cryptocurrencies can't be used as money????

Silberman

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Quote from: badakjawa on September 25, 2018, 12:06:35 PM

One of the phenomenal stories that proves that Bitcoin / Cryptocurrency CANNOT or is not suitable to be used as a currency for a medium of exchange or payment is the story of someone who once bought a baking dish with a Bitcoin of 10000 BTC. If only that person, using 10000 BTC at the moment, is not just the Pizza he will get, the Pizza company is all he can buy.

So? Still thinking about Bitcoin as money? Still like to promote Bitcoin as an alternative currency and drive other people to buy this using Bitcoin?

So? The value of fiat changes every day as well but the variations in the value of fiat are slower that is why you do not notice it as much, but while the value of bitcoin over the long term only goes up the value of fiat over the long term has gone down, fiat has lost more than 98% of its value in the last 100 years while the value of bitcoin in the last 10 years has grown almost infinitely, to me it is very obvious which currency I prefer.

picaszo

member

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indeed an irony, but money if it can't be printed at will. if it is printed too much it can be inflation. crypto is a limited supply that makes a crypto valuable

raptorez

full member

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Why not? I think that in the very near future people will still face the fact that now people will have very big problems in order to increase the consumption of money supply, but only people have become smarter and they will usually try to prevent it.

Kaller

hero member

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They can be used as money. If you are only thinking about bitcoin and ignoring the thousands of other coins in the market then that is not being fair. There are coins like tether that are stable and can be effectively used as currencies without no problems. The only problem I see now is that people are not using their coins as a means of exchange instead they are using them as investments.

badakjawa

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One of the phenomenal stories that proves that Bitcoin / Cryptocurrency CANNOT or is not suitable to be used as a currency for a medium of exchange or payment is the story of someone who once bought a baking dish with a Bitcoin of 10000 BTC. If only that person, using 10000 BTC at the moment, is not just the Pizza he will get, the Pizza company is all he can buy.

So? Still thinking about Bitcoin as money? Still like to promote Bitcoin as an alternative currency and drive other people to buy this using Bitcoin?

xuv500

member

Activity: 406

Merit: 11

Quote from: liuqi on September 25, 2018, 09:30:03 AM

Quote from: [email protected] on September 25, 2018, 09:19:12 AM

This is wrong, it refers to bitcoin, but the cryptocurrency is not only bitcoin. Some other coins are used to pay, and their use is different. Bitcoin is like gold.

This scenario all the countries are not accepting the Cryptocurrencies and some interior villages are they don't know what is cryptocurrency. So we should not Bitcoin is a gold and some altcoins are accepting in various places. In practically it takes more than five years in entire world so we should adopt ourself then only It will increase the reputation. I hope 2025 we should expect crypto is a fiat currency.

Yes I understand it will take some time to become popular. But welcome this development first and make popular so that the entire world will come to know about crypocurrencies and how it works. In few countries they have started accepting crypto payments for few products. Lets believe it will grow day by day.

Akselrod

full member

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Quote from: awsan2 on September 23, 2018, 05:43:42 PM

Some people believe say that :

“Cryptocurrencies can’t be used as
money because their limited supply
makes them deflationary.”

What do you think?

Of course, yes, and personally I believe that this will happen in the future. Due to the fact that society is moving into the digital age, this can greatly facilitate the life. Everything will be the same as the era of the Internet began, after a rapid growth there will be a decline, and then a natural growth.

Surge_Dev

member

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Merit: 10

To my mind, the crypto currency can be used as money and it will perform this function even better taking into account the number of advantages it has. I think that the crypto has many pros

sober4now

newbie

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I think projects like Pundix and Mfchain, and others will change this. The fundamental problem is that paying with crypto is not as straight forward as it should be. There are hassles with transfering your money from crypto to fiat (coin-base holds anyone) and it is not as seamless as say swiping a credit card. I think we need a year or two before Pundix and Mfchain take off and that becomes a reality. There are still some fundamental problems with using crypto such as no charge back and annoying refund process; however, i think both companies and others will step up and figure out smart ways around these problems. I think crypto has the potential to be better than fiat. I do not think it will totally replace fiat, but it will be used a lot more than it is currently. I would personally use crypto for everything and anything.

