Why Bitcoin is not that good as currency?

[Kimonoe]

I know the benefits of bitcoin are immense and it has a lot of advantages, but it is still not as good as the currency because it has not been accepted in countries, the government has not accepted Bitcoin in delivery yet. In addition, bitcoin and gold are storage assets because it does not have as much amount as flat money, if that happens, you cannot use dollars, euros or any fiat, and only gold and bitcoin. And gold and bitcoin prices continue to rise because they are scarce. You can spend a little on absolute necessities - food, rent. But you won't spend on luxuries like going to the movies, or some of your hobbies, you're hoarding your bitcoins because the price is rising. In that case the economy will collapse because most of us use the money we make to spend and stimulate the economy.

When an investor buys Bitcoin and thereby stores Bitcoin in his cryptocurrency wallet, the investor is in a shared boat with everyone who has Bitcoin. Volatility is primarily a hindrance, or vice versa, causing the price to change. Bitcoin capitalization plays an important role.

capitalization plays the role of bitcoin prices, this is even though bitcoin cannot be controlled, but people who hold large capital are able to control it. whereas from the government such things are avoided, because they cannot control fluctuations unless they have a large supply of bitcoin

[DaftAjax]

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capitalization plays the role of bitcoin prices, this is even though bitcoin cannot be controlled, but people who hold large capital are able to control it. whereas from the government such things are avoided, because they cannot control fluctuations unless they have a large supply of bitcoin

How could one be "capitalized" if it's decentralized in the first place? It doesn't really matter if you have a lot of Bitcoin in your pocket, it does not work like other assets. What will you do to your mass amount of Bitcoin if you're not gonna use it anyway? Hold it till it doesn't have value anymore? One of the reasons why Bitcoin is valuable is because it keeps on operating, but some factors such as frequency (in terms of utilization, exchange) determine how valuable it could be. A monopoly doesn't mean anything in a decentralized platform.

[Wexlike]

<....>
capitalization plays the role of bitcoin prices, this is even though bitcoin cannot be controlled, but people who hold large capital are able to control it. whereas from the government such things are avoided, because they cannot control fluctuations unless they have a large supply of bitcoin

How could one be "capitalized" if it's decentralized in the first place? It doesn't really matter if you have a lot of Bitcoin in your pocket, it does not work like other assets. What will you do to your mass amount of Bitcoin if you're not gonna use anyway? You're gonna hold it till it doesn't have value anymore? One of the reasons why Bitcoin has such a high value is because it never stops on moving, but some factors such as frequency (in terms of utilization, exchange) determine how valuable it could be. A monopoly doesn't mean anything in a decentralized platform.

I slighty disagree, it s not just black and white. Large pockets can move the market to a point that every new investor gets burned and never touches Bitcoin again. Yet in the long term, as long as there is still interest for a decentralized money system, Bitcoin should fight back while the coins move from the sellers pocket to the hodler.

[Gheka]

The descending value of fiat will be passed on generation by generation. Good thing that we have choices and wisdom to survive in the current financial system. Bitcoin and cryptocurrencies are the future of money it only needs to stabilised before it will dethrone the fiat system.

It is only one of the minor causes. The main reason why countries do not accept bitcoin as a common currency is because they respect and want to keep the interests of their own country. Such as America, Japan, China. All three countries have a high value for money compared to the rest, and that certainly creates power for their country. Besides, the inflation rate is still quite good, so why use a common currency with other poor countries? This is the big problem that bitcoin can't solve.

Yes, governments of big nations always want to show their strength in the international market, the goal is for small countries to rely on them while they will develop independently, currency is a symbol to show that when we can see the exchange rates between countries are very different, clearly distinguishing between strong and weak economies. And with a common currency like bitcoin, it would eliminate this distinction, big countries would disagree, besides, the management of bitcoin was not minimal, the value does not depend on any factors, it is difficult to make a common currency

[DaftAjax]

<....>

How could one be "capitalized" if it's decentralized in the first place? It doesn't really matter if you have a lot of Bitcoin in your pocket, it does not work like other assets. What will you do to your mass amount of Bitcoin if you're not gonna use anyway? You're gonna hold it till it doesn't have value anymore? One of the reasons why Bitcoin has such a high value is because it never stops on moving, but some factors such as frequency (in terms of utilization, exchange) determine how valuable it could be. A monopoly doesn't mean anything in a decentralized platform.

