Do you think Bitcoin matured as a currency? - page 6.

deisik

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Quote from: Kakmakr on January 27, 2019, 02:08:22 AM

Would you say that Bitcoin has shed it's speculator skin and emerged as a true currency, after this correction? I think with most of the speculators left the Bitcoin scene in the last year or so and Bitcoin has truly transformed into a community of people who are more interested in the technology and using the technology as a currency.

From my perspective, this is nowhere near enough

Even if there is less speculation (which is a contentious assumption on its own anyway), it doesn't mean more real value came about in absolute terms. On the other hand, lower prices and higher stability may actually lead to greater adoption and real life use over time as factors preventing this adoption may have finally got removed

But here's another catch. We can't be sure that these prices are here to stay for any significant amount of time. And while daily volatility may in fact have diminished dramatically during the last couple of months, it is too early to tell about long-term volatility. In other words, the price being stable today is no guarantee that it won't crash 2x tomorrow (again)

BennyK

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The intention behind the creation of Bitcoin has not been fully realized because there have been a paradigm shift from the currency aspect to investment aspect. Because of the decentralized nature of Bitcoin, most of the government are refusing to authorize it as a legal form of payment. Therefore there are only limited merchants out there ready to accept Bitcoin. Investors prefer to hold and earn profit from it when the price goes up than to use it in the purchase of items on daily basis.

iqlimasyadiqa

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Bitcoin still needs support from various parties, especially from the government. in terms of infrastructure and functionality, bitcoin is very ready to become a strong currency and has a large user base. what we need to wait for now is how is the government's support for the circulation of bitcoin, when the government supports the use of bitcoin so then at that time bitcoin will become a new ecosystem in the legal financial system.

Snaic

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Quote from: Danielosad on January 27, 2019, 03:19:20 AM

I would say bitcoin maturity as a currency not so much because of the price correction and somewhat stability now but because of there are better infrastructure on ground now that makes it easier to be deployed as a means of payment. For example,there are more Lightning networks nodes-a second-layer protocol on the bitcoin blockchain that enables faster transactions and therefore make near instantaneous payments possible , There is more merchants who accept bitcoins than there was a year ago.

Yes I agree. The matter is in infrastructure, and the availability of infrastructure depends on the degree of legalization of cryptocurrency by states and the development of necessary regulations for its circulation within each state. Business structures will not massively use cryptocurrency, if there is no appropriate regulatory framework for this. Without this, Bitcoin will remain mainly a speculative asset, not a means of payment.

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Quote from: HiDevin on January 29, 2019, 04:44:18 PM

To be honest, bitcoin isn't going to mature as a currency until all bitcoins are mined and miners are only earning bitcoins from transaction fees.
Remember 2-3 years ago when bitcoin was the same price as this? It's probably going to spike up and down again like last time.
Until all people starts using bitcoin and believes in it as a currency, or people in bitcoin right now stops looking for profits and speculating all the time, it's always going to fluctuate.

That's over 120 years away. I don't think the human race is going to wait around for that. If it is to be something that straddles the world it's going to happen within the next couple of decades or never.

My pure guess is it has a couple more monster bubbles left in it. It's going to have the shit of the millennium. After that enough people figure out how to make proper use of it and in 15-20 years it's going to be heading towards saturation, though more as an asset rather than a currency.

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Now it is very early to talk about this, especially since bitcoin is not stable for so long. I think that we will observe such fluctuations for a long time and today's price will change.

Fluctuations are usually we experience all day since we are depending on the market supply and demand. As we enter the year 2018 until today, all are declining and aren't showing aggressiveness of the market flows. But all these scenarios isn't we call for and end or even we say for its maturity. We are still developing and pre-matured enough, this changes is directions are just the results of its upgrading and adaptation.

Initscri

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I do believe BItcoin has matured for sure. It's definitely not the same coin it was 3-4 years ago.

Specifically, I feel like the ecosystem surrounding Bitcoin has changed drastically. From an industry which was somehow looked down upon due to bank opinion manipulation to an industry which seeds millions of dollars in funding every year, I'd say it's changed for sure.

BeGoods

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Quote from: tenakha on January 29, 2019, 04:12:04 PM

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The volatility of the bitcoin is no a reason for them to not adopt it. If they are really interested to the new technology then they should adopt it. There are now many people who keep using bitcoin even its price is volatile.

We all know that this is not the exact reason why Bitcoin is not accepted. Surely they can understand that, but we should not think the issue is so easy. At least, it is risky to apply a newly created system to the economy circulating for years. It will be accepted, but not suddenly.

I don't think we can mention just one reason why someone refuses to use bitcoin as a currency. of course there are many reasons. and in my opinion bitcoin is not yet a mature currency. besides because we are still new to the world of online payment systems. the number of merchants that accept bitcoin is also still limited? takes a long process to be called the matured currency

fakegurutu

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Quote from: Kakmakr on January 27, 2019, 02:08:22 AM

In 2017/2018 with the sharp increase in the price to the ATH of $18 000+, people were saying that Bitcoin can never be a currency with that kind of fluctuation and volatility in the price.

In the 3rd & 4th quater of 2018 up to Jan 2019, we have experienced a correction from that ATH and we are seeing much less volatility in the price.

Would you say that Bitcoin has shed it's speculator skin and emerged as a true currency, after this correction? I think with most of the speculators left the Bitcoin scene in the last year or so and Bitcoin has truly transformed into a community of people who are more interested in the technology and using the technology as a currency. Huh

Let's discuss, because I am very curious in what you opinions are about this.

