Bitcoin is useless or is it?

[darkangel]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

Bitcoin is not useless, it is a decentralized digital currency or so-called electronic currency. Bitcoins themselves are not as bad as people think. Previously not involved in transactions I also believe bitcoin is virtual currency. But now I have a more accurate view of bitcoin. I believe bitcoin.

[Ashbite]

Bitcoin is very much useful,i think it is future currency.bitcoin is not handling by any government.this is decentralized also.it is very useful to fast and secure transactions.bitcoin is more profitable to investors,it is very useful to this internet world.according to  my view many people love this bitcoins.

[BarbieCasino]

Bitcoin is the advanced technology useful for doing big transactions in a simple way. Some of the people said that Bitcoin is not useful, waste of investing money, etc... Don't think in negative way and research about bitcoin, then you will get an overall idea. Be positive....

yes bitcoin is an advanced technology and it is known by all kind of users many people around the world are using bitcoin for many purposes and still there is a huge usage in eastern countries  so it’s useful for me I value it a lot

[Vikingr]

Bitcoin is very much useful,i think it is future currency.bitcoin is not handling by any government.this is decentralized also.it is very useful to fast and secure transactions.bitcoin is more profitable to investors,it is very useful to this internet world.according to  my view many people love this bitcoins.

That is true! I don’t think so bitcoins are useless in any way. There are innumerable advantages of using bitcoins, then how one can call them useless. That would be really unjust to bitcoins’ services. Bitcoins are decentralized, highly transparent, offer easy transactions etc. what else one need. Bitcoins are the future currency of world.

[L00n3y]

Lol i can't believe i see someone who said bitcoin is useless, only because the transaction fee is high?
Bitcoin sure, is useful for me. It really help me to earn more money quite easily. And i don't really mind with the transaction fee because i rarely use bitcoin to buy something, i prefer keeping them.
Yes it's true that bitcoin is quite much about speculation, but what's for sure the price has been increasing until now, and it actually profitable to keep your bitcoin and sell that later.
If you complained about the fee, why not try to save your bitcoin like me? Or learn other way to use bitcoin that may give you even more money so you won't even complain about it anymore because you're rich already.

True I don't know if he is a trader or not because he is muttering about how useless the bitcoin industry is. Since bitcoin's price is going back and forth in these few years and at the end we ended up winning because bitcoin price is going up in the end. If we are talking about the fee then it might be higher than what we can afford but that's because this industry is still lacking on how they can charge fee to a particular transaction. There are so many projects that is being introduced to make this industry much more good than before, keep your feet in every waves coming.

[kpcian]

Bitcoin is very much useful,i think it is future currency.bitcoin is not handling by any government.this is decentralized also.it is very useful to fast and secure transactions.bitcoin is more profitable to investors,it is very useful to this internet world.according to  my view many people love this bitcoins.

well said...
nowadays bitcoin very much useful for daily life, it can be used in the transaction purpose with a minimum rate of fee, bitcoin can be smooth investment platform and trading sector. not only that bitcoin is a greater source of long-term investment because bitcoin is gaining value more and more. in the future, Bitcoin will create almost double value, so bitcoin is no more useless...

[hatshepsut93]

Bitcoin is very much useful,i think it is future currency.bitcoin is not handling by any government.this is decentralized also.it is very useful to fast and secure transactions.bitcoin is more profitable to investors,it is very useful to this internet world.according to  my view many people love this bitcoins.

That is true! I don’t think so bitcoins are useless in any way. There are innumerable advantages of using bitcoins, then how one can call them useless. That would be really unjust to bitcoins’ services. Bitcoins are decentralized, highly transparent, offer easy transactions etc. what else one need. Bitcoins are the future currency of world.

I think blind crypto-optimism actually hurts Bitcoin community, the thought that Bitcoin is perfect and soon all of humanity will open their eyes and adopt it is so naive. People don't massively use Bitcoin because current fiat systems work just fine for them, most people don't understand the benefits of decentralization and immutability, and even those who do decide that the costs of using Bitcoin in terms of fees and volatility are outweighing those benefits. In order for Bitcoin to become the world currency, it must become better than fiat in all aspects.

[Bitcoinislife09]

It isnt useless,but it is very useful because too many people and users use bitcxoin.And they often to save and store money because bitcoin can be used in thrifty days and.And the other thing is the bitcoin is very useful in the internet world.

[Lampaster]

Bitcoin is indeed very convenient to use on the Internet, but for me the main thing not it. The main thing for me is freedom of choice. The man himself can decide in what country to make money and how to manage them. Everybody needs freedom, and hence bitcoin is needed.

