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

Silberman

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Quote from: badakjawa on September 25, 2018, 01:06:35 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

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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

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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

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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

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Quote from: liuqi on September 25, 2018, 10:30:03 AM

Quote from: [email protected] on September 25, 2018, 10:19:12 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

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Quote from: awsan2 on September 23, 2018, 06:43:42 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

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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

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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

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Quote from: awsan2 on September 23, 2018, 06:43:42 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

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Quote from: NeuroticFish on September 25, 2018, 03:54:40 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

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Quote from: awsan2 on September 23, 2018, 06:43:42 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

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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

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Quote from: [email protected] on September 25, 2018, 10:19:12 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

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Quote from: awsan2 on September 23, 2018, 06:43:42 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]

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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

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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

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Quote from: awsan2 on September 23, 2018, 06:43:42 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

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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.

NeuroticFish

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Quote from: awsan2 on September 23, 2018, 06:43:42 PM

Some people believe say that :

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

What do you think?

It's like saying: cars are not good for transportation because their combustion engine is polluting.

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 don't think that limited supply is such a barrier, if the limit is high enough.
People tend to believe Bitcoin is in trouble because 21M is not a huge number. But they forget that it's 2100000000000000 satoshi. Big enough now?

hdtqisg

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Merit: 250

This time, bitcoin and altcoin are mainly used as valuable assets to exchange and invest! Crypto has not been used much as a currency!

jazz1984

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Quote from: awsan2 on September 23, 2018, 06:43:42 PM

Some people believe say that :

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

What do you think?

In response, let them learn what unlimited supply can lead to in such a good example as the Zimbabwean dollar. By the way, not all crypto-currencies have unrestricted emissions, in general this statement looks very unreasonable ...

Kryten12

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TREEBLOCK

It isn't strictly true statement as there have already been a few crypto debit cards that allowed you to spend in crypto whilst the transaction was converted to Fiat for the merchant. I know of some other ecommerce websites that will accept crypto as payment and one precious metals dealer who accepts payment in Bitcoin, Ethereum or Litecoin.

It's getting there but not widespread enough at the moment for daily use.

Nicolas Bebek

member

Activity: 335

Merit: 10

Indeed if I thought, crypto is approaching on a stock or asset. instead of a currency. because for availability is very limited, and indeed could be on sale buy. This made me think so.

ankusharora1980

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IT CAN REPLACE CASH BUT SURELY IT WILL TAKE TIME NOT NOW.

Jamesdila1

member

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Merit: 10

but still we can use crypto to fulfill our expectation. even australian airports are now accepting crypto, fifa world cup tickets also sold for btc. so i think crypto is really digital cash. it may be not fully legal. but buyer and seller can do the transactions each other

popsywura

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Cryptocurrency cannot replace money rightly because it does not have a legal backing in all countries of the world which makes it not generally acceptable as this is one of the crucial features of money.

cryptogeek101

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Quote from: awsan2 on September 23, 2018, 06:43:42 PM

Some people believe say that :

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

What do you think?

What is money after all? cryptocurrency is a medium of exchange which is one of the features of money, who says it cannot be used as money, what cryptocurrency needs is general acceptability which is massive adoption.

Thefrolly

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Quote from: awsan2 on September 23, 2018, 06:43:42 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 don't think this is correct, if we only had one cryptocurrency in existence then I would have agreed with this assessment but with so many coins in the market right now, safe to say that the supply of coins is endless at this point. There is enough supply for the world and as time goes on we will see even more coins being brought into the market increasing the supply of cryptocurrencies.

Mysteryla

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Well, we are all waiting for a time when it can be used as money. If you talk of money, it should be a legal tender and of crypto is not yet one. Nonetheless, it is still used for transaction.

netto7

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Activity: 252

Merit: 4

some ppl think about if you want to use bitcoin it need low amount is 1btc they dont know about you can use it in satoshi.

and they see btc only have 21M that why they say it limit supply.

WalkerIVIV

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Cryptocasino.com

Quote from: awsan2 on September 23, 2018, 06:43:42 PM

Some people believe say that :

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

What do you think?

Not only this and they are not enough scalable to be used as a payment system and this is the main problem when you are using crypto these guys are manipulating the crypto currency look so bad for me personally. I thought that's the main problem for me. The bankers have stated that if crypto has so many problem to replace the cash

oriontab

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Quote from: Harriti on September 23, 2018, 06:47:04 PM

At first, I can say it's true at the moment because cryptocurrency isn't fully legalized in any country yet so nobody can use it as money. Beside do you think money is unlimited? LOL. Of course government can print as much as money as they want but if they do it then inflation will occur so money is also limited but it's not the same as cryptocurrency

I will they will get the irony,
it is the fact that the government can print fiats in unlimited quantities that makes it dangerous and poor application of fiats as good money. Just watch how fiats turn worthless when trust in the government fails. Bitcoin is good money.

Harriti

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HEX: Longer pays better

At first, I can say it's true at the moment because cryptocurrency isn't fully legalized in any country yet so nobody can use it as money. Beside do you think money is unlimited? LOL. Of course government can print as much as money as they want but if they do it then inflation will occur so money is also limited but it's not the same as cryptocurrency

awsan2

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Activity: 224

Merit: 2

Some people believe say that :

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

What do you think?

Topic: cryptocurrencies can't be used as money???? (Read 268 times)