Bitcoin as P2P currency vs Bitcoin as an asset - page 4.

MFahad

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Quote from: elevates on January 13, 2024, 05:21:47 AM

Using Bitcoin as P2P currency on the main chain is now a costly affair after the ongoing network spam. The transaction fee are too high for now to use it. For adoption the layer 2 solution is the best option available for Bitcoin to continue its adoption growth. Bitcoin is becoming more as an asset when we consider the amount of return it has generated since it was first traded. That is what I think about Bitcoin and that is why I choose asset in the poll.

It is true that when it comes to direct p2p transactions. it is becoming a problem to use Bitcoin on chain for that. but I think if you are using a p2p platform like Paxful, Binance , OKEX P2P or P2p of any other exchange then these transaction fee won't be problem. because centralized exchanges have their own transfer systems between internal accounts.
so if you want to use Bitcoin for p2p. use a platform like these. or you can use layer2 sulotions or Stablecoins for your convenient,

Quote from: TheUltraElite on January 13, 2024, 07:10:45 AM

At present, for me it is asset>P2P currency because I have limited avenues of spending the money and I am more concerned in growing my stash than spending it. Not every country is crypt-friendly, as you might be knowing.

Number of businesses using bitcoin as a primary means of transaction is much less than those using fiat. The impact of such companies on the economy is thus small but expected to grow in the near future. When that happens the balance will shift towards P2P>>>Asset.

Still then out main objective should be to collect coins for spending in future and now in this decade.

but when you want to withdraw Cryptocurrency to fiat for personal expense. what method do you use to sell your bitcoins? do you use Bitcoin in p2p trading, or convert that into a stable coin and then do the p2p trade to withdraw that?

Z-tight

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It is a free market, so what you think or do mustn't be what the other person does, the freedom in the BTC network is why a lot of people use it. Nevertheless BTC was originally created to be p2p electronic cash that is permissionless and censorship resistant, but if people found other use cases for a currency that runs on a free and decentralized network, nobody can stop them or should even want to.

BTC can be both an asset and p2p electronic cash, you can store BTC for the long time and as well maintain a wallet that stores < or exactly $100 for spending on the go. This is why so many of us use BTC, for its lack of censorship and control.

pakhitheboss

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To be fair Bitcoin initially was a P2P currency, while now it has become an asset. Everyone here in the forum is always promoting the HODL concept that started from this forum. Maximalists are known to be the biggest accumulators and holders, so why ask this question as we have a lot of maxis here? There was a time when Bitcoin was considered as a P2P currency and that happened before LN was launched. Why was BTCLN even decided? The reason is that the main chain cannot help with adopting Bitcoin.

The forum was once flooded with topics comparing Bitcoin with Gold and even the mainstream media started doing it. Why? Because, after 2017 ATH Bitcoin was never considered a P2P currency even countries such as Argentina treat it as an asset class. The country of El Salvador has already implemented BTCLN with its localized wallet to increase the usability of Bitcoin as a legal tender.

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Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

Overtime multiple debates have been raised concerning Bitcoin losing its adoption as a P2P currency. A lot users who transact with little amounts of Bitcoins during intervals seem to be in support of loss in Bitcoin P2P adoption. However some other users especially business men who transact non stop with Bitcoin on a larger scale, seem to have the opinion that the adoption rate is quite ok. Of course no one is happy when transacting with Bitcoin during periods of high conjestions as fees can be sometimes annoying.

Nevertheless, Bitcoin has maintained a nice reputation for so long it has now become a wise choice for investment, hence the term hodling. Hodling has also become a topic of interest for Bitcoiners due to its ease and nice returns as time goes on. Due to this Bitcoin now seems more like a nice investment than a P2P currency to a large variety of hodlers.

This is not to say that a lot of person do not engage equally in both P2P transactions and Hodling. But to see what a majority of Bitcoiners view Bitcoin as. I added a poll to this post so I recommend you venture casting a vote on what aspect you use Bitcoin the most.

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For me personally. after arriving of Stablecoins, USDT and other Bitcoin became mostly just an asset, I always prefer to use Stablecoins for p2p purposes (only when withdrawing to fiat). Bitcoin is still my primary payment source when comes to getting paid for my work and other earning sources, as well as any altcoin I earn will be converted into bitcoin if I want to HODL them.
but that doesn't mean Bitcoin in general is not good for p2p. a lot of people still use Bitcoin for p2p.

