Bitcoin will never be used for trading. Discuss.

[Platypus_PhD]

Bitcoin will never be used for trading. Why?

- Extremely slow transactions
- High fees
- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

Disclaimer: I have nothing against Bitcoin. I just don't think it's future is bright anymore as way better technology is coming into fruition.

[1714698284]

1714698284

[TERA2]

Bitcoin is already used as the base currency for altcoin trading at every exchange. Nothing happens on chain and it's all in exchange accounting.

[davis196]

What do you mean by "trading"?
1.Trading btc on cryptocurrency exchange platforms.You are wrong about this,there`s no problem with btc trading.
2.Trading btc for goods and services in the real economy.Well,this is the biggest problem for the mass bitcoin adoption.I agree with you about the fees and the slow transactions,but the solutions are coming(LN,Segwit,other).
What do you mean by "toxic relations between investors and technology"?Can you explain?

[tech72]

You must be talking about bitcoin being used as a global currency. The drawbacks you listed are for that particular purpose. In case of using it as trading medium, then that actually happens in the exchange backend and actual bitcoin transaction doesn't take place. So, Bitcoin is good for store value as well as trading medium coin of cryptocurrencies.

[arpon11]

Actually, Op, we cannot hind from this truth of the current state of bitcoin market, it cannot be use as a mode of payment because of this high fee we experience during transactions. Bitcoin cannot be adopted as payment processor as the confirmation time is highly alarming. There is a lot of disagreement among the  interested teams and it seemed helpless in the face of this enthusiasts. I am joining op to say I have nothing against bitcoin just that the transactions fee too high than any banking transactions all over the world.

[qiman]

Unless you are a big whale and moving around huge amounts and trading a ton, I think I will agree with the above. As for myself, being a micro trader, I now mainly trade in Ethereum markets otherwise all my little profits would be eaten in exchange and Bitcoin high transfer fees. I use Ethereum because it is both cheaper and lighter to move around and trading other ERC20 token markets with ETH seems much more logical to me at this current time, at least until the lightning network hits Bitcoin.

[HeRetiK]

Bitcoin will never be used for trading. Why?

...as mentioned by the other posts, BTC actually is used for trading, but I guess you are talking about BTC as a large scale payment network.

- Extremely slow transactions
- High fees

Fees were low and accepting instant 0-conf transactions for small amounts was viable until just about a year ago.

Transactions will be instant and cheap again, once Lightning Network is deployed.

- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Everyone who disagreed with the approach the core development team was taking simply forked off. Those that stuck to core are pretty much on the same page right now. It was a slow, painful process with a lot of drama, but in the end everyone got what they wanted.

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

You can use Bitcoin as whatever you want. You can choose alts over Bitcoin, if that makes more sense to you. That's the beauty of a free market of currencies.

[Borisb52]

Trading in a pair with bitcoin can and should be done. But you can deduce the earned profit in altcoyins (for example, the same lightcoin) for which fast transactions and small commissions.

[freecastle]

Technically a currency should not be so volatile, imagine the EUR / USD as liquid as bitcoin, with such fluctuations!

[TyfrTR]

Before the summer of 2017; bitcoin was accepting buy such companies like microsoft or steam but now they stopped to accept bitcoin. Of course; bitcoin's price volatility rised up and it's making damage to bitcoin's e-commerce usage in future. Becasue of the fluctuations and manupilations; bitcoin is looking like an invesment option; not a digital currency to be used in e-commerce. But I dont mean that bitcoin has no future in commerce.

[figmentofmyass]

Bitcoin will never be used for trading. Why?

- Extremely slow transactions
- High fees
- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

it's not clear what you mean by "used" for trading. if you mean on-chain atomic trading using the BTC blockchain, of course it's not good for that. block space is too precious. if it weren't, there would be little to separate BTC from centralized payment and messaging protocols. and the lightning network (as is) doesn't supply a reliable trust model for atomic trading. that could take many years to develop and implement in BTC, if ever.

here's the answer: we don't need bitcoin to be be the backbone for on-chain trading. there are decentralized exchange technologies emerging. one DEX model is for all currencies to be deposited into one wallet, controlled by the user. using smart contracts and timelocks, you can use those currencies as collateral for trading on a separate blockchain, which isn't subject to the limited capacity that bitcoin is. since the collateral is all time-locked, you don't need to pay BTC miner fees to trade it.

