Topic: Bitcoin must come back to its original use - currency ! - page 15. (Read 1844 times)

Bitcoin is supposed to be a currency, yes it is a currency but people made the deflation and made it an asset like gold. We may still made bitcoin as currency but many people use it the other way. Because of our new technolgy, bitcoin itself evolve to catter the needs of each investors. Right now bitcoin is a two way digital currency, it is like a gold which grow in value overtime and a currency which is used to buy things online.

I agree with you, actually it is still a currency but it is not used like a currency but it is seen as a store of value, and as it is decentralized, lots of people want to make money through price fluctuations.

Bitcoin is a currency but most people do not want to accept bitcoin for goods and services because of the way the price fluctuate in the market.

You have some good ideas (I would like to see Bitcoin have a clear legal status), but you are also wrong in many aspects.
Let me explain:

1. Why should be the value of this coin be quite fixed? My country's coin was 18 years ago 2.14 RON for 1 USD. Now it's 3.7 RON for USD. Quite a difference, and it's still a currency. You can research for yourself how valuable was US Dollar some 30-50 years ago and may be surprised. Those are inflationary coins. Bitcoin is deflationary, its value HAS TO grow over time. So the fixed part makes no sense, neither mathematically, nor economically.

2. The pizza example is not good. We can pay in the same way today with Bitcoin. I bought a monitor for BTC not long ago. The problem is that it's not feasible to pay at the grocery store with Bitcoin. Not yet. And I think that Satoshi knew that Bitcoin will need "something more" at some point. Lightning Network is that something.

3. Legal tender, hmm. This is going to be difficult. Just look at Euro. UK and others just didn't want to get rid of their coin. Greece may be sorry that they use EUR. All in all, governments don't like to let go the control over the currency. They want to adjust the inflation by their needs.

4. One address/head/bank account? First of all banks have nothing to do with this. Second, the number and the use of wallets is "not your business", meaning everybody have to be allowed to make as many as they want for the needs they want. You mixed up here the currency with the banks. They are way different. Wallet is the thing from your pocket. And I am sure you wouldn't like when you go in a bad neighborhood to have written all over you how much money is in your wallet.

5. No exchanges. This is related to 3. If you get Bitcoin accepted everywhere then the exchanges will die off, since it will no use for them. Until then, you need them, in the same way as you need exchange to change your USD to EUR if you go to France and have to pay something with cash.

..I could think on more things, but I am lazy enough to stop here.

Pardon the call out here, but I think you misunderstand how little power "the big banks" have over this thing.

The growth of bitcoin and what the OP is proposing relies zero on "the big banks" to accept it. This system works outside of all traditional banks. On the contrary, we would be willing to consider bringing the big banks into crypto...some time soon.

Even a word from a Government against crypto currencies doesn't bring this thing down. It'll flush out the newest investors, but won't stop the system and it surely won't put a "full stop on the legal transactions". I can send Bitcoin to anyone who's willing to accept it for any good or service I'm legally allowed to possess. A Government has as much control to stop bitcoin transactions as they have of stopping you from givng a sixer of beer for to a neighbor in exchange for keeping an eye on your house while you were out of town at that financial summit.

The only thing that is required for Bitcoin to be flourishing as a currency is for merchants to accept it as a currency. But even if they don't, Bitcoin remains avialable around the globe.

Can you do us a favor? The next time you're at a financial summit, please spread the word that crypto currencies have already arrived. "The big banks" don't have a table we want (or need) to sit at.

I appreciate the world you have created for bitcoin. But lets face it. Its tooo fictional. I was away from the forum for last month as I went for a financial summit and trust me the big banks and authorities have no plans to bring in cryptos anytime soon. They are really still too dominant in the society. Just a word from the governments against the cryptocurrencies would mean a full stop on the legal transactions all together. So its hard to believe this world could exist. But on the very same time there is no way to stop cryptocurrencies too. Their flow is imminent but will be restricted as a secondary source of currency only. 

Aahhh, so you want to instill rules about how Bitcoin is used? How people can interact with it? What its average price should be?

Sounds like regulation - NO THANK YOU!

Why are you against letting the free market decide what Bitcoin's utility will be? Right now it's clearly moving toward being a commodity or investment class. This is a great use, something outside of the regulated financial markets, something that operates outside the corruption-tempted hands of humans. Where is this reality going wrong for you?

I would be agree if Bitcoin has been unsuitable as a currency.
While Satoshi original vision are using this as peer-to-peer electronic cash that didn't require the supervision of banks, but many people are likely to stored it rather than to spend it. This is what keeps Bitcoin prices up, so investors start to compare it like the value of gold.
In fact, we can't resist the trend of market participants who prefer to invest and trading it rather than use it for daily needs.

