Is Bitcoin still a people's currency?

[agentx44]

I've been discussing Bitcoin in a couple of forums, and I'm shocked by the vitriol and anti-Bitcoin passion that I'm finding. It seems that the mass media FUD has turned away the very people who could benefit most from Bitcoin. In contrast, Bitcoin is becoming stronger every day, and is moving towards becoming a store of wealth, and it seems to be moving into the ambit of the rich and the knowledgeable. I'm giving up on Bitcoin evangelism, and concentrating on fattening my wallet.

I thought that Bitcoin might become one of the currencies used by people when the fiat systems collapse, but I think this will only be a minor use. I believe that fiat cash will be used for a while, and silver coins could become a longer term solution. Of course it all depends on the cryptos that are introduced by the various governments, and whether there will be any trust in them.

Bitcoin has been through many issues over the years. It is not surprising anymore to see plenty of people becoming anti-bitcoin just because they do not know the use and benefits of it. In my experience, I have use bitcoin for lots of convenience and security of my future as well that's why I will keep on investing on it till the end of time. Bitcoin can really be the greatest help the world could have in case of an world economic collapse wherein it would play a vital role on reuniting the world and reviving its struggling economy.

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[Aikidoka]

There's no money worth 7000 dollars. Bitcoin can be worth the price but with this store. People see bitcoin as an investment instrument. The instability of the Bitcoin price scares people. Offers an opportunity for people. And that attracts people. Uncertainty excites people.

True, bitcoin really got an awesome value in the market, it's around 7400$ right now, according to preev.com and I think that this price is able to increase a lot in the near future. It was already 19.7k$ in December 2017 so it's really get the potential to increase hugely and reach that peak again and even it can surpass it.

[Wysi]

There's no money worth 7000 dollars. Bitcoin can be worth the price but with this store. People see bitcoin as an investment instrument. The instability of the Bitcoin price scares people. Offers an opportunity for people. And that attracts people. Uncertainty excites people.

True, bitcoin really got an awesome value in the market, it's around 7400$ right now, according to preev.com and I think that this price is able to increase a lot in the near future. It was already 19.7k$ in December 2017 so it's really get the potential to increase hugely and reach that peak again and even it can surpass it.

Bitcoin is indeed the most valuable form of money and it will remain people's coin as users have control over their bitcoins apart from whales and traders who are responsible for manipulating the value. everyone is waiting for the price increase which could take place in the near future and we have already got the signals about the pump as bitcoin is trending green from few days. But we cannot confirm anything until we see a huge difference in the price of over $500 instead of $100.

[ubercool]

Until you see people here on this forum who either try to earn BTC or even just try to discuss the possibilities of the future with BTC, it'll be a people's currency. There are people who are not understanding it and falling for scams and other stuff but sensible people will learn and earn it.

[Mike Mayor]

Eh, people can be dumb. They can play with their monopoly fiat. Crypto is for the elites and intelligent. Most people are lazy. Hell you can even go back to 2010 and tell people to mine bitcoin and the will be rich and most people will not listen. Most accept mediocrity and thus are only mediocre. It's still a peoples currency since it gives us power. Only if we want to take that power that is. The other losers can stay poor using fiat while richer grow more wealthy. They had their chance to be apart of it but their minds are too closed.

[finaleshot2016]

Since the main purpose of joining here was to know what's the condition and learn Bitcoin, then bitcoin is still the priority and choice of the people. It's obvious that questions are still being published about bitcoin, which means they're still concern about it.

All of the other assets weren't made from scratch, it's made from the idea of bitcoin. If there are assets that popular and blooming, people will still compare it to bitcoin, I'm 100% sure with that.

[Jet Cash]

My point was not whether it could be used for peer to peer transactions - gold bars can be used for that. I was suggesting that you need to use computer systems that may be beyond the poor, or to use 3rd party pseudo banking services, This means we are creeping back to centralised control with the services. It also seems that Bitcoin is being collected by the rich, or at least those with spare cash to build an investment portfolio. All this moves it away from the people for daily use.

[bitbunnny]

I guess that answer to that question depends on the angle you look at it.
If we take the fact that only small and limited number of people in the world is using Bitcoin then it's hard to say that is people's currency, more it belongs to certain elite, digital technology elite let's say so.
However, I stongly believe that Bitcoin was ment to be a mass currency, available without limits to anyone everywhere in the world. The question is if and we are going to achieve that.

