NeverSop
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HODL
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March 07, 2021, 04:03:20 PM |
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The first boom in 2017, bitcoin emerged as a form of independent payment. Some have realized the true potential of paying with bitcoin. Through many periods of indifference of the market almost sunk, but now, after bitcoin has achieved "assets of 1 trillion" corresponding to reputable organizations such as Amazon, Microsoft ... It seems based on that, I mistook Bitcoin for the ultimate purpose. where the need to use speculation invisibly made bitcoin an asset. I have heard that "bitcoin is digital gold" and therefore, bitcoin is not going to replace fiat, but it still alternates between the purposes of using bitcoin. An independent, unique type!
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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Skieleton
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March 07, 2021, 04:52:58 PM |
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It seems that the fundamental problem of Bitcoin in fulfilling its function of money is the high volatility mentioned above. It not only makes custody impossible, but also undermines its function as a measure of value and discourages its use in payments - universal acceptability of BTC is not possible when the seller receives something for his goods or services whose value changes so fast and so hard.
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tyz (OP)
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March 07, 2021, 05:00:20 PM |
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Tried to pay with bitcoin a couple of times, but always found the fees way too high.
The thing is, paying with Bitcoin is possible if there is no hype. In 2018/19 I paid a lot of bills by paying not more than 20 cents in fee. Indeed, this is still high if you have small transactions like $2 or $3, but okay when having $20 or $30 or even more. But each time Bitcoin is demanded and hyped then fees rise to the sky. |
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panganib999
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March 07, 2021, 05:30:04 PM |
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Tried to pay with bitcoin a couple of times, but always found the fees way too high.
The thing is, paying with Bitcoin is possible if there is no hype. In 2018/19 I paid a lot of bills by paying not more than 20 cents in fee. Indeed, this is still high if you have small transactions like $2 or $3, but okay when having $20 or $30 or even more. But each time Bitcoin is demanded and hyped then fees rise to the sky. Actually that's the reason why it is called decentralized. Bitcoin value isn't that stable so it is true that it is risky to hold or to put your funds in bitcoin gor a long time. Making transactions using a bitcoin will give you fees that are depend on the bitcoin value and the price of what you need to pay to. Bitcoin might be have high fees but your money might get higher and earn some profit also, right? We need to be familliarize to the idea that bitcoin as well as the fee will always gonna be unstable because it is cryptocurrency. And crypto have high risks but also have high rewards. |
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jerrison
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March 08, 2021, 05:07:49 PM |
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bitcoin has remained what it was and used to be. money in all aspects. I see bitcoin also as a store of value even if it doesnt seem that way to the globe but a few financial analyst have confirmed this as it is used to store value even as they do gold. bitcoin remains the most reliable money as of now.
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Rana590
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March 08, 2021, 05:22:30 PM |
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Do you think that everyone knows about bitcoin and other crypto currency? People are still believing on fiat currency than crypto currency. If people know about the benefits of Bitcoin, then they will adopt it easily.
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romero121
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March 08, 2021, 05:38:52 PM |
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Do you think that everyone knows about bitcoin and other crypto currency? People are still believing on fiat currency than crypto currency. If people know about the benefits of Bitcoin, then they will adopt it easily.
Right now very small percentage among the global population is aware of bitcoin. Possibly this will be around 4-5% of the population. In the upcoming year this percentage seems to increase as more common people are getting into cryptocurrency following the participation of large scale firms on buying of bitcoin. Right now people prioritise bitcoin as an investment, and people won't easily move to bitcoin considering it same as currency. Even in the long run I expect bitcoin to serve as an alternate to traditional fiat. |
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bitflate
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March 08, 2021, 11:29:49 PM |
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On its own, Bitcoin is a paradox [1]. It has no grounded reality. When demand is positive and supply reaches 0, the price is undefined. Bitcoin's price can be infinite or 0. Bitcoin is 1/2 of money. It's the deflationary side. It's an extreme form of deflation. Its supply will reach 0. Gold has ~1% supply inflation. Money has the inflationary side. I think an inflationary crypto is the key to unlock the transaction use-case. Most people in the space have not realized this. They despise fiat currencies, inflation and subscribe to hyperbitcoinization. Eventually, the number will stop going up. Surprise! People will come to terms with inflation. Until then, we're stuck with the volatility. [1] https://bitflate.org/post/2021/02/05/the-bitcoin-price-paradox.html |
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Coinsfera
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Buy Bitcoin in Dubai | Buy Bitcoin in Istanbul
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March 09, 2021, 08:36:03 AM |
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As a long-time Bitcoin hodler, I welcome the current development of Bitcoin and find the increasing acceptance great. But the question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.
