Bitcoin failed as a currency - page 30.

narukami

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Quote from: brawdias on April 23, 2018, 07:30:57 PM

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

I think this is somehow true because as time goes by bitcoin is failing and can't achieve to be a currency since it is very hard to be done. Maybe, for now it might be impossible to happen, but hopefully soon it can be achieve by bitcoin, it just needs time to process all the things needed for thistp happen.

KorakPawon

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for now this may depend on the governing policy we live in, as some countries are already using bitcoin for payment, but I think to convert bitcoin into currency is very small, to change bitcoin to be used as a means of payment is quite difficult also in some country.

MadAndHoldersPattern

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It was not designed to be a currency. You cannot have limited supply while expecting to have expanding user base and transaction volume, because it's bound to become deflationary. And deflationary assets are not good for payments, they incentivize hoarding not spending.

buttonmc

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For now it can appear to be like that but you need to remember that we are with bitcoin interesting only for a few years, so there is definitely some time needed in order to establish a bitcoin currency.

Nanagyasi

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Well, I wouldn't say it has failed but I will say it is yet to assume that role to a higher level. I think you are thinking that way because not many offline shops accept Btc as a medium of exchange.
I think many of us here are also not very willing to use our Btc for daily activities but instead leave it in our wallet as a form of investment. I think we should wait a little longer for Btc to attain a stable status where the volatility we see now is highly reduced.

Miguel Fulton

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Governments could try to ban it, but it would still serve the purpose and it would instead damage that country own fiat currency. People could still exchange Bitcoins for some other foreign currency, and then that currency would gain importance because of this fact.
So, you see, even if some governments would ban Bitcoin, it would still thrive in other countries, probably the most poor ones, and this would make of these countries an exchange hub, de-facto cutting off economic traffic on the richest countries.
In the end, Bitcoin could survive well for a long, long time even simply as a reserve currency.

Zhess Miller

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The problem is that you are expecting from Bitcoin something it still can’t deliver for perfectly normal psychological, social and political causes.
Like internet was only for few specialized people in the beginning (army, scientists, Universities), Bitcoin is now for people working with money and IT mostly.
That’s why shops don’t accept it yet. They don’t really need it, and it’s still a risk.

Lauff

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NO, because most people prefer to use paper money for payment instruments and also all countries in the world already have their country's national currency, so I think for the next few years bitcoin will remain an investment tool. Currently bitcoins are so volatile that they are not suitable for use as currency and payment instruments

aliceayag

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We can't predict what will happen to bitcoin, the flow of the market price is so volatile. I think that bitcoin will stand still.

crustycrab666

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Quote from: yhan2x on July 18, 2018, 07:59:37 AM

Bitcoin will not failed in any aspects on the crypto currency. If these coin failed, why bitcoin will remain on the no. 1 spot in the market cap.

Bitcoin is strong, best community and service in the industry of digital currency.

You are right. Not a failure, but less effective. I think this has to do with bitcoin legal status and every government has its own independent currency.

thet

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elysian.finance

It is being used now and not only in the form of investment. Sometimes, others are using it with their payment transaction and pay the bills with the help of bitcoin.

poldanmig

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Quote from: brawdias on April 23, 2018, 07:30:57 PM

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

bitcoin is an asset in the form of currency all the future no one can know what it will be but I am sure bitcoin will grow rapidly

Gameroid

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Quote from: Pr3ko on July 18, 2018, 06:17:11 PM

I don't think it failed as a currency but maybe the time is not up for it to be used fully as digital currency where people could spend it in their daily activities. We just have to give it sometime for more platforms to announce their acceptance of bitcoin because that is the only way it can be used as a currency, to purchase an item and for that to happen there has to be some platforms to accept it.

To me i think that it is still very early to say anything about it, In fact still most of the people do not know about bitcoin, i think that bitcoin will become a successful online currency when more and more people will get knowledge about bitcoin and will start using it for different purpose, i think that bitcoin is one of the most successful currency of the world.

vnck25

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Yes I think it has failed as a currency and now is emerging as a store of value. I also believe that many people are getting into bitcoin because of its increased value in terms of the USD and to flip it and make more fiat currencies. The original goal of bitcoins was to challenge and remove fiat currencies altogether but the fact of the matter is that now bitcons has become an instrument to make more fiat currencies!

Dana-pasar

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if I think bitcoin still has not failed to become a digital currency that can be accepted by all countries. but still the stage in the study and travel towards the digital currency. the evidence in certain countries bitcoin has begun to be accepted as paper currency .

Ahmadarwani56

newbie

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I do not think it's time for bitcoin to be a currency larena value is still rapidly changing. and maybe in companies already bnyak use bitcoin transactions for their income .

syntac

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Dude, bitcoin does not fail as a currency. In fact I think Bitcoin is more than just a currency, bitcoin can be used as a means of payment and as a long-term investment. So your statement can not be justified.

sucre123456

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We can't say Bitcoin failed ss a currency . Bitcoin had provided the environment for newer projects to leverage on . The one major issue I have with Bitcoin is the amount of energy it consumes when processing blocks . This has really affected it from being fully accepted in the realworld .

alibaba93

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Quote from: brawdias on April 23, 2018, 07:30:57 PM

Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".

Do you guys think that this can change in the long term ?

I believe that bitcoin can not become a currency like USD, you can see that bitcoin prices are constantly fluctuating and the number of bitcoins is limited, very little on the market so I think bitcoin is not enough for The whole body is used. I think bitcoin is just coin mediation so you can trade altcoin and dollars, the value of bitcoin is also pushed up by this myth.

Febriana98

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failure is an expression of unsuccessful, I strongly agree if Bitcoin fails to become a currency, but Bitcoin does not fail to become a type of investment whose prices even beat the gold price and generate new traders.
so, Bitcoin is not 100% failed...

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