Why Bitcoin is not that good as currency?

[wxa7115]

Please read this article in Forbes. it is very clear why bitcoin is not suitable as a currency. Prices are volatile. Limited amount. Supervision that cannot be done. This system works without an institution such as a central bank that controls the circulation of money. in my opinion bitcoin is not suitable as a money in any country. will later become bubble

https://www.forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/#5f3e25ae2e5b

We do not really need to read the article, we already know what they are going to say, those people are just describing how the current system works and only point out the differences between bitcoin and fiat, if what that article was saying was true, then how it was possible for governments to run their economies using precious metals for thousands of years?

After all gold and silver are limited by nature just as bitcoin, and anyone could mint their own coin and no one cared as long as it was made of gold and they could calculate its weight accurately so no central supervision was needed, and despite their volatility in fiat one oz of gold remains one oz of gold.

[Republikcoin.com]

Countries that have regulated bitcoin too has added it to the taxable assets like gold. This means it hasn't given the importance as a currency same as that we use physically. Considering the value it has been getting used as a currency, this is just the beginning. In less than ten years of time getting such a level of acceptance in the global market will make it used as currency in the falling years.

Nothing happens within days especially any kind of revolution is first resisted and then gradually accepted by people. Bitcoin is also a digital revolution in the world of currencies. It is great achievement for crypto market to have bitcoin legalized in states. If it is treated even as gold in the beginning, with the passage of time people will start using it for buying and purchasing ultimately giving it currency value.

it's just that currencies that do not have stable prices will only be converted into investment tools. some companies such as steam have accepted bitcoin as a means of payment, but now, steam has delisted on bitcoin because the fees and prices have gone up and down. however, that is the main standard that needs to be considered before establishing bitcoin as a legal currency.

[Gontxi]

It looks like more and more outlets are accepting bitcoin:

https://cointelegraph.com/news/where-to-spend-bitcoin-a-global-overview-from-ljubljana-to-zurich

As of late October 2019, 15,558 business venues worldwide were accepting Bitcoin (BTC) as a method of payment, up 18% from a year earlier, according to Coinmap.org.

The problem is, unless bitcoiners actually use bitcoin to spend in these places, they'll just disable the payment function.

It's very much use it or lose it - but this community is more focused on speculation than on making it profitable for retailers to accept payment with bitcoin.

There are only have available using bitcoin for trading and investing, for currency if have available and support with many country can use bitcoin as currency I will use bitcoin, there are many country not allowed using bitcoin as transaction payment because less get support with store for adopting bitcoin as transaction payment, they only need bitcoin as trading and investing assets.

It requires some time before bitcoin can go mainstream but let me just tell you, there are few countries and organizations that accept payment and charity in bitcoin. Moreover, it is not the right time to consume bitcoin in daily purchases. It is the most precious asset and should be kept for long period of time. Bitcoin is that wand which can make you a millionaire quicker than your imagination.

Yeah bitcoin as an asset is the best thing ever because any ordinary asset always remain on its own price while the bitcoin increases with the passage of time and the benefit is much more, so consuming bitcoin would means to lose the asset along with the profit, so bitcoin is much more precious than the currencies also many institutes are accepting it now as payment.

Bitcoin price not control by any one and government give up how to manage bitcoin price and make not good side of bitcoin good currency, when you accepted bitcoin as payment transaction but after few hour price of bitcoin dump you will lost your money with bitcoin, but have increase value if you accept bitcoin as currency when bitcoin up, you can take much profit when your bitcoin increase with higher price.

[Triffin]

Good, for people who do like Bitcoin and he has a lot of money and is not good for people who have no money to buy bitcoins  . Bitcoin is an asset or can also be a saving and I am very happy to play, invest, trade Bitcoin and Altcoins

To some extent I am agree with you that bitcoin is much better to keep as an asset than to use as money because if we will spend it then what to keep at home. Holding crypto specially the bitcoin is important as if we will hold only then price will increase and we will get profit but if it is an emergency then we can use our saving to get what we want.

[GideonGono]

Good, for people who do like Bitcoin and he has a lot of money and is not good for people who have no money to buy bitcoins  . Bitcoin is an asset or can also be a saving and I am very happy to play, invest, trade Bitcoin and Altcoins

To some extent I am agree with you that bitcoin is much better to keep as an asset than to use as money because if we will spend it then what to keep at home. Holding crypto specially the bitcoin is important as if we will hold only then price will increase and we will get profit but if it is an emergency then we can use our saving to get what we want.

because of the volatility of the price the value of other things you would to buy can be cause of a volatile.  for example, you buy an apple for 0.0001 bitcoin but suddenly if you converted it on the dollar it increase then it is not good because the bitcoin suddenly pump and dump so it is good that we have a stable money so we can buy based on out economy.

[Mumbeeptind1963]

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

[TelolettOm]

Please read this article in Forbes. it is very clear why bitcoin is not suitable as a currency. Prices are volatile. Limited amount. Supervision that cannot be done. This system works without an institution such as a central bank that controls the circulation of money. in my opinion bitcoin is not suitable as a money in any country. will later become bubble

https://www.forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/#5f3e25ae2e5b

Except for the USDT token (because of its stability) which other token looks more suitable as currency? unfortunately, USDT not that engaged as currency as its supposed to.

Although it can be used as a currency, the case of Tether proves that there must be supervision to become a currency. I can only issue government, not conventional companies, because full control is in each country , There are still many things that need to be improved to be able to get to that point

[DaftAjax]

That would really bring them down but for me, the bad thing about bitcoin is that it is a decentralized crypto currency. Even if it faster to transact than other currencies, it will still be decentralized and that means it would never be a currency.

