Topic: Bitcoin as P2P currency vs Bitcoin as an asset - page 2. (Read 575 times)

Because in the country where I live, Bitcoin is only allowed as an investment or asset, so I do it according to the rules determined by my country.
But that doesn't mean I can't use Bitcoin as a p2p payment tool. And I also use it personally or individually among fellow Bitcoin users when I need something that is out of reach, and also sometimes unexpected things happen and I have to use it for transactions.
So I use both, because in the country where I live there are no shops or traders who use Bitcoin transactions because of the regulations, so I prefer Bitcoin as an investment or asset because it is more promising in terms of profits and storing value.

Yes, isn't that what I wrote about Bitcoin was first promoted as a coin to solve the high fee for global transactions of fiat? Then it started having a storage value which is nothing but a replacement of the existing fiat currency. The next step it did was getting a huge pump in its value while the currency that it is now compared to in terms of value is getting devalued. That is the reason why I feel it is an asset than a P2P currency, considering there are other altcoins that are far better than Bitcoin in terms of a P2P currency.

To be fair Bitcoin initially was a p2p token designed to pay miners for their job. Months after,   namely on "pizza day', this token has got the strains of p2p currency,  while now, judging its inability to adjust itself to daily payment routine, Bitcoin is better characterized as a digital asset for a wealth preservation rather than p2p currency.

In my opinion, whether bitcoin is an asset or a payment method depends on how each person uses it , there is no regulation that says if bitcoin were an asset its P2P feature would disappear . But what we need to accept is that the majority of people prefer to use bitcoin as an investment asset rather than using it as a currency . But this is understandable because making money is considered the top task for all of us in today's world .

For me, I know that bitcoin was originally created to be a P2P currency but I feel more comfortable considering it as an investment because of the benefits I mentioned . Those who say they don't want to profit from bitcoin, they just want bitcoin to be a stable currency are trying to be blatant liars, IMO.

i chose "equally p2p and asset" because i think that even though most of the holders treat bitcoin as an investment asset that can give them profits, we cannot ignore the fact that bitcoin was originally created as a digital currency by satoshi which allows people to to be able to make transactions securely and without intervention.

even though at some times bitcoin fees are in an unreasonable position, we cannot use that as a reason to rule out bitcoin as a means of payment and exchange and make it just an investment asset, because bitcoin is still a digital currency where people can use it for investment.

As for me, I'm not limited cause I can quickly adopt as many things to do with bitcoins but of course, it should be reasonable and legal as always. Sometimes I use bitcoins for online shopping and sometimes I only buy them to invest in the future so I am always flexible with it. I want to try to meet up with someone and buy some products with him with bitcoins but unfortunately, we don't have many people who are accustomed to Bitcoin payment in our community yet and I'm using bitcoins nowadays for whatever available options that I have in our country.

Bitcoin is a currency/ payment option as well as an asset. You can send money anywhere in the world using Bitcoin, and you don't need to worry about carrying a load of cash to the bank.  
Bitcoin price is continuously increasing, and you can consider Bitcoin as an asset because you can earn huge profits by just holding your Bitcoin for the long term. This way, Bitcoin can serve as an asset with exceptionally good ROI compared to other classes of assets. At the moment, I think Bitcoin is more of an asset than a payment method.

I think the best way to use Bitcoin is by maximizing it's capability since it is  able to do both as an asset or p2p. Though Bitcoins purpose of existence is to be intended as a form of payment it is also best to have it as an asset given it's high potential in the future.

You will agree with me that the transaction fee for Bitcoin has not been this high and it won't always be like this forever. It is possible that because of the high transaction fees some people won't be using Bitcoin as means of payment, but won't also rule out the fact that there are still people out there who are using Bitcoin for payment purposes irrespective of the high transaction fees. Yes I agree that there is nothing wrong with people storing Bitcoin as an asset.

I doubt what you are saying, with the current bitcoin transaction fees, I think there will not be too many people willing to use bitcoin for payment even if you are rich. No one is stupid enough to pay the bill for only $10-$20 but have to spend an additional $5-$10 as payment fee.

Furthermore, there is nothing wrong with people using bitcoin as an asset without ever using it for payment. I don't even care what purpose bitcoin was created for, what I care about is the benefit it brings me. As long as it does not cause harm and benefits us, we have the right to use it for any purpose we want. It is still bitcoin when we turn it into an asset.

I will treat Bitcoins as a digital asset always. Bitcoins are limited in numbers, that is no new Bitcoins can be formed or created. Hence if you use as a mode of payment or currency, then a time will come when the price of the coin will be high, but you won’t have sufficient. Hence it’s more profitable to treat Bitcoins as a currency rather than a currency.

