The Uncomfortable Truth

[CryptoBry]

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.

It is estimated that "only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years."

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

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[Haunebu]

There is nothing surprising here. Majority of the people that I know don't even know what Bitcoin and crypto actually are. They are happy with FIAT and payment processors like Paypal, mobile wallets etc and never thought about researching BTC.

Among the crypto investors, majority of them treat it primarily as an asset and secondarily as a currency due to the monetary opportunities available which is something that will be reversed only through higher adoption rates which in turn requires low TX fees, faster payment speeds etc.

[NeuroticFish]

1. I expect most "use" come from payment processors, not actual merchants. It's a difference. And payment processors can bulk the transactions so you won't see a difference.
2. In the same way you hold waiting for the rise, many others do that. If nobody is spending, why expect better numbers?
3. News papers use big words for useless posts. If you read a bit more around you'll see that reality is never as bad as depicted by news.

[arcmetal]

Is there really something wrong with this scenario for bitcoin?

No, because we are not at full adoption yet.  Once we get to full adoption (and full usage) all will be forgotten of what happened today.

[Genemind]

I think it's because most merchants and business establishments aren't accepting Bitcoin yet so people have no choice but to use fiat instead of Bitcoin.
If merchants and businesses would adopt and accept cryptocurrency, there will be a big change and people will switch to crypto.

[mk4]

It's pretty pointless to use Bitcoin right now for transactions, besides a small niche of merchants mostly in the bitcoin markets, and the gaming markets. I'm pretty sure almost everyone knows that already. Bitcoin is simply really not ready for merchant transactions yet, but that can come in the future.

I somewhat agree a bit with this image posted by Murad Mahmudov on Twitter:



Source: https://twitter.com/MustStopMurad/status/1022169639386836992

[Fred3030]

In my own opinion the current uptrend in the price of bitcoin is not as a result of speculation but as a result of numerous news of crypto adoption by top establishments.
I think we will see bitcoin surpass previous all time high. This might not happen quickly as in the case of 2017 but it will gradually go past 2017 all time high.

[Lucius]

It is not Uncomfortable Truth, I personally do not see any problem in fact that people are more focused on holding, then spending. Bitcoin is a currency, but also store of value in which many see long-term safety. It is also quite understandable that people pay less with bitcoin in time where price is low, and we are just recently finished long bear market in which every smart investor is buying more coins.

I think most of those who own bitcoin actually have no way to spend it on something, especially if they wanted to do it in their country. We are far away from that we can take our mobile wallet and buy some common things like newspapers, bread, milk or pay for haircut.

[Artemis3]

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.

It is estimated that "only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years."

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

Because you are in a position of comfort. People with money will tend to make more money. The simple fact that you can afford to "hold it" and not sell most of it for food, like some of us have, ensures you will have a better future, at least from a financial point than most.

It is what it is, don't pretend Bitcoin is going to change this, it gave a chance to the few that jumped in and believed in it back when almost nobody did, but with maturity these chances diminish for the masses.

As always, those taking the higher risks can (potentially) make it bigger than those who doesn't...

[pakhitheboss]

No body wants to treat Bitcoin as a currency for day to day payment, it more treated like a commodity, like a digital gold. People are comparing it with actual Gold and are treating it in the same way. You do not use Gold for everyday purchases or for everyday transaction. Rich and influential people from unstable financial countries like South Sudan, Libya, San Marino, Yemen, Greece, Venezuela, Ukraine, Central African Republic and Puerto Rico are investing more in Bitcoin. Why? I am sure you know the answer.

Leave mass adoption aside, If mass adoption happen also people will tend to use Bitcoin as an assest. No one wants to sell Bitcoin if it has the potential to reach more than $19k.

Will you? ask that question and you will get the answer.

[LogitechMouse]

I'm not surprised with this.

With the complexity of Bitcoin and crypto in general and the lack of adoption, its obvious that there are less merchants who are using Bitcoin. One reason too is they are being feared that they will end in a loss because we know that Bitcoin is volatile. It can go up to $1000 but it can go down $1000 too. This is what the merchants are being feared of so they are preferring fiat money rather than crypto.

[nutildah]

Speak for yourself. I use it all the time. I quite regularly use it to buy phone plans (mainly mobile data) for myself and others, and as a vehicle to exchange currency. We're talking 3-5 times a week.

I do agree that more real-world transacting and use case scenarios would help it gain more respectability in the minds of many, and help it get away from the whole "Ponzi scheme" image problem it frequently has.

Its just not practical to use in some situations where cash can accomplish the same thing, and is even moreso in periods of high volatility. However, as was mentioned above, its still relatively in its early stages and it might be a while before relatively crazy price fluctuations begin to subside.

[davis196]

Bitcoin is and will always remain a financial gambling tool for the market speculative gamblers.
The bitcoin core dev team should do something about this issue and stimulate mass adoption.Like:
1.Using satoshis instead of bitcoins,when measuring prices and value.
2.Using usernames or email addresses instead of long and ugly btc wallet addresses.
3.More p2p decentralized crypto exchange platforms(the devs can't change this,but it's important).

[Gozie51]

I'm not surprised with this.

With the complexity of Bitcoin and crypto in general and the lack of adoption, its obvious that there are less merchants who are using Bitcoin. One reason too is they are being feared that they will end in a loss because we know that Bitcoin is volatile. It can go up to $1000 but it can go down $1000 too. This is what the merchants are being feared of so they are preferring fiat money rather than crypto.

Fluctuations to me is not exactly the major reason that merchant stay out but regulation. And regulation will definitely bring volatility down because it will determine buying and also selling but we are yet to see regulation.

I'm already using bitcoin in different ways as we all investors are doing.

[pushups44]

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.

It is estimated that "only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years."

