Why Bitcoin is not that good as currency?

[huu78]

Yes, I agree with you. But cryptocurrency takes time to make it happen. Like demand and supply.
Bitcoin rose due to many requests and Bitcoin dropped due to a lack of demand and a lot of sales that caused down and kept going down.
But news from China has just said they need to adopt a blockchain for their governance. Instead, it's good news and people will more trust in Crypto to invest.

[supercanada1]

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.

For those who still think that bitcoin is not worthy of investment and that it is too volatile so cannot be trusted, all I have to say is it is ridiculous. Even after a decade, even after having people with us who are now millionaire just because they invested in it when the time was right, someone has doubts, he must go and learn the power and importance of this innovation on his own. That would be beneficial for him.

[dillpicklechips]

One of  good example to is when our current currency loss its value even the fiat, since were facing a huge economic growth in a long term aspect, possibly this would happen. Nevertheless on the aspect of cons, bitcoin will pop up sooner or later when all the blocks has been taken, or been mined.

And judging by facts bitcoin is a decentrelized and the fact that it is very volatile, that anytime now it will change , but our currency in fact it has a centralized system, and it just based on the supply and demand.

So the conclusion is that currency may change in the future by humans depends on the in take or how they control the stock market, and if ever inflation continue to grow.

[gandame]

Bitcoin is only build as a digital currency that can use only through internet. While the currency like dollor or peso and anything we can use it an offline transaction.
So bitcoin is not good as a currency beacuse its use only for digital and need internet.

[Eugenar]

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.

In my opinion, the market price of bitcoin is high because we are comparing it to our fiats. Let's imagine, if bitcoin will be the main currency we have, does it still be that much in high value? The answer is yes, the reason is because it already has its value determined when the fiats exists. Meaning to say that if we will going to adopt cryptocurrency as our main currency, then it will surely make it's own way to be in balance just like our fiats today, and it seems impossible for bitcoin to be adopted as the main currency because of its volatility.

[BigBos]

Bitcoin is only build as a digital currency that can use only through internet. While the currency like dollor or peso and anything we can use it an offline transaction.
So bitcoin is not good as a currency beacuse its use only for digital and need internet.

because it is used online, it does require the internet, so it is very difficult to imagine to make transactions in cash when we are in a place that does not have or difficult internet network. bitcoin may have many benefits, but as a medium of exchange, it has many shortcomings such as unstable prices, and there is a possibility of considerable interaction. but, despite many shortcomings, there are still quite a lot of people using bitcoin as a currency.

[DaftAjax]

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.

For those who still think that bitcoin is not worthy of investment and that it is too volatile so cannot be trusted, all I have to say is it is ridiculous. Even after a decade, even after having people with us who are now millionaire just because they invested in it when the time was right, someone has doubts, he must go and learn the power and importance of this innovation on his own. That would be beneficial for him.

Look we can't blame them. Even before, people who have a lot of Bitcoin gave up on it and just spend it carelessly. And those millionaires you mentioned(?) those people are the ones who believed in Bitcoin right from the start. These people are probably the ones who bought Bitcoin from earlier years at least 2013. Bitcoin was very cheap at that time, and probably if they sell now they will have hundreds and thousands even millions (as you point it out).

Right now, people are still being held back, because Bitcoin's price is really expensive now, and the profit they will gain wouldn't be that much. But investors switching to Bitcoin is really a smart idea. But for normal people(?) that's going to be a struggle. You need to be active in trading to optimize your gains and try not to spend it as much as possible. I can't stress this enough--people need to realize that it's not cheap to invest in Bitcoin. You have to be knowledgeable about everything that is connected to it--you have to learn methods in trading, even a little bit of gambling, even this platform gives you Bitcoin.

[EdvinZ]

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

[styca]

Bitcoin is potentially great as a currency. Obviously there would be issues with that at the moment, such as transaction time and the price volatility - but these are not insurmountable problems.
We do have to ask the question from the other side: if fiat is so good as currency, then why did something like bitcoin ever arise?
Fiat has huge problems, and is easily manipulated by governments. The financial crash of 2008, and the subsequent bailing out of the banks was the final straw. Fiat needs to be replaced. We need a borderless fast digital currency for our borderless fast digital age - bitcoin looks to be the answer.

[iv4n]

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

Gold supply is controlled by couple huge companies, same is with diamond market. In a fact bitcoin and gold are very different, gold is physical, bitcoin can`t be touched, its more like an idea, you cant send gold on other end of the world in few seconds, and there are many other examples how different is bitcoin from gold.
Bitcoin is good for everything, it can be a store of value, it can be a currency, you use it like you wish to use it, not how others tell you to.

