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Author Topic: Besides its speculation ,what is the real use of bitcoin ?  (Read 2355 times)
Holliday
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May 12, 2017, 07:31:30 PM
 #21

Bitcoin provides the ability for one free individual to transfer value to another free individual.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
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May 12, 2017, 07:32:48 PM
 #22

I can use Bitcoins  on the daily basis in every day life for paying all sorts of goods, services and expenses. If not directly than through Bitcoin debit card that is accepted everywhere. Bitcoin has the real value in real life and can be easily used for different things.
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May 12, 2017, 07:44:41 PM
 #23

Who cares as long as the people that are crazy about it continue to make money. If that stops then as the question. Besides bitcoin is still trying to find its place.

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May 12, 2017, 08:01:08 PM
 #24

Today bitcoin have real use. You can buy things you want in shops that already accept bitcoin for payment, that helps you to skip all this exchangers and cashing out's fees. Unfortunately in the world there are not so many places that would work with bitcoin or/and with other crypto. But together with bitcoin's popularization the number of such places is growing.

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May 12, 2017, 10:56:52 PM
 #25

Who cares as long as the people that are crazy about it continue to make money. If that stops then as the question. Besides bitcoin is still trying to find its place.

I think Bitcoin is a cult.  Not criticizing it because I am a member but you have to admit we are pretty fanatical about it. It is a very powerful idea that means different things to different people. Probably many things which Nakamoto never even thought about. S it depends if you ask a democrat or a republican or whatever.
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May 13, 2017, 12:01:42 AM
 #26

Bitcoin was created as digital currency, so it is used as currency, besides of being a currency bitcoin has become a valuable investment because there a lot of people interested in this coin, and not only that bitcoin also can be used for global transaction and bitcoin also opened up a new business opportunity, like exchanger and coin developer
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May 13, 2017, 12:24:43 AM
 #27

1) Bitcoin acts as a proof of concept and a very well thought out implementation of the blockchain protocol. Using a secure, decentralised network that rewards the devices that work on it, to publicly witness and verify the data (in Bitcoin's case, transactions)

2) It is a gateway to a more open and free world. No cchargebacks, no PayPal breathing down and watching on every single one of your transactions.

3) It's a deflationary currency. There's only 21 million coins to be produced, and sometimes people purposely throw away their Bitcoin, or "burn" them, reducing the total amount.



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May 13, 2017, 12:30:48 AM
 #28

Bitcoin is a faster way and convenient way of payment. You don't have to go to money remittance center just to transfer funds. The fee is getting expensive but still cheaper than money transfer. But for me, its a form of investment. Theres a lot of potential to grow over years. I buy bitcoin only for investment.

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May 13, 2017, 12:34:54 AM
 #29

what about using its technology to develop a network with an enhanced security? Tongue FYI the use of bitcoin is explicitly not limited, you can see some of the website such as newegg, dell or steam (AFAIK) has been accepting bitcoin as a form of payment. in long term, you can use it as a savings. when you are old, your funds will most likely be raised up thousands as the standardisation of payment. for instance, japan. the country of legalising bitcoin payment after the mt. gox incident had restored.1

1not sure by 100%

Bitcoin is a faster way and convenient way of payment. You don't have to go to money remittance center just to transfer funds. The fee is getting expensive but still cheaper than money transfer. But for me, its a form of investment. Theres a lot of potential to grow over years. I buy bitcoin only for investment.
when the price of bitcoin goes up and the fees are ever raising due to large amount of transactions yet to confirm, the fee is eventually larger than money transfer; that's why we have altcoin.

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May 13, 2017, 12:37:08 AM
 #30

Bitcoin is a faster way and convenient way of payment. You don't have to go to money remittance center just to transfer funds. The fee is getting expensive but still cheaper than money transfer. But for me, its a form of investment. Theres a lot of potential to grow over years. I buy bitcoin only for investment.

I think with the price these days, the concept of bitcoin as a payment is having a turn to an invest asset. The first time I knew bitcoin, I thought it can be a good way of paying in the real life, no need to open your wallet and stuff, you jist need to scan a code and thats it, but now, it is used by the people to invest their money and earn some profit in the long run.

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May 13, 2017, 06:12:54 AM
 #31

Now the world is crazy about bitcoin!

We talk about its price ,its mining all day.

Besides its speculation ,what is the real use of bitcoin ?

Of course there are uses for bitcoin otherwise there wouldn't be this much speculation.

For example, even with the high transaction fees that bitcoin is having right now it is still cheaper to send bitcoin across borders than to send a bank transfer or even Perfectmoney, as they banks can charge outrageous fees and PM charges 2.9% on each transaction.

And also you avoid central authorities... Which is great.

