Why Bitcoin is not that good as currency?

[DaftAjax]

~snip

Actually, of course you can agree with your opinion, especially in the sense that having real value in your hands, such as gold, you feel much calmer.

I am agreeing with MY opinion--because it's MY opinion.

What do you mean by real value? Are you saying that Bitcoin doesn't have a real value? Sure, Bitcoin is a digital currency (intangible) but it has a real value. Currency doesn't have to be tangible to have a value, sometimes even information (knowledge) have values. Being comfortable (in your case being calm) on having a physical or digital asset is quite arguable, we can discuss that in a different thread.

[gaston castano]

but still people use it as a means of payment, I mean a lot of businesses, companies, factories accept payments in the form of btc, to accept btc as a means of payment takes a long time.
Before BTC was recognized people would use it as a place of investment, seeking profits through trading, anything that was not related to official currencies such as Fiat.

[desticy]

but still people use it as a means of payment, I mean a lot of businesses, companies, factories accept payments in the form of btc, to accept btc as a means of payment takes a long time.
Before BTC was recognized people would use it as a place of investment, seeking profits through trading, anything that was not related to official currencies such as Fiat.

Bitcoin is a very attractive cryptocurrency in terms of a variety of means of payment.  But you need to understand that any business in any country is regulated.  Business is subject to certain jurisdictions of the country in which it is located.  Bitcoins are outside the jurisdiction at the moment, which means that various criminal elements can use it for criminal purposes.  All this complicates the use of bitcoin as a means of payment in small and medium-sized businesses, especially in large ones.

[meliodas]

but still people use it as a means of payment, I mean a lot of businesses, companies, factories accept payments in the form of btc, to accept btc as a means of payment takes a long time.
Before BTC was recognized people would use it as a place of investment, seeking profits through trading, anything that was not related to official currencies such as Fiat.

Bitcoin is a very attractive cryptocurrency in terms of a variety of means of payment.  But you need to understand that any business in any country is regulated.  Business is subject to certain jurisdictions of the country in which it is located.  Bitcoins are outside the jurisdiction at the moment, which means that various criminal elements can use it for criminal purposes.  All this complicates the use of bitcoin as a means of payment in small and medium-sized businesses, especially in large ones.

If bitcoin will get regulated or accepted by the government in a certain country, it will still get used to do illegal stuff or criminal activities because of its features. Bitcoin is anonymous and we all know that the authorities cannot track the location or the owner of the transaction so even there will be regulation, it will still be useless for them since the criminals can easily bypass those regulation.

[wxa7115]

That's why people fear deflationary currencies and that's why central banks encourage a small amount of inflation - it's to encourage people to spend.

That is a lie that they use so they can keep on creating more and more money, in theory it makes sense to do this but in practice it is not what happens, governments use the right to create the currency to get out of troubles that they have created, and instead of creating a small amount of money that will create a small amount of inflation they keep creating money as if there are no consequences for this.

But we know that at some point a threshold will be crossed and people will realize that the government is cheating them and that is when you will begin to see people trying to find ways to save their money in ways other than fiat and the way they are going to choose to save their money is going to be in money that cannot be created at will like bitcoin.

[Magkirap]

of course i know exactly what u talking about.
but well, its need a long time to make it happen.
and as a time goes by people have a fear of loss of money because the stupid news everywhere,even total btc still same amount.
like many many speculation, btc will go to rich people at the end.

I am not able to understand what you are saying. I am saying that this cannot be possible even with passage of time due to a simple reason that BTC cannot be used as a mainstream currency.

It's pretty much the same with gold that people can't print out of thin air, and despite it is being praised as money (ignoring how inconvenient it is), the fact that it is something people hoard makes it by definition bad money.

I don't think we'll ever get to experience a Bitcoin or gold standard anymore. Money has to have the inflationary characteristic so that it isn't scarce enough to endlessly hoard, which is something fiat does right.

I rather keep hoarding Bitcoin than spending it and there isn't much that will be able to change my mind. Even if fiat as we know it implodes, the government will issue a new form of money. Bitcoin and gold will still be ignored in that case.

