Bitcoin Forum

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

true, many people are switching to use this bitcoin to send/receive money world wide without government manipulative rules. this can be use or the other way to save their assets from their own economic melt down to prevent a huge loses. transferring a huge amount of assets to bitcoin so they can take/travel their assets where ever they go and what ever they want to.

Its true that some bitcoin enthusiasts consider bitcoin as a medium of exchange but they are very small in percentage.Most of bitcoin holders nowadays are newbies and they buy bitcoins only to get good profits and for no other reason.Its mostly used as an asset and not as a currency.But still,this could be changed by activating lightning network which would once again encourage bitcoin to be used as a currency.

It's true, because transactions with Bitcoin greatly optimize anyone, especially the needs of online business people who are often bothered by the regulation and the cost of the intermediary.
As a Bitcoin owner, we are free to use it for anything, transact with it in any amount.

That's the original intention anyway. Cheap and fast transactions between people that ignores the current banking system. Currently though it's more of an investment tool. Was one of the people that got in because of news of profits and then stayed.


I sure hope so. Just transferring money from between my wallets take so much time. Even got to the point that a sell order got stuck for days at an exchange.

Here in or country only few of us use this kind of transactions. The millennials are the one experiencing what is it like to use digital currencies. Most of the old folks says " Leave it to them, we are too old for that kind of things". That's why digital currencies is far from knowing here. I want people here to see the advantage of using digital currencies and step by step we show them what is it like to use one.

There are certain business accepting Bitcoin payments and Bitcoin is already an established medium of payment.
But recently two factors have effected its utility as mode of payment namely :

1. Fees and Transaction Time: Bitcoin isn't work instantly. Transaction takes minimum of 5 minutes to ~ to process depending on fees. Also fees is quite high which can even reach $15 in congestion periods.

2. Volatility: Bitcoin has very high volatility. Medium of exchange should be some commodity having relatively stable value. It is fatigue for business to keep its prices changing with changing btc prices.

In some aspects, it is already used as a medium or means of payment of various products purchased depending on the online shop you are trying to avail. If you happen to buy to a shop who konows bitcoin so well, then they surely accept bitcoin as a medium of payment of the things you buy from their shop.

yes you are true when use bitcoin as  Medium of Exchange will earn from 1. 0 income tax 2. price change 3.low fee less than 10$

you can send all over world with less 5$ and may be 0 if price rise when you hold your BTC

Bitcoin as a medium of exchange of the money all over the world is beneficail for both sender and receiver. They will pay a cheap tax for the exchange of the total coast. Also their exchange will be a secure. The exchange of the bitcoin is very secure and the information of the exchange is also a secret. The information does not leak to any third person rather than the sender and receiver. So Bitcoin as a medium of the exchange is very good than other medium of exchange. i.e exchange in the fiat currencies.

Aside from joining Bitcoin just to trade and seek freedom of the trade, I think there are a lot of people watching Bitcoin as a money market that can help them make a lot of money. All transactions will be made immediately if you have internet connection and pay a fee. That is compulsory. With BItcoin, you can manage your currency, m not seen by anyone, no one knows you, it is a great thing to date.s

You are right, bitcoin enthusiasts prefer to use the bitcoin as medium of exchange because it is actually the main reason of creation of bitcoin so it should be used like that. But since bitcoin is not yet accepted by all business establishments as mode of payment not all can able to use bitcoin in that way so they use it as an investment.

It will take a while for bitcoin to become a mainstream medium of exchange, as not a lot of people know about it,just some people across the globe have invested in bitcoins and that kind of a sample size cannot give you an idea whether bitcoin can be used as mainstream medium of exchange

No! No! No! a currency which takes 13$ for a transaction and wants an hour to get confirmed that money has been received by the other person is just useless. Adopting it as a mainstream method of settlement would mean anarchy and nothing else than that. Okay one could surely spend this amount for something worth $100 but do you really think one can send $10 or $20 in form of bitcoins? The transaction fee would overtake the amount itself.

Well that was the original intended purpose of bitcoin. But with its current situation where the price could change drastically within hours, the high fees and unstable transaction time, it would make sense why most people only uses it as an investment.

Very true, OP.

Its worth noting many bank accounts carry minimum balances which prohibit the poorest demographics from being able to buy and sell goods & services electronically. In some countries this precedent is even worse with there being zero electronic transaction support for those living in poverty which effectively prohibits the poor from having access to electronic payment.

In other cases where poorer demographics have access to electronic transactions, which often function effectively as monopolies, fees and taxes are so exorbitantly high it becomes impossible to send things like wire transfers without paying effective 40% or higher taxes.

