Bitcoin as a currency

jazzc

Moderator
Staff member
Moderator
Jr. VIP
Joined
Jan 27, 2009
Messages
3,090
Reaction score
14,625
That is not good for the bitcoin in long term. It has got to have real use if it has to survive

When did investing become "not real usage"?

Supposed by all

Definitely not by all, since here we are arguing about it :p

including the developers.

The developers only develop. The owners are the ones who own it. So what the devs want is irrelevant. If they go rogue, the network simply will not adapt their latest code and throw them out.

It is called as crypto currency not crypto investment.

Surely you can fathom the idea that a name is not the end-all-be-all of the thing it names.

With time everyone forgot about it and now everyone is concerned only on milking it to maximum.

And that's fantastically great. That's how you eventually reach its worth and get the volatility down.
 

ddo88

Regular Member
Joined
Aug 1, 2015
Messages
489
Reaction score
141
Btc is not good to use as a currency, only as a store of value. The high cost and scaling issues hinder its mass adoption as a currency. Some issues include high fees, and long confirmation times. There are many other crypto currencies that do a better job as a currency
 

proguru

Newbie
Joined
Oct 17, 2017
Messages
21
Reaction score
3
the future of bitcoin is limitless. but the fight against it by several countries will get tougher as time goes by. I only see bitcoin as more of online payment currency .
 

CarlCrane

Junior Member
Joined
Jan 23, 2018
Messages
126
Reaction score
30
It's too early, IDK if it will be bitcoin, but crypto will become a viable currency in the near/mid future.
 

krishnaverma

Jr. VIP
Jr. VIP
Joined
Nov 16, 2011
Messages
12,183
Reaction score
5,413
When did investing become "not real usage"?



Definitely not by all, since here we are arguing about it :p



The developers only develop. The owners are the ones who own it. So what the devs want is irrelevant. If they go rogue, the network simply will not adapt their latest code and throw them out.



Surely you can fathom the idea that a name is not the end-all-be-all of the thing it names.



And that's fantastically great. That's how you eventually reach its worth and get the volatility down.
You win. You should also give guest lectures (if not doing already). :)
 

jazzc

Moderator
Staff member
Moderator
Jr. VIP
Joined
Jan 27, 2009
Messages
3,090
Reaction score
14,625
You should also give guest lectures (if not doing already). :)

I am preparing lectures for when my kids grow up :) Some things are better not said locally outside of the family circle (for safety reasons). I do technical CS lectures though.
 

Lalalaenhund

Power Member
Joined
Sep 14, 2010
Messages
748
Reaction score
420
I'm surprised no one has mentioned the lightning network. Bitcoin is not even ready yet. It's currently a bit slow and expensive to use as an everyday currency, that should change in the future. For larger international transfers, it's already great IMO.
 

krishnaverma

Jr. VIP
Jr. VIP
Joined
Nov 16, 2011
Messages
12,183
Reaction score
5,413

DonSchlessinger

Registered Member
Joined
Oct 10, 2017
Messages
67
Reaction score
35
Btc is not good to use as a currency, only as a store of value. The high cost and scaling issues hinder its mass adoption as a currency. Some issues include high fees, and long confirmation times. There are many other crypto currencies that do a better job as a currency

After the past few weeks of dealing with the ACH transfers from bank to bank or PayPal to bank... etc, I’m really seeing how useful bitcoin can be. I’d much rather wait 60 minutes for a transaction to clear than 3-5 days, even if it means paying a relatively small fee. But that’s only for moving larger sums around. As far as purchases, there are definitely better cryptos for that, or even the easy solution of setting up a debit card to Coinbase and paying directly with the debit card. Or using credit cards and paying it off with a crypto.

