Topic: Bitcoin is not the currency of the people and likely never will be - page 3. (Read 6393 times)
May 11, 2016, 10:44:12 PM
While I'll admit that it's worrying to see such poor wealth distribution, that doesn't seem like a good enough reason to abandon ship. People who've accumulated that much Bitcoin know that it'd be idiotic to try to sell what they have because they certainly didn't get where they are by being idiots. That isn't to say that it's okay for a few people to have this much Bitcoin, but it seems like an unavoidable problem. The best you can do is try to work around it.
May 11, 2016, 10:18:43 PM
Well you can never know. At the rate that we are going there is a slim chance and then there would have to be a depression or teh world to go corrupt for bitcoin to get an opportunity like that so as i said before the chances are slim
You have the point, of course when we are talking of money like bitcoin , a digital currency. If the government will know and recognize bitcoin many corrupt officials will also go into bitcoining and get their opportunity to corrupt easies than before. Since transaction of bitcoin doesn't need a personal information to process your request.
May 11, 2016, 03:36:46 PM
Well you can never know. At the rate that we are going there is a slim chance and then there would have to be a depression or teh world to go corrupt for bitcoin to get an opportunity like that so as i said before the chances are slim
May 11, 2016, 03:18:55 PM
Well mate I agree that Bitcoin is not perfect in any way and it is still a 'niche' digital currency but my intention was not to state that Bitcoin is better than fiat in simple every day real life offline transactions because I am well aware paper money is still the fastest way of doing business at gas stations coffee shops etc. I meant to say that Bitcoin can be used as a currency when people see fit to buy stuff with it or pay for services. I am not forcing myself to use Bitcoin in unnatural situations just because I am a Bitcoin enthusiast - far from it.
I agree with you, there are still many physical stores that doesn't know about bitcoins, and they are more comfortable using paper money. As of now, they need to know more about bitcoin if ever people who still don't know about bitcoin will shift into bitcoin , not actually shift but if they will going to accept bitcoin it is a good move for the market to adopt it.
May 11, 2016, 03:15:08 PM
Having less supply will simply make our bitcoins worth more .
agree with you. if botcoin worths more, people will try to get it. and I'm sure the rich holders will sell their bitcoins, so bitcoin will be people's currency. IMObitcoin is already currency of people anyway, many people around the world own bitcoins.
May 11, 2016, 02:38:04 PM
Well mate I agree that Bitcoin is not perfect in any way and it is still a 'niche' digital currency but my intention was not to state that Bitcoin is better than fiat in simple every day real life offline transactions because I am well aware paper money is still the fastest way of doing business at gas stations coffee shops etc. I meant to say that Bitcoin can be used as a currency when people see fit to buy stuff with it or pay for services. I am not forcing myself to use Bitcoin in unnatural situations just because I am a Bitcoin enthusiast - far from it.
May 11, 2016, 02:19:20 PM
I think for now it is still the currency of the people, because there a lot of people using bitcoin and they used it globally, its normal that big traders and investor keep big sum of money but it will not change bitcoin existence
I agree here. Bitcoin is a currency and if these big investors hold bitcoins, there are still many coins traded in the market and globally as well. It's just like the Government who owns maximum currency but the currency is owned by people too. It will never harm bitcoins/bitcoiners in anyway. May 10, 2016, 10:14:36 PM
Bitcoin can act both as a currency and as a store of value. Heck everything can have the function of a currency if it has a value. What is the difference between getting paid in bottle caps or in Bitcoin if it has the same fricking value in dollars aka fiat? Who cares if the majority of Bitcoin is hoarded in the top 500 addresses anyways. What is the currency of the pawn shops? Things. Why do they take useless old things? Because they have a value. Now I don't expect Bitcoin to replace fiat as a global currency because things need to be pegged to fiat to have a value. If I can buy a sandwich with 1000 bottle caps or 10mbtc at the end of they day for $4.5 I will use whatever is more convenient. And because I don't want to haul a bag of caps or a piece of precious metal with me I use Bitcoin. In my honest opinion adoption has nothing to do with the debate of whether Bitcoin is a currency or not.