[cash88]

When as ppl we taking majority using paper money so nope def

[royalfestus]

I don't understand the feud the space is generating lately with bitcoin and Ethereum, sometime is bitcoin with the whole altcoins space. I sometimes think it could be a strategy to form 2 parties working to bring fund in the space. Every thing here should be looked in such a way that could be manipulative, I dont know how Ethereum suddenly became the enemy, they were not these rivals, some 2 year revelation of Vitalik scam moves in the space, why now? we should look at it in different ways

[dvmmayowa]

Bitcoin has a lot of users here already in this part of Africa, the only setback is the price volatility but rather than running away from it, people here now embrace it as a good form of investment..

[angryswamp]

There's no money worth 7000 dollars. Bitcoin can be worth the price but with this store. People see bitcoin as an investment instrument. The instability of the Bitcoin price scares people. Offers an opportunity for people. And that attracts people. Uncertainty excites people.

True, bitcoin really got an awesome value in the market, it's around 7400$ right now, according to preev.com and I think that this price is able to increase a lot in the near future. It was already 19.7k$ in December 2017 so it's really get the potential to increase hugely and reach that peak again and even it can surpass it.

The fact that bitcoin was valuated at that price before means nothing for the future price. Just look at many banks stocks that used to be sky high and are now worth just a tenth of what they used to be never coming back to anything near what they were before. The only way that bitcoin can pump again is if we have some proper pre halving hype like we had before previous halving, or if we have another pyramid scheme in china like the plus token that pumped the price from 3k to 14k.

[styca]

The problem here is the move from a niche, specialised interest right out into the full glare of mainstream attention. Bitcoin is following a well-trodden path. Whether we like it or not, when a thing moves in this direction, the establishment and the rich elite start to exert their influence.

Early television was innovative, high-culture stuff... but as it moved to the mainstream it became suffused with (and corrupted by) advertising, and moved towards shows that pandered to the lowest common denominator.
Early internet would free us from all that. It was independent, a level playing-field, everyone was equal... it didn't take long for big corporations to take control. Now Google controls search, and catalogues our every move. Similar for Facebook mediating our social interactions and even influencing our democratic processes.

Bitcoin can't remain a people's currency whilst simultaneously achieving mainstream adoption. Sadly it's one or the other, as history has demonstrated many times before.

[Fundamentals Of]

My point was not whether it could be used for peer to peer transactions - gold bars can be used for that. I was suggesting that you need to use computer systems that may be beyond the poor, or to use 3rd party pseudo banking services, This means we are creeping back to centralised control with the services. It also seems that Bitcoin is being collected by the rich, or at least those with spare cash to build an investment portfolio. All this moves it away from the people for daily use.

Because at this moment people cannot have it for daily use. Only a few cities all over the world offer acceptance of Bitcoin payment. The rest of the world does not know, much less own, Bitcoin yet.

And Bitcoin is expensive. Poor people can buy a thousand satoshis but it will not grow into a nice treasure quickly. It might not be attractive to them.

Finally, legal businesses and merchants accepting Bitcoin will have to be centralized to a certain extent.

[Meowth05]

I've been discussing Bitcoin in a couple of forums, and I'm shocked by the vitriol and anti-Bitcoin passion that I'm finding. It seems that the mass media FUD has turned away the very people who could benefit most from Bitcoin. In contrast, Bitcoin is becoming stronger every day, and is moving towards becoming a store of wealth, and it seems to be moving into the ambit of the rich and the knowledgeable. I'm giving up on Bitcoin evangelism, and concentrating on fattening my wallet.

I thought that Bitcoin might become one of the currencies used by people when the fiat systems collapse, but I think this will only be a minor use. I believe that fiat cash will be used for a while, and silver coins could become a longer term solution. Of course it all depends on the cryptos that are introduced by the various governments, and whether there will be any trust in them.

Exactly. If fiat really does collapse I think there will be two options they can use first it the cryptocurrency itself that is been introduce in their place or maybe they could create their own digital currency through the use of blockchain technology just like what China did and use this for their monetary system. I think there's a less chance for Bitcoin to be used as a monetary system due to the fact that it is too much volatile.

