Why Bitcoin is not that good as currency?

[jseverson]

-snip-

Well unfortunately I think it can be a question towards survival if you don't want to Bitcoin to be the next cocaine or Weed. China & India two highly populated countries have put restrictions upon its usage. If we see more countries following the same track I don't think how are you saying that Bitcoin Survival is at question.

You misunderstand me. I acknowledge that governments present a threat to Bitcoin's survival. What I was saying is that there is nothing to suggest that countries are lining up to ban it, as you imply. Outright bans have been isolated cases of desolate, corrupt, or authoritarian governments. The top global economies are open to it, even China which allows peer-to-peer and over-the-counter trading. If you're saying a worldwide ban is inevitable without anything to back it up, you're only spreading FUD. I don't even know how you think Bitcoin is remotely comparable with illegal drugs regulation-wise.

I would like to reiterate what I previously said: while wholly possible, there are no developments that signal Bitcoin's survival is in question.

[Beparanf]

Having bitcoin will depend on your lifestyle and purpose of having it. As a currency if you prefer to do transactions online then better find wallet that are connected in some online shops then do shopping using it, which is now applicable in our country. But if in physical stores it will be hard to find one so better still have your fiats with you. It all depends on us how we can utilize the use of bitcoin, act as our fiat currency, online currency or as an investment.

[DaftAjax]

I understand your point and it's very logical, but you got something that is obviously wrong.

Why do people keep on assuming that Bitcoin is money? Bitcoin isn't money, it's an asset, it is obvious that the change in value wouldn't be the same as fiat. As it is an economic driven currency, while investments like Bitcoin is volatile and it is not determined by how much money is being printed out but how much is being mined. Gold is a very good comparison to Bitcoin, as they have the same properties as being an asset. Scarcity is pretty much what determines the price of Bitcoin, the lower the quantity the higher its price would be.

[EdenHazard]

I understand your point and it's very logical, but you got something that is obviously wrong.

Why do people keep on assuming that Bitcoin is money? Bitcoin isn't money, it's an asset, it is obvious that the change in value wouldn't be the same as fiat. As it is an economic driven currency, while investments like Bitcoin is volatile and it is not determined by how much money is being printed out but how much is being mined. Gold is a very good comparison to Bitcoin, as they have the same properties as being an asset. Scarcity is pretty much what determines the price of Bitcoin, the lower the quantity the higher its price would be.

It is an asset but you can always use it as a currency and nobody can stop you doing so. Realistically for the current society that not ready to accept a currency with high volatility l, bitcoin won't be a good currency but who knows ...  someday people realized that is bitcoin the currency they wanted even with its volatility!

Since first day we are a solid believers and will continue to do so. That bitcoin as time goes by could be developed as a widely used currency all over the world. We just haven't find that way ..

[Murat]

As a student of economics, I agree with you partially, because if having some argument I just want to reveal some points, At first, I'm going to the definition of Inflation, I think the price rise of Bitcoin is not related to the inflation, I think inflation consists of both the price and quantity, Bitcoin price has raised but not raised according to its quantity, It's all about a fluctuation, On the other hand, I agree with you on the currency issue, Bitcoin is not a good currency because of having a huge price volatility, no one can choose this trend because of having a high risk even in the payment system. for me, Bitcoin is s good for trading and investment for the current context, when the value of Bitcoin will get stable then people will use as currency for sure, otherwise not.

[cotton ball]

Bad site of bitcoin only with transaction confirmation payment, we need take long time for waiting finished and done transaction using bitcoin, we have waiting about two hour for confirmation process for sending bitcoin from one to other wallet. We can get good side with bitcoin less inflation because have higher price at the next years.

[ivakar]

quite a lot aspects of simple human life are requiring immediate and simple payments, the one cash systems can offer.
and I think this is the way which is good for all, yes, it can be improved by card payment which takes also small amount of time
the main problem of bitcoin payments is not instant payment. this is the problem, which stopping it to spread wide.
you will not be happy to wait 20 minutes while cashier confirms your payment for a cup of milk received.

[teosanru]

This has a good side and has a bad side at the same time. When bitcoin is something that gains value over time and dollar is something that loses value in time, then how can we expect bitcoin to be anything other than just an investment? People can definitely buy bitcoin, they can store it, they can eventually sell it for a lot more to pay for something or just retire, but how can they spend it?

