Topic: Bitcoin as a Medium of Exchange (Read 10626 times)

Yes you’re right, I have been part of this community for a long time and mainly what I use Bitcoin for is transaction and also for receiving money for the works I do. I don’t really look much into investment . There are times I would receive money and feel like leaving the money for a while as an investment and when it grows I will withdraw it.

But, I’m okay with the money I make from my job and I don’t really think I need more or maybe to stress myself with trading and too much of investment and all that. I only invest when I feel like investing and I have never ended up with loss the few times I have invested , only profits are what I’ve got. I started making use of Bitcoin the time I was looking for an alternative to PayPal, and Bitcoin was the only better option I got based on what I needed it for. I also make use of PayPal and Payoneer as well. They are all useful to me.

But, we all are not going to have the same purposes. There are some enthusiasts that will prefer Bitcoin as an investment only and nothing else. If you’re saying something that is not investment they wouldn’t be interested. So it all depends , we are all not going to have the same interest, there are those who wants investments and there are those that needs it as a method for their transactions.

It is more about price then what you can do with bitcoin at these days which causes a lot of confusion with how people approach to bitcoin.

Some see it as a way to get rich quick and make a quick buck, some see it as a way to get out of current horrible financial system, when they both meet it is always about the price of bitcoin because no matter what if bitcoin gets to a high price that means the people who want to be rich becomes rich and people who want bitcoin to be ideologically successful is on their path to make sure everyone loves bitcoin (high price equals more interest). That is why they are all interested in seeing it go up but when it goes down the money wanting side gets super upset which the ideological ones do not understand since as long as bitcoin is available and can be used the price doesn't matter if it goes down to them.

Yes, we have other altcoins that claim to serve as medium of exchange, but the only one that I still support among them as alternative to bitcoin is Ethereum, but no matter how hard that Ethereum has tried, it will always find it extremely difficult to ever beat bitcoin, bitcoin still remain the most valid medium of exchange and even if the government is to adopt a cryptocurrency and make it global currency, only bitcoin will pass it.

We can see how they have kicked against the Facebook Libra coin that would have been the one to sit side by side with bitcoin and remove Ethereum for that position, which means that Libra was more of a threat to them than bitcoin, so you see that bitcoin sits in the hearts of everyone, even  the government themselves.

By developing bitcoin which is increasingly popular there are many positive functions for everyone that can be an alternative in everything, but there is no denying that it all starts with investment and trading which in the end bitcoin can be used as an alternative tool for payment or other.

But in reality this is not the case, you just assume on your own thoughts and not see more broadly what people are interested in about bitcoin. Bitcoin can indeed be used only for payment or medium of exchange that you mean, but on the other hand there are also many people who need speculation because they trade and also invest in bitcoin which means everything can be done here and everything is important not only important on one side just like you assume.

Op, if you are current and do read what people are saying around the world and withing the forum here about bitcoin you will realize that many of them are out to make profit from their holding either in bitcoin or altcoins which is contrary to what you said above.

We know, Bitcoin is a digital asset. Yes, it is 100% true that Bitcoin is the father as a medium of exchange. We can see many projects which is also related to Ethereum as a medium of exchange. Though there are few exchanges which are getting strong and popular, but bitcoin is the best medium of exchange all time. Now a days, Bitcoin is  to pay for goods and services instantly through any where in the universal within very short time.

I agree with you, bitcoin enthusiast is the person that support bitcoin in any way. It`s not so important did someone bought it, or earned bitcoins...same as it`s not important do you use it or you just hodling. Each of us supports bitcoin in some way, and that all makes us bitcoin enthusiasts.
Bitcoin is a medium of exchange, but as you said there are other coins that are much cheaper to use for daily needs. Some people were talking long time ago that bitcoin will be a store of value, it looks like we are on that way, people are more focused on earning and keeping bitcoins than using them, me personally too, I used to use bitcoins a lot more than I do now.

Lol no that's not the meaning of btc enthusiast  . But the real meaning of it is that people that loves btc or a fan of btc  .

Wrong . People that invest in Bitcoin do also make a transaction  . Transaction means that you sell or trade aside from buying a service or paying for something using your Bitcoin . People that can't afford to invest on btc are the ones that don't make transaction that much  .

Bitcoin as a medium of exchange is good but there are more gooder coins to use for transactions to avoid high fees and network traffic

Bitcoin enthusiasts? You mean the one that doesn't have money to invest in Bitcoin? Lol. Stop deceiving yourself please.
People who use Bitcoin only as a means of doing transactions are people who can't afford to invest in it because it's too costly.

