CryptoCurrency or CryptoAsset - page 2.

Alvaro094

member

Activity: 252

Merit: 10

Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable. So they are more like a cryptoasset.
Will anybody use bitcoin to pay for a coffee now?
USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
Is there any solution to have a decentralized solution and at the same time with a stable value?
I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.

the cryptocurrencies market is very young and there are so much for better. In this moment there are some projects in development addressed at solve the Bitcoin fee issue. there is another Altcoins that bet to became in pay way for different services and goods online, put your eyes on KIN, NANO, TRX. Everyone knows to USDT is a time bomb that anytime go off (I would not advise to invest to it)

lvincent

full member

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Well bitcoin and cryptocurrency are introduced wrong to a lot of people instead of cryptocurrency a lot of people are mistaking it for an asset they're not using it as a currency and i think this has a big effect in cryptocurrency in the future although you can really make money out of crypto it's still wrong that people didn't use cryptocurrency for it's main purpose.

millgates

sr. member

Activity: 714

Merit: 250

Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable. So they are more like a cryptoasset.
Will anybody use bitcoin to pay for a coffee now?
USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
Is there any solution to have a decentralized solution and at the same time with a stable value?
I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.

I disagree, since cryptocurrency is new currency with relatively low liquidity then its fluctuations price is normal. I think bitcoin can be more stable in the future when the number of bitcoin users in online shop is larger then in trading platform. Any cryptocurrency will not stable if there are many people that can influence the price in exchanges.

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: orions.belt19 on March 05, 2018, 06:50:38 AM

Another problem would be the transaction fee for bitcoin because it is too high. Imagine having to pay for a good then paying more than the amount of the good just to make a transfer. If that were the case, I would opt for other payment methods.

Unless you're only paying a few cents for what you're buying or you're paying from an exchange, this shouldn't be true. Fees have been low for a while now. That being said, it could change in a hurry, which brings us to another problem: scalability. Let's hope the Lightning Network can address it.

orions.belt19

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Quote from: tomahawk9 on March 03, 2018, 08:34:15 AM

Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable

Wrong. They are suitable for payments, you can actually buy stuff (a house, a t-shirt, digital goods, etc) using cryptocurrencies, though only a handful of cryptos are being accepted by merchants.

Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Will anybody use bitcoin to pay for a coffee now?

With how cheap the fees have been over the past few weeks (1-10 Sat/b), yes, everyone can pay for a coffe now.

Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.

Again, cryptocurrencies are being used as payments by many people around the globe even though they are highly volatile. Also, it would be really difficult to create a "stable" cryptocurrency since, one way or another, it would be part of the high volatility and movements of the crypto market.

Other than its volatility getting in the way, an additional issue would be the lack of adoption. Bitcoin cannot yet be used as a payment system because although it is already being used globally for payments, there is only limited use. Another problem would be the transaction fee for bitcoin because it is too high. Imagine having to pay for a good then paying more than the amount of the good just to make a transfer. If that were the case, I would opt for other payment methods.

As for now, bitcoin is ideal as a payment system but cannot be realized yet so most see it as a crypto-asset and would rather store it for future value.

goldade

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The Standard Protocol - Solving Inflation

Although, there are some cryptocurrencies that can be used for payment of goods, most coins are still not accepted and can only be used as an asset.
Cryptocurrencies in themselves are not the problem. They are not the reason for not being use for payment. The problem lies with the people, those who are involved with cryptocurrencies. Most people use cryptocurrencies as asset and do has lost it's function as a means of payment.

metenjean

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Quote from: tomahawk9 on March 03, 2018, 08:34:15 AM

Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable

Wrong. They are suitable for payments, you can actually buy stuff (a house, a t-shirt, digital goods, etc) using cryptocurrencies, though only a handful of cryptos are being accepted by merchants.

Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Will anybody use bitcoin to pay for a coffee now?

With how cheap the fees have been over the past few weeks (1-10 Sat/b), yes, everyone can pay for a coffe now.