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

This article conveniently ignores the store of value/digital gold use case of bitcoin. Currently, layer two solutions are being built that will facilitate mass adoption. Also, on-chain transaction volume is hitting new records.

[BullishBrother]

What do you mean nobody uses it? I use it to buy electronics or exchange currencies. I also use it for recharges. Internet, Mobile etc. I dont think it really matters how many people "use" it. It only matters if people think it has any intrinsic value. Even if people just store it for the future, it still works in favor of BTC. 

[Haunebu]

Bitcoin is and will always remain a financial gambling tool for the market speculative gamblers.

You seem to know what will happen with Bitcoin in the future? Can you accurately tell me the value of BTC by the end of this year? Its pointless stating such statements since no one can accurately predict what will happen with BTC in the future.

Confusing trading with gambling in the crypto market is outright silly. I am a pretty bad gambler, but a decent crypto trader thanks to my experience in this field. Both are different and not the same.

[gentlemand]

Nothing uncomfortable about it. It's obvious as fuck. In its current state it's unusable if the world arrived. The people who are here are busy figuring out what it's for and what it's worth. While that's going on most aren't going to be throwing it around.

[xvids]

To be honest people would rather pay in Fiat rather than to use crypto because they see's it as an investment that could give them profit.
People would always choose Fiat as long as there would be a transaction fee that could cost them more than their regular payment.
There are people who see's it or wants to use it as a regular currency to be able to pay for anything,
And we have a great history because of him (Laszlo Hanyecz) .

[xWolfx]

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

I don't believe that anything is wrong with it. In the current state of Bitcoin that primary use is precisely the best possible use to be brutally honest, for now. Those like me still want to use it to buy stuffs, even sometimes. Which is perfectly fine and in fact helps a lot in another way that not that many is doing right now.

[MakeMoneyBtc]

Just take a look around the forum and the threads that are created here. Most of the people are talking about the price of bitcoin and share predictions over it. There is no wonder bitcoin is not used that much for payments since everyone is talking about it as an investment. I remember when i discovered bitcoin and i tried to search on the internet informations about it. The majority of articles i could find related to bitcoin were explaining how to buy and sell bitcoin to make a profit .

[rdluffy]

It's a truth, no doubt, and in my opinion, it's a fact everyone should be worried
We all trust and BTC and wish to have a mass adoption, if companies starts to accept BTC and nobody uses, they will stop the support and there is a risk for BTC

[LoyceV]

It is estimated that "only 1.3% of economic transactions came from merchants."

I wonder what Bloomberg is trying to prove here. Let's compare NASDAQ's Forex Market Overview:

The foreign exchange market is the most actively traded market in the world. More than $5 trillion are traded on average every day. By comparison, this volume exceeds global equities trading volumes by 25 times.

It sounds like Bloomberg is making up a reason why Bitcoin wouldn't be money. They could write a similar article about fiat: "only 4% of economic transactions came from merchants".

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

If that would be the reason to hold on to Bitcoin, traders wouldn't sell it either. But they do buy and sell all the time.
The thing that restricts me in using Bitcoin is the low acceptance, I use Bitcoin to pay whenever I can, but unfortunately that's not very often. Once more merchants accept Bitcoin, I'll use it more often.

[big_daddy]

If you wanna see BTC in a mass adoption we all have to spend it
The circle has to be started
I’m spending my crypto whenever and wherever I can

[pixie85]

The term use can be understood in many ways.
If I'm trading it am I using it?
If I'm treating it as a long term store of value am I using it?
If I'm getting paid for signature advertising am I using it?
If I'm paying my friends with it am I using it?
If I'm gambling with it am I using it?

If noone is using it am I noone?

[Gi01]

Among the crypto investors, majority of them treat it primarily as an asset and secondarily as a currency due to the monetary opportunities available which is something that will be reversed only through higher adoption rates which in turn requires low TX fees, faster payment speeds etc.

Definitely, people in the crypto ecosystem not only investors regard and see Bitcoin as an asset rather than a digital currency. Considering the current state of the crypto market, majority are hodling their Bitcoin rather than using them for their online transactions due to recent increase of the value of it. This nature of people in the crypto space is actual reason why Bitcoin can be hardly considered as a currency.

[kryptqnick]

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively).
Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

This is indeed truth not everyone accepts. Yes, Bitcoin is supposed to be money, and no, it mostly is not. And a big obstacle I see here is whenever the market gets bullish, the transactions get stuck and the fees go way up. I mean, when you have to pay some cents, you can buy groceries at least potentially, but if you'll have to pay 5 dollars for food worth 15 dollars - well, that's a big problem. I am also holding most of my Bitcoin for now, but if the price becomes relatively stable, and there's an option to pay with btc for everyday stuff with low fees - I am all for it.

[stfN2128]

......

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

agreed, i have the same attitude like you. I hold my btc for longterm. to get "involved" and give companies a reason to accept bitcoin as a payment method i spend some rewards of my masternodes or pos coins. not that much but better than holding everything and don't use it

[Baofeng]

It's just normal for a new technology, bitcoin is fairly young, like 10 years so we have some growing pains along the way, like not being adopted by online merchants because of its volatility. So right now people prefer to hodl into it, as a speculative asset and nothing more. LN introduction and adoption could be a good thing specially those micro-transactions, but we will see, as I've said we are in the early stages so there will be a lot of challenges.

[dothebeats]

This is the awry truth, but numbers don't lie and we see that on the blockchain and exchanges. People use bitcoin but just not as a currency, so the headline is somewhat inappropriate to describe what bitcoin really is (and the whole article as well.) Also, given the highly speculative nature of bitcoin, it's just common sense that merchants and services would be avoiding it to use as a payment method. Most want to take profits directly and only the large companies can take in such gamble, so yeah.

