Bitcoin Forum

I have heard a lot of people having a misconception regarding the fact the inflationary currency are bad for economy because they are based on debt and nothing else to back them. Moreover the currency is losing it's power of the course of time. While Bitcoin will gain it's value over the course of time due to it's limited supply. Infact I have seen this pretty popular picture regarding the comparison between both

https://cdn1.imggmi.com/uploads/2019/10/6/c564849b47def344e4044794e2ddc671-full.jpg

So now, let me tell you how inflationary currency works as per the KEYNES THEORY which is the best theory until now to explain the Macroeconomic Structure. I will explain everything in layman language the definitions have a lot of things which I would skip so I don't make things complex Basically everything what we need daily to satisfy our needs constitutes Demand and resources available to fulfill our needs is supply. At Macroeconomic level these are Aggregate Demand and Aggregate Supply.

Now, humans create an aggregate demand in the economy and look for products while the producers capture the demand by creating Aggregate supply. The supply they create leads to sale and exchange of currency happens. now they hold resources/ currency once held by their buyers. Now the producers are themselves consumers too(Business owners are humans). So more will be the demand more will be the earnings for suppliers who would in turn distribute it into the hands of stakeholders who would further create new aggregate demand higher than before because they have new money to spend. This would never stop as demand for goods increases so people tend to buy goods now to be safe from inflation. This New money comes from Government who injects additional supply of money to maintain a level of economic growth and fulfill budgetary deficit.

Now coming to simple things, Producers need more money to do production. This excess money is actually fed by the government into the economy. Now with every increase in supply demand is increasing too but not at that rapid scale because population growth is finite. So this excess printing of money is necessary for economic development as money in economy increases the demand in the economy.

In case of deflationary currency such as Bitcoin, as we are giving our aggregate demand at current price levels. Or in layman terms we are buying at certain price level. Say for example( a completely hypothetical situation), Wheat . You can buy 1kg of wheat for 1 bitcoin today. Now imagine that we grow in our economy and it leads to better production of wheat due to increased efficiency in production. Now we would have more wheat to sell. However, the supply would increase and demand will not because people still have the same 21 million bitcoin in circulation. So now we will have more wheat and the prices would go down and down. But in such case people will begin to hoard money. The will not spend their bitcoin in anticipation of it prices declining tomorrow. This would lead to even more deflation as demand would decrease even further. Thus creating a spiral which we often call the deflationary Spiral. I think this is why thinking bitcoin as a mainstream currency could pose a lot of problems for all of us.

PS: Supply of goods( Aggregate Supply) and supply of money are separate things
  Demand of money and demand of goods( Aggregate Demand) are two separate things

Do you agree or refute?

of course i know exactly what u talking about.
but well, its need a long time to make it happen.
and as a time goes by people have a fear of loss of money because the stupid news everywhere,even total btc still same amount.
like many many speculation, btc will go to rich people at the end.

It's pretty much the same with gold that people can't print out of thin air, and despite it is being praised as money (ignoring how inconvenient it is), the fact that it is something people hoard makes it by definition bad money.

I don't think we'll ever get to experience a Bitcoin or gold standard anymore. Money has to have the inflationary characteristic so that it isn't scarce enough to endlessly hoard, which is something fiat does right.

I rather keep hoarding Bitcoin than spending it and there isn't much that will be able to change my mind. Even if fiat as we know it implodes, the government will issue a new form of money. Bitcoin and gold will still be ignored in that case.

I am not able to understand what you are saying. I am saying that this cannot be possible even with passage of time due to a simple reason that BTC cannot be used as a mainstream currency.
Exactly gold and silver weren't cancelled out to be used as money because of inconvenience but because of its limited supply. Because gold pegged currency were the same as using gold as a currency so that system didn't involve us carrying gold all the time with us. But this system was changed because government didn't have power to control the supply of money in the economy. Leading to some big deflationary gaps. Now same is the problem with Bitcoin today.

The problem I think has something to do with its market value stability. We can clearly notice such problem at this moment. Currencies are created in order to promote equality with the world market, correct me if I'm wrong. This I think is the main reason why Bitcoin and other cryptos are having difficulties to be accepted in some countries simply because its market value drops at some time, as what we are witnessing at this moment.

The descending value of fiat will be passed on generation by generation. Good thing that we have choices and wisdom to survive in the current financial system. Bitcoin and cryptocurrencies are the future of money it only needs to stabilised before it will dethrone the fiat system.

It's true that people are incentivized more to keep their Bitcoin over actually spending them, and we're seeing the effects as early as now, even while supply is still rising. There's no way it will work as a replacement to fiat with the way our economy is set up, where growth is driven by debt and spending -- the question is, why would we need Bitcoin to replace fiat in the first place?

Bitcoin was never meant to replace dollars, kill banks, or save economies. It's there so you could have money you could do whatever you want with, whether that's spending, hodling, or anything in between, while fiat can go ahead and do its thing. While Bitcoin absolutely should be viable for daily spending (people who want to go down this route wouldn't care about deflation anyway), it doesn't necessarily have to be used that way.

The issue is this: people hoard scarce currencies like bitcoin or gold.

Now imagine that you couldn't use dollars, euros or any fiat, and there was just gold and bitcoin. And the price of gold and bitcoin kept rising because they're scarce.

You might spend a little on absolute necessities - food, rent and so on. But you wouldn't spend on luxuries like going to the cinema etc, you would hoard your bitcoin because the price is rising.

That would completely collapse the world economy. Most of the things we spend money on are not necessities. The few people with gold and bitcoin would be fine, the rest who depend on their jobs would be absolutely miserable because their jobs and income would disappear.

That's why people fear deflationary currencies and that's why central banks encourage a small amount of inflation - it's to encourage people to spend.

i don't expect to see a future where bitcoin is a national currency. at most, it would be part of a basket of assets (along with gold, silver, etc) that back a fiat currency. so it's probably unnecessary to view bitcoin in a vacuum, as if the whole of economic growth would be restricted to its supply.

your arguments also lead to the age old debate between keynesians and austrians. i'm not sure i feel like injecting myself into that debate!

A nice point there, the hoarding is what disqualifies it to be defined as legal tender. Fiat is not hoard by an individual to deprive other people from getting it and causing artificial scarcity just like product. It is only the central financial body that can hoard fiat, like the central banks either to control inflation through interest rates and other means. But bitcoin can be influenced by the whales to their own benefit. To this point and high volatility ; so far, it is still far to be good as currency.

This is the place, where I must refute.
You are missing very important aspect of the economy of today. We are no longer in production-only era of economics.
The key are the services. People cant simply stop to spend, hoping for price bump. They have obligated themself to pay for various services, like electricity, water, heating, all kinds of e-media, in general stuff we have became addicted to.
Exchange of money for goods is no longer about physical goods alone, that's why your model is inadequate.

So, "Why Bitcoin is not that good as currency?" let me answer your question as simple as possible, it is only because transactions can not be reversed. That's it. No mystery because in this imperfect world, full of imperfect people, perfect financial system that disregards human errors, can't be viewed as consumer friendly. I have zero complains about irreversibility but imagine all those technological-illiterates...  not a chance.

Bitcoin to be a national currency takes time, because it needs to go mainstream first. To reach such a level it is not simple, because when countries start using bitcoin it will affect their own currency go low in value. Maybe when more countries move to the digital trend bitcoin might get importance as a currency. Until then it is much preferred to be assets similar to gold, silver and other valuables.

bitcoin is not used as a currency, it seems that the influence of total supply is very limited and the price is very expensive so it makes the price of bitcoin very expensive and is not suitable if used as a currency because it will be difficult to use for transactions.

True! Bitcoin wasn't created to become mainstream currency or a direct substitute to fiat. It was created as a mean of online remittance without involving third-party like PayPal, etc. - A P2P direct cash system. It surely fulfils this promise. We can conduct an anonymous transaction, anytime, anywhere with Bitcoin.
But the problem is people's misconception. Lot of members here advocate as well as promote Bitcoin as a currency. Well, there is no denying that Bitcoin has most of the features a currency could have. One can certainly use it to pay for goods and service. But it's just one aspect of Bitcoin. It is wrong to limit it to this particular use-case only.

I hope that even bitcoin cannot be used as a currency, we could still use bitcoin to pay or buy some products. Or maybe in that time, we can use another coins that can be a bridge from the currency we already use and the digital coins. I think by using bitcoin as a currency, it will need all approval from all countries and the governments which I think they will not easy to agree for accepting bitcoin.

There is probably less than 1% possibility of Bitcoin becoming a national currency. I cannot even imagine a sovereign country declaring a currency not of their making, not under their direct regulation or supervision, and not issued by them to become a national currency. The most that can happen to Bitcoin is for it to become the global currency, bridging together all kinds of national currencies. One can travel or send money all over the world without the need to go through different national currencies.

I knew that bitcoin is versatile and can be used in any transaction you like such as trading, investment and buying some stuff. However, for me it is better to be used an asset in trading and investment since of the fluctiative manner of crypto so which is perfect from this kind of transaction.

Actually, no. We already use Bitcoin as currency, and that without asking a government for permission. Merchants can also accept Bitcoin without permission from their governments. If you start to wait for governments to finally give you that approval of use, you are not aware of what Bitcoin is meant to combat. Bitcoin is permissionless money.

In all honesty, I have not much against fiat as money on a daily basis. It works exceptionally well as long as you don't have too much long term exposure in form of savings. It's of course different if you live in a country such as Venezuela, but furtunately speaking, I live in Europe and don't have to go through the problems Venezuelans go through.

In the end, everyone has to decide whether or not Bitcoin is a good currency based on where they live, and what they need it for. In some cases fiat comes out as the better option, but there are plenty of situations where Bitcoin is the better option to go for.

OP's reasoning is good and that is why we don't only have a deflationary economy. We have a deflationary bitcoin and an inflationary fiat that work together. There were many debates if Bitcoin can become the world currency and most people think that if it will it's going to be alongside fiat. Fiat money as the weaker money you can spend freely and Bitcoin as that good money you spend on special occasions and hedge against fiat.

I also don't see people hoarding Bitcoin if this was the only way to pay for things. They would buy as much as they would want. Do you think that demand must always increase even if the needs of the population do not? You have 1 BTC wheat and suddenly you can get the same amount for 0.5 because of lower production cost. You simply buy 0.5. Would you rather see people stock up on wheat because it's cheap and then don't know what to do with it as it gets even cheaper? You can produce it cheaper, do it. There's no demand? Produce less!

You are wrong it's not regarding the value stability. Value stability will happen one day when everyone comes on the same platform of using cryptocurrencies but the deflationary nature of crypto can never be changed. Moreover difficulties is because the prices of goods would become cheaper every next day and not market value drops.

Bitcoin I think was created to be used as a currency and a currency means something which could be used as a means of settlement. So if you want to say that Bitcoin was not created with an intent to replace dollars then you are really mistaken.
Bitcoin sounds like a better option at a microeconomic level but there is no way that it can live upto that good on a macroeconomic level which is the problem with bitcoin in the very first place.Actually, I am not against making it a national currency or even with it but the point is if this is not the goal then what do you mean by Widespread Adoption? Because I don't see a great future with cryptos and fiats going hand in hand.

This is true, the inflation of fiat as a currency causing the market to become more expensive, the products will increase their respective price depends on the supply and demand, while cryptocurrency doesn't even care about this inflation thingy, on the contrary, bitcoin overpowered fiat because of that. I can't imagine why people are not waking up from their delusions that fiat is more better than bitcoin and other cryptocurrencies.

But as we can see on image it's a short period of time 2024, it takes probably more time to realize them how useful bitcoin is. The answer is
simply it's because of its price. The price of bitcoin is volatile, It may rise or fall from time to time so it's hard for us to use it because we don't know when we buy things it value is high but when we are about to pay the value of bitcoin drop down so we might lose a lot of money.

The problem comes with the limited supply that bitcoin has.

The majority who owns most of the supply of bitcoin has the power to manipulate and control the prices in the market. In addition, having a currency which the government cannot control through the Central Bank may be potentially problematic in the future. Not to mention, relying on a digital currency where most people lack the access to such is destructive and prejudicial to them.

But it has been used as currency for years, people buy and sell things using bitcoin as a medium of exchange, it's a daily routine here in this forum and many others out there do it. What makes bitcoin isn't so good as fiat money due to its volatility, early adopters hoarding bitcoin while the whales on the wall street manipulate the price according to their need to gain profit in this market. The limited supply of bitcoin isn't the main problem, scarcity makes bitcoin won't lose its value to zero instead keep rising.

Yes the demand and supply had never been a problem as the key factor is it's  price fluctuations band volatility  as we cannot use bitcoin like fiat currency is because it's  can be manipulated by the whales playing up with small and mid level investor's money by turning the tide based on their requirement.

I think the price manipulation might never end as far as greedy whales got huge chunk of bitcoin with them.

Just because Bitcoin can be used as a currency doesn't mean it has to be used as a national currency. Fiat and Bitcoin have vastly different properties, so you can't really expect Bitcoin to replace dollars without a complete overhaul of the existing financial system. I don't think any state will support this.


If you're rooting for a crypto-only financial system, I would assume you have a solution for the dilemma OP described? As for widespread adoption, people can freely use Bitcoin for one purpose, while fiat for another, like what people do now -- is that incompatible with the great future you've envisioned?

Although Satoshi Nakamoto designed Bitcoin as a currency, it is not practical to use Bitcoin for that purpose if the user base grows to billions of people. Bitcoin is having a fixed block size, and despite the new innovations such as Lightning Network, we are still facing delays in getting confirmations as a result of that. There is no long term solution for the scalability issue. We can't increase the block size indefinitely. If the number of active users grow from a few million (which is the case currently) to 5-6 billion (the number of fiat currency users), then Bitcoin will be needing at least 1,000x block size. And I don't think that the Blockchain can handle that.

