Why use Bitcoin for anything other than...?

[HabBear]

Demand is uncertain, unknown and unknowable. I still have yet to hear a convincing argument why anyone needs these things other than a money launderer or someone who wants to, say, play internet poker

I came across an almost comical oped article about Bitcoin. The "journalist" sets up some solid click bait with the headline "how you can make easy money from the Bitcoin bubble!" The article is really a rant by someone who doesn't understand any of the underlying principles that brought Bitcoin into existence.

Here's a sample of some of Arends' most inspiring commentary...

A staggering $1.25 billion of “fiat” — i.e., real — money has so far been raised by insiders this year rolling out new “digital coins”

Here’s how it works: A group of kids in hoodies say they’re going to set up a cloud computing venture and let you finance it in return for some of their new digital currency. You send them dollars. They send you new digital currency. If and when they put down the doobies long enough to get the venture rolling, you can use these new digital currencies to pay to use the service.

Let's be honest, most ICOs aren't promising to provide any good or service. BUT...Bitcoin is not an ICO.

A couple of months back I said these cryptocurrencies are nonsense. From a serious investment standpoint that’s true.

Price is a function of supply and demand. At the moment there is an endless supply of new cryptocurrencies. People are literally creating new ones every week.

Arends fails to realize that an endless supply of anything doesn't drive the price upward. I finite supply with steady or increasing demand is what drives price appreciation.  

Ok, enough of my cherry picking. I'll give you a minute to read the article, you'll find it here.

Don’t make me laugh. Have you ever seen anything so stupid?

The article is ironic. Arends claims vigorously, but with meager actual constructive argument, that cryptocurrency is an investment mirage whose value is created by little more than mindless speculation. Then he closes his piece with the conclusion that "there is a surprisingly decent chance of easy money."

All of this got me thinking...I'd love to hear your answer to the question "why use Bitcoin?"

Go...

[Wind_FURY]

Why use Bitcoins for regular, everyday payments? I am for the idea that there is no need to if you can use fiat. Fiat is still the most convenient way of paying and everyone accepts fiat. Why would I waste my Bitcoins on buying a coffee?

But if I was a dark market user, then Bitcoin would be very useful since it is the only currency accepted in the dark web.

[davis196]

There are thousands of stupid people writing stupid articles about bitcoin and all the cryptocurrencies.
We shouldn`t care about them and shouldn`t even argue with them.They think "bitcoin is digital nothing,cryptos are a ponzi scheme".They just don`t understand how it works.
Anyway,to answer your question,bitcoin is used only for gambling and investing,i can`t say that BTC is a currency,it`s an digital asset,but this doesn`t mean that btc is  useless.
Lowering transaction fees and reducing the confirmation time will make btc a real currency.

[krishnapramod]

If I am right, MarketWatch had published an article couple of months ago on how bitcoin is complete garbage and this one isn't any different, ignorance at its best. Just compare bitcoin with dot-com bubble and draw the conclusion bitcoin is a bubble. Why because bitcoin/cryptos are used only for money laundering and playing internet poker

I could waste your time trying to evaluate them, but it’s all guesswork. It’s a bubble.

I do agree that most of the ICOs are scam, but simply because you lived through the dot-com bubble and paid off your mortgage with it, you can't guess/conclude that bitcoin is a bubble without even trying to understand the concept behind it. The writer is the one who is talking out of his hat.

Just put a clickbait title, add some nonsensical, uninformative content and publish it to get some views. Some of the bitcoin articles published on MarketWatch and Forbes are doing exactly the same, better to avoid them.

[NorrisK]

People are now buying bitcoin and altcoins without even doing some basic research. "Friends told me to buy it".

These people probably never even traded a stock because they were too afraid of losses and now they get balls deep into something they understand even less.

This makes it somewhat a bubble. Doesn't mean we are in an inflated one yet, but saying it's not bubbling is ignorance just as much as claiming its been a bubble since 10 usd.

[Mandoy]

Demand is uncertain, unknown and unknowable. I still have yet to hear a convincing argument why anyone needs these things other than a money launderer or someone who wants to, say, play internet poker

I came across an almost comical oped article about Bitcoin. The "journalist" sets up some solid click bait with the headline "how you can make easy money from the Bitcoin bubble!" The article is really a rant by someone who doesn't understand any of the underlying principles that brought Bitcoin into existence.

Here's a sample of some of Arends' most inspiring commentary...

A staggering $1.25 billion of “fiat” — i.e., real — money has so far been raised by insiders this year rolling out new “digital coins”

Here’s how it works: A group of kids in hoodies say they’re going to set up a cloud computing venture and let you finance it in return for some of their new digital currency. You send them dollars. They send you new digital currency. If and when they put down the doobies long enough to get the venture rolling, you can use these new digital currencies to pay to use the service.

Let's be honest, most ICOs aren't promising to provide any good or service. BUT...Bitcoin is not an ICO.

A couple of months back I said these cryptocurrencies are nonsense. From a serious investment standpoint that’s true.