[finaleshot2016]

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

I don't believe that anything is wrong with it. In the current state of Bitcoin that primary use is precisely the best possible use to be brutally honest, for now. Those like me still want to use it to buy stuffs, even sometimes. Which is perfectly fine and in fact helps a lot in another way that not that many is doing right now.

Well, it's too soon for trading your btc into money, I'm also waiting for BTC to reach it 20,000$. That bull run in 2017 is history and we're in the reality that it's not very easy to achieve again. I'm still hoping on bitcoin and I know that it will urge more power in the future, in fact, it's made up of technology, once the technology keeps getting stronger, the bitcoin will get strong too.

[ralle14]

I don't find the truth or facts to be uncomfortable and there's nothing wrong about the current situation. Also I have doubts on the chart shown by chainlaysis being accurate. The reason why I have doubts is because some exchanges could have additional services where people could spend their Bitcoin and others could do merchant transactions on  exchanges (if an exchange have a transfer option).  

[stompix]

The term use can be understood in many ways.
If I'm trading it am I using it?
If I'm treating it as a long term store of value am I using it?
If I'm getting paid for signature advertising am I using it?
If I'm paying my friends with it am I using it?
If I'm gambling with it am I using it?

If noone is using it am I noone?

Nobody argued about usage, they argued what % of all the transactions are made to actually buy stuff.
And it seems the title was pretty much spot on!

I wonder what Bloomberg is trying to prove here. Let's compare NASDAQ's Forex Market Overview:

The foreign exchange market is the most actively traded market in the world. More than $5 trillion are traded on average every day. By comparison, this volume exceeds global equities trading volumes by 25 times.

It sounds like Bloomberg is making up a reason why Bitcoin wouldn't be money. They could write a similar article about fiat: "only 4% of economic transactions came from merchants".

And I'm going to open a beer cause this is a one in a thousand post I don't agree even 1.3% with LoyceV.

The example you gave is internal trade on the stock market, just like our bitcoin/altcoin exchanges.
The article is talking about 1.3% of the tx ON the blockchain being from consumers to merchants.

Let's do this the other way around.
Let's say that customer to merchant transactions are only 1.3% of all money transfer in the world, cards, wires,pp.
What would the rest of 98.7% be?  
Personal transactions for relatives? Sending money to the stock market? (lols) Deposits? Sending money to your safe? 

[Falgorn]

Bitcoin was created as an alternative means of payment for the existing payment systems. It should be recognized that as long as it does not fully fulfill its purpose, it is more used as a means of accumulating value. So far, this is explained by the fact that, on the one hand, its holders are still expecting a significant increase in the price of Bitcoin, and on the other, Bitcoin and another cryptocurrency are still slowly legalized by the states and infrastructure is being created for its practical use as a means of payment.

[LoyceV]

Let's do this the other way around.
Let's say that customer to merchant transactions are only 1.3% of all money transfer in the world, cards, wires,pp.
What would the rest of 98.7% be?  
Personal transactions for relatives? Sending money to the stock market? (lols) Deposits? Sending money to your safe?  

I'm confused I already mentioned it's forex trading, so euro > dollar > whatever > euro > circle > around > dollar. That's the large majority of fiat money transfers. Why would that be any different than dollar > bitcoin > dollar?

Maybe you mean the number of transactions, then indeed I have no idea how many transactions are used for 5 trillion worth of forex trading per day. Automated systems could make billions of trades, or it could be just a "few".

[RuJuliette]

It's not surprising at all, Bitcoin and the whole crypto market are just at the beginning; but every year more and more people are buying Bitcoin. To add Bitcoin is not really currency for dayli use, there are more suitable currencies for that.

[stompix]

I'm confused   I already mentioned it's forex trading, so euro > dollar > whatever > euro > circle > around > dollar. That's the large majority of fiat money transfers. Why would that be any different than dollar > bitcoin > dollar?

By value, but not by percentage.
And most of those happen in the forex market, just like exchanges bitcoin>shitcoin1>shitcoin2>shitcoin3>bitcoin happen off chain and were not included in the percentage the article mentions.

Maybe you mean the number of transactions, then indeed I have no idea how many transactions are used for 5 trillion worth of forex trading per day. Automated systems could make billions of trades, or it could be just a "few".

Nope, that was not my point.

The article quotes 1.3% as in the number of transactions used for consumers>merchants out of the 400k or so we see daily in the blockchain.
The rest is made out of deposits and withdraws from exchanges, mining and others.

I don't have a clue about the numbers forex activities are generating, but the average American is doing 3 transactions related to shopping a day. I highly doubt he is also doing 160 in and out of forex and stock brokers.

Again, I'm talking about what traditional systems are used for compared to bitcoin and if you're going to tell me that only 1.3% of those are to buy stuff and 60% to cash in and out of forex I'm going to throw a stick in your bicycle wheels while you're speeding to catch thermos: PPPP

[Ranly123]

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.

It is estimated that "only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years."

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

I guess there is nothing wrong on this scenario since Bitcoin is not totally related to how economy is concerned. For my own point of view, Bitcoin has it's own positive impact on people but not in a countries economy.

[Ryan Dugan]

I spend my bitcoin. Why would I use fiat? I go from fiat to bitcoin not the other way around. I have no interest with banking. I tried using a banking system the other day and holy crap how can people say crypto is confusing? I didn't even know where to go and nothing was clear. I had to add all these weird numbers and wait days for a transaction to another bank. From my bank to someone who also has an a ccount with my bank costs $4 and it doesn't matter the amount you move. I had to wait 2 days to have the pay clear then only I was sent what I ordered. I did the same with bitcoin I paid within an hour and the goods were already checked off as paid and ready to ship. So not only do I pay less fee and have a faster transaction I get what I order faster and sooner. I also once needed a refund. Do you know how easy it was? They just asked me for a bitcoin address they can send to and they just did it. Hours later I received my refund. You just can't compete with that.