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While the Bitcoin spot ETF approvals are still on the news and it lingers. Take it from Larry Fink on what's his take on this topic.
BlackRock CEO Larry Fink says Bitcoin "Is An Asset Class That Protects You"
The usage of it as a P2P currency or choice of payment is never gone. But as time goes by, the use case of it is becoming more an asset or a store of value. IMHO, there's no need to debate on it. Choose Bitcoin what you prefer it to be, as an asset, as a P2P currency. What matters is that you hold it on your own hands and not with the exchanges just as many are still doing nowadays.

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I actually don't like comparing Bitcoin as a P2P currency and Bitcoin as an asset. Of course, a currency or money will have to be an asset as well, but I think the question here is framed in such a way that asset means something that people invest in or speculate.

Bitcoin as a speculative asset is only attractive because of what it is, a P2P currency. I mean, even if you're treating Bitcoin purely as a new asset class, that it is being popularly perceived as such is precisely brought about by its very features as a legitimate P2P currency. We, therefore, can never disregard Bitcoin as a P2P currency.

I highly disagree with BlackRock's Larry Fink in saying that Bitcoin is not "ever going to be a currency" and that it is only an "asset class". He is wrong. Bitcoin has become an asset class precisely because it is a unique currency. It is sought after not because of anything else but because of its features as a P2P currency.

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well, it is very true that nowadays people are more inclined to use bitcoin as an investment tool than P2P currency. However, this happens because of the potential for the price to increase at any time. Apart from that, I think that every day people still use bitcoin as a transaction tool on the internet or in the real world.
However, until now, both are still running, however, their use will depend on the consumer or owner of the bitcoin. they might be able to use it as a transaction tool, or an investment tool, because until now bitcoin still has all these functions.

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Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

Overtime multiple debates have been raised concerning Bitcoin losing its adoption as a P2P currency. A lot users who transact with little amounts of Bitcoins during intervals seem to be in support of loss in Bitcoin P2P adoption. However some other users especially business men who transact non stop with Bitcoin on a larger scale, seem to have the opinion that the adoption rate is quite ok. Of course no one is happy when transacting with Bitcoin during periods of high conjestions as fees can be sometimes annoying.

Nevertheless, Bitcoin has maintained a nice reputation for so long it has now become a wise choice for investment, hence the term hodling. Hodling has also become a topic of interest for Bitcoiners due to its ease and nice returns as time goes on. Due to this Bitcoin now seems more like a nice investment than a P2P currency to a large variety of hodlers.

This is not to say that a lot of person do not engage equally in both P2P transactions and Hodling. But to see what a majority of Bitcoiners view Bitcoin as. I added a poll to this post so I recommend you venture casting a vote on what aspect you use Bitcoin the most.

Don't forget to keep your keys safe

Honestly speaking, p2p features help a lot in the exchange of a centralized platform. And even with other crypto assets, because, based on my experience, the transaction is actually fast. The only sad thing here in our country is that Binance is having a bit of a problem here.

By chance, we will again be obliged to use our local exchanges here, which have a large spread that is deducted from our transactions. Unlike when we use Binance P2P, it is very fast, there is no fee, and we have many users here in our country in cryptocurrency.

cryptomaniac_xxx

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Quote from: ColdLava40 on January 13, 2024, 05:06:54 AM

Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

Overtime multiple debates have been raised concerning Bitcoin losing its adoption as a P2P currency. A lot users who transact with little amounts of Bitcoins during intervals seem to be in support of loss in Bitcoin P2P adoption. However some other users especially business men who transact non stop with Bitcoin on a larger scale, seem to have the opinion that the adoption rate is quite ok. Of course no one is happy when transacting with Bitcoin during periods of high conjestions as fees can be sometimes annoying.

Yes, this debate has been ongoing for some time now, with inconclusive opinions due to the criteria at hand. We understand that the primary purpose of Bitcoin's invention was to create a new financial system without room for a third party. However, things have taken a different turn as Bitcoin appreciates over time. Its ability to accumulate in price now makes it serve better as an investment rather than a medium of transaction.

The adoption of the peer-to-peer (p2p) system is still growing through large-scale businesses and e-commerce, but I believe the grassroots level (you and me) defines it more. Regardless, we still have p2p users.

I don't think there is a debate, you just have to understand that Bitcoin has developed from the beginning specially when it become an asset to be traded. So yo can still used it as intended or designed by Satoshi to be p2p, although as of late I will say that with the fees going up not because Bitcoin is being used throughout but by some developers who found the loophole in the code and created ordinals.

However, I still think it is usable for us, and again, there should be no debate as we can take advantage of it as a commodities and make some money and then HODL and wait for the right time to sell to make huge profits.

