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Author Topic: Don't you think we should use BTC as a medium instead of capital gain ?  (Read 273 times)
imrul5
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July 09, 2018, 05:06:04 AM
 #1

Do you think we should change our attitude towards bitcoin ? Don't you think we should use BTC as a medium instead of capital gain.
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July 09, 2018, 05:56:59 AM
 #2

Bitcoin has already been given the status of a good source of income.  People  want to become rich at the earliest possible by investing here.  I think presently most of the people are using it as an investment instead of using as currency for economic transactions.
Because it has been taken as investment that is why it's price moves in a wide range of up and down.

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July 09, 2018, 06:05:25 AM
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Bitcoin has already been given the status of a good source of income.  People  want to become rich at the earliest possible by investing here.  I think presently most of the people are using it as an investment instead of using as currency for economic transactions.
Because it has been taken as investment that is why it's price moves in a wide range of up and down.
Using cryptocurrency as an investment is a bigmistak. It is actually a currency.  So,we should change our view to the BTC as well as other cryptocurrency or else something worst may happen.
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July 09, 2018, 06:25:26 AM
 #4

OP, I assume you are asking from a point of view that Bitcoin's future "would be better" if it was a medium of exchange first, and a store of value second?

You should remember that it took gold hundreds of years to become a good and stable store value before it became a medium of exchange. I believe Bitcoin will follow the same path and will take as much time as it can too.


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imrul5
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July 09, 2018, 06:29:09 AM
 #5

OP, I assume you are asking from a point of view that Bitcoin's future "would be better" if it was a medium of exchange first, and a store of value second?

You should remember that it took gold hundreds of years to become a good and stable store value before it became a medium of exchange. I believe Bitcoin will follow the same path and will take as much time as it can too.
You are probably right.  But gold has a real existence where cryptocurrency is just a digital currency.  In this case I don't think BTC will be able retain store value like gold in future.
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July 09, 2018, 06:49:25 AM
 #6

Bitcoin is very flexible, depending on your desire to use bitcoin like. Investing for bitcoin is useful but using bitcoin as a means of payment is also important, I think it would be better if we can use it for both.
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July 09, 2018, 06:52:04 AM
 #7

Yes it is true, but most people do not care about it. I think most people here just because of the profits. And if this were not then the people here were much less.
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July 09, 2018, 06:56:02 AM
 #8

Do you think we should change our attitude towards bitcoin ? Don't you think we should use BTC as a medium instead of capital gain.
You can do all that, Why not both? Hold Bitcoin if you believe it is a profitable investment, also you can support Bitcoin as payment by converting Fiat to Bitcoin and using Bitcoin as payment every time you shop

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July 09, 2018, 07:30:47 AM
 #9

Bitcoin at its core is a payment system and we should use it in that way instead of focusing on speculation activities. However, since Bitcoin is in its early phase of development, there is a high probability of earning exponential gains but that is going to happen only if we are using Bitcoin as a payment system. Bitcoin is valuable today just because the early adopters decided to spend their funds instead of holding and now it is our responsibility to do the same.

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July 09, 2018, 07:45:58 AM
 #10

Do you think we should change our attitude towards bitcoin ? Don't you think we should use BTC as a medium instead of capital gain.
You can do all that, Why not both? Hold Bitcoin if you believe it is a profitable investment, also you can support Bitcoin as payment by converting Fiat to Bitcoin and using Bitcoin as payment every time you shop
I want to do both of them. But look at the fluctuations of BTC's price. Having such frequent and huge fluctuations I can't do it both. I think no one can do both of them.
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July 09, 2018, 07:57:26 AM
 #11

Bitcoin at its core is a payment system and we should use it in that way instead of focusing on speculation activities. However, since Bitcoin is in its early phase of development, there is a high probability of earning exponential gains but that is going to happen only if we are using Bitcoin as a payment system. Bitcoin is valuable today just because the early adopters decided to spend their funds instead of holding and now it is our responsibility to do the same.
Thanks for the supporting to my thoughts.  If we work together then we can change the conventional way of thinking about bitcoin.
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July 09, 2018, 07:59:56 AM
 #12

But gold has a real existence where cryptocurrency is just a digital currency.  In this case I don't think BTC will be able retain store value like gold in future.
You are probably wrong Cheesy Because bitcoin really exist and that is the one thing miners are here to make sure of it to happen, Gold exist physically and so does bitcoin. Hash power and the consumed electricity are the backbones of bitcoin as they are what makes bitcoin to have value. If you can't fake or double the amount of gold you have, There is also no possibility to fake or double any amount of bitcoin, That is all we need.
Bitcoin as payment by converting Fiat to Bitcoin and using Bitcoin as payment every time you shop
You could also mine bitcoin and run full nodes to support the network. Converting fiat to bitcoin is not the only way to support it.

