Bitcoin must come back to its original use - currency ! - page 12.

Yatsan

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Quote from: Ctn on February 26, 2018, 10:15:26 PM

As the title says I am pretty sure most of us who understands "what is the actual use of the bitcoin will know what it says"

Bitcoin :
Mint Symbol : BTC
Value : Avg. 10K USD/BTC
Form : Virtual
Use : Currency

This should have been the actual thing after the Satoshi's dream to release the coin like BTC in the market. The bitcoin was supposed to be used as currency to buy and sell things the same way we do with our dollar.

The first use of BTC was done when the guy bought pizza for 10K BTC. That was the thing which should have been continued today also. No matter what how much you pay for pizza in those early days, it could have been few satoshi's today but it could have worked just fine.

The status of the BTC has now turned to commodity. The commodity which is being traded globally for the own profit and to run the different industries. This is getting ridiculous day by day as replica of it coming out of the forks.

This Should have been the Future:

Bitcoin is ebbing used as currency in 2009-2010. Government see that its popularity is growing day by day and it could be of could use in the financial sectors, lets implement the blockchain in our banks!

Bitcoin earns the legal status

Bitcoin gets widespread across the globe and rest of the country follow the same and thus the nationwide legal status turns into the global legal tender!

People start using the BTC for trading daily life needs with help of bitcoin.

There are no creation of million BTC addresses daily but the only one unique address per head per bank account!

No exchangers are being created but only handy smart phone apps and PC wallets to store the coins linked with bank chain.

Bitcoin smoothly shifts in the market capitalism and keeps going upwards slowly but steadily. The value rises and it gets cheaper to use for daily needs.

Global financial advisor think about minted coins to be formed physically with unique barcodes printed on them.

First appearance of the BTC in the global market!

Yes, that seems to me perfect. This is what bitcoin could have followed but greedy human changed its history by using it for their own benefit as commodity.

We can't force things. Some people are living in countries where cryptocurrencies are not legal yet. So the only thing that they could make use of it is investment to earn profit. Bitcoin might be used as its main function which is as a currency after a couple of years but for now,just be happy to those people who are earning.

bettercrypto

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Aside from being a currency, what are its purposes?
1. Income sources
2. Asset
3. Storage
4. Support gambling
But the root of these purposes is that bitcoin is a currency. The OP made it more complicated. The people will choose for his or her own purpose of bitcoin. We can say it is an income source but the essence of bitcoin is still there. That is to transact and transfer in a peer to peer network.

binghope

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Yes, the founder of BTC with the purpose of helping to speed up trading, reduce the cost of circulation. But nowadays, BTC has lost its purpose, and no one knows its purpose anymore. They plunged into the BTC for speculation, business profits and the BTC market became more chaotic than ever. Has created many fraudsters, specializing in appropriating property of others.

JoshuaBlack1

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I think limiting bitcoins use to currency is like forcing an octopus to operate with one arm

millgates

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Unfortunately we are pretend bitcoin not as currency but only as source of income, where people can earn money online. Just look at ourselves and be honest, we are only want to grow our wealth by invest in bitcoin, aren't we? We can use bitcoin to buy something in online shop or e-commerce marketplace such as Amazon and etc but we need to use vendors such as purse.io , the merchants aren't accept bitcoin, they only accept fiat money but purse.io help bitcoin through their method.

nightmanisrightman

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It will get back to its original use case of currency, just give it some time will you? For the moment it has veered off, but I bet you once we get more stabilized or hit a certain high enough price people will begin using Bitcoin and other cryptocurrencies more often. I personally, don't need my Bitcoin to have gained I just need to know I am transacting anonymously.

ununoctiumprecipitate3

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Btcs original purpose was to serve as a support gambling currency for the unemployed and employed people. But they are taking it too serious

Btc_1856

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Quote from: pogiparin on March 03, 2018, 06:48:26 AM

The price should come back especially for those who bought it at a relatively higher price. If not, then these investors would loose a lot of money.

