Bitcoin Forum

I am struggling to understand how Bitcoin is going to be used.
I know its long standing coin, gold like qualities, not hackable etc.  But when it comes to how it can be used, I could not find any answer.  High transaction fee, limited coins cause deflation, too volatile etc.  General public, corporations cannot use it.  Gold is different, there is nothing like gold but we have better coins than this. 

Will this be used for only speculation, betting?  How would general public / institutions use it in future?

well, sometimes some people have difficulty understanding new technologies. that is ok. many people aren't using smart phones, credit cards, computers,... for instance and that is ok.

if you have a hard time understanding bitcoin and you think fees are high even though they are not,... then you don't have to use bitcoin. let the millions of others who do understand it continue using it.  :-*

Transaction fees are only high when the network is congested. You can theoretically transfer a million dollars worth of Bitcoins to anywhere in the world while paying only a couple of dollars. To add to that, solutions are being worked on to prevent congestion. The end goal is for the network to be able to handle worldwide demand.

Deflation isn't necessarily a bad thing. Bitcoin can exist alongside fiat as a decentralized option.

Volatility should theoretically decrease as the market size increases. The bigger it is, the more money it takes to move it after all.

A small contingent of the public already uses it, like members of this forum. There's even a bank (https://thenextweb.com/hardfork/2018/05/14/german-bank-using-bitcoin-international-fiat-loans/) which uses it for international transfers over SWIFT, among merchants that accept it as a payment option.

In the end, just because you can't see its utility doesn't mean everyone shares your view. It must also be noted that Bitcoin is still being improved upon so its shortcomings are very likely to be fixed in the future.

Many people take advantage of these coins just for a moment's investment. Because some people, just dried profit and then they leave it. crypto is more potential than gold, the price of gold only follows the price of the dollar increase.

Bitcoin is meant to be use the same way we use our traditional fiat currency but the difference is that bitcoin is in digital form. It is a store of value, it can be used for purchasing of good and payment of services, It makes financial transaction easy and global.

Well, it is something like an email system. It helps everyone to communicate with each other and I am sure that most of the people don't have any idea of how email works in the background. Most of them won't be able to tell the difference between POP3 and IMAP protocols which is used in the email system, but still, the people are using it. Similarly, when it comes to the cryptocurrencies one should have basic information and it is not a rocket science to understand it. The basic information of crypto includes some knowledge of technology, finance and economics. This technology is still new and hence it might be difficult to understand for some people.

It's not limited to speculation and betting. A lot of people treat it as a currency too, it's just that more investors prefer to hold/trade Bitcoin because there's always a profit potential to it. Also fees shouldn't be a problem because it's not always expensive and you have the option to put less if you can wait longer.

In the future when there's a solution to the scalibility problem of Bitcoin I do hope merchants would trust transactions with 0 confirmations to speed things up.

I think you have some wrong ideas. To understand bitcoin properly it needs to do a thorough research on it. Yeah I know it has some drawback but they will be reduced as soon as the market gets more people.

This is it in a nutshell, it's no different from other investments like stocks and gold...it's just digital and that's what makes people uncomfortable. Pretty soon it will be so common that we will all forget there was ever a time when currency wasn't digital.

Bitcoin can be used for absolutely all financial operations right after the introduction of Lightning technology, as the commission for transactions will become very low and the speed will be high. Cases for the application Bitcoin in fact very much.

Search on google about where you can spend your bitcoin and for sure you will be amazed.  ;)

It is true that bitcoin hold speculative value but there are many other factors that drive the price. Many hedge funds had already invested heavily on bitcoin as well as in blockchain based company.

Since a lot of people don't know how to use technology, they may think of it being overhyped whereas bitcoin was invented for using alongside fiat currency, digitally and in a easier transactional process. If you do intensive research on it you can realize what the hype is all about

At the moment bitcoin is being used in a few different ways, some people are using
it as a currency to purchase goods and services and transfer funds to others.