Well, to be honest, It has always been a wise decision to choose bitcoin as an investment. The moment people have realized and understand it's high volatility, that is where they started to hold, the longer the better. Though bitcoin was originally created to become another currency outside of the legal tender, especially with international transactions or what we call borderless payments without the intervention of any 3rd party payment processors such as banks and remittances. But then again, because of it's high volatility, people decided to keep it as an investment and also considered as a store of value, since it's value did not depreciate after many years passed since it was created in 2009.
Bitcoin as a currency used for P2P transactions is somehow flawed in terms of transaction speed and fees. One would not want to purchase a cup of coffee and wait for several minutes or hour to get your transaction confirmed, there might be a solution for that like using the LN, but not everyone are using it currently. Altcoins existed because of these bitcoin flaws though. However, regardless whether or not there is a flaws in transaction speed and fees, bitcoin would still remain being considered as investment because of it's high volatility. When bitcoin become stable in the future, that is where we see a lot of people using it for transactions.

correct , how could you use these features when there are so much fees involving here so why need to be in that hard way of using bitcoin as P2P for whatever use we needed .
As long as the miner issues in prioritizing transactions ? i think it will be harder for Bitcoin to be used completely and  us to make another choice.
Bitcoin will still our favorite and only most trusted one.

I use Bitcoin for both. In my country not all business are accepting as a means of payment at the moment, but whenever I go to some places where they are accepting Bitcoin as a means of transaction I pay with Bitcoin. If we all keep Bitcoin as an asset without using it as p2p then I think we are not fully utilizing Bitcoin for the purpose it was created for. One of the reasons why Bitcoin was created was for it to be use as a means of settlement of transactions among peers.

As much as we want to do P2P with bitcoin, the story of Laszlo Hanyec's 10k bitcoin pizza has left us a lasting impression that will never ever go away and so we treated bitcoin as an asset as the years go by which isn't bad because if that's the way that we wanted bitcoin to be, who am I to contradict that, I'm just one person after all. Bitcoin being an asset isn't really a bad thing in my opinion because I've seen it change the lives of people and some friends because they've invested their hard-earned money on bitcoin and they got a fat profit and it's also a really good alternative for stock market as stocks aren't that easily accessible when it comes to your average Joe so in a way, bitcoin is basically a poor man's stock market because you can get in as low as $1.

Bitcoin still does its job as P2P currency, you can send your coins from your wallet to any wallet, doesn't matter where you or the receiver lives but that doesn't mean that our need of using Bitcoin as a P2P currency is fulfilled. It become super expensive to make a Bitcoin transaction, making it very impractical to make a small Bitcoin transactions or to use it frequently even for big transactions.
Bitcoin will really totally fail as a P2P currency if miners censor transactions according to the malfunctioning blockchain analysis companies. It's really becoming more of an asset than a P2P currency, that's what ETF approval proves again.

Bitcoin is really bad as a currency. It is slow and expensive. Especially the kind of payment technology available in the market, Bitcoin looks like coming from stone age. So I would not call Bitcoin a currency system. Surely not an ideal one. The only area where Bitcoin can shine as a currency system, is international transfers.

Bitcoin is a great investment. If I look from the inception of Bitcoin, it has outperformed any other asset classes. But for currency system, we have much better options available in the market.

Agreed that if we follow what is stated in bitcoin's white paper, Satoshi created it to be a peer-to-peer currency. But has anyone ever wondered why he holds such a large amount of bitcoin for himself and why many people who got involved in bitcoin early on also hold large amounts of bitcoin? Have they also considered the case that bitcoin would be used as an asset like gold and not as a currency?

Furthermore, whether bitcoin is a currency or an investment doesn't really matter. The most important thing is that it brings benefits, convenience, and rights to us and that is a very good thing. So there is no reason for us to be upset when bitcoin becomes an asset.

I don't see Bitcoin as a currency yet, at least not for small transactions. If I want to buy something for 10$ I have to pay 2$ transaction fee which is nuts. But for larger transactions, its not so bad.
and due to scarcity its price will go up continually. like a 10000BTC pizza in 2010 is like 0.0005BTC now, so i would rather hold and increase the value of what I am holding than use it to buy goods. Bitcoin actually discourages people from spending but rather encourages holding which is what an asset is.
And as a merchant Bitcoin is too volatile with price jumps and corrections, it is not stable enough to accept as a form of payment.

Personally - I do not use bitcoin as a means of payment although I am willing to accept bitcoin as a means of payment for my services or wages. Of course, that doesn't mean I don't support adoption - but I tend to want to exploit Bitcoin's potential as a value-added asset even though I might change my mind on that one day.

Bitcoin adoption will continue to expand and grow by the day - but it is probably true that most will simply take advantage of bitcoin's price volatility to gain returns in both the short and long term. In my opinion - this doesn't change the basic idea of ​​bitcoin as a currency, but something of value and potential profit is worth taking advantage of.