Apart from trading where else to use crypto? - page 10.

hashshashin

sr. member

Activity: 728

Merit: 250

Look ARROUND!

Quote from: olumyd on October 02, 2018, 06:56:14 PM

More than 90% of ICOs (still a wide margin) lack pure utility aside from trading values. Among freelancers, people may trade one crypto for another, but in a brick and mortar business scenario, crypto has little to no impact. For example if I walk into a store I could get the credit card and a few other payment options. Still, with the over abundance of crypto technologies and their native tokens, only a handful of stores have barcodes for bitcoin and a few other payment coin types.

I think we need more radical real world businesses tokenizing their products and using this 'tokenization' as a means to garner support for mainstream crypto adoption. Like rewarding people loyalties for using their products.

Does anyone else here share the same concerns, or do you know a coin that is owned by real businesses for such purposes?

You are right, we need more shops and institutions where you can use cryptocurrency as a means of payment, but you need to understand that there are many factors that do not allow it to be done so quickly. It takes time for cryptocurrencies to gain even more popularity and recognition from the community and from different countries.

prtty2gal2

hero member

Activity: 1092

Merit: 523

I think the easiest way is to get paid or pay with crypto. You can paint, draw, write, code and many other digital talents you can do and get paid for it, aside from getting paid you can also pay stuff with it. Fiverr accepts bitcoin and you can pay other people to do stuff for you that way, plus expedia accepts bitcoin which means you can pay your vacation and hotel stuff with bitcoin.

Bitcoin is a currency at its heart and "trading" is just making it like a comodity, if you keep using it like a currency you can pay for many stuff, whatever you use dollar/euro there you can use bitcoin as well, it just depends on the acceptence.

aencarnaci

sr. member

Activity: 448

Merit: 281

Quote from: khaled0111 on October 03, 2018, 07:51:37 PM

Why do you buy something you can't use and that doesn't have any real value.
All these projects have one goal: to take your money then dissapear.

Asides bitcoin, and probably may be Ethereum for its smart contract, I really do not see any crypto out there that has any real life usage as far as I am concerned and all we keep having and all they keep providing is just some speculative market for them and as long as that remains, it makes them utterly useless. For bitcoin however, I guess this is the real deal and one we could say at least, we still easily use it as a form of payment and globally supported at large and I wonder why anyone would want to drop that for just some flimsy altcoins.

Quote from: pixie85 on October 07, 2018, 03:58:06 PM

I'm using cryptocurrencies as a store of value and as a backup. If anything goes wrong in my life there's always that small amount of money that nobody will be able to take from me.

Sounds like a plan but you cannot be sure about that no one could take away from you. Cryptos are more vulnerable for theft and hacking like any other store of value. But, cold storage and having multi key wallets may enable you to protect your cryptos more easily.

olumyd

full member

Activity: 658

Merit: 117

Quote from: pixie85 on October 07, 2018, 03:58:06 PM

I'm using cryptocurrencies as a store of value and as a backup. If anything goes wrong in my life there's always that small amount of money that nobody will be able to take from me. That amount that will allow me to reset everything and start my life somewhere else without having to be a beggar. It's good to have getaway money that won't depend on the situation in your country.

Dude, that's if that crypto money doesn't reset before you get into that '...anything goes wrong...' kinda situation. Too many people planning too far into the future for cryptocurrencies. Don't get me wrong I may be one of them, but I think it's essentially wrong to think too far even for a technology as nascent as the blockchain let alone cryptocurrencies for which more than 95% of them lack real-world utility.

pixie85

hero member

Activity: 2170

Merit: 528

I'm using cryptocurrencies as a store of value and as a backup. If anything goes wrong in my life there's always that small amount of money that nobody will be able to take from me. That amount that will allow me to reset everything and start my life somewhere else without having to be a beggar. It's good to have getaway money that won't depend on the situation in your country.

olumyd

full member

Activity: 658

Merit: 117

Quote from: ShadowBits on October 07, 2018, 07:23:03 AM

Quote from: olumyd on October 02, 2018, 06:56:14 PM

More than 90% of ICOs (still a wide margin) lack pure utility aside from trading values. Among freelancers, people may trade one crypto for another, but in a brick and mortar business scenario, crypto has little to no impact. For example if I walk into a store I could get the credit card and a few other payment options. Still, with the over abundance of crypto technologies and their native tokens, only a handful of stores have barcodes for bitcoin and a few other payment coin types.