So for now, I think Bitcoin will be best used as an investment asset. The controlled supply principle means that Bitcoin is ideal as a store of value, and for investment purposes. For usage as a currency, I have a feeling that currencies such as Ethereum will be more suitable, since the time needed for confirmation is low. But lately, I heard that Ethereum is also facing scalability issues.

Bitcoin is good as currency with faster and easy for transfer your bitcoin from one wallet to other wallet around the world, if use your money maybe little difficult if sending money to other country and take several day for sent it, with using bitcoin or altcoin just take several minutes your payment have been sent.

Well if you would have paid some attention I am the OP myself and there is no solution this dillema because the supply of btc is already finite. I am not the one wishing for a crypto only financial system but the best I know is that everyone on this forum atleast says fiat is a hoax a scam you can see the Bitcoin discussion threads are full of that. I just addressed that issue that this idea is far away from reality.Not to forget scalability as an issue but I still think that this can be solved with some technological advancements but Deflationary nature of btc can never be altered.

Its not only about the transaction time,if this is only then banks also could implement blockchain transactions ans can make it possible like cryptos but here is the value over long term period.Bitcoin manages to gain its value since it was created but the traditional fiat money just losing it.

Woops, missed that, sorry. I cut out nested quotes because they're hard to read.


I'm confused, so let me clear things up a bit with the quotes above:

• You don't want a crypto-only financial system because it won't work as per your example in the OP
• You believe that crypto was created to replace dollars
• You don't think crypto coexisting with fiat will work well in the future

The first point contradicts the second and third points unless the ultimate point you're driving is that: only one of Bitcoin or fiat can stay, and Bitcoin staying won't work. Are you basically saying, like your title asked, that Bitcoin is just not that good of a currency?

Bitcoin as a traditional currency like fiat can't really work, at least for now and in the nearest future, It's already a digital currency in the virtual space. The level of  technology required is high while ease of flexibility is low. So many still don't understand how Bitcoin works and as such will prefer to cling to tgeyr fiat currencies.

The point here is:
1. We all are pretty aware why Bitcoin was created in the first place. Atleast the person who said this hasn't exactly said this but the advocates of Cryptocurrencies the old forum users say that it is here to replace the current financial system
2. I personally feel that blockchain technology is something revolutionary and so is bitcoin but bitcoin has it's own limitations which i mentioned above.
3. Due to these limitations government would not advocate Cryptocurrencies in long term so they can't go hand in hand. So what I am trying say is exactly that bitcoin's survival as currency is really difficult in such circumstances.

1. It's really a matter of opinion, but the fact of the matter is, Bitcoin was created to be a decentralized peer-to-peer electronic cash system. The white paper did not attack the current financial system in any way, except maybe by saying that middlemen can be slow and charge fees. It did not mention national currencies at all.
2. No arguments there.
3. Bitcoin doesn't really need governments' advocacy, as shown by its growth from basically nothing. If you're talking about regulations, countries which haven't banned Bitcoin far outnumber countries that did; sure that could change in the future, but I don't think I've seen any developments to signal that Bitcoin's survival might be in question.

Well unfortunately I think it can be a question towards survival if you don't want to Bitcoin to be the next cocaine or Weed. China & India two highly populated countries have put restrictions upon its usage. If we see more countries following the same track I don't think how are you saying that Bitcoin Survival is at question. I hope you are just a normal middle class law abiding citizen of your country lik everyone of us. Would you to use Bitcoin if it's usage in your country is banned or is penalized?

If Bitcoin would be banned in a certain country, it would be impossible to cash it out, finding a way of using cryptocurrency is easy, you can use vpn or any tool to change your IP address, but it will be useless if you cant use it to fund yourself or even use it to save for your own investment. If ever that you have been accused or seen using something that is prohibited, you have to face the consequences.

This implicates that it wouldn't be possible for Bitcoin to exist with restrictions imposed upon it. If most of the countries of the world come up with regulations No VPN or change of IP address would be at help because regulators too would be much stringent about it's usage and all it would become is a currency which can only be used in the transactions relating to Dark Web and not the real world. Why would any government allow it's citizen to launder their money into Crypto to evade taxes.

I like idea behind bitcoin, that's great improvement in overall but bitcoin was never meant for massive usage.
I like image that OP posted, it really shows how USD degrades and BTC developes. This means old fiat has to be changed with new and modern currency to meet current standarts.
I think there must be new currency, international one with fixed value, limited supply which will prevent inflation and prices will always be like demand/supply and inflation won't affect it everytime. Alsp number of population must be considered too and supply has to be changed once in every 10-20 year or something similar.

I think you forgot to read the whole post below the image. It was that why an international currency with fixed value and limited supply which doesn't inflates can't survive because the equilibrium has to be maintained so either both the aggregate demand and aggregate supply has to increase to maintain equilibrium and if the supply becomes limited then the demand will just keep ln deflating the currency and taking all of us into that deflationary spiral.

Transaction wise it is good since it is faster but one of the main problem is how stable its value now was since there's a great increase in its price from the beginning up to now. This is a foreseeable risk for every business planning to use bitcoin as a method of payment because it may put them into disadvantage in some situations though there might be some instance that they can profit from it.

The volatility indeed will be a problem in using bitcoin as a normal currency like fiat. It is hard to imagine if bitcoin will be used in a transaction and then the sudden movement will occur. We are not ready yet to use bitcoin as a normal currency due to some complications so I think it is better if we will use it for a profitable transaction such as trading and investment since the volatility is perfect for this industry.

The OP was discussing why bitcoin isn't as good as currency. With the current currency system of the globe, the necessary excess printing of money is shown to be needed in the economic development of our country. Now, if you were to view and compare it with bitcoin, with how bitcoin has a limited supply, it reduces the demand since bitcoin is volatile in itself. It can buy a product today for 1 btc but you can buy three of the same products tomorrow with the same amount spent of 1 btc. This makes people rather just hold on to their coins and wait till the price itself can accommodate their needs which makes the supply higher and higher. This makes the price lower since there isn't enough demand for it because people are holding their coins. It isn't about speed or anything like that, but its effect on the economical situation of a country instead.

This is tough to decide for most businesses around, knowing the volatility of the market and the possibilities of manipulations from big bag holders.
Regarding to  how this crypto currency being adopted and use massively, the limited supplies have both negative and positive impacts. Bitcoin value
once demands call for it will be very huge, to the point that instead of using it in a daily base transactions, holders will keep it as store value asset
to expect benefits. That's how people after from this industry, invest to hold then gain profits instead of allowing the currency to serve its purpose
being alternative to this current fiat system.

Volatility will only be reduced once there is a wider adoption and wider adoption cannot take place without proper emphasis on it's regulation and accountability for the purpose of taxation. But regulation really violates the very instinct of BTC which is to be P2P.
Problem is Investment is something we actually is made up of some value. I mean that stocks of companies which you buy for investment go up because companies earn profits which is the main target of company. Forex bought for investment goes up because countries prosper in GDP. While BTC's main target is to be used as currency so only the increase in usage of bitcoin could make it a good investment otherwise it just looks like a bubble. Even though I read today that Stock Flow ration approach to measure value of BTC. I need to study more about it before I comment upon that.

Bitcoin is only 10 years old.Previously was some problems with security storage
But still bitcoin transaction fee is higher than cards.But the biggest problems are regulation.Bitcoin is not illegal but is also not accepted like a legal way of payments in most of countries

Bitcoin is don't have intrisic value, only digital number if people see it. That is no different with bank, they can create digital money, send it more fast than BTC.

I don't judge Bitcoin is bad, but that is what people see.
So many people not interested about cryptocurrency.
I prefer Gold to keep value of money, it is already known.

I Disagree that BTC doesn't has an intrinsic value. How do you determine the intrinsic value of FIAT currency it's because of the economy of the country using it. Therefore in technical sense it's basically due to the widespread adoption of that currency in that particular country. So similarly the number of users which currently use Bitcoin determine it's intrinsic value. Also the Stock to Flow ratio value could the new thing for bitcoin as I already mentioned. Have a look at this thread to know intrinsic value of Bitcoin: https://bitcointalk.org/index.php?topic=5191012.msg52690215#msg52690215

Believe me people will keep spending to suffice their wants and desires.   Bitcoin is not exempted in spending spree.  So your worries about the collapse of a certain economy because people won't spend Bitcoin will not happen.

As for the limited supply of Bitcoin, we have satoshis and I heard there is milisatoshi on the lightning network? https://twitter.com/CryptoVanessa/status/1171140604027387905.  I believe we have enough supply of Satoshi for the future.  The only thing about Bitcoin not being good as currency at this current state is its high volatility but I think this fluctuation will settle down once we get to the actual price value of BTC.

Primarily it's because of its volatility that makes bitcoin as not that good for currency. In our everyday life, we buy things, foods that are essential to survive, imagine everyday its value are changing. It'll be a hard for everyone, even monitoring its price and value everyday.

To want to start comparing bitcoin to fiat is kind of misplaced in my opinion. I have seen several arguments for the latter and against and each argument surprisingly always make  convincing  arguments. For me, I think there is no point arguing which one is a better form of currency rather the argument should be about collaboration because really at this time, while fiat can survive without crypto, the same thing cannot be said if crypto can survive without fiat.

I don't think this is a concept of inflation, obviously if you see the concept of inflation then bitcoin will be very high from year to year, because there is no increase in the number of bitcoins while mining continues. It can also be called deflation which preserves the value of a thing due to inflation in the value of certain goods. In my opinion this is more to fluctuations where prices fluctuate erratically, I know that memes have long been made at high rises.

Haha i think you are too obsessed with an inflationary structure. Think of it, if you are planning to buy something today. But you are almost sure that it would go cheaper tomorrow. You won't buy that thing today obviously, this is how hoarding will start. And supply is too limited think of it we have trillions and zillions of dollar currently in the world economy and you are saying that 21 million is enough even it goes to satoshis? Moreover i am not talking about supply in context of its divisible unit it's about total supply against aggregate demand. Volatility is never an issue as dusts will settle with widespread adoption.

I did not study economics in university and so I can't refute anything you wrote, op.  It all sounds logical to me.

The real issue with bitcoin as money is it's volatilty.  Any time you have a form of money that might gain in value, there is less incentive to spend it.  That just is not the case with gov't issued fiat currencies, but it is true for bitcoin.  This is why you hear so many cries of 'HODL!!".  Nobody is saying that about the euro or USD.

Bitcoin is a much better investment opportunity than it is a currency.  That isn't to say it couldn't be a good currency, just that it isn't right now.  If bitcoin were ever to achieve a plateau, a stable price for many months, then people might be more willing to spend it.  But that doesn't ever seem to happen, does it?

Okay so I think what you are trying to say is that one should not compare two currencies one which is based on the underlying concept that other is a hoax which can be created from thin air?
Bitcoin is a currency when we talk about inflation we talk about the general price level of goods in the economy and not about the inflation of currency. bitcoin as we consider is a currency or atleast a security these things don't have much effect of inflation on them. As BTC price will increase economy will deflate in a crypto only economy.

Well, I agree with your statement, that bitcoin is not used like a currency in general because of its volatility. On other hand, I still consider bitcoin as a currency only in digital form and with high volatility. And for me there is nothing wrong, using currency as an investment, as long as it is still able to profit in future. I am also sure, if USD, EUR have high volatility, surely they will use that currency like bitcoin.

What about inflation from fiat currencies? is it inflation in a currency similar to fluctuation, but that currency is still used for payments in that country, why bitcoin cant be that way? fluctuation is not a problem as long as the price of the item is still crammed with the existing rate, then fluctuation is no longer a problem?

This has a good side and has a bad side at the same time. When bitcoin is something that gains value over time and dollar is something that loses value in time, then how can we expect bitcoin to be anything other than just an investment? People can definitely buy bitcoin, they can store it, they can eventually sell it for a lot more to pay for something or just retire, but how can they spend it?

If they spend bitcoin right now then they are missing out on a big profit down the road. Hence this increasing value of bitcoin means its a great investment and that's good, it helps people buy and it increases the price but at the same time it makes people not spend it and that clogs the adoption because people can't or even won't spend it on regular goods.

There are always pros and cons that comes with currencies with limited supply such as in the case of bitcoin. People  always have their doubts with bitcoin as a great replacement for fiat currency due to the high volatility and the increasing number of FUDs that are created on cryptocurrencies on a daily basis.

I’m amazed how you created that comparison in Photo very perfect and truthful,while Fiat is lowering its value on the other side Cryptocurrency is gaining its value .
Maybe we are taking long before being adopted by masses by what we are having now is a complete concept on how the domination of bitcoin with cryptocurrency started and the progress and success is really undeniable.so let’s continue holding and use bitcoin as transaction payments to prove the healthiness of market

no its not just a concept but its already happening .  cryptos/bitcoin wont grow thier market cap if they arent dominating and for sure they will dominate more in the future   .  mass adoption had already started even before  .  crypto/bitcoin markets are healthy with or without using it for payment purposes but as long people buys and hodl , that is already enough   .   why bitcoin is not good as a currency ? because its only online  . that is his major disadvantage

You misunderstand me. I acknowledge that governments present a threat to Bitcoin's survival. What I was saying is that there is nothing to suggest that countries are lining up to ban it, as you imply. Outright bans have been isolated cases of desolate, corrupt, or authoritarian governments. The top global economies are open to it, even China which allows peer-to-peer and over-the-counter trading. If you're saying a worldwide ban is inevitable without anything to back it up, you're only spreading FUD. I don't even know how you think Bitcoin is remotely comparable with illegal drugs regulation-wise.