Another section of bitcoin users are using it as a store of value or a hedge against
FIAT inflation or another financial crash kike scenario.

And others are using it as something to speculate with like the traditional main
stream stock exchange.

Bitcoin fees have been greatly reduced in 2018, it is actually much cheaper to transfer
funds even small amounts (micro payments) now than it was last year.

It is used all over the World daily to trade and also for eCommerce on websites all over the internet. The high transaction fees is a total myth these days, because if you use SegWit addresses or the Lightning Network, your fees are almost zero.

High volatility can be eliminated if you use Payment processors. <Problem solved, if you too lazy to convert coins on your own>

Gold is ancient and old school and cannot be used for global micro payments, because it is simply impractical for someone to use Gold. It is already used for speculation and for online gambling and this is one of the strongest forces that are driving it's price. 

Everyone can use Bitcoin as payment in various services and stores that support/accept Bitcoin, now you can use Bitcoin for payment if you want, High transaction fees, slow transaction confirmation, volatile is the current weakness of Bitcoin, but you can take advantage of third party services/payment processors to reduce those risk

Bitcoin is having good features and they have a variety of uses where we can invest our Bitcoins to generate a good income. If you have sound knowledge on trading and if you are capable of managing your own funds and risk then you should tryBitcoin trading and there is a huge opportunity to make a good income trading Bitcoin alone. If you are not from a trading background then you can go for Mining where risk is less with a decent amount of returns over a particular period of time.

Before bitcoin could be used in the mainstream we will be waiting for a long years before that could happen. The general public is not yet ready to accept bitcoin since they are used to the traditional fiat currencies. But at the same time there is a small movement right now and little by little people are slowly accepting bitcoins and using it. So sometimes we can just wait for it until such time that bitcoin is already on the mainstreamed.

Yeah this is how probably bitcoin works, helps you in doing transactions easily. As well as easily convert money and pay some bills or establishment who did not accept bitcon. As of today there are only limited stores and establishments who are accepting bitcoin but soon enough more people will start using bitcoin. That is why bitcoin is the future. 

Bitcoin is currently used as a store of value, and the transaction fees on the network have dropped significantly from earlier this year. As soon as the Lightning network is developed, it will once again be used as a means of exchange.

Bitcoin can be used in lots of ways. Only the problem is that people dont know about it much yet. When they will have proper knowledge they will understand it's potential and usefulness. Bitcoin is nothing but a currency but only in digital form.Like fiat currency, you can do everything with bitcoin too. So, it is only a matter of time when it is accepted by worldwide.

Not it is not hypes. It depends how you use the opportunity. If you are going for a long run then bitcoin can give you more than gold. It provides massive opportunity, you just have to know how to grab them.

bitcoin has an unstable price and results in always bubbles and as many people assume that bitcoin is a bet, but bitcoin is the coin of the future.

technological progress is growing and this is one proof that technology is developing but every other people's thinking is always different there is who can accept and some are not, even though gold can be stolen if indeed people can do it, so not how we choose which one is better but how can we keep our assets, both gold and bitcoin.

Recently the miners of the crypto currency has understood the importance of the bitcoin properly and have started to spread good hypes.

Right now, many people are having bad thoughts about Bitcoin, and they think that Bitcoin is a bubble. But they do not know that Bitcoin has existed for more than nine years, and if Bitcoin is a bubble, it will never last until 2018

bitcoin is very customer friendly they try their best to take very much less transactions charge.some people are taking advantage of its popularity and fame among the investors , but you can take your decision on your own just by analysising the market and it is as easy as like sending an email

Not everyone is accustomed to technologically advanced culture as of yet, in this mass population of the world. Some may have the perception of these ideas being too fad, although bitcoin was introduced for using alongside fiat currency, a much easier transactional process. Having more research on this, will actually, give you a better understanding to its beneficiaries.

