Bitcoin Forum

People always say that Bitcoin is the digital money that will take over soon as the world is digitalized,but they have not understand something, It may not be easy as we  think due to some delays in confirmation of transactions,It will be a good development to the whole world, but how do we perfect this and make it handled and easy as a physical money? Bitcoin has actually come to stay an let make it perfect and make it easy for everyone to use, through the digital. Yes I agree that Bitcoin is future currency, but let it be easy to use ?

Even though Bitcoin is called a digital currency, it doesn't mean that Bitcoin is made into a real currency like fiat today, Bitcoin is only used as a medium of exchange in digital form online into fiat form, nothing more.

More details you have to understand this one.

Meaning: fiat only has numbers, no graphics, digital is not controlled by certain organizations, fiat can be controlled by certain organizations, meaning: Bitcoin can not be made into currency in general like paper money, because it does not have ownership, Bitcoin can only be obtained online, bought with paper money on exchange sites or other sites.

Conclusion: there is no such thing as Bitcoin made into paper money anytime and anywhere, Bitcoin is not used by one country, but is used by all countries, online.

Digitalization isn't the (only) reason Bitcoin is better.

Have you heard of the Lightning Network (https://lightning.network/)?

Why should it be tangible? And further: Isn't digitalization an argument, after all, or not?

In your first sentence you say that it has come to stay as it's easy on its use. Right after it, you state that it's the future currency, but doubt it'll be easy to use. You're withdrawing your own sayings.

What is a real currency? Is it not literary anything you can use as medium of exchange?
Bitcoin IS a currency and not having a physical form or the fact that it is not centralized and inflationary like fiat doesn't change that. You can purchase anything with bitcoin both online and offline, not just on the internet and not just convert to fiat!
Besides, fiat is also digital nowadays. In fact I'm even paying my cab driver digital fiat and no longer carry cash around! Do you claim that because I paid him digitally, that wasn't a real currency?

Bitcoin as anything can be used. Not only devoted as a medium of exchange that has value. Actually the value contained in Bitcoin is also a guide for people to survive inflation. We use Bitcoin as a store of value, the perfection in Bitcoin is seen from the way the early community was so amazed at its sophistication that it defied centralization.

As a centralized currency it may take an organized deal. Some of us keep it within the realm of where Bitcoin was originally born. I wouldn't be so against the angle that other people see about the benefits of Bitcoin. Perfection in it because we are the ones who until now still believe in Bitcoin. The point is the belief of a large community that makes everything perfect. Both from the value, benefits and purpose of Bitcoin.

There is nothing difficult about the usage of bitcoin, you said that transactions get delayed using bitcoin, of course if you send a small fee your transaction will be delayed until they are lesser transactions on the blockchain network. They are a lot of digital money, Even fiat can be a digital currency these days, because it can get sent using a digital medium like a computer and if they is a network problem the transaction gets delayed as well.

The currency system before paper money was essentially precious metals. The gold standard was not controlled by any organizations, there was a finite supply. You can do a Bitcoin transaction physically person to person, so why would Bitcoin's online presence be a hinderance? Most financial systems operate on the internet anyways, so the infrastructure is there already. The entirety of people's net worth appears as digitalized pixels on a private banking page. There's nothing physical about it.

It's definitely not something that might be so easy to use for old people or also for young people but one have to understand the fact that digital currencies are always a little hard to use, even using bank accounts online can be quite challenging. I do think when we talk about converting bitcoins in a currency we do not talk about it dominating everything that we know of, we specifically talk about how we can use Bitcoins more efficiently in other ways possible, for some people they might have greater use of it as an investment but that does not mean that we cannot use it for international transactions, it can indeed make them more easy. What we are talking about is : Giving a decentralized currency an opportunity to hold ground and to make further progress.

I think it's bad form to say that Bitcoin is perfect and it can be improved in numerous ways. It's like saying the internet was perfect shortly after it came out, yet we've seen it evolve and transform to produce many more miraculous things. I doubt Satoshi would have wanted people to stop developing the blockchain idea at this first iteration and it's great that other cryptocurrencies are developing novel new ideas based on the same core concept - a transparent link of all transactions allowing you to trace every coin ever creating (stopping "counterfeits" entering the supply) in a decentralized manner. If the energy usage can be lowered below existing payment networks and the speed can be almost instant, then it would be much closer to perfect.

