Why Bitcoin is not that good as currency?

[teosanru]

Just to make it simple, the main issue about Bitcoin and other cryptos as a currency, is market price volatility. The market value is not stable which would be a problem, for it to be a currency. A currency is meant to promote equality in the world market. This I think, is the main issue why many countries still do not accept cryptos as the mode of payment. Maybe, if it would be more stable, it will result for other countries to adopt this system.

The first reason is always so, bitcoin and other cryptocurrencies do not have a consistent stability, payment will not be so easy when prices go up and down in too large a range, timely adjustment of goods to the price of bitcoin is impossible, and we all don't know who is the owner and manager of bitcoin, popularly applying it would be an opportunity for countries to attack each other economically. The most obvious is that we here no one wishes or prayed that bitcoin would settle down, everyone expects bitcoin to go to the moon

Actually that won't be a problem when it comes to a Bitcoin only currency or atleast when Cryptocurrencies go mainstream and everyone owns it because volatility falls with widespread adoption but the problems which I am posing will definitely increase with more adoption because deflation would continue to increase.

[ufaiz50]

Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.

[ReiMomo]

Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.

Why is too complicated to understand, Bitcoin has the characteristics of being volatile, that's it. Maybe it due to its price volatility. In that case, if you are going to buy something in a mall then you are about to pay using bitcoin as good as cash then, you'll be giving the cashier your phone using QR code to read transaction, because since bitcoin price is volatile so it may rise or fall from time to time and it's hard to use as a payment. Probably those establishments accepting bitcoin as payment will understand the risk. So, why not?

[TrevorS]

Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.

Why is too complicated to understand, Bitcoin has the characteristics of being volatile, that's it. Maybe it due to its price volatility. In that case, if you are going to buy something in a mall then you are about to pay using bitcoin as good as cash then, you'll be giving the cashier your phone using QR code to read transaction, because since bitcoin price is volatile so it may rise or fall from time to time and it's hard to use as a payment. Probably those establishments accepting bitcoin as payment will understand the risk. So, why not?

Then a system will be needed that produces complex calculations of bitcoin price adjustments due to the dynamics of its price. Or a system that will exchange bitcoin for fiat and make payments, but then why not immediately pay with fiat money without using intermediaries. Fiat greatly interferes with your concept, in which case it is necessary that all products have a price only in bitcoin.

[teosanru]

Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.

You know we have tried to keep stable coin concepts thousand times in history but everytime we have ended up in minting fiat. You know what's the reason? It's because economy always works automatically due to rational buyers and sellers and thereby automatically making equilibrium but there is generally times when the demand supply shifts and the equilibrium is changed. But when we make a stable coin it doesn't has the capacity to automatically change equilibrium so what happens is a black market begins to emerge out of this thing which leads us in even more trouble. So even the stable coin concept won't hold for too long.

[Oneandpure]

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.

very true that you say in your opinion fiat currency is currently still the best than cryptocurrency maybe it is caused by legality problems and maybe if the crypto currency is recognized as a valid currency of course cryptocurrency will be better still more developed

It has been said that there is deflation that makes cryptocurrency different from fiat currencies, and not only about legality because when it comes to legality I think bitcoin has become popular in many countries and continues to grow and develop with adoption, it proves that legality is not a big problem anymore for cryptocurrency, because with the adoption of at least cryptocurrency has been recognized but still not enough to be declared as a currency.

Just an opinion from government want to give solution how to banned bitcoin as legal transaction, bitcoin become very friendly payment as currency transaction because can sent payment very fast and easy, just show QR code payment will receive for costumer wallet, bitcoin very good as fiat currencies where bitcoin value never get inflation and look higher for next year.

[MI6]

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.

very true that you say in your opinion fiat currency is currently still the best than cryptocurrency maybe it is caused by legality problems and maybe if the crypto currency is recognized as a valid currency of course cryptocurrency will be better still more developed

It has been said that there is deflation that makes cryptocurrency different from fiat currencies, and not only about legality because when it comes to legality I think bitcoin has become popular in many countries and continues to grow and develop with adoption, it proves that legality is not a big problem anymore for cryptocurrency, because with the adoption of at least cryptocurrency has been recognized but still not enough to be declared as a currency.