As much as I agree with you this won't happen because larger number of people see bitcoin as internet gold and not internet money.
Newcomers don't care what they can buy with bitcoin, they only care about how much profit they can make and cash out.

I am pretty sure lots people don't know that they can use bitcoin to buy something. It is just sad.

If people is not using bitcoin as a currency is because there are not many places where they can spend their coins but this will change over time

This should be one of the things that we should have promoted here and not what we are seeing today. Many of us has seeing bitcoin as investments tools and not as currency. We are concerned about how mush we would make from the push or fluctuations in pricing. Bitcoin been used as an assets to trade or invest for high profits will undermine it values and it positions as a currency.

We can't do anything about it because that's how we made it look like. Off course human is best species considering the greed and want of money or what we can say something valuable. Thus they bitcoin as the best and easiest way to achieve it and finally here we are trading the shit out of bitcoin and making millions. (Well not me) but many others in the stories. 

Your chronological order is good one by the way but things could not have been so simple as you have depicted there. The bank collaboration will need huge regulations and strictest confidence to do it smoothly. It might have not been sorted by now. That's how politics works.

Yeah, Bitcoin started as a currency, but it's more of a commodity now. One has to wonder if Bitcoin got more traction as a currency would it have been as popular as it's now as a commodity? Would Bitcoin prices have been much more stable than now where users would have been using it for day-to-day lives? Not likely. Not about Bitcoin vs fiat, but if you're living in a country with a strong and stable economic conditions, Bitcoin doesn't serve much purpose as a medium of exchange, other payment systems would do the job, unless Bitcoin transactions are that cost-effective, but yeah in a hyperinflated or a nation with a broken economic structure, that's where Bitcoin serves its true purpose as a medium of exchange.

The countries that have regulated Bitcoin have classified it as a commodity, apart from Japan where it's considered a legal tender. I think governments planning to regulate Bitcoin would take the commodity route rather than recognizing Bitcoin as a currency, better a commodity than accepting a decentralized currency they can't control. It's about stability, less volatility, currency or commodity, what matters is how mass adoption will be achieved. Bitcoin can't only be digital gold without utility, and so far apart from volatility, scalability concerns have been limiting Bitcoins potential as a currency, but with LN, there are a few good reasons to believe that the next phase of adoption would be utility/currency driven.

It is impossible to take Bitcoin back to it's original use as currency because investors are keep on hoarding it themselves for a long term investment. Bitcoin is for everyone but now only wealthy people can afford to have atleast a coin plus it is only applicable to bigger transactions due to high fees. But yeah I love it when Bitcoin will be used again as currency and Altcoins as digital commodity.

I usually use Bitcoin in buying prepaid loads and also paying bills here in my country and it is super fast and easy compared to fiat currency. But when I first knew about Bitcoin it is really a currency but when I came through various online communities they used it as investment just like precious stones and metals. My question is how could it be back when all the people are using it for investment purposes and not as currency?

Yes, and deflationary coins goes against our consuming society, where we have to spend our money which loses value. As we all want to keep our coins, having bitcoins as global currency would kill the consuming society, haha.

Currently, everyone sees bitcoin as a deflationary currency, which is wrong as mining creates inflation (around 1440 coins everydays, 525 600 every years which gives an inflation rate of 3.1% for this year). When inflation was higher in 2014, we were thinking it was one reason of a price drop.

For bitcoin, the protocol must evolve to use it back as currency. If everyone starts to use their coins, fees will rise again, maybe even more than december, so all daily purchases will be almost impossible. It was possible some years ago, when we had really less users, and I remember our motivation back in these years was to see bitcoin accepted by big merchands (like steam, microsoft, amazon, paypal integration? ). I don't see a lot of people hoping for another great merchant integration today, currently, people are talking about countries regulation and trading. Seems like bitcoin usage and goal has changed, indeed.

Thats what I am pointing out here. Lets keep the Gold as an investment asset or store value which is utility metal. It can be bought with currency/money. However, the bitcoin on the other hand is itself a currency which could be used to buy gold itself. Bitcoin was never asset for Satoshi's sake! We made it like that.


With that said by me, yes I am willing to use it for daily life needs with off course digital platforms unlike the physical currency. 

There is nothing to prove about it because our thinking has set to assets, store values, trades, profits when we say "Bitcoin". If that would have been never linked with it then im sure you would have been using it as currency too with no more proofs.

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.

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.