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May 13, 2017, 06:54:13 AM
 #32

Bitcoin is a faster way and convenient way of payment. You don't have to go to money remittance center just to transfer funds. The fee is getting expensive but still cheaper than money transfer. But for me, its a form of investment. Theres a lot of potential to grow over years. I buy bitcoin only for investment.

The real used of bitcoin is in remittances especially for freelancer who is working for clients overseas or abroad. It is very useful and very convenient to used especially if you have local exchanges. Since  bitcoin is a form of digital currency, it gives also an opportunity to anyone to earn anywhere in the world. The world is fast becoming a global village,and with bitcoin we even become closer globally.

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May 13, 2017, 07:25:03 AM
 #33

Who cares as long as the people that are crazy about it continue to make money. If that stops then as the question. Besides bitcoin is still trying to find its place.
Bitcoin is at it developmental stage and because of this op may never thing that outside speculation bitcoin has no any other means. Bitcoin as a crypto currencies was made to be a decentralized currencies, store of values, mode of payment  and medium of exchange. We may not see the full values and potential of bitcoin today but in near by future we shall see it.


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May 13, 2017, 07:28:26 AM
 #34

Speculation is in second or third place in my opinion when it comes to bitcoin. I entered in bitcoin as I found that it is far better than traditional fiat system as I am in the international business of domain name reselling, it was very costly for me to accept international payments (and since PayPal has serious restrictions in my country, the extra stress was a cherry on the top).

I think we should look at it as a revolution in value mobilisation infrastructure (payment system) and since it is in the earlier stage, there are the people (including me) who are taking benefits of speculation.

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May 13, 2017, 07:30:28 AM
 #35

Who cares as long as the people that are crazy about it continue to make money. If that stops then as the question. Besides bitcoin is still trying to find its place.

I think Bitcoin is a cult.  Not criticizing it because I am a member but you have to admit we are pretty fanatical about it. It is a very powerful idea that means different things to different people. Probably many things which Nakamoto never even thought about. S it depends if you ask a democrat or a republican or whatever.

Yeah a cult it is indeed, and personally it means nothing to me other than an investment, its gotten a value because people believe it in, no different from fiat. The main difference from fiat I would say is the fact that contrary to what people believe its not really a currency, at least not yet. That can change in the future with some of the developments being done to increase transaction numbers and speed, but for now its only purpose is a store of value or an investment.

I would also say what it is depends not only on if you are democrat of republican but also which country you are from, inflationary currencies aren't really a problem in Western countries, but they most certainly are in some developing ones with currency controls and big inflation.

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May 13, 2017, 08:14:51 AM
 #36

Bitcoin provides the ability for one free individual to transfer value to another free individual.

This is what got me initially enthusiastic about bitcoin.  Now, the current fiat system allows to do that too, with all the caveats of stealing states and law.  However, the speculative aspect of bitcoin has grown its importance to such levels, that bitcoin is now just as much under scrutiny as anything else that transfers value ; and the gateways being "official shops" and "exchanges", I think it is somewhat illusionary to think that bitcoin will succeed easily in making free what is not free by state and law.  In fact, if bitcoin would have been less speculative, and would have had a market cap in relationship with its usage as a value transfer mechanism, it could have remained much longer "under the radar".
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May 13, 2017, 08:19:13 AM
 #37

I would also say what it is depends not only on if you are democrat of republican but also which country you are from, inflationary currencies aren't really a problem in Western countries, but they most certainly are in some developing ones with currency controls and big inflation.

This is very important to note: a good currency comes close to "ideal money", which has near constant value.  Whether it is *slightly* deviating from it with a slight inflation or deflation, as long as this inflation and/or deflation is BOUND to strict limits (of a few % per year) and is more or less predictable, is not a problem, because you can take this into account in agreements over time.

Currencies are, however, not meant to be long term stores of value.  They are meant to fluidize commercial interaction, and for that, they need to have more or less predictable value evolution.  You cannot make a deal over a few years in a "currency" of which you have no idea what value it will have over this time - if no mechanism is in place which tries to keep this value "on track". 
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May 13, 2017, 08:32:15 AM
 #38

Bitcoin is becoming so valuable that it will probably continue to be used as a store of value more than anything else. Depending on who you are of course will dictate what goods and services are being purchased, but overall I predict less trading and more hoarding.

I can see Litecoins actually being used for transactions, while Bitcoins become more rare.

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May 13, 2017, 08:34:23 AM
 #39

Today bitcoin users use bitcoin as an investment. The increasing use of bitcoin in the real world is proof that bitcoin prices will continue to rise. Daily bitcoin demand is getting bigger.

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May 13, 2017, 08:46:15 AM
 #40

...
Besides its speculation ,what is the real use of bitcoin ?

as token for "write" transaction in a software called blockchain  Tongue . The real use of bitcoin is inside the blockchain technology.

people use bitcoin also as investment. Actually is one of the best performing currency.

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