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Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

Overtime multiple debates have been raised concerning Bitcoin losing its adoption as a P2P currency.

The thing is that they are both right. It's not just that Bitcoin is both a currency and an investment, it's also about the fact that how the market performs affects how people view Bitcoin.

Imagine your local fiat currency is appreciating over time (reverse inflation) and stuff are getting cheaper which means you'd be able to buy more stuff with the same amount of money you had before. In that scenario, you'd stop spending money as long as the appreciation continues. Therefore treating your fiat like an "investment".
In real scenarios this resembles to what happens when governments raise interest rates.

That's exactly what's been happening to Bitcoin. When one day you see 10000BTC can purchase 2 pizzas and the next day 1000BTC does the same and 14 years later 0.0008BTC can buy the same 2 pizzas, you'll automatically not-want to spend your coins and will hold on to them so that next year you can buy 2 pizzas with 0.0002BTC!
But here is the twist, when price stops rising up so much (mass adoption) then people won't be willing to HODL as much and they'll start spending more.

We can even see this behavior in the past decade while we are before mass adoption. Each time price stabilizes more people are spending bitcoin more regularly.

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Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

A lot users who transact with little amounts of Bitcoins during intervals seem to be in support of loss in Bitcoin P2P adoption. However some other users especially business men who transact non stop with Bitcoin on a larger scale, seem to have the opinion that the adoption rate is quite ok. Of course no one is happy when transacting with Bitcoin during periods of high conjestions as fees can be sometimes annoying.

Your post is quite confusing and not composed well so it can fail to express your opinion.

I guess you wanted to say about Bitcoin transaction fee and its impact on small and big users (in capital scale). I agree that Bitcoin transaction fee becomes more expensive since the appearance of Taproot, Ordinals, BRC2 tokens and Inscription exploitation on Bitcoin blockchain. They even abused ViaBTC Free transaction accelerator too.

This is true, people with small capital will hesitate to use Bitcoin blockchain for transaction recent months. Oppositely people with big capital will do not mind about it because they can spend $50 or $100 transaction fee easily, without headache.

Two above resources will help you to know Bitcoin blockchain is the best for security and best for big capital movement.

Quote

1 confirmation: sufficient for small payments less than $1,000.

3 confirmations: for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits.

6 confirmations: good for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure.

10 confirmations: suggested for large payments greater than $1,000,000.

I hope to see something will be improve technically.

TheUltraElite

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At present, for me it is asset>P2P currency because I have limited avenues of spending the money and I am more concerned in growing my stash than spending it. Not every country is crypt-friendly, as you might be knowing.

Number of businesses using bitcoin as a primary means of transaction is much less than those using fiat. The impact of such companies on the economy is thus small but expected to grow in the near future. When that happens the balance will shift towards P2P>>>Asset.

Still then out main objective should be to collect coins for spending in future and now in this decade.

Dimitri94

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A person will definitely be more motivated to invest if he knows why he should invest in Bitcoin. Bitcoin is undoubtedly playing an important role as a payment method as well. All the hurdles faced in fiat currency transactions can be seamlessly transacted with Bitcoin. Currently Bitcoin transactions are not widely used due to government restrictions in various places but if the government approves Bitcoin will be at the forefront of financial transactions including any banking system. However, those who have a good understanding of Bitcoin tend to focus on the holding rather than the transaction. Bitcoin will become a valuable asset in long-term investment allowing an investor to earn multiples of his wealth. I personally value investing in Bitcoin as well.

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Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

Overtime multiple debates have been raised concerning Bitcoin losing its adoption as a P2P currency. A lot users who transact with little amounts of Bitcoins during intervals seem to be in support of loss in Bitcoin P2P adoption. However some other users especially business men who transact non stop with Bitcoin on a larger scale, seem to have the opinion that the adoption rate is quite ok. Of course no one is happy when transacting with Bitcoin during periods of high conjestions as fees can be sometimes annoying.

Nevertheless, Bitcoin has maintained a nice reputation for so long it has now become a wise choice for investment, hence the term hodling. Hodling has also become a topic of interest for Bitcoiners due to its ease and nice returns as time goes on. Due to this Bitcoin now seems more like a nice investment than a P2P currency to a large variety of hodlers.

This is not to say that a lot of person do not engage equally in both P2P transactions and Hodling. But to see what a majority of Bitcoiners view Bitcoin as. I added a poll to this post so I recommend you venture casting a vote on what aspect you use Bitcoin the most.