How much more simple can it be though? You open your wallet press send then copy paste the address to send to and press send.

[TimeBits]

Yah more people actually do use gold than bitcoin, I know I said that before that more people use bitcoin but I was wrong. There is definitely more people using gold than bitcoin, but more people use bitcoin as a currency than gold.

You know what everyone uses tho?

TIME.

[nicecrypto]

Aside from speculations and manipulations for huge profit by the whales, there is very little use case for btc as many has not yet embrace it and incorporate in their businesses, this can only change overtime when there is global adoption and acceptance by many online or offline merchants and other business outlet.

[uneng]

There is nothing wrong with this scenario. Even not being used for purchases as currency, bitcoin still has an usage as store of value, otherwise we wouldn't be seeing the recent bull run happening. If people see in btc an usage, there will be demand, and that is the point.
If people want to use btc to buy goods, hire services, gamble, invest that is fine. The important is that bitcoin is being useful for them.

[Indrawan77]

Volatility and adoption still become the problem that need to be solved, it's true for now many people used bitcoin as store of value, and many used it for trading, but the adoption is slowly become larger and one day people will used it mainly for currency, but it still need time to really to make a mass adoption, it need process, development and permit to reach that point

[suzanne5223]

There is nothing wrong with this scenario. Even not being used for purchases as currency, bitcoin still has an usage as store of value, otherwise we wouldn't be seeing the recent bull run happening. If people see in btc an usage, there will be demand, and that is the point.
If people want to use btc to buy goods, hire services, gamble, invest that is fine. The important is that bitcoin is being useful for them.

There's something wrong in the scenario buddy because bitcoin purpose was to be used as a currency and a store of value, for if it is not use as a currency it will never be mainstream of payment. However, using bitcoin as a currency doesn't mean it won't hit another ATH for we both know that the price of every crypto market is determined by the level of demand and supply.

[Adriano2010]

This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.

[Korkorjkk]

Well, the experts say 'Hold at least 1 Bitcoin' if you can afford. It shows how relevant and important this coin is. It has great value and its value is expected to rise up so high by the end of the year or in the coming years.

[carlfebz2]

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

Nothing new! Most people do see it as an asset rather than as a currency which they would tend up to hold rather than on spending on it.Yes,its the main truth about less merchant transactions
which is really obvious on whats the main reason of this stuff. Ex. volatility & rising value.
On peoples mind it would really be just normal for you to act on what you are seeing on what you are holding since you know it can potentially give out profits then why would
sell out early?

[squatter]

Most of the gold supply doesn't move either. It sits in vaults, storing value.

You can't present people with a store-of-value asset in fixed supply and expect them not to hoard it. We shouldn't be judging Bitcoin based only on its consumer/merchant payment niche -- that's just a niche, one aspect of its properties as money.

[Twinkledoe]

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

Nothing new! Most people do see it as an asset rather than as a currency which they would tend up to hold rather than on spending on it.Yes,its the main truth about less merchant transactions
which is really obvious on whats the main reason of this stuff. Ex. volatility & rising value.
On peoples mind it would really be just normal for you to act on what you are seeing on what you are holding since you know it can potentially give out profits then why would
sell out early?

Very true, indeed most of us want to save btc as much as possible and save it rather than spend it. We have seen it reached the $20k-level. Hence, the mindset that btc has high potential of growing its value immensely.

[hatshepsut93]

There is nothing surprising here. Majority of the people that I know don't even know what Bitcoin and crypto actually are. They are happy with FIAT and payment processors like Paypal, mobile wallets etc and never thought about researching BTC.

If you hang out around this forum for a while, you'll notice a lot of posts saying that banks and governments are horrible, they constantly rob people with fiat, and banks freeze people's accounts all the time, and that fiat is soon going to crash and take the whole economy with it, and then Bitcoin will save the world - but this is not what average joes think and feel. They rarely encounter problems with payments, and payment companies and banks compete in providing the best options for their customers. Inflation takes the value away with time, but people invest their money instead of just hiding it, so it doesn't seem to be a huge problem - not every country is going to turn into Venezuela.
So, aside from some specific cases, most people don't see any reason to use Bitcoin, especially since Bitcoin has so many problems and inconveniences.

[creeps]

This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.

Its very uncomfortable to be limited like this knowing that we can make our life more easy with bitcoin. In some country they can’t still done this kind of transactions even if they wanted to, luckily i lived in a great place where this kind of transactions is possible. One day, we will wake up like bitcoin is already accepted worldwide let’s dream for this.

[Finestream]

This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.

Its very uncomfortable to be limited like this knowing that we can make our life more easy with bitcoin. In some country they can’t still done this kind of transactions even if they wanted to, luckily i lived in a great place where this kind of transactions is possible. One day, we will wake up like bitcoin is already accepted worldwide let’s dream for this.

Same with my country too bitcoin is not yet accepted as a mode of payment but we do have our local exchanger wherein we can convert btc to cash.For now,honestly i still consider bitcoin as a great investment and as much as possible,i still want to make huge profits from it than spending it for daily transactions.

[jonaire99]

Bitcoin adoption is still slow in many part of the world and only few businesses are using it as payment. Wealthy nations like Japan, USA and the European Union might have more users that uses their bitcoin in transactions because they more shops or merchants that accept bitcoin. Poorer countries will still prefer fiats because it is more convenient to them than the cryptocurrencies. I also prefer to convert my bitcoin into fiat first before buying  because there are still no merchants that accept bitcoin as payment.