Exactly gold and silver weren't cancelled out to be used as money because of inconvenience but because of its limited supply. Because gold pegged currency were the same as using gold as a currency so that system didn't involve us carrying gold all the time with us. But this system was changed because government didn't have power to control the supply of money in the economy. Leading to some big deflationary gaps. Now same is the problem with Bitcoin today.

I get your point. That is the reason why government are banning bitcoin. It is a kind of currency that they cannot control thus resulting to big deflationary gaps. Unlike the normal currency that is being regulated by the goveenment, it is more stable. Also, bitcoin is limited like we all know making it very striking to people like gold and silver. On the other hand, if bitcoin is being regulated by the government, the price of bitcoin will now be stable (but it will never happen).

[DiamondCardz]

I like Bitcoin but I passionately hate when people sell it as a fiat-replacer that is going to change the way the world economy works. First of all, inflation is good for economies. It provides an incentive for people to spend and for economies to grow.

I don't mind fiat. I don't mind Bitcoin either. Bitcoin on its own however is woefully insufficient to provide a means of exchange for a global economy.

[Maslate]

Bitcoin good as currency digital payment but many transaction do not support with use bitcoin, if you to buy your product in your country or other country many people still do not know with bitcoin, although bitcoin never have inflation value like money could be lower value for several year later. Bitcoin become good as currency if have support with thousand kinds store want to adopt bitcoin together and accepted bitcoin for payment way.

Bitcoin is definitely much better compared to fiat currency because there is no inflation happening in it and any time the value goes down or up. But the fact that the government does not support bitcoin because they cannot control it, and so the people are still afraid to use it since it is still unknown to majority of the people. They would still chose to pay in fiat not knowing that there more convenience in bitcoin compared to fiat.

[dimox]

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

[malevolent]

I like Bitcoin but I passionately hate when people sell it as a fiat-replacer that is going to change the way the world economy works. First of all, inflation is good for economies. It provides an incentive for people to spend and for economies to grow.

I don't mind fiat. I don't mind Bitcoin either. Bitcoin on its own however is woefully insufficient to provide a means of exchange for a global economy.

*Inflation is good for debt-based economies.

But yeah, no one initially said Bitcoin was to be the ultimate fiat-replacer - at least not seriously, these ideas came later. One of the appeals of Bitcoin is/was that it can't be artificially debased on demand by messing with the rate of supply.

[meliodas]

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

I agree. Bitcoin is so volatile where it is not good to compare it to the fiat currencies because they are stable and they are regulated and backed by the government while bitcoin is being backed by the trust from its community and users. But bitcoin is still a good choice rather than holding fiat currencies since the inflation rate will just eat out your fiat so it is still good to consider bitcoin as an investment and not a substitution for fiat.

[reality18]

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

The unstable value or price of Bitcoin is not a major concern to its currency feature but rather the long confirmation time and low adoption. The long confirmation time which can take more than 30mins dwindles it progress to integration into the payment systems of most businesses. And the lack of some governmental support hinders mass adoption as well.

[iMark]

The value of bitcoin is changing every hour,  minutes and seconds due to its volatility. It is really hard for the businesses to adapt it and use it as mode payment due to its fast changing value.

Do you think fiat or local currency, does not change prices every second? I think you're mistaken, fiat experience it too, always changes prices every minute, even when inflation occurs, a fiat currency can experience a huge degradation rate, making the country collapse and bankrupt. Volatility is not something that makes bitcoin unsuitable for currency

[Aying]

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

As of now fiat currency is what peoples need because we can use it even in digital payments. not like bitcoin that not everyone really uses it. payment method using bitcoin is something different many changes are changing that newbies can't understand it more. for now, bitcoin is used temporarily to make transactions easier..

[ardentvolcanoes]

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

As of now fiat currency is what peoples need because we can use it even in digital payments. not like bitcoin that not everyone really uses it. payment method using bitcoin is something different many changes are changing that newbies can't understand it more. for now, bitcoin is used temporarily to make transactions easier..

