Bitcoin as a Medium of Exchange

[Aditya1011]

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

[aizen10]

true, many people are switching to use this bitcoin to send/receive money world wide without government manipulative rules. this can be use or the other way to save their assets from their own economic melt down to prevent a huge loses. transferring a huge amount of assets to bitcoin so they can take/travel their assets where ever they go and what ever they want to.

[HasHe]

Its true that some bitcoin enthusiasts consider bitcoin as a medium of exchange but they are very small in percentage.Most of bitcoin holders nowadays are newbies and they buy bitcoins only to get good profits and for no other reason.Its mostly used as an asset and not as a currency.But still,this could be changed by activating lightning network which would once again encourage bitcoin to be used as a currency.

[bajigur894784]

It's true, because transactions with Bitcoin greatly optimize anyone, especially the needs of online business people who are often bothered by the regulation and the cost of the intermediary.
As a Bitcoin owner, we are free to use it for anything, transact with it in any amount.

[Mometaskers]

That's the original intention anyway. Cheap and fast transactions between people that ignores the current banking system. Currently though it's more of an investment tool. Was one of the people that got in because of news of profits and then stayed.

Its true that some bitcoin enthusiasts consider bitcoin as a medium of exchange but they are very small in percentage.Most of bitcoin holders nowadays are newbies and they buy bitcoins only to get good profits and for no other reason.Its mostly used as an asset and not as a currency.But still,this could be changed by activating lightning network which would once again encourage bitcoin to be used as a currency.

I sure hope so. Just transferring money from between my wallets take so much time. Even got to the point that a sell order got stuck for days at an exchange.

[kaya11]

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

Here in or country only few of us use this kind of transactions. The millennials are the one experiencing what is it like to use digital currencies. Most of the old folks says " Leave it to them, we are too old for that kind of things". That's why digital currencies is far from knowing here. I want people here to see the advantage of using digital currencies and step by step we show them what is it like to use one.

[webtricks]

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

There are certain business accepting Bitcoin payments and Bitcoin is already an established medium of payment.
But recently two factors have effected its utility as mode of payment namely :

1. Fees and Transaction Time: Bitcoin isn't work instantly. Transaction takes minimum of 5 minutes to ~ to process depending on fees. Also fees is quite high which can even reach $15 in congestion periods.

2. Volatility: Bitcoin has very high volatility. Medium of exchange should be some commodity having relatively stable value. It is fatigue for business to keep its prices changing with changing btc prices.

[Quesdana]

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

In some aspects, it is already used as a medium or means of payment of various products purchased depending on the online shop you are trying to avail. If you happen to buy to a shop who konows bitcoin so well, then they surely accept bitcoin as a medium of payment of the things you buy from their shop.

[musliyevich]

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

yes you are true when use bitcoin as  Medium of Exchange will earn from 1. 0 income tax 2. price change 3.low fee less than 10$

you can send all over world with less 5$ and may be 0 if price rise when you hold your BTC

[shezu007]

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

There are certain business accepting Bitcoin payments and Bitcoin is already an established medium of payment.
But recently two factors have effected its utility as mode of payment namely :

1. Fees and Transaction Time: Bitcoin isn't work instantly. Transaction takes minimum of 5 minutes to ~ to process depending on fees. Also fees is quite high which can even reach $15 in congestion periods.

2. Volatility: Bitcoin has very high volatility. Medium of exchange should be some commodity having relatively stable value. It is fatigue for business to keep its prices changing with changing btc prices.

Bitcoin as a medium of exchange of the money all over the world is beneficail for both sender and receiver. They will pay a cheap tax for the exchange of the total coast. Also their exchange will be a secure. The exchange of the bitcoin is very secure and the information of the exchange is also a secret. The information does not leak to any third person rather than the sender and receiver. So Bitcoin as a medium of the exchange is very good than other medium of exchange. i.e exchange in the fiat currencies.

[Vohoanghiep]

Aside from joining Bitcoin just to trade and seek freedom of the trade, I think there are a lot of people watching Bitcoin as a money market that can help them make a lot of money. All transactions will be made immediately if you have internet connection and pay a fee. That is compulsory. With BItcoin, you can manage your currency, m not seen by anyone, no one knows you, it is a great thing to date.s

[yamortsac]

You are right, bitcoin enthusiasts prefer to use the bitcoin as medium of exchange because it is actually the main reason of creation of bitcoin so it should be used like that. But since bitcoin is not yet accepted by all business establishments as mode of payment not all can able to use bitcoin in that way so they use it as an investment.

[Sweeet123]

It will take a while for bitcoin to become a mainstream medium of exchange, as not a lot of people know about it,just some people across the globe have invested in bitcoins and that kind of a sample size cannot give you an idea whether bitcoin can be used as mainstream medium of exchange

[1NV3ST0NM3]

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

No! No! No! a currency which takes 13$ for a transaction and wants an hour to get confirmed that money has been received by the other person is just useless. Adopting it as a mainstream method of settlement would mean anarchy and nothing else than that. Okay one could surely spend this amount for something worth $100 but do you really think one can send $10 or $20 in form of bitcoins? The transaction fee would overtake the amount itself.

[Maveth13]

Well that was the original intended purpose of bitcoin. But with its current situation where the price could change drastically within hours, the high fees and unstable transaction time, it would make sense why most people only uses it as an investment.

[Hydrogen]

Very true, OP.

Its worth noting many bank accounts carry minimum balances which prohibit the poorest demographics from being able to buy and sell goods & services electronically. In some countries this precedent is even worse with there being zero electronic transaction support for those living in poverty which effectively prohibits the poor from having access to electronic payment.

In other cases where poorer demographics have access to electronic transactions, which often function effectively as monopolies, fees and taxes are so exorbitantly high it becomes impossible to send things like wire transfers without paying effective 40% or higher taxes.

Bitcoin and crypto are more easily accessible to those poorer demographics who go ignored by banking systems worldwide. This low bar to entry could be a neglected reason behind the success of crypto currencies and they're rising demand.

[minersday]

Its true that some bitcoin enthusiasts consider bitcoin as a medium of exchange but they are very small in percentage.Most of bitcoin holders nowadays are newbies and they buy bitcoins only to get good profits

That line that is on bold is the reality of bitcoin nowadays.

All the holders are just newbies that are claiming to be the next "trader's of wall street" because they earn $100 or $200 a week just by doing a quick trades.

But what are we going to do against them? nothing, if they are happy, just let them go.


Bitcoin might be considered as a medium of exchange, but with the current fees, it is pretty impossible.

[Bandon]

Bitcoin works best when doing business with others who prefer to negotiate in Bitcoins, rather than using the digital currency as an alternative for something already priced in a state-sponsored currency.

[uelque]

Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.

Bitcoin really is can be considered as a medium of exchange because it can make payment method easier, but without larger number of blocks, it cannot handle large number of transactions faster. Which makes bitcoin as a medium of exchange not yet more capable at this moment. So no one would still accepts it as a medium of exchange for now. Unlike ordinary way of paying for goods etc, which is so much easier, because we, for sure, would compare what is the most convenient to use. And I guess we all would choose the ordinary way which we are more comfortable of, that is why for now bitcoin is good to be considered as an investment.

[pentol86]

true, sometimes i used bitcoin just for transaction, and make my wallet empty again. for now, better safe in altcoin. they will give you much profit