Topic: bitcoin cannot replace currency in the world because price is not stable - page 8. (Read 13345 times)

I think there should be no issue with regards to that replacing of currencies because as of now, bitcoin is a bit shaky, yes it is, but as we can see it is just a matter of adjustment whether people should accept it or not. Many people are easily influenced by another so there is what we call variance where it varies (the price) directly proportional to those who invest and also to those who criticize and those who support.  For me, there are still a lot of opportunities that cryptocurrency can achieve, therefore we must first focus on the main problem and just be wise on any decisions we make.

Right, it can't be a like fiat currency because a fiat currency has a store of value (something that mantains it's value). I'm not saying that fiat currency, for example dollars, doesn't change value but atleast when it changes value it's not a big percentage. While when it comes to bitcoin, it's value changes in a short time and the difference is really big. So it would be hard to use it as a currency/money. 

Indeed Bitcoin is way too long to be a currency because of its stability issue. This is because it is still young in the market as compared with the fiat we are using. Also, Bitcoin is still growing and it doesn't have a stable cashflow as compared with fiat which is widely used and controlled by the government. If the communty will slowly adopting bitcoin's system, then it will become stable and perhaps become a curency.

. If there's something which cost you $1 in fiat currency the same thing would cost you more than $1 because you have to add network fee so obviously you will choose to pay with dollar instead of bitcoin so it's not just instability in the prices of bitcoin which stops it from becoming a worldwide currency but the other factors like transaction fee etc also is a hurdle in bitcoins becoming worldwide currency.

That is really the one disadvantage of bitcoin having the big amount then still the price is not stable. Stability of one's currency is important because this makes the buyer or investor to really trust that particular currency. Although bitcoin has disadvantage it has very good and great advantage for many users and i can say that it is very helpful to many users prefering this kind of sideline. Bitcoin is profitable.

I do agree that, for the time being, you definitely can't live solely on bitcoin. At some point, when it's more stable, certainly. That's why, while I work on a (camgirl) site that takes bitcoin (bitcoingirls.live), it's only an option, not the sole one. It is certainly valuable but, for now, having both bitcoin and actual money is way better.

Also the high fees makes it useless as a currency

It will take few years until bitcoin would be able to replace currency in the world. Internet will develop first and everybody will have internet access

Yes, i agree with you. Someone who thinks bitcoin can be a currency / fiat because they are obsessed with bitcoin itself. Bitcoin provides ease of transaction, increasing prices etc.
Maybe people think that with bitcoin being the world's currency then the economy for bitcoin users will get better. But they forget that with us investing in bitcoin alone we can become rich and all-round enough for everyday.

"Bitcoin is not a currency. It's just too volatile for that", says investor Kevin O'Leary. The fact is, it is so unstable — volatility is both directions, it's up and it's down — that nobody in a substantive transaction will take that risk. "Bitcoin is more of an asset. It is one of the most successful assets on the planet right now because it's a global speculation", he added. We'll just have to take the words of a well known investor.

If bitcoin replaces cash in the future, perhaps countries will set a fixed price for bitcoin. As today, bitcoin prices fluctuate daily, weekly. It will not be able to put bitcoin into payment, transaction, purchase goods everyday. Your thinking is completely correct. In order to replace the compulsory cash, countries must offer many good and convenient applications to serve consumers. and have to offer more benefits from bitcoin.

I never liked Bitcoin in general or even considered its valuation as anything but the FOMO affect until coinbase came around and learned I could invest in these miners, not require a whole network overhaul and convert electricity into $ that yielded an ROI that even with the risk factors in this industry seemed to good to pass up.  I'm a miner because the United States mint doesnt sell currency printers to the public that I can crunch the numbers and figure out if the investment makes sense.  I've been lurking these forums since October when I got into this game so wanted to coin in on this topic for my first post.
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Bitcoin can be considered somewhat as a commodity that is easily transferable.  If you could store a barrel of oil in your pocket and BUY>SELL that oil instantly through your smart phone, stores would probably accept barrels of oil as payment based on Spot>USD conversion.  Price stability will eventually come  but the factor I believe is holding back univeral acceptance and acknowledgement of BTC within society is the fact these are being referred as CRYPTO currencies.  I said I didnt like Bitcoin as a concept and this is the reason why...there is no reason why anybody would want or need to use a crypto-currency over a credit card unless they were doing something they wanted to never be traced to them and that concern means the transfer will most likely involve activity that is questionably illegal.  Why can't these be called Digital currencies?  If you google definition of digital currency, the definition is reserved for USD and other paper or traditional national currencies that are being transferred and represented digitally.  However, I believe this is not an accurate definition as just because the vector is digital, does not make the actual currency digital.  Bitcoin not only lives strictly in the digital space, it was born there...it wouldnt even exist in an analog world.  If you want stability, stop calling it "Crypto" (which it really isn't anyways seeing recent Dark Market busts have been trailing Blockchain data) and start calling it for what is truly is: Digital.

I believe that bitcoin someday will become currency but not that it will replace fiat currency, remember the banks wants to control what currency in order to have control to the world. Bitcoin cannot be controled by the banks because there are lots of wallet that can be used for bitcoin without having trabsactions to the bank.

Bitcoin cannot be a currency but a good channel for exchange. It has a lot of features yet to be polished like scability issue, volatile in nature, unpredictable. So bitcoin cannot still be money because not people can understand it and its usage especially those who are not technology experts.

Bitcoin cannot be controlled by anyone especially by government. It is created being decentralized and can be used in every transaction having an internet access. It cannot be process without internet and the value is not stable. I do not think that government will allow that to happen because there are some happening in other country that cause to ban the currency because of using it in illegal purposes.

I am really confused why people think that bitcoin can be an agreed currency, bitcoin is still in the beginner stage while we all know since then. Although bitcoin is very easy to change, but I think it can be considered one of the advantages, we only use both of them in our daily life.

Bitcoin is a long way form becoing a curency you can live life in. And Because bitcoin is in a very young stage.

Bitcoin is definitely something but its not stable. Price variate every hours and this is why cannot be used to be something to replace current monetary system. Maybe in some time we will see something new that will change everything some new blockchain or some coin that will be with set price and that will be used everywhere as replacement. This is something that will probably happen.

I think you are absolutely right. In fact, nothing is impossible. Many countries will re-measure the status of bitcoin at different stages. It has just started to consider bitcoin as a speculative product, and then defines bitcoin as a product Know that today there are already some countries that recognize bitcoin as a virtual digital currency, bitcoin has been changing, maybe bitcoin in the future one day can really become the legal tender, all this is unknown.

Yeah for now bitcoin can't replace all the currency because of the situation. But I hope soon it became stable and it will came the time that all of us well like bitcoin so much. And the first currency that we used is bitcoin because of the higher value of this.