TimtheYoutuber (OP)
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www.positivebetting.com
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November 26, 2019, 01:46:06 PM |
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As of right now people are using Bitcoin as a placeholder for things like gold, silver, ect. I don't think bitcoin has the framework to be used in day to day transactions. You look at Visa which processes millions of transactions a day and compare it to Bitcoin. The network can't handle that amount of volume, especially when factoring confirmation times. I don't think people are under utilizing BTC. It's a matter of the fact that BTC can't handle the load.
It's crazy because the value in bitcoin is the aspect of its transactions and unseizable money factors. Yet people are simply holding it, and speculating on use cases that are extremely over-exaggerated. |
Positivebetting
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john_nautica
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November 26, 2019, 05:55:09 PM |
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bitcoin is not easy to fade just because of the influence of a stable coin. right now I think that only the use of bitcoin is still not optimal for each sector, but believe me bitcoin will still have popularity and will not fade
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liuqi
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LuckyB.it is Back!
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November 26, 2019, 06:18:01 PM |
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We have many gaps between the payment system and Bitcoin. Still we are not been accepted as main stream payment option at all the places. So if we find the real payment mode better than blockchain means they can reject.
But due to decentralized medium they were not accepting BTC payment at anywhere.
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nydiacaskey01
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November 26, 2019, 11:10:55 PM |
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The thread title seems to go against the content of the thread because keeping Bitcoin will make it underutilized. I agree with the start accepting Bitcoin, because that will help it circulate, change from one hand to another hand but keeping it will just make it idle in our wallets making it underutilized. |
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DreamStage
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November 26, 2019, 11:25:51 PM |
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People need to get more informed about the concept, meaning and usage of Bitcoin and any other cryptocurrency.
Making it more rumorized will get governments attention where it needs the most so it becomes legalized in every country.
Sometimes you won't get it fully operational for your country because there's a lack of information and interest from third parties where the world illegal comes into place.
The fear of the unknown is what makes it underutilizing specially for big companies.
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Nothing to see here
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boris2470
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November 26, 2019, 11:48:27 PM |
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People need to get more informed about the concept, meaning and usage of Bitcoin and any other cryptocurrency.
Making it more rumorized will get governments attention where it needs the most so it becomes legalized in every country.
Sometimes you won't get it fully operational for your country because there's a lack of information and interest from third parties where the world illegal comes into place.
The fear of the unknown is what makes it underutilizing specially for big companies.
Some countries popularize Bitcoin and crypto such as Japan or Nigeria, but others are not profitable to do so. Many governments are afraid of cryptocurrency, because it is a tool to fight corruption and fiat money. This is why adoption and popularization are moving so slowly. |
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Wintersoldier
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November 27, 2019, 12:52:14 AM |
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People need to get more informed about the concept, meaning and usage of Bitcoin and any other cryptocurrency.
Making it more rumorized will get governments attention where it needs the most so it becomes legalized in every country.
Sometimes you won't get it fully operational for your country because there's a lack of information and interest from third parties where the world illegal comes into place.
The fear of the unknown is what makes it underutilizing specially for big companies.
I think inducing fear will not make the situation better here. What the government and people should see in Bitcoin and other cryptocurrency is the opportunity where these currencies could help them, and not by the negative implications it has to the local banks they have. People need education in crypto for them to become responsible in utilizing it and for them not to use it in frauds. Then government will see how good cryptocurrency and bitcoin is so they will have the urge to support it in their way. |
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barabarian1
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November 27, 2019, 01:38:03 AM |
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yes you are right we need to use bitcoin for payment tools not just investment tools. if we use bitcoin for payment, the demand for bitcoin will also increase and the volume of bitcoin trading will always be high.
but if we only use bitcoin for investment and we continue to hold it then bicoin will stagnate and maybe someday it can be beaten stable coins. therefore we must encourage the use of bitcoin as an alternative means of payment.
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Darooghe
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November 27, 2019, 08:23:33 AM |
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In my opinion, people hoard until they don't. so a higher price turns some of those hoarders into sellers or spenders. however, it doesn't follow that hoarding bitcoins will make them worthless. If everybody stopped selling immediately and hoarded their coins, the price would go through the roof which arguably has a much greater impact on encouraging merchants and individuals to accept Bitcoin. wouldn't you agree? |
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kissme09
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PayAccept - Worldwide payments accepted in seconds
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November 27, 2019, 02:13:25 PM |
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The value of a currency is determined through circulation. If a currency does not circulate it does not generate liquidity, if zero liquidity does not mean it will quickly depreciate. If everyone kept Bitcoin without paying them, then Bitcoin would be pointless. Bitcoin is a currency and money should be circulated.
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senne
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November 27, 2019, 06:09:09 PM |
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People are not really using Bitcoin as a currency. The reason is its inbuit deflation which will restrict the supply and demand will increase with more people joining it. People consider bitcoin more as an alternative investment which gives huge returns as compared to other traditional investment. Crypto can be good for diversification for people looking to increase their portfolio returns. When fiat an inflating alternative is available, why would people use Bitcoin for day to day transactions. This restrict the utility of Bitcoin as a currency.
