Many people think that Bitcoin is not a currency with practical uses

[whyrqa]

Well, we really cannot blame them for such shortsighted opinions. Bitcoin is currently not what Satoshi intended it to be. When Satoshi created Bitcoin, he intended that it be used as a currency just like the US dollars and every other currency you can think of, only that it is out of the control of the government and banks.
Bitcoin, however, isn't that yet and this is partly due to its high volatility. The volatility in the price of bitcoin and its tendency to rise in value has caused bitcoin to be more of an investment asset than a currency that it is.
It is also partly caused by the fact that bitcoin isn't yet adopted by everyone. There's no way I'd spend my bitcoins if there's no one accepting it for their services or goods

I believe that after 5-10 years, Bitcoin will become less volatile and its capitalization will exceed the current one by several times, and perhaps then we will see the final product, which was planned by Satoshi Nakamoto. It is when the majority of the big capital is concentrated in Bitcoin that Bitcoin will fully match the daily means of payment.

[Vishnu.Reang]

Many investors in BTC say that reasons why Bitcoin is bad as a currency are current transaction fees and long waiting time for transactions. However I agree with those who say that the main reason is its high volatility. It’s better to hold BTC and to see its jumps then to buy some goods at one price and to find out in several days that you could have spent much less.

Volatility is not essentially a bad thing. And in case of Bitcoin, it is always going up in the long term. So don't spend it if you are afraid that the prices will increase in the future and you may end up with a loss. On the other hand, if you are going to sell some of your coins to fiat, then it may not be a bad idea to purchase something with the same coins. It may reduce your tax bill, and Bitcoin is always a convenient method for payment compared to credit card or PayPal.

[shoreno]

its not going to burst just because most people dont know about btc or know what btc is but refrain from using it as a currency but infact it will get more stronger or bigger because people will put money in it thinking that it can be a good piece of investment tool .

the value are going to be moderate if people use bitcoin balancedly ( for investment and for currency use ) but that looks pretty healthy for btc than when people only foccus on one side .

[Reatim]

Many investors in BTC say that reasons why Bitcoin is bad as a currency are current transaction fees and long waiting time for transactions. However I agree with those who say that the main reason is its high volatility. It’s better to hold BTC and to see its jumps then to buy some goods at one price and to find out in several days that you could have spent much less.

If All of us will HOLD bitcoin then what will happen?
Will the value increase? or will slowly die? Bitcoin must circulate meaning be used for transactions as payment or for trading material but if everyone will hold then forget about what is this .
And besides why would you expect a Fast transactions when the main objective of Bitcoin is privacy and not the transacting things.

[milani]

"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.

So, is the Bitcoin bubble about to burst?

The thing is... you want to present Bitcoin as a "Rich Man" toy and that is wrong. A lot of people are buying say $5 worth of bitcoins every week and that makes it affordable for the people that are not wealthy. (Go buy some shares for $5 ....not Penny stocks)  

The thing people are missing about Bitcoin's use is this... It is no different to other currencies (People trade on Forex with other currencies and they use currencies daily for commerce and the same thing is happening with Bitcoin)

Now, did we not have several other Bubbles in other financial instruments in the past? (Real Estate / Stock Market Bubble / Dotcom Bubble....) and guess what, they bounced back and people are still using them.  

That is just the nature of any financial instrument out there, so pointing fingers at Bitcoin is just wrong.  

I agree with you that Bitcoin is not a Rich men's toy, despite they use Bitcoin as an instrument for making more money. But of course it is in an easy access for lots of people like any other asset, and everyone can easily buy some part of Bitcoin))) It gives people opportunities to make at least small movement in order to get good result. Of course we can not buy milk or bread for BTC in most places, but we slso can not do this for gas or oil for example. Crypto is just another separate direction where you are able to build your strategy and become richer or fail in casr your steps will be wrong. We can say "a bubble" about the dollar also, but it is still used worldwide and noone hesitate using dollar)))

[gatti]

"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.

So, is the Bitcoin bubble about to burst?

The thing is... you want to present Bitcoin as a "Rich Man" toy and that is wrong. A lot of people are buying say $5 worth of bitcoins every week and that makes it affordable for the people that are not wealthy. (Go buy some shares for $5 ....not Penny stocks)  

The thing people are missing about Bitcoin's use is this... It is no different to other currencies (People trade on Forex with other currencies and they use currencies daily for commerce and the same thing is happening with Bitcoin)

Now, did we not have several other Bubbles in other financial instruments in the past? (Real Estate / Stock Market Bubble / Dotcom Bubble....) and guess what, they bounced back and people are still using them.  

That is just the nature of any financial instrument out there, so pointing fingers at Bitcoin is just wrong.  

I agree with you that Bitcoin is not a Rich men's toy, despite they use Bitcoin as an instrument for making more money. But of course it is in an easy access for lots of people like any other asset, and everyone can easily buy some part of Bitcoin))) It gives people opportunities to make at least small movement in order to get good result. Of course we can not buy milk or bread for BTC in most places, but we slso can not do this for gas or oil for example. Crypto is just another separate direction where you are able to build your strategy and become richer or fail in casr your steps will be wrong. We can say "a bubble" about the dollar also, but it is still used worldwide and noone hesitate using dollar)))

The cryptocurrency bitcoin has value because it holds up very well when it comes to these six characteristics, although its biggest issue is its status as a store of value.Bitcoin's utility and transferability are challenged by difficulties surrounding the cryptocurrency storage and exchange spaces.In many societies throughout history, commodities or precious metals were used as methods of payment because they were seen as having a relatively stable value.Some types of currencies rely on the fact that they are "representative," meaning that each coin or note can be directly exchanged for a specified amount of a commodity.