Yes, everything that has value can be used as a currency, though not everything that has value makes a good currency.
BTCridges, for instance, are valuable, though they make a shitty currency -- most gas stations doesn't let me buy gasoline with BTCridges, BTCridges are inconvenient to carry around without special equipment, people will look at you funny when you offer to pay for your coffee with BTCridge -- that sort of thing.
Same holds for BTC: doesn't work in gas stations, both you and dimebag Pedro need to have smart phones with internet to "transact," etc.
Actual money, OTOH, works great. A slightly long-winded way of saying that there are good currencies and bad currencies. BTCridges, as a currency, suck.
BTCridges do have a thing on BTC, tho -- their value is relatively constant, predictable from day to day. And this is berry berry important in a currency. Because a good currency should be different from a lottery ticket. Berry berry different. And actual money usually is. While bitcoin...
https://s-media-cache-ak0.pinimg.com/favicons/343743f96d656bcf5985ab6775f9edabc359e6a61b90f5d4ab46984a.png?6b4b7498fe0c37bb93068f6e5112c93f
May 10, 2016, 09:16:14 PM
Bitcoin can act both as a currency and as a store of value. Heck everything can have the function of a currency if it has a value. What is the difference between getting paid in bottle caps or in Bitcoin if it has the same fricking value in dollars aka fiat? Who cares if the majority of Bitcoin is hoarded in the top 500 addresses anyways. What is the currency of the pawn shops? Things. Why do they take useless old things? Because they have a value. Now I don't expect Bitcoin to replace fiat as a global currency because things need to be pegged to fiat to have a value. If I can buy a sandwich with 1000 bottle caps or 10mbtc at the end of they day for $4.5 I will use whatever is more convenient. And because I don't want to haul a bag of caps or a piece of precious metal with me I use Bitcoin. In my honest opinion adoption has nothing to do with the debate of whether Bitcoin is a currency or not.
May 10, 2016, 09:00:22 PM
As long as there are less people with knowledge about BTC, it will always be a currency for the few. Mass adoption is a long way to go. We should not just be happy with holding BTC, instead use it more to raise awareness and push others to accept it as well.
I agree with that, people needs to be familiar first of what bitcoin is, how to get with bitcoin, how to use it, how to earn it all necessary information about it. Many years will need to be in the process that bitcoin will become accepted by all people for their currency.
May 10, 2016, 08:24:56 PM
As long as there are less people with knowledge about BTC, it will always be a currency for the few. Mass adoption is a long way to go. We should not just be happy with holding BTC, instead use it more to raise awareness and push others to accept it as well.
May 10, 2016, 06:17:54 PM
I will just keep my bitcoins. The less bitcoins in circulation the higher the price will rise leading me to make more profit. So if they are holding the most btc let them as I will hold mine.
Better to keep that for sure while waiting for the upcoming halving. Why it becomes less circulations now? It is because most of us
are holding it and no one wants to spend it just to be sure that we can earn this halving.
May 10, 2016, 06:14:39 PM
I will just keep my bitcoins. The less bitcoins in circulation the higher the price will rise leading me to make more profit. So if they are holding the most btc let them as I will hold mine.
May 10, 2016, 06:12:03 PM
By nature bitcoin is people's currency because it is decentralized and nobody contol it.Even if its larger chunk is hold by few,it is still available for everyone to buy,spend and sell.Hoarding only makes it price high which is good for bitcoin
May 10, 2016, 05:44:13 PM
Why would anyone chose to get paid in BTC, which they can't spend in 99.9% of the places they spend fiat? Or are you talking about that make-believe land of Equestria, where pastel ponies are happy to "transact" in Bits?
Choosing to be paid in bitcoin isn't about adoption. As long as bitcoin remains so easily liquidatable, it's convenient to use it for online payments and especially for user to user transactions. There's no bank holiday for bitcoin or bitcoin exchanges and there's no currency conversion fee for international transactions. If you had ever worked in freelance you'd know that getting paid in bitcoin is in many ways more convenient that most (if not all other) alternative payment mediums. >easily liquidatable,
As compared to what? certainly not fiat.