[samuraijin]

some interesting news I saw on youtube when many countries will not use dollars, is this what is called a fiat collapse so that entry within seconds will collapse as a whole, if that happens the dollar is not used again by some countries will become worthless, I'm waiting for this to happen maybe it will benefit bitcoin as a currency but not for small people if the value is high, it could be others like Libra or Ethereum used as a currency for small people, bitcoin is still the currency for all people supporting crypto

I have been able to read some article about that fiat collapse in which the natural currency of the of the country has been collapsing and because of it they are using dome digital currency in order to be used as their own currency for a month and etc. That's right if the fiat collapse all over the world then probably it would be a hard time for those people who only used fiat in order to support their daily needs but for us crypto enthusiast it would be good and better because we already know how to use cryptocurrency or digital currency in many aspects.
People will use bitcoin,litecoin, ethereum, and libra for them to be their personal currency in the future and it is very good for us then.

luckily for us who already know how crypto currency works and often do online payment transactions, so if it is applied as a people's currency I think it would be really fun to be the currency in the country we live in, this hope might be in the minds of all crypto supporters , but speaking of Libra, I want to see if it really succeeds later next year

For me, fiat still the worlds' currency and it is not yet replace by a cryptocurrency, but when we are talking about the crypto, of course Bitcoin is still the favorite of all people and the king of all crypto. For Libra, I am not even hearing it in the news lately, what happened to it? They are always delaying its launch.

It seems like if I am not mistaken, Libra did not delay its launch, because what I heard and knew that Libra was launched in mid-2020, Bitcoin will always be the father of all crypto currencies so that it has an expensive value and can replace digital gold because of its expensive value, I don't mean it will become a fixed currency if it is emphasized by many countries of course we cannot avoid it

[Polar91]

Until you see people here on this forum who either try to earn BTC or even just try to discuss the possibilities of the future with BTC, it'll be a people's currency. There are people who are not understanding it and falling for scams and other stuff but sensible people will learn and earn it.

As long as the government isn't banning cryptovurrency especially bitcoin and as long as we beleive on it holistically, it could be considered as peoples cryptocurrency. Because it is not merely mean that if bitcoin is widely accepted it is already the peoples crypto. For me, being peoples cryptocurrency is something that we peoplecan freely utilize that may impact us to make our lives even better and what is more importantis if can contribute to the society in many aspects.

[Coyster]

It also seems that Bitcoin is being collected by the rich, or at least those with spare cash to build an investment portfolio. All this moves it away from the people for daily use.

I get your point, but its not necessarily drifting into the hands of the rich, every and anyone who earns something in real life, no matter how little can have an investment portfolio, for sure some portfolios are hell fatter than others, and some will just grow out of satoshi's till its something reasonable, but the honest fact still remains that anyone can benefit from it, it's just a matter of patience, and starting, no matter how small the start seems at the beginning.

[salty]

I've been discussing Bitcoin in a couple of forums, and I'm shocked by the vitriol and anti-Bitcoin passion that I'm finding. It seems that the mass media FUD has turned away the very people who could benefit most from Bitcoin. In contrast, Bitcoin is becoming stronger every day, and is moving towards becoming a store of wealth, and it seems to be moving into the ambit of the rich and the knowledgeable. I'm giving up on Bitcoin evangelism, and concentrating on fattening my wallet.

I thought that Bitcoin might become one of the currencies used by people when the fiat systems collapse, but I think this will only be a minor use. I believe that fiat cash will be used for a while, and silver coins could become a longer term solution. Of course it all depends on the cryptos that are introduced by the various governments, and whether there will be any trust in them.

It seems to me that the main benefit from bitcoin will not be us but the next generation in 50 or 100 years.Bitcoin is something that many are afraid of like fire.Therefore, the resistance is of course very huge.But we still have a long way to go.

[qiwoman2]

I am not so sure anymore as many institutions and big whales have the biggest chunk of the Bitcoin Pie, but what it has unleashed I think is the hope for something different and more and more creativity has been born because of Bitcoin. Still, people can own Bitcoin and start with just a few sats and build from there. So technically yes, anyone can own Bitcoin and it is this that makes it so much better than FIAT, which is extremely centralized and also inflationary. I still feel it has a People'ish quality about it but most of it has gone into deep pockets. So it's up to the People again to start collecting it and transferring the wealth to them by buying it up as it is limited in supply. This is something very important that many people don't understand, that Bitcoin can be as disruptive as we want it to be.