Yes, i think Bitcoin is more like cryptoasset now rather than cryptocurrency and its true because 1 btc is so much even can be compared to a car rather than primary goods such as t-shirt or coffee. Other cryptocurrencies such as ETH might be consider more stable and much more suitable for payment now rather than bitcoin and consider the cheap fee nowadays might put good words for bitcoin in the meantime but what if the transaction fee rose again just like in december when high fee and long transaction queue happened, do we need to wait for days to accept payment for a cup of coffee?

beej

full member

Activity: 476

Merit: 108

CryptoAsset is more synonymous and distinctively close to what bitcoins, ethereum and other cryptocurrencies
are positioned currently in the market. With the way things are going with bitcoins, people are more likely to hold
their coins and wait for a few more months before selling, when prices are more better. A lot of investors I believe
have contributed to this current occupation with the release and promises of upcoming icos and the potential they
harbor. But they are also effective payment options, they are working digital currencies but people are more
interested with them more as assets nowadays because it's very capable in being so.

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: Hydrogen on March 04, 2018, 06:03:38 PM

There's an exchange named Robinhood which recently gained more than 1 million traders after it announced support for crypto currencies. Awhile ago coinbase added more than 100,000 new accounts in a single day. We have statistics that say the number of total crypto users doubles every 16 months. There are plenty of positives to focus on. Yet somehow people fixate and can only talk about "volatility". I don't get it.

More users doesn't necessarily mean cryptos are thriving as a currency though. Lots of these users talk about HODLing and investing, which doesn't help their case as a currency. But yeah, I don't get the whole drama surrounding it either. Why can't it be both? Users can use them for whatever they wish, and they seem to work well enough to attract new people every day anyway. They can grow in value, making them a good asset, and they're easy to transfer and split, making them ideal as a currency in the most basic sense.

palle11

sr. member

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Merit: 332

Quote from: Tyrantt on March 03, 2018, 07:20:55 AM

Because if bitcoins price going up and down drastically, it's got the attention of big investors and when people treat it as an asset more than a currency (not saying that is not used as a currency at all, just not as much as it should be), it's bound to continue on that path and solidify as an asset. That's why I don't think we'll ever see BTC used as an everyday currency.

I agree with this position. It might never be that we are going to see bitcoin taken over the burden of financial transactions totally because other minor payments that we are currently not being able to carry out now with bitcoin would still be there. This is one big challenge. I just see it as dominating the crypto space and alternative to fiat (maybe).

Reatim

sr. member

Activity: 2828

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Eloncoin.org - Mars, here we come!

Quote from: xuan87 on March 05, 2018, 12:51:47 AM

For now the most correct term will be crypto assets, most of the people using crypto as investment not as currency the reasons is because not a lot of places accepting Bitcoin yet, so it's not too convenient to be spent, in the future Bitcoin will become more stable and able to be used as currency

Exactly. I consider it assets as well. It has now become as store of wealth the the currency that we are expecting is not yet happening. On the contrary, a lot of companies are still not accepting bitcoin and most recently Steam stop accepting it as well. So the original vision of Satoshi has been buried and bitcoin now turns to be the playground of most the rich.

However, the fees is now lowered and transactions are very fast as well. And when LN be implement, I'm sure that we can now realized the dream of Satoshi because we can used bitcoin then as mode of payment.

xuan87

legendary

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For now the most correct term will be crypto assets, most of the people using crypto as investment not as currency the reasons is because not a lot of places accepting Bitcoin yet, so it's not too convenient to be spent, in the future Bitcoin will become more stable and able to be used as currency

mersal

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Merit: 38

I think crypto currencies will get stable price when all the people in the world starts using cryptos.And it is also suitable for small payment too because bitcoin is not the only crypto available there are other crypto arealso available which is suitable for small payment like buying a coffee.

