Topic: Bitcoin - Store of Value or Method of Payment - page 2. (Read 625 times)
Bitcoin is an electronic payment system based on a mathematical system. The idea is to produce an independent currency not bound by a certain central authority, with very low transaction costs. Bitcoin should be categorized as a currency based on the concept of money and how the three main international monetary institutions (IMF, WTO, World Bank) respond to its presence with a basic analysis using the concept of cyberpolitics.
Welcome to 660th thread on "Bitcoin is asset or money"
I don't think you're adding anything new to this on-going debate so I really don't see any need why you created this thread. There are hundred of threads here in 'Bitcoin Discussion' section and 'Economics' section on this topic already.
I don't think you're adding anything new to this on-going debate so I really don't see any need why you created this thread. There are hundred of threads here in 'Bitcoin Discussion' section and 'Economics' section on this topic already.
I regularly transact in bitcoin. This includes purchases as well as cashing out for fun.
If you're talking about strict definitions. Bitcoin is currently a store of value as people accrue and store it.
It is in fact however a currency as well. It's just that in order for it to be used it still for the moment has to be convverted in most parts of the world.
If you're talking about strict definitions. Bitcoin is currently a store of value as people accrue and store it.
It is in fact however a currency as well. It's just that in order for it to be used it still for the moment has to be convverted in most parts of the world.
It really depends on your way of thinking about Bitcoin, obviously there are going to be people that are only interested in the currency purely for monetary gain, and other people who actually support the currency.
I am personally of the second type of people, and haven't really been very interested in the price movements side of BTC, but more the adoption and media attention it recieves, which is very interesting.
I am personally of the second type of people, and haven't really been very interested in the price movements side of BTC, but more the adoption and media attention it recieves, which is very interesting.
may I ask a question, how the one can support the bitcoin by owning it? if I have, say, 10 btc how strong my support for bitcoin is?
and if I have 1000 btc will my support of btc become stronger? I'm not quite get how it is working?
if I'm trading with bitcoins- I can see how I support bitcoin - I create turnover, exchanges are earning fees, because of huge turnovers , bitcoin attracts attention of media, researches, traders and so on.
but just holding bitcoin you do nothing.
It really depends on your way of thinking about Bitcoin, obviously there are going to be people that are only interested in the currency purely for monetary gain, and other people who actually support the currency.
I am personally of the second type of people, and haven't really been very interested in the price movements side of BTC, but more the adoption and media attention it recieves, which is very interesting.
I am personally of the second type of people, and haven't really been very interested in the price movements side of BTC, but more the adoption and media attention it recieves, which is very interesting.
I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.
What're your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
We all wanted to hold our BTC so it will give us a good future but there were also times that there is an emergency that we also need to prioritize today than to think of our future. Once that emergency comes our future purposes will also lessen or maybe gone (depend on what we need on that moment) so if there is a chance for you to invest right now and never use it for years then that's a great idea, although at the same time we also wanted to have bitcoin for method of payment because we all know that it is very convenient at all but I think, FUTURE is way better important. What're your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
People only use it as a store of value and not as a method of payment it's because they are just here to make money and not actually popularizing and increasing widespread adoption of Bitcoin. I don't blame people sometimes because Bitcoin is pretty slow as a method of payment and can also prove to be costly sometimes. So it's better to think of Bitcoin as a successor of Gold.
The motive for creating Bitcoin was clearly stated in Satoshi' whitepaper as medium of peer to peer payment system. Though currently it has adopted unto itself as a store of value because of its price fluctuation from time to time. However, bitcoin's high volatility makes it very dangerous to serve as a good store of value looking at the fact that it's been just 10 years since its creation. Gold and other precious minerals are the best store of value. Bitcoin could also be a store of value in the future, but for now it's perfect to be used as method of payment.
I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.
What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
you are right. What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
people say that we will go to crypto world and make crypto be real currency, in a fact they wont pay thing with bitcoin. i know if many people do this (pay with bitcoin than just keep it) but the most choice to keep for their profit. why? because bitcoin have value. if government release crypto for their country, and it can be trade for daily, it mean that coin no have value, so you cant make money from that coin. but it defferent with bitcoin that have big value
I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.
