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Author Topic: Bitcoin failed as a currency  (Read 6951 times)
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April 23, 2018, 11:30:57 PM
 #1

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?
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April 23, 2018, 11:45:12 PM
 #2

I think no because bitcoin is used for online transaction and the price of bitcoin is not stable, but if bitcoin become stable maybe it might be possible that bitcoin will become currency, but for now, there's no chance that bitcoin will be used as currency.

The other reason every country have their own currency so where do you think the country of bitcoin?

Bitcoin is decentralized and we couldn't just credit it to China or other countries as their currency.

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April 23, 2018, 11:50:49 PM
 #3

We can't say this thing right now because the future are still bright with bitcoin. Yeah, for now a lot of black propaganda just to ruins bitcoin reputation but I still believe in the future of this thing, bitcoin will become a major currency in the future. This is just the beginning.
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April 24, 2018, 12:05:26 AM
 #4

There are people using Bitcoin as currency, so it didn't fail. But it's not a rule and each person can use Bitcoin as it better fits their needs. Maybe it looks strange that people use a currency as investment option because we see our traditional currencies losing price each new day, being unprofitable to hold, otherwise we would have fiat as a glimpsed investment too and not only to pay for our needs.

More people will start using BTC as currency if it's interesting for them. It can be achieved when more stores from different sectors start accepting BTC as payment and consequently when the demand for the digital currency increases.

 
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April 24, 2018, 12:08:49 AM
 #5

The volatility in Bitcoin is kind of concerning for something intended to be a store of value. But, the simple fact is that it is being purchased for speculation, and not as a store of value or means of exchange. The number of speculators dwarfs the number of people who purchase Bitcoin for some practical use. Speculation lends itself to quick buying and selling moves, while people who actually use a currency hang on to it. I believe that when Bitcoin use as a practical currency exceeds that of speculators, the volatility will decrease.


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April 24, 2018, 12:09:48 AM
 #6

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?


Bitcoin its a direct investment easy to convert as a currency and (Online privately & safely  >>>limited<<<  )
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April 24, 2018, 12:27:29 AM
 #7

This is such an example of FUD but for all inclusive purposes I'll comment.
There are plenty of merchants that currently accept BTC, and plenty more are starting to accept it.
You can call it an "asset" if you'd like, but the fact remains it still holds value and can still be used to acquire goods and services, just like fiat can.

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April 24, 2018, 12:36:14 AM
 #8

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?


What do you mean 'failed as a currency'? It is not a currency to begin with! In order for something to be considered as a 'currency' it must follow the requisites, such as the government accepting it and making it as a standard payment throughout the world, the value must be backed upon by something like gold, and it must be regulated by our banks.
Bitcoin, on the other hand, is not regulated and intervened by the government and only laws are imposed strictly against its utilization. Another thing to consider is that bitcoin cannot be a currency YET as the blockchain technology is not fully expound and explained up to date.

We can't say this thing right now because the future are still bright with bitcoin. Yeah, for now a lot of black propaganda just to ruins bitcoin reputation but I still believe in the future of this thing, bitcoin will become a major currency in the future. This is just the beginning.

Though you may be right, I consider bitcoin as the gateway towards this digitalized revolution wherein people would use its platform in the future. It may be the foundation on how we transact in the future- and that may be the ideal situation. But as of now, we cannot embrace that idealistic scenario.
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April 24, 2018, 12:38:35 AM
 #9

This could happen, and I believe in the future, and if the bitcoin currency already has a very high price definitely bitcoin will be a tool as a currency rather than just an investment.

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April 24, 2018, 12:46:15 AM
 #10

Despite the fact that investments prospects of bitcoin outweigh its  status as a currency does not mean bitcoin has failed entirely in being a currency. For bitcoin to have withstood all the backlashes, especially form this year and still exist should tell you that bitcoin is just a stone throw away to being accepted by bigger companies in the future.
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April 24, 2018, 12:51:37 AM
 #11

Until now it is bitcoin as an investment destination in the long run and also short-term trading, and if later many places where shopping is already serving bitcoin transactions I think bitcoin can really be a currency.

