Lets think Bitcoin as an investment not payment system, is this right?

[Bunsomjelican]

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast on Sept. 18.
https://cointelegraph.com/news/bobby-lee-chinese-always-saw-bitcoin-as-investment-not-for-payments

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

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[boris2470]

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast on Sept. 18.
https://cointelegraph.com/news/bobby-lee-chinese-always-saw-bitcoin-as-investment-not-for-payments

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

If the Chinese government again provokes citizens to a rally, then I think the Chinese will abandon the Yuan in protest and will use Bitcoin as a means of payment.

[NeuroticFish]

This was discussed in the past too. It can be both.
In the countries where inflation is big, people invest in more stable currencies. Bitcoin has limited supply, so indeed can be seen as an investment. But that doesn't stop it remain a coin that can be used very well for payments.

[DooMAD]

Perhaps he was generalising, so I'll give him the benefit of the doubt.  But whether he really believes he speaks for an entire nation (and a highly populous one to boot) or not is beside the point.  Everyone is free to transact however they choose.  If you want to use Bitcoin to make payments for real world goods and services, go for it.  If you want to speculate and try a bit of daytrading, that's cool too.  If you're holding until you retire, awesome.  Whatever you're doing, keep doing it.  It's not for others to tell you what's right or wrong, even if opinions are offered on the subject.

I personally think speculation is overrated, but if that's what people want, who am I to judge?  It's their personal wealth on the line, not mine.

[todiboa]

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast on Sept. 18.
https://cointelegraph.com/news/bobby-lee-chinese-always-saw-bitcoin-as-investment-not-for-payments

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

The Chinese are mining to make a profit. They do not need to use Bitcoin as an alternative payment method, because all of China uses US dollars and yuan for this, and Bitcoin as an investment.

[royalfestus]

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast on Sept. 18.
https://cointelegraph.com/news/bobby-lee-chinese-always-saw-bitcoin-as-investment-not-for-payments

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

If the Chinese government again provokes citizens to a rally, then I think the Chinese will abandon the Yuan in protest and will use Bitcoin as a means of payment.

I dont think it is a bluff if the government come against bitcoin in your country, they have done it before and we know what they are capable of doing. As much as possible lets comply and not struggle with the law, with my experience over time they will relax the law to favour everyone. My believe is that bitcoin will attain every tender that is expected for currency and asset

[Coyster]

Whichever way one chooses to use it, is totally dependent on that particular person and as long as its used whether for payment or investment, it still remains a fact that it's the bitcoin being used and popularised.
No one should make us feel nor lay claim to one being more superior than the other, it's your coins, you decide what to with it, I and so many other people use it for both reasons(investment and payments)some just one, but it really doesn't change anything, it's popularity doesn't look like its running short, nor will it.

[mk4]

I don't think there's a point discussing this further. Bitcoin simply can be both an investment and a for-payments, and a SoV. It's just the case that most of the chinese people love money. Even most of the chinese people in the Philippines are like that, whereas they'd be interested in almost anything as long as it can make them money in the end.

Also, in a positive note, what if some of the chinese people look at bitcoin as an investment because they actually think it will be used as both a SoV and for-payments in the future? Look at the bright side!

[TheCrimsonFucker]

I believe bitcoin can be a form of investment, because China has its very volatile currency, perhaps bitcoin is a way that the Chinese feel good about investing,  the Chinese invest in currency, was even one of the reasons. For which the currency has grown so much, the currency needs new investors with big projects, 2020 can be a promising year.

[bitmover]

This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

No, this is not the reason China became a mining farm. The reason mostly economic.

In China they have the cheapest energy in the world.


Mining farms are also located near hydroelectric dams, where energy is even cheaper than that cost on the graphic (which is an average)

[bitbenzhong]

100% agree,first everybody wants btc go to $20k usd as soon as moment.
for the moment,Most traders are arbitrage through BTC. In the whole society, the liquidity of BTC is not ideal.

