Actual use of BTC

[MikeyMikey13]

Before making any normal investment I would ask myself: "what use does this product have?" (BTC is a product, not a currency).

I obviously thought: okay I can buy stuff and transfer money across the world in 2-6 hours for low fees.

But I can do the same with USD or GBP.

What are the unique features of BTC?
Why do you invest? (other than to make money, because that isn't a reason)

 

[awesomewebsites]

You can buy services with BTC as some people are accepting it. But most of the people are investing to book profits when price rises in future.

 

[MikeyMikey13]

You can buy services with BTC as some people are accepting it. But most of the people are investing to book profits when price rises in future.

That isn't a unique feature to BTC. Most (99.99999%) accept both BTC and USD

 

[X]

I wouldn't call the fees "low" at the moment, I transferred $100 to another wallet the other day and it cost $15 - 15% is ridiculous... That was for "fast" processing, which took about 5 hours. If the network doesn't catch up, BTC is no longer a fast & cheap way to transfer money, and it won't be a true currency.

 

[MikeyMikey13]

I wouldn't call the fees "low" at the moment, I transferred $100 to another wallet the other day and it cost $15 - 15% is ridiculous... That was for "fast" processing, which took about 5 hours. If the network doesn't catch up, BTC is no longer a fast & cheap way to transfer money, and it won't be a true currency.

Low wasn't subjective. It was an objective statement when comparing it to transferring with paypal or your bank.

But if that is so, really the unique features are being lost.

 

[roman375]

You might find this thread helpful:
https://www.blackhatworld.com/seo/b...-with-mass-adoption-is-it-in-a-bubble.991544/

 

[MikeyMikey13]

You might find this thread helpful:
https://www.blackhatworld.com/seo/bitcoin-worth-the-hype-issues-with-mass-adoption-is-it-in-a-bubble.991544/

Still didn't really answer my question on that thread

 

[davids355]

Lots of things in tech don’t fit into the normal models - look at the internet when it came out, nobody really knew what it would be good for. Same with computers - when they came out they were almost useless. Same for SMS.

Look at twitter, Facebook they struggled to make a profit.

Tech, and especially disruptive tech is different to anything else that came before it.

Bitcoin is the same - the concept of a decentralised currency, one that can be managed, checked, verified across the world - very similar to the way the internet works in some ways, virtually indestructible, impossible to alter records, low cost, scalable, changeable, it’s pretty amazing technology,
What will it be used for? Not sure, but something that amazing and forward thinking - people will find a use for it- it will CREATE its own use.

Imho.

 

[mickyfu]

You can buy drugs with Bitcoin.

 

[MikeyMikey13]

You can buy drugs with Bitcoin.

B-but I can do the same with my queen lizzy. John at the pub sorts me out a fat deal

 

[mickyfu]

B-but I can do the same with my queen lizzy. John at the pub sorts me out a fat deal

Yeah, can't snort a line with a bitcoin either.

 

[MikeyMikey13]

Lots of things in tech don’t fit into the normal models - look at the internet when it came out, nobody really knew what it would be good for. Same with computers - when they came out they were almost useless. Same for SMS.

Look at twitter, Facebook they struggled to make a profit.

Tech, and especially disruptive tech is different to anything else that came before it.

Bitcoin is the same - the concept of a decentralised currency, one that can be managed, checked, verified across the world - very similar to the way the internet works in some ways, virtually indestructible, impossible to alter records, low cost, scalable, changeable, it’s pretty amazing technology,
What will it be used for? Not sure, but something that amazing and forward thinking - people will find a use for it- it will CREATE its own use.

Imho.

Then we should be in agree. A piece of tech, with no material use worth 17k a piece must be bubble, right?

It sure has some great features... but BTC won't be the one delivering the great end product. Just like Myspace, Bebo - Facebook made it ten times better.

 

[davids355]

Then we should be in agree. A piece of tech, with no material use worth 17k a piece must be bubble, right?

It sure has some great features... but BTC won't be the one delivering the great end product. Just like Myspace, Bebo - Facebook made it ten times better.

Maybe, maybe not. Personally I don’t think BTC is a bubble. I think crypto is here to stay and in 5-10 Year’s crypto will be another market in its own right - like the stock market, and BTC will be in there near the top. I think it will go over 100k.

But you could just as easily be right, it might be a bubble - who knows!!!

 

[MikeyMikey13]

Yeah, can't snort a line with a bitcoin either.

Another con of Bitcoins

 

[davids355]

A satoshi- that’s gonna be like 1c one day.

 

[shagoholic]

Yeah, can't snort a line with a bitcoin either.

bahahahahahaha!!!

I am betting my bottom dollar there is going to be some E PILLS SHORTLY, with bitcoin stamps on em.

Maybe, maybe not. Personally I don’t think BTC is a bubble. I think crypto is here to stay and in 5-10 Year’s crypto will be another market in its own right - like the stock market, and BTC will be in there near the top. I think it will go over 100k.

But you could just as easily be right, it might be a bubble - who knows!!!

whilst i've also said before crypto is here to stay as the technology behind it, especially the blockchain tech, is been closely watched by a lot of major companies in silcon valley, they all have said the same thing. They love the tech but not the bitcoin concept.

