Bitcoin - Store of Value or Method of Payment

[Mandoy]

Bitcoin is both a store of value and a method of payment. Bitcoin is a store of value since we are holding bitcoins in long term so that we will harvest a huge profit from storing it. In short bitcoin is tradable. Bitcoin is also a method of payment since we can use it to pay for our purchases, in some countries it can be used to pay taxis, bookstore, tuition, government taxes and many more. But if we weigh both, we can say that bitcoin as store of value weighs more than as a form of payment. Possibly if bitcoin is fully mainstreamed in the society then we can expect for bitcoin to be fully a method of payment.

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[Edraket31]

Using bitcoin as method payment for store I think best ideas how to get faster for every transaction, still little store have using bitcoin as method payment for selling in their store, just open wallet and access to send bitcoin to store wallet, will be easy without use cash money where for tourist never have change their money first to buy won your store, many traveler look happy if many store accepted bitcoin because they only bring their bitcoin wallet to go some where.

There are lots of potential in holding Bitcoin, one of those is that we can use in transactions as we all know and another thing is we can do this for investing. Making the transaction fast compare to bank is what people become interested at, aside from that, they can also earn and accumulate more because of the fact that crypto is volatile, so we can take this as an opportunity.

[amishmanish]

The simplest way to view bitcoin is that its like "Money in the Bank" where you are also the bank owner. Its security, interest rate, asset management depends on your own self.

Learning about it means taking Financial responsibility.
Earning from it means moving towards Financial Freedom.

If you want your money to also be a store of value, then your bank needs to work its ass off. Build products, Earn interest (What most old Hodlers do), Invest into innovation (What alt-coins were supposed to be until they thought they could compete with BTC) etc. etc.

It seems like very little is happening on these fronts. The next halving will take place in Aug 2020. By 2022, the mining reward will have fallen to 3.125 BTC. If the fee market doesn't evolve by that time, it wouldn't remain any of these things anymore. What happens after that is anyone's guess.

[matchi2011]

There's no absolute answer but I know that people can do whatever they want to their Bitcoin because they have the freedom to do so. That's what's great about Bitcoin because it is not limiting us to what we can do. We can use it as a store of value, trading like a stock, or as a way of payment. People can do just what they want and that is the reason why Bitcoin is popular.

As long as it's not related to any illegal transactions and yes you do have your freedom on how you will treat your bitcoin. Working with this industry gives you chance to earned if you will use it for trading or as a investment assets. And since that there's already businesses online who accepts bitcoin as a currency, you can also deal without having any problem. Lesser delays even you transact overseas.

[metallica101]

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 that store of value will be the future of BTC, while another, faster coin will become dominant for payments. I can't tell which coin that might be, or if it is even invented at this point. Perhaps ILCoin, they are making crazy breakthroughs regarding transaction speed and block size and alike.

[LogitechMouse]

I can say Bitcoin is a store of value and at the same time method of payment.

Store of Value in the sense that they consider Bitcoin as a form of investment like stocks and bonds that is why they are investing not only in Bitcoin but other cryptocurrency because they are hoping that it will give huge profit to them.

Method of payment because you can buy different things and services using Bitcoin and other cryptocurrencies. Time after time, more and more establishments will accept Bitcoin as another method of payment and that will help Bitcoin to increase its adoption.

[Google+]

I think the main purpose of bitcoin is used for the transaction method while the value of bitcoin is seen from the influence of demand and total supply which makes it expensive, shipping costs can also have an effect when making transactions which are normally used to speed up transactions.

[skarais]

I can say Bitcoin is a store of value and at the same time method of payment.

Store of Value in the sense that they consider Bitcoin as a form of investment like stocks and bonds that is why they are investing not only in Bitcoin but other cryptocurrency because they are hoping that it will give huge profit to them.

Method of payment because you can buy different things and services using Bitcoin and other cryptocurrencies. Time after time, more and more establishments will accept Bitcoin as another method of payment and that will help Bitcoin to increase its adoption.

Right, I agree with both. Bitcoin can be used as an asset to store a certain amount of money within the desired time period. Outside the context of bitcoin trading can also be used as a means of payment.
Now more and more outlets are accepting payments with bitcoin, as will be held in France. This is amazing about the adoption of bitcoin for the real world.

[hdtqisg]

I think Bitcoin has both, but the investment purpose is BTC's main purpose. Because the price of Bitcoin is highly volatile, good investments will be very effective!