[waynechong1995]

I believe BTC would somehow become a commodities on fiat, or other real world assets. The cold hard fact is the volatility of bitcoin is not suitable at least for now with such minimal market-cap, a 100b assets can be manipulated easily by players and merchants doesn't want that. But still i believe positive growth of crypto-sector needs Bitcoin to be expensive in the first place, to be the next digital gold, yet consuming other coins in their business ecosystem. Blockchain does give tangible benefits for lots of merchants. Its about the adoption among the community, in future when there's too much money being printed along debts, everyone would suffer but those with proper wealth management more than just fiat, along with crypto might be better

[Nolimitz84]

It is not Uncomfortable Truth, I personally do not see any problem in fact that people are more focused on holding, then spending. Bitcoin is a currency, but also store of value in which many see long-term safety. It is also quite understandable that people pay less with bitcoin in time where price is low, and we are just recently finished long bear market in which every smart investor is buying more coins.

I think most of those who own bitcoin actually have no way to spend it on something, especially if they wanted to do it in their country. We are far away from that we can take our mobile wallet and buy some common things like newspapers, bread, milk or pay for haircut.

In principle, because of this, we do not see the mass adoption of bitcoin as a full-fledged means of payment.I transferred bitcoin yesterday and the transaction confirmation lasted about 2 hours....So this is a real problem.So the bitcoin retention strategy is quite logical.It is also obvious that cryptocurrencies will really live.Therefore, already now it is worth thinking about buying bitcoin.

[LoyceV]

This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.

You could argue the same thing for many other currencies and "stores of value". When I go to a shop, I can't pay with dollars, gold or Apple stock. But that doesn't mean they don't represent a value, and they're still accepted on other locations.
I'd like to see Bitcoin acceptance grow, but unfortunately high fees even made some companies stop accepting Bitcoin.

There's good news too: Global Bitcoin Acceptance Up More than 702% Since 2013

[Fredomago]

Volatility and adoption still become the problem that need to be solved, it's true for now many people used bitcoin as store of value, and many used it for trading, but the adoption is slowly become larger and one day people will used it mainly for currency, but it still need time to really to make a mass adoption, it need process, development and permit to reach that point

Needs time for people to realize the good use of this crypto money, when adoptions comes forward and many establish businesses to join in
and begin to use this money as value for their transactions, we will going to witness that success in due time, for now its all about investment.

[bhabygrim]

]

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.

It is estimated that "only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years."

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

As you said it is supposed to be utilized like money for everyday transaction.
But you also said that personally you wouldn't use it because it can go beyond $20K and that is also what others are seeing.
People wouldn't use it as a payment option if they could use Fiat because it is much more easier .
And just to clear some things here would you even use it as a payment method once it hit beyond $20K?
As I see it you would just continue to hold it and wouldn't use it as a payment option .

[maxreish]

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

There are times that I used bitcoin to buy things for myself. But i do still believe that bitcoin will also surge up to $20k or above. As a crypto trader and investor, I'm very positive about it and I tend to keep hodling some parts of bitcoin for long term investments. I guess there is no problem with that. We have different thinking. Some may not spend it and considered it only as an asset/investment but some may always use it for personal reasons.
I can always say, it depends on the scenario of a btc holder.

[Ibizugbe1]

It pains me sometimes selling my bitcoin, it's just like selling pure gold or gifting out what is precious. Wait a minute, without usage, the value will actually stay stagnant and unattractive. It's the constant usage of the bitcoin that will drive it for more adoption and real value definition.

[mccorrinall]

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.

I have a small business running where I sell virtual goods in exchange for money. Although the goods are low priced with a price range from 4.99$ to 29.99$ (the average amount of purchase is 9.99$), around 20% of my customers choose to pay with cryptocurrencies. This is surprising to me as credit card fees are much lower for such microtransactions.
However, it shows me that many people actually believe in the idea of a decentralized cash system and do not just use Bitcoin as a store of value.

In my opinion people who only use Bitcoin to speculate did not understand Satoshi's vision as a peer-to-peer cash-system. You can see this as a byproduct in any currency however. Just have to look at traditional currencies, where forex trading is a thing as well.

[Vinalians]

I guess it is just too early to have an act like this. Many of the people in the world still not know and understand what bitcoin is. So, the very recommended to do here is to wait and let them see the adoption to our life, businesses, economy. People hold bitcoin not only for its value but also they know that bitcoin can be the future of digital currency and also can be an alternative currency for the whole world.

[sehoon]

To be honest, I also see bitcoin as something like gold and I would rather save it than to spend it. And I really don't know if the adoption will make any sense since the companies could also take control of a lot of bitcoin if they are going to accept it as payment. I think it is normal. Cryptocurrency is the future. It could make us hassle-free. But I think if people are going to pay in cryptocurrency, they will prefer other cryptos than bitcoin.

[oseikuf44]

Is there really something wrong with this scenario for bitcoin?

No, because we are not at full adoption yet.  Once we get to full adoption (and full usage) all will be forgotten of what happened today.

As the graph portrays, the technical cycle is for coins that passes through initial creation by team member till it enlisted on exchange and public acceptance of it, Bitcoin is nevertheless different from this kind of cycle since we don't see any founders, nor some of the stages on the graph. Bitcoin is already mass adopted and hope the negativity it is still receiving is because of bad press and misunderstanding of what it stand for.

[hatshepsut93]

Well, the experts say 'Hold at least 1 Bitcoin' if you can afford. It shows how relevant and important this coin is. It has great value and its value is expected to rise up so high by the end of the year or in the coming years.

It will definitely gain in 2020 when halving of Bitcoin starts. No one can know if it goes to the Moon now before this event or stays at the mark close to 8 thousand. Nevertheless, some trading signals says BTC is going to 10K soon.

Bitcoin adoption, either as a currency or as store of value, is its main fundamental value, and if it is low, then we have a big problem - all the value that we have is mostly speculative, and Bitcoin can lose a big part of it eventually if the situation with adoption won't improve. But we should be careful here, we need some actual data and proper research on Bitcoin's adoption, not just anecdotal evidence or rumors.