[mx667]

Unless you are a big whale and moving around huge amounts and trading a ton, I think I will agree with the above. As for myself, being a micro trader, I now mainly trade in Ethereum markets otherwise all my little profits would be eaten in exchange and Bitcoin high transfer fees. I use Ethereum because it is both cheaper and lighter to move around and trading other ERC20 token markets with ETH seems much more logical to me at this current time, at least until the lightning network hits Bitcoin.

Actually it depends on the situation, in the old days Bitcoin fee is still small and not like today. Now Bitcoin fee is too big and can not be used for micro trading. I think people are smart enough to determine which cryptocurrency is suitable for trading. Rightly you say, people will choose Ethereum for current trading. But for people who want to invest and do long-term trading, may still use Bitcoin. And also for people who like trading with large numbers, may choose Bitcoin and still loyal to Bitcoin. The title of this thread is quite make sense and true. From now, Bitcoin will not be use as trading anymore.

[Malamok101]

I think that's not going to happen because of all bitcoin trading sites that are commonly used to trade it in other coin but I think there's no reason to remove bitcoin in trading sites because it does not matter because it normally increases the fee and it's easy to deal with transactions because millions are also users here so it's hard to handle it so it lasts.

[yojodojo21]

Bitcoin will never be used for trading. Why?

- Extremely slow transactions
- High fees
- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

Disclaimer: I have nothing against Bitcoin. I just don't think it's future is bright anymore as way better technology is coming into fruition.

OP's Given Question and Topic is Not connected to Each Other, maybe PP is Pertaining to some sort of Transactions , because as far as i know, Bitcoin's Blockchain is verily used in any transactions, an in addition, Investors who bought altcoins is for the sake of Bitcoin by trading it. OP should keep on reading about Crypto digital world.

[Babebottle]

We are fine as long as bitcoin used for storing values like GOLD, BTC is more than GOLD.

[ralle14]

The high fees for bitcoin is only temporary if you're in a hurry then you have no choice but to pay more. Yesterday I only spend less than $10 for my 2 bitcoin transaction. There are solutions for bitcoin but I don't think it's really needed at the moment because the fees can still be reduced.

Bitcoin will never be used for trading. Why?

...as mentioned by the other posts, BTC actually is used for trading, but I guess you are talking about BTC as a large scale payment network.

He might be talking about trading bitcoins on chain and not off chain.

[tatum506]

Bitcoin will never be used for trading. Why?

- Extremely slow transactions
- High fees
- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

Disclaimer: I have nothing against Bitcoin. I just don't think it's future is bright anymore as way better technology is coming into fruition.

As I think bitcoin is widely commercialized, one can see that this market fluctuates continuously and there are many risks but it also brings huge profits to investors so we should head Go to bicoin now. Bitcoin trade is the trend of the world as bitcoins are increasingly recognized and licensed by many countries around the world.

[AliCris]

He probably had in mind that they will not be able to pay in the same supermarket, or just a store. Well, for this already released a lot of projects, special for everyday life.

[Indrawan77]

Bitcoin  is the main currency if you are trading in crypto currencies, the fee for bitcoin is high because the price is expensive, however the slow transaction need to be fixed, bitcoin had been the main currency for a long time and most of people know bitcoin, despite the fee and speed, bitcoin still the most famous among other coin, but slowly people will swap to other coin if the problem is not fixed

[xSkylarx]

Bitcoin will never be used for trading. Why?

- Extremely slow transactions
- High fees
- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

Disclaimer: I have nothing against Bitcoin. I just don't think it's future is bright anymore as way better technology is coming into fruition.

You're kidding right? or you just don't know what you are trying to say about bitcoin. When you are going to buy some tokens that you are going to use in Trading, what are you using, bitcoin right? so how come that it will never be used in Trading, how are you going to buy tokens to be use in Trading if you will not use bitcoin, now I'm the one who is confused here. Also, you are trading your tokens, meaning that you could have bitcoin in return or ethereum, but still, you need to convert your ethereum into bitcoin in order to sell some and have fiat, so why said that?