Why Bitcoin is not that good as currency?

[JeffBrad12]

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Some countries tend to follow after another more specifically are a economically fragile country will follow after developed countries like for example US
It's not that democratic country is too political driven that they are too busy dealing with such matter, actually they can but they are just too afraid to have their first move since it's an inevitable technology and avoiding or accepting it will definitely bring different long time result. It has always been like that since ancient time.

[syamster]

Someday this will be possible, but all will take time and a long process. I think your goal is why people use fiat money more than bitcoin, fiat money is more tangible and not worth much in front of cryptocurrency, advanced technology countries will be able to make bitcoin like gold where the rich will hold it

Apart from the reasons you have discussed, people all over the world are not all well educated. They don’t even understand how to use smart phone so for them this is of course not easy to deal in bitcoin. Moreover there are elderly people who would also have issues with advanced technologies but as far as the youth is concerned or those who are using smart phones and internet will definitely enjoy it.

yes it is a great barrier in the path of bitcoin that illiterate people would not understand the language of cryptocurrencies and also they will not easily feel comfortable with bitcoin, but these barrier could be finish if we start awareness about the crypto because still there are a lot of people that without any education they know much about technology, so the illiterate people can also be informed about the crypto.

[Lecam]

To my opinion first and the main problem is volatility. To be used as a currency Bitcoin should be stable and also centralized, monitored by central financial institution that would impose necessary regulation. No country could benefit from unstable and unreliable currency. The second obstacle is limited number of coins.
However, people use Bitcoin as a currency but it can't be officialy recgonized as such.

Yes bitcoin is not stable and also not good to using it as a currency because not yet recognize to all country. And bitcoin price are going ups and down so it hard to use it as a currency. Because no one can know when the price goes up and down it cause a big problem especially to those have company accepting bitcoin.

[Yatsan]

To my opinion first and the main problem is volatility. To be used as a currency Bitcoin should be stable and also centralized, monitored by central financial institution that would impose necessary regulation. No country could benefit from unstable and unreliable currency. The second obstacle is limited number of coins.
However, people use Bitcoin as a currency but it can't be officialy recgonized as such.

Yes bitcoin is not stable and also not good to using it as a currency because not yet recognize to all country. And bitcoin price are going ups and down so it hard to use it as a currency. Because no one can know when the price goes up and down it cause a big problem especially to those have company accepting bitcoin.

For me, bitcoin will never really be a standard currency like any fiat currency. Because it's more like an investment coin. For example, stocks, It has a limited supply and also has pumps and dumps, same with bitcoin. Again "For me," Blockchain is like an upgraded stock market in which every coin have good volatility and has a fast pumping and dumping of it. For stocks, it takes years to get a 10% pump; however, in bitcoin, it only takes days or even an hour.

[ElliotChang]

For me, bitcoin will never really be a standard currency like any fiat currency. Because it's more like an investment coin. For example, stocks, It has a limited supply and also has pumps and dumps, same with bitcoin. Again "For me," Blockchain is like an upgraded stock market in which every coin have good volatility and has a fast pumping and dumping of it. For stocks, it takes years to get a 10% pump; however, in bitcoin, it only takes days or even an hour.

Totally agree!
Now bitcoin is more like investing tool rather currency:
https://www.financebrokerage.com/investing-cryptocurrency-forex-trading/

[carriebee]

For me, bitcoin will never really be a standard currency like any fiat currency. Because it's more like an investment coin. For example, stocks, It has a limited supply and also has pumps and dumps, same with bitcoin. Again "For me," Blockchain is like an upgraded stock market in which every coin have good volatility and has a fast pumping and dumping of it. For stocks, it takes years to get a 10% pump; however, in bitcoin, it only takes days or even an hour.

Totally agree!
Now bitcoin is more like investing tool rather currency:
https://www.financebrokerage.com/investing-cryptocurrency-forex-trading/

This is why some people did not consider bitcoin to use as payment because of the volatility of price. And also some not yet educated on how bitcoin works. Since people are already enjoying the use of fiat currencies. Agree, bitcoin likely more on investment and digital money to use.

[logicgate]

Above these to reasons, volatility is considered. For bitcoin or any other digital asset to serve the purpose of a currency, stability is required. At the moment, bitcoin is looked at as an investment by common people and they intend to improve their financial status with bitcoin. It is just a matter of time before bitcoin becomes a currency. Actually, there are places where bitcoin is used as a medium of exchange.

People have taken this opportunity as this is not controlled by the government or by someone, so this volatility made people have the opportunity to earn, they are using this to hype and to make fud so they can buy more and sell more, so the government is not ready for this digital currency to make it as an official currency, unless they can control it. But so far although it won't make as a currency, it is still considered as one form of investment.

