Topic: Bitcoin as a Medium of Exchange - page 4. (Read 10616 times)

Well that's the advantage of using bitcoin, all transactions can be done easily and quickly. If it is already applied in many countries, then definitely bitcoin will be the main transaction tool that will be used by many people. But it will bring a pretty harmful impact, fiat money will be replaced by digital currency, it will make the use of the Internet will be heavier and will affect the ecosystem of existing living things on earth.

I can proudly say bitcoin has helped me to improve the quality of my life and finances as well and i believe bitcoin is like a boon to this generation people if utilized in proper manner and most of us use bitcoin as a medium of exchange and also i am elated to see there are many new ICO who are trying to get some sort of projects where they can convert the crypto currencies to fiat when transferred (optional) which will make our life easier and bitcoin has helped many people to get their finances right.

BTC is originally developed to use BTC as an alternative mode of payment. But with time it becomes more popular as a speculative instrument and an investment tool.
BTC is no longer used as a medium of exchange coz of it crazy High fees and delay in confirmation time. Moreover, volatility in BTC price also resist users to use it as a mode of payment

The main purpose of bitcoin is to transfer asset from one place to another, fast, easy and reliable source. Bitcoin is decentralized, that's why more traders are attracted in bitcoin. Traders would not hessitate to transact instantly because government will not interrupt them. As long as the transactions are legal. Now we can see how bitcoin changes our lives, the complicated transaction becomes automatic.

Bitcoin is more of a medium of exchange because majority of the community takes bitcoin as their additional income it's main role is to support their finances. As much as people want to hold bitcoin as an investment for a long period of time they don't have choice but to convert them at least with that bitcoin was able to help many individuals and was able to make peoples lives comfortable

Well yeah you can transfer it quickly but the confirmation and the network being not up to par is what is causing problems at the moment. Whenever lightning network gets instituted into bitcoin then you will have quick transactions will next to no fees and that is when bitcoin will be viable for everyday use. I look forward to the day where I can live only off bitcoin and have more or less let fiat money go for the rest of my life.

maybe some people have been interested in bitcoin due to this fatcor, the lack of government medling on it. They see that things are becoming easier with bitcoin and I personally think that bitcoin as medium of exchange will not be a bad idea. However, it will depend on the acceptance of the merchants with the risk that bitcoin accompanies.

Bitcoin is a digital currency system and it's a online transaction process ,the rate of bitcoin is very high and it varying daily ,the today rate of bitcoin is $18700 and it increased in future and due to rate increased so the exchange of bitcoin is some what low previously.But as of now the the exchange was very high as compared to other.Not only the girls will hold the bitcoin,all the people need money will hold.

You are right that many true bitcoin enthusiasts do that but I don't think that there is too many of them about, most bitcoin owners now are just guys and girls who want to gain FIAT by holding their bitcoin.

Countries? Which country sells goods for bitcoin? None in my knowledge.
No doubt bitcoin is being used as medium of exchange by some businesses but their number is limited to very low. Moreover, due to high fees and transaction delay, businesses are now deleting bitcoin from their payment option. One such setback was Feverr this year.

Indeed. Bitcoin is used as a medium of exchange.Noway most of the bitcoin users are used to get a profit basis only.
But in my knowledge some countries are only accepting those things like buy or selling goods used by bitcoin.

I think that probably 90% of the people buys bitcoin because they want to earn money for it, and not because they are interested in the coin or what its represents.

I believe that the people who actually uses the coin and are not here for manipuilation are those who are actually promotes bitcoin and makes it go bigger.

Bitcoin is probably the best medium of exchange, as it is good to store value, fast transfers and also low transfer fees compared to other transferring methods, I think that once people realizes that, the amount of people who actually uses bitcoin and are not here for speculation will grow.

Isn't it the purpose of bitcoin before it came big? An efficient medium of exchange capable of being sent and received instantly? Sadly bitcoin has dwindled into just being an investment asset and being a medium of exchange is far from being a reality for bitcoin, at least in the current times.

I don't think that buying other currencies with Bitcoin is much preferable. Like you so see , the increase in btc price will give you more profit if you hold that amount rather then buying small cyrpto currencies whose growth would be comparatively very slow. This is why using Bitcoins as  a medium of exchange is not a good idea.

That's true. Especially online of course. Digital transaction exchanges commonly relies to digital currencies ...as e-wallets became popular together with the expansion and popularity growth of cryptocurrencies. Many see bitcoin as a good or 'great' medium of exchange. Majority of the people today see the efficiency and reliability of Bitcoin as a medium of exchange.

As we all know, money is a medium of exchange. When i was born all i knew is money used as a medium of exchange. But as of this moment  their are people access bitcoin and used it as a medium of exchange by way of payment for something or some other's purchasing valuable thing's and properties. So i really agree that bitcoin is now used as a medium of exchange but not totally, percentage only because not all people access bitcoin like in a rural areas without any signals and wifi,  they cannot access bitcoin. Only people access bitcoin are living in urban areas and cities because they are capable to bring wifi or some other's using simcards data connection.

The whole point of bitcoin was that it would become most efficient and cost less means of financial transaction. However, this goal is yet to be achieved and certainly the bitcoin enthusiasts and responsible members of our cryptocurrency ecosystem are striving to reach that end.

But now because of the huge potential and the ever increasing demand, it has turned into a definite investment. And with the soaring value it seems that for sometime now it shall remain more as an investment and a commodity for trading. There are plenty of enthusiasts who want to make bitcoin as efficient as possible and keep it as a rule to transact only in terms of bitcoin. And of course they do not mind the high transaction fee because they either can afford it or simply accept it with a grin for their passion. The newbies however do not transact, they just hold and watch. And you cant blame them as they seriously wish to make more out of their investment. There are a few who also wait especially when their investment was made for a long term use.

What course will Bitcoin take only time will tell. There are many who prefer altcoins like Ethereum or Nem for their transaction. Ethereum has recently hit the $700 mark. It is fast approaching as an alternative to bitcoin transaction. The transaction fee and time are less burdensome with Ethereum when compared to that of bitcoin transaction. The lightening technology seems to bring hope by speeding up the transaction with bitcoin. We must wait and watch. Once the transaction speed and volume go up and are managed then naturally due to the ease, transaction fee comes down. Then things become interesting! In fact the number of bitcoin transaction will exponentially increase with time.

Yes. Its true that some of the bitcoin enthusiast uses bitcoin as the medium of exchange but this only in the world of cryptocurrency and is only limited to those business establishments that are accepting bitcoin for payments of goods and services. Bitcoin will be the universal mode of payment like USD which is convertible to any kind of paper currency.

Based on this, does that mean those who decide to use bitcoin as a store of value are not true enthusiasts? I guess no because without them creating some form of scarcity in the market, the price of bitcoin wouldn't be this valuable and enticing to everybody. The summation is that everyone is working towards the same objective which is making bitcoin better irrespective the category you belong to whether using it as a store of value, measure of value or medium of exchange.

.              Eventually, Bitcoin  has been used by many investors  as a medium of exchange, that is free from any government regulations. This  is what we called freedom in the entire world of  Bitcoin. This where  those  involve in digital currencies are free to invest their money to buy Bitcoin  or to mine  Bitcoin or even through exchange and trading without  any government interference.it is just easy to carry out your  assets  through digital currencies or  in electronic system.