[izza123]

I cant think of any other service where you can send a million dollars across the globe instantly for less than 5$

[BitcoinGirl.Club]

Bitcoin is indeed very convenient to use on the Internet, but for me the main thing not it. The main thing for me is freedom of choice. The man himself can decide in what country to make money and how to manage them. Everybody needs freedom, and hence bitcoin is needed.

Bitcoin is growing fast now and can be used outside the internet circles which makes it useful than ever before. Bitcoin fees are still cheaper as compared to other well known  remittance services which makes it the preferred mode of payment by many today.

[Drnice]

The fees for transactions is so high that if you make a low transaction, it will be as even equal to the amount that is to be transacted, I have faced such in coinbase more often.

[Gaaara]

Bitcoin is indeed very convenient to use on the Internet, but for me the main thing not it. The main thing for me is freedom of choice. The man himself can decide in what country to make money and how to manage them. Everybody needs freedom, and hence bitcoin is needed.

Bitcoin is growing fast now and can be used outside the internet circles which makes it useful than ever before. Bitcoin fees are still cheaper as compared to other well known  remittance services which makes it the preferred mode of payment by many today.

I do agree with you mate, bitcoin is still growing even with its current state. Bitcoin now is more convenient to use than other remittance services like you just said and the other reason for that is the time utility, and every utility which business has to offer, its easy to use, its convenient, and its less hassle for those who doesn't have a time to go elsewhere.

[livinglightning]

With transaction costs rising above $1 the original promise of cheap remittance using Bitcoin is officially dead. Without utility Bitcoin use is limited to speculation only and even further what is there to speculate about?

I would like to debate this and gauge the community's response to Bitcoin experiment.

I also agree with you. I lost a lot of transaction fees. Bitcoin utility is losing. Make money from bitcoin you do not have to pay taxes. But in fact you lose a similar charge to the tax

[Zachary chen]

Bitcoin is unlimited potential.time will prove.

[SONG GEET]

The fees for transactions is so high that if you make a low transaction, it will be as even equal to the amount that is to be transacted, I have faced such in coinbase more often.

Those fee depend on lots of things specially size of your bitcoin transaction rather than the amount you are transacting. However It is true that bitcoin is not suitable right now for micro transactions but I am quite sure that bitcoin will be cheapest and fastest way to move our money again after activation of segwit on this august.

[Leickens]

Pls I beg, bitcoin is never useless, Bitcoin value in market nowadays is more encouraging, for a value of commodity to be useless it simply means it is not significant to you or anybody. If you could gather enough BTC today, there are enough buyer to buy from you. Bitcoin is a great business.

[xSkylarx]

How can something worth too much be useless?
I can't really understand it just because of the transaction fee being high that doesn't really mean that it is useless.

[Adbitco]

How can something worth too much be useless?
I can't really understand it just because of the transaction fee being high that doesn't really mean that it is useless.

Absolutely correct and bitcoin is useless then even gold and other precious metals or even every other expensive thing is useless. If bitcoin were useless the governments of so many big countries like Japan and other big companies wouldn't recognize and accept it as a payment method. High transaction fee doesn't make bitcoin useless, that issue of high transaction fee will be resolved sooner than later but besides just high transaction fee bitcoin has many more qualities which make it awesome and very useful digital currency.

[Barbut]

How can something worth too much be useless?
I can't really understand it just because of the transaction fee being high that doesn't really mean that it is useless.

Absolutely correct and bitcoin is useless then even gold and other precious metals or even every other expensive thing is useless. If bitcoin were useless the governments of so many big countries like Japan and other big companies wouldn't recognize and accept it as a payment method. High transaction fee doesn't make bitcoin useless, that issue of high transaction fee will be resolved sooner than later but besides just high transaction fee bitcoin has many more qualities which make it awesome and very useful digital currency.

OP is referring on raised fees, that is behind us now but we must agree that transaction fees were high for many of us. To pay 5$ for 10$ transaction is a problem. I know that 5$ fee is OK if you are sending +1000$ but not all of us here are rich and not all the things are expensive, bitcoin would be useless in that way, why would we use bitcoin if using is cost too much?
Every coin have a two sides, all I can say that with high fees bitcoin would be useless for daily use. Situation is much better now, and I hope that we will not see similar situations in the future. In the beginning when I started to use bitcoin was promoted as a decentralized currency with very low sending fees, it would be best to stay like that.