Utility Uses of Bitcoin in General

[Z_MBFM]

1. Investing: Speculation on increased value and arbitrage.
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
3. Business contract payments including regular bill or invoice paying
4. Retail and service/virtual purchase transactions
5. Banking: Transmitting value overseas among different banking jurisdictions
6. Banking: Temporary holding for banking needs, or acquiring to sending money to others without a specific bill or retail transaction involved.
7. Tokenization of assets by tying Bitcoin ownership to ownership of another asset.
8. Public Statements using Bitcoin's comment feature.

Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?

It wont be as easy as you describing, I think by not considering this daily use of money we can use bitcoin as future gold. Where inflation can never reach. To make this happened I think bitcoin spot etf need to accepted by all over worlds government and peoples.

[caroasi]

I guess in current times the best use case of Bitcoin in my eyes and in the eyes of most hodlers is that it works pretty well as store of value and can grow in value overtime as more investors start investing money in Bitcoin.

Although, it can still be used as a payment system and it's used that way on daily basis but the best one can do with Bitcoin is by holding it for long term to gain some profits from it.

I think Bitcoin ended up sort of accidentally having a strong use case as a store of value. People make vast gains with Bitcoin and other cryptocurrencies, then they cannot easily sell without getting extreme levels of taxation. So, people stand pat on their fortunes with the intention of simply spending it more directly rather than exchanging it for fiat currency. But because of the high transaction fees preventing retail adoption, that might be even more of a focus in the future as extreme returns are no longer considered a strong prospect at some point in the future (whether that point is months, years, or decades in the future). And it seems like Bitcoin is actually being adopted more quickly for more things than in the past. Store-of-value long-term holders are using Travala and gift cards quite a bit to spend some of their assets on an as-needed basis. So in that respect store-of-value holders really pairs with retail and contract use cases.

[Zlantann]

I guess in current times the best use case of Bitcoin in my eyes and in the eyes of most hodlers is that it works pretty well as store of value and can grow in value overtime as more investors start investing money in Bitcoin.

Although, it can still be used as a payment system and it's used that way on daily basis but the best one can do with Bitcoin is by holding it for long term to gain some profits from it.

If we survey the use of Bitcoin, I guess a majority of respondents would attest that they are using Bitcoin as an investment. Some people do not care about privacy or controlling their finances, so the decentralised attribute of Bitcoin is not appealing to them. Most of us just want to keep our money in a safe asset and wait until it appreciates before we sell.

Few businesses accept Bitcoin as a payment option but most people still prefer using Fiat for daily transactions since it is stable and widely used. Maybe in the future Bitcoin's value might be stable and more nations will legalise it, which might make its daily use more popular.   

   

[kryptqnick]

The order of priority would be different for each Bitcoin user, depending on what they focus on. The order could also be based on actual usage, but I honestly don't know where we could get reliable data on that. I assume investing is the most common use, followed by trading, gambling, and then the rest from the list. I wouldn't make two banking points, and I think both trading and gambling deserve to be on the list but aren't there for some reason. Unlike investing, trading means doing lots of operations with Bitcoin regularly. And as for gambling, I still believe it's among the top uses of Bitcoin as a form of money.

[Minor Miner]

I guess in current times the best use case of Bitcoin in my eyes and in the eyes of most hodlers is that it works pretty well as store of value and can grow in value overtime as more investors start investing money in Bitcoin.

Although, it can still be used as a payment system and it's used that way on daily basis but the best one can do with Bitcoin is by holding it for long term to gain some profits from it.

If we survey the use of Bitcoin, I guess a majority of respondents would attest that they are using Bitcoin as an investment. Some people do not care about privacy or controlling their finances, so the decentralised attribute of Bitcoin is not appealing to them. Most of us just want to keep our money in a safe asset and wait until it appreciates before we sell.

Yes, most view bitcoin as an investment rather than any of its use cases. I asked some people if bitcoin became stable, would they continue to stick with it and use it? Or they will quickly look for another alternative investment account. Even though many people say they will continue to stick with it even when it stabilizes, I'm skeptical of what they say.

I would like to add that I think investing is completely different from storing value. Investing means we can have profits or losses but for a store of value it needs stability so I don't think bitcoin would be the ideal store of value.

Few businesses accept Bitcoin as a payment option but most people still prefer using Fiat for daily transactions since it is stable and widely used. Maybe in the future Bitcoin's value might be stable and more nations will legalise it, which might make its daily use more popular.   

   

Some people are excited about businesses or organizations accepting bitcoin payments, but how many people would use bitcoin to pay instead of traditional payment methods? Because as I see it, we all just want to hold bitcoin for profit, very few people want to use it except in emergencies. So I never expected or believed that bitcoin could become a popular currency or payment method.

If in the future bitcoin becomes stable, it is also unlikely to become a payment method, it could be a store of value, a safe haven like gold, IMO.

[el kaka22]

I do not think that eight is really that much used, or at least that much cared about, nobody really cares if you sign a message using the chain because that's rarely that important and we could just ignore that if we do not want to be part of it. However, we are going to end up with a good result if we know what we are doing with this, since that means we have the first four, which are the by far best uses of it.

It's great for investing for obvious reasons and I do not need to explain to them because we are all here and know it already, we all know gold type of investments has been used for a long time so it is not a shock, but at the same time we are talking about payment process at third and fourth which are great too.

I have used all four so far in my life and I can tell you that it is far greater than anything in fiat and everyone should be incredibly happy with it, there is no doubt about that and we can only make this work perfectly whenever we get some time.