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Youghoor
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November 28, 2019, 04:01:33 AM |
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Considering the entire crypto space and the knowledge and understanding level of majority of people in the crypto space, you will understand that Bitcoin is no where considered as under utilized by people. The reason why you may think Bitcoin is under utilized is due to the fact that Bitcoin is not really used in the mainstream financial transactions. But if you are trying to tell people to use Bitcoin in their daily transactions rather than holding unto them then in some way Bitcoin is being under utilized. A lot of people in the bitcoin space see bitcoin as an investment coin rather than a currency for exchange of goods and services. In such case, bitcoin is highly under utilized.. |
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drachman
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November 28, 2019, 04:05:14 AM |
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The thread title seems to go against the content of the thread because keeping Bitcoin will make it underutilized. I agree with the start accepting Bitcoin, because that will help it circulate, change from one hand to another hand but keeping it will just make it idle in our wallets making it underutilized. I disagree, currencies are not only meant to circulate and to be used as a way to exchange goods and services among people, another characteristic of currencies is that you should be able to store it and it should keep most of its value regardless of how much time passes, this is why people love to hold gold because it is a great store of value and any currency that wants to pass the test of time needs to have that characteristic and fortunately for us bitcoin does. |
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GideonGono
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November 28, 2019, 05:43:14 AM |
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The thread title seems to go against the content of the thread because keeping Bitcoin will make it underutilized. I agree with the start accepting Bitcoin, because that will help it circulate, change from one hand to another hand but keeping it will just make it idle in our wallets making it underutilized. I disagree, currencies are not only meant to circulate and to be used as a way to exchange goods and services among people, another characteristic of currencies is that you should be able to store it and it should keep most of its value regardless of how much time passes, this is why people love to hold gold because it is a great store of value and any currency that wants to pass the test of time needs to have that characteristic and fortunately for us bitcoin does. Isn’t that the reason why in the past, printing fiats depends on the gold and silver reserve of the country since it has no real value unlike gold that’s why it is always backed up and unlike now where fiats like USD for example is very strong hence they could stand these test but of course it is still prone to inflation. Bitcoin on the other hand is decentralized and have limited supply compared to fiat which nowadays can be printed with no real restrictions. |
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Free1bitco.in
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November 28, 2019, 06:19:06 AM |
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from what I read, the solution provided is to make bitcoin for such payments to workers or use directly for products or services so that the use of bitcoin becomes more widespread.
however, until now there have been very many people who use bitcoin as a tool that helps services such as payment of a web manufacturing service on the internet, or other things. even some people have accepted bitcoin as a means of payment for vehicle sales. this needs to be done, but all of that is limited by regulation. I am sure, this will gradually develop.
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gabmen
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November 28, 2019, 07:44:14 AM |
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from what I read, the solution provided is to make bitcoin for such payments to workers or use directly for products or services so that the use of bitcoin becomes more widespread.
however, until now there have been very many people who use bitcoin as a tool that helps services such as payment of a web manufacturing service on the internet, or other things. even some people have accepted bitcoin as a means of payment for vehicle sales. this needs to be done, but all of that is limited by regulation. I am sure, this will gradually develop.
Over time perhaps. But those people who hold bitcoin at the moment are not thinking about circulation yet. It's value and it's potential value is what's keeping people from actually using bitcoin for transactions. Holders anticipate the price to go up in time hence they want to keep their bitcoins for that. It may take a while before we see actual circulation of not just bitcoin, but other crypto as well, and them being used for regular transactions like how we use fiat. Probably until the last satoshi is mined, this will be the mindset of most btc holders. |
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HardFacts
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December 01, 2019, 02:08:00 AM |
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any currency that wants to pass the test of time needs to have that characteristic and fortunately for us bitcoin does.
Bitcoin does NOT store value, it has zero value beyond what some greater fool will pay for it. Once that psychology ends, you will bitcoin price drop faster than you ever thought possible. The only reason people have bitcoin is because they think the price is going to go to the moon, and that they will get rich 💰💰💰💰 NO one is PRICING anything in bitcoin. Businesses that accept bitcoin do not really accept bitcoin. When you pay with bitcoin, what the business is using is a system that allows you to pay in bitcoin but instantly coverts your payment into US Dollars that they receive for their goods. The idea that bitcoin would be the future money was FALSE, and you are all about to find out that a lot of other big assumptions you are making are false. The saying " BLINDED BY GREED" exists for a reason, and the people in this forum are the perfect example of this 🙈🙈🙈🙈 Hard Facts |
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diahsw
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December 01, 2019, 02:30:11 AM |
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not everyone can conclude like that, maybe there are some people who are indeed looking for money, so it's natural if he does not save it and immediately sell it .. !!
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danggoron
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December 01, 2019, 05:23:02 PM |
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In my opinion, people hoard until they don't. so a higher price turns some of those hoarders into sellers or spenders. however, it doesn't follow that hoarding bitcoins will make them worthless. If everybody stopped selling immediately and hoarded their coins, the price would go through the roof which arguably has a much greater impact on encouraging merchants and individuals to accept Bitcoin. wouldn't you agree?
Yes, I agree. Basically, bitcoin can be used as an investment tool and commodity trading. Depending on the passion of each user. Not that those who choose to hold bitcoin cannot take maximum advantage over those who choose to trade or vice versa, but each has a strategy, advantages, and disadvantages. |
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BChydro
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December 01, 2019, 05:32:53 PM |
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Yes, I agree. Basically, bitcoin can be used as an investment tool and commodity trading. Depending on the passion of each user. Not that those who choose to hold bitcoin cannot take maximum advantage over those who choose to trade or vice versa, but each has a strategy, advantages, and disadvantages.
There is another major advantage with bitcoin rather than seeing it just as an investment tool and for commodity trading, it is a currency first and foremost and it is the best form of payment if you want to send huge amounts globally and that is the potential of bitcoin and if people are aware of this property of bitcoin then traders globally will shift to this platform rather than entrusting the banks for sending huge amounts as they can save a lot of money with bitcoin. |
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