In a perspective way, I see it as a matured currency already because of the fact that somehow its value has been stable for awhile although it has a massive falldown but still its value is in all time high and bitcoin still the master of all altcoins and it will never be taken away from him until the end. Bitcoin is crypto and crypto would be nothing without bitcoin.

alina345

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This is not going to happen any time soon. Bitcoin is extremely volatile right now and its prices have been declining since the start of 2018. It needs to be stable first and then people can look further. Though people like bitcoin because of its decentralized nature, but I don't think this can ever turn into fiat currency for so many reasons. No one knows who handle bitcoin and there are no governments or banks involved. So people can invest here and make transactions directly but it is too early to think that as currency.

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Bitcoin was very stable at a price of around $6500,until the bitcoin cash fork destroyed the crypto economy. It will never be a stable currency though and should not be recognised as such, that is what tether is for

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Not if it's compared to fiat currency, but I would say yes if it's compared to other types of digital currency. Bitcoin will never be equal to the currency issued by banks and banks will never admit it

you're right, besides that there are still so many regulations that conflict with bitcoin. currently, some of the views of important people about bitcoin focus on the development of the blockchain that they have. well, most people also think that bitcoin still can't be money, because the price is unstable in a short time. maybe at this time, bitcoin is still far enough from the word mature as a currency in general view.

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Not if it's compared to fiat currency, but I would say yes if it's compared to other types of digital currency. Bitcoin will never be equal to the currency issued by banks and banks will never admit it

This thing about maturity doesn't meant to be admitted by the bank all the time. There were certain cases on digital currency and fiat banking when this matter became compatible in terms of spending. Some trading sites in asia consider bitcoin as an investment, as well as quick trading exchange in order that it will be used for digital investments. For me in general it's a mature currency that's growing higher and popular.

creeps

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In order to say that bitcoin is matured we need to more things and we can't say this only by looking its price. For example, we need to see bitcoin adopted and it should be used bore for payments. This is also the reason for the obstruction of bitcoin adoption.

If you look for some improvements on every country you will notice that the adoption is slowly happening. There’s a lot of good news with regards to bitcoin, and some countries already made a decision to accept it and it makes bitcoin more matured. Price can be a good reason to say that it matured enough, because the demand of this are very impressive.

HiDevin

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so.. hru?

To be honest, bitcoin isn't going to mature as a currency until all bitcoins are mined and miners are only earning bitcoins from transaction fees.
Remember 2-3 years ago when bitcoin was the same price as this? It's probably going to spike up and down again like last time.
Until all people starts using bitcoin and believes in it as a currency, or people in bitcoin right now stops looking for profits and speculating all the time, it's always going to fluctuate.

figmentofmyass

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Quote from: Kakmakr on January 27, 2019, 02:08:22 AM

Would you say that Bitcoin has shed it's speculator skin and emerged as a true currency, after this correction? I think with most of the speculators left the Bitcoin scene in the last year or so and Bitcoin has truly transformed into a community of people who are more interested in the technology and using the technology as a currency.

nope, definitely not. this is just one phase in the market cycle. it's either a bearish consolidation before the final crash like late 2014, or it's the start of a long term lull like 2015.

bitcoin's price can't stabilize until its user base and demand become relatively stable. this could occur after mass adoption. once the supply is highly distributed and used across society and the world, there will no longer be exponentially increasing demand to drive the bubble cycles. and it's the bubble cycles that cause the 90% crashes in value. price stability could also occur near $0, if adoption dries up and people stop using bitcoin.

either way, bitcoin's expected outcomes are very binary so it'll continue to be volatile and speculative until the prospect of exponentially increasing demand dies down.

KingScorpio

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Quote from: Kakmakr on January 27, 2019, 02:08:22 AM

In 2017/2018 with the sharp increase in the price to the ATH of $18 000+, people were saying that Bitcoin can never be a currency with that kind of fluctuation and volatility in the price.

In the 3rd & 4th quater of 2018 up to Jan 2019, we have experienced a correction from that ATH and we are seeing much less volatility in the price.

Would you say that Bitcoin has shed it's speculator skin and emerged as a true currency, after this correction? I think with most of the speculators left the Bitcoin scene in the last year or so and Bitcoin has truly transformed into a community of people who are more interested in the technology and using the technology as a currency. Huh

Let's discuss, because I am very curious in what you opinions are about this.

no it will never, because there is no realiability in bitcoin being a currency only insecurity "continous insecurity" for all forever.

people will naturally not like it, and even less like to rely on it.

tenakha

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The volatility of the bitcoin is no a reason for them to not adopt it. If they are really interested to the new technology then they should adopt it. There are now many people who keep using bitcoin even its price is volatile.

We all know that this is not the exact reason why Bitcoin is not accepted. Surely they can understand that, but we should not think the issue is so easy. At least, it is risky to apply a newly created system to the economy circulating for years. It will be accepted, but not suddenly.

ballerin and giroud

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So far bitcoin is a currency according to the perspective of its users, they consider bitcoin can be used as a transaction tool even with its volatile characteristics. But according to some people price volatility cannot be categorized as money, according to them everyone will not be able or even afraid to use bitcoin. In addition, I have the notion that the speculation factor that will continue to make bitcoin is not worthy of being used as a transaction tool because this will cause volatility in the price of bitcoin itself.

GrayFullbuster

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In order to say that bitcoin is matured we need to more things and we can't say this only by looking its price. For example, we need to see bitcoin adopted and it should be used bore for payments. This is also the reason for the obstruction of bitcoin adoption.

One of the challenges of the bitcoin is the adoption, people will not easily adopt bitcoin because they do not know what it is. We should have a good education in our community in order for them to become aware about what it is. There are now countries nowadays who fully accepted the bitcoins, their citizens are now using it in their daily payments. I can conclude that bitcoin is now matured enough as currency.

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