I would like to reiterate what I previously said: while wholly possible, there are no developments that signal Bitcoin's survival is in question.

Having bitcoin will depend on your lifestyle and purpose of having it. As a currency if you prefer to do transactions online then better find wallet that are connected in some online shops then do shopping using it, which is now applicable in our country. But if in physical stores it will be hard to find one so better still have your fiats with you. It all depends on us how we can utilize the use of bitcoin, act as our fiat currency, online currency or as an investment.

I understand your point and it's very logical, but you got something that is obviously wrong.

Why do people keep on assuming that Bitcoin is money? Bitcoin isn't money, it's an asset, it is obvious that the change in value wouldn't be the same as fiat. As it is an economic driven currency, while investments like Bitcoin is volatile and it is not determined by how much money is being printed out but how much is being mined. Gold is a very good comparison to Bitcoin, as they have the same properties as being an asset. Scarcity is pretty much what determines the price of Bitcoin, the lower the quantity the higher its price would be.

It is an asset but you can always use it as a currency and nobody can stop you doing so. Realistically for the current society that not ready to accept a currency with high volatility l, bitcoin won't be a good currency but who knows ...  someday people realized that is bitcoin the currency they wanted even with its volatility!

Since first day we are a solid believers and will continue to do so. That bitcoin as time goes by could be developed as a widely used currency all over the world. We just haven't find that way ..

As a student of economics, I agree with you partially, because if having some argument I just want to reveal some points, At first, I'm going to the definition of Inflation, I think the price rise of Bitcoin is not related to the inflation, I think inflation consists of both the price and quantity, Bitcoin price has raised but not raised according to its quantity, It's all about a fluctuation, On the other hand, I agree with you on the currency issue, Bitcoin is not a good currency because of having a huge price volatility, no one can choose this trend because of having a high risk even in the payment system. for me, Bitcoin is s good for trading and investment for the current context, when the value of Bitcoin will get stable then people will use as currency for sure, otherwise not.

Bad site of bitcoin only with transaction confirmation payment, we need take long time for waiting finished and done transaction using bitcoin, we have waiting about two hour for confirmation process for sending bitcoin from one to other wallet. We can get good side with bitcoin less inflation because have higher price at the next years.

quite a lot aspects of simple human life are requiring immediate and simple payments, the one cash systems can offer.
and I think this is the way which is good for all, yes, it can be improved by card payment which takes also small amount of time
the main problem of bitcoin payments is not instant payment. this is the problem, which stopping it to spread wide.
you will not be happy to wait 20 minutes while cashier confirms your payment for a cup of milk received.

Yes exactly as of now you are seeing it as BTC price rising in value. But with a Cryptocurrencies only economy you would view this as decrease in prices of good because there will be no fiat to compare with. Therefore people don't spend it.
Bitcoin's whitepaper itself said it's a P2P currency which allows transaction over the globe without the use of intermediary. How can this be called an asset? Merely because it's price keeps on rising?I really don't think you are a student of economics if you don't understand the deflationary spiral. Question isn't about volatility or price fluctuations here. It's about the prices of commodities.

If someday the bitcoin and other altcoins will be consider as a currency same with the fiat, I think many problems will arise. Why I say so? Because bitcoins value is volatile and the transaction and operation processing is too sluggish. Today I still prefer what the bitcoin offers. Attracting businesses, organizations and investors to invest, to earn and for additional profits is one of the advantages of btc. In addition btc is stable storage of value which helps in trading and exchanges. Though bitcoin is Stable STORAGE of Value still without a STABLE VALUE btc is not consider as truthfully real money or currency.

lol the title is misleading ,i thought its a negative about bitcoin but its not and the truth is the other way around

when government still preventing their people to adopt cryptocurrency they are denying the benefits people might have.

and the photo really attracting and may lure people to understand whats the difference of BITCOIN and other crypto as well compared to FIAT.and how advantageous having them both
lets hope the fastest adoption happens as we are nearing another decade

The post is negative about bitcoin. I am criticizing the photo itself if you would have decided to read the thread you might have realized what you are saying is absolutely opposite of what this thread wants to say. it says the widespread adoption could lead to problems which might be pretty difficult to solve. The economic equilibrium can become unbalanced and we all might up ending in a deflationary spiral. So which is why government preventing adoption of bitcoin seems legit.

Good thing OP included a photo, because if he didn't I would have misunderstood it too. Fiat is starting to be a not-fitted currency anymore in our economy, the foods, products, bills, clothes, and all the things that we need everyday is starting to be so freaking expensive and the price of fiat itself is not changing at all, it does, but what we are going to do for a few cents of its price variation.

But the Governmen's  pride will not be disintegrate that easy, oh God help us.

Bitcoin isn't that good as currency because it is not yet really supported by the great marketplaces either online or offline as a payment method. If a currency isn't supported enough to trade items it will be replaced by people by the used currencies. That's why BTC is now considered by most people as an asset a lot more than as a currency.

More and more people who's joining this industry are after with the benefits being a store value of assets, but with how OP pointing it out adoptions
might be hard being considered by any government due to implications to economic concerned. Good leadership will always look for betterment of
their economy and with how things can turned after fully adopting this system, having imitations will be a big problem to solve.

It seems to me that if you increase the speed of transactions in the Bitcoin network, then this change in the technical characteristics of the Bitcoin blockchain will attract a large number of investors, including a large business that has long been considering the possibility of using Bitcoin, but everything stopped due to a problem, there may be a transaction deficit  .  I believe that if Bitcoin is used to transfer large amounts of money, this will increase the value of Bitcoin and stabilize the price of BTC.  It was then that Bitcoin could be used as a means of payment, since this coin would already be much more stable with a high transfer speed.

Bitcoin could not be inflation like money where every year have less value, but if using bitcoin your transaction payment will increase value every year, with money maybe next year you pay with higher amount but at the next time you get with small value because money can get inflation but bitcoin can't.

Actually that what the posts tries to explain that Things are not becoming expensive it's the supply of money in economy which is increasing therefore devaluing the dollar because supply becomes more than demand. While this is necessary for the survival of economy as Economic Growth is possible merely due to this inflationary structure of economy because development is nothing but increase in our standard of living which will not be possible in case bitcoin keeps on decreasing value of goods.

Bitcoin has two major problems in the long run:

scalability and energy consumption.

Currently, bitcoin transfer transactions take place at about 1 hour, as there are too many transactions such as cars jammed in traffic, we can say that these delays occurred. bitcoin needs to solve this problem first.

Secondly, a very serious problem, energy consumption: bitcoin currently consumes more energy from dozens of countries on an annual basis. which means bitcoin pollutes the environment. The proof of work mechanism is not very environmentally friendly. therefore proof of stake appears to be a more attractive way to validate transactions.

It is I think because of the market value stability, bitcoin does not have a stable value that's why I think the reason why it is not easy to accept others just like our current currencies. Although we all know here in the forum that bitcoin is really good especially when time goes by so that the price will improve, let's also accept the fact that bitcoin has also its disadvantage.

no mate bitcoin is already adopted on most major countries but few major countries are also having a regular issue regarding on its acceptance.

thats normal because every country has its own legal currency and that should be they prioritize before cryptos . using local currencies is also easier mainly for local/offline use.

not just a chance but it already happen . btc is now being used regularly not just a mere investment tool

Again, why do people keep on misunderstanding simple terminologies? Money and Currency are different. Currency is an object or a fact that is accepted generally; you could say that a "stone" can be a currency. And Money is a medium of exchange, it is the embodiment of a "currency", and is now represented by paper bills and coins.


Yes, it is, but isn't the blockchain makes this possible?

Scarcity my friend, that's what makes it an asset. Unlike fiat, you can just print out any amount of money you want, though it will devaluate the currency itself, the point is it's "unlimited" (if you will).

Because its price is very volatile, your 1 full cart of grocery today could be just a half if price goes down or 2 full cart tomorrow if price goes up. It is not regulated so it's price won't stable but that's a good thing if you treat bitcoin as a form of investment because it has a big potential to have a big value in the future given that its supply is very scarce.

It is our market presumptions and to over-think how Bitcoin could surpass fiat money in terms of uses. Maybe we can say that Bitcoin isn't good as of today but we can't disclose any possibility how much it gives in the future. Possible be more than of what our local currency could be.

No, I don't feel such scarcity may cause its value to keep rising day by day in the future but rather to think because if its huge market demand.
We are too far to mined all 21mil BTC which people get worries about what will happen next.

The value that always fluctuates so dramatically and suddenly is really a drawback of bitcoin when bitcoin wants to be accepted as a currency, many dealers have thought about the idea of accepting bitcoin for payment but unfortunately, the application is not simple when the movement range of bitcoin is too wide. Besides, the popularity is still only relatively and the tax regulations in bitcoin are very unclear, using as a currency only creates more problems in the management and payment system.

Probably this is enough to show prove that bitcoin is great as a currency when we see more fluctuations in dollar prices over last 6 months than in those of bitcoins. Dollar is controlling inflation throughout the world whereas bitcoin is not doing that as a currency. As far as transactions are concerned, I believe in making them with bitcoin because fiat has so many taxes.   

Bitcoin good as currency with less inflation than you have use your money, but get negative respond with many country make bitcoin looks not good digital payment, when you use bitcoin as your legal transaction your payment always increase value every time and not get like this when you make purchase payment by using cash or digital money.

Bitcoin doesn't need to prove anything. Back then, Bitcoin is already showing some promising results, many have doubted, but also many believed it would work out. And it did, now it has been the mainstream. And a lot of things changed since then, we can now utilize Bitcoin in a variety of platforms.


I'm literally confused about whatever you're saying right now.

It is becaue Bitcoin is decreasing in price value but if Bitcoin is increasing in value then you will pay less.  This is another reason why Bitcoin is not a good currency, the high fluctuation.  Being a currency, it should have a minimal volatility, Bitcoin maybe a good store of value in the long run but the high volatility makes it look ugly in terms of being a  medium of exchange and not saying Bitcoin somehow have problem in being acceptable by other merchant.

Did you even read the OP at all?
Although title of the thread is question but OP tried to answer that in his post. Your post looks like desperate attempt to answer the question. Also volatility is not the characteristic of Bitcoin, it is the outcome of one of the characteristic of Bitcoin and that is scarcity. Due to scarcity (limited supply), Bitcoin is deflationary in nature (very well explained in the OP) thus making Bitcoin a speculative asset which in turn make Bitcoin volatile due to the ever-changing difference between demand and supply.

I don't think Bitcoin is good to be used as currency this way. It's volatile so there will be lots of conflicts. Unlike fiat, it's controllable because it isn't as volatile as crypto. As for me, Bitcoin is a great currency but due to our economic estate, it is best to be used as a digital currency in digital transactions. There would be limits because of its volatility.

For me, bitcoin is not that good as currency because it created differently to our regular money. There some factors why because bitcoin is created a digital currency, decentralized currency, can't control by the government, almost anonymously transaction because of the codes, and also uncontrollable. If you pay using fiat money through a bank and get scammed, you can report it to the bank to retrieve your money. But in bitcoin, if you use your cryptos in a payment system and get scam, you can't retrieve your money, especially if the transaction is over/confirm; that's the other reason why banks can't adopt well the cryptocurrencies. :)

So, why are you here then?

This "digital currency" you've been calling is called "cryptocurrency". Control and uncontrollable are strong words. I'd rather say, Bitcoin is being regulated under government law and anonymity is one of its advantages/disadvantages. Not "uncontrollable" but rather "indirectly influenced" by users.

If you get scammed, it's your own fault. Don't blame the currency or the system.

Why would it be impossible to cash out crypto if it is illegal in a country? There is literally no way anyone can know about you cashing out as long as you do not use a bank account. There are tons of places where you can cash out your bitcoins in paper form (cash) instead of bank account, one of them is literally localbitcoins.com, you can meet with people there and do whatever you want.

Obviously, it would make it very difficult and challenging but at the same time it is just a hurdle, not a total ban, they can't totally ban it and stop you doing something like that. However when countries tax it and make it legal, they make a ton of profits from it, hence I think countries realized there is no way to stop bitcoin so best course of action would be taxing it.

I'd agree that some increase of monetary supply is required to match growing economy, but Bitcoin is so small when compared to fiat, and until it will start representing a big amount of consumer transactions, there's no point in talking about deflationary spirals. Perhaps Bitcoin will never be big enough to cause any significant effects on economy with its fixed supply, and that's fine, I'm happy that we have global alternative to fiat even if it's rarely used.

The fixed supply is not a problem in terms of being a currency because bitcoin can be used even at a few decimal form so there is no need for us to get an unlimited supply. The only problem why bitcoin is not that good just like the traditional currency is because of the stability that the bitcoin lacks where in, the people do not preferred a volatile currency because they might lose some of the value of their money when the price fluctuates.

The obvious and most important reason why Bitcoin is not perceived by people as a currency for everyday settlements is its high volatility. Bitcoin is like shares. Nobody pays for goods and services shares, the price of which is little predictable. The same is true for the main cryptocurrency. People need a stable digital currency as a digital cash for daily settlements.

I've been telling this for a very long time.

The worst part about it is, some people treat Bitcoin as "money", which is quite arguable. I treat it as a "currency" and an "asset". Its volatility is probably the only thing that differs it from fiat and other assets such as gold, silver. Though we can argue that volatility has its disadvantages, which convince other people to not invest in Bitcoin but experienced traders/investors would say otherwise.

Someday a new system will provide such service.

