petroaj (OP)
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October 18, 2017, 08:41:33 PM |
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If bitcoin is meant to be a currency, how does the idea go from investment (future growth) to everyday uses, given the extreme volatility of the "price" of Bitcoin. If today a pizza costs me .002 BTC but next Friday is costs me .005 BTC, why would I take that risk on price volatility instead of fiat currency?
How do you see purchases with BTC evolving over the years as the masses adopt the idea of cryptocurrency? Will BTC always be the "gold commodity" and other crytocurrencies with less volatility will be the everyday currencies?
Thoughts?
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gentlemand
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October 18, 2017, 08:49:01 PM |
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Something has to become a trusted store of value before it becomes a widespread currency. That's doubly important when the only thing Bitcoin has is trust. There's nothing else to back it. Bitcoin's still a wild speculative bet. If it becomes big enough then maybe the store of value aspect will be awarded to it as it's so enormous the volatility is largely quelled.
That being said I still don't believe it'll ever become a currency widely used. The price will become far more stable once 50-100x more people are using it. It'll be a supertanker by then and not a rowing boat, but it'll still be deflating so people won't want to spend it if they have something else available to them. Things like Lightning Networks won't make any difference to that. The chances are it'll still be worth more at the end of the week.
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Melquart
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October 18, 2017, 08:49:30 PM |
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That's why most of people using bitcoin use it for trading and investing. Bitcoin is not suitable yet to be used for daily purchases.
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Rozita
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October 18, 2017, 08:52:54 PM |
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This price volatility comes from comparing Bitcoin with Fiat. If Fiat doesn't exist and all the people use Bitcoin as the only currency, A pizza always costs you 0.002 BTC. In that way we will use Bitcoin as same as we use Fiat today.
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tomahawk9
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October 18, 2017, 09:22:11 PM |
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Believe it or not, we're still in the early stage of bitcoin, it's not widely known around the globe as of yet, but once it becomes mainstream, we might see the price becomes stable as more people beging to use btc. But I think it would take decades before a cryptocurrency can be adopted as a currency for daily purchases, some stores in europe and asia already implemented the use of btc, but we're still far away from what bitcoin can actually be as a currency to society.
Also, you are comparing btc with fiat currency so your example doesn't make sense. If a pizza costs you .002 today, after a big surge in the btc price, it will cost you the same .002 btc.
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squatz1
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October 18, 2017, 10:12:11 PM |
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Believe it or not, we're still in the early stage of bitcoin, it's not widely known around the globe as of yet, but once it becomes mainstream, we might see the price becomes stable as more people beging to use btc. But I think it would take decades before a cryptocurrency can be adopted as a currency for daily purchases, some stores in europe and asia already implemented the use of btc, but we're still far away from what bitcoin can actually be as a currency to society.
Also, you are comparing btc with fiat currency so your example doesn't make sense. If a pizza costs you .002 today, after a big surge in the btc price, it will cost you the same .002 btc.
I wouldn't say this is true about the early stage of bitcoin, as we've pas through the early stage by a long shot now. As the early stage would be the first time it was invented and used, by Satoshi himself. Moving onto the thread, I feel that these days Bitcoin (like most other altcoins) are trading coins and not really currencies that are used to do as they were made for. While Bitcoin is used more then most altcoins, I feel that it's still more of an investment then a currency. |
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gentlemand
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October 18, 2017, 10:24:13 PM |
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I wouldn't say this is true about the early stage of bitcoin, as we've pas through the early stage by a long shot now. As the early stage would be the first time it was invented and used, by Satoshi himself.
Bilge. Walk on to the streets of any city anywhere in the world and ask every person you come across whether they own and use Bitcoin. As a rough guess you'd be extremely lucky to find one person in several hundred or thousand. People who spend time in echo chambers such as here receive absolutely no objectivity about the wider world. We think everyone's into it. Nothing could be further from the truth. We may not even qualify as early adopters yet. |
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avikz
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October 18, 2017, 10:58:40 PM |
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If bitcoin is meant to be a currency, how does the idea go from investment (future growth) to everyday uses, given the extreme volatility of the "price" of Bitcoin. If today a pizza costs me .002 BTC but next Friday is costs me .005 BTC, why would I take that risk on price volatility instead of fiat currency?
How do you see purchases with BTC evolving over the years as the masses adopt the idea of cryptocurrency? Will BTC always be the "gold commodity" and other crytocurrencies with less volatility will be the everyday currencies?
Thoughts?
The bitcoin was initially started with the idea of being a virtual currency and not as an investment. However, being a pioneer in crypto market, bitcoin started getting a lot of investment from worldwide and based on the normal demand-supply rule along with few other factors, price started getting increased. Due to which bitcoin slowly moved to become an investor's paradise. However, at the current scenario, bitcoin is not fit for becoming a currency because of its huge transaction confirmation time. The average time of confirmation is now 30+ minutes which makes it not fit for daily use. Also the factor you stated, is very true. The price is so dynamic that the cost of a pizza can become double within few days. So fiat is best for daily use and purchases and bitcoin as an investment, at least for me. |
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petroaj (OP)
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October 19, 2017, 12:58:10 AM |
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This price volatility comes from comparing Bitcoin with Fiat. If Fiat doesn't exist and all the people use Bitcoin as the only currency, A pizza always costs you 0.002 BTC. In that way we will use Bitcoin as same as we use Fiat today.
This is the premise of the original qestion. How does the world make the switch from fiat to crypto (in 10, 15, 25 years if ever). What does that look like? Does a single nation need to give up its fiat currency and only exist in BTC, and hopefully start a domino effect? |
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no0dlepunk
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October 19, 2017, 01:18:57 AM |
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If bitcoin is meant to be a currency, how does the idea go from investment (future growth) to everyday uses, given the extreme volatility of the "price" of Bitcoin. If today a pizza costs me .002 BTC but next Friday is costs me .005 BTC, why would I take that risk on price volatility instead of fiat currency?
How do you see purchases with BTC evolving over the years as the masses adopt the idea of cryptocurrency? Will BTC always be the "gold commodity" and other crytocurrencies with less volatility will be the everyday currencies?
Thoughts?
This happens because people don't use it as currency yet. Just wait until major stores accept bitcoins for payment and you will see the price will drastically go up and then stabilize... once it reaches that phase, expect no huge volatility. Well, just an opinion of course. |
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mk4
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October 19, 2017, 01:28:48 AM |
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The price volatility is mainly because bitcoin is at a very VERY young stage. Only a small minority of people across the globe actually have heard about bitcoin, let alone people who actually own and use bitcoin. Price will stabilize hopefully once the maximum number of bitcoin is reached and when we reach a decent percentage of global adoption.
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speedy963
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October 19, 2017, 01:42:05 AM |
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That's why most of people using bitcoin use it for trading and investing. Bitcoin is not suitable yet to be used for daily purchases.
I do agree with you, its because as of now there are still no fixed price or worth of bitcoin and because of its volatility almost every minute the price changes so its hard to guess how much price for the items or goods that are paid in bitcoin will be, and as of now bitcoin is not yet suitable for day to day transaction or currency, but atleast for investment it is. |
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