of Bitcoin. The transactin fee is negligible, but what will make that uneconomic is the double spread on the two fiat exchanges.

I think most people would acknowledge that Bitcoin is pretty shitty as a currency right now. The fees are ridiculously high and so many transactions are stuck in limbo. This is not unexpected though. Bitcoin has always had a scaling problem.

The thing about problems though is that they have fixes. We still have the Lightning Network, which, if works in theory, would significantly reduce, if not outright eliminate the scaling problem. I'm fine with Bitcoin purely being an asset until then.

That's a very good article and shows what's wrong with bitcoin right now.

They are just explaining the most popular problems of bitcoin. Imho if someone wants to accept payment in bitcoin he should clearly understand the specific of the cryptomarket, understand what will he need to do with hiscoins and not crying that it is failed to act like normal currencies.

i have a transaction  three day ago and now not a confirm , i think he to pay a transaction worth 200.000USD  fee too expensive

So Bitcoin as a currency can be used as such, I have done so and purchased several items from vendors online doing so. This article is misleading in that, though it does highlight the changes, it doesn't explain that transactions can happen in 10 mins if you pay the fee. Oleary didn't want to pay the fee to insure that the $200k would get to his counterpart in the best time possible and now he bashes it as a currency. Do people need to understand Bitcoin and how it operates, yes. He obviously doesn't or isn't saying that in order to parrot the government/bankers line for saying that Bitcoin is a commodity and not a currency. Go to www.crytpfunds.online to find out more information for yourselves and not rely on these talking heads regarding Bitcoin or any other cryptocurrency. They have another agenda to keep Bitcoin and other cryptos as a commodity and not a currency.

you really do not understand the concept of currency risk - like most people in the forum you have absolutely zero fundamental understanding of economics and investments and is a good example of the stupidity driving the price in this bubble ever higher

I actually do have a fundamental understanding of economics and investments. Please elaborate on your comments and attacks.

should have used LTC

don't think much of his research skills

BTC is now just a store of wealth we all well know this it is not very appropriate for tx compared to ltc

it's way too soon to criticise bitcoin as a currency. The technology is in it's infancy, nobody should expect it to be fully functional and perfect in 2017.

problems will appear and improvements will be made, just the same as any other new technology

and whoever has had to receive a SWIFT bank transfer knows that the quality of this service is so shitty, the bar is set very low. bitcoin just needs to be slightly less shitty in order to become the best currency available

BTC is a failed currency run by m0ron non-developers and ol HODLers who should try being THINKlers.  BCH/Dash/XMR is the future.

When people are now paying more than 100$ for a transfer of course you should expect perfect functionality and service !! But clearly there is a HUGE gape between the price and the service in Bitcoin now

Sell your bitcoin now. BCH is the future！！

it seems that he only sees the line of graphics created and is not or has not jumped in bitcoin directly or if it is possible he stuck at a high price and sell it at a cheap price and cause him upset to make such a statement.

The article doesn't say that bitcoin is going to fail, he rather emphasized that bitcoin is rather an asset rather than a currency, the person who wanted to transfer $200,000 wanted to make sure that he got the exact amount, but since he couldn't guarantee that because of the volatility, they had to stop.

Clever enough to criticize bitcoin and clever enough to make $200k yet bot clever enough to realize that 200k might go down for a while but it will go back u way past that.

Also if you want the actual value of bitcoin at the time of transaction you can use a payment processor like bitpay. It's not rocket science and I would be ashamed and feel stupid if I had 200k but didn't know what a payment processor was. I mean holy crap they should know better.