Just an opinion from government want to give solution how to banned bitcoin as legal transaction, bitcoin become very friendly payment as currency transaction because can sent payment very fast and easy, just show QR code payment will receive for costumer wallet, bitcoin very good as fiat currencies where bitcoin value never get inflation and look higher for next year.

Don't forget about transaction fees, sometime when bitcoin price increased very high, people will complain about fixed fee (in BTC) when they want to make transaction. I think that problem must be concerned first because we wouldn't want to pay fee very high.

[cryptoknightt]

I think this is what is called inflation of the price of a currency or goods, when the increase in the year certainly the price of something that is very difficult to obtain and has high demand can make the price very expensive but for bitcoin I think this depends on demand and when prices fall then make sure the demand decreases.

[senne]

The high volatility, deflationary property and no regulation are the main reasons which make Bitcoin unsuccessful as a currency. If you're a businessman, you have to pay tax and make revenue. But if you take payment in Bitcoin. Unless you convert it into fiat immediately, the price will change in any direction which is risky proposal for a businessman. Also, if people can buy more things with the same amount of Bitcoin tomorrow than today, then why would they spend it when they have fiat alternative. Such things limit the use of BTC as a currency.

[teosanru]

I think this is what is called inflation of the price of a currency or goods, when the increase in the year certainly the price of something that is very difficult to obtain and has high demand can make the price very expensive but for bitcoin I think this depends on demand and when prices fall then make sure the demand decreases.

Actually it's the inverse here. In my hypothesis I have kept Bitcoin as a currency and not as a commodity therefore when it's price will increase the economy will go into deflation and not inflation unlike the fiat system. Demand for goods will fall considerably because people would want to hoard the currency.

The high volatility, deflationary property and no regulation are the main reasons which make Bitcoin unsuccessful as a currency. If you're a businessman, you have to pay tax and make revenue. But if you take payment in Bitcoin. Unless you convert it into fiat immediately, the price will change in any direction which is risky proposal for a businessman. Also, if people can buy more things with the same amount of Bitcoin tomorrow than today, then why would they spend it when they have fiat alternative. Such things limit the use of BTC as a currency.

Doesn't makes sense as here we are talking about usage of bitcoin as a currency in bitcoin only economy.

[Peashooter]

It is simple as bitcoin has fluctuating times in which we already know that it may up and down sometimes so it would be really hard to become a good currency compare for those currency that has a exact and stable value in the world market. The bitcoin may down so much in no time so the people will just be a culture shock because they will see their money decreases. Bitcoin will be as good as currency if the stability of this would be functional.

[ongkok87]

Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.

Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supply

[AliMan]

Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.

Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supply

This is considered as a valuable asset used on different purposes, and same with fiat currency when you needed it you spend it independently without any complicated transactions. What has bitcoin provided with us, is the expedition of every transactions which fiat money cannot do all alone. Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption.
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.
Generally, I believed that this was really a good currency despite of the volatile value.

[DaftAjax]

Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supply

You could say that, for now at least. Later on, I think Bitcoin will provide a variety of option for us to use it. Due to massive adaptation, it will definitely make a change in how we use it compare to as of now.

The supply isn't really going to be the problem. Did you happen to know about halving? If not, well, basically the number of block rewards is reduced by half after mining for a certain period of time, this happens regularly as per Bitcoin protocols.

Source: Halving

This is considered as a valuable asset
and same with fiat currency when you needed it you spend it independently 
Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.

If you really consider Bitcoin as a valuable asset, you will never use it on your daily basis.
It never functions the same as fiat money.
Bitcoin is a currency (cryptocurrency)
Maybe all of these benefits you mentioned will have a part later, but right now(?) I think Bitcoin is more valuable than to just be used to those purposes.

[Wysi]

Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supply

You could say that, for now at least. Later on, I think Bitcoin will provide a variety of option for us to use it. Due to massive adaptation, it will definitely make a change in how we use it compare to as of now.

The supply isn't really going to be the problem. Did you happen to know about halving? If not, well, basically the number of block rewards is reduced by half after mining for a certain period of time, this happens regularly as per Bitcoin protocols.

Source: Halving

This is considered as a valuable asset
and same with fiat currency when you needed it you spend it independently 
Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.