Bitcoin and crypto are more easily accessible to those poorer demographics who go ignored by banking systems worldwide. This low bar to entry could be a neglected reason behind the success of crypto currencies and they're rising demand.

That line that is on bold is the reality of bitcoin nowadays.

All the holders are just newbies that are claiming to be the next "trader's of wall street" because they earn $100 or $200 a week just by doing a quick trades.

But what are we going to do against them? nothing, if they are happy, just let them go.

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Bitcoin might be considered as a medium of exchange, but with the current fees, it is pretty impossible.

Bitcoin works best when doing business with others who prefer to negotiate in Bitcoins, rather than using the digital currency as an alternative for something already priced in a state-sponsored currency.

Bitcoin really is can be considered as a medium of exchange because it can make payment method easier, but without larger number of blocks, it cannot handle large number of transactions faster. Which makes bitcoin as a medium of exchange not yet more capable at this moment. So no one would still accepts it as a medium of exchange for now. Unlike ordinary way of paying for goods etc, which is so much easier, because we, for sure, would compare what is the most convenient to use. And I guess we all would choose the ordinary way which we are more comfortable of, that is why for now bitcoin is good to be considered as an investment.

true, sometimes i used bitcoin just for transaction, and make my wallet empty again. for now, better safe in altcoin. they will give you much profit

Yesterday a thread was created on Bitcoin discussions section, why is Bitcoin price not dropping when sending fees are so high? Almost all responses were centered around, Bitcoin investors don't care about transaction fees because everybody is holding and that's the reality, Bitcoin has become an investment rather than a medium of exchange. Recently Steam stopped accepting Bitcoin because of high fees and volatility. All the new investors are just obsessed about the price, ignoring the fact that Bitcoins true value lies in its ability to transfer value without permission through a secure global consensus network. With LN implementation, Bitcoin might be used as a medium of exchange, but again there is a psychological barrier that prevents a Bitcoin holder from spending, scarcity, the price will increase, if I spend some coins now it will be harder to gain it back.

For the time being Bitcoin is more a digital gold rather than an alternative to fiat or other existing payment systems.

This is absolutely true of bitcoin.  Bitcoin can be used as a medium of exchange not only as an investment to make profit, in fact bitcoin as a means of exchange is one of the fundamental uses of bitcoin.
There are a few stores online that accept bitcoin as a means of payment for goods.

Since I came to know about cryptocurrencies I come to understand that bitcoin was actually discovered in other for us to change from the traditional ways of using money to a more degital ways.  I am surprised that no mainstream online shop has used bitcoin as a medium of exchange for goods and services why we keep on saying bitcoin is going to replace fiat in future and we all see bitcoin as a future of money. Using bitcoin like stocks or commodities kills it original idea of using bitcoin as a medium of exchange for goods and services or measures of value!

Well, it was this way at the beginning, when transactions indeed where fast and cheap ;) Unfortunately it changes when amount of usage and users grows.

I believe the biggest advantage is still decentralization and absence of central authority governing it. But it is of course difficult to keep away from speculations when its price rises so rapidly :)

bitcoin is a multipurpose tool that can be used anywhere and everywhere whether you used it in buying , selling, trading, investing , mining, gambling, gaming, etc.. everything is possible with bitcoin so in short it does not matter if someone want to use it in their own way because not all the people are the same but in my case i only use bitcoin just to earn a profit by selling and exchanging on our local cuurency. i dont do other stuff like i mentioned above because i dont have the capital and guts to do it. im just happy and contented from what im doing now.

.              Eventually, Bitcoin  has been used by many investors  as a medium of exchange, that is free from any government regulations. This  is what we called freedom in the entire world of  Bitcoin. This where  those  involve in digital currencies are free to invest their money to buy Bitcoin  or to mine  Bitcoin or even through exchange and trading without  any government interference.it is just easy to carry out your  assets  through digital currencies or  in electronic system.

Based on this, does that mean those who decide to use bitcoin as a store of value are not true enthusiasts? I guess no because without them creating some form of scarcity in the market, the price of bitcoin wouldn't be this valuable and enticing to everybody. The summation is that everyone is working towards the same objective which is making bitcoin better irrespective the category you belong to whether using it as a store of value, measure of value or medium of exchange.

Yes. Its true that some of the bitcoin enthusiast uses bitcoin as the medium of exchange but this only in the world of cryptocurrency and is only limited to those business establishments that are accepting bitcoin for payments of goods and services. Bitcoin will be the universal mode of payment like USD which is convertible to any kind of paper currency.

