Topic: Bitcoin as a Medium of Exchange - page 5. (Read 10616 times)
bitcoin is a multipurpose tool that can be used anywhere and everywhere whether you used it in buying , selling, trading, investing , mining, gambling, gaming, etc.. everything is possible with bitcoin so in short it does not matter if someone want to use it in their own way because not all the people are the same but in my case i only use bitcoin just to earn a profit by selling and exchanging on our local cuurency. i dont do other stuff like i mentioned above because i dont have the capital and guts to do it. im just happy and contented from what im doing now.
Well, it was this way at the beginning, when transactions indeed where fast and cheap 
Unfortunately it changes when amount of usage and users grows.
I believe the biggest advantage is still decentralization and absence of central authority governing it. But it is of course difficult to keep away from speculations when its price rises so rapidly
Unfortunately it changes when amount of usage and users grows.I believe the biggest advantage is still decentralization and absence of central authority governing it. But it is of course difficult to keep away from speculations when its price rises so rapidly
Since I came to know about cryptocurrencies I come to understand that bitcoin was actually discovered in other for us to change from the traditional ways of using money to a more degital ways. I am surprised that no mainstream online shop has used bitcoin as a medium of exchange for goods and services why we keep on saying bitcoin is going to replace fiat in future and we all see bitcoin as a future of money. Using bitcoin like stocks or commodities kills it original idea of using bitcoin as a medium of exchange for goods and services or measures of value!
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
This is absolutely true of bitcoin. Bitcoin can be used as a medium of exchange not only as an investment to make profit, in fact bitcoin as a means of exchange is one of the fundamental uses of bitcoin.
There are a few stores online that accept bitcoin as a means of payment for goods.
Yesterday a thread was created on Bitcoin discussions section, why is Bitcoin price not dropping when sending fees are so high? Almost all responses were centered around, Bitcoin investors don't care about transaction fees because everybody is holding and that's the reality, Bitcoin has become an investment rather than a medium of exchange. Recently Steam stopped accepting Bitcoin because of high fees and volatility. All the new investors are just obsessed about the price, ignoring the fact that Bitcoins true value lies in its ability to transfer value without permission through a secure global consensus network. With LN implementation, Bitcoin might be used as a medium of exchange, but again there is a psychological barrier that prevents a Bitcoin holder from spending, scarcity, the price will increase, if I spend some coins now it will be harder to gain it back.
For the time being Bitcoin is more a digital gold rather than an alternative to fiat or other existing payment systems.
For the time being Bitcoin is more a digital gold rather than an alternative to fiat or other existing payment systems.
true, sometimes i used bitcoin just for transaction, and make my wallet empty again. for now, better safe in altcoin. they will give you much profit
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Bitcoin really is can be considered as a medium of exchange because it can make payment method easier, but without larger number of blocks, it cannot handle large number of transactions faster. Which makes bitcoin as a medium of exchange not yet more capable at this moment. So no one would still accepts it as a medium of exchange for now. Unlike ordinary way of paying for goods etc, which is so much easier, because we, for sure, would compare what is the most convenient to use. And I guess we all would choose the ordinary way which we are more comfortable of, that is why for now bitcoin is good to be considered as an investment.
Bitcoin works best when doing business with others who prefer to negotiate in Bitcoins, rather than using the digital currency as an alternative for something already priced in a state-sponsored currency.
Its true that some bitcoin enthusiasts consider bitcoin as a medium of exchange but they are very small in percentage.Most of bitcoin holders nowadays are newbies and they buy bitcoins only to get good profits
That line that is on bold is the reality of bitcoin nowadays.
All the holders are just newbies that are claiming to be the next "trader's of wall street" because they earn $100 or $200 a week just by doing a quick trades.
But what are we going to do against them? nothing, if they are happy, just let them go.
Bitcoin might be considered as a medium of exchange, but with the current fees, it is pretty impossible.
Very true, OP.
Its worth noting many bank accounts carry minimum balances which prohibit the poorest demographics from being able to buy and sell goods & services electronically. In some countries this precedent is even worse with there being zero electronic transaction support for those living in poverty which effectively prohibits the poor from having access to electronic payment.
In other cases where poorer demographics have access to electronic transactions, which often function effectively as monopolies, fees and taxes are so exorbitantly high it becomes impossible to send things like wire transfers without paying effective 40% or higher taxes.
Bitcoin and crypto are more easily accessible to those poorer demographics who go ignored by banking systems worldwide. This low bar to entry could be a neglected reason behind the success of crypto currencies and they're rising demand.
