Bitcoin: Not Practical As a Currency?

[Zalfa_mui]

Yes I agree with you, bitcoin is not practically used in daily life ,. Because of unstable prices and expensive transaction costs, I hope there's a better change in bitcoin

[Juggy777]

I just read this somewhere from a site that is also introducing its own version of cryptocurrency and they claimed to be combining the best of both worlds...that of Bitcoin and Ethereum. Anyway, let's give them the needed good luck in the sea of cryptocurrencies we already have.

Bitcoin is a digital currency, invented by Satoshi Nakamoto in 2009, that is limited to just 21,000,000 units. As the price of bitcoin has risen, its use case has evolved from a currency into a store of value. It is no longer practical to use bitcoin to make every day purchases.

There are two points presented here. One is that Bitcoin has already evolved from being a currency into a store of value (maybe just like the physical gold) and two that Bitcoin is not anymore practical to be used for day to day purchases (maybe because it is very volatile and hence people are becoming speculators with its value).

Any comment?

So before I comment what's the name of the site, and what do you mean they are trying to mix it. Yes it's true that people use Bitcoin as a store value, but then it's also true that people also use it as a currency, many people use it to lend and they even use it for to buying so it's not entirely true to, yes the fees are high and it's volatile but many businesses are using it.

[mondobitcoin]

I just read this somewhere from a site that is also introducing its own version of cryptocurrency and they claimed to be combining the best of both worlds...that of Bitcoin and Ethereum. Anyway, let's give them the needed good luck in the sea of cryptocurrencies we already have.

Bitcoin is a digital currency, invented by Satoshi Nakamoto in 2009, that is limited to just 21,000,000 units. As the price of bitcoin has risen, its use case has evolved from a currency into a store of value. It is no longer practical to use bitcoin to make every day purchases.

There are two points presented here. One is that Bitcoin has already evolved from being a currency into a store of value (maybe just like the physical gold) and two that Bitcoin is not anymore practical to be used for day to day purchases (maybe because it is very volatile and hence people are becoming speculators with its value).

Any comment?

For me its practical, because its clear and have privacy settings
Maybe when 21,000,000 units will be mined, the price can grow up but it will become more stable

[Colt22]

Yes I agree with you, bitcoin is not practically used in daily life ,. Because of unstable prices and expensive transaction costs, I hope there's a better change in bitcoin

There will be a better change of course in bitcoin. As we can see that world is accepting technology. And bitcoin is one of those technologies. Till now almost half of the world has accepted bitcoin and still half is left to accept it. A time will come when whole world will accept it as a standard currency. And there will a practical use of bitcoin. People will use them to buy what we buy with paper currency now. In future I think countries will start making crypto and stop using paper currency.

[Ultegra134]

Of course it's not practical, you yourself told some of the points that make it that way. The price keeps changing, today you might spend 0.01 BTC for the X item, in one week you may need 0.015 or less.

Secondly, transaction fees, too high for daily usage.

Thirdly, not widely accepted by the public, only a few know about Bitcoin but even less use it to accept or send payments in order to buy items, not to mention daily life usage, like going to the supermarket or to a restaurant and so on.

[Bestwishes745]

Yes I agree with you, bitcoin is not practically used in daily life ,. Because of unstable prices and expensive transaction costs, I hope there's a better change in bitcoin

It is not about agreeing with statement or not. It is about the research. Everybody has his own opinion. But hearing from someone and then believing in what they think is not the right way to judge. Practical or not, bitcoin’s powerful establishment is the reason, why paper money is less used today. Bitcoin has taken over the place of the practical currency and the fact cannot be denied.

[Mike Mayor]

I see bitcoin as more of an investment, but an investment you can also spend directly with. That's what is so nice about it. I don't think it's really practical using for smaller purchases but bigger ones it's just fine. So buying coffee with Bitcoin seems like it will cost too much to solve the problem they will orobvdeate their own exclusive coin you can exchange your btc for before you shop.

[gidaahmad]

Indeed, Bitcoin The currency is practical. But it requires the device as its intermediary. Practicality will be lost, if we run out of battery / blackout. When compared to local currencies, Bitcoin is definitely more complicated

[SmallCapCoins]

Bitcoin is good , secure, and convenient to use.  Difficult to shut down being decentralized and all.  Sometimes transactions take longer than we would like, the only thing you can really fault it for.

[chixka000]

I am also now thinking the same thing. Especially because the fees are getting too high in which we cant even buy a chips using bitcoin because it would take you almost a day if you do send a very low fee.

[Maxre]

Bitcoin is not perfected for currency because the price is very unstable, besides the amount of bitcoin is very limited
Good bitcoin in use to invest your money not as currency.

[FlightyPouch]

I am also now thinking the same thing. Especially because the fees are getting too high in which we cant even buy a chips using bitcoin because it would take you almost a day if you do send a very low fee.

The problem here is the fees which are needed to pay for the miners. But I don't think that is the case. Why would someone give a bigger money to buy a cheap food?