[NewRanger]

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

bitcoin was very difficult to be currency.its value has high volatility in every second.we need more regulations from government that will make bitcoin accepted.gold could accepted cause it have pshycal shape.meanwhile bitcoin just a value , maybe with support from other digital payment system it could be realize.

[Colt81]

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

bitcoin was very difficult to be currency.its value has high volatility in every second.we need more regulations from government that will make bitcoin accepted.gold could accepted cause it have pshycal shape.meanwhile bitcoin just a value , maybe with support from other digital payment system it could be realize.

In my own opinion, it will be just fine for bitcoin not to be regulated by the government because if the government will regulate bitcoin they might see every of our transactions and earning in bitcoin could have taxes, which everyone will not agree. It's true that gold could be accepted by the government due to it's physical form, but bitcoin don't need to be accepted because it depends to the person if he/she will accept bitcoin as a payment and as a currency.

[alyssa85]

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.

[Sahyadri]

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.

Exactly!
There are enough merchants who accepts Bitcoin and many more might join too in future. But are we willing to spend Bitcoin on day to day transactions? Probably not. Bitcoin act as store of value which is more prominent than it being a currency. We have fiat which will eventually get devalue for our everyday transaction. Then why to even use BTC?
This restricts its use as a currency.

[meliodas]

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.

Exactly!
There are enough merchants who accepts Bitcoin and many more might join too in future. But are we willing to spend Bitcoin on day to day transactions? Probably not. Bitcoin act as store of value which is more prominent than it being a currency. We have fiat which will eventually get devalue for our everyday transaction. Then why to even use BTC?
This restricts its use as a currency.

I agree. It is good to use bitcoin as a mode of payment occasionally but if we will use it on a daily basis then it is not recommended because the fees that you will pay when you are using bitcoin is almost the same of the price of one coffee so it is not that practical and it is still best to use our traditional currency because they cost less in overall process.

[microsurfer]

This picture is showing how funny can be crypto maximalists. One bitcoin is not growing like this and this is very volatile for real world use.
Speculation is the main use case

[DaftAjax]

This picture is showing how funny can be crypto maximalists. One bitcoin is not growing like this and this is very volatile for real world use.
Speculation is the main use case

This is clearly not a maximalist point of view. This is a prediction, as well as a comparison. If you look thoroughly, as time goes on, fiat money is starting to decrease its value (cause of inflation), goods and services are getting more and more expensive. While Bitcoin doesn't give a crap, why(?) easy(!) because it's decentralized it has nothing to do with our so-called "economy", and guess what it's volatile. It is an independent currency (asset, if you will) that even the price can only be affected internally and does not have any correlation to goods or services.

I think being volatile and decentralized is its strong suit.

it is still best to use our traditional currency because they cost less in overall process.

For now at least. Bitcoin is not really being treated as a fairly usable currency, most of the users treat it more than that. That's why I guess when it comes to its usability it doesn't really live up to its expectations, but I'm sure we're currently on the way there.

[Landak]

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

bitcoin was very difficult to be currency.its value has high volatility in every second.we need more regulations from government that will make bitcoin accepted.gold could accepted cause it have pshycal shape.meanwhile bitcoin just a value , maybe with support from other digital payment system it could be realize.

very true, the difference and the main point is, gold is physical while bitcoin is only a value. bitcoin cannot guarantee. so, agree with this.

The easiest factor to understand is because the value of bitcoin is not stable. Too much speculation that quickly affects the value of bitcoin.
however bitcoin will be difficult to accept by all countries in the world even though bitcoin can help a country's economy.

[wxa7115]

Bitcoin is only build as a digital currency that can use only through internet. While the currency like dollor or peso and anything we can use it an offline transaction.
So bitcoin is not good as a currency beacuse its use only for digital and need internet.

There is no doubt bitcoin has some limitations due to its digital nature, however there are still many advantages, for example bitcoin has been described as physical cash since it allows you to send money to anyone in the world without the need to identify yourself just as you do with cash and that is a great feature, if you want to use cash you need to exchange it with a person that is close to you while bitcoin does not have that limitation.

Also it is important to note that despite the limitation of not being physical, more than 90% of the money around the world exists as digital money and we can safely conclude this limitation of bitcoin is not as big as it seems.

[Obito]

They are totally different one way another. Though you both can be compared to as they portray as a money. Bitcoin is not as as a curreny because it always change and risks are there, ups and down can entirely be seen off the chart everytime. But a currency is not good as bitcoin either way. Currency though can be through electronics but those are selected and majority has to be in such place to pay. There is tax in which bitcoin doesn't even have. There are still many things to point out out there. But for conclusion is that they are both different in a sense they have more than deep value possesed.