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Author Topic: Bitcoin must come back to its original use - currency !  (Read 863 times)
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February 27, 2018, 09:55:04 PM
 #21

BTC is still not suitable for get accepted as real world payment system. Current financial system is based on beliefs of some people so, cryptocurrrencies cant easily change this system. Some of newly created coins aim to change this but let's dont foold each other of community Wink

 

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February 27, 2018, 10:47:25 PM
 #22

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There are no creation of million BTC addresses daily but the only one unique address per head per bank account!

Why would we get rid of one of the features that distinguish using Bitcoin from bank accounts? Also, it is impossible to stop people from creating new Bitcoin addresses because someone code their own generator thanks to Bitcoin being open source.
There are many merchants who accept Bitcoin as a payment. Bitcoin fees are quite low so don't even bother accusing it of not being cheap enough to use it for every day payments. Why should we care if some people use Bitcoin as a long-term store of value? We can't prevent this from happening.
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February 27, 2018, 10:54:55 PM
 #23

Bitcoin was created to become a currency, but for now bitcoin still not suitable to become currency, if bitcoin only act as currency for sure many people will ditch bitcoin, the high fee and slow confirmation will make society uaing other payment option, I think there should be a balance  where bitcoin being used as currency and commodity, after all the one that make bitcoin famous is because it is being used as commodity and we still need more popularity for bitcoin so many countries can adopt bitcoin

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February 28, 2018, 02:34:22 AM
 #24

One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.

Quote
One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

Thats what I am pointing out here. Lets keep the Gold as an investment asset or store value which is utility metal. It can be bought with currency/money. However, the bitcoin on the other hand is itself a currency which could be used to buy gold itself. Bitcoin was never asset for Satoshi's sake! We made it like that.

Quote
With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.

With that said by me, yes I am willing to use it for daily life needs with off course digital platforms unlike the physical currency.  Smiley

There is nothing to prove about it because our thinking has set to assets, store values, trades, profits when we say "Bitcoin". If that would have been never linked with it then im sure you would have been using it as currency too with no more proofs. Cheesy

But what if I want to save all my BTC and use my fiat money to buy everything for my daily needs. Cash accepting stores are more accessible, its also easier to pay with cash, and without the hassle of waiting for a confirmation which sometimes is inconsistent.

Let me say again that that opportunity costs is simply too great. If I spend my BTC today, and the price goes up to $15,000 the next week, I lose that opportunity to buy more with it.
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February 28, 2018, 03:35:38 AM
 #25

What do you mean bitcoin must back back to the original use? So how about today usage? Is bitcoin do not become people passive income? Or even some of them can make become their main income because everyone that use bitcoin will surely get some profit, even the latest should get profit till this day so I do not think bitcoin need to be back to the original position as if they not getting good future
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February 28, 2018, 07:33:06 AM
 #26

It is impossible to return Bitcoin to its original use as a currency, because investors continue to buy it for long-term investments. Bitcoin did not return to the accumulation council
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February 28, 2018, 07:45:32 AM
 #27

As much as I agree with you this won't happen because larger number of people see bitcoin as internet gold and not internet money.
Newcomers don't care what they can buy with bitcoin, they only care about how much profit they can make and cash out.

I am pretty sure lots people don't know that they can use bitcoin to buy something. It is just sad.
thats it,most of us valued bitcoin as gold more than a currency,because we treasure this in our wallet or exchange as valuable materials that upgrading the price day by day.and returning this to original form is impossible for this reason.since more and more are holding this great coin than spending

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February 28, 2018, 07:45:48 AM
 #28

I like the fact that Bitcoin offer you the ability to chose if you want to use it as a currency or if you want to use it as a commodity. This choice should never be taken away from you, because Bitcoin is all about FREEDOM of choice.

People are so accustomed to governments or people in centralized authority, making the decisions for them that they seldom appreciate the freedom of "choice" that Bitcoin offer them.

Bitcoin gives you 100% freedom to control your own financial wealth. <Go to bed tonight and just think about that for a while, I promise you it is a eye opener when you get that.> ^smile^

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February 28, 2018, 08:32:36 AM
 #29

I like the fact that Bitcoin offer you the ability to chose if you want to use it as a currency or if you want to use it as a commodity. This choice should never be taken away from you, because Bitcoin is all about FREEDOM of choice.

People are so accustomed to governments or people in centralized authority, making the decisions for them that they seldom appreciate the freedom of "choice" that Bitcoin offer them.

Bitcoin gives you 100% freedom to control your own financial wealth. <Go to bed tonight and just think about that for a while, I promise you it is a eye opener when you get that.> ^smile^
,although i agree with you there is also no guarantee that after the legalization of bitcoin into a specific country it wont be controlled by mosr of the governments, and worst part is that they will monitor all of your funds and try to control it or limit the usage, hopefully that wont happen.

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February 28, 2018, 10:00:13 AM
 #30

What do you mean bitcoin must back back to the original use? So how about today usage? Is bitcoin do not become people passive income? Or even some of them can make become their main income because everyone that use bitcoin will surely get some profit, even the latest should get profit till this day so I do not think bitcoin need to be back to the original position as if they not getting good future

I assume that you know that bitcoin is made as a virtual currency that can be use in purchasing goods or other thing that fiat can do. But since the value is increasing as we near in supply people sees bitcoin as an reserve asset that the more you'll hold it the greater the value. Truem it can be as source of income if we trade it but still it's not the proper way to treat a currency. And yes the true essence of bitcoin had gone and let's just embrace that this will be an asset that everyone love to have.