The whole point of bitcoin was that it would become most efficient and cost less means of financial transaction. However, this goal is yet to be achieved and certainly the bitcoin enthusiasts and responsible members of our cryptocurrency ecosystem are striving to reach that end.

But now because of the huge potential and the ever increasing demand, it has turned into a definite investment. And with the soaring value it seems that for sometime now it shall remain more as an investment and a commodity for trading. There are plenty of enthusiasts who want to make bitcoin as efficient as possible and keep it as a rule to transact only in terms of bitcoin. And of course they do not mind the high transaction fee because they either can afford it or simply accept it with a grin for their passion. The newbies however do not transact, they just hold and watch. And you cant blame them as they seriously wish to make more out of their investment. There are a few who also wait especially when their investment was made for a long term use.

What course will Bitcoin take only time will tell. There are many who prefer altcoins like Ethereum or Nem for their transaction. Ethereum has recently hit the $700 mark. It is fast approaching as an alternative to bitcoin transaction. The transaction fee and time are less burdensome with Ethereum when compared to that of bitcoin transaction. The lightening technology seems to bring hope by speeding up the transaction with bitcoin. We must wait and watch. Once the transaction speed and volume go up and are managed then naturally due to the ease, transaction fee comes down. Then things become interesting! In fact the number of bitcoin transaction will exponentially increase with time.

As we all know, money is a medium of exchange. When i was born all i knew is money used as a medium of exchange. But as of this moment  their are people access bitcoin and used it as a medium of exchange by way of payment for something or some other's purchasing valuable thing's and properties. So i really agree that bitcoin is now used as a medium of exchange but not totally, percentage only because not all people access bitcoin like in a rural areas without any signals and wifi,  they cannot access bitcoin. Only people access bitcoin are living in urban areas and cities because they are capable to bring wifi or some other's using simcards data connection.

That's true. Especially online of course. Digital transaction exchanges commonly relies to digital currencies ...as e-wallets became popular together with the expansion and popularity growth of cryptocurrencies. Many see bitcoin as a good or 'great' medium of exchange. Majority of the people today see the efficiency and reliability of Bitcoin as a medium of exchange.

I don't think that buying other currencies with Bitcoin is much preferable. Like you so see , the increase in btc price will give you more profit if you hold that amount rather then buying small cyrpto currencies whose growth would be comparatively very slow. This is why using Bitcoins as  a medium of exchange is not a good idea.

Isn't it the purpose of bitcoin before it came big? An efficient medium of exchange capable of being sent and received instantly? Sadly bitcoin has dwindled into just being an investment asset and being a medium of exchange is far from being a reality for bitcoin, at least in the current times.

I think that probably 90% of the people buys bitcoin because they want to earn money for it, and not because they are interested in the coin or what its represents.

I believe that the people who actually uses the coin and are not here for manipuilation are those who are actually promotes bitcoin and makes it go bigger.

Bitcoin is probably the best medium of exchange, as it is good to store value, fast transfers and also low transfer fees compared to other transferring methods, I think that once people realizes that, the amount of people who actually uses bitcoin and are not here for speculation will grow.

Indeed. Bitcoin is used as a medium of exchange.Noway most of the bitcoin users are used to get a profit basis only.
But in my knowledge some countries are only accepting those things like buy or selling goods used by bitcoin.

Countries? Which country sells goods for bitcoin? None in my knowledge.
No doubt bitcoin is being used as medium of exchange by some businesses but their number is limited to very low. Moreover, due to high fees and transaction delay, businesses are now deleting bitcoin from their payment option. One such setback was Feverr this year.

You are right that many true bitcoin enthusiasts do that but I don't think that there is too many of them about, most bitcoin owners now are just guys and girls who want to gain FIAT by holding their bitcoin.

Bitcoin is a digital currency system and it's a online transaction process ,the rate of bitcoin is very high and it varying daily ,the today rate of bitcoin is $18700 and it increased in future and due to rate increased so the exchange of bitcoin is some what low previously.But as of now the the exchange was very high as compared to other.Not only the girls will hold the bitcoin,all the people need money will hold.

maybe some people have been interested in bitcoin due to this fatcor, the lack of government medling on it. They see that things are becoming easier with bitcoin and I personally think that bitcoin as medium of exchange will not be a bad idea. However, it will depend on the acceptance of the merchants with the risk that bitcoin accompanies.

