Topic: BTC is not used for what is meant to be, possible Crash (Read 2058 times)

That is a very optimistic opinion. But just don't get ahead of yourself we may never know its future though.

I also have an optimistic information, Bitcoin is starting to get accepted by few countries also letting it to be one of their currencies.

Setting that aside, I think what the author was worried about is, do we really use Bitcoin only in legal basis? Since it is decentralize - no system is holding it, they can also to illegal transactions that could ruin the name of the Bitcoin and it could be the reason to shut it down.

One purpose of a currency, that people forgot thanks to fiat, is to be a store of value, now, while the value of bitcoin swings the truth is that if you bought months a year or several years ago then you got profits out of it, so bitcoin is a fantastic store of value, bitcoin is doing exactly what it should do.

If being used as a currency is important, and I am not sure that it is, then we have to get rid of the double taxation involved with using it as a currency.

How on Gods green earth am I suppose to keep track of every transaction and payment I use Bitcoin to pay for and then pay capital gains taxes on the difference between the Bitcoin purchase price I paid for the Bitcoin and "selling" price at the point of me paying some bill with it? (Which is also a different rate depending on how much you make and if you owned that Bitcoin for more than a year)  That is a book keeping nightmare, and technically the IRS (in the US) could come after you for every transaction, even that latte you paid for with Bitcoin at that coffee shop...

Now I doubt the IRS will waste their time for the small amount of capital gains with your single half decaf double shot caramel latte with sprinkles at the coffee shop, but if you do enough transactions such that it totals thousands of dollars in potential tax revenue I wouldn't want to be in that position.  And THAT is why I don't use Bitcoin to pay for anything, which I could (my satellite tv provider Dish offers to let me pay my monthly bill on line in Bitcoin).  

The bottom line is that Bitcoin is not a currency in the US.  It is a commodity.

Until the taxation issue is resolved I only BUY and HODL.

Who told you bitcoin was not created to store the values ?
Everyone basically want their inventions to serve multiple purposes hence Mr. Satoshi also must have preferred his bitcoins to be used as currency as well as investments. As long as has some adopters for saving it, we never need to worry it will be crashed to zero.

The purpose of bitcoin to be used is never a significant to identify whether it will reach zero or not. Getting used is more than enough reason for not reaching zero, agreed ?

Absolutely,treating bitcoin as an investment has made its price to rise above $2000 and if it was treated as a currency,there would had not been this much demand for bitcoins and it would had not got this much attention world wide.

But it is true. It does not mean that something is in a situation much worse the yours, does not mean your situation is not bad. It also is, and Bitcoin is in a truly bad situation. Now there is someone trying to bring the big BTC businesses together to do a debatable hard fork.

Why to need to worry with bitcoin as long as bitcoin has a user it will never crash and it will never disappear like bubble I fear for my bitcoins too but when you keep faith in bitcoin everything will be alright. I'm happy what ever the bitcoin price is as long as bitcoin is still kicking and can be usefull all around.

Do not take everything seriously we are only talking and discussing here. We do not necessarily want to impose our beliefs and our opinions on others. This is a forum, anything will be discussed including the less interesting and the slightly boring.

I don't get it. People are using bitcoin as a currency or commodity before being used as an investment who saw the good potential to profit big money.

And you are saying it is going to crash it we don't used it? How? The price will continue to rise and going to 0 is impossible. I would advise you to buy bitcoin and accumulate it overtime, instead of creating FUD here. Well community members here are matured enough and will not listen to this kind of lies you are insinuating here.

Did you know about what you're talking to? Bitcoin is bitcoin. It's used for what is meant to be. Many of the users keep holding there bitcoin because they know what they earn in cryptocurrency. Others sell high there BTC then regret after. Bitcoin is not only a currency. Bitcoin is future 

Don't worry because people are using, trading Bitcoin on a daily basis no matter what the price is what so ever, stop FUDing and no there will be no crash.

Look at Satoshi's coins, he is holding them for 7 years and not only Bitcoin didn't crash but it grew stronger.

Go a head and be disappointed and spread negative about it but truth is something else, you want to buy cheap coins and trying to convince people into selling, dumping.

When I sell my 1BTC for $2700 then I'll put another order for $2900 and wont sell under any circumstances, that's how I believe and trust Bitcoin.

Basically that. Bitcoin is whatever you want it to be. It's getting annoying with all these people that think Bitcoin isn't meant to be used for this or that purpose - mind your own business!!

Hello noob. People saving/holding their coins, heavily contribute towards a higher price as they make sure that there are less coins in circulation. More respect to the holders, please... Don't forget that in current times, merchants make use of third party payment processors - which means that the coins people spend, will eventually get dumped on the market. In other words, more people spending, will result in more pressure on the market.

What are you talking about?!
Bitcoin is what you use it for! For some it's an object of speculation. For others it's a platform they can build their own businesses on.
And to achieve a global currency status the use as an investment has to come first. With it's actual volatility Bitcoin is for away from getting used as a currency on a daily basis. In 10-20 years we may get there when we have found a stable price, probably in the tens of thousands USD or even higher.
For now it's the store if value and the huge potential of an increasing investment what sucks people into Bitcoin.

