Topic: Bitcoin is still a digital currency - page 2. (Read 449 times)

Bitcoin is a digital currency that is perfectly work online as a means of payment and also trading and investment as it applies, Bitcoin is an asset which has more opportunities to invest now, for a future usage. In other words Bitcoin is gradually growing or spreading across the globe as time goes on and more people are entry Bitcoin business in one way to another, which is one of the easier and educative online business to some have to do as a part time or full time job and get rewards.

It only shows that you guys are lazy hehe. There is nothing wrong in writing a wall of text but of course it must be informative and non just non-sense. Moving on, Bitcoin is not only limited as a payment method but it can also be used as an asset just like a Gold, Stock, Real Estate and similar stuffs in which people can invest and make profits. In which country do you live buddy? I feel sorry for you because you can't fully enjoy the benefits of Bitcoin but you are still considered to be lucky because you can still use your Bitcoin as an asset.

In many countries, where Bitcoin is fully legal, most people there are only using their BTC as an asset too. They think spending their BTC directly is a waste while some find it hard due to the fees, speed and complexity. Not to mention the acceptance of merchants.

As another member said above, your post is very long and kinda tired of reading it, but I will draw conclusions from the last sentence.

So dude, how you got feel that Bitcoin is only acceptable for payment and digital currency? did you reading the Bitcoin white paper then you write this thread?

You should know, in my country, bitcoin is illegal for payment, or not as a digital currency, but in that case, we are here shall and legally to keep bitcoin as an asset investment such as gold, silver, or any kind of asset. And, Even we are a bit off from the white paper, but still, we (as bitcoin enthusiasts) hope an exception for bitcoin (to be a digital currency) in next in near future.

to make it able, (if I have time and have finished law school) I'll try to compose the draft law to be submitted to the senate.

I couldn't agree more with you and what makes me really happy reading this is you changed!  I studied bitcoin for an entire year before ever buying..I read books, I read articles , I watched YouTube videos etc.  I've always "been in" bitcoin for the technological breakthrough that it is.  Now of course I see it as an investment now too...but I was there for the days where it was worth very little.  Working in finance, and knowing how corrupt the banks are, I was absolutely excited about what it meant in terms of an alternative to banks...a decentralized digital currency (it just now happens to also be an investment by nature).

If only bitcoin is handled like a Fiat currency, then obviously Bitcoin will no longer be called a digital currency. That's why it's called digital not physical money and now because of business people who believed in bitcoin they gave it value until it increased little by little who invested in it which is the reason why its value in the market increased.

      So, it means that the main thing that has been good about bitcoin is that it has a technology in which the blockchain is the reason why it was embraced by investors, so most of them believed in it as a good long-term investment and time has proven it. that have passed.

I believe the reason why most are looking at this market as investment is owed to its high volatility aspect.
Because of its volatile nature, a lot are seeing this as an asset that they can get high profits from.
Not because they want to use this currency for their daily expenses, but an investment where they can wait for certain period to cash out.
This is why some people are getting disappointed if they are not seeing their holdings to get high gains.

It's our wrong understanding of bitcoin that make us to see Bitcoin in another ways or giving the definition of bitcoin base on our perspective, Yes, bitcoin is a digital currency and it purpose of creation is not to be a competitor with a fiat currency or rather been a helping hand to fiat's currency, so one of the major thing many people embrace bitcoin or adopt bitcoin as an investment option it's because bitcoin is an asset and it can appreciate and also decreases, so making a point that bitcoin is not an option for investment" so from my perspective I don't think that information is ideal or can be considered as a welcomed development.

Your post is quite a length, but from the little I understand is that this discussion is to address the fact that many people see bitcoin as something to invest in rather than the whole image of it where it should also be used as a currency even first even before an investment opportunity. The investment opportunity in bitcoins is very attractive, and if it were just for currency that bitcoin can be used, buying of bitcoins will be low because many people care less about a new currency.

Your claim is right that Bitcoin is a digital currency that is used as a means of payment, apart from this it is also an investment avenue for people. Don't know the reason why you won't want people to look at the investment side of Bitcoin because as an innovative and curious person, you should always see an advantage in positive things why miss out on this?

It doesnt really fit out on the criteria but making use of it as an alternative then it would do but speaking about on being main currency? Lets just accept the fact that it cant really be just that possible. There's no

way that it would really be treated such considering about its properties and characteristics then it doesnt really fit out into that certain position.It isnt really that bad on being optimistic but going that far
and believing and making yourself that too expecting that it would be coming into this point then you would really make yourself disappointed.

Just go with the flow and as long you do make money out of its movement then it would be better if you do focus on this one.

different people have different perspective towards bitcoin, some see it as a a store value, while others see it as only a digital currency, although it is too much to say to prove someone's point both are still acceptable. i agree from someone saying here too that there are some who are afraid to use it as a store value or currency due to its volatility, but remember that initially bitcoin is created with these things in mind so that depends on how you view this technology.

OK, I've read all what you said, and while most of what you say is correct, I don't think it's accurate to refer to blockchain as a country, while it may be useful to compare blockchain to a local currency, I see it more as a large database that records all Bitcoin transactions. Its primary function is to serve as a proof of transaction and prevent fraud.