  Government is not giving bitcoin officially in some states the status of a currency but we have seen that many famous companies are using it as a mode of payment. On the large scale bitcoin is still used as an investment which will generate good money upon staying in wallet during dumps but it does not mean it is not being used as currency. I feel like within next 2, 3 years it would be official used as currency.

[adzino]

-snip-
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

Yeah, it is true that supply of goods and supply of money are two separate things, but they are closely related, specially aggregate supply and supply of money along with aggregate demand. You see, as the aggregate demands starts to rise, the price of the goods also starts to rise at the same time (talking about short run before reaching an equilibrium). Thus with the increase of the price of the goods, the amount of "money" needed to buy those goods will also increase. Thus the government follows the monetary policy. The fed buys and sells those government securities to control the supply of the market until a proper equilibrium has been reached.

[Nhor1011]

 First bitcoin is not that good as currency because it is volatile which means the value is not stable and it is an opportunity for every people to earn. I think it will takes years or maybe not ,to become a currency like fiat. Second bitcoin is decentralized which is no single authority controlled it that people want.Third,the transaction fee is high and not stable.Also it needs internet connection unlike the fiat money that you can transact anytime,anywhere without internet.

[dioanna]

why Bitcoin will not be good as a currency?
because I think bitcoin users will be holding it rather than spending it.
It's the reality.

[adzino]

why Bitcoin will not be good as a currency?
because I think bitcoin users will be holding it rather than spending it.
It's the reality.

Not really. That is not the only case over here. Lets be honest over here. We all know that many of the crypto currencies out there are no way near perfect to be used as a regular form of currency to make transactions in our day to day life. There are still some flaws out there that needs to be fixed. Like, would you really be waiting for 10 mins for a confirmation of your transaction just to buy a cup of coffee?

[cotton ball]

Bitcoin still not support by many country so far and make not good using as legal currency payment, when bitcoin have been legal and adopt by many country I think bitcoin become friendly currency payment digital from other currency. Bitcoin can increase money value different with other digital currency have the same value although pass ten years later and fiat currency have inflation.

[dnprock]

Money needs both inflation and deflation.

Economies always have deflationary and inflationary assets. People often overlook this. Gold, real estate, moat, competitive advantages are some examples of deflationary assets. Inflationary currencies serve as a medium of exchange. They are used for transactions. Bitcoin was created in response to the 2008 economic crisis. It exists and thrives because of quantitative easing, a type of inflating monetary policy.

Crypto just deletes the inflation side of money. That's why it is so dogmatic and doesn't make much sense.

I wrote some thoughts about deflation and inflation in the below post.

https://bitflate.org/post/2019/10/10/the-next-big-thing-in-crypto-using-inflation-to-create-stablecoin.html

Let me fix this problem with Bitflate, a crypto with 7% constant inflation.

[CarnagexD]

Money needs both inflation and deflation.

Economies always have deflationary and inflationary assets. People often overlook this. Gold, real estate, moat, competitive advantages are some examples of deflationary assets. Inflationary currencies serve as a medium of exchange. They are used for transactions. Bitcoin was created in response to the 2008 economic crisis. It exists and thrives because of quantitative easing, a type of inflating monetary policy.

Bitcoin wasn't created just because of the recession way back 2008, It was created to be a mean of payment taking advantage of emerging technology we also had back then. Bitcoin wasn't suppose to solve recession in a single place and was created to be a currency which we have now as investment coin seen by ordinary people as digital gold. However there are country who talked about their monetary policy in regards with cryptocurrency, Malaysia, whose government wants to limit cash transactions to make a stronger financial integrity.

Crypto just deletes the inflation side of money. That's why it is so dogmatic and doesn't make much sense.

No, cryptocurrency only lessen the inflation side of money. You cannot delete inflation, what happened after cryptocurrency was introduced is that it lowered, it just lowered the inflation.

[NeironixNV]

It’s difficult for Bitcoin to be the currency that all people would use at the same time because of its technical problem called scalability, while it is used by a small part of our entire planet, it can be used as currency, but if 50% of our planet starts to use it sharply, the bitcoin blockchain will simply hang and commissions will skyrocket like the Bitcoin exchange rate.

[Kevondo]

Money needs both inflation and deflation.

Economies always have deflationary and inflationary assets. People often overlook this. Gold, real estate, moat, competitive advantages are some examples of deflationary assets. Inflationary currencies serve as a medium of exchange. They are used for transactions. Bitcoin was created in response to the 2008 economic crisis. It exists and thrives because of quantitative easing, a type of inflating monetary policy.