Bitcoin has digital perfection due to blockchain technology. Blockchain is a good development in the world of science that does not have someones or some group control. It cannot be edited or deleted. So it has good perfection and securiy. Now the countries where bitcoin has a legal issue should manage a legal framework for its acceptance regarding the superiority of their central bank or state bank.

a lot of people talk about the perfection of bitcoin, it can't be denied that over time bitcoin is getting more and more popular, and is increasingly being attracted by various groups, but in my personal opinion the perfection of bitcoin is only for the digital world, we must realize bitcoin cannot replace fiat currency , a currency that is held by everyone, and a currency that is managed by all governments, bitcoin will continue to be popular in the digital world, and will remain an asset and the safest place to invest.

The world is digitized is a wrong statement. The payment system are made digital is the correct statement. Bitcoin is one of the different modes of payment in that vast sphere. If you are trying to say that crypto will become major, then you are mistaken, both fiat and crypto will co-exist in future.

Like BHC said, we have Lightning Network and then if someone does not want to accept crypto they always have fiat.

It is easy to use, problem if that you make it difficult then it will remain difficult. The first time you learn to ride a bike, you will fall and hurt yourself. But gradually you get the hang of it.

OP is the type of account that posts new topics and does not followup replies to older topics. ::)

Even today 95% of my spending fiat is in digital form so I never withdraw much cash so I am only holding very little amount of physical cash in my wallet so the cards and digital wallet is accepted everywhere. Imagine if more people using bitcoin then we will have merchants with QR code of their address so we can simply scan and send and agree with the confirmation time so in future it may not be reliable to make 1 dollar payment via bitcoin but bitcoin isn't the only cryptocurrency we have.

If Bitcoin is said to be perfect in my opinion it is not right because Bitcoin still has advantages as well as disadvantages. One of the advantages is that you can make transactions with bitcoin, both for transferring and receiving. In Indonesia itself, using bitcoin as a medium of exchange is illegal. However, you can use it to receive payment for goods or services. Another interesting advantage is that it can be cashed out. Even if you get a transfer in the form of bitcoin, money can still be disbursed in rupiah. so it's not surprising that some keep bitcoin as an investment for the long term. But some of the advantages are the number of hackers, no assets, and no protection from the state because it is still considered illegal in some countries.

You really think delay in transaction confirmation will limit the use of Bitcoin as a global legal tender I will say it's not even an issue at all because when there are no much transaction to confirm it's always very fast and swift with low transaction fee but if there is a queue in transaction definitely to make yours faster you have to modify your transaction fee or wait patiently for when you get yours confirmed

Bitcoin is best as a digital currency and needs no form of physical representation or paper format if not they plans on manipulating and regulating Bitcoin would become a reality. As digital as it is it's easy to use and been decentralized makes it even more secure for investors

Well, Bitcoin is developing at its own pace no? At least, well, stuff like lightning networks makes the problems you've said be easily resolved. In addition to that, every medium out there has some pros and cons, there isn't any "perfect" medium out there, just the best fit for what you want. There's probably no need even to confirm the advantages of fiat since there are also the advantages of Bitcoin against it. Bitcoin doesn't need the attributes of fiat to make it a good medium/currency, it can stand on its own with its own characteristics.

I think we're overestimating bitcoin on some facets. Bitcoin isn't meant to replace the current fiat system but rather, co-exist with it and act as an alternative. While it is true that there are lots of improvements that we can still have for bitcoin, it will still not suffice to meet the specs of fiat.

Or perhaps bitcoin can serve as an inspiration to the system that will be replacing fiat. The framework is already there, and the concept has already been proven. It will come, but I don't think that it is bitcoin that will topple fiat off of its throne.

It wasn't yet close to its perfection but as the development continues and for the people to help themselves understand the concept of this project, that won't take so long to have this in full adoption.

We are in big concern about transaction delays that it takes a few minutes to hours depending on the fees. Of course, it wasn't a healthy thing to see but of bad signs, and even it halts users to use Bitcoin. But I expect this to have a solution someday, we just wait for that moment.

I have to keep what I see with Bitcoin, nothing to say it was the future currency that all are concurred to use, fiat is still the most preferred by the people and we can't rid of it.

It's already perfect as it is as a currency in my opinion. And as you have said, it's digital so it will not be handled as any physical money in the world, and obviously there is a big difference.

Already easy to use, you just need a wallet and there's a lot of them to choose from. So I don't understand what's your rant about it. Maybe the confirmation time is your issue, but that's how the network is protected, thus no 0 confirmation.

True, there is nothing difficult about using bitcoin, but he is talking about the confirmation delay. Even if you pay $100 in fees, it won't get confirmed instantly. You will have to wait for the next block to be mined. The next block might be mined within next minute, or it might take more than 20 minutes. On average, it takes 10 minutes. So you will have to wait no matter how much fee you pay. And the transaction delay that you are talking about with fiat digital transaction is not the same as bitcoin confirmation delays. Fiat transaction delays rarely happens.