Money and currency is like the same because they are just fiat that you can spend to buy something. It is more appropriate if we will use it as an asset because bitcoin is a safe haven for our money or currency since it really holds it value in terms of long term basis. Bitcoin is a good investment for people who want to jump into an aggressive investment with a high chance of making profit.

Yes, crypto space is asking and aims for massive adoption and widespread usage of bitcoin because that is what bitcoin is lacking but I don't think completely using it as a currency and replacing traditional one would be a good idea. Bitcoin's volatility and inflation is very unstable that might lead to deflation because bitcoins price could be very high once all time high hits and people already learn about how profitable is bitcoin at those times so they would rather wait for higher price before using it, and it will affect the economy both in supply and demand of everything.

Bitcoin is still too volatile to realistically be used as currency.
And then, those who trust in its development will be careful not to spend it: if it really grows as expected, it would be a stupid move.
For now the situation is fluid. But let's be optimistic.

Bitcoin could be paired up with fiat to use it as currency. If we look at the functions of currency, it is something that could be used for trading or clearing payments etc. all such things could be done with bitcoin. I don’t see any problem in using bitcoin as currency. The first bitcoin ATM has been launched as well which means people are ready to use it as currency.

There are people who says bitcoin cannot replace the cash because of its high volatility. The value of bitcoin is always changing as time passing and it is the reason why there are people that are not considering bitcoin as payment method

You must've misunderstood my point. Money or rather Fiat Money(which in this case in the form of paper bills and coins) is a currency; Bitcoin(which in this case is in the digital form) is also a currency. But Currency, on the other hand, is anything that has value and is accepted/well-known by the public. That's why I'm only considering it as a currency, but not money.

I agree on Bitcoin being an asset but being a safe haven is arguable. If safety is what we consider the most in any investment, then I'd rather invest in a less volatile asset such as Gold.

Well everything is a matter of perception, it is known that there is a hegemony of the dollar of almost 60% dominance against 40% with respect to the euro and other important currencies, but do not underestimate Bitcoin. Recently Tim Draper in an interview said that Bitcoin frees people, since transactions can be made quickly and is not controlled by governments or any country, that although lacking privacy is a technology that is above the regulations presented by the Traditional economy, if you want to make a transfer of a lot of money, banks sometimes block the account to look for the origin of the funds, with Bitcoin not.

Now despite the regulations that exist, they want to take away freedoms, the Exchanges with their KYC and countries with regulations is not convenient, somehow they want to take control. Bitcoin represents money, it is as important as any fiat currency, in addition the intrinsic value it has is so high that it is not even backed, there is only its blockchain network and a huge speculative market, accompanied by a technology that the world is knowing every day.

Here is the article to extend Tim Draper's opinion: https://bitcoinist.com/tim-draper-bitcoin-btc-superior-currency-frees-people/

BTC isn't a successful currency first because of its deflationary property. There is no as such incentive of using it as a currency for day to day transactions when it can be used as a store of value. Second, the high volatility doesn't make it as a good alternative to fiat which is inflationary too. Third, there isn't much mainstream acceptance of cryptos at this point. You will find very selective vendors that will accept crypto.

Bitcoin good as currency than you use money as your payment although sending your transaction to other country, lets check how much profit do you get if you use bitcoin s your currency than you use money, when you sell some soft ware product to people on other country and you ask bitcoin as payment, when you hold just one months you can get bitcoin have higher price but if use money your money value will be down and you can buy something at next month because have change price.

If you are looking at its base valuation then no one will be able to spend anything and that includes fiat currency, lets say you are a forex trader and if you are looking at the changes daily and holding on to your dollars or euro then you cannot have a realistic possibility to spend fiat too. You choose whether to hold it as a saving or to spend it.

Here are the reasons why Bitcoin is not suitable as a currency:

1. It is protected against inflation and therefore the purchasing power will be intact. The users have an excuse to hoard them.
2. Long delay in getting confirmations (up to 1 hour, compared to a few seconds for PayPal, Visa, Master.etc)
3. Unclear legal status in many of the countries
4. The transaction fee can be high, especially for small sized transactions
5. Difficulty in converting crypto to fiat, and vice versa

Actually, of course you can agree with your opinion, especially in the sense that having real value in your hands, such as gold, you feel much calmer.  Nevertheless, in our world of digital technology and cashless payments, digital currency can also be valuable.  If Bitcoin has a good transaction speed, which will attract a large number of wealthy investors and make this coin a real means of payment, then the price of Bitcoin will skyrocket and stabilize.  I really hope that Bitcoin will be appreciated highly and we will not see such large collapses in the market.

Yes, all what you said is correct, one thing that would change this is if it will be regularize by all countries,   when Bitcoin will be legal, a lot of things will happen, it will have stability, it may reduce the transaction fee, it might also happen that it would be easy to convert from crypto to fiat as there will be no more question from the bank.

Till now, only a very few countries such as Japan, Germany, Switzerland and Singapore have completely legalized Bitcoin. In the United States, the situation varies from state to state. Larger states such as Texas, New York and Florida have taken a hostile stance towards BTC, while some of the smaller states are more lenient. And the third world nations in general has adopted a hostile stance and this includes the most populous nations (India and China). Only a few of the third world nations such as the Philippines have legalized BTC.

That said, I don't think that legalization is correlated to any of the other aspects which you had listed here, such as transaction fee, stability and safety. Transaction fee depends solely on the number of transactions being made. If there are more transactions, then a higher fee may be needed for quick confirmation. And the implementation of the Lightning Network has helped to lower the fee by quite a bit. Stability depends on the developers. But no one complains that Bitcoin is unstable nowadays.

yes, the issue of legality has always been the hardest part of it. not all countries recognize bitcoin even though its existence is even better than fiat. on the other hand, volatile prices also pose a threat to cause economic chaos, and the other thing is, transaction costs are also sometimes high. I think it's quite difficult for those who have not so much bitcoin. Even today, bitcoin still raises many challenges from other countries / other organizations.

it will be difficult if bitcoin becomes a currency for daily use, although I think many times fiat is better than bitcoin, for my own reasons I prefer bitcoin as an investment.

Bitcoin is absolutely not a good currency but I think it's best we have. I mean world is not just economics. All the theories which you are saying once never existed and were created after scholars examined the world around them. So why is it not possible people could also start use Bitcoin and then scholars would create a theory which can prove that how bitcoin is good as a currency. Moreover considering that most of the central banks are the persons responsible for crash so I think independent economy is much better.

Yes these are the things that needed to be solve or have some changes if we want bitcoin mass adoption although i find it comfortable using bitcoin, the fiat currency cannot be erased in the financial system but instead co-exist with bitcoin because both of them have good and bad effects in economy, also if we use them both correctly then we could balance everything without worrying about their bad side effects.

I think it's undisputable as a fact that Bitcoin remains the best-performing investment asset class for the past 10 years given that it rose from a value in cents to thousands of dollars during the said time frame. However that having been said I do not think that BTC would make a good primary/default currency given that it's too volatile even in a space of seconds. How would the exchange rate and conversion rate to other currencies work when you are dealing with such a highly volatile asset? It wouldn't make sense to use a medium of exchange whose value changes mid-transaction because most of us are risk-averse.

Bitcoin was originally formed as a mode of investment that could generate nice amount of money. Later people started using it for currency and made business trades in the form of bitcoin. I believe that majority treats bitcoin both as currency and investment and this is why it has support from all over the world. People do not have to carry cash with them for investing it into different markets.

Bitcoin is a currency but have some challenges. One of the major challenges of Bitcoin is its slow confirmation speed. This does not allow shop owners who cannot wait for that long hours to receive payment for an item purchased by a client to integrate Bitcoin as a currency into the payment systems of their businesses.

When you compare Fiat with Bitcoin then it's not an easy task to relates both these two things, I think Bitcoin has some restrictions regarding to be used as fiat as good as we have, Since the price of Bitcoin is very volatile so people will not go to spend at randomly and they are trying to hold for the high price, so if BItcoin becomes the general currency then the market will face shortage of currency, not only that but also Bitcoin transaction is not confirmed within a moment, it requires at least one hour to get approved finally so people don't have too much time to get along with this system, also the transaction fee is too high to afford this virtual currency in the real life. so these hinders should be removed if there is any vision to make Bitcoin as the main currency in the coming world.

Bitcoin good as currency digital payment but many transaction do not support with use bitcoin, if you to buy your product in your country or other country many people still do not know with bitcoin, although bitcoin never have inflation value like money could be lower value for several year later. Bitcoin become good as currency if have support with thousand kinds store want to adopt bitcoin together and accepted bitcoin for payment way.

I am agreeing with MY opinion--because it's MY opinion. ;D

What do you mean by real value? Are you saying that Bitcoin doesn't have a real value? Sure, Bitcoin is a digital currency (intangible) but it has a real value. Currency doesn't have to be tangible to have a value, sometimes even information (knowledge) have values. Being comfortable (in your case being calm) on having a physical or digital asset is quite arguable, we can discuss that in a different thread.

but still people use it as a means of payment, I mean a lot of businesses, companies, factories accept payments in the form of btc, to accept btc as a means of payment takes a long time.
Before BTC was recognized people would use it as a place of investment, seeking profits through trading, anything that was not related to official currencies such as Fiat.

Bitcoin is a very attractive cryptocurrency in terms of a variety of means of payment.  But you need to understand that any business in any country is regulated.  Business is subject to certain jurisdictions of the country in which it is located.  Bitcoins are outside the jurisdiction at the moment, which means that various criminal elements can use it for criminal purposes.  All this complicates the use of bitcoin as a means of payment in small and medium-sized businesses, especially in large ones.

If bitcoin will get regulated or accepted by the government in a certain country, it will still get used to do illegal stuff or criminal activities because of its features. Bitcoin is anonymous and we all know that the authorities cannot track the location or the owner of the transaction so even there will be regulation, it will still be useless for them since the criminals can easily bypass those regulation.

That is a lie that they use so they can keep on creating more and more money, in theory it makes sense to do this but in practice it is not what happens, governments use the right to create the currency to get out of troubles that they have created, and instead of creating a small amount of money that will create a small amount of inflation they keep creating money as if there are no consequences for this.

But we know that at some point a threshold will be crossed and people will realize that the government is cheating them and that is when you will begin to see people trying to find ways to save their money in ways other than fiat and the way they are going to choose to save their money is going to be in money that cannot be created at will like bitcoin.

I get your point. That is the reason why government are banning bitcoin. It is a kind of currency that they cannot control thus resulting to big deflationary gaps. Unlike the normal currency that is being regulated by the goveenment, it is more stable. Also, bitcoin is limited like we all know making it very striking to people like gold and silver. On the other hand, if bitcoin is being regulated by the government, the price of bitcoin will now be stable (but it will never happen).

I like Bitcoin but I passionately hate when people sell it as a fiat-replacer that is going to change the way the world economy works. First of all, inflation is good for economies. It provides an incentive for people to spend and for economies to grow.

I don't mind fiat. I don't mind Bitcoin either. Bitcoin on its own however is woefully insufficient to provide a means of exchange for a global economy.

Bitcoin is definitely much better compared to fiat currency because there is no inflation happening in it and any time the value goes down or up. But the fact that the government does not support bitcoin because they cannot control it, and so the people are still afraid to use it since it is still unknown to majority of the people. They would still chose to pay in fiat not knowing that there more convenience in bitcoin compared to fiat.

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

*Inflation is good for debt-based economies.

But yeah, no one initially said Bitcoin was to be the ultimate fiat-replacer - at least not seriously, these ideas came later. One of the appeals of Bitcoin is/was that it can't be artificially debased on demand by messing with the rate of supply.

I agree. Bitcoin is so volatile where it is not good to compare it to the fiat currencies because they are stable and they are regulated and backed by the government while bitcoin is being backed by the trust from its community and users. But bitcoin is still a good choice rather than holding fiat currencies since the inflation rate will just eat out your fiat so it is still good to consider bitcoin as an investment and not a substitution for fiat.

The unstable value or price of Bitcoin is not a major concern to its currency feature but rather the long confirmation time and low adoption. The long confirmation time which can take more than 30mins dwindles it progress to integration into the payment systems of most businesses. And the lack of some governmental support hinders mass adoption as well.

Do you think fiat or local currency, does not change prices every second? I think you're mistaken, fiat experience it too, always changes prices every minute, even when inflation occurs, a fiat currency can experience a huge degradation rate, making the country collapse and bankrupt. Volatility is not something that makes bitcoin unsuitable for currency

As of now fiat currency is what peoples need because we can use it even in digital payments. not like bitcoin that not everyone really uses it. payment method using bitcoin is something different many changes are changing that newbies can't understand it more. for now, bitcoin is used temporarily to make transactions easier..

OP's demonstrations on why bitcoin is not good as currency gives many people a hints if what will happen to such economy since bitcoin have limited volumes.

Fiat which created by central government can control the numbers of published currency according to their needs, it's still prefer and still understood by the
users which is the common currency in their everyday life.

Bitcoin is not that good as fiat as it is digital and we all know it is not regulated by our government and the price is volatile. Imagine you will buy prepaid load worth $5 then after few seconds it becomes $7 so it is really hard for now to make it as currency, but just an alternative way to transfer funds, and can be one of our sources of income just like investing.

It's not that volatile, for payment processors volatility isn't that big of a problem as long as they don't wait for payments for too long.

Just because central government can control the numbers of published currency according to their needs, does not mean it is so. This is the problem they control and they keep poverty unresolved so that we will depend on them. This is how you control public. They control our money, they control us. Bitcoin is the key to our economical freedom as bitcoin is decentralized. Nobody can control it at all. Besides, it is an asset too.