[NeverSop]

This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.

There are still limitations that bitcoin still faces to go up. In order for the world to accept more bitcoin, this will take time to adjust. May not yet be popular for the higher level we can search. But those discomforts will be improved in the future with online bitcoin payment processes for those services.

[maydna]

Well, the experts say 'Hold at least 1 Bitcoin' if you can afford. It shows how relevant and important this coin is. It has great value and its value is expected to rise up so high by the end of the year or in the coming years.

It will definitely gain in 2020 when halving of Bitcoin starts. No one can know if it goes to the Moon now before this event or stays at the mark close to 8 thousand. Nevertheless, some trading signals says BTC is going to 10K soon.

I hope bitcoin price will increase higher before halving so after halving, and the price can touch the very highest price
Yes, we don't know how much bitcoin price will reach in the future, but many people believe that bitcoin price will touch more than $20k so we have a chance to be the next rich people in our city from cryptocurrency. When bitcoin price starts the next rally, I am sure people in out there will get shocked because they will see another highest price from bitcoin and they will be too late to buy bitcoin at a low price.

[Kakmakr]

~~

Is there really something wrong with this scenario for bitcoin?

Yes, the problem with a "hoard" scenario like this is the following :

1. If everyone hoards their bitcoins and nobody use it, then merchants will stop accept it as a payment option.
2. If merchants stop accepting it, then you will not have places to spend it and that would remove it's functionality as a currency. 
3. If everyone hoards their coins, then investors would obviously not have any coins to buy and exchanges would not make any money, so they will close their doors. 

We should all adopt a strategy where you buy coins and then spend about 20% of those coins to stimulate the Bitcoin network of merchants. 

[freedomgo]

Bitcoin simply is not ready for mainstream adoption yet. The mainstream audience is not ready for bitcoin yet either. Both of these factors will have to meet in the middle at some point. It is at that point mainstream adoption will become a reality.  

Mainstream adoption does not happen in instant, bitcoin will be the same coin tomorrow but the development is expected to improve.

For bitcoin to become a good currency and to be adoption by mainstream audience, it needs to eliminate or at least minimize the price volatility and we already have a solution to that, the lightning network will solve it and we just need people to be aware of this solution so they will be convince that there is a good way to enjoy bitcoin as a payment system more than an investment.

[barbara44]

Do you think that bitcoin is more expensive than the normal traditional bank charges for transactions, especially when it comes to transactions that are crossing border, I think the people that might be complaining about this most is people that are using it within the state, but when it comes to international payment, bitcoin remains the cheapest thing to ever use.

I remember that in my country, if I have to pay like $4000 bill, I will pay 10 percent of it to the bank, also pay sift and one other fix charge in my local currency which is extremely too much, and I think this is why banks are fighting it because that is where those cheats call banks are exploiting people really, and bitcoin has really save one in this a lot and also saved my business from the hands of traditional banks.

[peter0425]

There is nothing surprising here. Majority of the people that I know don't even know what Bitcoin and crypto actually are. They are happy with FIAT and payment processors like Paypal, mobile wallets etc and never thought about researching BTC.

We are still in the middle of the rally when much more people are having bad image about crypt specifically bitcoin than trusting this that’s why our effort is a must in need if we wanted to progress in this community and in our investing

Among the crypto investors, majority of them treat it primarily as an asset and secondarily as a currency due to the monetary opportunities available which is something that will be reversed only through higher adoption rates which in turn requires low TX fees, faster payment speeds etc.

Ofcourse because most of the holder of crypto came from different countries but majority has no real access on how and where to spend the currency.the most ways is to pay as Billing option and some online product.but if crypt is treated like why Japan does?for sure things will change here

[leea-1334]

Do you think that bitcoin is more expensive than the normal traditional bank charges for transactions, especially when it comes to transactions that are crossing border, I think the people that might be complaining about this most is people that are using it within the state, but when it comes to international payment, bitcoin remains the cheapest thing to ever use.

I remember that in my country, if I have to pay like $4000 bill, I will pay 10 percent of it to the bank, also pay sift and one other fix charge in my local currency which is extremely too much, and I think this is why banks are fighting it because that is where those cheats call banks are exploiting people really, and bitcoin has really save one in this a lot and also saved my business from the hands of traditional banks.

OK your country must be really shit because I would never use anything to pay $4000 bill that charges me $400, what kind of bill is that and which country is this,,, seriously this is too bad.

Banks are cheats for sure but I have never heard of this. But anyway good case for Bitcoin. People like Roger Ver keep saying stupid things like cost of payment but I never paid more than 0.1% fee for BTC and always far far less.

[nightxglow]

Yes it's true. I think people also realized that bitcoin is only used as an investment, not used for something to pay. But it's understandable too though. Maybe it's because bitcoin can't be used in all places yet. Really few places let we use bitcoin as a method of payment. So many people who had bitcoin but can't use them, has no other choices rather than just using it as investment, not a payment method or system. But some maybe think it's a waste to spend bitcoin because the price might increase like what you think as well. But for me, it's because there's no place or no way i can use bitcoin as payment here, so i just can use it for investment.

[moonshot797]

I believe that if it were easier to spend crypto today, more people would be doing it. A bitcoin owner who wants to spend their crypto today must look for a merchant who accepts bitcoin or purchase a gift card equivalent to buy something.

[shoreno]

I believe that if it were easier to spend crypto today, more people would be doing it.

Yes it is  . cryptos are now easier to use today , i mean you can now possibly use it widely because many people and store owners are now using/accepting it but of course there will be a group of people that prefer to not spend thier btc because they think its not worth it or they think its hassel or expnsive when it comes to fees   .