I agree with you, I think the OP is complicating itself to understand bitcoin technology and its function. this seems to impose the will without digging it, because actually OP just need to take the time to seek a lot of insight about trade, investment or mining.

Haters will still say whatever they want even if the function of bitcoin that is making the noise. How can you say that it is just being hyped where in fact it's too good as a system. Bitcoin is so advantageous so it's not impossible for it to behappen popular. The attention that it is receiving is just a normal thing since bitcoin is so great.

I think it's just that bitcoib is so good as a system that's why the attention it is receiving is deserved by it. Saying that it's just being hyped is not fair because you can't blame it for being good. Bitcoin deserves to be recognized so if ever that it is being praised then for me that's okay because it willalways surely get popular due to its product.

Bitcoin is new, if paired with it everyone will prefer gold over bitcoin. Gold has a place long known by all people in this world, so they are comfortable to choose gold without any doubt. This is what makes gold always safe, because everyone has known it, because every country has received it well.

While bitcoin, a new product created by humans through technology that still has many shortcomings, its nature can still be tricked by people who do not like his presence. While gold is a god creation that can not be doubted, can not be imitated and manipulated.

For now it's better to let bitcoin grow and be accepted by so many people that we can assess the use of bitcoin.

You have to learn again what bitcoin and blockchain transaction technology is, since banks in large countries are implementing a blockchain system that mimics bitcoin transaction technology.

Selected because it can facilitate customers in transactions and save money, etc.

that is what is needed by the people now with the current technological advancement that continues to grow rapidly

James Altucher, a technology investor, fund manager, and venture capitalist, writes 10 predictions about this digital currency. According to him, 98% of existing digital currencies fall into the category of fraud, but bitcoin, and a number of other digital currencies, have different cases.

It is fairly common for people to misconstrue the true significance of bitcoin, reducing it merely to speculative activities. The true potential of Bitcoin lies in being a method of value transfer. Yes it is true that it is mostly the mining community that is using Bitcoin for its true purposes, but we are seeing positive news from all around the world, like from Zimbabwe, where Bitcoin is being accepted as a method of payment. We still have a long way to go, but we are getting there!

until now bitcoin is not yet fully used as a substitute for fiat money and I think is still used in investing or trading and also many who consider as a bet.

Some people take advantage of their popularity and fame among investors, but you can make your own decisions just by analyzing the market and it's as easy as sending email.bitcoin is very customer friendly, they try their best to reduce transaction costs.

It may be a miner, but I do not think so. Investors make it easier, miners want to get higher returns and lower costs.

Bitcoin is the first cryptocurrency and without any doubt it is the best cryptocurrency yet so far. It is nothing like fiat currency but with many advantages and good options. Transactions can be made without any interference in bitcoin and there is no hassle of converting currency like fiat currencies.

Bitcoin is actually a medium of exchange without help of any intermeddiaries. But investment in Bitcoin is usually for making profits creating values of it. It has also been used for transfering money converting into BTC to anywhere of the world with a minium cost of fee. But sometimes fee are high due to the network is widely accepted.

it seems you have to learn more about bitcoin, you just say all the negative things about bitcoin.
read all the things related to bitcoin in this forum so you understand exactly what bitcoin is.

Somehow when he is out of options he will go the same way of the millions.
Happened to me. Before I aint using facebook cause I have seen people so hooked with it and wasting so much time browsing stories of other people. Then someone made me realize there is a good thing about it. Communication. Free video and messaging.

That is how bitcoin will be too.
Let us say there are just 1 million users that have been using bitcoin by now. In time, people will realize the real usage of it. Companies will be absorbing it and you (OP) as 1 will have to go with it.

The high transaction fee isn't a permanent thing, solutions like segwit and lightning network are being implemented. Also do you know how much a small business has to pay to transfer a small amount from one country to another? Where as you hardly pay a few cents for transferring any amount to anywhere in the world.

Bitcoin is the digital currency through which to make global transactions. Through this, it is possible to pay the price of the product or purchase the sale easily.

