Bitcoin Forum

Bitcoin works in two ways but, many users presume one part of it—that is why I keep on checking for the price and hope it increased.

Hitherto, only a few bitcoin users see bitcoin as the currency that it is—to some extent, everyone is most concerned about the market bull or bear. The headlines with most trends on social media have matters with the increase in bitcoin price.

However, this has caused more harm than good to new bitcoin users who see bitcoin as an investment only; they will buy and hold it forever. People with lesser knowledge about the technical part of blockchain would go to a forum and complain that they have forgotten to write down their keys or password on paper.

Thus, it is unbearable to see that over $120 million worth of cryptocurrency gets lost as a mistake of these new users that forget to keep their password safe, according to crypto data firm analysts.

The paragraph above has a message for all of us—the market requires more work to transform the way people interpret it, or most of these infant users will never try bitcoin again.

On the other hand, we must spread out the pulsating news about bitcoin. Bitcoin is a currency, but many people have refused to use bitcoin as the currency it is. Thus, they will be endless cry about the price of bitcoin, only those that see bitcoin as a currency rather than an investment scheme will bother less about bitcoin price—bull or bear.

Bitcoin meets all three criteria of a currency: it can be exchanged, increased in merchants, and holds value. I am not mentioning trading bitcoin for another coin only but selling bitcoin for other valuables like laptops, cars, and gold. Also, understanding that bitcoin is a currency will help many new users to visit their wallets (To pay bills) consistently. This one daily practice will save them the hassle of forgetting their password or keys.

Moreover, when experts see bitcoin as a currency, they will be less bother about the dynamic price of bitcoin and, it will help reduce the frequent agony felt when bitcoin drops in price like a child that missed a step off the stairs.

In summary, bitcoin is a currency. We must trade it to boost the market with a higher amount of transactions. The best way to market bitcoin is productocracy, not advertisements—one example of productocracy on bitcoin with unending traffic to the bitcoin market was done on this forum when 10,000 bitcoin paid for a Pizza.

However, when a vendor tells their friends that a customer just bought a laptop in my shop with bitcoin—you don’t need anybody to tell you that a conversion about bitcoin will emerge in their midst. Thanks.

Not because bitcoin was made to be a currency automatically means that we should only use it for that sole purpose. Why don't the masses use bitcoin for payments? Simply because they're not incentivized to do so. Why spend the asset that has been going up in value? The no-brainer option is to spend the currency that's been trending down in value instead— the USD and fiat currencies in general.

Unfortunately, we probably won't see notable amounts of bitcoin payment usage unless probably a double digit percentage of people gets paid bitcoin instead of fiat, and when most brick and mortar stores accept bitcoin. We're simply not there yet, hence why people prefer to hold for now.

Satoshi did label Bitcoin as a "peer to peer digital currency", but you're totally free to use it to whatever purpose you see fit. One of the main points of Bitcoin is freedom in the first place.

This phrase is unfortunate indeed, it is the worst thing to walk through in this journey but the height is not too far from the companies hosted on Blockchain network.

The question is, how long it takes the Bitcoin based and digital companies like the multiple online vendors that pay their workers in Bitcoin to disseminate among the society recruiting workers will determine how possible it is to reach this height.  I like the way you surmarised this. Thank you.

People should think of Bitcoin as gold. You aren't incentivized to spend it, no need to add the reason; mk4 summarized it.

It is doomed to not be solely used as a currency. It has gold's fate. Even the creator stated it (https://bitcointalk.org/index.php?topic=583.msg11405#msg11405) once. Any deflationary currency is seen more as a store of value rather than a medium of exchange. If you know your money will worth less in the future, you're, oppositely, incentivized to spend it.

They aren't lost; I mean, the cryptocurrencies' units are gone for good, but the money isn't lost. Since they'll never be circulating anymore, they'll make every other holder slightly richer.

We are using Bitcoin indirectly as currency since we exchange it with fiat and spend the fiat money. There are just many of us are speculators in the market because it's what we have learned over time that the value keeps increasing as we can see it's not $50K.  Even if the price descends, users will just trade it to fiat or for traders stablecoin.

No merchants selling their products for less if we pay in BTC. It should be an incentive for using BTC as currency but I doubt there would be stores that would do that.

There is always a limit to how long people can keep their money (Max HODLING time.) Disasters happen every 5 years (more or less) so you will be forced to sell Bitcoin even if you don't want to.
Also, many who use Bitcoin for speculation or trade are looking for profit, and therefore, for example, if the price rises above $10,000, many will sell because they may make good profits if the price drops.
As for the use of Bitcoin for everyday purposes, it is related to technology, adoption and low fees.

