People are underutilizing Bitcoin

[gantez]

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.

I think really that bitcoin has not really been utilized as people are only seeing bitcoin as payment system. They only think of it as what they are gaining, they just invest to expect gains but I believe that after the halving of 2020, will are going to see more of bitcoin value.

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[drachman]

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

Bitcoin is a store of value no matter how much you try to deny it, the argument that you are using could be used against gold as well, nothing is priced in gold, you cannot really buy anything with gold and yet the scarce nature of gold has made it the favourite way to store your wealth for thousands of years, the characteristics of bitcoin are similar except that it has many other advantages over gold, but you are right in one thing we are going to find out who was right soon enough.

[Wysi]

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

Bitcoin is a store of value no matter how much you try to deny it, the argument that you are using could be used against gold as well, nothing is priced in gold, you cannot really buy anything with gold and yet the scarce nature of gold has made it the favourite way to store your wealth for thousands of years, the characteristics of bitcoin are similar except that it has many other advantages over gold, but you are right in one thing we are going to find out who was right soon enough.

Yes I got your point but there are so many difference between gold and bitcoin because those who have traditional invested into gold will never invest into bitcoin because they are used to the stability and gold's value increase very slow and there are no sudden dump and they are used to it. On the other hand we have people like yourself and me who will prefer bitcoin over gold due to it's advantages over gold good return on investment if we are up to date and make the right move.

[dimox]

not all poeple know about bitcoin. need to spread more and more, and if it people know, how to make them buy this coin? some people will ignore because it just a coin, but people will buy if it can make 'profit'. people will leave if just give what the purpose of creating bitcoin, but they will stay if it give another result.

[Bitfox22]

Applications of btc are still way too niche. When vendors start making it more mainstream, I'm sure it'll start becoming more widespread.

[Twentyonepaylots]

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.

Bitcoin has been the thing for about 2 years many sees it as an investment and not a currency at all. But I personally think of it as a commodity, means of trading of services and goods. What makes people hold of bitcoin when they expect of somehow a return based on what they capitalized. I do both, means of trading and holding to attain gains from any direction especially when the market is unideal.

[AbuBhakar]

not all poeple know about bitcoin. need to spread more and more, and if it people know, how to make them buy this coin? some people will ignore because it just a coin, but people will buy if it can make 'profit'. people will leave if just give what the purpose of creating bitcoin, but they will stay if it give another result.

once people know it can be useful as they see used publicly many will be interested but those smart enough to research and analyse the btc purpose and history they will certainly have an idea that it's a good investment too. There are amount can be used to hold and some to spend to influence other.

[Diirtmaan]

not all poeple know about bitcoin. need to spread more and more, and if it people know, how to make them buy this coin? some people will ignore because it just a coin, but people will buy if it can make 'profit'. people will leave if just give what the purpose of creating bitcoin, but they will stay if it give another result.

once people know it can be useful as they see used publicly many will be interested but those smart enough to research and analyse the btc purpose and history they will certainly have an idea that it's a good investment too. There are amount can be used to hold and some to spend to influence other.

You're right. You need to think globally and use the coin in different ways

[arimamib]

not all poeple know about bitcoin. need to spread more and more, and if it people know, how to make them buy this coin? some people will ignore because it just a coin, but people will buy if it can make 'profit'. people will leave if just give what the purpose of creating bitcoin, but they will stay if it give another result.

once people know it can be useful as they see used publicly many will be interested but those smart enough to research and analyse the btc purpose and history they will certainly have an idea that it's a good investment too. There are amount can be used to hold and some to spend to influence other.

if we understand the initial concept of bitcoin maybe its use is not just for investment, maybe at this time we haven't found a better bitcoin application that can be accessed by the wider community. because most people know that bitcoin is used for investment or trade in crypto

[Congyang]

many countries have begun to use bitcoin for daily use, such as an article I read that there is a bitcoin atm, e-commerce that accepts payments for bitcoin, traveling for bitcoin and others. right now I think bitcoin is easy and useful to use, but there are still regulations that make it difficult to benefit in some countries

[Murat]

When you want to make an investment or trading decision then obviously you want to find a way how to make more profit from investment and trading, so it's a simple reason why people are holding Bitcoin, so you don't blame those people who are doing this job. if Bitcoin would be a legal currency around the whole world then people will definietly use Bitcoin for the payment purpose so when Bitcoin will get accepted at the whole world then the use of Bitcoin must be increased and this system will become one of the most user-friendly payment systems.

[Jammermob]

How can bitcoin be underutilizing? I don't understand it.

[TimtheYoutuber]

How can bitcoin be underutilizing? I don't understand it.

It can be underutilized by not being used to its full potential. Feel free to check out the blog link to read more about the problems that the Bitcoin economy is facing.

[RooseveltOah]

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. 

Question here, what is the motivation for merchants to accept BTC at places other than the darknet?

[Ann1989]

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?

I agree with the first point. People need to HODL bitcoin. However, I don't think bitcoin will slowly fade away, that's not going to happen, instead I think it'll get stronger and people will find solutions to problems it's currently facing. Only time will tell.

[gwestcot]

The main issue, as many others have mentioned, is its lack of stable value. Bitcoin would be used for more than just hodling if not for that and of course the lack of intent to scale on chain. Second layer does not appear to be even remotely close to panning out at the moment. At any rate, to become more stable Bitcoin would have to give up on its hard supply cap of 21 million and its emission schedule which halves roughly every 4 years. Honestly, most of the OG's have even admitted that the supply only needed to be predictable and another algorithm could indeed work. Obviously this always comes down to simple supply and demand even though the fix is moderately difficult to do. You need an algorithm that measures demand endogenously and then spits out the necessary block reward for each particular block. Basically, a self balancing mechanism but it would also need to have a way to prevent bad feedback loops. I had been developing such a solution over the last year but I ran out of money for development. Definitely a common theme for small players in this market. 

[Wintersoldier]

Stable coins can come. Blockchain is a more accurate system for stable coins. But will Bitcoin disappear if these situations occur? I do not think so. Bitcoin is the advertising face of this market. I think Bitcoin will always be

Basically stable coins come in handy and in second to bitcoin only for investors and hodlers in the market. They use stable coins to save funds but not literally aims to take the spot of bitcoin. After the huge market correction, people will still go back to bitcoin and invest all of their funds from their stable coins. The main thing that I can see only how people are underutilizing bitcoin is through using bitcoin in illegal activities and also, when they sell it in price lower than the price when they bought it.

[bitbro678]

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?

I'm all for HODLing Bitcoin because I don't think that it's going to fade away. And I don't believe it will replace fiat or is a virtual placeholder for fiat, instead I think sometime down the line it will be another form of accepted payment along with fiat.

[gwestcot]

fiat is definitely doomed to fail so we will need something to replace it. I just don't think it is going to be Bitcoin by the looks of it.

[tianglistrik]

fiat is definitely doomed to fail so we will need something to replace it. I just don't think it is going to be Bitcoin by the looks of it.

fiat or bitcoin have their respective values, maybe fiat can be replaced because the payment methods are quite old-fashioned and in an era like now that digital currencies are being introduced to the public, but I'm not entirely sure that FIAT will be lost unless the technology in the world has been used as the main commodity