Its worth noting many bank accounts carry minimum balances which prohibit the poorest demographics from being able to buy and sell goods & services electronically. In some countries this precedent is even worse with there being zero electronic transaction support for those living in poverty which effectively prohibits the poor from having access to electronic payment.
In other cases where poorer demographics have access to electronic transactions, which often function effectively as monopolies, fees and taxes are so exorbitantly high it becomes impossible to send things like wire transfers without paying effective 40% or higher taxes.
Bitcoin and crypto are more easily accessible to those poorer demographics who go ignored by banking systems worldwide. This low bar to entry could be a neglected reason behind the success of crypto currencies and they're rising demand.
Well that was the original intended purpose of bitcoin. But with its current situation where the price could change drastically within hours, the high fees and unstable transaction time, it would make sense why most people only uses it as an investment.
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
No! No! No! a currency which takes 13$ for a transaction and wants an hour to get confirmed that money has been received by the other person is just useless. Adopting it as a mainstream method of settlement would mean anarchy and nothing else than that. Okay one could surely spend this amount for something worth $100 but do you really think one can send $10 or $20 in form of bitcoins? The transaction fee would overtake the amount itself. Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
It will take a while for bitcoin to become a mainstream medium of exchange, as not a lot of people know about it,just some people across the globe have invested in bitcoins and that kind of a sample size cannot give you an idea whether bitcoin can be used as mainstream medium of exchange
You are right, bitcoin enthusiasts prefer to use the bitcoin as medium of exchange because it is actually the main reason of creation of bitcoin so it should be used like that. But since bitcoin is not yet accepted by all business establishments as mode of payment not all can able to use bitcoin in that way so they use it as an investment.
Aside from joining Bitcoin just to trade and seek freedom of the trade, I think there are a lot of people watching Bitcoin as a money market that can help them make a lot of money. All transactions will be made immediately if you have internet connection and pay a fee. That is compulsory. With BItcoin, you can manage your currency, m not seen by anyone, no one knows you, it is a great thing to date.s
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
There are certain business accepting Bitcoin payments and Bitcoin is already an established medium of payment.
But recently two factors have effected its utility as mode of payment namely :
1. Fees and Transaction Time: Bitcoin isn't work instantly. Transaction takes minimum of 5 minutes to ~ to process depending on fees. Also fees is quite high which can even reach $15 in congestion periods.
2. Volatility: Bitcoin has very high volatility. Medium of exchange should be some commodity having relatively stable value. It is fatigue for business to keep its prices changing with changing btc prices.
Bitcoin as a medium of exchange of the money all over the world is beneficail for both sender and receiver. They will pay a cheap tax for the exchange of the total coast. Also their exchange will be a secure. The exchange of the bitcoin is very secure and the information of the exchange is also a secret. The information does not leak to any third person rather than the sender and receiver. So Bitcoin as a medium of the exchange is very good than other medium of exchange. i.e exchange in the fiat currencies.
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
yes you are true when use bitcoin as Medium of Exchange will earn from 1. 0 income tax 2. price change 3.low fee less than 10$
you can send all over world with less 5$ and may be 0 if price rise when you hold your BTC
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
In some aspects, it is already used as a medium or means of payment of various products purchased depending on the online shop you are trying to avail. If you happen to buy to a shop who konows bitcoin so well, then they surely accept bitcoin as a medium of payment of the things you buy from their shop.
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
There are certain business accepting Bitcoin payments and Bitcoin is already an established medium of payment.
But recently two factors have effected its utility as mode of payment namely :
1. Fees and Transaction Time: Bitcoin isn't work instantly. Transaction takes minimum of 5 minutes to ~ to process depending on fees. Also fees is quite high which can even reach $15 in congestion periods.
2. Volatility: Bitcoin has very high volatility. Medium of exchange should be some commodity having relatively stable value. It is fatigue for business to keep its prices changing with changing btc prices.
Many true Bitcoin enthusiasts actually prefer to use Bitcoin as a medium of exchange. They aren’t interested in investment or speculation or trying to sell at a profit.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Instead, they see Bitcoin as a way to engage in free association of trade without the need for governments to regulate the exchange. With Bitcoin, it’s possible to pay for goods and services instantly by transferring the digital money straight from your wallet to someone else’s digital wallet.
Here in or country only few of us use this kind of transactions. The millennials are the one experiencing what is it like to use digital currencies. Most of the old folks says " Leave it to them, we are too old for that kind of things". That's why digital currencies is far from knowing here. I want people here to see the advantage of using digital currencies and step by step we show them what is it like to use one.
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