Not that really a fan on looking back into those past events because it doesnt precisely tell on what would happen into the future and that 5 years before on having a disaster is just pure speculation.

Bitcoin users should be careless about the price? to say that not all are traders and big part or portion of it is just pure holders or doesnt really like to get engage with this activity and this is why
it isnt surprising that action taking by people would really vary into their interest.

The thing is that a form of money must be a store of value, when gold and silver were the main forms of money did anyone complain about people not wanting to spend their coins? No, because at the time no one thought about this as there was no fiat around, but once you introduce fiat to the system people are faced with a decision, do they spend the money that maintains its value over the long term or the one that losses it? And the answer is simple, they spend the bad money and keep the good, which is nothing more but the Gresham's law at work.

Bitcoin is meant for trading but since its value has increased a lot, many consider this as a long term investment because there’s a great demand for it and the supply is limited, this is why many are hesitant to trade their precious Bitcoin. Beside, crypto is not fully accepted yet as currency, even if we want to spend it many are still not familiar with it and many establishments still don’t want to take risk accepting crypto. We can actually do whatever is right for us, do trading or hold it’s all up to you.

People care about the value because they trade it. Trading is also a way of making more sats in form of profits. You can't tell a day trader not to care about price, yet that's the only way he can get to earn more bitcoins apart from mining.

Trading and Long term "Investment"...isn't this the same?
I mean, even if you buy the bitcoins and HODL over a long period of time, you will eventually have to sell them off to realize some  profits. Buying and selling = Trading.

Its not actually meant for trading but rather it do talks about demand and acceptance and since this forms out a market then its just normal that there would really be buyers and sellers which do simply implies

that it would really be making out transaction in between them which in results to trading and this is where we do really mainly been hanging on. Of course we would really be minding about the price because whenever
we do get in then we do always mind off about profits.

They are in correlation to each other and minding off or caring about the value would always be on point.

Long term investment was too hard during crucial situations, specially when you don't have no other income. Eventually you'll be tempted to sell some portions of it, and worst everything will be spent because of daily spending need particular to those individuals with families to feed. Taking risk should be done as with person who had a stable income, just use Bitcoin for trading as your secondary options for part time trading to avoid panic.

What is a currency to you, OP?

A currency is something that holds value, is accepted by so many people, and can be exchanged for other assets. Bitcoin is a cryptocurrency, so we can't ignore its price.

Look at all the fiat currencies you know. Aren't they traded just like Bitcoin?
Don't they hold value just like Bitcoin?(Though bitcoin now holds even way more value now based on the price of so many traditional assets and commodities)

Because normal people like you and me shouldn't solely rely on asset investments in the first place. The trick is to always have cashflow income for our bills and necessities, while having asset investments to boost the value of our wealth(instead of watching it slowly but surely go down with inflation).

I sort of understand the point, I have been making that point my whole crypto life, bitcoin is a currency that you can make money from by investing.

However I do understand people who see it only as a way to make money as well, where else in the entire world could you make this kind of profit? This is why all those people that invest into bitcoin and other altcoins are only aiming at making a profit and that is understandable since it is the best at that in the entire world.

Fiat currency to use for buying stuff is good, not really terrible and you can use cards that make things better and easier as well, but it is not a great investment, why would I want to buy a fiat currency as an investment? Whereas bitcoin is great for investment, yet not as great as cards to pay for stuff, there are now some bitcoin cards but that is only getting bigger, but it is awesome for investment.

The title don't seem to endorse a balanced and healthy financial life, not to mention that trading without knowledge , experience and adequate capital is the worst thing that you can do to make a life out of trading. They should be careless of the price and hodl.

This is what exactly we do, we should have invested in what we can afford that can't affect our daily necessities and our monthly bills. Proper financial management will help us to maintain our crypto assets safe even though the price will fluctuate downward. Bitcoin investment to store value is good for the long term, as we know that we have always an ATH every 4 years come when after the next halving. So no doubt the price will increase.

The reality is that bitcoin itself is not there because of the fee costs, not because of anything else, if we had under $1 fee for ALL crypto currencies, including mainly bitcoin and ethereum, then we would see that used a lot more. However it is not like that at all right now, it could be going even higher these days considering price goes up and fee stays the same in coin terms making the fiat value of it go up too.

So, all we have to do is find ways to make it cheaper tx fee and we would have a lot more reason to just spend it instead of trading it, of course trading would still stay, investment would still stay but the payment version would get a new uptick and a lot more people would do it.