I slighty disagree, it s not just black and white. Large pockets can move the market to a point that every new investor gets burned and never touches Bitcoin again. Yet in the long term, as long as there is still interest for a decentralized money system, Bitcoin should fight back while the coins move from the sellers pocket to the hodler.

Well, there you have it. The reason why the value of Bitcoin is in awe is because of those HODLERS. I don't agree with the idea at all. Bitcoin should not be treated as such. If I remember they are the ones who made the 2017 bubble. And look at Bitcoin now, 3 years have passed but there's no improvement at all.

But I still don't believe that capitalization exists here. I am not saying you're wrong but a single HODLER can't change the tide just because that person has a large amoung of Bitcoin.

[Sanugarid]

The descending value of fiat will be passed on generation by generation. Good thing that we have choices and wisdom to survive in the current financial system. Bitcoin and cryptocurrencies are the future of money it only needs to stabilised before it will dethrone the fiat system.

It is only one of the minor causes. The main reason why countries do not accept bitcoin as a common currency is because they respect and want to keep the interests of their own country. Such as America, Japan, China. All three countries have a high value for money compared to the rest, and that certainly creates power for their country. Besides, the inflation rate is still quite good, so why use a common currency with other poor countries? This is the big problem that bitcoin can't solve.

Yes, governments of big nations always want to show their strength in the international market, the goal is for small countries to rely on them while they will develop independently, currency is a symbol to show that when we can see the exchange rates between countries are very different, clearly distinguishing between strong and weak economies. And with a common currency like bitcoin, it would eliminate this distinction, big countries would disagree, besides, the management of bitcoin was not minimal, the value does not depend on any factors, it is difficult to make a common currency

Absolutely we see how big difference between some nations interms of currencies. Currency determines the econimical status of one country. There are some countries that are fully develop like the big nations with a good government are seems like their very strong interms of international market. The small countries that are still independent because they are still developing are relying on some big countries to get easily rid with some problems.

[deisik]

Well, there you have it. The reason why the value of Bitcoin is in awe is because of those HODLERS. I don't agree with the idea at all. Bitcoin should not be treated as such. If I remember they are the ones who made the 2017 bubble. And look at Bitcoin now, 3 years have passed but there's no improvement at all

I've been telling that since as early as 2015

And back in the day I was ruthlessly attacked on all fronts. People were euphoric and ecstatic about the future prospects of Bitcoin as a universal means of payment, and they couldn't bear a thought that it was mostly wishful thinking and pipe dreaming on their part. My opponents came up with all sorts of contrived reasons and arguments why Bitcoin should necessarily take over fiat in a not so distant future

I asked them to bring forth real-life examples which would prove genuine expansion of cryptocurrency, and all they had been able to bring to the table were exotic cases like an obscure car dealer accepting crypto, which was actually an exchanger with no crypto involved in the actual process of buying cars from the manufacturer. Today you can pay with crypto with the help of payment processors but it is just a front-end and a fiat gateway

[wxxyrqa]

Well, there you have it. The reason why the value of Bitcoin is in awe is because of those HODLERS. I don't agree with the idea at all. Bitcoin should not be treated as such. If I remember they are the ones who made the 2017 bubble. And look at Bitcoin now, 3 years have passed but there's no improvement at all

I've been telling that since as early as 2015

And back in the day I was ruthlessly attacked on all fronts. People were euphoric and ecstatic about the future prospects of Bitcoin as a universal means of payment, and they couldn't bear a thought that it was mostly wishful thinking and pipe dreaming. My opponents came up with all sorts of contrived reasons and arguments why Bitcoin should necessarily take over fiat in a not so distant future

I asked them to bring forth real-life examples which would prove genuine expansion of cryptocurrency, and all they had been able to bring to the table were exotic cases like an obscure car dealer accepting crypto, which was actually an exchanger with no crypto involved in the actual process of buying cars from the manufacturer. Today you can pay with crypto with the help of payment processors but it is just a front-end and a fiat gateway

Indeed, I understand you very much regarding the fact that someone does not always accept criticism or your statement on a particular issue, especially regarding cryptocurrency and in particular regarding Bitcoin.  Everyone has their own opinions and arguments on this issue.  If you are being attacked because of your opinion, then definitely someone didn’t like it and someone else has a completely different point of view.  In my opinion, 2017 was the period of the most active phase of the cryptocurrency pr campaign, which attracted a lot of new investors and new people to the cryptocurrency market who wanted to get rich very quickly.  Of course, certain groups took advantage of this, provoking a rise in the price of cryptocurrency and emptying the pockets of ordinary people, which led to a strong drop in the cryptocurrency market.  Until society is confident in cryptocurrency and especially in bitcoin, not a single cryptocurrency can replace fiat funds.  In addition, civil society today hears only negative reviews regarding cryptocurrencies and will never exchange fiat currencies for cryptocurrencies.