When you say high cost are you referring to this fee that we have to pay to miners or the cost of electricity to run the network? Banks use a huge amount of power (man power and electricity as well), and with the way our economies are heading toward automation of these simple tasks, wouldn’t it make sense that a currency that doesn’t have a reliance on man power beat the old system in the long run? That would free up countless man hours to innnovate and grow in other areas.
 

krishnaverma

Jr. VIP
Jr. VIP
Joined
Nov 16, 2011
Messages
12,183
Reaction score
5,413
Well if it was easy it would have been done already... poor execution my ass, some of the world's best coders are working on the project.
If it was easy ? There are coins already with much faster transaction. They are doing magic ?
 

blketh

Registered Member
Joined
Jun 20, 2018
Messages
50
Reaction score
4
The future of cryptocurrency is very bright. Bitcoin is the proud protege of cryptocurrency. I think after some time, Bitcoin will become the mainstream currency. There are a few roadbumps to address to first.
 

DavidLeadgen

Banned - Shitlisted and never responded to MOD PM
Jr. VIP
Joined
Dec 27, 2014
Messages
195
Reaction score
37
I think BTC is like a soap ball, which never will become a currency
 

thevideoguy

Regular Member
Joined
Sep 25, 2017
Messages
395
Reaction score
490
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?
Bitcoin is slowly being adopted worldwide and it appears that the adoption rate is accelerating (recently a cafe and a pizza delivery shop in my area started accepting cryptocurrency which was exciting to see). I predominately deal in cryptocurrency now; I've hired freelancers with crypto, purchased domain names and web hosting. For sites that don't accept crypto yet, there are others that offer a payment processing service who allow you to purchase from anywhere using crypto (as in, you order through their site and link to the product, and they buy it using PayPal/card on behalf of you and you receive the goods/services. Small fee involved but no dealing with fiat). If you were forced to, you could pretty much deal exclusively in crypto through both direct payments and third party services, which is a great sign of the currency's success.

As to your specific questions, they don't really make sense. Firstly, Bitcoin is not used only as a speculative asset, I'm quite surprised you haven't seen any sites offering it as a payment method. It is a currency first and foremost, there was just a lot of hype late last year, a lot of newbies got into the space and bought the price up above where it should've been; now we are experiencing the price falling as expected. When the price was really high and a lot of people were making lots of money, that's what the focus of conversations were. Now that the price is lower, we'll start hearing more discussion and innovation on the tech side.

Why it has sort of "failed" as a currency and how this could change in the long term? What do you mean by that OP, are you talking about the 6 month price chart, and if so I'd advise you scroll out a little. Because price-wise, Bitcoin is performing spectacularly. It's at $6100 currently and just 12 months ago it was $2500. 12 months before that it was $650. 12 months before that it was $240. In a bear market now of course, probably at least a couple of months before that trend changes. The next run will be interesting as so many more people have heard of it now, and these people will jump on board once the price is high as the bystanders always do the second time they hear about it. The currency is experiencing a natural market cycle, again, as expected, so price shouldn't concern anyone who is not visually impaired and can read a line graph.

You weren't very specific on your concerns but I'll have a guess as to what you were referring to with it's failure in addition to price which I explained above. Let's start with volatility. Here's the deal guys: Bitcoin and all other cryptocurrencies are volatile because they are SMALL. Once Bitcoin is BIG, it will NOT be volatile. Saying Bitcoin will not work as a currency because it is volatile, is the same as saying 'Bitcoin will not get big because it is small', which is a statement that doesn't make sense, so stop saying it. Small = volatile, Large = stable (very simple to understand, I hope).

As for scaling issues, they are as expected. Price grew faster then the tech, got to scale before it could handle scale appropriately. There is a tonne of money in the game now; if you think the teams of world class coders who are working their asses off all day and all night right now, are not going to solve scaling issues, you are out of your minds. I'm looking forward to seeing how the lightning network operates and whether it works as an effective scaling solution for Bitcoin. If not, that's fine; someone will figure out how to scale the tech in due time, just as all other tech has scaled.

Now, I am curious about one thing myself: Does anyone here have a legitimate argument against Bitcoin (or other cryptocurrencies) who understands what it is, how it works, how markets works, etc.? :D
 

blketh

Registered Member
Joined
Jun 20, 2018
Messages
50
Reaction score
4
I don't think that Bitcoin can replace the normal cash. It can be a additional mainstream currency but it can never replace the tradional cash.The reason is that you need to convince the entire world to start using Bitcoin. There are still many countries that don't know a single thing about cryptocurrency.
 
Top