The Bitcoin Price In The 2021 Creat New All Time High So Now Again Huge Down As Like All Time High Go To About $70k But Now Price Fall Down Huge Now Live Price $47k

So We Are All Waiting For Again BTC Can Go To Nww ATH $75k And $80k If All Ok

Technology won't make a change over a night, it takes time. With time the technology also need to be updated to meet the necessity of the users. The necessity differs with time. As said confirmation time is a must to consider, because in the past people never thought of it. Now when there were more other possible ways for fast transaction people think of it.

The upcoming generation will be much into technology. So, everything is getting dogitized and the currency too is dogitized. However people always look bitcoin as an alternate than a mainstream currency.

it's so easy to use of course because it's a digital currency wherein no hassle when it comes making transactions. Indeed that's the reason why many people like cyrpto than any digital currency and mostly believed that it will become the future money base of the advantage of holding than real state. Just imagine the opportunities wherein obviously there's a freedom with crypto that's why a lot people love it. there's no requirements as long as you have capital.

What I understand from your write-up is that you love Bitcoin and you will like to use it for your everyday transactions but you don't think it's possible due to the delay in confirmation time, so you would like to see this improved upon after which you can now see Bitcoin as perfect for your daily usage.
I'll say wait for it, Bitcoin is not constant as developers are always thinking of ways to make it better.

Confirmation time and fees are the top reasons why most people are hesitant to use bitcoin in their transactions. Aside from that, many are still looking at bitcoin as a very good investment asset that will possibly give them good profits. This is why most holders are just holding it and not using it for everyday purchases. No technology is perfect anyway. Bitcoin has some shortcomings but we already gone a long way just by looking the price level in the market compared to even 5 years ago.

Bitcoin is a digital currency and bitcoin is decentralization that will never be stable. Nowadays many people interested bitcoin many countries are accepted in bitcoin and they can use it in legal.i hope we will use it in freely in future. Definitely bitcoin development huge increase last two- three year i hope it will be more development in future.

I don't think bitcoin will take over after the world is digitized because I prefer to see bitcoin and the current financial system work together to give the best to the community. Bitcoin is in the adoption stage, and it continues to happen until now, while more and more countries are accepting bitcoin as an asset that can be a new source of investment for people.

But the use of bitcoin and fiat will not be the same even though they can both make payments. And so far, the use of bitcoin and fiat can be equally easy to do, and I think confirmation will depend on each network.

One could care less if they know very well how the bitcoin transactions work. They are coded to be irreversible so no one can betray you once they initiate the transaction. I mean as soon as the transaction is broadcasted over the network it’s already half way through it. The half makes it permanent and irreversible. Yes obviously there are some ways in theory using which it can be rejected but that would take 51% attack; that also has many loop holes. So I’m not sure what’s the fear here.

Secondly, bitcoin do not want to rule the world and neither it is looking after to replace the banking system. That is not the vision here.

Bitcoin is free, independent and anyone can use it as they require it.

I believe we're misjudging bitcoin on certain aspects. Bitcoin isn't intended to supplant the current fiat framework but instead, exist together with it and go about as another option. While the facts confirm that there are heaps of upgrades that we can in any case have for bitcoin, it will in any case not do the trick to meet the specs of fiat. Then again maybe bitcoin can fill in as a motivation to the framework that will supplant fiat. The system is now there, and the idea has as of now been demonstrated. It will come, however I don't imagine that it is bitcoin that will bring down fiat off of its high position.

I don't know if we are on a digital age right now or not because there are still things that does not totally depend digitally. Although we have advance technologies right now but there are still fiats that people use. In the digital world we also have paypal and i heard there are upcoming CBDC or central bank digital currencies as they call it that said to run also in blockchain just like bitcoin and with that, I do not think bitcoin can take over.

BTC and fiat are both currencies although btc can be used as an asset while fiat isn't but the confirmation time and the fee can be the biggest draw back of btc compare to fiats. But, personally I have ignored such things and I guess all people who loves the basic concepts of bitcoin payment system.

When people out there can feel a little bit of the advantages of bitcoin, they will realize that bitcoin is there to give them the opportunity to manage their finances without any interference from other parties. They can stay connected to fiat regulated by their government but can also use bitcoin freely without needing help from other parties unless they want to cash out bitcoin to fiat. I prefer it that way because we can use both bitcoin and fiat at the same time and we can also have other sources of income.

