Topic: Bitcoin: Store of value or Payment method or else? - page 2. (Read 284 times)
Store of value or use it as a payment for service or product it's up to you on how you use Bitcoin. Though Bitcoin was originally created to eliminate the need of the third party companies to transact from one person to another. But, Bitcoin is now currently being used as an investment tool or a store of value due to it's rapid growth and adoption. So, I guess it doesn't matter how you or someone will use it, because they have the freedom to choose what options they want to use Bitcoin.
I say both. However, there are some countries like Turkey and Russia who bans Bitcoin and other cryptocurrencies as mode of payment directly or indirectly, but they can either treat it as a store of value or trading.
The reason I liked Bitcoin so much is because it’s free from all government insight (unless that you are using a centralized exchange or wallet that is regulated by the central bank or government), has transparency and cannot be tampered because of the blockchain technology. It’s also a deflationary coin with only 21,000,000 in total supply and all of them are gonna be completely mined in 2140.
The reason I liked Bitcoin so much is because it’s free from all government insight (unless that you are using a centralized exchange or wallet that is regulated by the central bank or government), has transparency and cannot be tampered because of the blockchain technology. It’s also a deflationary coin with only 21,000,000 in total supply and all of them are gonna be completely mined in 2140.
Hello!
I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
IMHO, I think both, I mean Bitcoin can be used as a store of value and also for payment purposes But lets us accept the fact the Bitcoin Network was base on outdated technology thats why it needs to be upgraded and the Ligthning Network (LN) functions can be the best solution to make Bitcoin transaction faster thats why it needs to be implemented widely as soon as possible.
Hello!
I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
^ Bitcoin was only being considered as a payment method alternative for banks and cash or fiat.I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
However, due to the high demand and miners being very much persistent. Bitcoin started to become a store of value. It was the best option to store value because confidentiality is really effective. You can stay anonymous but still keep a lot of assets on your hardware. But today, these advantages are slowly fading as Bitcoin has now become mainstream. But just because it fades does not mean it is negative.
Bitcoin has a lot of benefits and uses in our daily lives, many said that it can be used in paying in transactions, store of value, and etc.
But for me, in bitcoin, I found financial freedom when using it and I became aware about the economy and cryptocurrencies.
I knew that there are a lot of opportunities and there are many choices in investment.
But for me, in bitcoin, I found financial freedom when using it and I became aware about the economy and cryptocurrencies.
I knew that there are a lot of opportunities and there are many choices in investment.
The main purpose of bitcoin is whatever you mostly need it for.
The point is you don't need people to tell you what it's for and what it's not for. You just use it for whatever you want/need.
- Bitcoin is a cheap borderless way of sending money without much fees for overseas workers.
- Bitcoin is a store of value for the people skeptical with their country's economy.
- Bitcoin is a method of payment for the people who doesn't like banks messing with their consumer decisions.
- Bitcoin is a short/mid/long term investment for the people who want to take advantage of the hype.
The point is you don't need people to tell you what it's for and what it's not for. You just use it for whatever you want/need.
mk4 has it on the nose, Bitcoin can be used by anyone in numerous ways.
There are people here on the forum who spend Bitcoin weekly to live, there
are lots of market places online who accept Bitcoin as payment.
Thinking of the future? Bitcoin is speculated to out perform any FIAT based
pension plan and we can manage it ourselves.
Try moving $50,000 or $100,000 in cash outside the country! with Bitcoin its
invisible and borderless.
Today it is more of a store of value than a payment method, although it can be used both ways.
It will take time, if ever, for it to come into widespread use as a payment method. Bitcoin has a problem for day-to-day payments: the waiting time for transaction confirmation and fees. This may be solved with the Lightning Network, but it remains to be seen.
Another point to keep in mind is that the price of Bitcoin revaluates enormously, so it is more profitable to keep the Bitcoin and spend worthless fiat than to spend it.
In short, it can be used as both, but today it is more useful as a store of value.
It will take time, if ever, for it to come into widespread use as a payment method. Bitcoin has a problem for day-to-day payments: the waiting time for transaction confirmation and fees. This may be solved with the Lightning Network, but it remains to be seen.
Another point to keep in mind is that the price of Bitcoin revaluates enormously, so it is more profitable to keep the Bitcoin and spend worthless fiat than to spend it.
In short, it can be used as both, but today it is more useful as a store of value.
Bitcoin is both, that is a store of value and a method of payment. For me, bitcoin can be anything we want. Bitcoin is how you use money freely. You can send money with bitcoin anywhere you want on a peer to peer basis without having to involve banks, the government and the countries. you can also invest like a commodity with bitcoin. You can also buy goods and pay bills easily using bitcoin.
Benefits of Bitcoin:
-User Autonomy. The primary draw of bitcoin for many users, and indeed one of the central tenets of cryptocurrencies more generally, is autonomy. Digital currencies allow users more autonomy over their own money than fiat currencies do, at least in theory. Users are able to control how they spend their money without dealing with an intermediary authority like a bank or government.
-Discretion.
-Peer-to-Peer Focus.
- Elimination of Banking Fees.
-Very Low Transaction Fees for International Payments.
-Mobile Payments.
-Accessibility.
-User Autonomy. The primary draw of bitcoin for many users, and indeed one of the central tenets of cryptocurrencies more generally, is autonomy. Digital currencies allow users more autonomy over their own money than fiat currencies do, at least in theory. Users are able to control how they spend their money without dealing with an intermediary authority like a bank or government.
-Discretion.
-Peer-to-Peer Focus.
- Elimination of Banking Fees.
-Very Low Transaction Fees for International Payments.
-Mobile Payments.
-Accessibility.
Hello!
I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
Bitcoin was originally created as an alternative means of payment to the current state payment system. That is, new financial relations were created, in which intermediaries, and above all banks, were removed, and transactions became faster, more confidential and without geographical boundaries.I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
However, like all means of payment used as money, they simultaneously have the function of a measure of value and a store of value. Unfortunately, for many reasons, cryptocurrency is now performing its main function as a means of payment very poorly, and in the main it is used as a speculative asset, that is, preserving and accumulating value.
The main purpose of bitcoin is whatever you mostly need it for.
The point is you don't need people to tell you what it's for and what it's not for. You just use it for whatever you want/need.
- Bitcoin is a cheap borderless way of sending money without much fees for overseas workers.
- Bitcoin is a store of value for the people skeptical with their country's economy.
- Bitcoin is a method of payment for the people who doesn't like banks messing with their consumer decisions.
- Bitcoin is a short/mid/long term investment for the people who want to take advantage of the hype.
The point is you don't need people to tell you what it's for and what it's not for. You just use it for whatever you want/need.
Hello!
I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
Bitcoin was originally created as an alternative means of payment to the current state payment system. That is, new financial relations were created, in which intermediaries, and above all banks, were removed, and transactions became faster, more confidential and without geographical boundaries.I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
However, like all means of payment used as money, they simultaneously have the function of a measure of value and a store of value. Unfortunately, for many reasons, cryptocurrency is now performing its main function as a means of payment very poorly, and in the main it is used as a speculative asset, that is, preserving and accumulating value.
Hello!
I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
I've been seeing many people with many views and opinions on what bitcoin is for. What do you think bitcoin main purpose is and do you think it may change going forward?
Thank you!
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