People are underutilizing Bitcoin

[CryptoBry]

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?

People and merchants can start to be accepting Bitcoin en masse if there are really a huge population of people who have Bitocin and they gonna use it everyday to purchase anything and will not continue on just HODLING the said cryptocurrency. This problem is driving into the heart and the core of Bitcoin as a currency. There is no problem with Bitcoin as a store of value because definitely people are hodling on to their Bitcoin as if their lives depended on it.

The problem is that holders are gonna hold and will not easily use their Bitcoin for anything, maybe except for emergencies in which case they gonna convert Bitcoin to cash and not necessary use it to pay anything. The thing is that we will not have a problem with merchants or businesses because they will definitely be coming if there is a big demand coming from those having Bitcoin.

Now, on the other hand, if there is no opportunity for speculations here in Bitcoin, do we really think that there will be a big number of holders? I really doubt that, sorry. People are getting Bitcoin because they are looking at it like an investment that can soon be growing by leaps and bounds and not because they can be able to buy a cup of coffee with it.

[airdnasxela]

Got the point that we have to use bitcoin as a means of payment, day to day transactions to buy/sell things but the problem is that, there's no enough merchants who accept bitcoin. Well it depends on the adoption on a certain country. But not all country have enough entities that would accept crypto. Here in my country, even if there's no strict regulations on crypto, it's still hard to find shops where I can use bitcoin to pay them. In order to utilize my bitcoin, I have to convert it with fiat so I can use it to buy things.

[blckhawk]

My personal thoughts is that this two go hand-in-hand woth each other. While it may be true that continuous usage of bitcoin helps the ecosystem work, function, progress and improve over time, it is also not wrong that holding bitcoins does not increase its value. For me though, it's the extremes of each dilemma that will make Bitcoin obsolete. In simple words;

a. If all people only kept bitcoin to the point that no one uses it, it starts to devalue itself.

b. If all people starts spending their bitcoin to the point that they just want to spend everything they got, then it would also have the same effect.

Balance is the key to progression, for me at least.

[fullhdpixel]

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?

People are not keeping bitcoin in their wallet because they are still considering it in the fiat aspect of it, because if we understand bitcoin very well and we want to use it as payment, we will know that there is no way that volatility can affect the quantity of bitcoin itself, but of the fiat equivalent of it.

I was going through a post recently and I saw where someone actually made us understand that it is not the fault of the users that are converting it into fiat, but the fault of merchants that has failed to receive it and those merchants that are receiving it are also not keeping it in their wallet, but changing it to fiat which is still making us to encourage the traditional banking system and that is why we see that these institutions no longer complain again.

[Wintersoldier]

If that is the case, if you consider bitcoin as the place holder, it seems that stable coins too? and might as well holistically considering all of the cryptocurrency. Because the thing here is that, even people convert their crypto to fiats, they will still buy and accumulate volumes of it. Most of the bitcoin and cryptocurrency trader do it since they see bitcoin as an investment platform, they will trader and convert their profit to fiats and wait for another opportunity to enter the market. Later on, they will realize that crypto will be the main currency and better stick with bitcoin and stable coins. At the end, bitcoin will not be undervalued since people will still trade it despite of its huge transaction fee.

[Asmonist]

It depends on the needs of the user. There are long term investments and short term investments. Sometimes we tend to buy and sell immediately due to prices variability. I think people are still utilizing bitcoin because they earn it hard and spend it wisely. We are holding bitcoins for long term purposes or just waiting for the best price.

[auntyjmary]

There is always that great feeling when I see that sign that reads; "bitcoin is accepted here" in any shop. Personally I always try to add more value to bitcoin as I use it as a mode of payment for goods and services among friends who are into cryptocurrencies. At least, bitcoin is still gaining prominence across the globe as many brands are becoming to accept bitcoin as a currency for business transactions.

[crossabdd]

it should be like that. but this is different, the first reason may be many people who are not familiar with bitcoin. so still confused.
the second reason, people are still afraid to save assets / buy bitcoin for the future. because a lot of bitcoin records run on fraud.
the third reason may be fluctuating prices, so they are afraid of the risk of loss.

[White Christmas]

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?

Yes people are starting to accept and adapt bitcoin right now as the new digital currency that may convert or transfer into fiat or local currency to be spend on buying things. Maybe those person that are just keeping bitcoin is just waiting for the good time before they convert it into fiat.
I don't think so that bitcoin will slowly fade away because bitcoin will last forever as long as the digital currency is alive and as long as internet is alive their will be bitcoin and their will be a value of bitcoin and stable coins will not be the future because if that's the case then bitcoin will become stable also and that would be the time that bitcoin will be have a exact amount of value or stable value.

[bounceback]

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?