A bitcoin owner who wants to spend their crypto today must look for a merchant who accepts bitcoin or purchase a gift card equivalent to buy something.

Not all are accepting btc for gift cards . the best chance to spend btc is to find another btc owner and trade it for more acceptable payment methods or currencies  . there are many of them on the forum 

[Fredomago]

Yes it is  . cryptos are now easier to use today , i mean you can now possibly use it widely because many people and store owners are now using/accepting it but of course there will be a group of people that prefer to not spend thier btc because they think its not worth it or they think its hassel or expnsive when it comes to fees   .

With more adoptions that happened using this payment process, you can find more online sites who accepted this payment options though it's not widely big enough but you can do consider those available businesses who catered crypto payments, but in the other hands, more investors prefers to hold and keep their assets treating crypto as tokens for investment, as they are aware of fees that needed to be deducted once you deal with crypto transactions some might still prefer to use fiat services to limits using their assets from crypto.

[maydna]

I believe that if it were easier to spend crypto today, more people would be doing it. A bitcoin owner who wants to spend their crypto today must look for a merchant who accepts bitcoin or purchase a gift card equivalent to buy something.

I think bitcoin owner already found a merchant which accept bitcoin for the transaction because I already help my friend who wants to buy a product from an online store. I search for him the online store, and after I found the store, I gave to him, and let him buy the product and finish the transaction.

So if there is a more online store which can accept bitcoin, then I guess that the adoption by the internet will grow because many people now access the internet with ease. They can buy and sell by online, and people can find the online store which supports payment with cryptocurrency.

[SquallLeonhart]

I believe that if it were easier to spend crypto today, more people would be doing it. A bitcoin owner who wants to spend their crypto today must look for a merchant who accepts bitcoin or purchase a gift card equivalent to buy something.

For now, majority of us are still more of holders because we believe that we could get more increase on what we have in future when bitcoin starts to increase in price, so not many people are even willing to spend their bitcoin for now but not that they don’t know how to, even if we have so many merchants right now that is willing to accept bitcoin as payment, many people would still make them have a very low patronage because they would not want to part away with what they have.

But, one thing I believe is that in future, merchants accepting cryptocurrency will be much, and bitcoin will get to that stage where I can no longer increase further, and then people will learn to be using their accumulated bitcoin already to start purchasing things from these merchants.

[rodel caling]

Among the crypto investors, majority of them treat it primarily as an asset and secondarily as a currency due to the monetary opportunities available which is something that will be reversed only through higher adoption rates which in turn requires low TX fees, faster payment speeds etc.
[/quote]


That is truly correct some of the bitcoin ethusiasm they treat bitcoin or crypto as an asset investment, they treat bitcoin more than the gold. That's why most of the hodler's not use it to pay bitcoin or crypto as payment because they know the importance of that holding for long term because possible of profits they can earn if the price goes into the moon.

[tiedcoin]

An investment in crypto and especially Bitcoin is treated as an investment and store of value more than being used in daily transactions.
It is true that Bitcoin and crypto currencies have not caught as much wind with the global audience but that does not make it a weak asset. The adoption rate for crypto currencies has not reached its peak yet so the government hired new agencies make impractical claims in order to serve the governments purpose.

[Finestream]

An investment in crypto and especially Bitcoin is treated as an investment and store of value more than being used in daily transactions.
It is true that Bitcoin and crypto currencies have not caught as much wind with the global audience but that does not make it a weak asset. The adoption rate for crypto currencies has not reached its peak yet so the government hired new agencies make impractical claims in order to serve the governments purpose.

That's normal because we are in the early stage, these smart people who are investing now are seeing the potential of bitcoin to become a mainstream currency in the future, so they position themselves early to own bitcoin now as they believe the demand will increase and the value will grow since bitcoin is limited in value.

It's pretty different in fiat as bitcoin is a real example of a "supply and demand",  and one thing, volatility maybe a hindrance to become a mainstream currency, but I know there's a lot of solution to that including the stable coin, and maybe Libra if they will successfully launch.

[Jating]

An investment in crypto and especially Bitcoin is treated as an investment and store of value more than being used in daily transactions.
It is true that Bitcoin and crypto currencies have not caught as much wind with the global audience but that does not make it a weak asset. The adoption rate for crypto currencies has not reached its peak yet so the government hired new agencies make impractical claims in order to serve the governments purpose.

That's normal because we are in the early stage, these smart people who are investing now are seeing the potential of bitcoin to become a mainstream currency in the future, so they position themselves early to own bitcoin now as they believe the demand will increase and the value will grow since bitcoin is limited in value.

I wouldn't consider that we are still in the early stage, bitcoin went for $.1-$1k already, so they have seen what bitcoin can be, a currency and store of value. Those who have been here have evolved as well, from simply experimenting to becoming one of the best asset so far because of its limited supply.

It's pretty different in fiat as bitcoin is a real example of a "supply and demand",  and one thing, volatility maybe a hindrance to become a mainstream currency, but I know there's a lot of solution to that including the stable coin, and maybe Libra if they will successfully launch.

Or LN could be solution if we wanted it to became mainstream currency. Although LN is still very slow as far as adoption is concern.

[Sexaphiliac]

Many are hodling Bitcoin not necessarily using it as a means of settlement. This is because they are speculating significant price appreciation overtime which is very logical. Why should I spend $500 worth of BTC today when it could be worth way more in the nearest future.This further serves to strenghten the fact that Bitcoin is digital gold.

[94K]

The business of cryptocurrency is like gambling. Its unpredictable and unstable. You either lose or gain money. I always say that this business is risky hence you need to be careful especially about the coin you will want to invest. Study the market and know the coins well.