At some point this is true, the miners have been speculating a lot with the fees during the last december when the fees touched $20 - $50 each one of them, that was huge

You answered it yourself really. Gold is valuable because of its scarcity and special properties. Bitcoin is similar. Bitcoin is limited, and can the very helpful utility of being able to be stored securely and sent easily to anyone for what is actually a pretty low cost.

From my point of view many people till now are not using smart technology like as smart phone, tablet or computer, credit card etc. Because of this reason many people are not understand about new technology. So if you face any kind of difficulty to use bitcoin you should think about the high fees although they aren’t. Bitcoin try to improve I think very short time it will be fixed.

Recently, the transaction fee of bitcoin has been very encouraging provided you are using a good wallet or a Segwit enabled wallet that has a low charge and fast confirmation time. The last time we had network congestion, things were really bad but lightening network will soon take care of these.

I don’t think the transactions fees are too high in this time. They are moderate. Bitcoin gives us much more facilities that its limitations then why not use it.

The attention it receives is just a normal thing because bitcoin is so great. Saying that it's just being hyped is not fair because you can not blame it as well.

There is still a void in simple front end applications that will help the general public, this is a new technology and it will take some time to carter each and everyone, in this short span it has attained a lot and it will be used to trade as simple as that, the transaction fees are not high at the moment and i hope they will implement better solutions for scaling in a couple of years. I am not sure about any other coins better than bitcoin and if you are aware of it, i would like to hear one coin which have a much better scaling solution that could accommodate everyone.

I agree with you that gold always be solution of every inflation. some people say that buying the future with gold, but I say buy the future with bitcoin

the difference between gold and bitcoin is only on volatility, and I think that gold will be affected by the global crisis, but bitcoin will persist.

so, the future only exists for gold and bitcoin.

I think bitcoin was created for replacing the fiat currency at first. But because the price became very expensive, bitcoin is become the asset to invest.
In the future, maybe bitcoin can become a real currency to be used by mass peoples. For now, bitcoin tx speed still not fast enough.

Different mind and different thinking but the core topics is profit. I think the fiat treading and bitcoin treading has a simple difference of currency layout. bitcoin is a digital currency on the other hand traditional is fiat but the aim of this twos are same.

Bitcoin is used to store money and invest on it. Since bitcoins exchange rate drop down I hope after 2 yrs it will be back in mainstream again.

People have different ideas which is of course different opinions. Bitcoin and gold are two different asset or valuables too. One is tangible while the other is not. But both will help us survive in this world. It is up to us which one we are comfortable with, for one can be hacked while the other can be stolen also.

Limited supply causes inflation. Not deflation.

Bitcoin and other cryptocurrencies are volatile as those are not using by the majority of the world population. Therefore it may take time to see a price stability until a considerable number of people start using bitcoin

Currently bitcoin is traded based on speculation in my opinion. But bitcoin will be a major currency like USD soon when majority started to use it.

There are simplified bitcoin payment apps and solutions coming from various vendors. This will make bitcoin is more accessible for public which leads to more bitcoin adoption.

Bitcoin can be a payment option, bitcoin has advantages, namely anonymity, and practicality. In the future everyone will not need to carry money when going anywhere, all it takes is a smartphone and an internet connection.

I am transacting bitcoin daily with 7 sat/KB volume and thats the cheapest one can have on the earth dude! How can you say that the fees are very high, its literally nothing and negligible. We should be thankful to the miners that they are putting the stress on themselves even though the bitcoin difficulty has increased so much. I think using bitcoin is very simple and there are more than enough options are now available for using it in real world as well as online. You can buy, sell stuff with it, people are making home deals with the bitcoin and im not sure whats bothering you here at all.

Bitcoin is based on blockchain technology where one can see the ledger records of his/her transactions. Bitcoin is decentralized and the transactions, tradings are fast and reliable. In the near future all you will be needing a smart device to execute transactions in any area of the world. If you are travelling you need not to worry about the exchange issues. So, overall, bitcoins are not hyped. It is the real deal which will revolutionize this moden world.