[rdluffy]

Why not use both?

We can use BTC as investments and payments, most people use for investment, but with Lightning Network working 100% we will have more people using as a payment system
I think the only thing holding the "boom" of payments in BTC is the fee, if we can work with LN, this problem will be solved

I use BTC as invesment, but at least twice a month I need to pay someone from another country in BTC

[adzino]

Bitcoin was made to be use it as a global currency instead of border defined fiat currency. It was made to bring in an decentralized financial system where the owner of the coins are the only sole owner with no third party (the Government) having any power over the coins. But unfortunately, people started to use it as a form of investment rather than a medium of transaction. Thus, bitcoin is having a hard time to reach its ultimate potential. So I would so, no it is actually not right. We should use the coin in the way it was intended to be used.

[Little_king]

bitcoin has always be an investment  and payment bond for everyone. so you can store your btc as investment and at the same time use it as payment for any one that accept it as a mode of payment which is both cool.

[lobster88]

Payment system is also a right choice which enables a fluctuating mechanism from one hand to other instead the currency is stored in one's own treasure.

[leowonderful]

I use Bitcoin as both as well. I've accumulated plenty of Bitcoin over the years that I've been active in cryptocurrencies, and there are often times where I choose to pay for products (especially electronics and occasionally gift cards for friends) with Bitcoin from sites like Newegg and Bitrefill respectively. I still mostly transact with fiat currency because it's much more convenient and accepted in more places than Bitcoin is, but I'm always happy to support places that accept Bitcoin or any cryptocurrency for payment.

[Bountyhonter]

The Chinese really take bitcoin mining seriously and they also think of bitcoin as an investment but that doesn't mean that they don't also use it as a payment system.

[vintages]

Guess this Chinese reason was true and it could have contributed why they tend to frown at it when most of it citzens us it as a payment system.
But as at that, Bitcoin has always been both an investment and a payment system and it depends on what each users wants to regard it as or use it as.
For the Chinese, i guess they don't like the idea of having an external payment system interfering with the internal system they have set up.

[pooya87]

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

isn't it the same with most of other countries too? not to mention with most of the people around here!
people see bitcoin as investment since it continue going up and giving them profit.
governments see it as investment because it is easier to tax it that way and their revenue could be higher.
i don't think it is specific to Chinese.

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

i don't think it has anything to do with what their government thinks!
mining requires a couple of things to be more profitable in a competing market. first is the electricity cost, which is quite low in many parts of China specially when these farms struck special deals with their electricity provider. the next is the cheap and easy access to equipment. again they can acquire it easily from Bitmain and fast, maybe even cheaper. another factor is climate, i have seen farms that go in places with lower temperatures which would reduce their cost for cooling and increase their revenue. and finally the cost of labor can be much smaller which is another reduced cost. all of this leads to higher profitability.

[avikz]

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast on Sept. 18.
https://cointelegraph.com/news/bobby-lee-chinese-always-saw-bitcoin-as-investment-not-for-payments

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

It's worldwide and not just a Chinese thing. Except few countries like Japan, Germany etc. where bitcoin is not officially legal, people use it as an investment only and not as a currency! So it's wrong to generalize only China for such mindset and this mindset is known as FOMO or "Fear of missing out"!

Bitcoin has shown immense growth since its inception which no other investment class had shown in last 10 years! Yes, real estate had fetched such return in some cases or in some specific areas but not at a global scale! So it makes complete sense for people to use it as an investment and not as a currency.

We all know about what happened on 22 May, 2010 as we celebrate it as "Bitcoin Pizza Day"! Mr. Laszlo Hanyecz paid 10,000 Bitcoins to order few pizzas from Papa Zones which is worth 100 million at current bitcoin price! This fellow could have lived a life of a millionaire in 2019 if he had not purchased those pizzas in 2010. It is a classic example why FOMO plays a big role in the mindset of a bitcoin user, and it makes sense!