Bitcoin wasn't created just because of the recession way back 2008, It was created to be a mean of payment taking advantage of emerging technology we also had back then. Bitcoin wasn't suppose to solve recession in a single place and was created to be a currency which we have now as investment coin seen by ordinary people as digital gold. However there are country who talked about their monetary policy in regards with cryptocurrency, Malaysia, whose government wants to limit cash transactions to make a stronger financial integrity.

Crypto just deletes the inflation side of money. That's why it is so dogmatic and doesn't make much sense.

No, cryptocurrency only lessen the inflation side of money. You cannot delete inflation, what happened after cryptocurrency was introduced is that it lowered, it just lowered the inflation.

As far as we are surrounded by corrupt governments, we can never ever get rid of problems like inflation and hyperinflation. They control our economy and change the value of paper money as per their desires. While we are using paper money, it is impossible to completely get rid of economical crisis. If digital currencies can lower the inflation by bring introduced, they can wipe it out too by replacing current money system.

[juperos]

I know the benefits of bitcoin are immense and it has a lot of advantages, but it is still not as good as the currency because it has not been accepted in countries, the government has not accepted Bitcoin in delivery yet. In addition, bitcoin and gold are storage assets because it does not have as much amount as flat money, if that happens, you cannot use dollars, euros or any fiat, and only gold and bitcoin. And gold and bitcoin prices continue to rise because they are scarce. You can spend a little on absolute necessities - food, rent. But you won't spend on luxuries like going to the movies, or some of your hobbies, you're hoarding your bitcoins because the price is rising. In that case the economy will collapse because most of us use the money we make to spend and stimulate the economy.

[Triffin]

I know the benefits of bitcoin are immense and it has a lot of advantages, but it is still not as good as the currency because it has not been accepted in countries, the government has not accepted Bitcoin in delivery yet. In addition, bitcoin and gold are storage assets because it does not have as much amount as flat money, if that happens, you cannot use dollars, euros or any fiat, and only gold and bitcoin. And gold and bitcoin prices continue to rise because they are scarce. You can spend a little on absolute necessities - food, rent. But you won't spend on luxuries like going to the movies, or some of your hobbies, you're hoarding your bitcoins because the price is rising. In that case the economy will collapse because most of us use the money we make to spend and stimulate the economy.

To serve as a currency in the surface web and other matters, bitcoin depends on governments certainly. In those areas where government cannot control anything like the deep web, bitcoin is already serving as the medium of exchange. So we can conclude that the public wants to use bitcoin as currency but governments wont let us do that. Anyway, this is just a matter of time before bitcoin goes mainstream.

[kotik085]

I know the benefits of bitcoin are immense and it has a lot of advantages, but it is still not as good as the currency because it has not been accepted in countries, the government has not accepted Bitcoin in delivery yet. In addition, bitcoin and gold are storage assets because it does not have as much amount as flat money, if that happens, you cannot use dollars, euros or any fiat, and only gold and bitcoin. And gold and bitcoin prices continue to rise because they are scarce. You can spend a little on absolute necessities - food, rent. But you won't spend on luxuries like going to the movies, or some of your hobbies, you're hoarding your bitcoins because the price is rising. In that case the economy will collapse because most of us use the money we make to spend and stimulate the economy.

When an investor buys Bitcoin and thereby stores Bitcoin in his cryptocurrency wallet, the investor is in a shared boat with everyone who has Bitcoin. Volatility is primarily a hindrance, or vice versa, causing the price to change. Bitcoin capitalization plays an important role.

[Triffin]

I know the benefits of bitcoin are immense and it has a lot of advantages, but it is still not as good as the currency because it has not been accepted in countries, the government has not accepted Bitcoin in delivery yet. In addition, bitcoin and gold are storage assets because it does not have as much amount as flat money, if that happens, you cannot use dollars, euros or any fiat, and only gold and bitcoin. And gold and bitcoin prices continue to rise because they are scarce. You can spend a little on absolute necessities - food, rent. But you won't spend on luxuries like going to the movies, or some of your hobbies, you're hoarding your bitcoins because the price is rising. In that case the economy will collapse because most of us use the money we make to spend and stimulate the economy.

When an investor buys Bitcoin and thereby stores Bitcoin in his cryptocurrency wallet, the investor is in a shared boat with everyone who has Bitcoin. Volatility is primarily a hindrance, or vice versa, causing the price to change. Bitcoin capitalization plays an important role.

Yes that is true if we want to make money from bitcoin  we will have to hold and store it for long term and if you can not hold it for long term and use it at time of need you will not be able to have profit as we wanted to have. But in case of emergency we can use bitcoin as it’s the most accessible system to pay for things of our need, bitcoin is so reliable and easy to use when ever needed.