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Author Topic: Bitcoin - Store of Value or Method of Payment  (Read 359 times)
ChrisPop
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October 13, 2019, 11:11:46 AM
 #1

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

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October 13, 2019, 11:14:28 AM
 #2

In my opinion it's both.
Think about the people who are holding it - they believe it store of value. And it is indeed. The bitcoin a user bought for $600 each now they value grown 10x+ times. This could be 100x without any doubt.

And talking about payment - as long as we will have the fees in control it's very convenient.

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October 13, 2019, 11:22:29 AM
 #3

With all this price volatility,bitcoin is just "digital gold".
Remove the price volatility and bitcoin will become a major retail payment tool. Grin
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October 13, 2019, 11:40:57 AM
 #4

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
 In my opinion, I'm hodling for dear life, till the ship sinks, I'll stay with the band for the last song and dance.  There's nothing wrong with making a few transactions for retail purposes, or other needs for services and what not. I agree that Bitcoin needs more infrastructure and institutional adoption. I thought that Libra would answer that call, but it hasn't even made it out the gates yet, but what a horse,Go sea-biscuit!



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October 13, 2019, 11:41:43 AM
 #5

In my opinion it's both.
It is absolutely both, BUT...bitcoin always has been more of an investment (not necessarily a store of value, since its so volatile) than a form of money.  Just look at all the threads and posts on bitcointalk.  Most of them are not asking about how bitcoin can be spent or what wonderful things members have purchased with it.  They're all about price predictions, TA, and how to buy bitcoin.  That ought to paint a picture that answers op's question.

Bitcoin is never going to be a good payment method until its volatility decreases drastically.  It also will never get used for that purpose unless businesses start accepting it from their customers.  Even then I think people will still want to just hold it in the hopes that they'll make a profit.  That mindset is very well ingrained in bitcoiners right now.
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October 13, 2019, 11:43:07 AM
Merited by DdmrDdmr (1)
 #6

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC. What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

We know that Bitcoin can be store of value as well as a currency (medium for buy and sell) which anybody can take advantage of. Now, how come it is the store of value that is given more emphasis? Maybe because many of those who have Bitcoin are holding it in anticipation that its price will soon go up...in other words it has become the big tool for speculation. Since I can not speculate on the real gold, I have my eyes fixed on Bitcoin instead. I am saving all the Bitcoin I can get because I am preparing my hoard for the possible bull run in 2020 because of the halving scheduled middle of the year.

Now, there is nothing wrong with speculations because in the first many people are getting into Bitcoin so they can speculate and if there is no anticipation of its value to soar many will not be in Bitcoin, in the first place. The only thing is that too much speculative hoarding can mean that less and less business will go to the many merchants who decided to accept Bitcoin as part of the adoption we are all dreaming of.

There seems to be a tug between these two concerns (store of value or medium of exchange).
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October 13, 2019, 11:57:22 AM
 #7

In my opinion it's both.
Think about the people who are holding it - they believe it store of value. And it is indeed. The bitcoin a user bought for $600 each now they value grown 10x+ times. This could be 100x without any doubt.

And talking about payment - as long as we will have the fees in control it's very convenient.
Depends on you actually because anyone can use their bitcoin for payment, transferring of money but a lot of people consider bitcoin as a store of value because its expensive and an easy prodit if you treat it right. Bitcoin is moving better than a stock market, or better than a penny stocks, investors knows that.

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October 13, 2019, 12:05:21 PM
 #8

In my opinion it's both.
It is absolutely both, BUT...bitcoin always has been more of an investment (not necessarily a store of value, since its so volatile) than a form of money.  Just look at all the threads and posts on bitcointalk.  Most of them are not asking about how bitcoin can be spent or what wonderful things members have purchased with it.  They're all about price predictions, TA, and how to buy bitcoin.  That ought to paint a picture that answers op's question.

Bitcoin is never going to be a good payment method until its volatility decreases drastically.  It also will never get used for that purpose unless businesses start accepting it from their customers.  Even then I think people will still want to just hold it in the hopes that they'll make a profit.  That mindset is very well ingrained in bitcoiners right now.
I also agree that it can be both and is currently mainly the first one. One problem with it being money is indeed volatility. However, if we look at the chart, Bitcoin is actually way more stable now than it used to be. Its volatility is decreasing significantly, so we can hope that one day this won't be a problem. Another problem is, however, going to get more and more serious with time. It's scalability. Bitcoin's number of transactions blockchain can handle per second is very low for mass adoption, so we are going to need some user-friendly and not sacrificing the main features of Bitcoin off-chain solutions if we want it to be possible.

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October 13, 2019, 12:07:38 PM
 #9

IMO, I dont think of any good reason why we need to spend our Bitcoin to buy something or to pay for a service, except for the mass adoption, or someone who had a trouble using his fiat/credit/debit card (which rarely happens). We can say It's both, but majority choose to store it waiting for the value to increase in the future.

I think, this could also be the reason why other merchants/big business entities losses their interest in accepting cryptos as a mode of payment, knowing a lot of people is considering them as a store of value more than a currency used for paying something.