Price is a function of supply and demand. At the moment there is an endless supply of new cryptocurrencies. People are literally creating new ones every week.

Arends fails to realize that an endless supply of anything doesn't drive the price upward. I finite supply with steady or increasing demand is what drives price appreciation.  

Ok, enough of my cherry picking. I'll give you a minute to read the article, you'll find it here.

Don’t make me laugh. Have you ever seen anything so stupid?

The article is ironic. Arends claims vigorously, but with meager actual constructive argument, that cryptocurrency is an investment mirage whose value is created by little more than mindless speculation. Then he closes his piece with the conclusion that "there is a surprisingly decent chance of easy money."

All of this got me thinking...I'd love to hear your answer to the question "why use Bitcoin?"

Go...

Well I use bitcoin because it is convenient and it is fast. Unlike fiat currency I have earned huge profit from holding my bitcoins in my wallet and that is why I like bitcoins. It gives me not only its currency feature but also its market feature that enables us to earn. Bitcoin is both a currency and an investment. As a currency I can pay my bills, buy mobile load, purchase things online and as a market item it grows in value. I just love bitcoin.

[HasHe]

Bitcoin has faced lots of criticisms for years.Some say that its used mainly in dark markets for illegal activities.Some say it as a garbage.Some even say that its a ponzi scheme without any knowledge.Even a parliament member of BJP in india said that bitcoi is a ponzi scheme and it should be banned in india.We could just feel pity for them for them losing a chance of benefitting from a wonderful technology bitcoin.They would continue to do so.But bitcoin continues to succeed marching towards new peaks.

[craZyLovE0916]

Bitcoin is so simple, yet so dang hard to understand. That is the beauty of it. It is simple yet complex. A paradox!

See, the simplest way to explain Bitcoin is that it is virtual gold. That is all it is.

But it get complicated of course when we get into the technology... but let me ask you something. Let's say I teach you everything about digging for PHYSICAL gold, including the names of the machines, and all of the names of everything and processes it will get complicated very quick, but the idea and concept of physical gold is not complicated at all, but rather simple in fact.

Just like Bitcoin.

[DoublerHunter]

We need to use bitcoin rather than other type of currency because it is advanced, secure, and the fees are very little in bitcoin compare to the other currencies. If we will use bitcoin then there is nothing issue to be worried because it is fast and we can transfer money in just an hour to another person without worrying for any cancellation and other common things that we have encountered in common currencies.

[talkbitcoin]

articles like these are all over the internet. these are written by people who don't even understand bitcoin and don't bother to do a thorough investigation about it.
there was an article that i read, saying similar things just based on the experience he had in a small town which had 1 bitcoin ATM machine!

Bitcoin is so simple, yet so dang hard to understand. That is the beauty of it. It is simple yet complex. A paradox!

you don't need to understand bitcoin to use it. that is the rookie mistake most people make.

See, the simplest way to explain Bitcoin is that it is virtual gold. That is all it is.

a better explanation would be "digital currency"

[nexus99]

Articles like this one are a mere demonstration of ignorance by people that have no idea how Bitcoin works. It's not a replacement for fiat (even though it may become that with time), but a wonderful investment opportunity. These articles are written by people that have never read any serious btc literature and are very vague about the concept itself. This only shows lack of research

[HeRetiK]

Bitcoin is so simple, yet so dang hard to understand. That is the beauty of it. It is simple yet complex. A paradox!

you don't need to understand bitcoin to use it. that is the rookie mistake most people make.

People don't need to understand Bitcoin to use it as a currency, that's true.

But they should still try to understand Bitcoin if they want to use it as an investment, simply because it's silly to invest in something that you don't fully understand. That's how you get all the alts, ICOs, etc...

See, the simplest way to explain Bitcoin is that it is virtual gold. That is all it is.

a better explanation would be "digital currency"

See, that's the fun part. It's both!

What it's not is a stock like the dot-com-bubble comparisons seem to imply. It's a technology, not a product. It's the internet, not pets.com.

[HabBear]

There are thousands of stupid people writing stupid articles about bitcoin and all the cryptocurrencies.

We shouldn`t care about them and shouldn`t even argue with them.They think "bitcoin is digital nothing,cryptos are a ponzi scheme". They just don`t understand how it works.

Maybe so, but this guy also has a response for you regarding who understands what...here.

If you’ve ever wondered what “cryptocurrencies” such as bitcoin, litecoin and ethereum are for, ask one of their legion of techie-libertarian fans.

And it’s dollars to dogecoins (yet another one) that the conversation will go something like this:

You: So what’s the purpose of bitcoin BTCUSD, -1.23% ?

Fan: The technology is absolutely amazing!

You: Yes, but what’s it for?

Fan: Really, the “blockchain” technology is a total masterpiece, way ahead of its time!

You: Yes, yes, I understand that. But what is it actually for?

Fan: You don’t understand! It’s a completely decentralized money system! Totally revolutionary!

You: Honestly, does it have a purpose? Any purpose at all?

Fan: It’s the wave of the future!

And on it will go.