Why? I try to pay with Bitcoin wherever possible. Fortunately, more and more merchants and services are accepting Bitcoin. Whether directly or through third-party providers. Here are my experiences over the past few weeks.
I wanted to take out a subscription to my favorite streamer. $4.99 payable with Bitcoin. Timely Confirmation Fees, $ 6.71. 134% of the purchase price. Even with an annual subscription, the fees would still be around 20-23%.
Paying my web hosting costs of around $30, Bitcon fees also around $5, which would be 16-17% fees.
The fees may be acceptable for buying a Tesla for $ 40-50k, but certainly not for daily payments.
If we conclude your thought then you mean that Bitcoin does not do the job as a payment option. No one wants a high transaction fee. Then BTC is closing to be digital gold rather than payment mean. There will be less fee in comparison if you transfer in significant amounts. If we want to use bitcoins for payment then the high transaction fee problem needs to be solved with another technology. |
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Buy Bitcoin in Dubai | Buy Bitcoin in Istanbul | Buy Bitcoin in Kosovo | Buy Bitcoin in London
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bitflate
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March 11, 2021, 07:53:38 AM |
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It seems that the fundamental problem of Bitcoin in fulfilling its function of money is the high volatility mentioned above. It not only makes custody impossible, but also undermines its function as a measure of value and discourages its use in payments - universal acceptability of BTC is not possible when the seller receives something for his goods or services whose value changes so fast and so hard.
I also think that volatility is the problem hindering Bitcoin's adoption. It's a consequence of Bitcoin's scarcity. The way to address volatility is to have inflation. I have proposed an altcoin, a parallel blockchain, with 7% inflation. I haven't found many people who agree with me. People are very polarized these days. Bitcoiners stick with hyperbitcoinization. They talk like enlightened men and women. They occasionally descend to talk about the Lightning Network.  They'll come back to their God-like visions when adoption stalls. Hey, the price is going up. Economists don't really care. They probably worry about their jobs. They prefer money printing. It's job security for them. Financial journalists are chasing clicks. They have no clue. I'm not sure if there's any other way to address the volatility problem. Maybe, the magical hyperbitcoinization will happen one day.  Or people will wake up and start working on a crypto system with inflation. Until then, we're stuck with volatility. |
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isaac_clarke22
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March 11, 2021, 09:46:51 AM |
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~
Right now very small percentage among the global population is aware of bitcoin. Possibly this will be around 4-5% of the population. In the upcoming year this percentage seems to increase as more common people are getting into cryptocurrency following the participation of large scale firms on buying of bitcoin. Right now people prioritise bitcoin as an investment, and people won't easily move to bitcoin considering it same as currency. Even in the long run I expect bitcoin to serve as an alternate to traditional fiat. Is it really that small? Back then I thought we already have the most awareness in Bitcoin, but then this.  Pretty sure that even media is aware of it now. The only one-digit percentage we got is the adoption, maybe not awareness. From Elon Musk's mentioning Dogecoin, I think that would actually get the awareness of many as he has millions of followers. It could be not Dogecoin, but I believe that people would think Bitcoin first before Dogecoin and even Ethereum. |
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shoreno
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March 11, 2021, 10:13:02 AM |
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Right now very small percentage among the global population is aware of bitcoin. Possibly this will be around 4-5% of the population. In the upcoming year this percentage seems to increase as more common people are getting into cryptocurrency following the participation of large scale firms on buying of bitcoin. Right now people prioritise bitcoin as an investment, and people won't easily move to bitcoin considering it same as currency. Even in the long run I expect bitcoin to serve as an alternate to traditional fiat. Is it really that small? Back then I thought we already have the most awareness in Bitcoin, but then this. Pretty sure that even media is aware of it now. The only one-digit percentage we got is the adoption, maybe not awareness. From Elon Musk's mentioning Dogecoin, I think that would actually get the awareness of many as he has millions of followers. It could be not Dogecoin, but I believe that people would think Bitcoin first before Dogecoin and even Ethereum. 4 to 5 percent is indeed pretty small and i also dont believe that we have that percent of population that know what btc is . specificaly on what year you think btc had the most awareness ? was that last year 2020 ? thats true anyway compare to 2019 down below but we already added another year , we are now in 2021 so expect that this current year is more better and next year is going to be more better and so on . adoption is better than awareness because its the adoption where people apply what they saw |
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angrynerd88
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Hodlers Network
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March 12, 2021, 03:22:59 PM |
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There are numerous terms which make Bitcoin prevalent than fiat.But still got to aware people approximately BTC that embrace around the globe.It is additionally not as it were an issue around the expenses. Bitcoin’s dissemination is additionally a issue since the early adopters who have gotten very rich have more impact on the economy. Bitcoin has gotten to be a advanced resource for storing. It can be great for the cost, in any case, usually not great as a medium of trade.