Agree! Bitcoin increased it price very fastly so it should undergo some market correction before increasing it's price further. Even i bought the Bitcoins at the higher price but still, holding them patiently because i am have lot of faith in bitcoin.

eurobend6

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As per me its real use is evaluated in using it as a daily traded local currency but its not gonna get that form ever

Bitfling

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Its very nice if bitcoin can be currency but I think its very hard and still long way to become currency. Its happen because banking lobby on government is very strong and banker dont want to lose control on monetary system

LolEnergyXglossy5

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I am new here and even doesn't know what the actual use of bitcoins is Sad

FreshMoff

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I don't think it "must" do anything... it "will" do what the market makes of it

Omega Weapon

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Quote from: pinkflower on February 28, 2018, 09:45:50 PM

Quote from: Omega Weapon on February 28, 2018, 06:36:11 PM

Quote from: pinkflower on February 26, 2018, 11:05:42 PM

One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.

All currencies are assets as well, this is something usually forgotten and as long as bitcoin performs a better job being an asset then that is the use people are going to give to it, bitcoin as a currency is not very good, that will change in the near future but we cannot deny the best usage of our bitcoin does not come from paying our bills it comes from holding and trading and as long that is true that is what we will keep doing.

One of BTC's best usage would be the ability to make a censor resistant transaction at a time when its impossible to do it in all other currencies. Maybe in a dystopian setting.

Thats a very powerful use case if you think about it deeply enough.

That will be great use case but unless you live in North Korea we do not have a need to use bitcoin in that way, however it seems we are heading in the direction of a more intrusive government and if that is the case then the fact we do not need to use any middle man is critical but I still think we are on time to avoid that future and bitcoin will be one of the tools necessary to avoid it.

Betwrong

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I stand with Ukraine.

I disagree with the OP. US Dollar and other hard currencies are also used as commodity in the Least Developed Countries but they are still currencies nevertheless. Also I wouldn't go so far to call people who trade Bitcoin greedy. If there's a demand for something you can trade it in the free world and that is not making you greedy. And why do you think the price should stabilize at around $10k? What if I tell you that the reasonable price for Bitcoin with today's demand should be around $50k? Also if there was only one unique address "per head" it would totally eliminate the anonimity of Bitcoin.

Mometaskers

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Quote from: AjithBtc on March 01, 2018, 11:34:44 AM

Quote from: Mometaskers on March 01, 2018, 11:14:05 AM

At this point it's unlikely to not be seen as an asset even if ease of making transactions have improved. People still look at it based on its exchange rate with fiat that they'd rather hold, trade and exchange rather than using it as money for purchases.

Quote from: fasdorcas on March 01, 2018, 09:11:10 AM

Quote from: Dima88 on February 28, 2018, 02:33:06 AM

It is impossible to return Bitcoin to its original use as a currency, because investors continue to buy it for long-term investments. Bitcoin did not return to the accumulation council

We made bitcoins asset, you are right here. The developing team might be cursing us as we have totally changed the nature of a thing. Bitcoins couldn’t never be thought as an asset in earlier times rather they were started to replace other currencies of the time. But the ending is somehow not according to the plan, as much of us are continuously dealing bitcoins as gold.

You are right. It was intended as a secure, decentralized option to fiat and look how it turned out. Maybe things will change once all of it has been mined out? Hard to tell since that would still take decades to happen.

After the entire bitcoin getting mined changes might take place from something a transaction token to a currency. Still it has got little possibility, because with the limited number of bitcoin it is hardly an impossible task for each and every user having at least a small amount of bitcoin.

People should still be able to afford buying a few satoshis after every btc has been mined out, the price would just be a bit higher.

If bitcoin is the only crypto or currency left (no more alts and fiat) then it's value would be measured with the goods and services it can buy so the amount you have is not much of a problem since you'd eventually get some one way or another.

gambitcoin53

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We have no choice, bitcoin is evolving, rapidly and with full potential, these changes are making investors roll their eyes with a dollar sign, lol, maybe as a currency, it is only one of the uses why bitcoin was created, but because lots of investors are seeing how bitcoin evolve profitably, everyone tends to go with the trend. We cannot blame them, just like dollar, as supposed to be a currency butbecause of its market value and wolrdwide acceptance, it landed on trading platforms too, it is a natural phenomenon. And nobody can derail it.

pogiparin

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The price should come back especially for those who bought it at a relatively higher price. If not, then these investors would loose a lot of money.

richkellj

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Quote from: AjithBtc on March 01, 2018, 11:34:44 AM

Quote from: Mometaskers on March 01, 2018, 11:14:05 AM

At this point it's unlikely to not be seen as an asset even if ease of making transactions have improved. People still look at it based on its exchange rate with fiat that they'd rather hold, trade and exchange rather than using it as money for purchases.