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April 24, 2018, 12:54:32 AM
 #12

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?


Of course this can change. What's needed is of-chain scaling, which is being worked on right now. As soon as the Lightning Network is completed, bitcoin will once again be usable for microtransactions.
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April 24, 2018, 12:56:45 AM
 #13

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?



Lemme clarify some information for you mate, Bitcoin was never suppose to be a currency but an online money when you can buy things over the internet or whatever else, in this type of transaction have made there's no way you can be track down whom using the Bitcoin unlike when you pay things over your credit /debit major card, the thing that bound these boundaries was the anonymity of paying things using Bitcoin, as I speak Bitcoin is sure as a form of investment but for my perspective of view only way back in the last quarter of 2017 as of now FUD.

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April 24, 2018, 01:04:38 AM
 #14

Bitcoin is still being used as currency because you can pay in millions of merchants with bitcoin and its still dominant whole cryptocurrency space.

Therefore bitcoin is both investment and currency, in next few years we will have lightening network which will make bitcoin ultimate payment gateway.

Bitcoin might keep on holding speculative value in future too but volatility might get lower down with increasing marketcap.

 
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April 24, 2018, 01:37:01 AM
 #15

bitcoin has many functions, not just as a currency and place of investment, but also bitcoin can be used for every transaction and meet the needs that cover all aspects of our lives. even bitcoin can control the world economy.

but because for temporary today there are not still many countries that accept bitcoin, and are not ready to make bitcoin as a transactional tool, so bitcoin functions are limited only for investment.

in the long term, bitcoin will dominate global transactions because that is the purpose of bitcoin created.

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April 24, 2018, 01:46:38 AM
 #16

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?


I strongly believed too that Bitcoin is very useful as investments to earn dollars but not as future currency to be use for daily spending because Bitcoin cannot be possibly use anywhere in the world in which the need of internet stable connection and  a computer literate are much important for every transactions which also very difficult to implement unlike the dollars which is everyone know how to use it that even the children can use it instantly.

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April 24, 2018, 01:55:39 AM
 #17

I'd say bitcoin is continuing to fail as a currency. It's too cumbersome to use because no one can keep their private key hidden when using the bitcoin core.

But then again, physical wallets that secure the private key despite any kind of malware counteract that.

Despite that, it's far too easy to mis-send bitcoin and have it lost forever because of the cumbersomeness of the public key.

That said, I believe bitcoin and its community devs are addressing all of these issues as time goes on. Bitcoin may be failing now as a currency, but in a few years it should be more public-friendly

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April 24, 2018, 01:56:18 AM
 #18

I would not call it a failure as Bitcoin was never intended as a traditional currency. It was "created" as an electronic payment system based on cryptography and it has succeeded as a pseudonymous decentralized digital currency. Although it may not be accepted by everyone, it is still accepted worldwide as a payment system by thousands of merchants.
Could it be adopted by more merchants in the future? Sure, but personally, I prefer to keep it as an investment rather than spend it.
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April 24, 2018, 02:02:36 AM
 #19

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?


Yes. Much will change in the future. Let us wait for Bitcoin to finally reach a certain level of stability and we will see how it will function more as a currency rather than as a speculative asset. It did not fail its function as a currency, mind you. It's just that for now the circulation of Bitcoin is not yet on its fullest that is why huge demands are easily eating up the market, causing the price to rise so big. As soon as the number of Bitcoin owners will grow bigger, the prices will most probably behave.
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April 24, 2018, 02:04:40 AM
 #20

Bitcoin is still being used as currency because you can pay in millions of merchants with bitcoin and its still dominant whole cryptocurrency space.

Therefore bitcoin is both investment and currency, in next few years we will have lightening network which will make bitcoin ultimate payment gateway.

Bitcoin might keep on holding speculative value in future too but volatility might get lower down with increasing marketcap.

Yes! Once the market gets larger (much larger) volatility should decrease significantly. The plus the lightning network will set Bitcoin up for use as a currency. Currently right now with its volatility, people view it as a speculative investment. I do think Max Keiser is correct in stating the price will stabilize at around $100,000 USD.
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