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Innerpumper
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March 12, 2021, 03:36:00 PM |
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Bitcoin is a form of financial refinement. If we think further bitcoin is driven by technology that is much more perfect than banknotes. If banknotes can record transactions manually, collecting data centrally, Bitcoin is precisely the opposite some of the shortcomings of bitcoin will be refined by fiat.
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Argoo
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#SWGT PRE-SALE IS LIVE
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May 25, 2021, 01:20:40 PM |
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The problem is that Bitcoin is expected to continue to rise significantly in value. Because of this, it is simply impractical to use it as a means of payment, especially for small transactions due to the decent transaction fees. There is no point in using bitcoin as money if its price continues to rise. Only after it ceases to grow in value at its current rate, will it be used as money for large transactions. However, then the question arises: if he is left with a large transaction fee, what is the point of using bitcoin as money if there are thousands of altcoins at the same time, in which transaction fees will be very low or none at all?
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acener
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★Bitvest.io★ Play Plinko or Invest!
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May 25, 2021, 01:28:25 PM |
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For me it is like half successful and half failure because it would depend on us on how we would look at it.
It is successful because the number of merchant and companies are increasing.
It is a failure because most of us doesn't want to use it that way because of the transaction fee and also the chance of gaining profit,
Most of us see's it as an investment tool or store of value so they would rather hold it.
And I also think that they doesn't want to use it like money because they doesn't want to be the next Pizza Guy of Bitcoin.
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tyz (OP)
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May 25, 2021, 04:05:09 PM |
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bitcoin has remained what it was and used to be. money in all aspects.
However, money also means being able to pay any contribution with it under reasonable conditions. This is currently not the case with Bitcoin. If I want to buy a soda for a dollar, I have to pay around $5 for fees. So a basic condition for money is currently not met. That's one of the points of my first post. However, if I want to buy a Tesla for $60k, then $5 or $10 fees are irrelevant. |
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kuldipgajjar
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May 25, 2021, 04:23:27 PM |
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Bitcoin Can Be Easily Lost (and Stolen!)
If you lose your debit card or credit card, you can order a replacement and still have access to your funds. The same cannot be said from a bitcoin wallet. If you completely lose access to your digital wallet ID, then the money is gone!
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Barry Mantle
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May 26, 2021, 01:27:03 AM |
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Bitcoin will not become a universal currency, but will become one of the terminator of the universal currency. All encrypted electronic currencies, together with the cross-chain lightning network, form a new multi-currency free competition mode, squeezing the universal currency. You said that Bitcoin deflation, as a universal currency, deflation is the big problem. You said that Bitcoin has an infinite bifurcation and therefore inflation. As a competing currency, the inflation after the bifurcation will be offset by the fall in exchange rates. Therefore, various encrypted electronic currencies just form a self-stable competitive relationship, coupled with smart contracts, form a perfect multi-currency model. Universal currency is the root of all evil and pain.
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ARTURVHt
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May 26, 2021, 01:30:11 AM |
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First, this technology, and current Internet technology, are not in the same dimension. Second, remember that it is very powerful. One of its simple applications, Bitcoin, has a market value of tens of billions of dollars, so it can definitely change the world. At least there is a consensus that blockchain technology will change the world. And all of this originated in Bitcoin and has changed part of the world. So, did Bitcoin fail? Do you really think so? Regardless of failure and success, history will come to the conclusion after all. In the trend of this era, we can be witnesses and participants.
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