Saying "they just don't understand how it works" isn't an excuse anymore. We need to call out those that misrepresent Bitcoin and educate them on why a community of people place value on it. They can then respond with why a community of people place value on the Dollar, Euro, Yen, etc.

[swogerino]

You can use it to safeguard your identity. There are many gamblers in the bitcoin arena and bitcoin is the most convenient way to gamble without having to reveal your real identity. Same as with opening up accounts in Steam or a few other merchants , big ones who accepts bitcoin and they only need an email address and nothing more. Whenever there are such cases it is strongly recommended to use bitcoin.

[craZyLovE0916]

There are thousands of stupid people writing stupid articles about bitcoin and all the cryptocurrencies.
We shouldn`t care about them and shouldn`t even argue with them.They think "bitcoin is digital nothing,cryptos are a ponzi scheme".They just don`t understand how it works.
Anyway,to answer your question,bitcoin is used only for gambling and investing,i can`t say that BTC is a currency,it`s an digital asset,but this doesn`t mean that btc is  useless.
Lowering transaction fees and reducing the confirmation time will make btc a real currency.

You are right about this and it is so annoying that so many people write article but they do not know what they are talking about. They only want to promote their site or blog or Steemit to get follower to make money but in reality it is a waste of time and pointless and so annoying.

I like readin good blogs that know what they are talking about not random Steemit articles from people that only want me to give them money!

[Adbitco]

There are thousands of stupid people writing stupid articles about bitcoin and all the cryptocurrencies.
We shouldn`t care about them and shouldn`t even argue with them.They think "bitcoin is digital nothing,cryptos are a ponzi scheme".They just don`t understand how it works.
Anyway,to answer your question,bitcoin is used only for gambling and investing,i can`t say that BTC is a currency,it`s an digital asset,but this doesn`t mean that btc is  useless.
Lowering transaction fees and reducing the confirmation time will make btc a real currency.

Yes it's those people or can also be termed as haters of bitcoin who don't want to see the digital currency flourish maybe because they see it as a threat to their own existence. There are so many people even so called intellectual ones who may have never tried to research or learn what bitcoin is all about but they are so quick at giving verdict and claiming bitcoin as a ponzi but despite all this shit and hatred bitcoin is emerging as one of most popular invention of present time. All these articles and people behind them can never suppress a revolution called bitcoin.

[skyline247]

What is so hard to understand about Bitcoin for these people? It is simply a form of virtual gold or money which you can exchange for things either online or in person. You have an address and you can send Bitcoin from your address to another to pay. Really, it is quite simple.

[blckhawk]

Demand is uncertain, unknown and unknowable. I still have yet to hear a convincing argument why anyone needs these things other than a money launderer or someone who wants to, say, play internet poker

I came across an almost comical oped article about Bitcoin. The "journalist" sets up some solid click bait with the headline "how you can make easy money from the Bitcoin bubble!" The article is really a rant by someone who doesn't understand any of the underlying principles that brought Bitcoin into existence.

Here's a sample of some of Arends' most inspiring commentary...

A staggering $1.25 billion of “fiat” — i.e., real — money has so far been raised by insiders this year rolling out new “digital coins”

Here’s how it works: A group of kids in hoodies say they’re going to set up a cloud computing venture and let you finance it in return for some of their new digital currency. You send them dollars. They send you new digital currency. If and when they put down the doobies long enough to get the venture rolling, you can use these new digital currencies to pay to use the service.

Let's be honest, most ICOs aren't promising to provide any good or service. BUT...Bitcoin is not an ICO.

A couple of months back I said these cryptocurrencies are nonsense. From a serious investment standpoint that’s true.

Price is a function of supply and demand. At the moment there is an endless supply of new cryptocurrencies. People are literally creating new ones every week.

Arends fails to realize that an endless supply of anything doesn't drive the price upward. I finite supply with steady or increasing demand is what drives price appreciation.  

Ok, enough of my cherry picking. I'll give you a minute to read the article, you'll find it here.

Don’t make me laugh. Have you ever seen anything so stupid?

The article is ironic. Arends claims vigorously, but with meager actual constructive argument, that cryptocurrency is an investment mirage whose value is created by little more than mindless speculation. Then he closes his piece with the conclusion that "there is a surprisingly decent chance of easy money."

All of this got me thinking...I'd love to hear your answer to the question "why use Bitcoin?"

Go...

For me bitcoin is the easy way to get rich and to earn a lots of income.  Bitcoin will be the currency of our future. This bitcoin seems to be  a great opportunity to many people to earn and invest money.

[bololord]

For me why bitcoin is anything other than is becuase bitcoin is easy to use than others. bitcoin allows all people even if u are unskill , young , old, rich , poor etc . in bitcoin you will earn a money even if u are in home . And i think becuase of this volatile value and increasing.

[The Sceptical Chymist]

Sorry,  the guy has valid points.

One thing about this market that scares me is that in every bubble,  the bears and skeptics get crucified by people who are in whatever market the bubble represents.   That's exactly what is going on here.  I don't find this man to be an idiot at all.