I got your point mate but it's not feasible to consider bitcoin as fiat as it's volatile and there are situations where it fluctuates within hours by over 10% and just assume if you pay a fixed amount of bitcoin worth certain dollars and by the time the other person receive it the value is decreased then it would be an hassle. I understand how government controls the fiat which is not the same with the bitcoin or any other crypto coin but we are not ready to take be replace the fiat currency as it requires more time and development as well as stability.

I totally agree with this. We cannot completely replace fiat, even if it is controlled by the government. People would only hoard since it's value is high and deflation causes value of products to lessen. Bitcoin is not suitable as currency, it's more of a medium of exchange, speculative investment and platform for day traders. It's not meant to replace fiat. I think the main purpose of bitcoin is to transact securely across the world without too much limitations and fees needed to pay.

at the moment bitcoin is still said to be unsuitable for currencies while I am sure in the future there will be many digital developments inspired by bitcoin and from blockchain technology, for now the negative side of bitcoin is from very limited total supply and from the exchange of prices which is unstable so making bitcoin is still not suitable to be a good currency.

For me the reality is Bitcoin cannot be a currency just for the fact that people using it are after the gains ,having profit as a top reason.
But i guess that is just for now ,Bitcoin will undergo phases to be accepted as a currency in the future.

Bitcoin will have to become a store of value first, before it can become a currency. Meaning, it will have to defeat gold first. Remember, value should only be determined by utility. Gold was money, but it has industrial uses as well. But to have the perfect money, you rather that your money not have alternative uses. Because the economics of the alternative uses can influence the money functions. That's why bitcoin is better in this aspect, because it was created to only be money.

Bitcoin's power is not as a currency yet. It's power is that a transaction cannot be censored. Censored transactions exist only on the outskirts of society. There aren't that many of them (though the censored party would view this otherwise). It's enough for bitcoin to help them in order to have value. if bitcoin manages to get a monopoly on being a store of value and being the go to currency for censored transactions, it will only be a matter of time before it will expand to other markets. Specifically, the currency market.

maybe what you are saying is true because in my country bitcoin or other cryptocurrency has not been fully recognized by the government and even transactions directly with cryptocurrency and of course the value and price still cannot be the same as the official currency used by the government and the issue of legality is also very influential

I don't think it will be considered in the future but for sure, it will be the basis of what the future's currency look like. The future is going straight to digital currencies and we all know that bitcoin will not just sit in the sideway, it will be in the top and not as a currency but with the same position as it is right now but with massive users and high price.

From your picture we can see how advantage using bitcoin become currencies where last five year using money you can buy many kinds cake with your cash money and last five years you only buy few kinds of cake, after several year later by using cash money you only buy one cake and using bitcoin you can buy one wheelbarrow cake, there are we know which one payment have inflation value for several years later.

people still hold bitcoin as speculation assets, and it make bitcoin price moved with high volatility.meanwhile the requirement to be currency was its value must not volatile and or atleast moved with limited range.but for online payment in any online or offline merchants it should to do.it will help local government controll money supply in market if people start using digital wallet which is bitcoin included there.

I think it's clear why the reason bitcoin is not suitable as a currency because the price is volatile and also has a limited supply. can you imagine if the whole world uses and what happens? certainly someday the price will bubble and this is very high risk for each country's economy in controlling the economy just because of cryptocurrency

Why wouldn't it be as good as fiat? I mean the question assumes that bitcoin is not "currency" to begin with, it says "why its not good as currency", well it is a currency and its quite a good one at that. So, the question is in itself very wrong and there is no answer to a question that is wrong to begin with. But leaving aside the fact that "a wrong question can't have a correct answer" part of the deal, just because bitcoin can be a great investment method doesn't mean it can't also be a great currency.

Just to give an example dollar itself is not an investment method in USA because they use it, but in Venezuela if you had dollars saved up before the inflation and got them cheap, you could have sold them for a lot higher after the inflation which would have made it both a great investment and a great currency.

People don't know what is actually the cryptos are they just hearing bitcoin,crimes,hack which make the people to afraid of using it this is why which is not accepted as payment but the adoption happening and every year the rate increases along with the price,hopefully in the next five years we will be able to fond bitcoin accepted here sign boards.

Yeah that's right, Bitcoin has a limited supply so they are not suitable for use as a currency to transact in our daily lives. Bitcoin is only a valuable commodity like gold, then I think Bitcoin is suitable as digital gold because with Bitcoin we can make it as an investment.

Now Bitcoin is used primarily as a means of accumulating value, since in general it increases in value every year. To a large extent, this is why it is very poorly used as a means of payment. What happens if bitcoin stops growing in price? I often ask myself this question. In my opinion, if this happens, the demand for it will drop sharply, and therefore the price for it will fall. Will it ever be used consistently as a means of payment? There are also many questions and insoluble problems.
At the same time, cryptocurrency as a whole is rapidly developing and improving. Its circulation in the future together with the usual currency is already undeniable.

bitcoin has 21 million coins, and now only 3 million coins are not yet mined,
we know 2020 is halving bitcoin, and bitcoin will be difficult to mine,  ;)
but remember it's not just bitcoin in the world that is popular, ethereum, waves, xrp and tron is the future king of this crypto currency

very true that you say in your opinion fiat currency is currently still the best than cryptocurrency maybe it is caused by legality problems and maybe if the crypto currency is recognized as a valid currency of course cryptocurrency will be better still more developed

It has been said that there is deflation that makes cryptocurrency different from fiat currencies, and not only about legality because when it comes to legality I think bitcoin has become popular in many countries and continues to grow and develop with adoption, it proves that legality is not a big problem anymore for cryptocurrency, because with the adoption of at least cryptocurrency has been recognized but still not enough to be declared as a currency.

Fiat is good for the governments and their system based on debt, for anyone else that system is terrible, economic growth does not come from creating more money, if you double the amount of fiat without doubling the amount of products you just doubled the price of everything, this is called inflation and it is not good for anyone, instead economic growth comes from innovation, new industries can be created out of nowhere when someone creates a revolutionary technology.

If anything fiat currencies have been slowing down the economic development of the world as what it is the point of being creative when most of your money is kept by the government as taxes and then they steal the rest by using inflation?

Just to make it simple, the main issue about Bitcoin and other cryptos as a currency, is market price volatility. The market value is not stable which would be a problem, for it to be a currency. A currency is meant to promote equality in the world market. This I think, is the main issue why many countries still do not accept cryptos as the mode of payment. Maybe, if it would be more stable, it will result for other countries to adopt this system.

Yeah right, there's already known places who accepted and adopt this system, though volatility still the cause of not being heavily embraced.
Bitcoin movements in terms of value makes more government sectors to doubts the capabilities of this alternative currency.

Still lots of changing opinions regarding to this new form of system and factor still affecting those reason why it's hard to be accepted as good currency.

The first reason is always so, bitcoin and other cryptocurrencies do not have a consistent stability, payment will not be so easy when prices go up and down in too large a range, timely adjustment of goods to the price of bitcoin is impossible, and we all don't know who is the owner and manager of bitcoin, popularly applying it would be an opportunity for countries to attack each other economically. The most obvious is that we here no one wishes or prayed that bitcoin would settle down, everyone expects bitcoin to go to the moon

If you are an merchant you can accept bitcoin and convert the coins to fiat instantly and it is not a hard task as there are companies like bitpay to help you out in that matter and you can calculate the valuation according to the market situation and hence it is not an excuse another thing you mentioned here is that you are not comfortable about the creator of bitcoin, it does not matter as it is an open source project and there are dedicated managers that are taking care of the project.

Actually that won't be a problem when it comes to a Bitcoin only currency or atleast when Cryptocurrencies go mainstream and everyone owns it because volatility falls with widespread adoption but the problems which I am posing will definitely increase with more adoption because deflation would continue to increase.

Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.

Why is too complicated to understand, Bitcoin has the characteristics of being volatile, that's it. Maybe it due to its price volatility. In that case, if you are going to buy something in a mall then you are about to pay using bitcoin as good as cash then, you'll be giving the cashier your phone using QR code to read transaction, because since bitcoin price is volatile so it may rise or fall from time to time and it's hard to use as a payment. Probably those establishments accepting bitcoin as payment will understand the risk. So, why not?

Then a system will be needed that produces complex calculations of bitcoin price adjustments due to the dynamics of its price. Or a system that will exchange bitcoin for fiat and make payments, but then why not immediately pay with fiat money without using intermediaries. Fiat greatly interferes with your concept, in which case it is necessary that all products have a price only in bitcoin.

You know we have tried to keep stable coin concepts thousand times in history but everytime we have ended up in minting fiat. You know what's the reason? It's because economy always works automatically due to rational buyers and sellers and thereby automatically making equilibrium but there is generally times when the demand supply shifts and the equilibrium is changed. But when we make a stable coin it doesn't has the capacity to automatically change equilibrium so what happens is a black market begins to emerge out of this thing which leads us in even more trouble. So even the stable coin concept won't hold for too long.

Just an opinion from government want to give solution how to banned bitcoin as legal transaction, bitcoin become very friendly payment as currency transaction because can sent payment very fast and easy, just show QR code payment will receive for costumer wallet, bitcoin very good as fiat currencies where bitcoin value never get inflation and look higher for next year.

Don't forget about transaction fees, sometime when bitcoin price increased very high, people will complain about fixed fee (in BTC) when they want to make transaction. I think that problem must be concerned first because we wouldn't want to pay fee very high.

I think this is what is called inflation of the price of a currency or goods, when the increase in the year certainly the price of something that is very difficult to obtain and has high demand can make the price very expensive but for bitcoin I think this depends on demand and when prices fall then make sure the demand decreases.

The high volatility, deflationary property and no regulation are the main reasons which make Bitcoin unsuccessful as a currency. If you're a businessman, you have to pay tax and make revenue. But if you take payment in Bitcoin. Unless you convert it into fiat immediately, the price will change in any direction which is risky proposal for a businessman. Also, if people can buy more things with the same amount of Bitcoin tomorrow than today, then why would they spend it when they have fiat alternative. Such things limit the use of BTC as a currency.

Actually it's the inverse here. In my hypothesis I have kept Bitcoin as a currency and not as a commodity therefore when it's price will increase the economy will go into deflation and not inflation unlike the fiat system. Demand for goods will fall considerably because people would want to hoard the currency. Doesn't makes sense as here we are talking about usage of bitcoin as a currency in bitcoin only economy.

It is simple as bitcoin has fluctuating times in which we already know that it may up and down sometimes so it would be really hard to become a good currency compare for those currency that has a exact and stable value in the world market. The bitcoin may down so much in no time so the people will just be a culture shock because they will see their money decreases. Bitcoin will be as good as currency if the stability of this would be functional.

Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supply

This is considered as a valuable asset used on different purposes, and same with fiat currency when you needed it you spend it independently without any complicated transactions. What has bitcoin provided with us, is the expedition of every transactions which fiat money cannot do all alone. Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption.
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.
Generally, I believed that this was really a good currency despite of the volatile value.

You could say that, for now at least. Later on, I think Bitcoin will provide a variety of option for us to use it. Due to massive adaptation, it will definitely make a change in how we use it compare to as of now.

The supply isn't really going to be the problem. Did you happen to know about halving? If not, well, basically the number of block rewards is reduced by half after mining for a certain period of time, this happens regularly as per Bitcoin protocols.

Source: Halving (https://cryptocurrencyfacts.com/bitcoin-halving-explained/)


If you really consider Bitcoin as a valuable asset, you will never use it on your daily basis.
It never functions the same as fiat money.
Bitcoin is a currency (cryptocurrency)
Maybe all of these benefits you mentioned will have a part later, but right now(?) I think Bitcoin is more valuable than to just be used to those purposes.

But the main purpose of bitcoin was to make lives easier for the transfer of money within and across the border without any hassle real quick and without showing the account to the government, initially people did not believe it and then they started using it as a source of investment after it's value increased by multiple folds. Bitcoin can never be used as fiatt currency due to volatility.

In fact, bitcoin has no deflation mechanism as people think, this is just the theory that bitcoin holders!
You should understand this well because bitcoin can return to zero at any time. Bitcoin is not managed by anyone and this is a huge risk and people often misunderstand.
Although fiat money is inflated, it is also quite good because it motivates people to continue making more money in the future.
In my opinion, fiat money is still the most amazing thing the world has invented.

Bitcoin is as we all know is a decentralized currency and it was basically introduced to give people complete freedom over their money and investments. We shall keep in mind the objectives of its invention and even if still you want to use it as normal currency, pair it up with fiat and give people free option. It is up to you whatever they want to use.

If you are a merchant that wants to accept bitcoin its volatility is not a big issue, as you say there are established companies that allow the conversion of whatever bitcoin you receive in almost an instantaneous process, this means you will not lose fiat in the process, the real reason why we do not see bitcoin adopted everywhere is that the number of people using it is still low and we are dispersed through the world.

Companies do not see the point of adopting bitcoin when they will just make a sale with bitcoin once in a while, the costs and logistics of accepting bitcoin are probably not worth the small profits they could get, but give it a few decades and most businesses will accept bitcoin.

It is because the price varies from time to time, so it would be hard for now to make it as a good currency, maybe in time when the price of it becomes stable, when the circulating supply has spread worldwide to people, but for now it is impossible yet. We can just make it alternative currency and investment but not as the main currency.

We have nothing to argue about this--as it is the goal and intention of Bitcoin in the first place. But currently, there are many things preventing this to happen completely (I said completely because, in other regions/countries, Bitcoin is being utilized). First and foremost, adaptation--probably the biggest issue that Bitcoin has right now. Second, the speed of transaction--another major issue, if we want to utilize it frequently it should be fast, but we can't do anything about it, for now, after all, it is how it is structured. I think those two are the major issues that prevent it from happening. Now, there are other things but we could discuss it another time.