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October 13, 2019, 12:20:12 PM
 #10

To be a store of value, a good should also have a real use, gold is used in electronics and jewelry, or at least be traded frequently. also gold does some things better than Bitcoin. Gold is not vulnerable to social attacks that can steal the name and the value associated with 'gold' and re-assign it to a new thing, as Bitcoin core have done. Gold also does not require the constant application of energy via PoW that Bitcoin requires in order to keep the entire gold supply secure. Gold also has a track record of being money, going back literally thousands of years. So if you buy gold, you really do have better assurances about your purchasing power being preserved.

Now that BTC intermittently has median transaction fees above $10-$20, BTC may even struggle to compete with gold on the portability front. Bitcoin is a p2p electronic cash system. This is what Bitcoin excels at, and has advantage. Bitcoin is only useful as a store of value to the degree it's useful as a cash system. thereby Bitcoin must remain a means of payment to be a store of value.
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October 13, 2019, 12:26:58 PM
 #11

it doesn't only have to be one. in fact being a currency (or method of payment) could guarantee it being a store of value. in other words in my opinion one can not exist without the other. for example if you say bitcoin is not a currency and is only a store of value you immediately zero the value of bitcoin so it automatically stops being a store of value too.
but when it is a currency and people use it for payments it gains value and it gives it the ability to be also a store of value.

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October 13, 2019, 12:44:32 PM
 #12

Candidly speaking, I will say that; Bitcoin is more of a payment method than a store of value, reason be that; the aim of the creator was to make an alternative means for online transactions. Currently many have also made comments that; Bitcoin is a store of value which I also totally agreed to. Bitcoin has the identity of be a store of value and also a online payment method.

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October 13, 2019, 12:50:32 PM
 #13

With all this price volatility,bitcoin is just "digital gold".
Remove the price volatility and bitcoin will become a major retail payment tool. Grin

Well, the problem with that statement is it won't happen. No one controls the price action to have minimal changes. It all happens when some whales want to or there's just major sell-offs.

For me, it's more of combination of investment and gamble. You invest in the technology since you believe on its success in the future generations. But looking on short-term trades, it's more of a gamble since the risks are high yet rewards are promising.

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October 13, 2019, 12:52:53 PM
 #14

(...)
What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
Just treat bitcoin like how you treat your fiat.
It is like also your money in bank account where you can able to withdraw it. But there are difference.
Bitcoin still able to spend, remember that there already services/entities that are starting to accept Bitcoin.

Spending their BTC based on their needs for sure and if they invested on Bitcoin. Like for example, you have job and your salary is paid via bitcoin, then for sure you will spend it to buy your needs/wants. So for me, it can be store of value and method of payment too.

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October 13, 2019, 01:00:49 PM
 #15



I think because there are two fees to pay when you are about to by something out of BTC, there is the transaction fee and the value of the item which is why I also might not spend a bit of BTC else where unless its necessary to do so. This I guess is the purpose of those debit/credit CARD projects created in previous years like the MCO or the Tenx which I have no idea what happen.


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October 13, 2019, 01:27:38 PM
 #16

Bitcoin can be both a store value and a method of payment. It's just the matter of perception of every individual. Thinking wisely, it's more practical to store bitcoin and wait for it's price the increase. 'Cause unlike fiat, it is more volatile and you can really earn money with it. We can't deny that most of us here want to earn profit that's why we tend to store it first and when we already gained profit, we could just spend it.

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October 13, 2019, 01:56:19 PM
 #17

I see Bitcoin is more good as alternate payment.
If storing value i don't see intrisic value in Bitcoin, Bitcoin is still same foundation like fiat, that is based trust.
If you want store value, i recommended buy real Gold Bar.
That is have intrisic value, can't duplicate or create and have limited supply.
For me Bitcoin is still payment method, alternate digital payment like paypal, where other digital payment is centralized and have limited rules from government.

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October 13, 2019, 02:01:33 PM
 #18

Well for me its method of payment since bitcoin give us convenience since it has reasonable fees unlike in payment/remittance which has huge fees which almost covers the actual money that you've paying/sending.

In terms of store of value? Yes indeed it is store of value since the early adopters who bought bitcoin in early days have the 10-20x of the value now.

 
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October 13, 2019, 02:05:07 PM
 #19

In my opinion it's both.
Think about the people who are holding it - they believe it store of value. And it is indeed. The bitcoin a user bought for $600 each now they value grown 10x+ times. This could be 100x without any doubt.

And talking about payment - as long as we will have the fees in control it's very convenient.

Yes, it should be both so that it'll be balance. Sometimes we need to use bitcoin as a payment method because it has a lot of advantage. Like it is very secure and can use in many easy transactions. Also stored of value, it is like waiting for the right season. Always being patient and mindful in transaction is the key.
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October 13, 2019, 02:12:18 PM
 #20

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
I think what you have said has indeed come true.
that the intention to hold bitcoin is for the long term when they feel the price is very profitable compared to when they bought it.
but it seems that not all countries can be free to use bitcoin for transactions, so maybe every country will be different.

It is clear that people will exchange bitcoin if it is very urgent, save more and wait for the right time to benefit.

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