Well yeah you can transfer it quickly but the confirmation and the network being not up to par is what is causing problems at the moment. Whenever lightning network gets instituted into bitcoin then you will have quick transactions will next to no fees and that is when bitcoin will be viable for everyday use. I look forward to the day where I can live only off bitcoin and have more or less let fiat money go for the rest of my life.

Bitcoin is more of a medium of exchange because majority of the community takes bitcoin as their additional income it's main role is to support their finances. As much as people want to hold bitcoin as an investment for a long period of time they don't have choice but to convert them at least with that bitcoin was able to help many individuals and was able to make peoples lives comfortable

The main purpose of bitcoin is to transfer asset from one place to another, fast, easy and reliable source. Bitcoin is decentralized, that's why more traders are attracted in bitcoin. Traders would not hessitate to transact instantly because government will not interrupt them. As long as the transactions are legal. Now we can see how bitcoin changes our lives, the complicated transaction becomes automatic.

BTC is originally developed to use BTC as an alternative mode of payment. But with time it becomes more popular as a speculative instrument and an investment tool.
BTC is no longer used as a medium of exchange coz of it crazy High fees and delay in confirmation time. Moreover, volatility in BTC price also resist users to use it as a mode of payment

I can proudly say bitcoin has helped me to improve the quality of my life and finances as well and i believe bitcoin is like a boon to this generation people if utilized in proper manner and most of us use bitcoin as a medium of exchange and also i am elated to see there are many new ICO who are trying to get some sort of projects where they can convert the crypto currencies to fiat when transferred (optional) which will make our life easier and bitcoin has helped many people to get their finances right.

Well that's the advantage of using bitcoin, all transactions can be done easily and quickly. If it is already applied in many countries, then definitely bitcoin will be the main transaction tool that will be used by many people. But it will bring a pretty harmful impact, fiat money will be replaced by digital currency, it will make the use of the Internet will be heavier and will affect the ecosystem of existing living things on earth.

Bitcoin is used as medium of exchange? I think there's no wrong with that since bitcoiner are used bitcoin in trading. I guess using bitcoin as medium of exchange is good to us because increasing of profit will become easy to us.

In addition since from the start bitcoin was used as instrument of exchange, because bitcoin can't used if we can't change it into our own currency.

You speak of the increasing value and that is exactly why many people are in to bitcoin who don't really care whatsoever about its uses or value. When something grows like bitcoin has it will always attract such people. In time they will be shaken off and bitcoin can move towards being used as OP suggested.

Yup that is exactly how the bitcoin was made to function but now it has been taken to an entirely different route by people and that should be no surprise either. We are in a bubble now it seems only question is when will it burst and how big will bitcoin retrace. I hope it happens soon because I want bitcoin to function as a medium of exchange not an investment vehicle.

I would say that was more true in the past that is why you saw people exchanging tens of thousands of bitcoin for pizza or stuff like that but as bitcoin has grown in value things have changed and the amount of bitcoin moving has gone down however the value those bitcoin carries has gone up, but as things stand today bitcoin is not a very good currency and steps need to be taken to change this situation as soon as possible.

You are right mate currently we don’t have any online shop that accepts bitcoin as a medium of exchange but your grievance is going to an end soon in 2018. Amazon has already announced it that they are working on their system to accept bitcoin as a medium of exchange which will most probably be ready in the early months of 2018. Cheers, I hope this will encourage all the supporters of bitcoin where they could prove it to say that it is a perfect medium of exchange.

You are so right!

Mass medias actually present bitcoin as an unreliable currency, mostly used by drug dealers and porn users (I merely exagerate what they say). It is not. Most people that have invested long ago are sticking with bitcoin because they believe in its power.

And I am one of them. Bitcoin may allow us to get rid of banks over the long term but even at short-term, we can make changes in society! That's why this tool is so much more than just an algorythm and that's why I don't want it to die!

Yes maybe bitcoin can ve effectively use as a medium of exchange but the problem is not in all places bitcoin is accepted and worst not in all places bitcoin in knowm by people. Adoption first, then acceptance especially by the government.

Actually,it was created for the purpose of being used as a currency and it also served well too.I could not forget those golden days before two years when i used it for sending my income from abroad at a much cheaper rate and transaction being confirmed immediately.Otherwise,i would have to wait for two days by paying high fee in a money exchange.Every thing was going well and price increased slowly and we being bitcoin holders loved it.We don't this type of price hike increasing from $5,000 to $20,000 and falling suddenly falling back below $14,000.Also,the very high transaction fee which could not be digested nowadays.The only possible thing remaining is that we could expect lightning network to get activated soon.