We are now in the digital era, although not everything can be fully functional because stages still need to be developed. But later, when everything is connected, maybe we will also see fiat in digital form, which has already happened in some countries. Maybe CBDC was developed like a blockchain to allow the government to control finances, but I don't know. I'm not really thinking about it at the moment.

In my honest opinion, bitcoin isn't really perfect because it has its flaws. No matter how many people glorify it, we can't deny the fact that like any other medium of exchange and store of value, it has its fair shares of shortcomings. Maybe the reason why people call it perfect in the digital world is because of blockchain technology. But transaction itself still has flaws that need to be addressed in order for it to be successful and more convenient in the future. For instance, the transaction fees and time need to be improved. There are times that the value of the transaction fee is much higher than the transaction you'll make which will make you think twice if it's worth it to push through or not.

Although I admit, there is a lot bitcoin has to offer. Indeed, it is really beneficial to those who know how to utilize it to their advantage without depending on anyone but their knowledge and skills alongside with professional's teachings. It lets us manages our finances without the need for a KYC for some platforms and without the involvement of other organizations and institutions which is very ideal because we can monitor our assets and we know that we are secured because we can do and add whatever security feature and means of our liking.

You have a point, indeed transactions' delays and costs have been an issue when using bitcoin as currency on daily life. In the future this aspect is probably going to be improved, as technology keeps advancing and new ideas are introduced to crypto universe.

Anyway, I think a temporary solution for now would be sellers and buyers adopt a same centralized crypto payment system, so every internal negotiations made inside this system would happen without any transactions' fees or delays.

Elsalvador is a country that truly exemplifies what bitcoin adoption has done. Fiat and Bitcoin coexist to be legal tender. Even the president of El Salvador will establish a bitcoin city where all transactions are carried out using bitcoin as the main payment. it's a big step that will make bitcoin adoption even crazier. Bitcoin is the most valuable digital currency and is able to change the way transactions and transactions are carried out are also transparent.

In Elsalvador, the government even distributes a number of bitcoins to educate all people to be able to use it, of course this is a socialization step so that all elements of society become familiar with using bitcoin to transact in that country. and if elsalvador succeeds, then this can set an example for other countries, that fiat and bitcoin can be used side by side, so that the community can judge and the government makes rules so that the community obeys

Currently the price of the transaction of is 0.10-0.30$ just approximately a 2-7 satoshi only most of the reasons becomes congested to the each of that transactions made by the traders, investors and etc who would like to have their bitcoin transfer, sell or hold. Bitcoin today can be used to make transactions to different establishments, bitcoin cannot replace the fiat currency because it's decentralized and a fiat currency is regulated or must have to a country well anything can happen in the future.

True, both system have their own pros and cons and one does not topple the other. Moreover, being comfortable and not paranoid about your money is important too, fiat has already made it's place in the people with that and it is not possible to move people from that group to crypto by own awareness spreading.

While bitcoin was made as an alternative to fiat, it is already serving its purpose. Beyond that, speculative markets have developed to allow risk takers to trade on its price changes and that is a different topic. We also have Forex, but does that change the objective of fiat? No.

The world is a rock, the people of this world have already seen how crypto can be used but it is their choice and that is for them to decide which one to use. You cannot force someone to use something because you like it.

Regarding the problem of delays and long transaction confirmations, it has been resolved by using the lightning bitcoin network and transactions are carried out quickly and at lower costs. Bitcoin is well developed and faster.
All currencies are not perfect, each has its advantages and disadvantages. Bitcoin is currently an optional payment that can be chosen in addition to using Fiat. Bitcoin is the digital asset of the future with more revolutionary technology. Bitcoin is the main reference for developing better ways of transacting.

No, not yet, I know there lots of solution will be proposed in the future to improve the technology of the lightning network we have today.

Also, making lightning network more user-friendly so more users understand easier it and do the transactions there instead on the common wallets.

Transaction fees are a transient phenomenon. You will find better conditions to transact in future. That does not determine the future and neither does it indicate a long term trend.

