The Uncomfortable Truth

[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.

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[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.