Bitcoin as a Medium of Exchange

[sofi@]

Bitcoin is more of a medium of exchange because majority of the community takes bitcoin as their additional income it's main role is to support their finances. As much as people want to hold bitcoin as an investment for a long period of time they don't have choice but to convert them at least with that bitcoin was able to help many individuals and was able to make peoples lives comfortable

[CASTIEL05]

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.

The main purpose of bitcoin is to transfer asset from one place to another, fast, easy and reliable source. Bitcoin is decentralized, that's why more traders are attracted in bitcoin. Traders would not hessitate to transact instantly because government will not interrupt them. As long as the transactions are legal. Now we can see how bitcoin changes our lives, the complicated transaction becomes automatic.

[kimochidesh]

BTC is originally developed to use BTC as an alternative mode of payment. But with time it becomes more popular as a speculative instrument and an investment tool.
BTC is no longer used as a medium of exchange coz of it crazy High fees and delay in confirmation time. Moreover, volatility in BTC price also resist users to use it as a mode of payment

[elloco4ever]

Bitcoin is more of a medium of exchange because majority of the community takes bitcoin as their additional income it's main role is to support their finances. As much as people want to hold bitcoin as an investment for a long period of time they don't have choice but to convert them at least with that bitcoin was able to help many individuals and was able to make peoples lives comfortable

I can proudly say bitcoin has helped me to improve the quality of my life and finances as well and i believe bitcoin is like a boon to this generation people if utilized in proper manner and most of us use bitcoin as a medium of exchange and also i am elated to see there are many new ICO who are trying to get some sort of projects where they can convert the crypto currencies to fiat when transferred (optional) which will make our life easier and bitcoin has helped many people to get their finances right.

[BCTBF]

Well that's the advantage of using bitcoin, all transactions can be done easily and quickly. If it is already applied in many countries, then definitely bitcoin will be the main transaction tool that will be used by many people. But it will bring a pretty harmful impact, fiat money will be replaced by digital currency, it will make the use of the Internet will be heavier and will affect the ecosystem of existing living things on earth.

[mharz]

Bitcoin is used as medium of exchange? I think there's no wrong with that since bitcoiner are used bitcoin in trading. I guess using bitcoin as medium of exchange is good to us because increasing of profit will become easy to us.

In addition since from the start bitcoin was used as instrument of exchange, because bitcoin can't used if we can't change it into our own currency.

[brushtooth]

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.

You are right that many true bitcoin enthusiasts do that but I don't think that there is too many of them about, most bitcoin owners now are just guys and girls who want to gain FIAT by holding their bitcoin.

Bitcoin is a digital currency system and it's a online transaction process ,the rate of bitcoin is very high and it varying daily ,the today rate of bitcoin is $18700 and it increased in future and due to rate increased so the exchange of bitcoin is some what low previously.But as of now the the exchange was very high as compared to other.Not only the girls will hold the bitcoin,all the people need money will hold.

You speak of the increasing value and that is exactly why many people are in to bitcoin who don't really care whatsoever about its uses or value. When something grows like bitcoin has it will always attract such people. In time they will be shaken off and bitcoin can move towards being used as OP suggested.

[vibingpositively]

Yup that is exactly how the bitcoin was made to function but now it has been taken to an entirely different route by people and that should be no surprise either. We are in a bubble now it seems only question is when will it burst and how big will bitcoin retrace. I hope it happens soon because I want bitcoin to function as a medium of exchange not an investment vehicle.

[aeternus]

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.

I would say that was more true in the past that is why you saw people exchanging tens of thousands of bitcoin for pizza or stuff like that but as bitcoin has grown in value things have changed and the amount of bitcoin moving has gone down however the value those bitcoin carries has gone up, but as things stand today bitcoin is not a very good currency and steps need to be taken to change this situation as soon as possible.

[bitllionaire]

Since I came to know about cryptocurrencies I come to understand that bitcoin was actually discovered in other for us to change from the traditional ways of using money to a more degital ways.  I am surprised that no mainstream online shop has used bitcoin as a medium of exchange for goods and services why we keep on saying bitcoin is going to replace fiat in future and we all see bitcoin as a future of money. Using bitcoin like stocks or commodities kills it original idea of using bitcoin as a medium of exchange for goods and services or measures of value!

You are right mate currently we don’t have any online shop that accepts bitcoin as a medium of exchange but your grievance is going to an end soon in 2018. Amazon has already announced it that they are working on their system to accept bitcoin as a medium of exchange which will most probably be ready in the early months of 2018. Cheers, I hope this will encourage all the supporters of bitcoin where they could prove it to say that it is a perfect medium of exchange.