>it's convenient to use it for online payments
Not in the 99% of the places people typically shop online
>especially for user to user transactions
Not sure what that means. If you mean friends & family sort of thing, neither my friends or my family use BTC. Besides, if I need them to send me something, they typically trust me for the money.
>There's no bank holiday for bitcoin
There's no bank holidays for cash, CCs / ATMs either. Or do you mean for other stuff that banks do, like finance your house?
>or bitcoin exchanges
How does that make a difference if I need banks to get my money in/out of exchanges?
>and there's no currency conversion fee for international transactions.
No currency conversion fee for fiat either. If you mean sending money to another country and converting it to local currency, then there are fees, just like with bitcoin.
>If you had ever worked in freelance
When doing that as a kid, always got paid in cash. As an adult, was always asked for my SS#/sign bunch of docs/paid with company checks. As in paper. If I demanded being paid in bitcoins, would be unemployed.
May 10, 2016, 05:39:50 PM
Bitcoin will achieve mainstream and become a currency as payment option the same way as paypal ,bitcoin over the years should become more stable soo its already a currencie for this comunity.
Yes it will become a currency for our community who uses bitcoin. But I think it would take more years that to happen, that other countries will adopt it people must be educated to know more about bitcoin.
May 10, 2016, 04:04:00 PM
Bitcoin will achieve mainstream and become a currency as payment option the same way as paypal ,bitcoin over the years should become more stable soo its already a currencie for this comunity.
People who knows bitcoin and who are already using bitcoin knows the power of bitcoin, but we want that new users should also be a part of bitcoin community which will make bitcoin more powerful in future.
May 10, 2016, 03:47:44 PM
Why would anyone chose to get paid in BTC, which they can't spend in 99.9% of the places they spend fiat? Or are you talking about that make-believe land of Equestria, where pastel ponies are happy to "transact" in Bits?
Choosing to be paid in bitcoin isn't about adoption. As long as bitcoin remains so easily liquidatable, it's convenient to use it for online payments and especially for user to user transactions. There's no bank holiday for bitcoin or bitcoin exchanges and there's no currency conversion fee for international transactions. If you had ever worked in freelance you'd know that getting paid in bitcoin is in many ways more convenient that most (if not all other) alternative payment mediums. May 10, 2016, 03:19:30 PM
Bitcoin will achieve mainstream and become a currency as payment option the same way as paypal ,bitcoin over the years should become more stable soo its already a currencie for this comunity.
May 10, 2016, 03:12:24 PM
I am people and I use Bitcoin to buy stuff and I earn Bitcoin, that I can either hodl or spend. To me it's indeed a people's currency. I don't understand your point, I guess...
It's a semantic misunderstanding. The dirt-poor use fiat, which is issued by banks. By your definition, that makes fiat the currency of the people.
Why are you here? Do you have Bitcoins? Do you have a problem with spending it? You can make it peoples money by simply using it, no matter what other people say. There are loads of people out there using Bitcoin. Join them!
Why are YOU here? Do you have a problem with spending fiat? You can make it peoples money by simply using it, no matter what other people say. There are loads of people out there using fiat. Join them!
It's a semantic misunderstanding. The dirt-poor use fiat, which is issued by banks. By your definition, that makes fiat the currency of the people.
Why are you here? Do you have Bitcoins? Do you have a problem with spending it? You can make it peoples money by simply using it, no matter what other people say. There are loads of people out there using Bitcoin. Join them!
Why are YOU here? Do you have a problem with spending fiat? You can make it peoples money by simply using it, no matter what other people say. There are loads of people out there using fiat. Join them!
I am here at this Bitcoin forum because I am interested and I support Bitcoin as an alternative currency and, yes, I also use fiat.
Now: Why are YOU here? (This question should be addressed to the OP also)
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