contentboxuser

newbie

Activity: 83

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There are some projects working on this issue, but seems there is no a perfect solution for this till now.
Vitalik also addressed this issue in his article on 2014, "The search for a stable cryptocurrency".
A project named "Maker" is working on this issue, not sure if it could success, I'll keep an eye on their latest update.

jtipt

hero member

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Quote from: Tyrantt on March 03, 2018, 07:20:55 AM

Because if bitcoins price going up and down drastically, it's got the attention of big investors and when people treat it as an asset more than a currency (not saying that is not used as a currency at all, just not as much as it should be), it's bound to continue on that path and solidify as an asset. That's why I don't think we'll ever see BTC used as an everyday currency.

Unfortunately this might be true. Such a high degree of volatility makes using cryptocurrency as a payment system very troublesome for the merchants. Few merchants removed it recently because of this, a good example being Steam. There are few workarounds for this like a payment processor like bitpay, but that's not how BTC was meant to use. I'm the end BTC might remain as an asset.

cydrix

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Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable. So they are more like a cryptoasset.
Will anybody use bitcoin to pay for a coffee now?
USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
Is there any solution to have a decentralized solution and at the same time with a stable value?
I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.

Our walet supports that and they also started a campaign towards their services to the people and every update gives us users more convenient features and the recently added an altcoin ETH. The app is called Coins.ph. although the services are all focused in the Philippines but we do have a wallet similar to paypal that pays stable amount and that wallet can be converted to ETH OR BTC.

fatirborju

jr. member

Activity: 154

Merit: 1

Actually crypto that exist today can be for the payment of goods, but maybe not all goods that can pay, maybe only part if it is crypto not stable ....
Thank you

amih

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Activity: 308

Merit: 17

yes, I think for now crypto would be more appropriate if used as an investment asset because the level of stability does not yet exist. as with bitcoin people will tend to choose as an investment option for many investors. fluctuations in bitcoin prices in the current trading market are triggered by several factors and one of the most volatile price factors is that for now the Volatility in the Bitcoin market does not yet have a generally accepted index.

Hydrogen

legendary

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Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable. So they are more like a cryptoasset.
Will anybody use bitcoin to pay for a coffee now?
USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
Is there any solution to have a decentralized solution and at the same time with a stable value?
I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.

Its not fair to compare new and emerging technologies like bitcoin to old and established technologies like fiat currencies which are centuries old.

Yes bitcoin carries a respectable degree of volatility which can make business difficult for those who do not exchange btc for fiat immediately after transactions are conducted. It helps to remember crypto is in its infancy. Its a developing and emerging trend which has plenty of space for growth and technology-wise it may only improve in the future as better innovations and greater support for mining with nvidia, samsung and russia throwing their hats in the ASIC industry, with markets becoming more decentralized.

There's an exchange named Robinhood which recently gained more than 1 million traders after it announced support for crypto currencies. Awhile ago coinbase added more than 100,000 new accounts in a single day. We have statistics that say the number of total crypto users doubles every 16 months. There are plenty of positives to focus on. Yet somehow people fixate and can only talk about "volatility". I don't get it.

yamete kudasai

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Quote from: contentboxuser on March 03, 2018, 06:39:13 AM

Per my understanding, current cryptocurrencies are not suitable for payment since their value is not stable. So they are more like a cryptoasset.
Will anybody use bitcoin to pay for a coffee now?
USDT is a solution since it provide a stable value, but it is actually not a decentralized currency.
Is there any solution to have a decentralized solution and at the same time with a stable value?
I think there is a big opportunity to make a cryptocurrency that has a stable value and could be used for payment.

It is technically an asset and currency at the same time. Given that there are still countries where cryptos are not yet legal as a currency, it cannot be freely used to buy things but it's not because of its natural volatility in the market but because some countries chose to do so. Volatility is a natural phenomenon and characteristic of crypto so we can't do something about it.

Topic: CryptoCurrency or CryptoAsset - page 2. (Read 487 times)