OP's demonstrations on why bitcoin is not good as currency gives many people a hints if what will happen to such economy since bitcoin have limited volumes.

Fiat which created by central government can control the numbers of published currency according to their needs, it's still prefer and still understood by the
users which is the common currency in their everyday life.

[Kambal2000]

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

As of now fiat currency is what peoples need because we can use it even in digital payments. not like bitcoin that not everyone really uses it. payment method using bitcoin is something different many changes are changing that newbies can't understand it more. for now, bitcoin is used temporarily to make transactions easier..

Bitcoin is not that good as fiat as it is digital and we all know it is not regulated by our government and the price is volatile. Imagine you will buy prepaid load worth $5 then after few seconds it becomes $7 so it is really hard for now to make it as currency, but just an alternative way to transfer funds, and can be one of our sources of income just like investing.

[malevolent]

Bitcoin is not that good as fiat as it is digital and we all know it is not regulated by our government and the price is volatile. Imagine you will buy prepaid load worth $5 then after few seconds it becomes $7 so it is really hard for now to make it as currency, but just an alternative way to transfer funds, and can be one of our sources of income just like investing.

It's not that volatile, for payment processors volatility isn't that big of a problem as long as they don't wait for payments for too long.

[Ejanend]

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

As of now fiat currency is what peoples need because we can use it even in digital payments. not like bitcoin that not everyone really uses it. payment method using bitcoin is something different many changes are changing that newbies can't understand it more. for now, bitcoin is used temporarily to make transactions easier..

OP's demonstrations on why bitcoin is not good as currency gives many people a hints if what will happen to such economy since bitcoin have limited volumes.

Fiat which created by central government can control the numbers of published currency according to their needs, it's still prefer and still understood by the
users which is the common currency in their everyday life.

Just because central government can control the numbers of published currency according to their needs, does not mean it is so. This is the problem they control and they keep poverty unresolved so that we will depend on them. This is how you control public. They control our money, they control us. Bitcoin is the key to our economical freedom as bitcoin is decentralized. Nobody can control it at all. Besides, it is an asset too.

[Wysi]

fiat is good as currency, because fiat have stable value and under control. you can trade with something that have same value in fiat, and this fiat's value cant change. bitcoin is not good as currency, because bitcoin value unstable, you can trade with something with same value but it just in that time because bitcoin value can change every second

As of now fiat currency is what peoples need because we can use it even in digital payments. not like bitcoin that not everyone really uses it. payment method using bitcoin is something different many changes are changing that newbies can't understand it more. for now, bitcoin is used temporarily to make transactions easier..

OP's demonstrations on why bitcoin is not good as currency gives many people a hints if what will happen to such economy since bitcoin have limited volumes.

Fiat which created by central government can control the numbers of published currency according to their needs, it's still prefer and still understood by the
users which is the common currency in their everyday life.

Just because central government can control the numbers of published currency according to their needs, does not mean it is so. This is the problem they control and they keep poverty unresolved so that we will depend on them. This is how you control public. They control our money, they control us. Bitcoin is the key to our economical freedom as bitcoin is decentralized. Nobody can control it at all. Besides, it is an asset too.

I got your point mate but it's not feasible to consider bitcoin as fiat as it's volatile and there are situations where it fluctuates within hours by over 10% and just assume if you pay a fixed amount of bitcoin worth certain dollars and by the time the other person receive it the value is decreased then it would be an hassle. I understand how government controls the fiat which is not the same with the bitcoin or any other crypto coin but we are not ready to take be replace the fiat currency as it requires more time and development as well as stability.

[blckhawk]

I totally agree with this. We cannot completely replace fiat, even if it is controlled by the government. People would only hoard since it's value is high and deflation causes value of products to lessen. Bitcoin is not suitable as currency, it's more of a medium of exchange, speculative investment and platform for day traders. It's not meant to replace fiat. I think the main purpose of bitcoin is to transact securely across the world without too much limitations and fees needed to pay.