Bitcoin as a currency

[brawdias]

I am curious about one thing. When Bitcoin started it wasn't supposed to be used only as speculative asset, they believe it would be great to be used as a currency substitute as a well. Anyone using Bitcoin for trades or other purposes besides investments? Why it has sort of "failed" as a currency and how this could change in the long term?

 

[Cardissuer12]

Bitcoin is the future.

 

[Word Wizard]

Bitcoin use as a currency is growing every single day.

 

[byan1]

I am using btc for trading and increasing my finance. Maybe, bitcoin is hard to compare with fiat money in some ways, but it is still popular. More and more people continue investing in it. I believe, bitcoin is a future of currencies and in the following years it can be widely used as a payment method.

 

[awesomewebsites]

Current situation: everyone wants to get paid in btc but no one wants to pay using it.

 

[John Thor]

I always use it for my payments. I pay with bitcoin for clothes, etc BTC is the father of cryptocurrency, so it never dies

 

[Gurugramite]

Bitcoin is good for international payment. for example if you earn in bitcoin you dont need to convert it to fiat and when you want to buy from foreign country you can pay directly from there . Saves a lot of paperwork

 

[Lukmat]

I am using btc and eth for receiving payments and wire transfers for people who are not sure. Stopped paypal and sales little fallen but now I don't care if someone make the chargeback next hour after purchase.

 

[beingink]

Bitcoin is too volatile to be a currency. Read up on economics and you will learn why it will never be a currency. Investment and trading? Sure. Currency? Nope. Basic laws of economics.

 

[jazzc]

Bitcoin is too volatile to be a currency. Read up on economics and you will learn why it will never be a currency. Investment and trading? Sure. Currency? Nope. Basic laws of economics.

That's quite ironic because a) it is currency since it used as such and b) you seem to not understand the very basics of economics.

 

[beingink]

That's quite ironic because a) it is currency since it used as such and b) you seem to not understand the very basics of economics.

No, it is used as a currency in smaller varied markets. And it's doing absolutely fine there being used as a currency but when it comes into mainstream commerce and medium of payment it falls badly. On a Micro level it is doing whatever but on Macro level.. things change.. they change a lot.

 

[shiv durga]

It is very good tool for money laundering.

 

[DarthM]

An interested article I read a few months ago on The Economist:

Might bitcoin replace ordinary currencies in everyday transactions? Not soon. Who wants to part with (or accept in exchange) a currency that can rise or fall by 20% in an hour? And true currencies are used to denominate liabilities as well as assets; imagine the ruin faced by those who had taken out a bitcoin mortgage or business loan earlier this year.

Bitcoin might triumph if currencies like the dollar and the euro succumb to hyperinflation, but there is no sign of that. A more likely scenario is that the technology that underpins bitcoin—a distributed ledger called the blockchain—proves so useful that it becomes widely adopted.

 

[jazzc]

No, it is used as a currency in smaller varied markets.

Notice how you changed your argument with a simple prod. Regardless of our discussion here, take this as a lesson - when you decide to argue a point, you should be able to defend the point, not pivot on the first attack. And why should you be able to defend? Because otherwise 2 things happen: either the point is wrong and so it's silly to defend it or you are not familiar enough with it. In both cases, it only signals that you should not have entered an argument with that point as your hill.

So now you have to pivot to "yeah it is, but it's not widely used", which is trivial to counter with "yet" and "gold didn't become #1 worldwide in 10 years, did it?", to which there is no real come-back.

 

[awesomewebsites]

That's quite ironic because a) it is currency since it used as such

It was supposed to be used as such. Majority is using it as an investment option.

 

[hero76]

Will never be a true currency. Takes over 10 minutes for a complete transaction to go thru. Imagine waiting at the store for 10 minutes to pay!!

 

[bartosimpsonio]

An interested article I read a few months ago on The Economist:

The Economist is run by bankers for bankers.

You what's worse: they're dissing Bitcoin while buying all they can meanwhile. Big banks were caught buying Bitcoin on the same day their CEO went public saying Bitcoin was a scam. Bankers are the worlds biggest scammers.

 

[Afaque Shaikh]

Bitcoin currency is growing every single person, so don't neglect to bitcoin.

 

[jazzc]

It was supposed to be used as such.

Supposed by whom? Last time I checked, people had been hoarding gold - which has been THE currency - for millennia. I don't hear people bitching about how it's bad to have gold jewelry and "gold was supposed to be used as currency"

Majority is using it as an investment option.

And that's perfectly fine.

 

[awesomewebsites]

And that's perfectly fine.

That is not good for the bitcoin in long term. It has got to have real use if it has to survive

Supposed by whom? Last time I checked, people had been hoarding gold - which has been THE currency - for millennia. I don't hear people bitching about how it's bad to have gold jewelry and "gold was supposed to be used as currency"

Supposed by all including the developers. It is called as crypto currency not crypto investment. With time everyone forgot about it and now everyone is concerned only on milking it to maximum.