Don't forget to keep your keys safe

Having Bitcoin is good but the truth is that no matter how long you hold bitcoin, a day shall come when you will decide to sell in other to settle some pressing needs, both functions of Bitcoin are needed for the continue existence of bitcoin, it is advisable for people that receive Bitcoin as a payment and doesn't want to hold for a long term to use exchange wallet so that they won't experience transaction fee problems, their might be delay in receiving the bitcoin itself but once is in the exchange wallet, one can decide whether to leave it their or not, no matter how we see it, bitcoin was meant to exist with those stuffs you mentioned and everyone involved in bitcoin can not do without them but it is left for anyone to chose which one to start with.

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Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

Overtime multiple debates have been raised concerning Bitcoin losing its adoption as a P2P currency. A lot users who transact with little amounts of Bitcoins during intervals seem to be in support of loss in Bitcoin P2P adoption.

I don't seems to agree with this, there's no loss in adoption rate of bitcoin because of it's p2p network, having an increasing transaction fee is entirely different to a condition whereby the network is having a problem or being under attack, whereas there have always been a solution to the high transaction fee you you understand some various ways to pay less, p2p has always been a network as it has been before now.

Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

Due to this Bitcoin now seems more like a nice investment than a P2P currency to a large variety of hodlers.

Well maybe to others as their needs maybe applicable to how they make use of bitcoin, some are still fine in making transactions with it despite the high fees while some don't even mind the cost for that, holding it as an asset is a decision we can take on our own, but remember there's no how you can hodl for that long without still ended on moving to another wallet for exchange.

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"Bitcoin as P2P currency vs Bitcoin as an asset" - here the ratio will probably be about 10/90. There is simple confirmation of this. All institutional investors buy bitcoin not for use as a P2P currency, but as a speculative investment instrument. Even those who use it as P2P currency (in most cases) use it as an intermediate wrapper for dollars (or other national currency). I'll explain. People take their dollars, buy bitcoin, send it to others, who eventually convert it back into dollars so that the dollars can be used to buy other goods and services. In fact, at this stage, bitcoin is the same wrapper or shell for traditional money, and not an independent currency. This is one of the bitcoin entities along with an investment asset.

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I use bitcoin only to hold and accumulate profit over time at least for now since it is hard to use bitcoin for everyday transactions considering its high transaction fees and slow transaction processes but i believe that this is the future, our future and i am sure that bitcoin could be used as an everyday currency someday but there would be a lot more developments needed in order for us to see that happen

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Quote from: Mia Chloe on January 13, 2024, 04:55:01 AM

Overtime multiple debates have been raised concerning Bitcoin losing its adoption as a P2P currency. A lot users who transact with little amounts of Bitcoins during intervals seem to be in support of loss in Bitcoin P2P adoption.

Source? you can't just make a conclusion from your assumption.

There's a difference between P2P currency and currency, if Bitcoin is used to be a P2P currency, it means there's no relation with third party. While as a currency, it doesn't matter whether the person send their coins from CEX or wallet.

According to Bisq trading volume, there are still many people make trades, currently it's higher than 2020 (when Bitcoin price is low) and 2021 (the latest Bitcoin's ATH).

https://bisq.markets/

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Using Bitcoin as P2P currency on the main chain is now a costly affair after the ongoing network spam. The transaction fee are too high for now to use it. For adoption the layer 2 solution is the best option available for Bitcoin to continue its adoption growth. Bitcoin is becoming more as an asset when we consider the amount of return it has generated since it was first traded. That is what I think about Bitcoin and that is why I choose asset in the poll.

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Unlike before, if I want to send money to someone that is not in my country, I have no option than to use fiat which can be very slow and of high fee. Although bitcoin fee right now is also high but I can send it to the person aboard which would be very fast. If I want to make an foreign online payment, my country is allowed to pay but the bank is declining the transaction. I used bitcoin for the payment. There are times that fiat will fail someone as it is centrally controlled. But I still use fiat for making payments, especially locally which is fast and cheap.. Locally, I see no reason to use bitcoin.

Most of my transactions are local transactions. I use fiat for local transactions. Most of my transactions are local transactions. This always still makes me see bitcoin more as an investment. I have bitcoin because I invested in it. But sometimes I use it for payment. But what I noticed is that people use bitcoin to hedge against inflation and also as an investment, than to be used for P2P transaction. But we should still know that if you use bitcoin for investment, that is not affecting its purpose for P2P transactions.

Topic: Bitcoin as P2P currency vs Bitcoin as an asset - page 4. (Read 531 times)