Doesn't it decentralization makes Bitcoin unique and desirable as a currency? Isn't it one of the reasons why many investors and casual traders like Bitcoin? We don't really want the government snooping around with our money in the first place. Literally, the government wants to know everything about you before you can "spend" your money--and that is stupid.

Meanwhile, what I don't like about Bitcoin is "volatility", tho at this point it's inevitable--but confidently enough, later on, it will not be.

<....>

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

^^^ I'm pretty sure he knows what you're talking about. And it kinda devoids the value of your post.

[Kevondo]

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

We already have a lot of physical currencies and they appear useless in front of bitcoin. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter. Legality and mainstreaming is just a matter of time. For the time being, bitcoin is looked by holders and newcomers as an investment. They are least interested in bitcoin being used as a currency.

[TinaK]

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

We already have a lot of physical currencies and they appear useless in front of bitcoin. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter. Legality and mainstreaming is just a matter of time. For the time being, bitcoin is looked by holders and newcomers as an investment. They are least interested in bitcoin being used as a currency.

Erteria and Japan are frontiers who adopted cryptocurrency and made the great move as the investment and government e governance. Let's hope for the other government take oath to adopt the Bitcoin and make it useful from the people.
Even democratic countries not trying to adopt it. Let's share more about crypto the world.

[DaftAjax]

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

[Webetcoins]

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

[Tungsten-1]

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

Japan has always been the hub of technology and world is living hell behind them in this regard. There is no doubt that Japanese are mentally prepared to see digital currencies everywhere and they are already incorporating them in their businesses and daily life trading. Not only adaptation of bitcoin is happening rather its ATM has also been launched by Venezuela which clearly indicates that people are in favor of this technology.

[Xxmodded]

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

Japan can adoption many technology in their country and make bitcoin and altcoin become very easy for legal there, Japan the only one Asian country  friendly for bitcoin become currency payment, if you travel to Japan you can ready your bitcoin assets without convert with cash money with several part of Japan place have accepted bitcoin.

[Memminger]

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

Japan can adoption many technology in their country and make bitcoin and altcoin become very easy for legal there, Japan the only one Asian country  friendly for bitcoin become currency payment, if you travel to Japan you can ready your bitcoin assets without convert with cash money with several part of Japan place have accepted bitcoin.

You can even pay for an airline ticket there if I remember correctly through Bitcoin. If we are talking about Bitcoin being legalized then Japan is on top of the list but there are also country who aren't that strict but just warning the use of cryptocurrency like the high volatility which would be quiet a risk to those beginners who dive straight into the cryptoworlf without prior research for and familiarizing how the market behaves which is different in the stock market in a way that the price may fall so much low or vice versa.

[Sithara007]

There are two major factors that prevent Bitcoin being widely used as a currency. First of all, the transaction fee is not fixed and sometimes it can cost a fortune for the users to make Bitcoin payments (back in 2017 December, the average Bitcoin transaction fee was around $20). When other payment options such as Paypal and Visa charges only a fraction of that, you can't expect a lot many people to use Bitcoin for this purpose. The second factor is the time required to confirm payments. It may take up to 1 hour to confirm Bitcoin payments. For the other modes, it takes less than one minute.

[Faxmate]

There are two major factors that prevent Bitcoin being widely used as a currency. First of all, the transaction fee is not fixed and sometimes it can cost a fortune for the users to make Bitcoin payments (back in 2017 December, the average Bitcoin transaction fee was around $20). When other payment options such as Paypal and Visa charges only a fraction of that, you can't expect a lot many people to use Bitcoin for this purpose. The second factor is the time required to confirm payments. It may take up to 1 hour to confirm Bitcoin payments. For the other modes, it takes less than one minute.

Above these to reasons, volatility is considered. For bitcoin or any other digital asset to serve the purpose of a currency, stability is required. At the moment, bitcoin is looked at as an investment by common people and they intend to improve their financial status with bitcoin. It is just a matter of time before bitcoin becomes a currency. Actually, there are places where bitcoin is used as a medium of exchange.

[Farma]

There are two major factors that prevent Bitcoin being widely used as a currency. First of all, the transaction fee is not fixed and sometimes it can cost a fortune for the users to make Bitcoin payments (back in 2017 December, the average Bitcoin transaction fee was around $20). When other payment options such as Paypal and Visa charges only a fraction of that, you can't expect a lot many people to use Bitcoin for this purpose. The second factor is the time required to confirm payments. It may take up to 1 hour to confirm Bitcoin payments. For the other modes, it takes less than one minute.

I think there is a third factor, which is having an unstable price. I have read an article which states that Steam ejects bitcoin from their payment method because it has an unstable price. it might be detrimental to a permanent company when they accept bitcoin as a legal payment tool, and the price suddenly drops. indirectly, they sell at cheap prices.

[makolz26]

Above these to reasons, volatility is considered. For bitcoin or any other digital asset to serve the purpose of a currency, stability is required. At the moment, bitcoin is looked at as an investment by common people and they intend to improve their financial status with bitcoin. It is just a matter of time before bitcoin becomes a currency. Actually, there are places where bitcoin is used as a medium of exchange.

People have taken this opportunity as this is not controlled by the government or by someone, so this volatility made people have the opportunity to earn, they are using this to hype and to make fud so they can buy more and sell more, so the government is not ready for this digital currency to make it as an official currency, unless they can control it. But so far although it won't make as a currency, it is still considered as one form of investment.

[bitbunnny]

To my opinion first and the main problem is volatility. To be used as a currency Bitcoin should be stable and also centralized, monitored by central financial institution that would impose necessary regulation. No country could benefit from unstable and unreliable currency. The second obstacle is limited number of coins.
However, people use Bitcoin as a currency but it can't be officialy recgonized as such.