[bitbunnny]

Maybe I wouldn't use the expression.that is not good as a currency but there are certainly some obstacles that affect its performance as currency
Some of them are volatility, limited number of coins and lack of regulation and legal background.
But Bitcoin and other cryptocurrencies are still developing and in the future some better solution might be found.

[meliodas]

Maybe I wouldn't use the expression.that is not good as a currency but there are certainly some obstacles that affect its performance as currency
Some of them are volatility, limited number of coins and lack of regulation and legal background.
But Bitcoin and other cryptocurrencies are still developing and in the future some better solution might be found.

We only need a good regulation from the government so the people will acknowledge the cryptocurrencies as a good option for them, either as a payment gateway or as an investment option. Cryptocurrency is not that bad because of the volatility and lack of supply, it is a blessing in disguise because you can earn fast with volatility and short supply when the demand increases a lot.

[Twentyonepaylots]

I know the benefits of bitcoin are immense and it has a lot of advantages, but it is still not as good as the currency because it has not been accepted in countries, the government has not accepted Bitcoin in delivery yet. In addition, bitcoin and gold are storage assets because it does not have as much amount as flat money, if that happens, you cannot use dollars, euros or any fiat, and only gold and bitcoin. And gold and bitcoin prices continue to rise because they are scarce. You can spend a little on absolute necessities - food, rent. But you won't spend on luxuries like going to the movies, or some of your hobbies, you're hoarding your bitcoins because the price is rising. In that case the economy will collapse because most of us use the money we make to spend and stimulate the economy.

When an investor buys Bitcoin and thereby stores Bitcoin in his cryptocurrency wallet, the investor is in a shared boat with everyone who has Bitcoin. Volatility is primarily a hindrance, or vice versa, causing the price to change. Bitcoin capitalization plays an important role.

Yes that is true if we want to make money from bitcoin  we will have to hold and store it for long term and if you can not hold it for long term and use it at time of need you will not be able to have profit as we wanted to have. But in case of emergency we can use bitcoin as it’s the most accessible system to pay for things of our need, bitcoin is so reliable and easy to use when ever needed.

[henrybek3]

I think bitcoin is a value storage tool. I always dream about it when I buy bitcoin. I'm gonna sell at high prices and make more money. But if one day bitcoin becomes very common and replaces a state, then it will be the currency.

[DaftAjax]

Indeed, I understand you very much regarding the fact that someone does not always accept criticism or your statement on a particular issue, especially regarding cryptocurrency and in particular regarding Bitcoin.  Everyone has their own opinions and arguments on this issue.  If you are being attacked because of your opinion, then definitely someone didn’t like it and someone else has a completely different point of view.  In my opinion, 2017 was the period of the most active phase of the cryptocurrency pr campaign, which attracted a lot of new investors and new people to the cryptocurrency market who wanted to get rich very quickly.  Of course, certain groups took advantage of this, provoking a rise in the price of cryptocurrency and emptying the pockets of ordinary people, which led to a strong drop in the cryptocurrency market.  Until society is confident in cryptocurrency and especially in bitcoin, not a single cryptocurrency can replace fiat funds.  In addition, civil society today hears only negative reviews regarding cryptocurrencies and will never exchange fiat currencies for cryptocurrencies.

Well, my friend, I must tell you something. It's not a matter of accepting criticism; it's not a matter of having a different point of view or even having an argument if the opposing party doesn't make any sense at all, or should I say pointless--an empty statement.

AND in my opinion, the 2017 bubble was a mistake, I detest what happened. If Bitcoin were to attract new investors then the reason should be the potential and not just the price alone, that's a poor mindset if you ask me. And the reason why people have negative reviews on Bitcoin or cryptocurrency, in general, is the very same reason that happened in 2017, they were blinded by the hoax price of Bitcoin. Assuming these "new investors" only cared about the price and does not have prior knowledge as to what Bitcoin is then it's pretty much a disaster.