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imrul5
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July 09, 2018, 08:14:30 AM
 #13

But gold has a real existence where cryptocurrency is just a digital currency.  In this case I don't think BTC will be able retain store value like gold in future.
You are probably wrong Cheesy Because bitcoin really exist and that is the one thing miners are here to make sure of it to happen, Gold exist physically and so does bitcoin. Hash power and the consumed electricity are the backbones of bitcoin as they are what makes bitcoin to have value. If you can't fake or double the amount of gold you have, There is also no possibility to fake or double any amount of bitcoin, That is all we need.
Bitcoin as payment by converting Fiat to Bitcoin and using Bitcoin as payment every time you shop
You could also mine bitcoin and run full nodes to support the network. Converting fiat to bitcoin is not the only way to support it.
Hash power is also an intangible.  So, it doesn't has physical existence at all. But I really expect to have a sustainable growth of cryptocurrency.
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July 09, 2018, 08:15:16 AM
 #14

Bitcoin is already being used as a medium of exchange side by side fiat. Also for exchange of products just like the role fiat does. In fact, it plays these two different roles of exchange and capital gain. For the hodlers, it is profitable to store for the future.

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July 09, 2018, 08:34:20 AM
 #15

As a store of value product, I think BTC is not good, but BTC can be used as a speculative product. The price of BTC is too high and the price fluctuation is too large, so it is not suitable for holding all the time.

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July 09, 2018, 08:35:08 AM
 #16

At first, that's what I thought too to myself but when reality hits you, you will know that it won't happen for a very long time. As of now, investors and medias alike are promoting Bitcoin as way of profit or an investment rather than a way of transaction for the masses, which hides the truth about it, in turn, most people are now afraid to engage in it. It really sad that people see this this way. But never worry though, someday Bitcoin would be treated as the way it was meant to be.

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July 09, 2018, 08:47:49 AM
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Bitcoin is already being used as a medium of exchange side by side fiat. Also for exchange of products just like the role fiat does. In fact, it plays these two different roles of exchange and capital gain. For the hodlers, it is profitable to store for the future.
If you want to get future gain there is a possibility of capital loss. And the capital loss is happening right now. Most of the cryptocurrencies already lost 70% since last December. If we want to see cryptocurrency market as a stable then we should prohibit our tendency to get capital gain.
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July 09, 2018, 08:48:07 AM
 #18

this is something that can not be avoided. you can always tell people to start using bitcoin as a currency because it is a currency but because it is new, scarce and is being adopted slowly but constantly, its price will continue to rise so people will also see it as an investment and would want to make profit from it also.

but that doesn't change much about it though. bitcoin is still a currency and is being used as one. in fact the only reason why it is rising in the long run (unlike altcoins which drop in the long run) is the fact that it is adopted as a currency.














 

 

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imrul5
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July 09, 2018, 09:05:35 AM
 #19

this is something that can not be avoided. you can always tell people to start using bitcoin as a currency because it is a currency but because it is new, scarce and is being adopted slowly but constantly, its price will continue to rise so people will also see it as an investment and would want to make profit from it also.

but that doesn't change much about it though. bitcoin is still a currency and is being used as one. in fact the only reason why it is rising in the long run (unlike altcoins which drop in the long run) is the fact that it is adopted as a currency.
Thanks for the agreement . Yes it is true that it has a possibility of rising in future.  But I like to see it as a currency not investment. May be people do not pay attention right now but they will understand my thoughts very soon.
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July 09, 2018, 09:07:48 AM
 #20

We should start considering Bitcoin as a currency rather than a long-term investment which will generate profit. To generate profit, Bitcoin will have to become popular thanks to being widely accepted and needed. Too many people focus only on the price and complain about it all the time. I'm fed up with it, I hope that people will change their attitude.

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