Why Bitcoin is not that good as currency?

[meliodas]

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.

In some countries there is already a tax system for bitcoin and other cryptocurrencies because of the regulation and rules of the government. It is true that they are very different in terms of their system and value and I think that bitcoin should be considered as an asset and not a currency because it is not a good idea to spend bitcoin to buy simple things because it should be treated like gold and kept for long term.

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[cotton ball]

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.

Regulated bitcoin by government is good but they have limited with control of bitcoin price, government never take chance to stop how much bitcoin can growing up and down, regulated of bitcoin is only with legal using bitcoin as transaction payment and government do not mix their politic to make bitcoin and altcoin price dump or pump when specially time, give allowing for bitcoin become legal transaction and using for every time.

[DBronze98]

In case of deflationary currency such as Bitcoin, as we are giving our aggregate demand at current price levels. Or in layman terms we are buying at certain price level. Say for example( a completely hypothetical situation), Wheat . You can buy 1kg of wheat for 1 bitcoin today. Now imagine that we grow in our economy and it leads to better production of wheat due to increased efficiency in production. Now we would have more wheat to sell. However, the supply would increase and demand will not because people still have the same 21 million bitcoin in circulation. So now we will have more wheat and the prices would go down and down. But in such case people will begin to hoard money. The will not spend their bitcoin in anticipation of it prices declining tomorrow. This would lead to even more deflation as demand would decrease even further. Thus creating a spiral which we often call the deflationary Spiral. I think this is why thinking bitcoin as a mainstream currency could pose a lot of problems for all of us.

PS: Supply of goods( Aggregate Supply) and supply of money are separate things
  Demand of money and demand of goods( Aggregate Demand) are two separate things

Do you agree or refute?

  I need to remind everyone that bitcoin has no deflation mechanism. The deflation is just a fabrication from manipulation institutions that aim to fomo bitcoin to attract more buyers.
Besides, the fact that bitcoin always increases in price each year will make people illusion and they always want to hold bitcoins in their pockets to buy more goods next year. But if Bitcoin is a common currency, who keeps bitcoin in the pocket, how does the economy grow?
This is exactly what people need to know about bitcoin and how the economy works. So now you understand bitcoin is good or bad.

[karanggatak]

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.

In some countries there is already a tax system for bitcoin and other cryptocurrencies because of the regulation and rules of the government. It is true that they are very different in terms of their system and value and I think that bitcoin should be considered as an asset and not a currency because it is not a good idea to spend bitcoin to buy simple things because it should be treated like gold and kept for long term.

yes, I agree with you, bitcoin is indeed more properly regarded as an asset, not a currency. gold is a valuable asset and has a future as well as bitcoin, although it is very different in terms of system and value. although both are considered assets, everyone will realize that bitcoin is better than gold. in my opinion bitcoin is a sophisticated asset by following the technological advancements. and I also agree that bitcoin must be treated like gold, stored for the long term to be profitable.

[btcanonymous666]

Well, I believe finite supply is like a stamp collection. It's "collectors item" in terms of economics. It will lose its fungibility in time and people will want to have bitcoin because of its rarity. It's perfect for store of value, but it cannot be used currency of modern world just because of "right of economics". You know that guy who is a stamp collector and burnt his one of high priced stamp, and consequently second one's price went to the roof.

Monero can be a currency of an utopic world. However, we are not living in an utopic world. It won't be used except privacy enthusiasts, criminals, some wannabes and Linux cowboys in the future, I'm afraid.

[EdenHazard]

Well, I believe finite supply is like a stamp collection. It's "collectors item" in terms of economics. It will lose its fungibility in time and people will want to have bitcoin because of its rarity. It's perfect for store of value, but it cannot be used currency of modern world just because of "right of economics". You know that guy who is a stamp collector and burnt his one of high priced stamp, and consequently second one's price went to the roof.

Monero can be a currency of an utopic world. However, we are not living in an utopic world. It won't be used except privacy enthusiasts, criminals, some wannabes and Linux cowboys in the future, I'm afraid.

I couldn't have said any better, the decentralized concept used by bitcoin actually should be a problem solver on the current economic struggle, but those stubborn world leaders can never let this inventions used widely anytime soon.

It takes really long long time for bitcoin to be well received and recognized as a currency in the wide community.

The volatility still becomes a serious problem, where stable coins recently offering to solve this matters, many crypto stakeholders can't believe in such concept would work . So the only way to make bitcoin considered as good enough as a currency is just waiting a little longer till the time where people can accept every single thing in bitcoin come.

[Webetcoins]

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.

    Of course it does not make any sense to say that Bitcoin is not a currency when we know people are buying and selling goods with bitcoin payments same as they do with the fiat currency so I like bitcoin id our next most used currency and it is liked by people as it saves our time and gives us chance to buy even if we are at work.

Bitcoin plays both roles, of a currency and asset. I also don't hold the opinion that bitcoin is not a currency, it is in digital form only. There are laces where bitcoin can be used for making payments but not too many of such options. But then again, the main reason behind attracting people is the benefits or profits it can return over time, not the daily commerce. At present, it is best to be considered as an investment.

[Oneandpure]

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.

There are only have available using bitcoin for trading and investing, for currency if have available and support with many country can use bitcoin as currency I will use bitcoin, there are many country not allowed using bitcoin as transaction payment because less get support with store for adopting bitcoin as transaction payment, they only need bitcoin as trading and investing assets.

