Topic: Bitcoin - Store of Value or Method of Payment - page 3. (Read 553 times)
I think the main purpose of bitcoin is used for the transaction method while the value of bitcoin is seen from the influence of demand and total supply which makes it expensive, shipping costs can also have an effect when making transactions which are normally used to speed up transactions.
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.
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.
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?
I think that store of value will be the future of BTC, while another, faster coin will become dominant for payments. I can't tell which coin that might be, or if it is even invented at this point. Perhaps ILCoin, they are making crazy breakthroughs regarding transaction speed and block size and alike.
There's no absolute answer but I know that people can do whatever they want to their Bitcoin because they have the freedom to do so. That's what's great about Bitcoin because it is not limiting us to what we can do. We can use it as a store of value, trading like a stock, or as a way of payment. People can do just what they want and that is the reason why Bitcoin is popular.
As long as it's not related to any illegal transactions and yes you do have your freedom on how you will treat your bitcoin. Working with this industry gives you chance to earned if you will use it for trading or as a investment assets. And since that there's already businesses online who accepts bitcoin as a currency, you can also deal without having any problem. Lesser delays even you transact overseas.
The simplest way to view bitcoin is that its like "Money in the Bank" where you are also the bank owner. Its security, interest rate, asset management depends on your own self.
Learning about it means taking Financial responsibility.
Earning from it means moving towards Financial Freedom.
If you want your money to also be a store of value, then your bank needs to work its ass off. Build products, Earn interest (What most old Hodlers do), Invest into innovation (What alt-coins were supposed to be until they thought they could compete with BTC) etc. etc.
It seems like very little is happening on these fronts. The next halving will take place in Aug 2020. By 2022, the mining reward will have fallen to 3.125 BTC. If the fee market doesn't evolve by that time, it wouldn't remain any of these things anymore. What happens after that is anyone's guess.
Learning about it means taking Financial responsibility.
Earning from it means moving towards Financial Freedom.
If you want your money to also be a store of value, then your bank needs to work its ass off. Build products, Earn interest (What most old Hodlers do), Invest into innovation (What alt-coins were supposed to be until they thought they could compete with BTC) etc. etc.
It seems like very little is happening on these fronts. The next halving will take place in Aug 2020. By 2022, the mining reward will have fallen to 3.125 BTC. If the fee market doesn't evolve by that time, it wouldn't remain any of these things anymore. What happens after that is anyone's guess.
Using bitcoin as method payment for store I think best ideas how to get faster for every transaction, still little store have using bitcoin as method payment for selling in their store, just open wallet and access to send bitcoin to store wallet, will be easy without use cash money where for tourist never have change their money first to buy won your store, many traveler look happy if many store accepted bitcoin because they only bring their bitcoin wallet to go some where.
There are lots of potential in holding Bitcoin, one of those is that we can use in transactions as we all know and another thing is we can do this for investing. Making the transaction fast compare to bank is what people become interested at, aside from that, they can also earn and accumulate more because of the fact that crypto is volatile, so we can take this as an opportunity.
Bitcoin is both a store of value and a method of payment. Bitcoin is a store of value since we are holding bitcoins in long term so that we will harvest a huge profit from storing it. In short bitcoin is tradable. Bitcoin is also a method of payment since we can use it to pay for our purchases, in some countries it can be used to pay taxis, bookstore, tuition, government taxes and many more. But if we weigh both, we can say that bitcoin as store of value weighs more than as a form of payment. Possibly if bitcoin is fully mainstreamed in the society then we can expect for bitcoin to be fully a method of payment.
Using bitcoin as method payment for store I think best ideas how to get faster for every transaction, still little store have using bitcoin as method payment for selling in their store, just open wallet and access to send bitcoin to store wallet, will be easy without use cash money where for tourist never have change their money first to buy won your store, many traveler look happy if many store accepted bitcoin because they only bring their bitcoin wallet to go some where.
There's no absolute answer but I know that people can do whatever they want to their Bitcoin because they have the freedom to do so. That's what's great about Bitcoin because it is not limiting us to what we can do. We can use it as a store of value, trading like a stock, or as a way of payment. People can do just what they want and that is the reason why Bitcoin is popular.
Both represents Bitcoin without a doubt. I personally use it as a store of value due to the finite number of Bitcoin as mathematically speaking it should increase in value every year and this is what is happening even if we have the high volatility which is a part of the Bitcoin reputation as well. From time to time I use it as a method of payment too because hey this is why it as value right ? to spend it when it reaches the value you want because without spending , I doubt it will be more than a collectable currency.