If you really consider Bitcoin as a valuable asset, you will never use it on your daily basis.
It never functions the same as fiat money.
Bitcoin is a currency (cryptocurrency)
Maybe all of these benefits you mentioned will have a part later, but right now(?) I think Bitcoin is more valuable than to just be used to those purposes.

But the main purpose of bitcoin was to make lives easier for the transfer of money within and across the border without any hassle real quick and without showing the account to the government, initially people did not believe it and then they started using it as a source of investment after it's value increased by multiple folds. Bitcoin can never be used as fiatt currency due to volatility.

[tonyvo2017]

In fact, bitcoin has no deflation mechanism as people think, this is just the theory that bitcoin holders!
You should understand this well because bitcoin can return to zero at any time. Bitcoin is not managed by anyone and this is a huge risk and people often misunderstand.
Although fiat money is inflated, it is also quite good because it motivates people to continue making more money in the future.
In my opinion, fiat money is still the most amazing thing the world has invented.

[supercanada1]

It is simple as bitcoin has fluctuating times in which we already know that it may up and down sometimes so it would be really hard to become a good currency compare for those currency that has a exact and stable value in the world market. The bitcoin may down so much in no time so the people will just be a culture shock because they will see their money decreases. Bitcoin will be as good as currency if the stability of this would be functional.

Bitcoin is as we all know is a decentralized currency and it was basically introduced to give people complete freedom over their money and investments. We shall keep in mind the objectives of its invention and even if still you want to use it as normal currency, pair it up with fiat and give people free option. It is up to you whatever they want to use.

[wxa7115]

The first reason is always so, bitcoin and other cryptocurrencies do not have a consistent stability, payment will not be so easy when prices go up and down in too large a range, timely adjustment of goods to the price of bitcoin is impossible, and we all don't know who is the owner and manager of bitcoin

If you are an merchant you can accept bitcoin and convert the coins to fiat instantly and it is not a hard task as there are companies like bitpay to help you out in that matter and you can calculate the valuation according to the market situation and hence it is not an excuse another thing you mentioned here is that you are not comfortable about the creator of bitcoin, it does not matter as it is an open source project and there are dedicated managers that are taking care of the project.

If you are a merchant that wants to accept bitcoin its volatility is not a big issue, as you say there are established companies that allow the conversion of whatever bitcoin you receive in almost an instantaneous process, this means you will not lose fiat in the process, the real reason why we do not see bitcoin adopted everywhere is that the number of people using it is still low and we are dispersed through the world.

Companies do not see the point of adopting bitcoin when they will just make a sale with bitcoin once in a while, the costs and logistics of accepting bitcoin are probably not worth the small profits they could get, but give it a few decades and most businesses will accept bitcoin.

[Edraket31]

bitcoin can be said to be not good if used as a currency because in my opinion bitcoin has an unstable price movement as an exchange this is likely to provide benefits for those who have bitcoin and may also be detrimental when prices fall and the supply of bitcoin is too little so this is what makes bitcoin cannot be used for a good currency.

It is because the price varies from time to time, so it would be hard for now to make it as a good currency, maybe in time when the price of it becomes stable, when the circulating supply has spread worldwide to people, but for now it is impossible yet. We can just make it alternative currency and investment but not as the main currency.

[DaftAjax]

But the main purpose of bitcoin was to make lives easier for the transfer of money within and across the border without any hassle

We have nothing to argue about this--as it is the goal and intention of Bitcoin in the first place. But currently, there are many things preventing this to happen completely (I said completely because, in other regions/countries, Bitcoin is being utilized). First and foremost, adaptation--probably the biggest issue that Bitcoin has right now. Second, the speed of transaction--another major issue, if we want to utilize it frequently it should be fast, but we can't do anything about it, for now, after all, it is how it is structured. I think those two are the major issues that prevent it from happening. Now, there are other things but we could discuss it another time.

real quick and without showing the account to the government,

Maybe it's intentional, 'cause you know, who wants to track your money.

initially people did not believe it and then they started using it as a source of investment after it's value increased by multiple folds. Bitcoin can never be used as fiatt currency due to volatility.

Yes, even now people still don't believe in Bitcoin's potential or rather its worth. For now, volatility is an issue, later on, it won't be.