Has Bitcoin Failed as Money?

[TOM Bb]

The purpose of Bitcoin is an anarchist economic system. It is a social experiment. From a long-term perspective, Bitcoin is still very successful because Satoshi Nakamoto has nothing to rely on. Only a white paper and a technology are necessary. Subvert the entire world's economic system and this system has grown from zero to hundreds of billions of dollars in 9 years. Although the market value is not as good as Apple, the speed of transmission is already very alarming. Recently, the Turkish lira has plummeted and Bitcoin is traded in the country. The same thing happened in Venezuela, Zimbabwe, South Korea, and North Korea. . . The possibility of Bitcoin giving everyone another currency may succeed in subverting fiat currency. It may take decades of efforts to fail. If one day Bitcoin returns to zero, or it is only used in a small range of black market transactions, it may be regarded as a failure.

[1715592496]

1715592496

[1715592496]

1715592496

[1715592496]

1715592496

[1715592496]

1715592496

[1715592496]

1715592496

[anotherdayyyy]

I do think so. Bitcoin is more suitable for investment and SOV, not convenient for payment in daily lives. Imagining that you know that Bitcoin's price in on the rise, they you might want to use it in payment coz it relatively costs less. But since its value is increasing, what's the point in spending it??? the best choice is to save it, right? Vice versa. so it's never preferred in payment unless a new technology is coined to make Bitcoin favored in payment. Musk did a good job in payment in that he invented paypal and I think he means to make doge a tool for payment since the volume of doge is unlimited compared to Bitcoin...BTW, Bitcoin is similar to gold, whoever uses gold in daily payment? Crazy!

[Prettyjing34]

It is too early to say that Bitcoin fails or succeeds. Even if Bitcoin fails, there will be more economically adapted electronic money. Some people who do not understand Bitcoin or have not studied Bitcoin should stop talking. Time will tell.
Nothing can stop the trend!

[ROSE B]

Bitcoin not only will not fail, but after so many years of impact, it has attracted the attention of major financial giants and has accelerated its entry into the market. Compared with the current domestic situation, it is completely backward.

[BETTY B]

When Bitcoin rose sharply in 2013, some people said that Bitcoin was too crazy. In the past year or so, the price of Bitcoin has dropped a bit. Some people came out and said that Bitcoin is dying, Bitcoin has failed, etc. In fact, Bitcoin has never There is no madness and no failure. Crazy and failure will only be those who do not believe in Bitcoin, because these people are so crazy that they do not believe that there are always people in this world who can change our lives.

[bitcoin-shine]

Bitcoin will be the greatest store of value in the digital age and will eventually surpass gold.

[clippers]

1. The cost of early bitcoin holders is very low, if it is used as a daily means of circulation, it can make them profit at almost zero cost.

2. The total amount of Bitcoin is limited, and it is difficult to support the use of all mankind.

3. The vast majority of people regard Bitcoin as an investment choice, and the number of Bitcoins in circulation on the market is even lower.

4. The number of people participating in cryptocurrency is far below the standard of fiat currency

[lunaBTC 12]

The total amount of BTC issuance is certain, and the service charge for small purchase is too high. Most people just regard BTC as a way to make money from investment, and do not use it in daily life. But it avoids the problem of inflation, has strong stability, and facilitates the currency conversion between countries. Bitcoin has not failed, it is just in the process of development.

[Xinarae*]

Bitcoin did not fail as money but rather it is great news for crypto. The real field of use for bitcoin is the innovation that forces blockchain implementation to move forward the high price of Bitcoin will be supported by many countries in the world so the introduction of bitcoin as a currency along with fiat currency will start which will lead to further improvement in the crypto market. Blockchains and crypto were developed to be well known disruptive isolated or otherwise dismantled financially at the moment the democratization of access to financial resources and information was done after the financial crisis.

[iTradeChips]

For me the real question at this point would be "When will the fees be affordable again?" We have seen how bitcoin was used before as medium of payment and many bitcoin entrepreneurs have managed to add that into their businesses, letting people pay with Bitcoin. Right now it is becoming more and more difficult for consumers to use Bitcoin because of the volatility. Entrepreneurs might not be able to catch up changing the prices of their goods and services. So right now we are simply storing our Bitcoins as an asset. But I do hope the fees will go down, that will answer the question whether Bitcoin failed to be used as medium of exchange or payment.

[bryant.coleman]

Bitcoin was never meant for instant payments involving small amounts. It is suitable for medium and large sized payments with a time gap. There are certain sectors which may prefer such type of payments - remittance, cross-border transactions.etc. And that is the reason why I get surprised every time when someone complains that he can't use his coins to pay for a coffee or a burger. For this purpose, either you need to use fiat, or some of the altcoins with a smaller gap between the blocks.

[kizlod]

Bitcoin is for investment or big purchases. For everyday usage you can use altcoins. In my opinion BTC is for HODLing.

[pinggoki]

Bitcoin failed as a Money? Of course not mate. Bitcoin is a digital currency in which it hqs a real value that is volatile. Bitcoin is used for investing and also for something you want to buy via bitcoin or make transactions, but the thing is that are you really willing to used your bitcoin if you have some? Even though you know that it is the number 1 leading cryptocurrency all over the world? Of course not you will just hold it and make it as an investment rather than using it for a daily transaction or purposes. Just like what others says, you can use altcoin if you want to make transactions or buy things using cryptocurrency.

[BITCOIN4X]

And that is the reason why I get surprised every time when someone complains that he can't use his coins to pay for a coffee or a burger. For this purpose, either you need to use fiat, or some of the altcoins with a smaller gap between the blocks.

Actually you can if you use LN, but I personally don't like it. The growing adoption of bitcoin will have a positive impact on the usefulness of bitcoin itself as a currency. This will make it easier for bitcoin users to make payment without fiat but I'm sure not everyone will like this idea for different reasons.

OP, so far I don't think bitcoin has failed as a currency due to the fact that bitcoin adoption as a mean of payment is increasing and many countries nowadays have thought about bitcoin and other crypto friendly regulation. Currently, maybe many of us know that bitcoin is not fully used for daily purposes because its acceptance is still limited. We still need development and it will take a long time.