[Ucy]

1. I expect most "use" come from payment processors, not actual merchants. It's a difference. And payment processors can bulk the transactions so you won't see a difference.
2. In the same way you hold waiting for the rise, many others do that. If nobody is spending, why expect better numbers?
3. News papers use big words for useless posts. If you read a bit more around you'll see that reality is never as bad as depicted by news.

Interesting.
Plus payment processors don't know what the bitcoins are used for. The implication of this is that people might be buying and selling amongst themselves in large number without chainalysis even knowing it. It possible that traders contact each other on social media, Telegram, Whatapp, etc to negotiate prices and then send the coins through the payment processors. But the payment processors don't know what the transactions are for.

Well, I guess this is close to the best way to use Bitcoin. But the little problem is that it is done via centralized intermediaries , which are the payment processors, instead of peer-to-peer or with decentralized intermediaries

So, no one actually knows the real number of Marchant transactions. It could be way higher than the figures we are constantly bombarded with.

[BitHodler]

Or LN could be solution if we wanted it to became mainstream currency. Although LN is still very slow as far as adoption is concern.

LN isn't a solution to that. It's just one (currently very dominant) second layer, which we in the future will see compete with other second layers. I don't rule out to see a second layer gain more popularity at one point.

People often look at LN as being Bitcoin's path to scale, but you don't really scale anything aside from the second layer itself. Bitcoin's main-chain is still slow and expensive relatively speaking, that won't change any time soon.

SegWit on the other hand is an actual scaling implementation. It brought a 20-25% transaction throughput increase and some bug fixes. Better something than nothing at all I would say.

[mccorrinall]

LN isn't a solution to that. It's just one (currently very dominant) second layer, which we in the future will see compete with other second layers. I don't rule out to see a second layer gain more popularity at one point.

People often look at LN as being Bitcoin's path to scale, but you don't really scale anything aside from the second layer itself. Bitcoin's main-chain is still slow and expensive relatively speaking, that won't change any time soon.

SegWit on the other hand is an actual scaling implementation. It brought a 20-25% transaction throughput increase and some bug fixes. Better something than nothing at all I would say.

Exactly. Lightning is a very situational scaling solution: It only scales when e.g. two parties are often transferring money to each other. The final settlement is still done on the chain.

Looking forward to Schnorr signatures.

[Onuohakk]

Bitcoin is a digital currency  not a physical currency. People like making use of bitcoin to store up their assets and to make more profit. For now I don't think bitcoin can get up to $20k before the end of this year

[Diirtmaan]

The business of cryptocurrency is like gambling. Its unpredictable and unstable. You either lose or gain money. I always say that this business is risky hence you need to be careful especially about the coin you will want to invest. Study the market and know the coins well.

If you buy Bitcoin at a bargain price during a bear market and hold it will have positive dynamics and profit. You can play carefully and this is the right way to avoid risks.

[lixer]

Bitcoin is a digital currency  not a physical currency. People like making use of bitcoin to store up their assets and to make more profit. For now I don't think bitcoin can get up to $20k before the end of this year

The word currency already sum it all, whether it is digital or physical, it is currency and a currency is meant to be means of making payment for something and not just asset as we are using it to be. It is because we are using it more for asset alone that bitcoin has still not developed more than it has now. For bitcoin system to be more effective, there is need for demand to always occur every minute, but keeping it as asset means the demand will just be like once in a whole when we have spare money to make investment which should never be.

If we are using it to make payment for many things that we are using, it will Ben be creating awareness for the coin and you see more people coming into the space of bitcoin to constantly be using it for their purchases.

[Mandoy]

This is not an uncomfortable truth but rather the truth itself. Bitcoin as of today is always been a subject to tremendous changes in terms of volatility. The reason is that there are big whales running the market and only a few compared to the worlds total population are engaging in bitcoin. If at least 10% of the worlds population are using and holding bitcoin then we will have a more stable price for bitcoin and the volatility will be reduced then we can start seeing bitcoin being used daily in the market as a form of payment. Also there is the issue on the slow transactions on bitcoin transfer and this is one big reason why people and merchant does not use bitcoin for purchases.

[btc78]

Over time, the situation should change and the number of transactions and traders will increase, perhaps the whole system will change. It has to happen.

For our years here in this forum and in cryptocurrency as well,we had already witness the increasingly and demand of this market so no doubt that we’re getting higher and bigger as time passes by

So transaction will increase and traders will progress in their strategies

Yeah it’s sometimes frustrating when we expect growth but fall is what we’ve got since this is part of the healthy market what’s important is we are not withdrawing our support and still continue to trust crypto

[cizatext]

Over time, the situation should change and the number of transactions and traders will increase, perhaps the whole system will change. It has to happen.

For our years here in this forum and in cryptocurrency as well,we had already witness the increasingly and demand of this market so no doubt that we’re getting higher and bigger as time passes by

So transaction will increase and traders will progress in their strategies

Yeah it’s sometimes frustrating when we expect growth but fall is what we’ve got since this is part of the healthy market what’s important is we are not withdrawing our support and still continue to trust crypto

Yeah time is passing by and bitcoin has continue to attract more population and that has always been reflected on the price of bitcoin in the market, and 99% of us here are holding bitcoin for the profit in the future.

[mazdafunsun]

I do not understand how this is a uncomfortable truth , this is more like common knowledge than something surprising. Yes, most of the volume is from speculation but I am not sure about their numbers. They use BitPay as reference but it doe snot mean that only this gateway is the only one ,also other dont use gateway at all. I think that darkweb percent could be close to truth but not the merchant number.

[pundit]

Bitcoin is mostly being used to transact funds abroad, its rarely being used as money Mechants counters. It is an attractive investment option due to its high volatile nature, it will not be surprising a big amount of money comes into Bitcoin and its value shoots beyond $20K. Bitcoin will more be used as an asset instead of regular currency in daily use I believe, people are considering as high return option on their investment.