Are you from a third world country? If so, then that would probably explain why you struggle with the higher fees. If not, then I don't see a problem in using a $10 fee to move a salary from one place to another. Also, back in the days you could basically get first block confirmations even without a fee at all, but there has never been a time where transactions confirmed immediately. In some cases you're lucky and you'll get quick confirmations, but you might also end up having to wait 30-40 minutes for a block to come through, and that isn't tied to whatever fee at all. Luck plays an important factor too when it comes to getting quick confirmations.

It is ture.Bitcoin is a medium of exchange. Because, in the time of transactions, it take more time to do this.

Not only bitcoin, all cryptocurrency is medium of exchange, but unfortunatelly the prices are unstable. I saw a few ICO's developer try to solve this by create a system which make sure that the price will always stable.

Yes, bitcoin can be a medium of exchange because it is a currency or a digital money and like any other electronics money in a card like of that in credit card, but it will not be realized if no institution will adopt the system but fortunately even though bitcoin is not at its best as a medium of exchange but still it is convertible for any of our local money so generally for me it is a source of indirect medium of exchange.

Bitcoin created to be an alternative currency due to many flaws and limitations in the system of fiat currencies.
Yes, transactions using bitcoin between two parties is possible as long as both agreed to use bitcoin as a medium of exchange.
But currently, there are some problems regarding blockchain network to transact using bitcoin.
On the other hand, bitcoin price increases significantly in the last few months, the temptation to get profits seems inevitable for most people, that's why if you don't want to sell your bitcoin, do not keep it in exchanges and just use web wallets and you will find it difficult to send bitcoin into exchanges.
However, only a few countries that have merchants, business or companies accept bitcoin as a payment method, especially in Japan. Most people can't spend bitcoin directly due to there are no any merchants accept bitcoin nearby.
There's another problem; some central banks or financial authorities stated bitcoin as illegal currency as long as there's no any regulation which regulates bitcoin can be used as means of payment. So, if you live in one of those countries, just do it in secret. :D

Bitcoin as a medium of exchange Is Really Good Opportunity For the people.How Much money they want to Transfer They will do At Home Without walking by foot And no banking System needed.Bank Has Much Approval for Transfer and Cashout.Now The Twenty-first Century People They Don't like any kind of issue to cause any trouble. They like all kind of freedom.So It Was The purpose of LIke Bitcoin as the medium of Exchange.

we could really thank satoshi nakamoto for making this possible a technology where it can be safe fast and efficient at the same time by exercising this kind of technology to our current industries we could make the work fast safe and efficient think of it as the technological advancement of our financial system where no physical cash or fiat will be handle to have a transaction as forms of compensation or payment

Transacting bitcoin is reliable and easy, but we have not got to the fast part, as we know it can take hours to get a confirmation and while that is still better than banks that does not live to the promise of bitcoin of being a form of electronic cash, we need to find a way to solve that, it seems the lightning network is going to be the answer to our problems but we need to see it in action.

Obviously, and you should not forget about those people who are only using bitcoin as fast rich scheme, or those who are begging for money in order to make some easy bucks, i am tired of them.
I dont know, bitcoin has many functionalities and specially for the poorest ones.

At the same time, I do not see bitcoin as money personally, I see it primarily as an investment or as a way to send money quickly around the world.

Majority of bitcoin users take bitcoin as an additional source of income this is why instead of an investment they use bitcoin to finance their expenses. I think only few members of the community are collecting every bitcoin they earn and keep it as a savings or investment. Bitcoin helps a lot of people so we cannot blame them if they used bitcoin as a medium of exchange rather than investment

This is exactly why Satoshi Nakamoto created Bitcoin, he wanted to create a digital currency that allows people to transfer "money"
without being controlled by governments or any third party.

But there still many isuues that developers should resolve to ensure the continuity of this project and to ensure that it will not be used for other purposes.

In my observation,, the beneficial aspects in using bitcoin than any fiat currency and any alternative coins that is available now outrun the others.. Because bitcoin has more power potential that is not totally law binding(depend on country) that is important when we talk about profitability and has much faster transaction time disposition (except totally congested network)..

There is a big issue with fees right now. I am afraid it is crippling Bitcoin. It is sad to see really.

I never thought we would get to a point that fees would be this high and people were even considering switching to altcoins instead. All good things come to an end, I suppose.

Yes it is true majority of people don't hold bitcoin because they prefer converting them in to fiat either to use for expenses and put in their bank account, for me I prefer converting my bitcoin and transferring them to bank account or I buy gold because I am one of those who are afraid of taking risk when it comes to bitcoin investment, I am not that strong when time comes that the value of bitcoin fluctuates and suddenly drop, I always think anytime I can lose everything I earn.