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?
Looking at how people in the crypto space see Bitcoin, it is officially an asset of value rather than an alternative avenue for making payment. Bitcoin always remain a store of value even if it gains mass adoption. People will hardly see Bitcoin as a method of payment . People will prefer to store and hold onto their Bitcoin since its value might be worth twice its initial amount now.
In my opinion, it will surely depend on that person if he might think about Bitcoin as a stored value, Or a means for transaction only well you can truly do whatever you want with Bitcoin and I think like myself I prefer to use Bitcoin as both Transaction base and asset wise, Well I am using it in buying things when the price is too high or we are having an All-time high and just storing it and buying some more when the price is in the midst of dropping, like what happened recently Bitcoin dropped to $8300 USD and right now I am not using it as a means of transaction.
I guess different people will surely have a different opinion, the answer will surely depend on a person if what he likes to do best with Bitcoin and other cryptocurrencies if it is working for him or the community.
I guess different people will surely have a different opinion, the answer will surely depend on a person if what he likes to do best with Bitcoin and other cryptocurrencies if it is working for him or the community.
I think what you have said has indeed come true.
that the intention to hold bitcoin is for the long term when they feel the price is very profitable compared to when they bought it.
but it seems that not all countries can be free to use bitcoin for transactions, so maybe every country will be different.
It is clear that people will exchange bitcoin if it is very urgent, save more and wait for the right time to benefit.
that the intention to hold bitcoin is for the long term when they feel the price is very profitable compared to when they bought it.
but it seems that not all countries can be free to use bitcoin for transactions, so maybe every country will be different.
It is clear that people will exchange bitcoin if it is very urgent, save more and wait for the right time to benefit.
Glad that you're sharing my vision! I think that countries which don't adopt Bitcoin as a mean of payment once it has been established in more developed countries will face some drastic drawdowns. Like the efficiency of Bitcoin transactions is well-known and this will surely be an advantage for some states. No need to wait for "banking" opening or go through a lot of bureaucracy to get a payment done. Payments will be smooth and fast, thus saving time - which ultimately translates to money in the financial world.
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?
Well it isn't new there are so many reason why people would prefer to hold BTC rather than spending or using it as a payment method.What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
First is the price fluctuation people who bought crypto or Bitcoin do it because they want to earn from it not to use it as a payment method.
Second is the fee from sending crypto and even the delay period of it.
Most of us would choose to pay in cash rather than crypto because it is way more faster .
Mostly use as store of assets than means of payment, most people are into btc to maximize profit as much as they can, if there are people who use as means of payment, they are very few for now, however, btc can be regarded as both because it serves both purpose.
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?
We cant all have the same point of view and to be realistic using bitcoin as a store of value doesn't mean bitcoin won't adopt as a payment method by the store owner or merchant. However, the major problem we have now is people ignorant about bitcoin and some government not legalizing bitcoin.What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
With that been said, I used bitcoin as a store of value and I also use it as a currency but it all depends on expense.
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?
Bitcoin is basically a currency and it should not be a store of value like Gold. But currently bitcoin is being used as an asset and therefore it is more of a store of value. In future, we can see bitcoin will be the major method of payment but mass adoption will take considerable time.
People have different preferences. So, they use Bitcoin as a store of value like gold or any fiat money and they also use Bitcoin on many places as a payment method. On this point, Bitcoin carries similarities with fiat money.
People do the same depending on their needs. Some people do have their holdings and allocated enough money to be used as a payment. There are also traders who spend their earnings to buy and pay for their needs while some people are just keeping their Bitcoins from spending. We all have a way of handling our Bitcoins for our own purposes but it's important that we'll keep some for our future profit when the price gets better.
Bitcoiners have different views regarding to this matter, and like what you just said traders use bitcoin as their store assets and a base for their trading businesses, some of them are using bitcoin earnings to pay bills or convert it to fiat for their everyday used. Since bitcoin can be use to pay online orto transact online there's people who are enjoying this benefits. It's a two way side depends from how end users treated it's holdings.
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 know this is the problem with every deflationary currency which operate against the value of goods meaning that goods get cheaper each day. This way people would always maintain a hoarding tendency which mean they would rather end up storing it than using it as currency. This continuous appreciation in the value of bitcoin is making it much more dearer to holders thus making it more of a store of payment than a currency. What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
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