globalcitizen (OP)
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December 19, 2018, 06:53:28 PM |
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As a student of bitcoin and blockchain, I have learnt that the deployment of bitcoin as money was its flagship usage as proposed and implemented by Satoshi Nakamoto. I also do know that it has remained the most popular application of bitcoin in the industry today. But the question is, how well has bitcoin performed in its role as money, especially, as a medium of exchange, and as a store of value? I think bitcoin has not done well as a store of value and its usage as a medium of exchange is still yet to gain popularity among merchants and shoppers. What do you think?
I think right now bitcoin is store of value. Not many merchant accepting bitcoin as medium of exchange because many government not allow it. But as store of value, bitcoin in grey area and i think its like digital gold I agree with you. Bitcoin as known today better serves as a store of value to crypto players. But the challenge has been the high volatility of it market value which has made it less attractive as a store of value to many people. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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irenegaming
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December 19, 2018, 07:32:04 PM |
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I think that as a means of transaction it has fulfilled its role fully, at first was quite complicated because nobody really expected it to be so popular, but as time went by and the parameters were adjusting, everything was normalized, and now is quite stable, the secondary market store value with luck dies this year.
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adzino
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December 19, 2018, 07:39:17 PM |
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People right now is using it more like for a store of value
They are investing their money with a hope that the price will rise in the future and will give them good profit. More people are using it as a long term investment rather than a medium of exchange. Unfortunately this is denying the proper use/adoption of crypto currencies. People will need to use it as a form of medium of exchange to see the true potential of crypto currencies.
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ranman09
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December 19, 2018, 07:40:54 PM |
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Your view exactly captures the state of the bitcoin of today and the challenge that it is battling with, which is that of high volatility. With its current volatile nature, it will be very hard to play its role as a store of value and establish itself as a medium of exchange. Much still needs to be done in this space if the goal of bitcoin's founder must be achieved.
It's because of the sad truth that most bitcoin users are speculators of it. I don't think it is widely used as a currency already, though there are many outlets where it is accepted. People still don't want to use it yet. They are maybe like me who prefer to hold for a larger price. |
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Ozero
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December 21, 2018, 05:39:17 AM |
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As a student of bitcoin and blockchain, I have learnt that the deployment of bitcoin as money was its flagship usage as proposed and implemented by Satoshi Nakamoto. I also do know that it has remained the most popular application of bitcoin in the industry today. But the question is, how well has bitcoin performed in its role as money, especially, as a medium of exchange, and as a store of value? I think bitcoin has not done well as a store of value and its usage as a medium of exchange is still yet to gain popularity among merchants and shoppers. What do you think?
Bitcoin is now very poorly performing the function of a means of payment and this has its own objective reasons. First of all, this is a low level of legalization of Bitcoin and other cryptocurrency by the states, and without this, it is impossible to develop the infrastructure to successfully create the conditions for using cryptocurrency as a means of payment. Bad bitcoin technical support also has a negative effect in this regard, as a result of which it still has a low throughput of seven transactions per second. Big, in comparison with other coins, are also its commission costs. Who will use Bitcoin with such inconvenient functionality as a means of payment, if there are already many coins with much better qualities. |
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Kakmakr
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December 21, 2018, 06:03:16 AM |
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As a student of bitcoin and blockchain, I have learnt that the deployment of bitcoin as money was its flagship usage as proposed and implemented by Satoshi Nakamoto. I also do know that it has remained the most popular application of bitcoin in the industry today. But the question is, how well has bitcoin performed in its role as money, especially, as a medium of exchange, and as a store of value? I think bitcoin has not done well as a store of value and its usage as a medium of exchange is still yet to gain popularity among merchants and shoppers. What do you think?
Bitcoin has originally started out as a medium of exchange <tx was fast & cheap back then> but as Bitcoin became more popular, the scaling could not keep up with the demand and transactions became slower and more expensive. Some people saw the sudden price increase and they figured that Bitcoin would be a better store of value and that is when the speculators entered the market. Now, scaling is not that much of an issue anymore with off-chain second layer solutions, but it is still in the early days of adoption. The speculators that entered the scene inflated the price too fast and the Bitcoin price skyrocketed in 2017, so we now see a correction phase, where the price dropped aggressively and this is making Bitcoin less attractive as a store of value. <This will change soon>  |
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thesmallgod
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December 21, 2018, 06:23:44 AM |
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of course bitcoin can not be use as means through valuable things are being stored. this is because it very volatile and unstable. I will rather buy fixed asset such as land in order to store my fiat than converting it to crypto except there is stable in price. properties such as land can not depreciate but only appreciate. people are also known to buy diamond and precious stone as store of value
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globalcitizen (OP)
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December 21, 2018, 10:26:09 AM |
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As a student of bitcoin and blockchain, I have learnt that the deployment of bitcoin as money was its flagship usage as proposed and implemented by Satoshi Nakamoto. I also do know that it has remained the most popular application of bitcoin in the industry today. But the question is, how well has bitcoin performed in its role as money, especially, as a medium of exchange, and as a store of value? I think bitcoin has not done well as a store of value and its usage as a medium of exchange is still yet to gain popularity among merchants and shoppers. What do you think?