There are some issues but they are not going to create anything that ensures that bitcoin will not be used for other purposes, I think you are referring to criminals with that phrase, but the whole point of bitcoin is that when your bitcoin is in your wallet you have complete control over it and no one can take it from you which means that you can use bitcoin for good and bad things and no one is going to interfere.

This is quite accurate because almost all transactions are through bitcoi, which is why the bitcoin has been delayed a long time ago, bitcoin is suffering a heavy burden and is in need of another coin. I can share it, I think it's Etherum. Currently bitcoin is stable at $ 15000, this is good value for you to buy into bitcoin and hoard later.

Youre right most of people prefer to use bitcoin as a medium of exchange for reasons like they need money to support their finances other maybe don't have much believe in bitcoin investment and its capability to grow much higher but I think this thing will change as days passes by since people learn that crypto currencies become more popular and the demand continue to grow

That's because bitcoin is easy to used and it won't need much time doing transaction. And more people are using this form of currency for them to hide their real identity in the public and even they are holding millions of bitcoin still nobody will knew it.

Yeah if you run a business and have to make transactions it would be great for that enterprise to get their payments made by btc as it would save a lot of time and a lot of problems.

We can't ignore the situation of the last 12 months where the fees have been a significant obstacle, especially for those who are new to this market. People investing with smaller amounts have a hard time looking at how a single fee of $10-$15 eats through their initial investment amount. For traders and others that are generating whatever form of income in Bitcoin it might not be that much of a problem, but if you start out with a $50-$100 investment, it's going to bother you. Priority nowadays is entirely based on the fees you include, so with some variables in mind, a lot transactions will not settle within 3-4 blocks. SegWit would be a tremendous help in this case, but adoption lacks unfortunately....

Yes that is actually true. I think the main reason why Bitcoin is created is for the free association of trade. No taxes lies from a decentralized currency. It it convenient to use since it is digital. There are many things that we can do about Bitcoin. Unfortunately some use it for scams and crimes. Illegal transactions at the dark web etc.

Bitcoin is only similar to medium of exchange , bitcoin is not actually use as a medium of exchange, today our medium of exchange is money but if we access bitcoin it will also convertible to cash money, so meaning bitcoin is not really much as a medium of exchange but we can used it to make money. So, in my own idea bitcoin is not used as a medium of exchange but we can convert it into medium of exchange which is the money used. No governments banks endorse bitcoin as a medium of exchange rather than money.

It could be a great opportunity for us having this new technology which help us to fasten our daily and heavy transactions. This new development will certainly provide us a better and easy life, which mostly wanting for. That's why more people were started to used it to take advantage.

In fact it's being used by the underworld criminals and other big officials who are trying to keep their money hidden to save themselves from taxes.

But now due to increased fee and the new regulations they are moving out of it because now it's not suiting their demands.

It has both plus and negative points.

That's true, actually it is already been happening in some places and I think one of the main objective of the founder of Bitcoin is to used it in free association of trades that doesn't require the interference of the government. If that happens, then people will no longer worried about taxes and fees but unfortunately if this continues one of the disadvantage is that it can be used also by criminals without identifying who they are since the identity will be anonymous.

And anyhow it depends on the thinking of each people, the smart people certainly can be using bitcoin as well as possible to get many benefits and make it easier to makes the effort they did to get the profit / money, wherever they live.
As a medium exchange, investment, selling it to local currency or as a directly payment's medium, surely each of us will adjusting it to the circumstances and the existing situation that can be able to take the advantages.

There are already some businesses or organizations that use bitcoin as a medium of exchange. It was created to have a faster and more convenient transaction around different parts of the world. However, since it is not being recognized yet globally, its main purpose for now is for investment.

Bitcoin would be a good medium of exchange if it was more popular among laymen and if the price was more stable but nevertheless, it's a very good idea to use it as a medium of exchange as the price rates make it profitable for both the dealer and buyer in the market.

Bitcoin is a good medium of bitcoin in terms of exchange, because all transaction using this coin might be easier and more faster. I'm looking forward that in the future this coin will become more successful in exchanges, together with the remittances.

In additional I believe that more people were attract to invest in this coin because more users are using exchange.

Bitcoin is already recognize as a medium of exchange around the world , in fact many businesses and establishments are accepting bitcoin as a mode of payment and other online store are already noticing its trendiness and so they accepting it also. Bitcoin is such a good of medium of any transaction because it is safe and secure in terms of exchanging because it is untraceable.

