People are underutilizing Bitcoin

[TimtheYoutuber]

People need to start accepting Bitcoin and keeping it, not converting it.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.


Thoughts?

[Kprawn]

Hoarding bitcoins adds zero value to the Bitcoin ecosystem, because merchants needs to get business via Bitcoin payments for them to continue

supporting it as a payment option.    The Banks are not the real problem here, the real problem are the payment processors that are used to

convert bitcoins to Fiat, because that is not how Bitcoin was supposed to be used. Satoshi said P2P not Person to third party service.    The

article makes sense, but you have to remember that governments are calling the shots, because they are not allowing Bitcoin to function as a legit

currency. 

[BrewMaster]

People need to start accepting Bitcoin and keeping it, not converting it.

you should have said "continued using it" instead of keeping because if they keep it, it sounds like HODLing and that is not doing anything.

in any case this problem has always been with bitcoin. the price rise alone makes people want to "invest" in bitcoin instead of seeing it as a currency. that is why so many people are calling it store of value these days instead of a currency.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?

not unless someone finally comes up with some actually decentralized stable coin otherwise centralized ones are not even close to being 0.001% useful as bitcoin!

[TimtheYoutuber]

People need to start accepting Bitcoin and keeping it, not converting it.

you should have said "continued using it" instead of keeping because if they keep it, it sounds like HODLing and that is not doing anything.

in any case this problem has always been with bitcoin. the price rise alone makes people want to "invest" in bitcoin instead of seeing it as a currency. that is why so many people are calling it store of value these days instead of a currency.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?

not unless someone finally comes up with some actually decentralized stable coin otherwise centralized ones are not even close to being 0.001% useful as bitcoin!

Hodling cryptocurrency actually does help. People are holding it because it has value to them. "worth" is given when something is valuable to someone.

I could sell someone a rock for $100,000 if they find "worth" and have the resources to purchase it.

If someone is willing to hold a bitcoin and not get rid of it because it has "worth" to them, then I am all for that.

[The Sceptical Chymist]

I could sell someone a rock for $100,000 if they find "worth" and have the resources to purchase it.

If someone is willing to hold a bitcoin and not get rid of it because it has "worth" to them, then I am all for that.

Agree with all of the above, and I would point out that nobody is clamoring for people to start using diamonds or gold for purchases because they're afraid those things will disappear if people don't.  Bitcoin has value as an investment and people could use it to pay for things if they so chose.  It isn't necessary that they actually do.

I have no fear whatsoever that bitcoin's popularity will decrease if it doesn't get used as a form of money.  It really hasn't been used much for purchases in the ten years it's existed, so where's the danger?  It's a valuable thing that gets traded on exchanges and if that's the only thing it ever does from now until the day it dies, that's fine with me.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.

It's not a placeholder, though.  Nor is it a stablecoin, and it probably isn't ever going to become one unless its value seriously stabilizes--and I don't think that's going to happen.

[avikz]

Full article: https://www.forrestvisions.com/blog/people-are-underutilizing-bitcoin

People need to start accepting Bitcoin and keeping it, not converting it.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.


Thoughts?

Your statement is partially true! Conversion of bitcoin is one of the major utilizations of bitcoin. Because for every conversation, there is a buyer who is buying that bitcoin and paying in fiat to the seller! So conversation is very much important for crypto economy and that's the single most important transaction method where bitcoin doesn't have any other use!

People are not underutilizing bitcoin willingly! Rather, they don't have nuch choice to spend their bitcoins! Like if I want to buy an Iphone and the shop owner is not accepting bitcoin, what choice do I have other than converting it to fiat? People here have nothing to do with underutlization. They are lacking options to spend!

[Ucy]

Full article: https://www.forrestvisions.com/blog/people-are-underutilizing-bitcoin

People need to start accepting Bitcoin and keeping it, not converting it.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.


Thoughts?

A proper cryptocoin has to be well decentralized.  Stablecoins are dependent on fiat currencies, making them(especially the centralized stablecoins) too centralized. What happens if the fiat currencies collapse? The stablecoins will most likely collapse too if they are really pegged to the fiats . Or what happens if the reserve is seized?
If we insist on having "stable cryptocurrencies" (not a good idea IMO) then we could make the  value independent of fiat.. the stability would need to be artificially maintained with algorithm.

[Doell]

I am afraid that the "value" will weak and investor interest then disappears ,trade will be quiet because all traders using the method hodl too ,I think contributions trade sector will make the "value" become a high as now ,looking for value with a hodl might be a good but if everyone hodl then who will sell bitcoin and vice versa? resources not all have high and equal income so we are struggling to find that value as traders

[red4slash]

bitcoin and the technology actually has many benefits but some people still assume that bitcoin can only be used for investment or transaction tools, I personally am still looking for a lot of information about the technology in it because I believe the technology created is not only for investment and payment tools but more than that

[ChrisPop]

People in the crypto communities I am in are mostly hodling and more likely to spend fiat instead of Bitcoin or any cryptocurrency they have. The thing is people are looking at BTC like at a store-of-value and long term investment and not looking to make payments with it.

[BitHodler]

I am afraid that the "value" will weak and investor interest then disappears ,trade will be quiet because all traders using the method hodl too

There is no such a thing as all traders hodling, especially when you take into consideration that a lot people aren't interested in anything but short term speculation.... markets will be active no matter what.

With more cash settled contracts trading the aspect of scarcity and hodl becomes less of a thing as well because these contracts are very speculative by nature, similar to how they ruined gold's market and scarcity aspect.