Quote from: fasdorcas on March 01, 2018, 09:11:10 AM

Quote from: Dima88 on February 28, 2018, 02:33:06 AM

It is impossible to return Bitcoin to its original use as a currency, because investors continue to buy it for long-term investments. Bitcoin did not return to the accumulation council

We made bitcoins asset, you are right here. The developing team might be cursing us as we have totally changed the nature of a thing. Bitcoins couldn’t never be thought as an asset in earlier times rather they were started to replace other currencies of the time. But the ending is somehow not according to the plan, as much of us are continuously dealing bitcoins as gold.

You are right. It was intended as a secure, decentralized option to fiat and look how it turned out. Maybe things will change once all of it has been mined out? Hard to tell since that would still take decades to happen.

After the entire bitcoin getting mined changes might take place from something a transaction token to a currency. Still it has got little possibility, because with the limited number of bitcoin it is hardly an impossible task for each and every user having at least a small amount of bitcoin.

Actually when bitcoins are considered as the world’s super currency then it is necessary for bitcoins to be shared throughout the world’s populations. Every person sold be easily accessible to bitcoins and this fixed count of bitcoins have to be increased. Only then we can say bitcoins have made the world’s best currency that would be used in every form and everywhere.

Tyrantt

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Need some spare btc for a new PC

Quote from: jhean_arcane on March 01, 2018, 04:19:26 PM

Bitcoin strongly reminds me of gold. In the ancient times, they use gold and silver as means of currency to replace the barter system. However, as times go by, people used other means of currency which are cheaper and easier to obtain. The value of gold sky rocketed that normal citizens cannot afford to have it. As a result, gold became an asset instead of means of purchase.

That's what's happening to bitcoin now. It's more like an asset now than of a currency, which, for me is fine. We have Ethereum (which heavily reminds me of silver) and other good altcoins to use. Eventually, cryptocurrency will fall in the same trend as what happened to gold and fiat money.

Quote

The value of gold sky rocketed that normal citizens cannot afford to have it.

Yes, but, you can still buy a fragment of bitcoin like 0.001 or 0.01 so it's still affordable. Tho that's not what I meant. Regardless of price, you can always buy fragments of any crypto, but just the very idea of people buying and trying to collect, while holding it all for a long time, is that's making it an asset.

jhean_arcane

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Quote from: Tyrantt on March 01, 2018, 04:12:14 PM

Quote from: BillCoin on March 01, 2018, 10:31:19 AM

Bitcoin has never meant to be a currency, even if you could have used it as a currency when the fees were normal, it still doesn't mean that we should it as a currency.
If you wish to buy small items such as coffee, lunch meal and etc, you can use a smaller cryptocurrency who offers a smaller amount of security but at the same time it offers reduced fees.
Bitcoin has meant to be a store of value, just like the gold, and not for daily transfers.

and that's how it's going to be in the future. Bitcoin will remain as the biggest one and will become a full on investment asset, while the smaller crypto will replace bitcoin in various fields like the state crypto we're seeing being developed today.

and tbh, that's what I'd love to see. Just like changing from one currency to another, you'll be hopping from one crypto into another for whatever you need and it can also be bought on some corner shop like you're buying bus ride tokens.

Bitcoin strongly reminds me of gold. In the ancient times, they use gold and silver as means of currency to replace the barter system. However, as times go by, people used other means of currency which are cheaper and easier to obtain. The value of gold sky rocketed that normal citizens cannot afford to have it. As a result, gold became an asset instead of means of purchase.

That's what's happening to bitcoin now. It's more like an asset now than of a currency, which, for me is fine. We have Ethereum (which heavily reminds me of silver) and other good altcoins to use. Eventually, cryptocurrency will fall in the same trend as what happened to gold and fiat money.

Topic: Bitcoin must come back to its original use - currency ! - page 12. (Read 1844 times)