That's why we really need to do wide research about the topic. Bitcoin and cryptocurrency is real wide! It's somehow in shape, but you need to research. There are a lot of site for you to do so. Like investopedia and etc.
No, bitcoin is hackable :D.

Miners are not Bitcoin hyper sensors, we are bitcoiner who inflated. The increasing demand for Bitcoin has led to a decrease in Bitcoin supply and higher prices. We still accept it when the rate is too high, so this causes Bitcoin to inflated.

I think you are too hard for the beginner explained where to go ))) But I want to say that beginners should really read a lot. Today, the Internet is full of information about bitcoin and blockchain technology. A few sentences is quite difficult to explain to you what it is.

Bitcoin is the greatest coin for all time because of their performance. They maintain their performance from the beginning. We can’t see any kind of scam in this project. That’s why we can compare bitcoin with gold.

From my opinion, i think the one hyping bitcoin is the bitcoin holders that manipulate the market with their massive amount of coins.
Now bitcoin price already increased to $8k, i don't know but it could be some whales want to pump the value of bitcoin so they can sell it higher later.

yeah i know about the limit stock in the public makes a defaltion, and i think that is not good for the bitcoin and cryptocurencies holder, but we all know about this will makes the changes in the future, and i hope that it will. because of the network and the system in this bitcoin are blockchain that the safe netowrk for right now

I think you don't have the basic idea about bitcoin as to invest in btc the basic idea about it is the first and foremost thing. I would strongly recommend you to study about it very well so that you will be clear about all the confusions you have right now about btc.

It seems like you are confused about many things pertaining to Bitcoin. As for transaction fee, normally Bitcoin charges you much cheaper fee than traditional banks, but in the feverish period when the demand of transferring is high, the fee can be up to 50$ or more. But normally, it's a convenient and cheap way to transfer money to anyone and anywhere you want.

Take it easy and do some thorough research will help you understand about Bitcoin. It isn't that hard to get. You're afraid of deflation and high volatility? I agree that limited coin will cause high volatility but to reach the point called ""limited"", it is very long time to go. Also, you don't have to be concerned about deflation.
Another thing is why you think that general public and corporation can't use Bitcoin? They do, though not a large number but they really do. Bitcoin is not just for speculation. It does have intrinsic value: to be a means of payment alongside fiat money.

Nope. Bitcoin was created with a different purpose which is to facilitate commercial activities by being a convenient method of payment. Being an investment is just another benefit of Bitcoin. It's not only for speculation like you said..
Bitcoin still has some shortcomings need to improve and in the future but it is being fixed.

You're struggling with understanding Bitcoin. I think you haven't seen Bitcoin's utilities yet. It was born to change the way of paying, not to be speculated. People invest in Bitcoin as an investment because they see its advantage and likelihood to fulfill its very first mission. But when too many people invest in Bitcoin without basic knowledge about it makes it speculative. What source of information says that Bitcoin can't be used by general public and incorporation? It does is used.

The main problem right now is that Bitcoin is not being adopted by many countries and institutions. If it were legalized, we could have used Bitcoins for many functions. Bitcoin can be used to make easy transactions within seconds to any part of the world. Moreover, it can be used as a method of payment for any services that we want.

I think you need to study about the crypto market and bitcoin. Bitcoin is not only limited to speculation or betting. Bitcoin can be used like fiat currency now. The transaction cost is high because of network problem but it will be solved soon. You should talk to a bitcoin expert.

of course bitcoin is used as a value transfer among users
but yes you're right mostly because of the speculation
many investors speculate bitcoin prices will explode in the future
yes i suppose it could happen because the supply of bitcoin is limited and bitcoin is more or less same as gold
when demand increases while supply is limited and then you know what happen right?  ;)

I do not really know what you mean, the BTC blows up the room with many sources and objects, not just the miners themselves, so I do not believe these predictions are true.

unclear ambiguity makes perfect sense, all the factors that weaken the bitcoin are still in the development stage, gold goes very smoothly, but their value is shifted with commodities and fiat are more active in managing risk, in this case bitcoin will continue to perfect itself. and we need not be too confused.

