Fixed amount vs. infinite coins

[exstasie]

it is funny how many topics like this are popping up these past couple of days that bitcoin price crushed the dreams of those who were waiting for its price to drop

That's how it always goes. In February all the bulls were screaming for the moon, planning out their next Lambo purchases. Then the market crashed from the $10,000s to the $3,000s.

Now we go in reverse......

if you ever bothered to loo how many people are using bitcoin as payment and how merchants there are that have been accepting bitcoin as payment for years and how much money is transferred hand to hand using bitcoin then you would know that the adoption of bitcoin as a currency has been great even though it is still not mass adoption.

We don't have the greatest data on this stuff. We can see people transacting on the blockchain but it's difficult to distinguish between, for example, speculative investment usage and medium of exchange usage.

Companies like Bitpay occasionally publish data showing how much fiat money their merchants are accepting while using Bitpay to process payments, but I still don't think this tells us much about Bitcoin adoption. In my opinion, a lot of Bitpay's volume is from BTC investors taking profit on their investments (selling for goods) more so than people regularly using BTC as a currency.

[50 Cent]

BitcoinBTC maximalists "selling" it since 2015 as an alternative payments.

Last 3 years there were lot of adoptions of BTC Bitcoin mainly on trade markets.
But still no real daily market where the people use bitcoinBTC as a payment - just get out and try to buy a food for Bitcoin - almost impossible.

Limitation of amount for a coin like bitcoin or any other altcoin as well low inflation makes it only worth to use as wealth storage.

Gold were also a payment unit till middle of last century, but now it is only wealth storage and speculation object on market.

Same is almost happen with BTCbitcoinBTC, moreover it is to volatile to be used as payment.

Except Satoshi Nakamoto will defreeze his million BTCbitcoinBTC there is no chance for bitcoin to became real payment alternative to 100 of fiats and inbetween 3000 alternative coins, some with infinite supply.

are we talking conventional money vs bitcoin?

crypto still has a long way to go. still not comparable to paper currency.
but at least the many advantages of bitcoin. a fixed amount, transparent, no double bookkeeping, low shipping costs compared to banks, fast, very safe, and certainly no printing money in the name of a loan.

[Mahanton]

it is funny how many topics like this are popping up these past couple of days that bitcoin price crushed the dreams of those who were waiting for its price to drop

and all of them are in the same theme, someone has put his head in the sand and is screaming it is night while the sun is up.
if you ever bothered to loo how many people are using bitcoin as payment and how merchants there are that have been accepting bitcoin as payment for years and how much money is transferred hand to hand using bitcoin then you would know that the adoption of bitcoin as a currency has been great even though it is still not mass adoption.

Some people wont consider it out thats  why they do really say such words that Bitcoin wont reach that thing on being used as a currency but rather as a store of value but they havent
realize that number of merchants that do accept bitcoin or other crypto is slowly rising up after the years which we can really say that it is really having that progress but of course
we cant really expect that it will really come to a point that it can tie up with fiat transactions.We know that it is nearly impossible for it to happen.
Just let adoption grow and sooner or later we would definitely see at least on how its being implied on daily living depending on which country you do live in.

[Shasha80]

It is true that the adoption of Bitcoin as a means of payment is slow, due to many factors that ultimately many people still choose fiat for
make a payment. One of them Bitcoin is not yet legal in many countries, therefore there are makes many merchants do not accept Bitcoin
as a payment options. Even though the reality today is like that, I am still optimistic that Bitcoin can be used as a global currency in the future.

[DarkDays]

A lot of cryptocurrency holders, particularly those that have recently entered the industry, mistakenly believe that a coin with a fixed total and/or circulating supply stands a better chance of appreciating in value, due to nothing more than the potential for scarcity to occur.

However, they often neglect to consider that these coins usually lack any reason to be highly sought after, other than the fact that they might appreciate in value, such as due to real-world utility etc.

Some projects have tried to force scarcity by making people lock up their tokens in staking, thereby reducing the circulating supply and driving up the value. And while this has worked for many projects, it is false growth, and it will come crashing down when the market turns sour (and these PoS coins will be among the worst hit).