If they spend bitcoin right now then they are missing out on a big profit down the road. Hence this increasing value of bitcoin means its a great investment and that's good, it helps people buy and it increases the price but at the same time it makes people not spend it and that clogs the adoption because people can't or even won't spend it on regular goods.

Yes exactly as of now you are seeing it as BTC price rising in value. But with a Cryptocurrencies only economy you would view this as decrease in prices of good because there will be no fiat to compare with. Therefore people don't spend it.

I understand your point and it's very logical, but you got something that is obviously wrong.

Why do people keep on assuming that Bitcoin is money? Bitcoin isn't money, it's an asset, it is obvious that the change in value wouldn't be the same as fiat. As it is an economic driven currency, while investments like Bitcoin is volatile and it is not determined by how much money is being printed out but how much is being mined. Gold is a very good comparison to Bitcoin, as they have the same properties as being an asset. Scarcity is pretty much what determines the price of Bitcoin, the lower the quantity the higher its price would be.

Bitcoin's whitepaper itself said it's a P2P currency which allows transaction over the globe without the use of intermediary. How can this be called an asset? Merely because it's price keeps on rising?

As a student of economics, I agree with you partially, because if having some argument I just want to reveal some points, At first, I'm going to the definition of Inflation, I think the price rise of Bitcoin is not related to the inflation, I think inflation consists of both the price and quantity, Bitcoin price has raised but not raised according to its quantity, It's all about a fluctuation, On the other hand, I agree with you on the currency issue, Bitcoin is not a good currency because of having a huge price volatility, no one can choose this trend because of having a high risk even in the payment system. for me, Bitcoin is s good for trading and investment for the current context, when the value of Bitcoin will get stable then people will use as currency for sure, otherwise not.

I really don't think you are a student of economics if you don't understand the deflationary spiral. Question isn't about volatility or price fluctuations here. It's about the prices of commodities.

[Moiyah]

Why Bitcoin is not that good as currency?

If someday the bitcoin and other altcoins will be consider as a currency same with the fiat, I think many problems will arise. Why I say so? Because bitcoins value is volatile and the transaction and operation processing is too sluggish. Today I still prefer what the bitcoin offers. Attracting businesses, organizations and investors to invest, to earn and for additional profits is one of the advantages of btc. In addition btc is stable storage of value which helps in trading and exchanges. Though bitcoin is Stable STORAGE of Value still without a STABLE VALUE btc is not consider as truthfully real money or currency.

[Sadlife]

lol the title is misleading ,i thought its a negative about bitcoin but its not and the truth is the other way around

when government still preventing their people to adopt cryptocurrency they are denying the benefits people might have.

and the photo really attracting and may lure people to understand whats the difference of BITCOIN and other crypto as well compared to FIAT.and how advantageous having them both
lets hope the fastest adoption happens as we are nearing another decade

[teosanru]

lol the title is misleading ,i thought its a negative about bitcoin but its not and the truth is the other way around

when government still preventing their people to adopt cryptocurrency they are denying the benefits people might have.

and the photo really attracting and may lure people to understand whats the difference of BITCOIN and other crypto as well compared to FIAT.and how advantageous having them both
lets hope the fastest adoption happens as we are nearing another decade

The post is negative about bitcoin. I am criticizing the photo itself if you would have decided to read the thread you might have realized what you are saying is absolutely opposite of what this thread wants to say. it says the widespread adoption could lead to problems which might be pretty difficult to solve. The economic equilibrium can become unbalanced and we all might up ending in a deflationary spiral. So which is why government preventing adoption of bitcoin seems legit.

[doomistake]

lol the title is misleading ,i thought its a negative about bitcoin but its not and the truth is the other way around

when government still preventing their people to adopt cryptocurrency they are denying the benefits people might have.

and the photo really attracting and may lure people to understand whats the difference of BITCOIN and other crypto as well compared to FIAT.and how advantageous having them both
lets hope the fastest adoption happens as we are nearing another decade

Good thing OP included a photo, because if he didn't I would have misunderstood it too. Fiat is starting to be a not-fitted currency anymore in our economy, the foods, products, bills, clothes, and all the things that we need everyday is starting to be so freaking expensive and the price of fiat itself is not changing at all, it does, but what we are going to do for a few cents of its price variation.

