Bitcoin Is Not Really A Good Money

[kyori]

It is good only for those unemployed and who really wants to earn more money but in the economy matter it is really bad, many businessman now are hard to counter bitcoin value because of its volatility and their business might be goes down.

[BaraxLo]

Now bitcoin is not very good money it is true. But who is to blame? Bitcoin can be compared to weapons. You can use it to protect your life and can destroy and take away life from others. Bitcoin still not a currency. We are still on the way to this and much depends on our actions.

Man are you kidding me? Bitcoin is a pure source to be rich. It is right that bitcoin is not money because it is something better than that. It keeps your amount, your earning safe then how can you even think about bitcoin destroying others life. I mean come on. We are going to make it happen and we will make it happen it will not only become currency it will also take over all currencies of the world.

[GreenBits]

Now bitcoin is not very good money it is true. But who is to blame? Bitcoin can be compared to weapons. You can use it to protect your life and can destroy and take away life from others. Bitcoin still not a currency. We are still on the way to this and much depends on our actions.

Man are you kidding me? Bitcoin is a pure source to be rich. It is right that bitcoin is not money because it is something better than that. It keeps your amount, your earning safe then how can you even think about bitcoin destroying others life. I mean come on. We are going to make it happen and we will make it happen it will not only become currency it will also take over all currencies of the world.

its not all so rosy, broseph. this is quasi money, or better yet, Mammon (call it by its name). Money has been ruining peoples lives since we invented this silly shit, and will until we end all of this.

have a bite

http://nypost.com/2014/03/05/bitcoin-firm-ceo-found-dead-in-suspected-suicide/ (she was a pretty woman)

http://www.realclearinvestigations.com/articles/2017/07/07/death_by_opioids_bought_with_bitcoin.html (because duuh)

https://www.wired.com/beyond-the-beyond/2017/07/giant-mt-got-bitcoin-robbery-shoes-dropping-greece/ (MTGOX bros, you juust might get your bread back, one day)

http://www.telegraph.co.uk/news/2017/08/05/british-model-kidnapped-milan-captor-tried-auction-online-for300000/ (because what the fuck really happened here?)

and the beat goes on and on. bitcoin isnt perfect, by all means. its an interesting experiment that fills a growing niche extremely well.

and yes, the OP is correct. bitcoin isnt money, just yet. money doesnt swing 50% either way on a bad day

[phr0stbyt3]

It doesn't matter even if the elites are gettinf benefits from it who cares bitcoin is allowing us to hide from government agencies, paying unnecessary tax for funding the military to kill innocent people and also it is a free currency meaning no one from the top can know how much i have unlike banks any executive manager can have information about you

[mrayazgul]

So, in order for you to have the best services available to you you have to give up some of the things that Bitcoin was sold on in first place. The same is true for other services all the way from debit cards to cash itself.

[Trela]

It is good only for those unemployed and who really wants to earn more money but in the economy matter it is really bad, many businessman now are hard to counter bitcoin value because of its volatility and their business might be goes down.

If Bitcoin not good, why still have many investor, holder, trader in Bitcoin become to millionaire or get rich earlier than other people on the world everyday? I cannot understand the reason make you have this thought, most investor when go to Bitcoin, they are also know Bitcoin give them many opportunities while other jobs cannot compare with it.

[Tyrantt]

I don't see bitcoin as an everyday currency and "good money" nowdays, it's more of a an investment asset to hold for longer period of time as you can see people proposing and encouraging that idea on this forum and that's one of the main things that make  me think that way. Surely, I hope that that will change in the near future.

[nasipadang]

I don't see bitcoin as an everyday currency and "good money" nowdays, it's more of a an investment asset to hold for longer period of time as you can see people proposing and encouraging that idea on this forum and that's one of the main things that make  me think that way. Surely, I hope that that will change in the near future.

I agree with you sir, most bitcoin users themselves see bitcoin as a good investment asset rather than as a currency, because of its fluctuating value and for transaction fee are also expensive

[frowsiter]

Bitcoin is not great right now because there are huge transaction fees and of course no one wants to pay 10% for one transaction, especially small amounts. With that said, it will get better with Lightning Network.