[DaftAjax]

Of course it does not make any sense to say that Bitcoin is not a currency when we know people are buying and selling goods with bitcoin payments same as they do with the fiat currency

Whenever we say we're buying Bitcoin, it sounds like it's an asset/investment; whenever we say we're exchanging Bitcoin to fiat currency makes it sound like Gold; and whenever we use Bitcoin by means of payment makes it a currency. That's probably the closest comparison I can say about Bitcoin.

But then again, the main reason behind attracting people is the benefits or profits it can return over time, not the daily commerce. At present, it is best to be considered as an investment.

But I can still say that Bitcoin is very dangerous. Yes, I will not deny the fact that it yields a lot of profit when invested/managed right, but then again with its volatility newcomers usually panic and would buy or sell at the wrong time. That said, I would argue that it is the "best" as a means of investment. Because you can still invest in stock markets, real estate, banks, etc. and would still have a lot of profits, and its safer. But in Bitcoin, you have to consider a lot of things, on top of that you have to expect the worse. Disclaimer, I'm not discouraging anyone, this is real talk right here--a reminder if you will.

[BChydro]

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

For people who are not doing anything in life bitcoin might not be that useful and that may be the case with you but if you are a trader or a merchant bitcoin is the most important invention than the rest of the payments methods that are available. Speculation in the market is just one aspect of the market and if it is just used for speculation then it will not grow like this .

[sazonk]

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

[n0ne]

Countries that have regulated bitcoin too has added it to the taxable assets like gold. This means it hasn't given the importance as a currency same as that we use physically. Considering the value it has been getting used as a currency, this is just the beginning. In less than ten years of time getting such a level of acceptance in the global market will make it used as currency in the falling years.

[Barbut]

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

[sell]

  Good, for people who do like Bitcoin and he has a lot of money and is not good for people who have no money to buy bitcoins  . Bitcoin is an asset or can also be a saving and I am very happy to play, invest, trade Bitcoin and Altcoins

[huige007]

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.

There are only have available using bitcoin for trading and investing, for currency if have available and support with many country can use bitcoin as currency I will use bitcoin, there are many country not allowed using bitcoin as transaction payment because less get support with store for adopting bitcoin as transaction payment, they only need bitcoin as trading and investing assets.

It requires some time before bitcoin can go mainstream but let me just tell you, there are few countries and organizations that accept payment and charity in bitcoin. Moreover, it is not the right time to consume bitcoin in daily purchases. It is the most precious asset and should be kept for long period of time. Bitcoin is that wand which can make you a millionaire quicker than your imagination.

[FlightyPouch]

Good, for people who do like Bitcoin and he has a lot of money and is not good for people who have no money to buy bitcoins  . Bitcoin is an asset or can also be a saving and I am very happy to play, invest, trade Bitcoin and Altcoins

It is really bad for someone to invest in something and they can't afford it. That would really bring them down but for me, the bad thing about bitcoin is that it is a decentralized crypto currency. Despite the big pumps and big profits, they are getting. Even if it faster to transact than other currencies, it will still be decentralized and that means it would never be a currency.

[TelolettOm]

Please read this article in Forbes. it is very clear why bitcoin is not suitable as a currency. Prices are volatile. Limited amount. Supervision that cannot be done. This system works without an institution such as a central bank that controls the circulation of money. in my opinion bitcoin is not suitable as a money in any country. will later become bubble

https://www.forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/#5f3e25ae2e5b

[kuyaJ]

Good, for people who do like Bitcoin and he has a lot of money and is not good for people who have no money to buy bitcoins  . Bitcoin is an asset or can also be a saving and I am very happy to play, invest, trade Bitcoin and Altcoins

It is really bad for someone to invest in something and they can't afford it. That would really bring them down but for me, the bad thing about bitcoin is that it is a decentralized crypto currency. Despite the big pumps and big profits, they are getting. Even if it faster to transact than other currencies, it will still be decentralized and that means it would never be a currency.

But you can buy even not totally one bitcoin so how you can't afford it? If you have a job you can save all your money on bitcoin but before that, you need to know about the bitcoin before investing on it so you fully understand why it is good to invest in bitcoin.

[Tungsten-1]

Countries that have regulated bitcoin too has added it to the taxable assets like gold. This means it hasn't given the importance as a currency same as that we use physically. Considering the value it has been getting used as a currency, this is just the beginning. In less than ten years of time getting such a level of acceptance in the global market will make it used as currency in the falling years.

Nothing happens within days especially any kind of revolution is first resisted and then gradually accepted by people. Bitcoin is also a digital revolution in the world of currencies. It is great achievement for crypto market to have bitcoin legalized in states. If it is treated even as gold in the beginning, with the passage of time people will start using it for buying and purchasing ultimately giving it currency value.

[ololajulo]

Please read this article in Forbes. it is very clear why bitcoin is not suitable as a currency. Prices are volatile. Limited amount. Supervision that cannot be done. This system works without an institution such as a central bank that controls the circulation of money. in my opinion bitcoin is not suitable as a money in any country. will later become bubble

https://www.forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/#5f3e25ae2e5b

Except for the USDT token (because of its stability) which other token looks more suitable as currency? unfortunately, USDT not that engaged as currency as its supposed to.