When something gets multipurpose usage the circulation of bitcoin increases than just being used as a currency. Though it was meant as a storage token gradually the usage varied and people showed interest on it as an investment. Recently due to increased transaction fee bitcoin is used much on large volume transactions rather than small amounts. For this reason I don't think bitcoin will be crashing.

it actually is also being used as a currency, you just haven't been looking!
do some research, find how many online and offline places are actually accepting bitcoin as payment. and you don't need to even look far. just google where to spend bitcoin and you'll find lists of thousands of places that you can spend it and people do spend it.

you can also look at this: https://bitcointalksearch.org/topic/m.18819433

it has always been like this, bitcoin has always been used as BOTH investment and a currency!

why?!!
people are saving up gold, stocks, and all kinds of shit and never spend them. you don't go to a coffee shop and pay for your coffee with a piece of stock and yet their prices are going up!

if anything bitcoin will rise even more, since it has both attributes and will always have it.

Bitcoin is used as an investment and financial means of payment. With that I believe bitcoin can survive and continue to be used for a very long time. This is the new era of a financial system in the world, we just wait until bitcoin can be a system that is easily accessible to all people from around the world.

It's BEST use at the moment is a store of value.

Can also be used as a currency if you want to buy things with it.. and people do. I believe however that it's store of value function is at this moment, it's best characteristic.

I still think it can do its purpose of creation, this increase in price is the adoption of people and the new found use of Bitcoin.  Being a store of value, why would it crash when it can perform its purpose, beside, people decided to make it a store of value and that is one of the reason why price keep on increasing.

Bitcoin might not be used as currency now but that do not mean bitcoin has lost it values of what it was created to be. Fiat has been existing for many years and generation and because of this any other options will not be appreciated as a mode of payment and serve as a medium of exchange of goods and services. Bitcoin will take it place very soon as many countries, companies and individuals accept and adopt it.

I don't get why people why people are so concerned with what other people do with their own personal bitcoins (or any money for that matter). Bitcoin doesn't care what people do with it. I certainly don't care what other people do or don't do with their bitcoin/money. Why worry over something you have no say or control over? Just take care of your own shit and let other people worry about theirs. If bitcoins crashes, it crashes.

even if its somewhat true, its true for every alt to a much higher degree.. so whatever.

It absolutely doesn't need to be used as a currency to be a success,  and its current price proves that.  People don't buy things with it much and yet...we're over $2100.  That speaks for itself.

On an unrelated note,  OP goes on ignore for butchering the english language and voicing ridiculous fears that others have voiced in the past.

being used as a currency is like the boost bitcoin can get to reach much higher prices such as $5000+ and stay there not just reach and come back. but if it weren't used for anything other than being an investment the adoption and rise will encounter some problems, some slow downs, but it won't crash. people are still going to invest in it and price will rise and stay up in the long term.

and remember bitcoin is still being used as a currency whether you see it or not!

This is a very simplistic view of where Bitcoin gets its value from. Have you not considered that the reason why Bitcoin is at $2000 is also mostly because of speculation?

I don't think there is anything wrong with people saving currency, and I doubt this will make the bitcoins crash. I know that there are already many people that use BTC to make daily purchases and etc, but I also do not think there is anything wrong with people saving their bitcoins and treating it as a stock. People often do this with other international currencies, such as when one invests their money in an appreciating currency.

I use BTC as currency plenty of the time. I also hold. That being said, if anybody is panicking about the current drop, it's a correction and we've been expecting one for a while. You don't jump hundreds of dollars without a correction. In fact, the value of Bitcoin is artificially scarce and due to this holders and users together create the price. Holding helps keep the price up. Even if this were not true, other coins are even lesser used as currency. At least we have services to purchase from big sites and some sites like Newegg even accept Bitcoin. Can't be said for other coins.

This is so fucking stupid it's laughable. So if I put $1000 into a savings account and NEVER touch it is it also going to crash? You keep on living paycheque to paycheque while I load up on money that's constantly rising in price. See you in 10 years when I own your condo complex hahaha. Maybe I'll give you a 3% discount on a flat.

I don't know but I have to disagree. If Bitcoin is used in a daily basis just like a typical currency/fiat, would you think that the price of bitcoin will reach the price just like $2000+? No. People treating bitcoin as investment is the reason why we are experiencing this sky high bitcoin price. They hold their btc which adds to the scarcity of bitcoin in the market. Thus, decreasing supply vs. increasing demand leads to what we are seeing today in the price of bitcoin.

Genuine use as a currency, not just the tiptoeing around the peripherals we're seeing now, comes after everything else has been thrashed out. First it needs to be established as a store of value and that comes after a fevered speculative phase.

Having said that when deflation kicks in properly then there'll be even less incentive to spend it than before.

I agree with you. It has to be used. Yet, it is being used already. People buy/sell things. I know it is not equal to the volume, but improving everyday. Especially if there is a prohibition about an item then that item is traded via bitcoin in general.

Big brokers and companies investing in it. I don't see a real danger in short term. Long term, if we want to BTC international currency then we have to sell more via BTC.

I am worry about that BTC is not being used for the porpouse of is creation, that is being used as a currency, instead is being used as an investment, and is going to crash if is just saved and not used, so the BTC will crash to zero very soon if that does´t change soon.