The lightning network already exists to take care of that problem so in the future that should not be an issue anymore, what happens is that we are still very early in the adoption department, most of those that are entering the market today are early enough to still see significant profits thanks to their holdings, but once the majority of this potential is finally realized then the motivation for people to enter this market will change from making money to use bitcoin as a currency.

The problem is that most of the all the new people who have started using bitcoin, they only see it as an investment and not as a currency, and this idea has changed the nature of it making bitcoin no longer a currency, people just buy bitcoin and store it in hopes of making millions from it on the long term, we may see a few people trade it here and there but because of its high price and the weight of the loss that they may get from it they just prefer to trade other currencies.

Well it isn't limited to being a currency in the first place, proof of it being what it is right now as a form of asset that people can invest in, not to mention that the adoption of Bitcoin towards being used as a currency still has quite a lot of walls to break down, not to mention that an agreement between a consumer and a merchant needs to be done in the first place before the usage of Bitcoin as a currency is established. If only one side adopts it, then it wouldn't or rather, couldn't really be used as a currency, and it would take time for it to adapt to the world. It is, after all, a currency that is quite free, both for how we use it and for how it is adopted, only willing users would use it and no one would really force someone else to adopt it.

People are actually reshape bitcoin as which they call "digital gold". Back in 2016 there are many places accepting bitcoin as a payment method but things change since the price of bitcoin increases significantly causing huge rise in transaction fee (there was not lighting network or segwit). Then, regulations in different countries force businesses to shut down any form of cryptocurrency payment. As the result, bitcoin has turned into some kind of unimaginable investment which can bring thousand of percentage in ROI

how do you measure profit in usd if you care less of the price?

although you count the satoshis we earn from trading, we'll always going to consider the price at the end of the day because the value in fiat will matter thats why we trade a lot in btc/usdt. its very hard to trade on btc/eth.

That is not the point here. Just because it still has problems and not being used worldwide as a currency doesn't mean that it shouldn't. The point here is that we should not see it "only" as an investment thing and we should see it as a thing that could be used as a currency as well. So, while you are right about the fact that crypto could be used as an asset to invest, it should also be seen as a currency that could be spent in many places.

Unfortunately, there aren't that many places in the world that accepts bitcoin, there are few but not a lot, even online big business' accepting it would be great but we are still lacking. However, if that starts to grow a lot bigger than today, then bitcoin could be something great, it could both help increase the price because of the demand, but it would also drop the supply as well with companies keeping their bitcoin sales in bitcoin instead of cashing out right away.

I was about to make a similar comment. It's impossible to just assume bitcoins as a standalone currency because even though more sellers are accepting bitcoins we are still no way near a marketplace that works alone on bitcoins. Technically, the value and popularity are as such because of the price it has managed to achieve.

If for example the price drops down to a hypothetical value of $100, will there be the same interest towards crypto as it is now? Absolutely not. That's because the value brings popularity and maybe in the future we have a marketplace where we can buy anything with crypto. But for now, value of bitcoin decides nearly everything; popularity, adoption, new projects, etc.

This is a very important thing to talk about, since many people have lost access to their private keys, which is very sad, but looking at it from an economic point of view, the deflationary economy shines, that is, in the In the case of BTC, as it is limited to 21M of BTC, this makes the lost amount take much more value than the BTC.

And the more BTC is lost, it is more beneficial at least for those who are holders, or those who have a fraction of BTC, this makes it more valuable. Of course this does not apply to some tokens that are not limited, everything is also a question of supply and demand, in this case the market has a lot to do with it and with the manipulation of whales.

Although the current market is changing with each passing day, I believe that the total experience given to you by history is still desirable. In my transaction, I remember that when Bitcoin was 3,000 US dollars, I still think that Bitcoin is expensive, which is simply too cheap compared to now.
At that time, you don’t have to care about the price，It is estimated that there is now 10 times the space.
My experience from previous transactions is to always hold, always buy, balance the average price, and never sell. As for making money in this way, I am not a very experienced trader, nor do I have any financial talents. Only in this way can a mediocre person like me make money in the crypto industry.

But this was to be expected, if those that believe in the potential of bitcoin to become incredibly valuable in the future really thought that in such future people will still use bitcoin as it was used back then then they were clearly in the wrong, as things become more valuable then there is a greater resistance on the minds of the people to actually use those assets, and this is completely understandable because now an expectation has been created for the value of this asset to go up and people are not going to willingly part ways with that asset until they get their financial goals fulfilled.