[Astvile]

Bitcoin now is used for both ways, as a store of value and method of payments online now. Yes, bitcoin payments are still limited up to now but there are already some who accept bitcoin as a payment method so I think it's just fair to consider it even tho it's still not that widely accepted.
But one thing is sure that bitcoin is really made to be a currency and we are just using it in ways that we will benefit.

[inanilujimi]

It seems like you are in a dilemma with both of them.
if you want to expect large companies to adopt bitcoin for payment, are we ready with the value of fluctuating bitcoin?
certainly not.
for me bitcoin is now only a cryptocurrency more valuable than gold.

[Ailmand]

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?

As of now, since bitcoin is not yet fully accepted by merchants as an alternative mode of payment, people use bitcoin as a store of value. People have only few options where they can use it as a mode of payment, it is either to purchase something online or pay for services rendered. In time when bitcoin can be used anywhere, things may change, bitcoin will be circulating from one merchant to another.

[Shenzou]

I think that the current situation that bitcoin is in leans toward people just using it as a store value and they prefer just investing their money in it and just saving it, from what i have seen there are some people that use bitcoin as a way to pay for thing indirectly and that is by exchanging it to fiat, and that is due to the fact that there are barely no shops or places to spend it, sure there are some but they are not a necessity and people don't want to spend and hour or tow to look for a shop to buy some food for bitcoin that is miles away from them, and that is why they don't spend it .

[Ridwan Fauzi]

Bitcoin has another function besides of those, you can easily transfer your money to everyone who lives in different country with you. Just deposite your money to your bitcoin wallet and send them to your destinantion and just take a few times your money will be accepted to reciever. And you can compare with several services who have third party, maybe it will take several days in my experience.

So, it is up to you to choose bitcoin. If you feel comfortable to use it as payment system then use it wisely, and if you use it as store of value then I think you aren't wrong to choose it as well as with another user, they have their own way, regardless of regulation I don't have much times to following it.

[Willitivity]

On a general perspective, Bitcoin as a store of value is not very feasible regarding the fact that it is very volatile.  It's more of a method of payment even though it is not accepted on a broad scale.  To me, based on the fact that Bitcoin is grossly traded, it is can be seen as a speculative assest. The volatility makes it fall short of being a store of value and method of payment to some extent.

[gabbie2010]

Bitcoin hodlers are primarily consigned with it store of value features Nobody want it as a mode of payment a lot of hodlers are quite conscious of the fact that the massive pump in the price of bitcoin in 2017 had made many millionaires thus hodlers don't want to miss another opportunity of massive pump that might possibly occur in the nearest future.
I believed its adoption as a mode of payment would have warrant more acceptance globally and would have compete with other currencies both fiat and virtual.

[dentolas]

I think it is clear by the actions of the BTC team and the development of things on the crypto world that BTC use case is to become a store of value, this is why the blocks don't have to become larger, and the cost and speed of the transactions don't need to be great... everyone is holding it and doesn't want to spend it - store of value
Everyone claims that stores should accept it, etc, but in reality there are other coins that are more fit for day-to-day use like for example BCH, with cheap and fast transactions... even if it was accepted everywhere I doubt people would use it much for regular payments

[ufaiz50]

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 we already know about the development of bitcoin, with such large fluctuations, user desires have begun to change. see the value of bitcoin in the history of 2009-2019. users prefer to treat bitcoin as a money-producing asset, we forget about the transaction and financial problems that should be the goal of bitcoin, about as an alternative payment at a store or large business, I don't know, basically the needs change according to the value of the asset.

[dimox]

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?

you are right.
people say that we will go to crypto world and make crypto be real currency, in a fact they wont pay thing with bitcoin. i know if many people do this (pay with bitcoin than just keep it) but the most choice to keep for their profit. why? because bitcoin have value. if government release crypto for their country, and it can be trade for daily, it mean that coin no have value, so you cant make money from that coin. but it defferent with bitcoin that have big value

[joinfree]

The motive for creating Bitcoin was clearly stated in Satoshi' whitepaper as medium of peer to peer payment system. Though currently it has adopted unto itself as a store of value because of its price fluctuation from time to time. However, bitcoin's high volatility makes it very dangerous to serve as a good store of value looking at the fact that it's been just 10 years since its creation. Gold and other precious minerals are the best store of value. Bitcoin could also be a store of value in the future, but for now it's perfect to be used as method of payment.