[Shasha80]

Maybe what causes bitcoin is not as good as currencies like fiat, because the price is volatile and also has not been legalized by the government.
In my opinion everything is not perfect, there must be advantages and disadvantages. Likewise with bitcoin, on the one hand indeed bitcoin is
not that good as currency. But on the other hand bitcoin has succeeded in bringing big changes in the world of digital currency. With its
decentralization, because not all currencies have privacy and are transparent for every transaction. So in the end we ourselves have to decide
whether bitcoin is appropriate for us to use or not, but for me bitcoin is very profitable. Because bitcoin has made a lot of profit for me who have
already bought it.

[Janation]

I think bitcoin is a value storage tool. I always dream about it when I buy bitcoin. I'm gonna sell at high prices and make more money. But if one day bitcoin becomes very common and replaces a state, then it will be the currency.

But then again, as they talk that at the top of this thread.

The reason why it is pumping in the past is because there are a lot of people using it and now that there are a lot of people holding it, the price is not having an improvement. Yes, there are some increases but unlike in the past, it is so high. Another thing, I am not hoping, at all, that Bitcoin will be replacing fiat currencies. It is not just the government, I think it will be a digital currency of what we are using right now and not Bitcoin.

[AjithBtc]

Why it hasn't gained importance same as that of the currency is the physical handling. People have used to the regular fiat and with cryptocurrencies they expect the same. Some day we'll get to use bitcoin same as fiat, and by then based on support from different countries it'll be preferred.

[avatar_kiyoshi]

Why it hasn't gained importance same as that of the currency is the physical handling. People have used to the regular fiat and with cryptocurrencies they expect the same. Some day we'll get to use bitcoin same as fiat, and by then based on support from different countries it'll be preferred.

Not someday, it's more likely never. Bitcoin can't be a stable currency like fiat, you know why. Bitcoin has always be an alternative currency that can resolve crisis/conflict, but the uses is always be temporary.
I'd rather prefer to gold, it's the right candidate to replace fiat.

[thottum]

Why it hasn't gained importance same as that of the currency is the physical handling. People have used to the regular fiat and with cryptocurrencies they expect the same. Some day we'll get to use bitcoin same as fiat, and by then based on support from different countries it'll be preferred.

Not someday, it's more likely never. Bitcoin can't be a stable currency like fiat, you know why. Bitcoin has always be an alternative currency that can resolve crisis/conflict, but the uses is always be temporary.
I'd rather prefer to gold, it's the right candidate to replace fiat.

We have evolved to this fiat system from using gold for day to day usage. The fiat system can only be replaced by the central bank-issued digital currency, not by anything else at least for a few decades. volatility in bitcoin will be reduced as the adoption increases but of course it cannot be avoided completely. I would say the future fiat system would be the central bank-issued digital coin and improved BTC like lightning network

[nickenburg]

I dont think it is a good currency either, we saw in 2017 when the price went to 20000$ that a lot more people started using it,

The price of transactions went up.
Time it took to send a transaction went up a lot as well.

To me a few dollar transaction cost already are to much.
But what is positive is that they are always still improving Bitcoin So they will maybe fix all that in the future.

It has gotten more of a store of value for me then a currency and in the meanwhile more cryptocurrencies have surfaced that are in my opinion better suited as a currency
They always said that Bitcoin is the Digital gold and Litecoin is the silver.

Some examples for me that are better suited as currency, I think one of my favorites at the moment is:

Eos just because the transactions are free and they are going very fast.
Its also a great way to transfer Crypto cheap from exchanges that charge insane fee's
Tell me if I am wrong but It's definitely a good one

[Visbay]

Why it hasn't gained importance same as that of the currency is the physical handling. People have used to the regular fiat and with cryptocurrencies they expect the same. Some day we'll get to use bitcoin same as fiat, and by then based on support from different countries it'll be preferred.

I am expecting the same that I am sure I’m a few years people will get good news that bitcoin has become the same important as fiat and we can buy everything with bitcoin as we buy with fiat. But it will take time to get such importance all over the world because yet only a few countries are there who still don’t accept the worth of bitcoin