The fact that Bitcoin is used to make profit off the market movements is a side effect of the situation and not the main thing. True that Bitcoin being accepted by merchants is lower than that needed for a overall high use. There is a gradual rise but we should try to gather more Bitcoins in the meantime. At that time the Lightning Network system will be adopted as well. It has been well documented that that LN can be used by merchants to allow quick transactions without having to worry about delays.

l don't understand this concept,if we want to talk about digital perfection in bitcoin we believe that is not an easy to go by,however innovations is the great thing in life,if bitcoin have come through the use of digital  platform is a well come development,because is only work on exchange of currency online

If you are thinking physical form of money is easy to use and carry then I must say that I prefer to use digital form of money more than the physical form.
I personally don't prefer to carry physical money since there's a risk to lose it or get it stolen and then there's also the hassle of carrying it and having the exact change at times.
On the other hand, while digital money has it's own limitations but is easy to carry and pay whenever we need without worrying about the change.
There's also no risk of losing the money or getting it stolen unless we make mistakes that lead to getting it hacked.
Talking about Bitcoin particularly, it has the lightning network which eliminates the concern of late confirmations.
I feel even the main network is fast enough for payments which don't require immediate confirmation such as cross border payments and stuff.

After you make a lightning transaction you'll realize the future is here.

Check out Muun for probably the simplest non-custodial lightning wallet at the moment.

https://muun.com

This is what makes Bitcoin decentralized. To be honest, the way how Bitcoin is being a decentralized digital currency is already a big thing for me, besides that if we have an issue on transaction fees or confirmation, there is already a solution for it, which is the lightning network.

There are also some people who are into Bitcoin because of investment, not on day-to-day use.

Yes, bitcoin is widely used as a store of value, investment and speculative financial instrument. Almost never used to make payments because it is slower and more expensive than traditional payments which I think is still a complaint if used as direct payments.
bitcoin and fiat definitely have their own advantages and disadvantages but more advantages than disadvantages, and the disadvantages will be fine if they understand it well and know how.
and Bitcoin, widely regarded as the most promising innovation this generation has tried to perfect or perfect in this frenzy of economic freedom.
they are truly everyone's last resort when it comes to serving everyone's vested interests because of the widely trusted nature of government agencies and their conscientious drive to understand things they don't even need to do.

I have tried to use a centralized stable coin before and its fees are a bit higher than bitcoin at that time so I believe that it wasn't the high fees that make bitcoin decentralized but it was due to its nature during the time it was created. Satoshi the creator decided to have a coin that can counteract banks or such centralized payments.

The decentralized factor of bitcoin is what makes bitcoin shine because there are lots of people that like to experience freedom. Bitcoin can help them in its simple ways. Lightning network is a fix to btc issues but it is sad that it's not being highlighted because many people still prefer newer altcoins compared with it.

Lightning network is still a new development to many people, also there's many thing need to improved. Such as not all wallet, exchanges, and platform using lightning network, complicated to set up, doesn't understand or trusting the second layer and so on. Let's say you want to trade on an exchange, but this exchange doesn't accept lightning network, you'll keep using on chain to send your coins. Not to mention even Taproot already completed, only few exchange accept Taproot address (bc1p...)

There is no problem in transaction of Bitcoin. If we go to the Ethereum we can see that there is too much gas fee which can't be afford.

Bitcoin also provides the potential for a positive return and a means of diversifying an investment portfolio.18 The historic price volatility of Bitcoin creates the potential for both significant gains and losses, which makes it ripe for speculative investment. due to some delays in confirmation of transactions, It will be a good development to the whole world, but how do we perfect this and make it handled and easy as a physical money? Bitcoin has actually come to stay an let make it perfect

I don't see any problem with bitcoin as a means of payment. Transaction time and fees should not be an obstacle bitcoin has the lightning network, there are several dapps with the option to choose this network, fast, secure and low cost.

In particular I prefer bitcoin as a store of value, I have been able to save in bitcoin for emergency things.

While I use other coins for daily use and I prefer it that way because investing in bitcoin is like saving something very precious over time.

Bitcoin does have still that scalability problem and it is just that the market as of this moment hasnt been flooded out by lots of transactions which fees turns out to be almost free or very cheap
unlike on ETH or erc20 which does have some gas fee problem but in overall aspect there are still lots of altcoins which does have fast and cheap fees.

It is one of the main issue and thats why devs do came up on the idea about Lightning network and im not sure if its already that usable or still in test phase but if this
one would be finalized then i dont see any flaws into Bitcoin.

Like I said above, transaction fee is a transient thing. You will make a wrong choice if you invest money in those coins that have lower fees. But if your choice is only for transacting money not investment then it might matter. Most of the users here do both with more emphasis on investing. But if your focus is gambling and needing quick transactions on a cheap network fee, then you should go with what you feel is better on your pocket.

Exchange of currency online would not be the biggest thing. There will always be fiat digital systems. But bitcoin was created for the purpose of giving the power back to hands of the people from banking institutions. Innovation is less in Bitcoin and it does not need much more innovation truely speaking. Rather focus on its use and keep increasing its awareness among people.