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February 28, 2018, 02:49:01 PM
 #31

I think for all bitcoin users strongly agree that going back to the original but it does not mean can not be in exchange, because bitcoin digital currency that has much evidence for all its use.

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February 28, 2018, 08:46:51 PM
 #32

What do you mean bitcoin must back back to the original use? So how about today usage? Is bitcoin do not become people passive income? Or even some of them can make become their main income because everyone that use bitcoin will surely get some profit, even the latest should get profit till this day so I do not think bitcoin need to be back to the original position as if they not getting good future

I believe he meant to be used mainly as a currency, rather than an investment asset. It's not that it's not being used today, it's that that it's being used as an asset, people buy at low and hold it for some longer time.. and to me that's not being used as a currency.
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February 28, 2018, 08:50:43 PM
 #33

One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.

Quote
One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

Thats what I am pointing out here. Lets keep the Gold as an investment asset or store value which is utility metal. It can be bought with currency/money. However, the bitcoin on the other hand is itself a currency which could be used to buy gold itself. Bitcoin was never asset for Satoshi's sake! We made it like that.

Quote
With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.

With that said by me, yes I am willing to use it for daily life needs with off course digital platforms unlike the physical currency.  Smiley

There is nothing to prove about it because our thinking has set to assets, store values, trades, profits when we say "Bitcoin". If that would have been never linked with it then im sure you would have been using it as currency too with no more proofs. Cheesy

But what if I want to save all my BTC and use my fiat money to buy everything for my daily needs. Cash accepting stores are more accessible, its also easier to pay with cash, and without the hassle of waiting for a confirmation which sometimes is inconsistent.

Let me say again that that opportunity costs is simply too great. If I spend my BTC today, and the price goes up to $15,000 the next week, I lose that opportunity to buy more with it.
People would always go for the most convenient way of living and we do all know that bitcoin isn't still capable on replacing fiat when it comes to daily transactions on our daily living.Even though how hard we do push on why bitcoin is being created but we cant really easily changed the situation on strictly implementing it. Why? because adoption isn't still there yet and people isn't seeing this thing as a currency but an asset to hold off.
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February 28, 2018, 09:18:24 PM
 #34

Bitcoin continue to evolve its features so it means that it is expected to have some changes. Changes that is for the good of the user so that it will continue to be used by many. What you are trying to impose that bitcoin  must comeback to its original use is I think it is hardly not happen because it is already establishing a strong foundation. Moreover, people are now contented of the services of bitcoin although sometimes it has some problem regarding with its transaction fee but I think all is still in good.

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February 28, 2018, 09:19:00 PM
 #35

I seriously dislike people telling others how to use Bitcoin. It's basically like banks telling you how to use you own money.... Bitcoin equals freedom, which allows you to choose for that what's better for YOU, and not what's better in general terms or what's better for whatever central authority, and this freedom is something banks and the governments will never be able to provide. Instead of focusing on what others are doing with their coins and how they use them, focus solely on yourself and use Bitcoin in the way you think it should be used, and from there I hope for you that your way of thinking aligns with your actual needs, otherwise you're just a hypocrite.
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February 28, 2018, 09:30:28 PM
 #36

It is hard to tell people to use bitcoin when there is a high chance that their coins will be worth much more tomorrow, next month or next year.
I would only spend my coins if I stumble upon a really good offer: for example, could buy a car or house with BTC directly.
If I could avoid all that paperwork with exchanging BTC to fiat then I could consider spending my BTC.


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February 28, 2018, 10:48:58 PM
 #37

You can not change a reality by magic. Bitcoin has never really been a currency. First it has been a tech experiment, and then it has mutated into a store of value, something you would buy to hold, not to spend. This is quite difficult to change. Perhaps impossible.

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February 28, 2018, 10:59:19 PM
 #38

That's quite interesting point of view. 2009-2010 would be definitely too early for Bitcoin to become noticed by large companies and governments. I guess you don't understand the point of Bitcoin's existence at all. Bitcoin was supposed to help us create a currency which wouldn't require any third party. Someone could now say that Lightning Network breaks this rule but keep in mind it's a second layer solution, nobody is forced to use it. No exchanges? No ability to keep coins in my own wallet generated offline? Let's go further. Get rid of miners and allow central banks to reverse or freeze transactions.
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February 28, 2018, 11:21:13 PM
 #39

I think it is not just greed that take its place. It is practicality. Anyway USD is a currency that is being traded with other currency and I see bitcoin has the same uses as it is. Only that bitcoin has a greater value that can be compared to gold, even greater than USD does.

It is not greed, it is taking advantage of the opportunity and being more open on the possiblity that this virtual crypto can offer. Bitcoin being a currency is boring, there are a lot of currency out there and this can be use for the same purpose online. So people maximize the use of bitcoin and tried to be greater than any other currency. Trades happen.

I think trading is the best defision and best usage of crypto ever created.

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February 28, 2018, 11:36:11 PM
Merited by Mometaskers (1)
 #40

One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.
All currencies are assets as well, this is something usually forgotten and as long as bitcoin performs a better job being an asset then that is the use people are going to give to it, bitcoin as a currency is not very good, that will change in the near future but we cannot deny the best usage of our bitcoin does not come from paying our bills it comes from holding and trading and as long that is true that is what we will keep doing.
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