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Author Topic: Bitcoin's use  (Read 109 times)
otandelapaz
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February 14, 2018, 08:30:27 PM
 #1

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?

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February 14, 2018, 09:11:15 PM
 #2

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?

You are correct, it was designed to be Peer-to-Peer by Satoshi, which means that you can used it without any involving any third party. However, bitcoin has evolved into a form of investment specially when the big boys enter the market. They totally change how bitcoin becomes.

I think it will not always be the case, it can still used as a payment scheme. The only problem is that with the high cost of transactions and the slow confirmations, merchants are not accepting as of yet. But this will change with Segwit + Lightning Network, in my opinion.


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February 14, 2018, 10:22:10 PM
 #3

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?
I do not think it will continue this way, someday it will come where bitcoin will become a legitimate payment instrument but it will be very long, one problem here is the government and I think bitcoin also has weaknesses such as slow confirmation and this should be immediately updated
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February 14, 2018, 10:48:59 PM
 #4

In my honest opinion, Bitcoin will always just be a souvenir or investment.

People will use alts with more supply, less fees, faster TX times as payment funds.

In the future no one will want to use btc daily or at all. It will stay a legacy coin.

Why? There are only 23 million bitcoins or around that much. Not everyone in America, Japan, China, or anywhere can own 1 whole btc.

And there are already millions of btc lost due to wrong addresses and lost keys and lost computers. Also there's satoshi's untouchable stash.

They'll become collector's items once crypto becomes popular with mom and pop.

People will hoard the coin for prosperity and would rather use a common coin, like xrp with a limitless supply to transact with daily.

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February 14, 2018, 11:55:54 PM
 #5

It's already a kind of currency and some people use it to make purchases. The point is that each person uses it as they think it's more worthful for them on the currently situation, so for now you may see more people treating Bitcoin as an investment.

Will it change any day? If transactions fees decrease, if people are satisfied with their patrimony and if many stores from all sectors of society start accepting Bitcoin, yes, it will be more used as currency than as an asset. But it takes time to happen.

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February 15, 2018, 12:09:20 AM
 #6

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?
In my opinion, the nature of bitcoin is jobbery and belief. It can not be a currency of world because bitcoin prices is volatile, unstable and heavily dependent on whales.


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February 15, 2018, 12:09:35 AM
 #7

If our government forbids it, then bitcoin will forever never be a currency like in the Netherlands and Japan. As in my country Indonesia, the government refuses if bitcoin is used as a means of payment, and if one adopts bitcoin the Indonesian government will crack down on the bitcoin adopters. So, inevitably I use bitcoin as an investment asset only.

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February 15, 2018, 12:16:38 AM
 #8

None is clear about the true fact of bitcoin. In my understanding it got innovated as a technology which provides the effective and efficient functionality compared to the traditional system. Later it with its multiple accessibility got termed to be a value storage token and later got various other transformation. Now this has gained much popularity as an investment.

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February 15, 2018, 01:00:22 AM
 #9

Talking about Bitcoin is a little tricky because words we use in everyday discussions such as money, currency, value and investment all mean something slightly different  in the bitcoin world compared to nation state systems like the dollar.

I think the best way to view Bitcoin is as "deflationary hard money" in the Austrian economic sense. This way you can understand why it's used as a store of value, an investment and in day-to-day purchases.
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February 15, 2018, 01:13:02 AM
 #10

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?
In actual when the bitcoin comes in existence then it was believed that it was made only to show the talent of the Satoshi Nakamura that he can make more better system of money transfer where user will use peer to peer transaction and no one will be between the single transaction and that way will give more security , but after few time people take the interest and that results into people to invest at very small money Investment and after that use of bitcoin changed into asset and after that people fully started to buy and sell with Fiat and generation of new coins .
Here I don't think bitcoin will remain limited to Investment but it will be available for the payment purpose at every possible platform .


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February 15, 2018, 02:09:51 AM
 #11

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?

I surely hope not. Right now it's hard to do anything else than to hold bitcoin or use it to trade, since we don't have to many shops or merchants accepting it. We had a few, but most of them removed their support because of the fees and volatility. The fees are lower again, so we might see some merchants accepting crypto again, but the majority will still use it for trade.

With the lightning network, and eventually some adoption we might see a change here. Right now I bought bitcoin as an investment because I believe in the technology. So I don't intend to trade it. I will hold it until it has other uses, different from just being a financial asset.