I think in the end bitcoin will remain a commodity asset, and the new chapter will start when all countries start to make their altcoin with a very tight system, bitcoin and altcoin will continue to be interconnected in the future, but bitcoin values will shift with more prospective coins .

Why do you think bitcoin has been hyped by miners ? I think bitcoin has growing because of the community of bitcoin, either the miners, the holders, or the traders of bitcoin. A strong community can promote the coin to reaching a great value in the market.

Bitcoin is a work in progress. It already creates a significant value by the features that are not possible in current fiat systems. If you researched more about it you would have known

Crypto and gold have some similarity but they are totally different. Crypto currencies have a flactuating price and in the future crypto can be treated same way as fiat currency. The best benefit is that a lot of crypto currency like bitcoin can be transferred anywhere in the world with very less transaction fee.

How possible really is this for the miners to hype the Bitcoin or its price. I am not too convinced about this. I believe what has contributed more to Bitcoin hype is the large demand for it such that every new comer talks of Bitcoin first before other Cryptos.

the high cost is relative to me, even if I count the cost of transper in falt money compared to me just the same, do not misuse the use of flat money is also now a lot online, if you compare with gold, if it's in terms of investment maybe yes gold more winning with the hacker because the gold is a real barabg, but if for the transaction, I think gold will be more troublesome, because I do not think there is a store that received gold as a means of payment, do not worry about the future, I am optimistic because the technology is more advanced and the more evenly the use of internet in the world, I think later on transact with btc will be more practical and widely used people, humans are now smart enough they are easy to adapt to the changing times, so you also have to think positive about btc, and do not compare too with gold or other, because all things in this world there must be a positive and negative aspects

Bitcoin is an cryptocurrency that is used in transactions. Some stores now accept Bitcoin for payment. Bitcoin is growing. In the future, the general public / organization will use Bitcoin as a currency

We surely hope so. When it gets accepted and approved it'll spread much quicker.

Bitcoin will be used everywhere. And to play on the stock exchange, to carry out normal financial transactions-to apply in retail chains, to be issued a salary, to be accepted in medical institutions.

I do not think so. people must adopt crypto money first to increase their usage area. crypto money needs some time. whales create prejudice, that's the problem.

Miners at any time can switch to other crypto-currencies. By this I assure you, other people are speculating with a coin. Who?  I can not say...

People like the idea of a currency that has finite supply not lik fiat where you can print it out of thin air. Bitcoin also serve as a payment that can easily be transferres without the hassle of doing paper work or so.

Perhaps in the future, the use of cryptocurrency will be wider. With the development of society as a whole, bitcoin can become a universal world currency.

From the beginning of 2009, 1300 bitcoin 1 US dollar, and now a bitcoin sells more than 6,000 US dollars, soaring nearly 7.8 million times, becoming the only thing in recent years that is higher than house prices. For a time, cryptocurrency was again hyped by investors and miners, calling it the hope of future currency. Only when it gets more cryptocurrency can it guarantee that it will not fall on the starting line. The madness of mining has been going on for many years. More and more people are pouring into this industry.

However, in the short term, the output and appreciation rate of cryptocurrency has greatly exceeded the demand of consumer circulation. The fast appreciation is not destined to replace the long-term mainstream currency. Otherwise, the gain of waiting for appreciation is much greater than investment and labor, and no one consumes. Money can't be circulated, and finally the cryptocurrency will return to its essence, becoming a string of meaningless code in the hands.

Coins which contained little gold/silver were hyped by kings.
Paper money by presidents.
So what's wrong with bitcoin being hyped by miners?
Do you think it's some kind of ponzi/ pyramid scheme? Yeah, as for its valuation you could argue it is, but the same is true for paper money.


