Bitcoin hyped by miners?

[Raj K]

I am struggling to understand how Bitcoin is going to be used.
I know its long standing coin, gold like qualities, not hackable etc.  But when it comes to how it can be used, I could not find any answer.  High transaction fee, limited coins cause deflation, too volatile etc.  General public, corporations cannot use it.  Gold is different, there is nothing like gold but we have better coins than this. 

Will this be used for only speculation, betting?  How would general public / institutions use it in future?

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[Red-Apple]

well, sometimes some people have difficulty understanding new technologies. that is ok. many people aren't using smart phones, credit cards, computers,... for instance and that is ok.

if you have a hard time understanding bitcoin and you think fees are high even though they are not,... then you don't have to use bitcoin. let the millions of others who do understand it continue using it. 

[jseverson]

High transaction fee, limited coins cause deflation, too volatile etc.  General public, corporations cannot use it.

Transaction fees are only high when the network is congested. You can theoretically transfer a million dollars worth of Bitcoins to anywhere in the world while paying only a couple of dollars. To add to that, solutions are being worked on to prevent congestion. The end goal is for the network to be able to handle worldwide demand.

Deflation isn't necessarily a bad thing. Bitcoin can exist alongside fiat as a decentralized option.

Volatility should theoretically decrease as the market size increases. The bigger it is, the more money it takes to move it after all.

A small contingent of the public already uses it, like members of this forum. There's even a bank which uses it for international transfers over SWIFT, among merchants that accept it as a payment option.

In the end, just because you can't see its utility doesn't mean everyone shares your view. It must also be noted that Bitcoin is still being improved upon so its shortcomings are very likely to be fixed in the future.

[dmty.0809]

Many people take advantage of these coins just for a moment's investment. Because some people, just dried profit and then they leave it. crypto is more potential than gold, the price of gold only follows the price of the dollar increase.

[realcrypto]

Bitcoin is meant to be use the same way we use our traditional fiat currency but the difference is that bitcoin is in digital form. It is a store of value, it can be used for purchasing of good and payment of services, It makes financial transaction easy and global.

[Dudeperfect]

Well, it is something like an email system. It helps everyone to communicate with each other and I am sure that most of the people don't have any idea of how email works in the background. Most of them won't be able to tell the difference between POP3 and IMAP protocols which is used in the email system, but still, the people are using it. Similarly, when it comes to the cryptocurrencies one should have basic information and it is not a rocket science to understand it. The basic information of crypto includes some knowledge of technology, finance and economics. This technology is still new and hence it might be difficult to understand for some people.

[ralle14]

Will this be used for only speculation, betting?  How would general public / institutions use it in future?

It's not limited to speculation and betting. A lot of people treat it as a currency too, it's just that more investors prefer to hold/trade Bitcoin because there's always a profit potential to it. Also fees shouldn't be a problem because it's not always expensive and you have the option to put less if you can wait longer.

In the future when there's a solution to the scalibility problem of Bitcoin I do hope merchants would trust transactions with 0 confirmations to speed things up.

[cryptocooper57]

I think you have some wrong ideas. To understand bitcoin properly it needs to do a thorough research on it. Yeah I know it has some drawback but they will be reduced as soon as the market gets more people.

[vy99]

Bitcoin is meant to be use the same way we use our traditional fiat currency but the difference is that bitcoin is in digital form. It is a store of value, it can be used for purchasing of good and payment of services, It makes financial transaction easy and global.

This is it in a nutshell, it's no different from other investments like stocks and gold...it's just digital and that's what makes people uncomfortable. Pretty soon it will be so common that we will all forget there was ever a time when currency wasn't digital.

[Gurueconom]

Bitcoin can be used for absolutely all financial operations right after the introduction of Lightning technology, as the commission for transactions will become very low and the speed will be high. Cases for the application Bitcoin in fact very much.

[Catmony]

Will this be used for only speculation, betting?  How would general public / institutions use it in future?

Search on google about where you can spend your bitcoin and for sure you will be amazed. 

It is true that bitcoin hold speculative value but there are many other factors that drive the price. Many hedge funds had already invested heavily on bitcoin as well as in blockchain based company.