That is true to some extent. Many use bitcoin as an exchange platform because of the absence of any third party involvement in bitcoins.

But initially when you buy bitcoins for the first time, you will need money, and that is when inevitably bank will play a role. You cannot avoid that.

May be after that you may do in and out with your btc but then once you have made payment or finished your bitcoins, and you again need to buy it afresh. Again you will need actual moneg to buy it.

Therefore you cannot completely avoid the involvement of authority and banks in the whole series of transactions. Though their inclusiom can be reduced, but not completely eliminated.

It's true as you say, but most of those in the bitcoin world are investing, trading similar funds because most of them want to get quite a lot of profits and as you say also a lot of bitcoin is used as a currency but the issue of security with bitcoin is not  someone guarantees it

Bitcoin can be what you want it to be. The medium of exchange, store of value, you can use it as you like, for what you like. For what, and how you will use bitcoins depends on the place where you live, for example, I can`t pay my bills directly with bitcoins, a matter of fact I can`t do much with bitcoins directly, unlike people who live in some advanced country.
That`s the beauty of bitcoin, you can do with them whatever you want as long as they are yours, as long as you hold your private keys.

I think the good part about bitcoin is that the ways to use it never cease to stop. I mean you can use it to pay for stuff, you can use it to earn as a salary, you can use it to gamble, you can use it to exchange with other coins, you can use it to buy and sell to make more fiat, you can use it to purchase gaming stuff or even play games.

These are the stuff that comes to my mind right now, there must be hundreds more but I do not want to look up and write them all here, basically speaking you are getting a ton of return for just having bitcoin and using it however you want, you want to use it as medium of exchange? you sure can, you want to use it to just buy and put on a paper wallet and store it for 50 years so your child can have a good college education? You sure can. Choose your own path.

It is necessary to take into account that payments between two individuals are not so often a cryptocurrency. This happens between acquaintances or when paying for goods and services of private business. However, such payments remain virtually invisible to the state, and therefore for the payment of taxes. This is one of the important advantages of decentralized cryptocurrency.

It is because Bitcoin, by its original purpose and design, is to be used as a medium of exchange. It is to be used in lieu of fiat if one is to prefer anonymity and freedom, in contrast to a fully-regulated government-issued currency. Many hard-line supporters of Bitcoin stick loyally to the very words of Satoshi Nakamoto printed on Bitcoin's whitepaper which clearly define Bitcoin as a "A Peer-to-Peer Electronic Cash System." It is to be used for buying and not to be kept as an asset.

yea that was the benefit of bitcoin itself , anonymous trading with no resicted regulation or something like that . and i hope more people will concern bitcoin with that rather than just for profit only

There are many things that bitcoin can be associated. Things such as investment, buying of goods and services and also for payment. A lot of things can be used in bitcoin. It is up to the people that will use it. I believe that bitcoin will become the medium of exchange soon. The hand of bitcoin is upon its community. And I can see that we are all supporting bitcoin in order to grow and be accepted in the world. As of now, crypto enthussiasts become rampant worldwide.

Isn't this a good thing actually ?
People have different reasons to engage in bitcoins and all of them actually increases the value as a whole .
Doesn't matter how they use and for what they use ( except for the bad things for sure ) they are Aiding in increasing the market value of bitcoins.
We should understand that medium of exchange , buying bitcoins to do transactions overseas , to refrain from paying taxes etc.. is suddenly been seen by the government itself , now in the US , 10,000 people are going to be given a notice about not paying taxes that they have to pay associated with bitcoins.
Maybe this will slowly fade out , exchanging and all , but I do think that this is actually good for overseas transactions.

It will really take time for bitcoin to be generally acceptable, although to some extent, looking at where bitcoin is coming from, and the year it was created, I think it has really gone far in adoption rate, bitcoin is something proposed to be used globally and you know that it is very difficult to get any global project to be successful except luck just wants to shine on such person.

Before bitcoin can be accepted globally, there are still so many procedures too that it has to go through such as government regulation and others, but with time, all these things will become a thing of the past and I believe that in the next 20 year, bitcoin would really become a global currency that will be accepted in the entire universe, and by then we early adopters will benefit more.

Bitcoin enthusiasts? You mean the one that doesn't have money to invest in Bitcoin? Lol. Stop deceiving yourself please.
People who use Bitcoin only as a means of doing transactions are people who can't afford to invest in it because it's too costly.