Bitcoin's market will follow gold and there is nothing that can be done about it, so be happy that we're currently still able to explode in value like we did some months ago because that will be done and over eventually.

[figmentofmyass]

People need to start accepting Bitcoin and keeping it, not converting it.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.

merchants will (for the most part) be the latest adopters. their overheads and supply lines are paid in fiat. holding bitcoins doesn't pay their bills and exposes them to potentially harmful volatility. there's no reason for them to accept bitcoins directly unless 1. consumers demand it, or 2. it becomes a standard medium of exchange and unit of account.

both of those things require mass adoption first. you can't expect merchants to do all the heavy lifting.

[panganib999]

People need to start accepting Bitcoin and keeping it, not converting it.

you should have said "continued using it" instead of keeping because if they keep it, it sounds like HODLing and that is not doing anything.

in any case this problem has always been with bitcoin. the price rise alone makes people want to "invest" in bitcoin instead of seeing it as a currency. that is why so many people are calling it store of value these days instead of a currency.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?

not unless someone finally comes up with some actually decentralized stable coin otherwise centralized ones are not even close to being 0.001% useful as bitcoin!

Hodling cryptocurrency actually does help. People are holding it because it has value to them. "worth" is given when something is valuable to someone.

I could sell someone a rock for $100,000 if they find "worth" and have the resources to purchase it.

If someone is willing to hold a bitcoin and not get rid of it because it has "worth" to them, then I am all for that.

Yes, HODLing could help someone individually considering their so called worth of it, but it doesn't really doing any help toward Bitcoin's economy. Hodling is non-sense and all it does is to limits the growth potential and adoption of bitcoin, and if you're part of the crypto space you should consider looking at the bigger picture before deciding because whatever you do within the community will surely affect you eventually, So instead of hodling, for us to be able to create an economy that fosters adoption and help the network grow we should practice      spend and replace strategy. For instance, buying $25 worth of BCH online, then use fiat in buying $50 worth of BCH to replace what had been spent.

[Shenzou]

Full article: https://www.forrestvisions.com/blog/people-are-underutilizing-bitcoin

People need to start accepting Bitcoin and keeping it, not converting it.

If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.


Thoughts?

The problem with people is that they have been looking at bitcoin in a very different way, ever since bitcoin started rising up in terms of price and volume people saw it as an opportunity an investment rather than seeing it as a better easier and more secure way to make transactions without the control of the governments, and most of these people just take bitcoin and hold it and they don't care if it becomes widely used or not, and that is why bitcoin is still stuck in a position where it is not being accepted given its popularity.

[LUCKMCFLY]

~snip~

I see the stablecoins as a springboard to Bitcoin, the popularity of Bitcoin will never be tarnished, there are some who prefer FIAT money, it is normal, but globally Bitcoin is becoming more famous, much more than in previous years even when it reached its last ATH.

In Italy, most prefer to use Bitcoin than use VISA credit cards, in France they have many stores diversifying with Bitcoin sales, such is the case where they sell tobacco.

Recently, the president of the Central Bank of Brazil praised the use of Bitcoin for allowing fast, secure and transparent transactions, the voice over Bitcoin is strengthening.
Maybe in 2020 if the launch of Libra, Stablecoin very controversial, can open the doors to business models where in the end people will prefer to exchange Libra for Bitcoin, for the simple fact that Bitcoin will go up, where it will be framed without Doubt the bullish trend. They may not want to leave their Bitcoins because they are in Hodl mode!

[bitbunnny]

It's always better that people use Bitcoin actively instead of just keeping it in some wallet. If it's not used in real world Bitcoin can't express its real potential and why it's worth in real world. Keeping it just as an asset we don't use its full purpose and that is not good. But to achieve full use and full potential of Bitcoin people should be better informed and better educated about it.

[bittraffic]

What is best to be done is spend BTC as it is like buying products online with BTC. Its almost the same thing with fiat actually but this time you don't go for exchanging it with physical paper money.  For most of the though trading BTC is the way to go, people look at BTC as investment. They don't even learn the technology behind it anymore since all they care is the value of it. They still use BTC and I don't think one can consider it undertutilizing.

[Kyraishi]

I think it's a pretty good article, a lot of the bitcoin enthusiasts will know that bitcoin will never grow and become mainstream if people keep thinking about it as a storage of value, not an actual payment method. Let's look at this:

However, to make this ecosystem work, Bitcoin needs to have some “value” with its users. People need to value the significants of Bitcoin like other products like USD. In order to achieve this status, Bitcoin needs to be accepted as a mean of payment that does not peg itself to fiat currencies.

It's a very interesting concept pegging certain items to bitcoin and the last time I saw this, was when HTC released their own "Bitcoin phone".

More items that are sold on a bitcoin basis needs to happen, otherwise, BTC will be kept being looked at like a secondary payment option.

[GreatArkansas]

People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?

I think it depends on how they use it. Especially if you are using it in business;
For example, you have buy and sell business. You are buying some items from your supplier using Fiat currency, and you are selling your products via Bitcoin. So you need to convert it to be able to run your business.
It really depends on use cases. For me, as long as we using Bitcoin for not only as investment is not underutilizing at all.

[dimastegar]

We know that the largest volume of Bitcoin comes from trading activities. And trading is one of the best utilities for Bitcoin besides using it for offline product transactions. At least now more and more people are using Bitcoin as an alternative payment in their stores. I am sure in the future the adoption of Bitcoin will continue to increase.