[Slow death]

"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.

although there are hundreds of people who just want to use bitcoin to make hodl, there are other people who are using bitcoin to make payments, it is true that the global use of bitcoin as a means of payment is being slow because it is something that depends on regulation, and it will be a long process until all countries in the world accept bitcoin as a means of payment.

So, is the Bitcoin bubble about to burst?

look at the history of the market, in the past there was the sad episode of ICOs that caused the price to reach $20,000, now many people are using bitcoin, it is not pump and dump as in the past

[angrynerd88]

I am not affirm how consider bitcoin as a money since as the cite over says, bitcoin can be utilized to purchase and exchange purpose. Are there like a few subjective numbers that bitcoin has to reach some time recently being considered a cash since in the event that that was the case at that point I think that we have come to that a long time back. Isn't fiat cash the same as bitcoin, they don't have any inalienable esteem within the to begin with put, Down to earth uses is fair a matter of point of view and those who think that there's no commonsense employments for bitcoin,Shoul know long-standing time of Bitcoin,Its difficult to exchnage the BTC since of moo aboption but once world populace mindful around it'll be noraml utilize of Bitcoin.

[verita1]

Bitcoin has so many use cases that only people have to put their creativity to work.
Bitcoin is good for charities, store of value, means of payment. Just let people know that "bitcoin is accepted here". If anyone is convinced, they will simply exchange their fiat for bitcoin. The people who talk about bitcoin that it is a bubble and that it will burst, are the same people who do not know anything about bitcoin and refuse to know.

[ECOS_CloudMining]

We can’t agree with your point of view. It seems that BTC is only developing. There are already enough companies who accept crypto. For example, Microsoft, KFC, Subway, PayPal, Starbucks and others. We think that it’s only the beginning of the BTC’s usual life.

[acener]

It would depend on the person some only see's it as an investment tool,
While other use it as a currency to pay for their transaction so for me it depends on the person.
But most of us now are only using it as OP stated.

[mezzaluna]

The economy is controlled by the central bank note of the countries and most of them are against the usage of bitcoin in they jurisdiction or have strong policy against bitcoin, but the truth is bitcoin is the future money and at that it will forever be relevant in the society.

I too believe that Bitcoin and other Cryptocurrencies with great usage within the physical world will remain relevant forever. They will be labeled as revolutionary currencies that helped the world evolve into a more digitized stage and it also helped a lot of people have jobs and earn income that they did not expect to earn. Cryptocurrencies help people to those who understand it and if the government wants to study it, now is the right time to do it.

[nightxglow]

Yes i think that's trus that bitcoin is not a currency with practical use, and right now is only used as a speculation tool. However this is mostly because bitcoin is not widely known and accepted yet, a lot of countries still consider bitcoin as something illegal, ban them, and not accepting it as a currency. Although right now, things are far better, bitcoin is being used more and more as a currency, like the case of Tesla, accepting bitcoin as payment method. I guess soon others will follow as well. So maybe bitcoin can slowly become a more practical currency rather than a speculative tool.

[ShowOff]

It would depend on the person some only see's it as an investment tool,
While other use it as a currency to pay for their transaction so for me it depends on the person.
But most of us now are only using it as OP stated.

Subjective is the most appropriate word to describe how people use bitcoin. Bitcoin is traded on various exchanges and its price is determined by supply and demand and it is completely out of control. Economically, speculation has given trader and investor an advantage due to its price fluctuation. While this may seem risky, in most case these activities have yielded comparable profit.

[naomi-the-cat]

And they are right. At least for now. Bitcoin is too slow to be currency, sorry. Crypto adoption in general is still too low.

[ivankoh]

And they are right. At least for now. Bitcoin is too slow to be currency, sorry. Crypto adoption in general is still too low.

"Money" is by nature to be used, paid, stored, exchanged, ... the simple purpose is probably not enough to fully appreciate the importance of bitcoin.  Though, I'm sure you wouldn't have had the stagnant problems that come with the banks if I thought it right about what you meant.  Bitcoin has almost all its advantages, but in terms of fairness, it has abilities and powers that no one can deny.  similar to Bill Gate's thinking, he neither admits, but does not deny, the value of bitcoin.  And sure, out there a lot of people get rich because of the existence of bitcoin.

[romero121]

Anything that has got value and can be exchanged against services and products can be considered as currency. In such a manner, bitcoin is a currency and has got multiple practical usage as currency, investment asset, store of value, transaction medium, data storing system, etc. With time scenario will change, and now people find it hard to use it exchanging against fiat. When cryptocurrency goes mainstream we can experience the usage.

[Expecto]

"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.

So, is the Bitcoin bubble about to burst?

I don't understand this kind of people as there are already places for using Bitcoin as a payment method. We can even buy a car with it now thanks to Tesla. And I believe the number of places will continue to increase like now. So, it is not just an investment tool. Maybe years ago it was, but not anymore.

[dimonstration]

Some just didn't appreciate its value now, but once many adopt it along with technologies or more ATm that can physically seen anywhere, they might regret not having it now that the price is low. I do have friends that still waiting for price to fall to buy some since the adoption physically were not enough they still think the price will go deeper in time.

[ene1980]

I do have friends that still waiting for price to fall to buy some since the adoption physically were not enough they still think the price will go deeper in time.

Since i am active in the bitcoin market for a long time there were many friends in the past who advised me to be careful and now everyone invested during the last rally and now many are waiting for the market to go down so that they can invest further and now my advice to them is to never invest as you can loose your money  .

For anyone doubting the practical use, just point them to PayPal and what they enabled last week, even though i never use them because of obvious reasons to cite an example you can use their name  .