Another thing you have to know is that all those have a way that they are earning only through cryptocurrency, some of them might be working and getting paid in cryptocurrency, like tweeting for bitcoin, signature campaign and the rest of them that can be done in this community. If they are given chance and they have the money ,they will also invest. If you take out means of earning money in cryptocurrency, all those people would leave and that's the truth.

Lol no that's not the meaning of btc enthusiast  . But the real meaning of it is that people that loves btc or a fan of btc  .

Wrong . People that invest in Bitcoin do also make a transaction  . Transaction means that you sell or trade aside from buying a service or paying for something using your Bitcoin . People that can't afford to invest on btc are the ones that don't make transaction that much  .

Bitcoin as a medium of exchange is good but there are more gooder coins to use for transactions to avoid high fees and network traffic

I agree with you, bitcoin enthusiast is the person that support bitcoin in any way. It`s not so important did someone bought it, or earned bitcoins...same as it`s not important do you use it or you just hodling. Each of us supports bitcoin in some way, and that all makes us bitcoin enthusiasts.
Bitcoin is a medium of exchange, but as you said there are other coins that are much cheaper to use for daily needs. Some people were talking long time ago that bitcoin will be a store of value, it looks like we are on that way, people are more focused on earning and keeping bitcoins than using them, me personally too, I used to use bitcoins a lot more than I do now.

We know, Bitcoin is a digital asset. Yes, it is 100% true that Bitcoin is the father as a medium of exchange. We can see many projects which is also related to Ethereum as a medium of exchange. Though there are few exchanges which are getting strong and popular, but bitcoin is the best medium of exchange all time. Now a days, Bitcoin is  to pay for goods and services instantly through any where in the universal within very short time.

Op, if you are current and do read what people are saying around the world and withing the forum here about bitcoin you will realize that many of them are out to make profit from their holding either in bitcoin or altcoins which is contrary to what you said above.

But in reality this is not the case, you just assume on your own thoughts and not see more broadly what people are interested in about bitcoin. Bitcoin can indeed be used only for payment or medium of exchange that you mean, but on the other hand there are also many people who need speculation because they trade and also invest in bitcoin which means everything can be done here and everything is important not only important on one side just like you assume.

By developing bitcoin which is increasingly popular there are many positive functions for everyone that can be an alternative in everything, but there is no denying that it all starts with investment and trading which in the end bitcoin can be used as an alternative tool for payment or other.

Yes, we have other altcoins that claim to serve as medium of exchange, but the only one that I still support among them as alternative to bitcoin is Ethereum, but no matter how hard that Ethereum has tried, it will always find it extremely difficult to ever beat bitcoin, bitcoin still remain the most valid medium of exchange and even if the government is to adopt a cryptocurrency and make it global currency, only bitcoin will pass it.

We can see how they have kicked against the Facebook Libra coin that would have been the one to sit side by side with bitcoin and remove Ethereum for that position, which means that Libra was more of a threat to them than bitcoin, so you see that bitcoin sits in the hearts of everyone, even  the government themselves.

It is more about price then what you can do with bitcoin at these days which causes a lot of confusion with how people approach to bitcoin.

Some see it as a way to get rich quick and make a quick buck, some see it as a way to get out of current horrible financial system, when they both meet it is always about the price of bitcoin because no matter what if bitcoin gets to a high price that means the people who want to be rich becomes rich and people who want bitcoin to be ideologically successful is on their path to make sure everyone loves bitcoin (high price equals more interest). That is why they are all interested in seeing it go up but when it goes down the money wanting side gets super upset which the ideological ones do not understand since as long as bitcoin is available and can be used the price doesn't matter if it goes down to them.

Yes you’re right, I have been part of this community for a long time and mainly what I use Bitcoin for is transaction and also for receiving money for the works I do. I don’t really look much into investment . There are times I would receive money and feel like leaving the money for a while as an investment and when it grows I will withdraw it.

But, I’m okay with the money I make from my job and I don’t really think I need more or maybe to stress myself with trading and too much of investment and all that. I only invest when I feel like investing and I have never ended up with loss the few times I have invested , only profits are what I’ve got. I started making use of Bitcoin the time I was looking for an alternative to PayPal, and Bitcoin was the only better option I got based on what I needed it for. I also make use of PayPal and Payoneer as well. They are all useful to me.

But, we all are not going to have the same purposes. There are some enthusiasts that will prefer Bitcoin as an investment only and nothing else. If you’re saying something that is not investment they wouldn’t be interested. So it all depends , we are all not going to have the same interest, there are those who wants investments and there are those that needs it as a method for their transactions.