[mOgliE]

You are so right!

Mass medias actually present bitcoin as an unreliable currency, mostly used by drug dealers and porn users (I merely exagerate what they say). It is not. Most people that have invested long ago are sticking with bitcoin because they believe in its power.

And I am one of them. Bitcoin may allow us to get rid of banks over the long term but even at short-term, we can make changes in society! That's why this tool is so much more than just an algorythm and that's why I don't want it to die!

[EiKaGlaShPriSAThWEl]

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 maybe bitcoin can ve effectively use as a medium of exchange but the problem is not in all places bitcoin is accepted and worst not in all places bitcoin in knowm by people. Adoption first, then acceptance especially by the government.

[HasHe]

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.

Actually,it was created for the purpose of being used as a currency and it also served well too.I could not forget those golden days before two years when i used it for sending my income from abroad at a much cheaper rate and transaction being confirmed immediately.Otherwise,i would have to wait for two days by paying high fee in a money exchange.Every thing was going well and price increased slowly and we being bitcoin holders loved it.We don't this type of price hike increasing from $5,000 to $20,000 and falling suddenly falling back below $14,000.Also,the very high transaction fee which could not be digested nowadays.The only possible thing remaining is that we could expect lightning network to get activated soon.

[richardsNY]

I could not forget those golden days before two years when i used it for sending my income from abroad at a much cheaper rate and transaction being confirmed immediately.Otherwise,i would have to wait for two days by paying high fee in a money exchange.

Are you from a third world country? If so, then that would probably explain why you struggle with the higher fees. If not, then I don't see a problem in using a $10 fee to move a salary from one place to another. Also, back in the days you could basically get first block confirmations even without a fee at all, but there has never been a time where transactions confirmed immediately. In some cases you're lucky and you'll get quick confirmations, but you might also end up having to wait 30-40 minutes for a block to come through, and that isn't tied to whatever fee at all. Luck plays an important factor too when it comes to getting quick confirmations.

[pankowri]

It is ture.Bitcoin is a medium of exchange. Because, in the time of transactions, it take more time to do this.

[Afnan_faizah]

It is ture.Bitcoin is a medium of exchange. Because, in the time of transactions, it take more time to do this.

Not only bitcoin, all cryptocurrency is medium of exchange, but unfortunatelly the prices are unstable. I saw a few ICO's developer try to solve this by create a system which make sure that the price will always stable.

[DPrillio]

It is ture.Bitcoin is a medium of exchange. Because, in the time of transactions, it take more time to do this.

Not only bitcoin, all cryptocurrency is medium of exchange, but unfortunatelly the prices are unstable. I saw a few ICO's developer try to solve this by create a system which make sure that the price will always stable.

Yes, bitcoin can be a medium of exchange because it is a currency or a digital money and like any other electronics money in a card like of that in credit card, but it will not be realized if no institution will adopt the system but fortunately even though bitcoin is not at its best as a medium of exchange but still it is convertible for any of our local money so generally for me it is a source of indirect medium of exchange.

[Rahar02]

Bitcoin created to be an alternative currency due to many flaws and limitations in the system of fiat currencies.
Yes, transactions using bitcoin between two parties is possible as long as both agreed to use bitcoin as a medium of exchange.
But currently, there are some problems regarding blockchain network to transact using bitcoin.
On the other hand, bitcoin price increases significantly in the last few months, the temptation to get profits seems inevitable for most people, that's why if you don't want to sell your bitcoin, do not keep it in exchanges and just use web wallets and you will find it difficult to send bitcoin into exchanges.
However, only a few countries that have merchants, business or companies accept bitcoin as a payment method, especially in Japan. Most people can't spend bitcoin directly due to there are no any merchants accept bitcoin nearby.
There's another problem; some central banks or financial authorities stated bitcoin as illegal currency as long as there's no any regulation which regulates bitcoin can be used as means of payment. So, if you live in one of those countries, just do it in secret.

[Rono]

Bitcoin as a medium of exchange Is Really Good Opportunity For the people.How Much money they want to Transfer They will do At Home Without walking by foot And no banking System needed.Bank Has Much Approval for Transfer and Cashout.Now The Twenty-first Century People They Don't like any kind of issue to cause any trouble. They like all kind of freedom.So It Was The purpose of LIke Bitcoin as the medium of Exchange.

[skyflakes88]

we could really thank satoshi nakamoto for making this possible a technology where it can be safe fast and efficient at the same time by exercising this kind of technology to our current industries we could make the work fast safe and efficient think of it as the technological advancement of our financial system where no physical cash or fiat will be handle to have a transaction as forms of compensation or payment