Bitcoin has originally started out as a medium of exchange <tx was fast & cheap back then> but as Bitcoin became more popular, the scaling could not keep up with the demand and transactions became slower and more expensive. Some people saw the sudden price increase and they figured that Bitcoin would be a better store of value and that is when the speculators entered the market. Now, scaling is not that much of an issue anymore with off-chain second layer solutions, but it is still in the early days of adoption. The speculators that entered the scene inflated the price too fast and the Bitcoin price skyrocketed in 2017, so we now see a correction phase, where the price dropped aggressively and this is making Bitcoin less attractive as a store of value. <This will change soon> I agree with you buddy. Bitcoin's original purpose of serving as a means financial transactions between parties was actually threatened the moment people started looking at it as a get-rich-quick tool, which it is not. It was the pressure by such people that caused high volatility in the value of Bitcoin. Crypto players should change their mindset. |
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kucritt
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December 21, 2018, 02:06:00 PM |
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bitcoin as the currency i think its not a good things right now, we can see that the price of bitcoin is not stable, but we should know for be the main currency like the money bitcoin need have the stable price. is its not stable there are no people that will use bitcoin as the currency
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St4yInTh3D4rk
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December 21, 2018, 02:36:32 PM |
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It doesn't act as storage of value because the prices changing continuously so its like speculative thing not like gold which have very stable value for long time.ANd also medium of exchange (currency) not possible yet because of low acceptance so people using it as an investment like stock by buying and selling to make profits.
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DarkBullet
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December 21, 2018, 03:34:07 PM |
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Bitcoin had been recognized already all over the world. Not just as a form of investment but also as a form of payment online and in physical stores. Well known companies, online shopping websites, remitances and airlines are now accepting bitcoin as a payment. Medium of exchange? These facts I mentioned can be considered as a medium of exchange where bitcoin can be traded to grab their products. Store of value? Thousands of investors are hungry to grab bitcoin and willing to keep it for long term because the value multiplies from time to time.
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ribowo76
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December 21, 2018, 03:56:36 PM |
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It seems like it still takes time, for bitcoin to really become a medium of exchange. Because as most people say here, the main problem is volatility. But I believe, in time. Bitcoin will be better than the current payment system
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Stedsm
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December 21, 2018, 04:27:35 PM |
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But the question is, how well has bitcoin performed in its role as money, especially, as a medium of exchange,
Bitcoin, to its fullest, had been used as the medium of exchanging fiat at super-reasonable costs and in my views, it actually helped a lot in saving very high fees that we used to pay to banks and intermediaries in order to transact worldwide, but Bitcoin killed all such barriers by making it possible (though centrally) for everyone to easily send/receive money without any borders and limitations, and most importantly, without the need and/or involvement of a third party. I know there had been challenges and problems while the mempool used to get stuck and fees got way too higher, but then came SegWit to at least help scaling the issues for a certain period of time - that 608k BTC transaction and thousands of transactions sending millions of USD from their country to anywhere in the world at the cost of less than a buck is just - fantastic! and as a store of value? As most people are used to trade this as an asset and others selling due to price crash or other reasons like real life needs, emergency, etc., I don't think most people would use it as a store of value currently due to the fear of not getting the value they purchased it for. Still, if it's a long term hold for them, then the privkey security is one of its kind in terms of technology and has given a lot of freedom for anyone to choose crypto over other types of store of value in order to keep their money safe in something that's untouchable, but still as useful as Gold. |
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Julunguul
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December 21, 2018, 04:45:38 PM |
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As a student of bitcoin and blockchain, I have learnt that the deployment of bitcoin as money was its flagship usage as proposed and implemented by Satoshi Nakamoto. I also do know that it has remained the most popular application of bitcoin in the industry today. But the question is, how well has bitcoin performed in its role as money, especially, as a medium of exchange, and as a store of value? I think bitcoin has not done well as a store of value and its usage as a medium of exchange is still yet to gain popularity among merchants and shoppers. What do you think?
Bitcoin's position up to now is arguably in a safe stage, usage is still unclear, there are platforms that accept bitcoin and some are not so that it becomes something lame. Bitcoin's performance of the joints to date is very good, except that in certain circumstances when the network is in trouble, it also causes a wide range of crypto problems |
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