What I am saying is that why would you use a bitcoin to pay ome chips? Instead of bitcoin why pick some change in your pocket and pay it using that? We are thinking too much of this thing and we obviously this will not happen. This is not a problem but we are making it one. The problem here lies on the transactions and not on buying chips.

[cpfreeplz]

I never use it as a currency, only a store of value. Idk, either way that's how I would save them even if fees weren't lower no big deal. Even when fees weren't low I always saved. If you don't HODL you aren't using bitcoins right.

[seattletu]

A customer with $1,000 in his financial balance anticipates that that $1,000 will have a similar purchasing power tomorrow that it does today. In the event that it costs $87.99 for a couple of pants today, he hopes to have the capacity to buy similar pants tomorrow with pretty much a similar measure of cash. Thus, it should cost about a similar level of a bitcoin to purchase something today as it will tomorrow.

Bitcoin and different digital forms of money cost nothing to process, are practically insusceptible to extortion, and guard clients' budgetary data. So why aren't more online customers utilizing them? Furthermore, why aren't more shippers tolerating them?

The appropriate response is instability. Monetary forms like the U.S. dollar, the British pound, and the European Union's euro rely upon strength. Individuals comprehend them and put stock in these monetary forms to hold their value.

Fast and radical changes in price make it moderately troublesome for both purchasers and merchants. Individuals like stability.

[Doms]

Certain factors make the use of bitcoin for daily transactions rather impractical. The high fees leave much to be desired and the volatility adds to that, but that counts as a positive on the side of bitcoin as an investment. There are two sides to this coin and it is up to an individual which he wants to use his bitcoin for. I have read stories about people using bitcoin alone for their transactions and they have managed to do just fine.

[bitbunnny]

Yes I agree with you, bitcoin is not practically used in daily life ,. Because of unstable prices and expensive transaction costs, I hope there's a better change in bitcoin

For me it's different,  I think it's practical and I use it often for different payments. But I have something that makes it more convenient and that is debit card. But paying with Bitcoins directly from the wallet and use it that way as a daily currency is totaly different.
But having Bitcoin as a national currency for example is not possible because you just can't implement in your.monetary system something so volatile, limited and with high transaction cost.

[PointHope]

It is pretty clear many of us in this game see bitcoin as a storage of value, in a world where central banks and governments are robbing the public.

As we gradually withdraw support for the ongoing government and banking fraud, more stabilty and applications for liquidity will appear.

Our fear should be of government/banks and how they respond to the threat of crypto decentalization.

They will very likely want to bring everyone back into a one size fits all umbrella.

[fasdorcas]

I just read this somewhere from a site that is also introducing its own version of cryptocurrency and they claimed to be combining the best of both worlds...that of Bitcoin and Ethereum. Anyway, let's give them the needed good luck in the sea of cryptocurrencies we already have.

Bitcoin is a digital currency, invented by Satoshi Nakamoto in 2009, that is limited to just 21,000,000 units. As the price of bitcoin has risen, its use case has evolved from a currency into a store of value. It is no longer practical to use bitcoin to make every day purchases.

There are two points presented here. One is that Bitcoin has already evolved from being a currency into a store of value (maybe just like the physical gold) and two that Bitcoin is not anymore practical to be used for day to day purchases (maybe because it is very volatile and hence people are becoming speculators with its value).

Any comment?

I don`t remember the time when it was "practical" to use bitcoin "for day to day purchases".It never was.
There aren`t thousands of merchants ,who accept bitcoin  payments for regular goods and services.Right now ,we can use bitcoin for only two things-investing and gambling,and this is OK for me.
I wish good luck to those altcoin creators.Perhaps they will create the best altcoin ever.
Or maybe not....

Ha ha..But you must agree on this, now more services are available which accept bitcoins as their payment.
If you are gambling with BTCs, Man! You must be kidding me. I mean, it takes some guts to do that. It appears to me, you are wishing for altcoins so that you can gamble in it also.

[Akash1243]

I don't think it is not practical for a currency as it takes time for confirmations.Recently the transaction fees has risen this would make bitcoin bit impracticable for  daily uses or small transactions.And bitcoins market fluctuate alot so it is really hard to use it as currency everywhere.Bitcoin are efficient for online transactions.And they are limited so their values will keep on increasing.But you never know that some features might make Bitcoin practical in future.

[prtty2gal2]

It is pretty clear many of us in this game see bitcoin as a storage of value, in a world where central banks and governments are robbing the public.

As we gradually withdraw support for the ongoing government and banking fraud, more stabilty and applications for liquidity will appear.

Our fear should be of government/banks and how they respond to the threat of crypto decentalization.

They will very likely want to bring everyone back into a one size fits all umbrella.

Bitcoin poses a great threat to banks and governments but it can be the other way around also. However, bitcoins is a hurdle in their motives and opposite to their way of working but if it is legalized by them; I think they can turn around the tables. The game will change absolutely.