Bitcoin has scaling issues and various other issues that are eventually going to become outdated. Bitcoin is going to the crypto that got things going. However, i feel in future the crypto market is going to be dominated by an alt coin, that does not have any scale issues, etc.

Bitcoin is a bubble though! no doubt about that. ]

crypto reminds me a lot of the early days in social media.

remember when everyone was loving myspace... and it was all the new thing.. then eventually you had facebook come and take over and then various others like twitter, insta, etc.. same principle with bitcoin really.. bitcoin is like the foundation, it reminds me of the myspace.. everybody is loving it now, till a nw player comes along.. which is gonna happen sooner or later. bitcoin at this moment in time is just the foundation and gateway of crypto.

where is myspace nowa'days compared to the rest ? at one point, all people could talk about was myspace.. soon as you have another real major player, which is alrady happening, it's gonna start drawing peoples money away from bitcoin and into other currencies, which is a smarter move in terms of financial investment! since you can get in low and sell high... the question is though.. which is gonna be the coin.. people keep saying eth coin ... hmmmm i think yeah it's got value but i would be looking a little lower down the list, if you really wanna invest and make some money.

 

[davids355]

whilst i've also said before crypto is here to stay as the technology behind it, especially the blockchain tech, is been closely watched by a lot of major companies in silcon valley, they all have said the same thing. They love the tech but not the bitcoin concept.

Bitcoin has scaling issues and various other issues that are eventually going to become outdated. Bitcoin is going to the crypto that got things going. However, i feel in future the crypto market is going to be dominated by an alt coin, that does not have any scale issues, etc.

Bitcoin is a bubble though! no doubt about that. ]

crypto reminds me a lot of the early days in social media.

remember when everyone was loving myspace... and it was all the new thing.. then eventually you had facebook come and take over and then various others like twitter, insta, etc.. same principle with bitcoin really.. bitcoin is like the foundation, it reminds me of the myspace.. everybody is loving it now, till a nw player comes along.. which is gonna happen sooner or later. bitcoin at this moment in time is just the foundation and gateway of crypto.

where is myspace nowa'days compared to the rest ? at one point, all people could talk about was myspace.. soon as you have another real major player, which is alrady happening, it's gonna start drawing peoples money away from bitcoin and into other currencies, which is a smarter move in terms of financial investment! since you can get in low and sell high... the question is though.. which is gonna be the coin.. people keep saying eth coin ... hmmmm i think yeah it's got value but i would be looking a little lower down the list, if you really wanna invest and make some money.

Maybe. Maybe not. Awwww, myspace though - hat brings back good memories.

Think about the personal computer and Microsoft vs Apple mac. Personally I have no doubt at all that Apple was the better computer right from day 1. But who took the lead? Microsoft. They have been a household name since the beginning and only just now are Apple really starting to claw back a sizable chunk of the market (And well deserved). So there are examples of it going both ways.

Is bitcoin a myspace that is paving the way for something better? Or is it a Microsoft that will gain enough control for it not to matter that its not the best thing on the market.

 

[shagoholic]

p.s - i have a sneeky feeling since google is working on crypto as well.. imagine if google do produce a blockchain, that may be worth an investment!

 

[jgcgtravel]

Let's look back at the financial institution as a whole.
We (human race) started off bartering. We traded one cow for 5 sheep, a rug for a couple articles of clothing, etc. After that, a guy saw a shiny rick and decided that it was worth XX number of cows since it was hard to find. Following that, it became easier to get some mud and press them into a shape and trade those versus all of the shiny rocks we had. From there, metals were used to make coins (intrinsic value). We print a printed a piece of paper with someones face on it and told people that it was worth XX amount of that rock that we liked so much.
Then it started getting crazy.
We got a piece of paper, wrote a value on it, and said that that building over there would give them the value I wrote on it after I leave.
Once that took off (and people were robbed left and right - "Catch Me If You Can") a guy got the idea that he could take a piece of plastic and tell people that someone else is going to pay for the item because he doesn't actually have the money himself (credit cards).

With all of this, cryptocurrency is the next logical step. It is a completely decentralized currency (you don't have to ask someone to use it - banks), there is a limited number (21 million and there cannot be more created), and your transactions are secured and finalized through the blockchain (someone can't do a chargeback).

I am a strong believer in crypto and have made a pretty good return on my investments. Yes, the market is volatile but you can track it in the exact same way that the stock market is tracked (same indicators). The bubble argument is a joke. The same people who are claiming that are buying it under the table to capitalize on the growth (JP Morgan). Additionally, with the introduction of futures trading to the CBOE, we have now seen THE institution validate it out of one side of their mouth while condemning it out the other side. Everyone is jumping on the train (amazon, ebay, overstock, Expedia, ALL of NYC, LA, Chicago, Seattle, etc) and the train is moving fast.
The largest number of naysayers I have seen have been from a different generation. Looking back, there were the same number when credit cards came out, checks came out, all of the other financial changes. Change hurts and it isn't fun but it is necessary.
I could go into a political (world not just US) argument with this but my point is, with all of the instability in the world order, this is closer to stability than anything else we have out there in the financial ecosystem.

 

[mickyfu]

p.s - i have a sneeky feeling since google is working on crypto as well.. imagine if google do produce a blockchain, that may be worth an investment!

Maybe, maybe not. A bit like when they tried to compete with eBay and failed miserably, and the same when they tried to compete with Facebook.