Another thing you have to know is that all those have a way that they are earning only through cryptocurrency, some of them might be working and getting paid in cryptocurrency, like tweeting for bitcoin, signature campaign and the rest of them that can be done in this community. If they are given chance and they have the money ,they will also invest. If you take out means of earning money in cryptocurrency, all those people would leave and that's the truth.

It will really take time for bitcoin to be generally acceptable, although to some extent, looking at where bitcoin is coming from, and the year it was created, I think it has really gone far in adoption rate, bitcoin is something proposed to be used globally and you know that it is very difficult to get any global project to be successful except luck just wants to shine on such person.

Before bitcoin can be accepted globally, there are still so many procedures too that it has to go through such as government regulation and others, but with time, all these things will become a thing of the past and I believe that in the next 20 year, bitcoin would really become a global currency that will be accepted in the entire universe, and by then we early adopters will benefit more.

Isn't this a good thing actually ?
People have different reasons to engage in bitcoins and all of them actually increases the value as a whole .
Doesn't matter how they use and for what they use ( except for the bad things for sure ) they are Aiding in increasing the market value of bitcoins.
We should understand that medium of exchange , buying bitcoins to do transactions overseas , to refrain from paying taxes etc.. is suddenly been seen by the government itself , now in the US , 10,000 people are going to be given a notice about not paying taxes that they have to pay associated with bitcoins.
Maybe this will slowly fade out , exchanging and all , but I do think that this is actually good for overseas transactions.

There are many things that bitcoin can be associated. Things such as investment, buying of goods and services and also for payment. A lot of things can be used in bitcoin. It is up to the people that will use it. I believe that bitcoin will become the medium of exchange soon. The hand of bitcoin is upon its community. And I can see that we are all supporting bitcoin in order to grow and be accepted in the world. As of now, crypto enthussiasts become rampant worldwide.

yea that was the benefit of bitcoin itself , anonymous trading with no resicted regulation or something like that . and i hope more people will concern bitcoin with that rather than just for profit only

It is because Bitcoin, by its original purpose and design, is to be used as a medium of exchange. It is to be used in lieu of fiat if one is to prefer anonymity and freedom, in contrast to a fully-regulated government-issued currency. Many hard-line supporters of Bitcoin stick loyally to the very words of Satoshi Nakamoto printed on Bitcoin's whitepaper which clearly define Bitcoin as a "A Peer-to-Peer Electronic Cash System." It is to be used for buying and not to be kept as an asset.

It is necessary to take into account that payments between two individuals are not so often a cryptocurrency. This happens between acquaintances or when paying for goods and services of private business. However, such payments remain virtually invisible to the state, and therefore for the payment of taxes. This is one of the important advantages of decentralized cryptocurrency.

I think the good part about bitcoin is that the ways to use it never cease to stop. I mean you can use it to pay for stuff, you can use it to earn as a salary, you can use it to gamble, you can use it to exchange with other coins, you can use it to buy and sell to make more fiat, you can use it to purchase gaming stuff or even play games.

These are the stuff that comes to my mind right now, there must be hundreds more but I do not want to look up and write them all here, basically speaking you are getting a ton of return for just having bitcoin and using it however you want, you want to use it as medium of exchange? you sure can, you want to use it to just buy and put on a paper wallet and store it for 50 years so your child can have a good college education? You sure can. Choose your own path.

Bitcoin can be what you want it to be. The medium of exchange, store of value, you can use it as you like, for what you like. For what, and how you will use bitcoins depends on the place where you live, for example, I can`t pay my bills directly with bitcoins, a matter of fact I can`t do much with bitcoins directly, unlike people who live in some advanced country.
That`s the beauty of bitcoin, you can do with them whatever you want as long as they are yours, as long as you hold your private keys.

It's true as you say, but most of those in the bitcoin world are investing, trading similar funds because most of them want to get quite a lot of profits and as you say also a lot of bitcoin is used as a currency but the issue of security with bitcoin is not  someone guarantees it

That is true to some extent. Many use bitcoin as an exchange platform because of the absence of any third party involvement in bitcoins.

But initially when you buy bitcoins for the first time, you will need money, and that is when inevitably bank will play a role. You cannot avoid that.

May be after that you may do in and out with your btc but then once you have made payment or finished your bitcoins, and you again need to buy it afresh. Again you will need actual moneg to buy it.

Therefore you cannot completely avoid the involvement of authority and banks in the whole series of transactions. Though their inclusiom can be reduced, but not completely eliminated.