Silberman

legendary

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Quote from: awsan2 on September 23, 2018, 05:43:42 PM

Some people believe say that :

“Cryptocurrencies can’t be used as
money because their limited supply
makes them deflationary.”

What do you think?

I think those people are mistaken, but what happens is that people are so used to inflationary currency like fiat that they cannot imagine how an economy can work with a currency that slowly becomes more difficult to get, but if you look back at the past you will see that we used gold and silver as currencies and the economy worked perfectly fine back then so this is not going to be a problem.

chandrarahmadewa

member

Activity: 308

Merit: 49

Quote from: NeuroticFish on September 25, 2018, 02:54:40 AM

..
Not all crypto are deflationary. First one that has no limited supply that came into my mind is Dogecoin.
Then, crypto or money are just means of transferring the value (labor hours, products, services, ...).
..

I agree with this person. Seeing the development of Dogecoin explains the deflation of a cryptocurrency coin. so I don't think about a deflation or inflation problem in cryptocurrency in the future

ivanleon

jr. member

Activity: 280

Merit: 1

Quote from: awsan2 on September 23, 2018, 05:43:42 PM

Some people believe say that :

“Cryptocurrencies can’t be used as
money because their limited supply
makes them deflationary.”

What do you think?

I do not understand the economy, but is it bad that there is no inflation? I don't think it's a big problem to use cryptocurrency as money. Too much volatility is the main problem.

draculaaa

member

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Merit: 13

I think that it's incorrect considering that a coin should be inflationated to be useful for current use.
Indeed BTC can be fractionated without the needing of issue paper coins.

herfianto

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send and receive money instantly, with no hidden c

That can happen but it takes time for all of that. For now, cryptocurrency is more suitable as an investment.

liuqi

sr. member

Activity: 1092

Merit: 257

LuckyB.it is Back!

Quote from: [email protected] on September 25, 2018, 09:19:12 AM

This is wrong, it refers to bitcoin, but the cryptocurrency is not only bitcoin. Some other coins are used to pay, and their use is different. Bitcoin is like gold.

This scenario all the countries are not accepting the Cryptocurrencies and some interior villages are they don't know what is cryptocurrency. So we should not Bitcoin is a gold and some altcoins are accepting in various places. In practically it takes more than five years in entire world so we should adopt ourself then only It will increase the reputation. I hope 2025 we should expect crypto is a fiat currency.

knuckey

sr. member

Activity: 1260

Merit: 251

Quote from: awsan2 on September 23, 2018, 05:43:42 PM

Some people believe say that :

“Cryptocurrencies can’t be used as
money because their limited supply
makes them deflationary.”

What do you think?

incorrect and you can prove it at this time that there are many shops or e commerce that accept payments for crypto. crypto is money, that's why it's called a digital currency or crypto currency.

[email protected]

newbie

Activity: 82

Merit: 0

This is wrong, it refers to bitcoin, but the cryptocurrency is not only bitcoin. Some other coins are used to pay, and their use is different. Bitcoin is like gold.

nagobinga

full member

Activity: 476

Merit: 100

indeed, why is it sure that there is something unexpected and must be examined further or there is a cause with the drop in the price of 1btc and that is why it is very rare for people to invest in BTC.

masterrex

full member

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Merit: 107

Quote from: awsan2 on September 23, 2018, 05:43:42 PM

Some people believe say that :

“Cryptocurrencies can’t be used as
money because their limited supply
makes them deflationary.”

What do you think?

I think it has a Shallow Point or Bases Because CryptoCurrency still can be use as a Medium to pay on purchases of Foods,Electronics,etc. in more faster and efficient way. But the problem is on the availability of technology and Infrastructure in most of countries that CryptoCurrency was already introduce.

danwanyd

jr. member

Activity: 126

Merit: 1

Cryptocurrency is money, cryptocurrency is a medium of exchange, which is one of the characteristics of a currency, and I can easily convert cryptocurrency into dollars.

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