It's not right but it is still working and people are still using it on mass scale. The fact of fees is due to mining stuff, the speedy transaction etc. There are different factors for that which will be overcome once the network is advanced to the next level. I believe there are many forks that will happen in the future which will help bitcoin transactions smoothly through the time. Who knows insntant confirmation might just get evolved and it will be more easy to use bitcoin.

[cjnmoh]

Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.

[error08]

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

I am not sure and there is no way for us to check - to know whether central bank already store enough Bitcoin and planned to sell it when it reach certain point. But, everyone could compete in this field, because bitcoin gain its value like bubbles, then whoever sell bitcoin at highest peak could make biggest profits. There are many peoples and whales already involved in bitcoin environment which makes the price fluctuations become a normal things.

[jovs]

for me bitcoin is a really good thing to be dependent on. it really helps me on daily instructions mostly business transactions bitcoin also always there for me when i needed money i can easily sell it out so that i can cash it out. even tho bitcoin is a decentralized money. i don't care because bitcoin is the one who helps me to be on my state right now.

Bitcoin is much more good in transaction because on the first place crypto-currency serves as an good option for more reliable and fast transaction so it could be  good for of money in terms of transaction. People can say that bitcoin is not a good form of money if they do no have enough proof or experience though using Bitcoin in transaction, investment or trading.

[Paycoinzzz]

Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.

Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.
So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.

[malikusama]

You are stating the disadvantages of bitcoin, every thing has pros and cons and so does bitcoin also have some disadvantages. But you should also have to admit that bitcoin has more advantages than disadvantages, and that is the main reason why it is so popular around the world.
Bitcoin is secured on algorithm which makes it unique from other physical currencies, it doesn't mean that it is not secured, the network based on blockchain is much more stable and secured.
Transparency is a headache for the government as the transactions are anonymous and there isn't any central control of transactions or bitcoin network.
Elite are secretly involved because bitcoin is the future and they do believe that it is better than gold and silver in earning purpose to make good profit.

[supercanada1]

It doesn't matter even if the elites are gettinf benefits from it who cares bitcoin is allowing us to hide from government agencies, paying unnecessary tax for funding the military to kill innocent people and also it is a free currency meaning no one from the top can know how much i have unlike banks any executive manager can have information about you

These are the some fundamental reasons why people are so much attracted towards bitcoins. Bitcoins are providing them complete freedom and a completely control over their money. No one can ask them about their assets for charging them with useless taxes that are never ever used for the welfare of public.

[ASHLIUSZ]

Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.

Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.
So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.

Just having the virtual presence serve as an advantage at some point and in other way it provides with the increased risk that one could have never thought. Till now growth is big, based on which the adoption and demand for it increasing which now due to the usage as currency makes it one among the best money as it has got more advantages than disadvantages.

[BobK71]

First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging.  When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms.  This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'

I am not sure and there is no way for us to check - to know whether central bank already store enough Bitcoin and planned to sell it when it reach certain point. But, everyone could compete in this field, because bitcoin gain its value like bubbles, then whoever sell bitcoin at highest peak could make biggest profits. There are many peoples and whales already involved in bitcoin environment which makes the price fluctuations become a normal things.

Certainly there's no way to know for sure until central banks announce how much Bitcoin they have (as they openly stated they had 'a lot of' gold and silver in the past.)

The power to move prices by owning a lot of something is a very profitable advantage.  The problem is that the financial assets of a nation belongs to its public, but the top politicians and bankers have used their control of these assets to manipulate financial markets and create long-term bubbles that mostly benefit themselves, over the last 500+ years.

[ObscurePen]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

[matchi2011]

Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.

Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.
So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.

Just having the virtual presence serve as an advantage at some point and in other way it provides with the increased risk that one could have never thought. Till now growth is big, based on which the adoption and demand for it increasing which now due to the usage as currency makes it one among the best money as it has got more advantages than disadvantages.

I agree with you there but fact still is that it doesn't any form that people can hold and can physically exchange for products. I undrstand it can somehow happen and demand can grow furthermore but currently, the current currency which is fiat is the main thay will always be used in the market.

[malboroman]

There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.

Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.