Maybe it's intentional, 'cause you know, who wants to track your money.


Yes, even now people still don't believe in Bitcoin's potential or rather its worth. For now, volatility is an issue, later on, it won't be.

Yes, I agree with you. But cryptocurrency takes time to make it happen. Like demand and supply.
Bitcoin rose due to many requests and Bitcoin dropped due to a lack of demand and a lot of sales that caused down and kept going down.
But news from China has just said they need to adopt a blockchain for their governance. Instead, it's good news and people will more trust in Crypto to invest.

For those who still think that bitcoin is not worthy of investment and that it is too volatile so cannot be trusted, all I have to say is it is ridiculous. Even after a decade, even after having people with us who are now millionaire just because they invested in it when the time was right, someone has doubts, he must go and learn the power and importance of this innovation on his own. That would be beneficial for him.

One of  good example to is when our current currency loss its value even the fiat, since were facing a huge economic growth in a long term aspect, possibly this would happen. Nevertheless on the aspect of cons, bitcoin will pop up sooner or later when all the blocks has been taken, or been mined.

And judging by facts bitcoin is a decentrelized and the fact that it is very volatile, that anytime now it will change , but our currency in fact it has a centralized system, and it just based on the supply and demand.

So the conclusion is that currency may change in the future by humans depends on the in take or how they control the stock market, and if ever inflation continue to grow.

Bitcoin is only build as a digital currency that can use only through internet. While the currency like dollor or peso and anything we can use it an offline transaction.
So bitcoin is not good as a currency beacuse its use only for digital and need internet.

In my opinion, the market price of bitcoin is high because we are comparing it to our fiats. Let's imagine, if bitcoin will be the main currency we have, does it still be that much in high value? The answer is yes, the reason is because it already has its value determined when the fiats exists. Meaning to say that if we will going to adopt cryptocurrency as our main currency, then it will surely make it's own way to be in balance just like our fiats today, and it seems impossible for bitcoin to be adopted as the main currency because of its volatility.

because it is used online, it does require the internet, so it is very difficult to imagine to make transactions in cash when we are in a place that does not have or difficult internet network. bitcoin may have many benefits, but as a medium of exchange, it has many shortcomings such as unstable prices, and there is a possibility of considerable interaction. but, despite many shortcomings, there are still quite a lot of people using bitcoin as a currency.

Look we can't blame them. Even before, people who have a lot of Bitcoin gave up on it and just spend it carelessly. And those millionaires you mentioned(?) those people are the ones who believed in Bitcoin right from the start. These people are probably the ones who bought Bitcoin from earlier years at least 2013. Bitcoin was very cheap at that time, and probably if they sell now they will have hundreds and thousands even millions (as you point it out).

Right now, people are still being held back, because Bitcoin's price is really expensive now, and the profit they will gain wouldn't be that much. But investors switching to Bitcoin is really a smart idea. But for normal people(?) that's going to be a struggle. You need to be active in trading to optimize your gains and try not to spend it as much as possible. I can't stress this enough--people need to realize that it's not cheap to invest in Bitcoin. You have to be knowledgeable about everything that is connected to it--you have to learn methods in trading, even a little bit of gambling, even this platform gives you Bitcoin.

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

Bitcoin is potentially great as a currency. Obviously there would be issues with that at the moment, such as transaction time and the price volatility - but these are not insurmountable problems.
We do have to ask the question from the other side: if fiat is so good as currency, then why did something like bitcoin ever arise?
Fiat has huge problems, and is easily manipulated by governments. The financial crash of 2008, and the subsequent bailing out of the banks was the final straw. Fiat needs to be replaced. We need a borderless fast digital currency for our borderless fast digital age - bitcoin looks to be the answer.

Gold supply is controlled by couple huge companies, same is with diamond market. In a fact bitcoin and gold are very different, gold is physical, bitcoin can`t be touched, its more like an idea, you cant send gold on other end of the world in few seconds, and there are many other examples how different is bitcoin from gold.
Bitcoin is good for everything, it can be a store of value, it can be a currency, you use it like you wish to use it, not how others tell you to.

bitcoin was very difficult to be currency.its value has high volatility in every second.we need more regulations from government that will make bitcoin accepted.gold could accepted cause it have pshycal shape.meanwhile bitcoin just a value , maybe with support from other digital payment system it could be realize.

In my own opinion, it will be just fine for bitcoin not to be regulated by the government because if the government will regulate bitcoin they might see every of our transactions and earning in bitcoin could have taxes, which everyone will not agree. It's true that gold could be accepted by the government due to it's physical form, but bitcoin don't need to be accepted because it depends to the person if he/she will accept bitcoin as a payment and as a currency.

It looks like more and more outlets are accepting bitcoin:

https://cointelegraph.com/news/where-to-spend-bitcoin-a-global-overview-from-ljubljana-to-zurich


The problem is, unless bitcoiners actually use bitcoin to spend in these places, they'll just disable the payment function.

It's very much use it or lose it - but this community is more focused on speculation than on making it profitable for retailers to accept payment with bitcoin.

Exactly!
There are enough merchants who accepts Bitcoin and many more might join too in future. But are we willing to spend Bitcoin on day to day transactions? Probably not. Bitcoin act as store of value which is more prominent than it being a currency. We have fiat which will eventually get devalue for our everyday transaction. Then why to even use BTC?
This restricts its use as a currency.

I agree. It is good to use bitcoin as a mode of payment occasionally but if we will use it on a daily basis then it is not recommended because the fees that you will pay when you are using bitcoin is almost the same of the price of one coffee so it is not that practical and it is still best to use our traditional currency because they cost less in overall process.

This picture is showing how funny can be crypto maximalists. One bitcoin is not growing like this and this is very volatile for real world use.
Speculation is the main use case

This is clearly not a maximalist point of view. This is a prediction, as well as a comparison. If you look thoroughly, as time goes on, fiat money is starting to decrease its value (cause of inflation), goods and services are getting more and more expensive. While Bitcoin doesn't give a crap, why(?) easy(!) because it's decentralized it has nothing to do with our so-called "economy", and guess what it's volatile. It is an independent currency (asset, if you will) that even the price can only be affected internally and does not have any correlation to goods or services.

I think being volatile and decentralized is its strong suit.


For now at least. Bitcoin is not really being treated as a fairly usable currency, most of the users treat it more than that. That's why I guess when it comes to its usability it doesn't really live up to its expectations, but I'm sure we're currently on the way there.

very true, the difference and the main point is, gold is physical while bitcoin is only a value. bitcoin cannot guarantee. so, agree with this.

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The easiest factor to understand is because the value of bitcoin is not stable. Too much speculation that quickly affects the value of bitcoin.
however bitcoin will be difficult to accept by all countries in the world even though bitcoin can help a country's economy.

There is no doubt bitcoin has some limitations due to its digital nature, however there are still many advantages, for example bitcoin has been described as physical cash since it allows you to send money to anyone in the world without the need to identify yourself just as you do with cash and that is a great feature, if you want to use cash you need to exchange it with a person that is close to you while bitcoin does not have that limitation.

Also it is important to note that despite the limitation of not being physical, more than 90% of the money around the world exists as digital money and we can safely conclude this limitation of bitcoin is not as big as it seems.

They are totally different one way another. Though you both can be compared to as they portray as a money. Bitcoin is not as as a curreny because it always change and risks are there, ups and down can entirely be seen off the chart everytime. But a currency is not good as bitcoin either way. Currency though can be through electronics but those are selected and majority has to be in such place to pay. There is tax in which bitcoin doesn't even have. There are still many things to point out out there. But for conclusion is that they are both different in a sense they have more than deep value possesed.

In some countries there is already a tax system for bitcoin and other cryptocurrencies because of the regulation and rules of the government. It is true that they are very different in terms of their system and value and I think that bitcoin should be considered as an asset and not a currency because it is not a good idea to spend bitcoin to buy simple things because it should be treated like gold and kept for long term.

Regulated bitcoin by government is good but they have limited with control of bitcoin price, government never take chance to stop how much bitcoin can growing up and down, regulated of bitcoin is only with legal using bitcoin as transaction payment and government do not mix their politic to make bitcoin and altcoin price dump or pump when specially time, give allowing for bitcoin become legal transaction and using for every time.

  I need to remind everyone that bitcoin has no deflation mechanism. The deflation is just a fabrication from manipulation institutions that aim to fomo bitcoin to attract more buyers.
Besides, the fact that bitcoin always increases in price each year will make people illusion and they always want to hold bitcoins in their pockets to buy more goods next year. But if Bitcoin is a common currency, who keeps bitcoin in the pocket, how does the economy grow?
This is exactly what people need to know about bitcoin and how the economy works. So now you understand bitcoin is good or bad. :)

yes, I agree with you, bitcoin is indeed more properly regarded as an asset, not a currency. gold is a valuable asset and has a future as well as bitcoin, although it is very different in terms of system and value. although both are considered assets, everyone will realize that bitcoin is better than gold. in my opinion bitcoin is a sophisticated asset by following the technological advancements. and I also agree that bitcoin must be treated like gold, stored for the long term to be profitable.

Well, I believe finite supply is like a stamp collection. It's "collectors item" in terms of economics. It will lose its fungibility in time and people will want to have bitcoin because of its rarity. It's perfect for store of value, but it cannot be used currency of modern world just because of "right of economics". You know that guy who is a stamp collector and burnt his one of high priced stamp, and consequently second one's price went to the roof.

Monero can be a currency of an utopic world. However, we are not living in an utopic world. It won't be used except privacy enthusiasts, criminals, some wannabes and Linux cowboys in the future, I'm afraid.

I couldn't have said any better, the decentralized concept used by bitcoin actually should be a problem solver on the current economic struggle, but those stubborn world leaders can never let this inventions used widely anytime soon.

It takes really long long time for bitcoin to be well received and recognized as a currency in the wide community.

The volatility still becomes a serious problem, where stable coins recently offering to solve this matters, many crypto stakeholders can't believe in such concept would work . So the only way to make bitcoin considered as good enough as a currency is just waiting a little longer till the time where people can accept every single thing in bitcoin come.

Bitcoin plays both roles, of a currency and asset. I also don't hold the opinion that bitcoin is not a currency, it is in digital form only. There are laces where bitcoin can be used for making payments but not too many of such options. But then again, the main reason behind attracting people is the benefits or profits it can return over time, not the daily commerce. At present, it is best to be considered as an investment.

There are only have available using bitcoin for trading and investing, for currency if have available and support with many country can use bitcoin as currency I will use bitcoin, there are many country not allowed using bitcoin as transaction payment because less get support with store for adopting bitcoin as transaction payment, they only need bitcoin as trading and investing assets.

Whenever we say we're buying Bitcoin, it sounds like it's an asset/investment; whenever we say we're exchanging Bitcoin to fiat currency makes it sound like Gold; and whenever we use Bitcoin by means of payment makes it a currency. That's probably the closest comparison I can say about Bitcoin.


But I can still say that Bitcoin is very dangerous. Yes, I will not deny the fact that it yields a lot of profit when invested/managed right, but then again with its volatility newcomers usually panic and would buy or sell at the wrong time. That said, I would argue that it is the "best" as a means of investment. Because you can still invest in stock markets, real estate, banks, etc. and would still have a lot of profits, and its safer. But in Bitcoin, you have to consider a lot of things, on top of that you have to expect the worse. Disclaimer, I'm not discouraging anyone, this is real talk right here--a reminder if you will.

For people who are not doing anything in life bitcoin might not be that useful and that may be the case with you but if you are a trader or a merchant bitcoin is the most important invention than the rest of the payments methods that are available. Speculation in the market is just one aspect of the market and if it is just used for speculation then it will not grow like this :P.

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

Countries that have regulated bitcoin too has added it to the taxable assets like gold. This means it hasn't given the importance as a currency same as that we use physically. Considering the value it has been getting used as a currency, this is just the beginning. In less than ten years of time getting such a level of acceptance in the global market will make it used as currency in the falling years.

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

 ;D Good, for people who do like Bitcoin and he has a lot of money and is not good for people who have no money to buy bitcoins  :(. Bitcoin is an asset or can also be a saving and I am very happy to play, invest, trade Bitcoin and Altcoins 8)

It requires some time before bitcoin can go mainstream but let me just tell you, there are few countries and organizations that accept payment and charity in bitcoin. Moreover, it is not the right time to consume bitcoin in daily purchases. It is the most precious asset and should be kept for long period of time. Bitcoin is that wand which can make you a millionaire quicker than your imagination.

It is really bad for someone to invest in something and they can't afford it. That would really bring them down but for me, the bad thing about bitcoin is that it is a decentralized crypto currency. Despite the big pumps and big profits, they are getting. Even if it faster to transact than other currencies, it will still be decentralized and that means it would never be a currency.

Please read this article in Forbes. it is very clear why bitcoin is not suitable as a currency. Prices are volatile. Limited amount. Supervision that cannot be done. This system works without an institution such as a central bank that controls the circulation of money. in my opinion bitcoin is not suitable as a money in any country. will later become bubble

https://www.forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/#5f3e25ae2e5b (https://www.forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/#5f3e25ae2e5b)

But you can buy even not totally one bitcoin so how you can't afford it? If you have a job you can save all your money on bitcoin but before that, you need to know about the bitcoin before investing on it so you fully understand why it is good to invest in bitcoin.

Nothing happens within days especially any kind of revolution is first resisted and then gradually accepted by people. Bitcoin is also a digital revolution in the world of currencies. It is great achievement for crypto market to have bitcoin legalized in states. If it is treated even as gold in the beginning, with the passage of time people will start using it for buying and purchasing ultimately giving it currency value.