But the Governmen's  pride will not be disintegrate that easy, oh God help us.

[djselery]

Bitcoin isn't that good as currency because it is not yet really supported by the great marketplaces either online or offline as a payment method. If a currency isn't supported enough to trade items it will be replaced by people by the used currencies. That's why BTC is now considered by most people as an asset a lot more than as a currency.

[matchi2011]

Bitcoin isn't that good as currency because it is not yet really supported by the great marketplaces either online or offline as a payment method. If a currency isn't supported enough to trade items it will be replaced by people by the used currencies. That's why BTC is now considered by most people as an asset a lot more than as a currency.

More and more people who's joining this industry are after with the benefits being a store value of assets, but with how OP pointing it out adoptions
might be hard being considered by any government due to implications to economic concerned. Good leadership will always look for betterment of
their economy and with how things can turned after fully adopting this system, having imitations will be a big problem to solve.

[Arkann]

It seems to me that if you increase the speed of transactions in the Bitcoin network, then this change in the technical characteristics of the Bitcoin blockchain will attract a large number of investors, including a large business that has long been considering the possibility of using Bitcoin, but everything stopped due to a problem, there may be a transaction deficit  .  I believe that if Bitcoin is used to transfer large amounts of money, this will increase the value of Bitcoin and stabilize the price of BTC.  It was then that Bitcoin could be used as a means of payment, since this coin would already be much more stable with a high transfer speed.

[cotton ball]

Bitcoin could not be inflation like money where every year have less value, but if using bitcoin your transaction payment will increase value every year, with money maybe next year you pay with higher amount but at the next time you get with small value because money can get inflation but bitcoin can't.

[teosanru]

lol the title is misleading ,i thought its a negative about bitcoin but its not and the truth is the other way around

when government still preventing their people to adopt cryptocurrency they are denying the benefits people might have.

and the photo really attracting and may lure people to understand whats the difference of BITCOIN and other crypto as well compared to FIAT.and how advantageous having them both
lets hope the fastest adoption happens as we are nearing another decade

Good thing OP included a photo, because if he didn't I would have misunderstood it too. Fiat is starting to be a not-fitted currency anymore in our economy, the foods, products, bills, clothes, and all the things that we need everyday is starting to be so freaking expensive and the price of fiat itself is not changing at all, it does, but what we are going to do for a few cents of its price variation.

But the Governmen's  pride will not be disintegrate that easy, oh God help us.

Actually that what the posts tries to explain that Things are not becoming expensive it's the supply of money in economy which is increasing therefore devaluing the dollar because supply becomes more than demand. While this is necessary for the survival of economy as Economic Growth is possible merely due to this inflationary structure of economy because development is nothing but increase in our standard of living which will not be possible in case bitcoin keeps on decreasing value of goods.

[TaliskerDarkStorm]

Bitcoin has two major problems in the long run:

scalability and energy consumption.

Currently, bitcoin transfer transactions take place at about 1 hour, as there are too many transactions such as cars jammed in traffic, we can say that these delays occurred. bitcoin needs to solve this problem first.

Secondly, a very serious problem, energy consumption: bitcoin currently consumes more energy from dozens of countries on an annual basis. which means bitcoin pollutes the environment. The proof of work mechanism is not very environmentally friendly. therefore proof of stake appears to be a more attractive way to validate transactions.

[owengtam09]

It is I think because of the market value stability, bitcoin does not have a stable value that's why I think the reason why it is not easy to accept others just like our current currencies. Although we all know here in the forum that bitcoin is really good especially when time goes by so that the price will improve, let's also accept the fact that bitcoin has also its disadvantage.

[shoreno]

Bitcoin is not that good as a local currency because obviously, it is not yet adopted by majority of the countries.

no mate bitcoin is already adopted on most major countries but few major countries are also having a regular issue regarding on its acceptance.

Each country is still using their own currency to buy goods and even in their money transactions.

thats normal because every country has its own legal currency and that should be they prioritize before cryptos . using local currencies is also easier mainly for local/offline use.

But if bitcoin will be given more chances to be used and recognized by more people, then hopefully it will be as good and useful as a currency since it is purely made to be a currency and not just as a long term or short term investment.

not just a chance but it already happen . btc is now being used regularly not just a mere investment tool