Not saying this is a bad thing though, because this helps bitcoin grow some liquidity, that is valuable for it to become more stable.

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February 15, 2018, 02:48:08 AM
 #12

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?
Bitcoin is a cryptocurriencies  and it I use in a form of a electronic  forum as a investment
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February 15, 2018, 03:00:30 AM
 #13

The argument for legalizing it is much stronger as long as people use it legally then I don't see a reason to take it away, when u take away a fun way to bet and make money when ur lucky then your frustrating a lot of good people who are using it correctly. Find a way to stop people from doing something illegal.
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February 15, 2018, 03:13:52 AM
 #14

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?

Bitcoin is not going to be a currency that is run by a government like the US dollar is in the United States. Bitcoin is independent of a central authority, i.e. decentralized.

It is possible that a small country could declare Bitcoin as that country’s official currency, but they still would not be in control of it. They would just be using it for transactions. I think this could happen at some point in the future.

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Beefcake
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February 15, 2018, 03:14:49 AM
 #15

It might be a currency some day, but the price needs to be very stable for that to happen.  By stable I mean no more than 1% fluctuation a week.  Otherwise how could a business possible use it?  The only way to use it now as a business owner is to immediately sell it for cash, or hold in hopes of appreciation (assuming the business has enough free cash on hand to replenish inventory in the mean time.)

Bitcoin and other cryptos, because of their finite supply, will not be stable enough until they reach mass adoption.  We are seeing mass adoption starting, but are perhaps a decade or more away from stable prices.

But who know what innovations the future will bring?  It is exciting times, I might wake up tomorrow to find the world has changed again.

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February 15, 2018, 03:23:52 AM
 #16

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?

Bitcoin is made for peer to peer payment transaction however, transaction fee became expensive that it is just non-sense to use it as currency if you are paying for it and the transaction fee is higher than the actual value of the goods or services you are paying for. It is not ideal for small value transactions but if you have large value transactions then you can disregard the transaction fee but still it is a big hindrance why bitcoin cannot be use yet as currency. It is more of an investment now because of the possibility of it having large value in the future due to its limited supply and high demand.

Though there are other cryptocurrencies that emerge now having low transaction fee and fast confirmation time, bitcoin is still the one in demand because it is the most famous of them all and being the pioneer. If the developers would be able to find a solution for faster confirmation and low transaction fee then bitcoin will continue to shine otherwise some other coin will be able to take its throne in the future.


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February 15, 2018, 03:31:59 AM
 #17

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?
Bitcoin now is really currency but not as well known like our fiat that somebody used for it, because of high transaction fees and low confirming in transactions that's the reason someday choose to invest rather to choose as a payment. That's the best asset of bitcoin many people adapt just to invest compared to used in payments. But there's some technology used by blockchain to make faster transactions and lower the possible fees have, the Segwit and the Lightning Network. Hopefully these are the best way to more improved bitcoin.

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February 15, 2018, 03:50:09 AM
 #18

Bitcoin's use it could sustain for our all needs and wants if we had a lot of it. Bitcoin is designed for a safest way of currency handling. No one could touch your bitcoin and the best advantage of it is the highest value among the others currency. So it could enjoy and satisfied.
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February 15, 2018, 04:20:03 AM
 #19

In my understanding, Bitcoin was created as a currency an electronic form of it. But it is currently used as a form of investment. Do you think this will always be the case, and Bitcoin will never really be a type of currency?
Yes bitcoin was designed to work as a currency but with the current issues about the transaction fees and slow processing, more users find it good as an investment instead with a volatile price. Majority are buying not to spend but to hold for future price increase. Before we can use it as currency like fiat people should be aware of this crypto through the support of the local government to recognize bitcoin as one of payment system.

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February 15, 2018, 04:21:36 AM
 #20

Bitcoin was originally created as an alternative, decentralized payment method. Unlike international bank transfers at the time, it was low-cost and almost instantaneous. An added benefit for merchants (less so for users) was that it was irreversible, removing the threat of expensive charge-backs.

However, the improvement in domestic payment methods and the rapid development of alternative (non-cryptocurrency) forms of international transfers has reduced bitcoin’s advantage in this area, especially given its increasing fees and frequent network bottlenecks.
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