Bitcoin will never be used for trading. Discuss. - page 2.

yojodojo21

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Quote from: Platypus_PhD on December 31, 2017, 09:27:16 PM

Bitcoin will never be used for trading. Why?

- Extremely slow transactions
- High fees
- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

Disclaimer: I have nothing against Bitcoin. I just don't think it's future is bright anymore as way better technology is coming into fruition.

OP's Given Question and Topic is Not connected to Each Other, maybe PP is Pertaining to some sort of Transactions , because as far as i know, Bitcoin's Blockchain is verily used in any transactions, an in addition, Investors who bought altcoins is for the sake of Bitcoin by trading it. OP should keep on reading about Crypto digital world.

Malamok101

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I think that's not going to happen because of all bitcoin trading sites that are commonly used to trade it in other coin but I think there's no reason to remove bitcoin in trading sites because it does not matter because it normally increases the fee and it's easy to deal with transactions because millions are also users here so it's hard to handle it so it lasts.

mx667

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Quote from: qiman on January 01, 2018, 12:20:06 PM

Unless you are a big whale and moving around huge amounts and trading a ton, I think I will agree with the above. As for myself, being a micro trader, I now mainly trade in Ethereum markets otherwise all my little profits would be eaten in exchange and Bitcoin high transfer fees. I use Ethereum because it is both cheaper and lighter to move around and trading other ERC20 token markets with ETH seems much more logical to me at this current time, at least until the lightning network hits Bitcoin.

Actually it depends on the situation, in the old days Bitcoin fee is still small and not like today. Now Bitcoin fee is too big and can not be used for micro trading. I think people are smart enough to determine which cryptocurrency is suitable for trading. Rightly you say, people will choose Ethereum for current trading. But for people who want to invest and do long-term trading, may still use Bitcoin. And also for people who like trading with large numbers, may choose Bitcoin and still loyal to Bitcoin. The title of this thread is quite make sense and true. From now, Bitcoin will not be use as trading anymore.

figmentofmyass

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Quote from: Platypus_PhD on December 31, 2017, 09:27:16 PM

Bitcoin will never be used for trading. Why?

- Extremely slow transactions
- High fees
- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

it's not clear what you mean by "used" for trading. if you mean on-chain atomic trading using the BTC blockchain, of course it's not good for that. block space is too precious. if it weren't, there would be little to separate BTC from centralized payment and messaging protocols. and the lightning network (as is) doesn't supply a reliable trust model for atomic trading. that could take many years to develop and implement in BTC, if ever.

here's the answer: we don't need bitcoin to be be the backbone for on-chain trading. there are decentralized exchange technologies emerging. one DEX model is for all currencies to be deposited into one wallet, controlled by the user. using smart contracts and timelocks, you can use those currencies as collateral for trading on a separate blockchain, which isn't subject to the limited capacity that bitcoin is. since the collateral is all time-locked, you don't need to pay BTC miner fees to trade it.

TyfrTR

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Before the summer of 2017; bitcoin was accepting buy such companies like microsoft or steam but now they stopped to accept bitcoin. Of course; bitcoin's price volatility rised up and it's making damage to bitcoin's e-commerce usage in future. Becasue of the fluctuations and manupilations; bitcoin is looking like an invesment option; not a digital currency to be used in e-commerce. But I dont mean that bitcoin has no future in commerce.

freecastle

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Technically a currency should not be so volatile, imagine the EUR / USD as liquid as bitcoin, with such fluctuations!

Borisb52

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Trading in a pair with bitcoin can and should be done. But you can deduce the earned profit in altcoyins (for example, the same lightcoin) for which fast transactions and small commissions.

HeRetiK

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Quote from: Platypus_PhD on December 31, 2017, 09:27:16 PM

Bitcoin will never be used for trading. Why?

...as mentioned by the other posts, BTC actually is used for trading, but I guess you are talking about BTC as a large scale payment network.

Quote from: Platypus_PhD on December 31, 2017, 09:27:16 PM

- Extremely slow transactions
- High fees

Fees were low and accepting instant 0-conf transactions for small amounts was viable until just about a year ago.

Transactions will be instant and cheap again, once Lightning Network is deployed.

Quote from: Platypus_PhD on December 31, 2017, 09:27:16 PM

- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Everyone who disagreed with the approach the core development team was taking simply forked off. Those that stuck to core are pretty much on the same page right now. It was a slow, painful process with a lot of drama, but in the end everyone got what they wanted.

Quote from: Platypus_PhD on December 31, 2017, 09:27:16 PM

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

You can use Bitcoin as whatever you want. You can choose alts over Bitcoin, if that makes more sense to you. That's the beauty of a free market of currencies.

qiman

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Unless you are a big whale and moving around huge amounts and trading a ton, I think I will agree with the above. As for myself, being a micro trader, I now mainly trade in Ethereum markets otherwise all my little profits would be eaten in exchange and Bitcoin high transfer fees. I use Ethereum because it is both cheaper and lighter to move around and trading other ERC20 token markets with ETH seems much more logical to me at this current time, at least until the lightning network hits Bitcoin.

arpon11

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Actually, Op, we cannot hind from this truth of the current state of bitcoin market, it cannot be use as a mode of payment because of this high fee we experience during transactions. Bitcoin cannot be adopted as payment processor as the confirmation time is highly alarming. There is a lot of disagreement among the interested teams and it seemed helpless in the face of this enthusiasts. I am joining op to say I have nothing against bitcoin just that the transactions fee too high than any banking transactions all over the world.

tech72

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You must be talking about bitcoin being used as a global currency. The drawbacks you listed are for that particular purpose. In case of using it as trading medium, then that actually happens in the exchange backend and actual bitcoin transaction doesn't take place. So, Bitcoin is good for store value as well as trading medium coin of cryptocurrencies.

davis196

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What do you mean by "trading"?
1.Trading btc on cryptocurrency exchange platforms.You are wrong about this,there`s no problem with btc trading.
2.Trading btc for goods and services in the real economy.Well,this is the biggest problem for the mass bitcoin adoption.I agree with you about the fees and the slow transactions,but the solutions are coming(LN,Segwit,other).
What do you mean by "toxic relations between investors and technology"?Can you explain?

TERA2

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Deb Rah Von Doom

Bitcoin is already used as the base currency for altcoin trading at every exchange. Nothing happens on chain and it's all in exchange accounting.

Platypus_PhD

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Bitcoin will never be used for trading. Why?

- Extremely slow transactions
- High fees
- Inability to solve these issues due to lack of consensus, poor governance, and a generally toxic relationship between investors and the technology

Now I could be wrong, and I would gladly accept that I am wrong if someone could give me clear, coherent, and rational reason for utilizing bitcoin as a actual cryptocurrency and not a cryptocommodity.

Disclaimer: I have nothing against Bitcoin. I just don't think it's future is bright anymore as way better technology is coming into fruition.

Topic: Bitcoin will never be used for trading. Discuss. - page 2. (Read 307 times)