Except for the USDT token (because of its stability) which other token looks more suitable as currency? unfortunately, USDT not that engaged as currency as its supposed to.

We do not really need to read the article, we already know what they are going to say, those people are just describing how the current system works and only point out the differences between bitcoin and fiat, if what that article was saying was true, then how it was possible for governments to run their economies using precious metals for thousands of years?

After all gold and silver are limited by nature just as bitcoin, and anyone could mint their own coin and no one cared as long as it was made of gold and they could calculate its weight accurately so no central supervision was needed, and despite their volatility in fiat one oz of gold remains one oz of gold.

it's just that currencies that do not have stable prices will only be converted into investment tools. some companies such as steam have accepted bitcoin as a means of payment, but now, steam has delisted on bitcoin because the fees and prices have gone up and down. however, that is the main standard that needs to be considered before establishing bitcoin as a legal currency.

Bitcoin price not control by any one and government give up how to manage bitcoin price and make not good side of bitcoin good currency, when you accepted bitcoin as payment transaction but after few hour price of bitcoin dump you will lost your money with bitcoin, but have increase value if you accept bitcoin as currency when bitcoin up, you can take much profit when your bitcoin increase with higher price.

To some extent I am agree with you that bitcoin is much better to keep as an asset than to use as money because if we will spend it then what to keep at home. Holding crypto specially the bitcoin is important as if we will hold only then price will increase and we will get profit but if it is an emergency then we can use our saving to get what we want.

because of the volatility of the price the value of other things you would to buy can be cause of a volatile.  for example, you buy an apple for 0.0001 bitcoin but suddenly if you converted it on the dollar it increase then it is not good because the bitcoin suddenly pump and dump so it is good that we have a stable money so we can buy based on out economy.

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

Although it can be used as a currency, the case of Tether proves that there must be supervision to become a currency. I can only issue government, not conventional companies, because full control is in each country , There are still many things that need to be improved to be able to get to that point

Doesn't it decentralization makes Bitcoin unique and desirable as a currency? Isn't it one of the reasons why many investors and casual traders like Bitcoin? We don't really want the government snooping around with our money in the first place. Literally, the government wants to know everything about you before you can "spend" your money--and that is stupid.

Meanwhile, what I don't like about Bitcoin is "volatility", tho at this point it's inevitable--but confidently enough, later on, it will not be.


^^^ I'm pretty sure he knows what you're talking about. And it kinda devoids the value of your post.

We already have a lot of physical currencies and they appear useless in front of bitcoin. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter. Legality and mainstreaming is just a matter of time. For the time being, bitcoin is looked by holders and newcomers as an investment. They are least interested in bitcoin being used as a currency.

Erteria and Japan are frontiers who adopted cryptocurrency and made the great move as the investment and government e governance. Let's hope for the other government take oath to adopt the Bitcoin and make it useful from the people.
Even democratic countries not trying to adopt it. Let's share more about crypto the world.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.


1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

Japan has always been the hub of technology and world is living hell behind them in this regard. There is no doubt that Japanese are mentally prepared to see digital currencies everywhere and they are already incorporating them in their businesses and daily life trading. Not only adaptation of bitcoin is happening rather its ATM has also been launched by Venezuela which clearly indicates that people are in favor of this technology.

Japan can adoption many technology in their country and make bitcoin and altcoin become very easy for legal there, Japan the only one Asian country  friendly for bitcoin become currency payment, if you travel to Japan you can ready your bitcoin assets without convert with cash money with several part of Japan place have accepted bitcoin.

You can even pay for an airline ticket there if I remember correctly through Bitcoin. If we are talking about Bitcoin being legalized then Japan is on top of the list but there are also country who aren't that strict but just warning the use of cryptocurrency like the high volatility which would be quiet a risk to those beginners who dive straight into the cryptoworlf without prior research for and familiarizing how the market behaves which is different in the stock market in a way that the price may fall so much low or vice versa.

There are two major factors that prevent Bitcoin being widely used as a currency. First of all, the transaction fee is not fixed and sometimes it can cost a fortune for the users to make Bitcoin payments (back in 2017 December, the average Bitcoin transaction fee was around $20). When other payment options such as Paypal and Visa charges only a fraction of that, you can't expect a lot many people to use Bitcoin for this purpose. The second factor is the time required to confirm payments. It may take up to 1 hour to confirm Bitcoin payments. For the other modes, it takes less than one minute.

Above these to reasons, volatility is considered. For bitcoin or any other digital asset to serve the purpose of a currency, stability is required. At the moment, bitcoin is looked at as an investment by common people and they intend to improve their financial status with bitcoin. It is just a matter of time before bitcoin becomes a currency. Actually, there are places where bitcoin is used as a medium of exchange.

I think there is a third factor, which is having an unstable price. I have read an article which states that Steam ejects bitcoin from their payment method because it has an unstable price. it might be detrimental to a permanent company when they accept bitcoin as a legal payment tool, and the price suddenly drops. indirectly, they sell at cheap prices.

People have taken this opportunity as this is not controlled by the government or by someone, so this volatility made people have the opportunity to earn, they are using this to hype and to make fud so they can buy more and sell more, so the government is not ready for this digital currency to make it as an official currency, unless they can control it. But so far although it won't make as a currency, it is still considered as one form of investment.

To my opinion first and the main problem is volatility. To be used as a currency Bitcoin should be stable and also centralized, monitored by central financial institution that would impose necessary regulation. No country could benefit from unstable and unreliable currency. The second obstacle is limited number of coins.
However, people use Bitcoin as a currency but it can't be officialy recgonized as such.

Some countries tend to follow after another more specifically are a economically fragile country will follow after developed countries like for example US
It's not that democratic country is too political driven that they are too busy dealing with such matter, actually they can but they are just too afraid to have their first move since it's an inevitable technology and avoiding or accepting it will definitely bring different long time result. It has always been like that since ancient time.

yes it is a great barrier in the path of bitcoin that illiterate people would not understand the language of cryptocurrencies and also they will not easily feel comfortable with bitcoin, but these barrier could be finish if we start awareness about the crypto because still there are a lot of people that without any education they know much about technology, so the illiterate people can also be informed about the crypto.

Yes bitcoin is not stable and also not good to using it as a currency because not yet recognize to all country. And bitcoin price are going ups and down so it hard to use it as a currency. Because no one can know when the price goes up and down it cause a big problem especially to those have company accepting bitcoin.

For me, bitcoin will never really be a standard currency like any fiat currency. Because it's more like an investment coin. For example, stocks, It has a limited supply and also has pumps and dumps, same with bitcoin. Again "For me," Blockchain is like an upgraded stock market in which every coin have good volatility and has a fast pumping and dumping of it. For stocks, it takes years to get a 10% pump; however, in bitcoin, it only takes days or even an hour.

Totally agree!
Now bitcoin is more like investing tool rather currency:
https://www.financebrokerage.com/investing-cryptocurrency-forex-trading/ (https://www.financebrokerage.com/investing-cryptocurrency-forex-trading/)

This is why some people did not consider bitcoin to use as payment because of the volatility of price. And also some not yet educated on how bitcoin works. Since people are already enjoying the use of fiat currencies. Agree, bitcoin likely more on investment and digital money to use.

  Government is not giving bitcoin officially in some states the status of a currency but we have seen that many famous companies are using it as a mode of payment. On the large scale bitcoin is still used as an investment which will generate good money upon staying in wallet during dumps but it does not mean it is not being used as currency. I feel like within next 2, 3 years it would be official used as currency.

Yeah, it is true that supply of goods and supply of money are two separate things, but they are closely related, specially aggregate supply and supply of money along with aggregate demand. You see, as the aggregate demands starts to rise, the price of the goods also starts to rise at the same time (talking about short run before reaching an equilibrium). Thus with the increase of the price of the goods, the amount of "money" needed to buy those goods will also increase. Thus the government follows the monetary policy. The fed buys and sells those government securities to control the supply of the market until a proper equilibrium has been reached.

 First bitcoin is not that good as currency because it is volatile which means the value is not stable and it is an opportunity for every people to earn. I think it will takes years or maybe not ,to become a currency like fiat. Second bitcoin is decentralized which is no single authority controlled it that people want.Third,the transaction fee is high and not stable.Also it needs internet connection unlike the fiat money that you can transact anytime,anywhere without internet.

why Bitcoin will not be good as a currency?
because I think bitcoin users will be holding it rather than spending it.
It's the reality.

Not really. That is not the only case over here. Lets be honest over here. We all know that many of the crypto currencies out there are no way near perfect to be used as a regular form of currency to make transactions in our day to day life. There are still some flaws out there that needs to be fixed. Like, would you really be waiting for 10 mins for a confirmation of your transaction just to buy a cup of coffee?

Bitcoin still not support by many country so far and make not good using as legal currency payment, when bitcoin have been legal and adopt by many country I think bitcoin become friendly currency payment digital from other currency. Bitcoin can increase money value different with other digital currency have the same value although pass ten years later and fiat currency have inflation.

Money needs both inflation and deflation.

Economies always have deflationary and inflationary assets. People often overlook this. Gold, real estate, moat, competitive advantages are some examples of deflationary assets. Inflationary currencies serve as a medium of exchange. They are used for transactions. Bitcoin was created in response to the 2008 economic crisis. It exists and thrives because of quantitative easing, a type of inflating monetary policy.

Crypto just deletes the inflation side of money. That's why it is so dogmatic and doesn't make much sense.

I wrote some thoughts about deflation and inflation in the below post.

https://bitflate.org/post/2019/10/10/the-next-big-thing-in-crypto-using-inflation-to-create-stablecoin.html

Let me fix this problem with Bitflate, a crypto with 7% constant inflation. :)

Bitcoin wasn't created just because of the recession way back 2008, It was created to be a mean of payment taking advantage of emerging technology we also had back then. Bitcoin wasn't suppose to solve recession in a single place and was created to be a currency which we have now as investment coin seen by ordinary people as digital gold. However there are country who talked about their monetary policy in regards with cryptocurrency, Malaysia, whose government wants to limit cash transactions to make a stronger financial integrity.

No, cryptocurrency only lessen the inflation side of money. You cannot delete inflation, what happened after cryptocurrency was introduced is that it lowered, it just lowered the inflation.

It’s difficult for Bitcoin to be the currency that all people would use at the same time because of its technical problem called scalability, while it is used by a small part of our entire planet, it can be used as currency, but if 50% of our planet starts to use it sharply, the bitcoin blockchain will simply hang and commissions will skyrocket like the Bitcoin exchange rate. :D

As far as we are surrounded by corrupt governments, we can never ever get rid of problems like inflation and hyperinflation. They control our economy and change the value of paper money as per their desires. While we are using paper money, it is impossible to completely get rid of economical crisis. If digital currencies can lower the inflation by bring introduced, they can wipe it out too by replacing current money system.

I know the benefits of bitcoin are immense and it has a lot of advantages, but it is still not as good as the currency because it has not been accepted in countries, the government has not accepted Bitcoin in delivery yet. In addition, bitcoin and gold are storage assets because it does not have as much amount as flat money, if that happens, you cannot use dollars, euros or any fiat, and only gold and bitcoin. And gold and bitcoin prices continue to rise because they are scarce. You can spend a little on absolute necessities - food, rent. But you won't spend on luxuries like going to the movies, or some of your hobbies, you're hoarding your bitcoins because the price is rising. In that case the economy will collapse because most of us use the money we make to spend and stimulate the economy.

To serve as a currency in the surface web and other matters, bitcoin depends on governments certainly. In those areas where government cannot control anything like the deep web, bitcoin is already serving as the medium of exchange. So we can conclude that the public wants to use bitcoin as currency but governments wont let us do that. Anyway, this is just a matter of time before bitcoin goes mainstream.

When an investor buys Bitcoin and thereby stores Bitcoin in his cryptocurrency wallet, the investor is in a shared boat with everyone who has Bitcoin. Volatility is primarily a hindrance, or vice versa, causing the price to change. Bitcoin capitalization plays an important role.

Yes that is true if we want to make money from bitcoin  we will have to hold and store it for long term and if you can not hold it for long term and use it at time of need you will not be able to have profit as we wanted to have. But in case of emergency we can use bitcoin as it’s the most accessible system to pay for things of our need, bitcoin is so reliable and easy to use when ever needed.

capitalization plays the role of bitcoin prices, this is even though bitcoin cannot be controlled, but people who hold large capital are able to control it. whereas from the government such things are avoided, because they cannot control fluctuations unless they have a large supply of bitcoin

How could one be "capitalized" if it's decentralized in the first place? It doesn't really matter if you have a lot of Bitcoin in your pocket, it does not work like other assets. What will you do to your mass amount of Bitcoin if you're not gonna use it anyway? Hold it till it doesn't have value anymore? One of the reasons why Bitcoin is valuable is because it keeps on operating, but some factors such as frequency (in terms of utilization, exchange) determine how valuable it could be. A monopoly doesn't mean anything in a decentralized platform.

I slighty disagree, it s not just black and white. Large pockets can move the market to a point that every new investor gets burned and never touches Bitcoin again. Yet in the long term, as long as there is still interest for a decentralized money system, Bitcoin should fight back while the coins move from the sellers pocket to the hodler.

Yes, governments of big nations always want to show their strength in the international market, the goal is for small countries to rely on them while they will develop independently, currency is a symbol to show that when we can see the exchange rates between countries are very different, clearly distinguishing between strong and weak economies. And with a common currency like bitcoin, it would eliminate this distinction, big countries would disagree, besides, the management of bitcoin was not minimal, the value does not depend on any factors, it is difficult to make a common currency

Well, there you have it. The reason why the value of Bitcoin is in awe is because of those HODLERS. I don't agree with the idea at all. Bitcoin should not be treated as such. If I remember they are the ones who made the 2017 bubble. And look at Bitcoin now, 3 years have passed but there's no improvement at all.