This is why Bitcoin's growth has been so slow and steady. Because it is gradually achieving adoption and being added to more exchanges, and accepted by more merchants and vendors. Few altcoins can boast such growth.

[tbterryboy]

The thing about being fixed is that bitcoin makes sense, something brand new may not. You could create a coin with just 200k tokens available and nothing more and that doesn't mean that it will be worth a lot of money, maybe one per token could worth a lot of money one day if it gets any attention but when we are talking about making a profit from trading it, that will not change a lot, 20 dollars to 22 dollars is the same amount of increase as 0.20 to 0.22 and that is why I do not get that talk.

Sure when we are talking about bitcoin it does make a lot of sense because bitcoin is the number one crypto and everyone wants it and when there is a limited supply it will make it go a lot higher, so I am not arguing against that, even any coin from top ten, but a brand new one doesn't make sense at all.

[ArcheAdvertising]

BitcoinBTC maximalists "selling" it since 2015 as an alternative payments.

Last 3 years there were lot of adoptions of BTC Bitcoin mainly on trade markets.
But still no real daily market where the people use bitcoinBTC as a payment - just get out and try to buy a food for Bitcoin - almost impossible.

Limitation of amount for a coin like bitcoin or any other altcoin as well low inflation makes it only worth to use as wealth storage.

Gold were also a payment unit till middle of last century, but now it is only wealth storage and speculation object on market.

Same is almost happen with BTCbitcoinBTC, moreover it is to volatile to be used as payment.

Except Satoshi Nakamoto will defreeze his million BTCbitcoinBTC there is no chance for bitcoin to became real payment alternative to 100 of fiats and inbetween 3000 alternative coins, some with infinite supply.

In fact, you are probably very right in this, I am sure that Bitcoin itself will not be used to buy anything or make payments and this is because the Bitcoin blockchain is slow and that carries a large number of problems, it is not a secret for anyone , but that does not mean that a currency will be used as a form of payment in the near future.

[NavI_027]

[snip]

Actually, the speed is not the problem. Everyone can cope with it. Besides, Lightning Network is present which could fix the problem .

I think the main problem why bitcoin is still far away from the mainstream is because of technological illiteracy. Huge portion of our population are still mot aware about this so educating others would be very important factor to consider. Another reason is that people are into fiat, they feel contented with it already thus refuse to explore other means. Nonetheless, our community keeps on growing little by little and that's good.

[LogitechMouse]

~

The total supply of Bitcoin doesn't affect the total usage of it.
Speed of it and the fees are the ones affecting it.

Circulation of Bitcoin will not be affected as more and more people will accept Bitcoin but this will just happen if there are certain tweaks in it like the fees and the speed of it. See what is happening to the US Dollar right now. It's price is slowly withering already. I would probably like to say that I hate fiat but I can't since it is the most widely used payment system of the merchants and establishments. You can say that it will not be used as a payment system or not and that is ok.

Don't compare Gold and Bitcoin too because the 2 of them have lots of differences.

[jrrsparkles]

Inflation is not a beneficial thing for a currency, it is only good for the banks and governments.What stops bitcoin from being accepted as payment is its volatility that is merchants are afraid of accepting it and government also plays a huge role here because they didn't regulate bitcoin as currency anywhere in the world.There are lot of coins in the crypto as well but 99% of them will become a dead coin in the next year and the new coins will pop up, only few are going to stay here as payment.

[dansus021]

i would prefer fixed amount because can make the price higher or you can pick the infinte coin with burning system

anyway whats going on with your signature

[naikturun]

You are saying - it is not worth to use bitcoin, use fiats that are infltionary. I'm saying sell you shitty fiats and be all-in crypto like I am. Your wallet is deflationary, you are earning by simply not spending and when you want to buy someting you use crypt-fiat cards like the one from crypto.com

You don't need to hold fiats anymore.

I think we still need fiat for transactions, and regarding other things you say I agree, however the value of the currency every year will experience inflation not to mention the exchange rate of each country's currency against the USD, so saving our money in another form is true, such as crypto, stocks, real estate or any other asset that has increased in value.
I started to realize after reading some books on finance, economics, and some of them say your money will continue to decrease in value or other words, cash is a trash.
but still you need fiat for transactions, it's just that further understanding you are not advised to save large amounts of money for a long time.