I'm not exactly sure what you're trying to explain here or to add to the forum, but if you're suggesting that Bitcoin is not meant to be used to earn money, then I think that's wrong. Bitcoin is a digital currency that can be used just like any other currency to buy goods and services or to send to someone. The advantage of Bitcoin is that it offers more control and faster transaction times compared to FIAT. You can send BTC to anyone in the world within seconds, with fees that you can choose to set. So, it's possible to earn Bitcoin by accepting it as payment for products or services rendered, or by trading it on exchanges like any other currency.

The number one reason why people don't use Bitcoin as a currency is its volatility. Imagine you are a business and you accept Bitcoin, and suddenly it crashes by 30% and now you are short on money for your operational costs. Or the opposite - you took a Bitcoin loan, Bitcoin jumped up by 50% and now you owe more money than you took, basically suffering a loss. A partial solution could be tying Bitcoin prices to its market price, but it would create problems too. Someone can order an item, then cancel it after a week and the seller will have to return a different amount of money.

People have different reasons for joining the Bitcoin industry. Some intend to use it as a currency to promote their privacy while others see it as an investment platform. Sometimes the transaction fees of using bitcoins as a currency might discourage people from using it for paying for goods and services. And people prefer to use fiat to buy mostly petty goods.

The rate of inflation and constant loss of value of the currency of most countries have made many people use Bitcoin as a hedge against inflation and devaluation. Many countries restrict the use of Bitcoin as a means of payment thereby forcing citizens to embrace Bitcoin only as an investment opportunity.

NB: Using headings for large posts like this will make it easier and faster to read. But I commend your effort Op.

Well, all you need to do is compare Bitcoin to your local currency, you should already have the answer because Bitcoin is simply a better store of value than Fiat, it was created to have better value, it's limited in max supply is enough to confuse you or anyone, unlike Fiat currency that's been printed anytime they like, the scarcity of anything will automatically creates value, if this is why people want to buy and hold bitcoin, there is nothing bad in this.

Bitcoin caught the government red handed, and that's they the government doesn't want Bitcoin to be a store of value because it's stealing the people away from Fiat and the government doesn't want that.

Yes of course Bitcoin is a currency. People can view it as an investment because it is a hard currency and is in the early stage of adoption and so therefore beyond just being a currency it is also the best investment in the world and will continue to be that for some years to come.

I guess it is a little concerning how many people only view Bitcoin as an investment and they don't realize it is a currency. Like my mom (who even owns bitcoin) thought I held my bitcoin on Coinbase and I was like what no I hold it myself. And she literally asked me how is that possible lol. She didn't even know you can store bitcoin yourself, cuz she just thinks its an investment like a stock that only exists on exchanges.

It's an education problem. The price movement and growth is the most public thing about Bitcoin so people just think of it as some financial asset like a stock. You can even see this in how it trades lately - Bitcoin being affected by Fed interest rate changes even though interest rates have no effect whatsoever on Bitcoin, because lots of people who buy and sell Bitcoin just think about it as some sort of stock, and stocks area affected by interest rates because companies are affected by interest rates.

The general public probably won't think of Bitcoin as a currency until it is actually easy to use as a currency to buy things. And we're probably a decade away from that.

Devalue fiat currency is absolutely the cause of poor economy infrastructure and low budgets estimated for the citizens. Bitcoin will surpassed fiat currency in the future, it have already stand out to portrayed profits to the investors and it's really a good news for those that have access to purchase bitcoins. It's popularity is growing and we ought to stand our ground and invest wisely because this is cryptocurrency, one never can predict what will happen next.

The main purpose of bitcoin is to act as an alternative currency to the fiat as a payment method or gateway. But recently Due to the devaluation of the fiat and the ability of bitcoin to hedge against inflation has drive many to use the bitcoin as an investment tool. And with the way the fiat crises and bank crises are growing gradually it will remain so. Also bitcoin has a limited supply which makes a huge advantage to been use as a store of value.

It is interesting to see how the usage of Bitcoin has evolved over time. While originally designed as a digital currency and payment system, it has now become a popular investment tool. It is difficult to predict whether Bitcoin will continue to succeed as an investment, but it is important to remember that there are still practical uses for it. There are still merchants and businesses that accept Bitcoin as a form of payment. I do not think that this will change in the near future. And I do not think that it is wise to completely ignore the possibility that Bitcoin could become a widely adopted currency.

Bitcoin was created to give users financial freedom for them to bypass banks,have a fast transaction with low transaction fee. It is an alternative method of payment because not everybody will use bitcoin,even if it is legalized by all countries.

Bitcoiners don't see bitcoin as an alternative method of payment anymore,they have come to understand that bitcoin is an asset due to its volatile nature,and this is the fact. Everyone knows what bitcoin is to them,either they see it as a digital currency which they use daily due to the high level of privacy and the fastest means of payment. Some take it as an asset which they invest in to make profit at the long run and some as a store of value to keep their funds save from inflation.