[Aleshia696]

Since a lot of people don't know how to use technology, they may think of it being overhyped whereas bitcoin was invented for using alongside fiat currency, digitally and in a easier transactional process. If you do intensive research on it you can realize what the hype is all about

[aoluain]

At the moment bitcoin is being used in a few different ways, some people are using
it as a currency to purchase goods and services and transfer funds to others.

Another section of bitcoin users are using it as a store of value or a hedge against
FIAT inflation or another financial crash kike scenario.

And others are using it as something to speculate with like the traditional main
stream stock exchange.

Bitcoin fees have been greatly reduced in 2018, it is actually much cheaper to transfer
funds even small amounts (micro payments) now than it was last year.

[Kakmakr]

I am struggling to understand how Bitcoin is going to be used.
I know its long standing coin, gold like qualities, not hackable etc.  But when it comes to how it can be used, I could not find any answer.  High transaction fee, limited coins cause deflation, too volatile etc.  General public, corporations cannot use it.  Gold is different, there is nothing like gold but we have better coins than this. 

Will this be used for only speculation, betting?  How would general public / institutions use it in future?

It is used all over the World daily to trade and also for eCommerce on websites all over the internet. The high transaction fees is a total myth these days, because if you use SegWit addresses or the Lightning Network, your fees are almost zero.

High volatility can be eliminated if you use Payment processors. <Problem solved, if you too lazy to convert coins on your own>

Gold is ancient and old school and cannot be used for global micro payments, because it is simply impractical for someone to use Gold. It is already used for speculation and for online gambling and this is one of the strongest forces that are driving it's price. 

[Herlina]

I am struggling to understand how Bitcoin is going to be used.
I know its long standing coin, gold like qualities, not hackable etc.  But when it comes to how it can be used, I could not find any answer.  High transaction fee, limited coins cause deflation, too volatile etc.  General public, corporations cannot use it.  Gold is different, there is nothing like gold but we have better coins than this. 

Will this be used for only speculation, betting?  How would general public / institutions use it in future?

Everyone can use Bitcoin as payment in various services and stores that support/accept Bitcoin, now you can use Bitcoin for payment if you want, High transaction fees, slow transaction confirmation, volatile is the current weakness of Bitcoin, but you can take advantage of third party services/payment processors to reduce those risk

[Nisharawal]

I am struggling to understand how Bitcoin is going to be used.
I know its long standing coin, gold like qualities, not hackable etc.  But when it comes to how it can be used, I could not find any answer.  High transaction fee, limited coins cause deflation, too volatile etc.  General public, corporations cannot use it.  Gold is different, there is nothing like gold but we have better coins than this. 

Will this be used for only speculation, betting?  How would general public / institutions use it in future?

Bitcoin is having good features and they have a variety of uses where we can invest our Bitcoins to generate a good income. If you have sound knowledge on trading and if you are capable of managing your own funds and risk then you should tryBitcoin trading and there is a huge opportunity to make a good income trading Bitcoin alone. If you are not from a trading background then you can go for Mining where risk is less with a decent amount of returns over a particular period of time.

[Xester]

Before bitcoin could be used in the mainstream we will be waiting for a long years before that could happen. The general public is not yet ready to accept bitcoin since they are used to the traditional fiat currencies. But at the same time there is a small movement right now and little by little people are slowly accepting bitcoins and using it. So sometimes we can just wait for it until such time that bitcoin is already on the mainstreamed.

[wireless1889]

Bitcoin is meant to be use the same way we use our traditional fiat currency but the difference is that bitcoin is in digital form. It is a store of value, it can be used for purchasing of good and payment of services, It makes financial transaction easy and global.

Yeah this is how probably bitcoin works, helps you in doing transactions easily. As well as easily convert money and pay some bills or establishment who did not accept bitcon. As of today there are only limited stores and establishments who are accepting bitcoin but soon enough more people will start using bitcoin. That is why bitcoin is the future. 

[pushups44]

Bitcoin is currently used as a store of value, and the transaction fees on the network have dropped significantly from earlier this year. As soon as the Lightning network is developed, it will once again be used as a means of exchange.

[cryptojohnn7]

Bitcoin can be used in lots of ways. Only the problem is that people dont know about it much yet. When they will have proper knowledge they will understand it's potential and usefulness. Bitcoin is nothing but a currency but only in digital form.Like fiat currency, you can do everything with bitcoin too. So, it is only a matter of time when it is accepted by worldwide.