I think we need more radical real world businesses tokenizing their products and using this 'tokenization' as a means to garner support for mainstream crypto adoption. Like rewarding people loyalties for using their products.

Does anyone else here share the same concerns, or do you know a coin that is owned by real businesses for such purposes?

Apart from trading I use my cryptocurrency as my own bank but not likely to save but like to hold and store for a long time if I don't need of that money I would just like to store it for sometime and forget about it.

Lol... I for one can't stop refreshing etherscan.io or checking my blockfolio every now and then. I think for me it would be difficult to just forget that I have crypto stored somewhere.

ShadowBits

hero member

Activity: 994

Merit: 504

Quote from: olumyd on October 02, 2018, 06:56:14 PM

More than 90% of ICOs (still a wide margin) lack pure utility aside from trading values. Among freelancers, people may trade one crypto for another, but in a brick and mortar business scenario, crypto has little to no impact. For example if I walk into a store I could get the credit card and a few other payment options. Still, with the over abundance of crypto technologies and their native tokens, only a handful of stores have barcodes for bitcoin and a few other payment coin types.

I think we need more radical real world businesses tokenizing their products and using this 'tokenization' as a means to garner support for mainstream crypto adoption. Like rewarding people loyalties for using their products.

Does anyone else here share the same concerns, or do you know a coin that is owned by real businesses for such purposes?

Apart from trading I use my cryptocurrency as my own bank but not likely to save but like to hold and store for a long time if I don't need of that money I would just like to store it for sometime and forget about it.

Shishir99

sr. member

Activity: 644

Merit: 379

Many shops are now accepting bitcoin and few other top currency.Recently i have seen people are paying money with bitcoin in hotel and restaurant.I have bought gift card with litcoin from a website.But biggest problem in using crypto as a currency is volatility.

SiFF

member

Activity: 80

Merit: 10

Unifying Knowledge For Faster Insight

Quote from: Green_Bulb on October 06, 2018, 01:22:59 PM

Just as usual currency: buy stuff, sell stuff.
Depending on the adoption rate in your country is may be limited mostly to online shopping, though.

I agree, if more than 0.02 percent of people use crypto for real life purchases the demand and volume go up, and it will lead to more retailers accepting it as currency, an upward spiral. Right now too many people are busy with the pure speculative part than using it as actual money.

Green_Bulb

jr. member

Activity: 261

Merit: 3

Just as usual currency: buy stuff, sell stuff.
Depending on the adoption rate in your country is may be limited mostly to online shopping, though.

sulendra12

hero member

Activity: 2814

Merit: 526

Undeads.com - P2E Runner Game

Buying stuff that I need like gadget or for my daily goods. Swap my altcoins through Shapeshift to Bitcoin and we are good to go. There are lots of ways to wasting your cryptocurrency, from shopping until gambling that you can do it all of them.

jademaxsuy

full member

Activity: 924

Merit: 220

Quote from: kidoseagle0312 on October 03, 2018, 08:18:48 AM

Here in my country I can freely use crypto as monthly payment for my billings such as Electricity, water, internet, savings, and tuition fee and those altcoins that I can able to use was Bitcoin, Ethereum, Xrp(ripple), and Bch these are the altcoins that being accepted in the exchange we had it here in my place actually.

Good thing to know that crypto has really put to a good use. I know this also since in our country we could also be able to use these crypto in a form of payment. Yet, the only difference is that payment will not be in crypto instead it will be in fiat. So whenever we transact payment with the local exchanges they will convert it to us from crypto to fiat and complete the transaction.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: CryptoDamon on October 03, 2018, 04:45:41 AM

Because of crypto value volatility, business sectors won't risk tokenizing their product. Maybe few decades from now when adoption rate will reach 100% and when crypto values achieve stability, I bet that's the right time for some businesses to make use of the technology at the highest level possible. Don't worry we are moving forward to that moment in time that everything we purchase will be tokenized and hoping that it would give positive impact to both consumers and merchants.

I find very surprising the lack of vision businessmen, because while it is true that they will be risking some money if they decide to accept cryptocurrencies, it is as if they only see the negative aspects of bitcoin and they do not see the positives, if they accepted bitcoin and they keep it it is true that they will take a risk because they could lose money but if they held their bitcoin it's entirely possible that they could get incredible benefits out of it if they held their coins for long enough.