What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
I think we already know about the development of bitcoin, with such large fluctuations, user desires have begun to change. see the value of bitcoin in the history of 2009-2019. users prefer to treat bitcoin as a money-producing asset, we forget about the transaction and financial problems that should be the goal of bitcoin, about as an alternative payment at a store or large business, I don't know, basically the needs change according to the value of the asset. What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
I think it is clear by the actions of the BTC team and the development of things on the crypto world that BTC use case is to become a store of value, this is why the blocks don't have to become larger, and the cost and speed of the transactions don't need to be great... everyone is holding it and doesn't want to spend it - store of value
Everyone claims that stores should accept it, etc, but in reality there are other coins that are more fit for day-to-day use like for example BCH, with cheap and fast transactions... even if it was accepted everywhere I doubt people would use it much for regular payments
Everyone claims that stores should accept it, etc, but in reality there are other coins that are more fit for day-to-day use like for example BCH, with cheap and fast transactions... even if it was accepted everywhere I doubt people would use it much for regular payments
Bitcoin hodlers are primarily consigned with it store of value features Nobody want it as a mode of payment a lot of hodlers are quite conscious of the fact that the massive pump in the price of bitcoin in 2017 had made many millionaires thus hodlers don't want to miss another opportunity of massive pump that might possibly occur in the nearest future.
I believed its adoption as a mode of payment would have warrant more acceptance globally and would have compete with other currencies both fiat and virtual.
I believed its adoption as a mode of payment would have warrant more acceptance globally and would have compete with other currencies both fiat and virtual.
On a general perspective, Bitcoin as a store of value is not very feasible regarding the fact that it is very volatile. It's more of a method of payment even though it is not accepted on a broad scale. To me, based on the fact that Bitcoin is grossly traded, it is can be seen as a speculative assest. The volatility makes it fall short of being a store of value and method of payment to some extent.
Bitcoin has another function besides of those, you can easily transfer your money to everyone who lives in different country with you. Just deposite your money to your bitcoin wallet and send them to your destinantion and just take a few times your money will be accepted to reciever. And you can compare with several services who have third party, maybe it will take several days in my experience.
So, it is up to you to choose bitcoin. If you feel comfortable to use it as payment system then use it wisely, and if you use it as store of value then I think you aren't wrong to choose it as well as with another user, they have their own way, regardless of regulation I don't have much times to following it.
So, it is up to you to choose bitcoin. If you feel comfortable to use it as payment system then use it wisely, and if you use it as store of value then I think you aren't wrong to choose it as well as with another user, they have their own way, regardless of regulation I don't have much times to following it.
I think that the current situation that bitcoin is in leans toward people just using it as a store value and they prefer just investing their money in it and just saving it, from what i have seen there are some people that use bitcoin as a way to pay for thing indirectly and that is by exchanging it to fiat, and that is due to the fact that there are barely no shops or places to spend it, sure there are some but they are not a necessity and people don't want to spend and hour or tow to look for a shop to buy some food for bitcoin that is miles away from them, and that is why they don't spend it .
I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.
What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
As of now, since bitcoin is not yet fully accepted by merchants as an alternative mode of payment, people use bitcoin as a store of value. People have only few options where they can use it as a mode of payment, it is either to purchase something online or pay for services rendered. In time when bitcoin can be used anywhere, things may change, bitcoin will be circulating from one merchant to another.
It seems like you are in a dilemma with both of them.
if you want to expect large companies to adopt bitcoin for payment, are we ready with the value of fluctuating bitcoin?
certainly not.
for me bitcoin is now only a cryptocurrency more valuable than gold.
if you want to expect large companies to adopt bitcoin for payment, are we ready with the value of fluctuating bitcoin?
certainly not.
for me bitcoin is now only a cryptocurrency more valuable than gold.
Bitcoin now is used for both ways, as a store of value and method of payments online now. Yes, bitcoin payments are still limited up to now but there are already some who accept bitcoin as a payment method so I think it's just fair to consider it even tho it's still not that widely accepted.
But one thing is sure that bitcoin is really made to be a currency and we are just using it in ways that we will benefit.
But one thing is sure that bitcoin is really made to be a currency and we are just using it in ways that we will benefit.
I think Bitcoin has both, but the investment purpose is BTC's main purpose. Because the price of Bitcoin is highly volatile, good investments will be very effective!
I can say Bitcoin is a store of value and at the same time method of payment.
Store of Value in the sense that they consider Bitcoin as a form of investment like stocks and bonds that is why they are investing not only in Bitcoin but other cryptocurrency because they are hoping that it will give huge profit to them.
Method of payment because you can buy different things and services using Bitcoin and other cryptocurrencies. Time after time, more and more establishments will accept Bitcoin as another method of payment and that will help Bitcoin to increase its adoption.
Right, I agree with both. Bitcoin can be used as an asset to store a certain amount of money within the desired time period. Outside the context of bitcoin trading can also be used as a means of payment.Store of Value in the sense that they consider Bitcoin as a form of investment like stocks and bonds that is why they are investing not only in Bitcoin but other cryptocurrency because they are hoping that it will give huge profit to them.
Method of payment because you can buy different things and services using Bitcoin and other cryptocurrencies. Time after time, more and more establishments will accept Bitcoin as another method of payment and that will help Bitcoin to increase its adoption.
Now more and more outlets are accepting payments with bitcoin, as will be held in France. This is amazing about the adoption of bitcoin for the real world.
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