Unequal distribution is a problem, but same can be told about paper money.

actually, bitcoin is created for being the digital currency, and I think right now is not a good time for use bitcoin as the currency, because we need a stable currency when we want to use it daily, and bitcoin price is not stable, the price is down and up immediately, and i hope in the future we can see that the price of bitcoin can stable and we can use it as the currency

Bitcoin itself can be considered as the first push to the development of cryptoindustry. Yes, it is not perfect, but we all need to strive for the best. To achieve ease of use, it is advisable to exclude transaction fees and generally secure the use of cryptocurrency from criminal use

I consider bitcoin as an asset at the same time it could be also a digital currency for it could be used also as a form of payment but should be agreable to both parties. As we all know that there are some difficulties to consider when using bitcoin a method for payment.

Many misbeliefs in here.

1) there are no similarities between gold and BTC.
2) BTC may be undecryptable without key, but it is definitely VERY hackable.
3) transactions fees are very low. Its not actually only good, its bad as well. Whales can move coins between their own wallets and therefore mimic market activity at current price level.
4) deflation is bullshit. My salive is limited too. It is unique with my DNA code and scientists can figure out, how much of it, could I produce. It wont make my saliva useful, would it?

BTC is used for: speculation and money laundering, but most importantly: its a huge scam mechanism.

Crypto has more potential than gold, the price of gold is just the price of the dollar up. Gold is for those who prefer a safe investment. Also, Bitcoin can be used to make good purchases and payment services, It makes financial transactions easy and global.

You get wrong idea about what miners do to the blockchain transactions. They are not owners of bitcoins but just as a way of verifying transaction in the network. Bitcoin is a solid invention that doesn't need any hype.

There is no of course, over time all not will use ! Technology will always be ahead of everything in its time ! Early and payment terminals was not on the cards erased a protective layer to send SMS :)

logics?)))
If Bitcoin is a consequence of the miners, then the instigators of all this are then the manufacturers of video cards: D

Bitcoin could be use for numerous purposes suce as for making online payments and at the same time bitcoin can be use to pay for good in a peer to peer method, and in time to come bitcoin is going to become the dominant currency for all financial transactions within our financial system.

The problem is only the volatileness of the crypto currencies otherwise anyone can easily understand the bitcoin transaction but there is no need to understand the blockchain technology.Until now bitcoin is not used as form of payment in most of the places but they were used by the traders and the investors were the miners have nothing to hype the prices.

It is quite expected from newbies to ask such questions since they lack in the understanding the technology i.e., the terminology of how bitcoin works.
The limited supply doesn't cause deflation but increases the price due to demand which further increases the transaction fee.
This also creates volatility in the market but once it is stabilized the transaction fees comes back to lower rates and hence it doesn't cause any problems.
The stability of bitcoin is what the actual problem is and I believe it will soon be solved.

Sorry, I don't understand what are you trying to say and at the same time I'm intrigued, could you please elaborate what are you talking about?

And to add to my list posted before, payment cards (Visa, Mastercard etc.) is hyped all the time, you can see their ads everywhere, their also directly earn from every transaction and millions of people and merchants use these systems.

We have seen in countries with collapsing currencies that Bitcoin can be used as a store of value. I personally think it will become the reserve currency of the world. The British pound use to be the reserve currency before the dollar and I don't think the dollar will hold much longer.

I think that on some side it is correctly said, because at a time when bitcoin was not so well known, it is very much mined. At the moment I believe that the price has stabilized and shows the real value of bitcoin.

This system is not perfect yet.It still has a lot of work to do.Let me give you a simple example.Remember those times when we were little.Only very rich and business people had cell phones.And now every person, from a child to an old man in the hands of powerful smartphones.The same will happen with bitcoin.They're like cell phones, everybody's gonna have them.

We still accept it when the rate is too high, so this causes Bitcoin to inflated.