Basically, bitcoin is one of the coins used as an asset protection value for the future, while some of it is used to invest or trade with bitcoin to get small profits, and in my opinion bitcoin can also be used as a virtual currency when experiencing economic crises such as we have seen in certain countries, and I'm sure even though some people use bitcoin for it, bitcoin won't fade because most people are more interested in bitcoin than other stable coins.

[Darooghe]

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

I have to disagree. Bitcoin won't spread and become a currency because people want to get rid of it by spending it. Bitcoin has become more popular and more deeply embedded in public consciousness exactly because of the holding and the resulting price increase. Think of it with other currencies: everyone wanted to get rid of and spend the Zimbabwean dollar. And that destroyed them, they are no longer currencies. But really high quality money is what people want to hold onto. The florins, ducats and sequins of the Italian city-states did not dominate Mediterranean trade because they were poor quality coins, but because they were the highest quality.

[Amel]

it should be like that. but this is different, the first reason may be many people who are not familiar with bitcoin. so still confused.
the second reason, people are still afraid to save assets / buy bitcoin for the future. because a lot of bitcoin records run on fraud.
the third reason may be fluctuating prices, so they are afraid of the risk of loss.

Something big certainly has a big risk too, sometimes those people don't realize that behind the risk there is something very profitable if managed well. As well mining gold, they must dig underground with risk but they are able to make good use of it. So only intelligent people are able to think like that.

[Mike Mayor]

I don't really know what you are talking about. I get paid in bitcoin so obviously I spend it. Thanks to bitcoin crypto is now an alternative payout option for me at more than one site that I use to make money.
Then anything I do here on top of that I get paid bitcoin as well. I only get paid in fiat from one advertising company but it is ok it just means I will always have a bit of fiat to keep my bank account open and active and to allow me to spend fiat where I cannot spend any bitcoin. Online is bitcoin all the way unless they do not accept which is about 25% of the time perhaps 33% now that payfast no longer support bitcoin.

So really for spending money I just use what I get in fiat and food and stuff I just sell 2 or 3 bit cents a month. I keep well over half of my earnings in crypto. It is so much easier to spend and much less of a headache.

[darkangel11]

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.

You can't use Bitcoin offline unless someone agrees to take your private key from you but that will mean taking everything you got on that address, so no change.
The trading volume is the greatest because there's not much you can do with Bitcoin now. Not many people accept it and those who do can't go to their supplier and also offer bitcoin for goods. They have to use an exchange to sell and then pay the supplier in fiat and again sell for bitcoin at retail prices. The economy is not ready but it can be done.

[malekbaba]

We need more and more sectors to use btc. If we only hold and no one uses btc, btc will be useless. The thing is, when someone sells, someone else buys. So if you sell btc for fiat, someone will spend fiat to buy btc. Simple math. As the supply is fixed, if we can increase the usage of btc, each satoshi will be expensive, in future.

[Bonenx14]

We need more and more sectors to use btc. If we only hold and no one uses btc, btc will be useless. The thing is, when someone sells, someone else buys. So if you sell btc for fiat, someone will spend fiat to buy btc. Simple math. As the supply is fixed, if we can increase the usage of btc, each satoshi will be expensive, in future.

what you think is right, because the amount is fixed if btc activity is used more, maybe the price can be higher. the problem is that the purchase of goods using btc can only be accessed in the marketplace and in the real world it is still not widely used.

[ajiz138]

Having BTC and using it properly for payment of products and services online is the purpose of Bitcoin being made which makes it easy to make payments with digital assets. But when we as traders, having bitcoin in our wallet won't hold it in too long, because trading has to keep going to get profit in every trade.

[pixie85]

Having BTC and using it properly for payment of products and services online is the purpose of Bitcoin being made which makes it easy to make payments with digital assets. But when we as traders, having bitcoin in our wallet won't hold it in too long, because trading has to keep going to get profit in every trade.

The Internet was made to help people in different offices of a company building send messages to each other and make communication faster. First computers were used as basic calculators.

Satoshi had a great idea but it doesn't mean we have to follow his way and use Bitcoin as a currency. It can evolve into a store of value like gold or remain a tradable speculative asset it is now. All uses are good so long as we have uses. No uses would be bad

[Twinkledoe]

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!

Totally agree with this. If people will keep it and just hodl, then they are not utilizing the bitcoin. But for some reason, I am also guilty with this.  As much as possible, I don't want to spend my btc. The price rise is very significant that if you enter at the right moment, you can gain a lot of profits at a very short period of time. This is the reason why many people are looking at it as investment. Because they have the chance to get good profits just by holding it.

[diahsw]

in my opinion it's a natural if those who store bitcoin are less than those who sell it, because on average those who are members here are also looking for money that can make them eat, if not sold then they can't make food for them. that's one reason ... !!