I keep telling people that Bitcoin is not just an investment but also a currency that can be used for transactions. I don’t like the fact that a lot of people these days are seeing Bitcoin as a means to make money quick online and then they all quit after they have made that money.

It's really bad, because when you do research on Bitcoin the main purpose of which it was created was to serve as a method of transaction and not just an investment. Moreover the whitepaper never mentioned anything about being an investment it was just talking about being a Method of transaction and nothing much. But for the fact that its value is not stable, that’s what resulted to people seeing it as an investment.

If you are not professional trader and have not took it as primary source of income then you must have another income source to support you rather than relying completely on profits out of your investment because it is just an extra allocation of your savings and it could take long to give high returns so have some major source to boost your income.

indeed that's the reason why bitcoin become so popular because of the way where people can make a massive returns. And yes only few enthusiast can used it as a currency such how real fiats can be used because there's no problem with their country when it comes crypto, wherein unlike other countries reason why they preferred to invest at least they cannot miss the opportunity from it.. Actually there's a lot of reason but it's too hard to tell.. Perhaps we should understand?.

but it won't be that easy. it will play your psychology. when the price was $3000 many said it was too high, but some believers kept buying it and kept being held back.
Holding and never selling is easy, but running it is very difficult when you see bitcoin's price has gone up 50% or 100% from $3000 and then to $6000. those who can't stand it will sell it, but those who have a target or price strategy will certainly hold on to it.
It is very easy to make money in crypto but also very easy to lose it.

It was inevitable, while it is not in the white paper there is the famous quote of satoshi stating that in the future there will be a large transaction volume or none at all, it is obvious that a great deal of that volume will come from speculation, there is no way around it, look at the biggest markets around the world, which is the Forex market in which currencies are traded against each other, it is obvious that bitcoin was destined to become part of it whether we like it or not.

Nope it wasnt destined because even the creator itself have no idea whether his creation would able to progress in the future or wouldnt really able to make such thing but now with the current situation then we can
really tell that it did really work.

If ever Satoshi was alive then he would really be that proud of on how far his creation did really able to reach.About being careless about the price then this is something an inevitable thing for someone
not to mind off.

We are risking our money and its just normal on having those emotions and impressions that we should be wise on every actions that we would take.

And I disagree, common sense would tell anyone that this was bound to happen, the dollar the strongest fiat around the world is exchanged against other currencies and it is subject to speculation, gold currently the most popular way to store value is also subject to speculation, why bitcoin would be exempt of this? There is nothing on the code of bitcoin that protects bitcoin from the laws of supply and demand so the outcome I describe was inevitable as there was no way bitcoin would not become successful due to its amazing characteristics.

Even a professional trader shouldn't have to rely on trading in the first place but rather to find another one. Multiple sources of income are most preferred as this is actually the ideal deal when we wanted to survive and have a good living, otherwise.

All of the people who come into crypto trading thinking that they can really make a profit but somehow some never did it right and lose their money. Many were get into huge debt, committing loans and etc. And instead of thinking that this could save them, it even causes their life being compromised.

Most people still use Bitcoin for investment more. Some privacy-conscious people use Bitcoin for daily payments. With the legalization of Bitcoin in some countries, many shops and clothing stores already support Bitcoin payments. Daily consumption of Bitcoin has also increased. When we are accustomed to using Bitcoin for payment daily, everyone is not interested in Bitcoin investment.

Investors are also into transacting bitcoins when they buy and sell bitcoins, right? You cannot expect all the people to transact in higher volume from their beginning days itself. Moreover, the current block size also not compatible for more number of transactions. Hence, we need all types of people which include long term holders and active traders.

Yeah in my opinion as well, bitcoin was not created as sole currency but as investment instrument as well. Limited supply of bitcoins must be the enough proof to support this point. I guess bitcoin will become a pure currency only when it attains stable value but there could be zero chances for that in next hundred years for sure.

Because it is the only coin that has the power to make other coins down and other coins up. And another thing the top investors are use bitcoin much more for their trading as they can gain a lot of money through bitcoin as compared to other coins. That's why many of the investors are careless about the price.

And even then I doubt this could actually happen, for example even if gold has been a currency and a store of value for thousands of years silver was along for the ride so you could exchange gold for silver and silver for gold and the rate at which they exchanged changed depending on the availability of the metal or the local region, so even under those circumstances you could trade your coins and try to obtain profits that way, so even if bitcoin beats fiat currencies I do not think bitcoin will be the only cryptocurrencies to exist at that point, so while its value will be more stable bitcoin will still have some variation.