Dimon8

jr. member

Activity: 420

Merit: 1

I am sure that will not pass even 10 years as crypto will be used in all spheres of life. For this, in many countries of the world, legislation is already being prepared for the introduction of crypto.

yndye

sr. member

Activity: 616

Merit: 262

Quote from: Renaldi blackspadeteam on October 04, 2018, 08:12:08 PM

don't worry, everything will be answered by time, good cryptocurrency will be able to be purchased to buy in the local market, for now, fiat money is still the main money, I think Cryptocurrency still has risks, so people still aren't interested in Cryptocurrency.

I use cryptocurrency to pay some of my bills at times because we have a platform in our country wherein we can use crypto to pay such bills and I can recharge my phone as well. There are sites wherein you can shop and pay using bitcoin and so far, bitcoin and ethereum are the ones that are mostly used in the transactions. Even those who are in freelancing sites sometimes would ask bitcoin or ethereum as payment especially if the work is cryptocurrency related.

zubrr51

member

Activity: 294

Merit: 11

The problem of using cryptocurrency for the purpose of everyday payment for goods and services is acute. Many projects are trying to solve it, but so far without success.

geopolisch

hero member

Activity: 1022

Merit: 511

Quote from: olumyd on October 03, 2018, 07:34:16 PM

Quote from: RodeoX on October 03, 2018, 01:25:35 PM

For me bitcoin is money. I use it whenever I need to spend money. So your question could be phrased as "What can you do with money?" As far as ICOs and alt-coins... Those are scams. So an ICO is used to get your money. That is what it is for and once you have them they generally have no value.

I like your straightforward thinking. But I don't think the idea of having decentralized applications and a utility token to run their platform is an utter mistake. However, what's likely to be a mistake is that these ICOs have shifted their focus from building a useful technology to building a trading instrument which in every case has a horrifying ripple effect on the whole crypto-digital ecosystem.

Bitcoin should remain as payment crypto or a store of value. Ethereum and other dApp developers should seek to create useful and usable applications. They should all stop fooling around thinking their token will become the next bitcoin, that ship has sailed already and now the spotlight should be more on the blockchain industry - this is still a phenomenon with a diverse potential.

Well, that reason you have given with ICOs using shifting focus from building a useful technology to just coming up with a shit trading instrument is the main reason it has been an utter mistake over the years and I totally agree with RodeoX. Altcoins have only been a distraction; even those without any idea just come up with whatever they feel like, without a product, just empty promises all in the name of trying to get rich from gullible people's sweat.

Sure, some altcoins may have been an exception but a larger percentage of them are shitty. Like he said, bitcoin is money and I have been using it to purchase for a while even if the real life usage is not enormous yet. I do not have anything against altcoins, and as long as someone somewhere feels it is right to give me their money so as to increase my bitcoin stash in the long run, then I am game!

mornabo

hero member

Activity: 1148

Merit: 504

Quote from: adzino on October 04, 2018, 04:05:08 PM

Trading is not the only place to use crypto currencies. Though the adoption of bitcoin and other crypto currencies are slow and most of the merchants don't accept crypto currencies, there are still loads of online sites out there that accepts crypto currencies. You can spend it to buy goods from amazon or other major retail store indirectly buy buying gift cards from those sites that accept crypto currencies. Bitcoin is still new. Just give it more time and then people will start accepting it as a mainstream form of online currency.

Thats absolutely right dude, of course it's not just trade the place to spend, there are already many merchants online who accept payment with bitcoin, but we have to think naturally if there are limits in bitcoin spending, because you're right we are still developing, need more time for bitcoin can spread and grow

maculeth

member

Activity: 714

Merit: 11

BountyMarketCap

yes, for small shops that have used crypto as a payment tool, it's worth it. for example bakeries or shoes that accept payments using crypto. but unfortunately, nothing at all.

ngano ba

jr. member

Activity: 280

Merit: 1

As we all not use cryptos in all trading activities , I might use cryptos if I have enough to buy a land near the urbanized city , and I can also used this cryptos for payments of loans and credit cards , but still the main use of cryptos is to for trading coins and buy and sell of coins in the trading sites.

Topic: Apart from trading where else to use crypto? - page 10. (Read 2271 times)