But I still don't believe that capitalization exists here. I am not saying you're wrong but a single HODLER can't change the tide just because that person has a large amoung of Bitcoin.

Absolutely we see how big difference between some nations interms of currencies. Currency determines the econimical status of one country. There are some countries that are fully develop like the big nations with a good government are seems like their very strong interms of international market. The small countries that are still independent because they are still developing are relying on some big countries to get easily rid with some problems.

I've been telling that since as early as 2015

And back in the day I was ruthlessly attacked on all fronts. People were euphoric and ecstatic about the future prospects of Bitcoin as a universal means of payment, and they couldn't bear a thought that it was mostly wishful thinking and pipe dreaming on their part. My opponents came up with all sorts of contrived reasons and arguments why Bitcoin should necessarily take over fiat in a not so distant future

I asked them to bring forth real-life examples which would prove genuine expansion of cryptocurrency, and all they had been able to bring to the table were exotic cases like an obscure car dealer accepting crypto, which was actually an exchanger with no crypto involved in the actual process of buying cars from the manufacturer. Today you can pay with crypto with the help of payment processors but it is just a front-end and a fiat gateway

Indeed, I understand you very much regarding the fact that someone does not always accept criticism or your statement on a particular issue, especially regarding cryptocurrency and in particular regarding Bitcoin.  Everyone has their own opinions and arguments on this issue.  If you are being attacked because of your opinion, then definitely someone didn’t like it and someone else has a completely different point of view.  In my opinion, 2017 was the period of the most active phase of the cryptocurrency pr campaign, which attracted a lot of new investors and new people to the cryptocurrency market who wanted to get rich very quickly.  Of course, certain groups took advantage of this, provoking a rise in the price of cryptocurrency and emptying the pockets of ordinary people, which led to a strong drop in the cryptocurrency market.  Until society is confident in cryptocurrency and especially in bitcoin, not a single cryptocurrency can replace fiat funds.  In addition, civil society today hears only negative reviews regarding cryptocurrencies and will never exchange fiat currencies for cryptocurrencies.

Maybe I wouldn't use the expression.that is not good as a currency but there are certainly some obstacles that affect its performance as currency
Some of them are volatility, limited number of coins and lack of regulation and legal background.
But Bitcoin and other cryptocurrencies are still developing and in the future some better solution might be found.

We only need a good regulation from the government so the people will acknowledge the cryptocurrencies as a good option for them, either as a payment gateway or as an investment option. Cryptocurrency is not that bad because of the volatility and lack of supply, it is a blessing in disguise because you can earn fast with volatility and short supply when the demand increases a lot.

I think bitcoin is a value storage tool. I always dream about it when I buy bitcoin. I'm gonna sell at high prices and make more money. But if one day bitcoin becomes very common and replaces a state, then it will be the currency.

Well, my friend, I must tell you something. It's not a matter of accepting criticism; it's not a matter of having a different point of view or even having an argument if the opposing party doesn't make any sense at all, or should I say pointless--an empty statement.

AND in my opinion, the 2017 bubble was a mistake, I detest what happened. If Bitcoin were to attract new investors then the reason should be the potential and not just the price alone, that's a poor mindset if you ask me. And the reason why people have negative reviews on Bitcoin or cryptocurrency, in general, is the very same reason that happened in 2017, they were blinded by the hoax price of Bitcoin. Assuming these "new investors" only cared about the price and does not have prior knowledge as to what Bitcoin is then it's pretty much a disaster.

Maybe what causes bitcoin is not as good as currencies like fiat, because the price is volatile and also has not been legalized by the government.
In my opinion everything is not perfect, there must be advantages and disadvantages. Likewise with bitcoin, on the one hand indeed bitcoin is
not that good as currency. But on the other hand bitcoin has succeeded in bringing big changes in the world of digital currency. With its
decentralization, because not all currencies have privacy and are transparent for every transaction. So in the end we ourselves have to decide
whether bitcoin is appropriate for us to use or not, but for me bitcoin is very profitable. Because bitcoin has made a lot of profit for me who have
already bought it.

But then again, as they talk that at the top of this thread.

The reason why it is pumping in the past is because there are a lot of people using it and now that there are a lot of people holding it, the price is not having an improvement. Yes, there are some increases but unlike in the past, it is so high. Another thing, I am not hoping, at all, that Bitcoin will be replacing fiat currencies. It is not just the government, I think it will be a digital currency of what we are using right now and not Bitcoin.

Why it hasn't gained importance same as that of the currency is the physical handling. People have used to the regular fiat and with cryptocurrencies they expect the same. Some day we'll get to use bitcoin same as fiat, and by then based on support from different countries it'll be preferred.

Not someday, it's more likely never. Bitcoin can't be a stable currency like fiat, you know why. Bitcoin has always be an alternative currency that can resolve crisis/conflict, but the uses is always be temporary.
I'd rather prefer to gold, it's the right candidate to replace fiat.

We have evolved to this fiat system from using gold for day to day usage. The fiat system can only be replaced by the central bank-issued digital currency, not by anything else at least for a few decades. volatility in bitcoin will be reduced as the adoption increases but of course it cannot be avoided completely. I would say the future fiat system would be the central bank-issued digital coin and improved BTC like lightning network

I dont think it is a good currency either, we saw in 2017 when the price went to 20000$ that a lot more people started using it,

The price of transactions went up.
Time it took to send a transaction went up a lot as well.

To me a few dollar transaction cost already are to much.
But what is positive is that they are always still improving Bitcoin So they will maybe fix all that in the future.

It has gotten more of a store of value for me then a currency and in the meanwhile more cryptocurrencies have surfaced that are in my opinion better suited as a currency
They always said that Bitcoin is the Digital gold and Litecoin is the silver.

Some examples for me that are better suited as currency, I think one of my favorites at the moment is:

Eos just because the transactions are free and they are going very fast.
Its also a great way to transfer Crypto cheap from exchanges that charge insane fee's
Tell me if I am wrong but It's definitely a good one

I am expecting the same that I am sure I’m a few years people will get good news that bitcoin has become the same important as fiat and we can buy everything with bitcoin as we buy with fiat. But it will take time to get such importance all over the world because yet only a few countries are there who still don’t accept the worth of bitcoin

I agree with you! Bitcoin has no market price stability like currency. The price of bitcoin varies from time to time: sometimes up and sometimes down. So many people who are not bold in investing in Bitcoin don't even dare to invest in Bitcoin. In fact, many countries do not accept BTC.

maybe each person will have a different analysis in exposing bitcoin, I agree that bitcoin does not have market price stability. but I might be different about investing in bitcoin, because it is very good for long-term investment. it takes patience and is not quick to panic in exposing the price of bitcoin which is rapidly changing, but with good analysis it will get very positive results.

Bitcoin is not good as the currencies that we used to because it is better than the traditional currencies. Bitcoin is decentralized so there is no chance for the government to mess with us because they do not have the authority to do that. Bitcoin is also digital so it is easy to transfer and it will leave no traces which makes you a complete anonymous in the internet.

But that instability was to be expected, we are literally seeing the birth of a currency and how people begin to adapt to it, there are only a few million people that are using bitcoin and as that number of people increases or decreases then it makes sense the price of bitcoin to change depending on the circumstances, this instability is not going to last forever, as soon as bitcoin is adopted by a significant amount of population around the world then the volatility is going to go down and it is going to become more manageable and bitcoin will become a better currency.

the country's currency currently only enslaves its people. or to destroy other countries. it has been proven. as a reference is the dollar. which most international transactions use dollars. so that other currencies do not have great value, except in their own country. Bitcoin is here to equalize all of that. so that no country / community is depressed. if using conventional currency, the price of one item here will be different in other countries. but with bitcoin. price will remain the same. I agree if bitcoin can alleviate social inequalities. and can be used for cooperation to advance the countries of the world.

You don't specify which currency you compare Bitcoin with

You see, there are over 200 countries in the world (and counting), while the total majority of them have their own currencies (apart from a few exceptions like Panama and a small number of other massively dollarized nations). And you know what? The performance of most currencies in the world are fucking ridiculous compared to Bitcoin on a long enough time scale, going to outright pathetic in like a dozen of years. Fiat is intentionally made to be depreciating with time, so it is only a matter of time (pardon the tautology)

Bitcoin is insanely volatile for a currency, a currency like the American dollar, British pound, or Swiss franc. But these are crème de la crème among currencies of the world. Besides, Bitcoin is volatile in the truest sense of the word, i.e. its price (say, in dollars) can go down but then it inevitably rebounds, and often with a vengeance at that. This is definitely not the case with regular currencies which can only sink and then sink lower, at different rates -- some fast, some slow, and some collapsing like the Venezuelan bolivar or Zimbabwean dollar

Its all abut mentality approach that how you see the things,If we ask a crypto lover will criticize the government and if we ask from a central bank authority about crypto will criticize the cryto currency.How we came to know the reality it is our own personal research.

If Bitcoin properly not handled will affect the economy,may be inflation increase and the people will use it for make making black money into white money.Government should legalize and allow a platform where buyers and sellers complete KYC and then use that platform.It will help to find out the users if they are using BTC for illegal activities.

So what? Price volatility is a good thing for investors. Every currency has price instability unless it is pegged to another fiat currency and backed with debt from a central bank. How successful this method of stability is can be seen in the Swiss Franc/Euro coupling or the egypt riad / dollar or .. or.. or.

But Bitcoin WILL growth to the most stable world currency that we ever know.

In the past, Bitcoin was very good for the long term,
but for now I think it is very difficult to predict the price of bitcoin and is it still good to invest here in the long term.

Bitcoin only ten years old and need more time how bitcoin could growing up and become most friendly payment currency at the future, compare with USD, EURO and other payment way I think is not fair because above payment have been thousand years and bitcoin only running about ten years, give space and time for bitcoin how to be global currency payment at the future and replace with fiat currency payment.

You are talking as if that was a very long time ago and as if that was not true anymore, bitcoin is a very good long term investment, I have began to see the value of some stocks and even if you held them for 20 years you would not have gotten much out of them and you would have been unable to beat inflation with that kind of growth, but if you bought bitcoin at the beginning of the previous year right now you will have profits above 100%.

stocks and Bitcoin are clearly very different, in Bitcoin it could be a decline in a day can reach 50% then what do you do? indeed it is very difficult to overcome volatility at this time, but if you trade calmly without joining FOMO you will not be affected by REKT

right, high fluctuations will reduce or add value significantly, and this is a big problem, in cryptocurrency, no one can control it, especially now with a minimal amount of bitcoiner, which is still difficult to suppress fluctuations. coupled with its anonymous nature, which is very vulnerable to abuse

Well, I think it is still good for a long term investment since with the volatility intact, the price will continue to change and we can expect a pumped price in the future, beside it, we can also expect a low price. We don't know what might happen, but the possibility of bitcoin pumping and dumping is always there.

Honestly speaking if you are just gonna trade you wouldnt be rich because of the volatility of bitcoin. Look I am not against in cryptocurrency but this is not a permanent job as a trader most especially if you have a family to woek for and a kids to support. You're still need to find a permanent job even if its not a long but at least you have a fixed salary because here the price of the bitcoin is volatile sometimes it rises but most of the time it decreases.

Well, I have a job and the reason that I said it is unpredictable means I don't rely on the profit that I am getting from it. I just said that it is a good long term investment since in my experience, as I save some of my earned bitcoin, the profit is increasing in time but as I said, no one can predict what might happen so I just save it in my wallet, convert some of them sometimes in other alts.

I somewhat disagree with this view

Crypto has been sticking around for how long, like 10 years? Indeed, the first few years it was mostly about Bitcoin only, and rather more like a toy than a real deal. But the point is, it is not going away any time soon, so why not make it a major source of income if you can? People are making a living out of all possible sorts of activities (like youtubing, cam whoring, or whatever), so how is cryptocurrency different in this regard, and how less permanent is it? Simply put, "fixed salaries" are greatly exaggerated

For me, it is because of the uncertainty of crypto currency. The volatile nature of it makes it a good investment but, is also risky. Investing in crypto currency wouldn't be sure especially if you still don't have enough experience. It can't be a major source of income for people because, the prices are not fixed and even with the chance to earn a lot of profit, there is still the risk of losing money.

There is a risk in everything but still I do not agree with the point that bitcoin is not that good as currency. I am using bitcoin from a longer time and from that time I am observing that bitcoin is much better than any other currency which the states are using for themselves. Instead of that which is said in the title I will say national currency is not that good as bitcoin.

a lot of traders consider being a trader a permanent job or at least their main job. as long as there is a market available and they have funds they can trade and like it or not there are people who have gotten
rich for being a trader may it be trading in FIAT, stocks or bitcoin etc.. also, there is a called term buy and sell. most bitcoin traders in order to gain profit they tend to buy when the bitcoin price is low and sell
when the price increased, in other words, most bitcoin traders rely on bitcoin's volatile nature in order to gain a profit.

of course not good because the price is unstable and very volatile.
so bitcoin is widely used as a futures investment or daily trading.
maybe a store or place that accepts payments using bitcoin immediately sells their instant bitcoin after receiving the payment, I don't know how they deal with it, but clearly they still accept payments using bitcoin even though the conditions are not stable.

Most of the stores that I know, they immediately sell their bitcoin after they fully receive it into their wallet. They do that in order to secure the profit and not get a chance to lose any of their sale. They are just accepting bitcoin because they want to attract new customers, obviously the cryptocurrency enthusiasts to increase their sales.