Has Bitcoin Failed as Money? | Bitcointalksearch.org

BITCOIN4X

legendary

Activity: 1974

Merit: 1150

Quote from: bryant.coleman on May 26, 2021, 09:12:09 AM

And that is the reason why I get surprised every time when someone complains that he can't use his coins to pay for a coffee or a burger. For this purpose, either you need to use fiat, or some of the altcoins with a smaller gap between the blocks.

Actually you can if you use LN, but I personally don't like it. The growing adoption of bitcoin will have a positive impact on the usefulness of bitcoin itself as a currency. This will make it easier for bitcoin users to make payment without fiat but I'm sure not everyone will like this idea for different reasons.

OP, so far I don't think bitcoin has failed as a currency due to the fact that bitcoin adoption as a mean of payment is increasing and many countries nowadays have thought about bitcoin and other crypto friendly regulation. Currently, maybe many of us know that bitcoin is not fully used for daily purposes because its acceptance is still limited. We still need development and it will take a long time.

pinggoki

sr. member

Activity: 1666

Merit: 426

Bitcoin failed as a Money? Of course not mate. Bitcoin is a digital currency in which it hqs a real value that is volatile. Bitcoin is used for investing and also for something you want to buy via bitcoin or make transactions, but the thing is that are you really willing to used your bitcoin if you have some? Even though you know that it is the number 1 leading cryptocurrency all over the world? Of course not you will just hold it and make it as an investment rather than using it for a daily transaction or purposes. Just like what others says, you can use altcoin if you want to make transactions or buy things using cryptocurrency.

kizlod

jr. member

Activity: 139

Merit: 5

Bitcoin is for investment or big purchases. For everyday usage you can use altcoins. In my opinion BTC is for HODLing.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Bitcoin was never meant for instant payments involving small amounts. It is suitable for medium and large sized payments with a time gap. There are certain sectors which may prefer such type of payments - remittance, cross-border transactions.etc. And that is the reason why I get surprised every time when someone complains that he can't use his coins to pay for a coffee or a burger. For this purpose, either you need to use fiat, or some of the altcoins with a smaller gap between the blocks.

iTradeChips

hero member

Activity: 1792

Merit: 536

Leading Crypto Sports Betting & Casino Platform

For me the real question at this point would be "When will the fees be affordable again?" We have seen how bitcoin was used before as medium of payment and many bitcoin entrepreneurs have managed to add that into their businesses, letting people pay with Bitcoin. Right now it is becoming more and more difficult for consumers to use Bitcoin because of the volatility. Entrepreneurs might not be able to catch up changing the prices of their goods and services. So right now we are simply storing our Bitcoins as an asset. But I do hope the fees will go down, that will answer the question whether Bitcoin failed to be used as medium of exchange or payment.

Xinarae*

sr. member

Activity: 1414

Merit: 326

Bitcoin did not fail as money but rather it is great news for crypto. The real field of use for bitcoin is the innovation that forces blockchain implementation to move forward the high price of Bitcoin will be supported by many countries in the world so the introduction of bitcoin as a currency along with fiat currency will start which will lead to further improvement in the crypto market. Blockchains and crypto were developed to be well known disruptive isolated or otherwise dismantled financially at the moment the democratization of access to financial resources and information was done after the financial crisis.

lunaBTC 12

newbie

Activity: 19

Merit: 2

The total amount of BTC issuance is certain, and the service charge for small purchase is too high. Most people just regard BTC as a way to make money from investment, and do not use it in daily life. But it avoids the problem of inflation, has strong stability, and facilitates the currency conversion between countries. Bitcoin has not failed, it is just in the process of development.

clippers

copper member

Activity: 84

Merit: 15

1. The cost of early bitcoin holders is very low, if it is used as a daily means of circulation, it can make them profit at almost zero cost.

2. The total amount of Bitcoin is limited, and it is difficult to support the use of all mankind.

3. The vast majority of people regard Bitcoin as an investment choice, and the number of Bitcoins in circulation on the market is even lower.

4. The number of people participating in cryptocurrency is far below the standard of fiat currency

bitcoin-shine

newbie

Activity: 22

Merit: 1

Bitcoin will be the greatest store of value in the digital age and will eventually surpass gold.

BETTY B

jr. member

Activity: 55

Merit: 1

When Bitcoin rose sharply in 2013, some people said that Bitcoin was too crazy. In the past year or so, the price of Bitcoin has dropped a bit. Some people came out and said that Bitcoin is dying, Bitcoin has failed, etc. In fact, Bitcoin has never There is no madness and no failure. Crazy and failure will only be those who do not believe in Bitcoin, because these people are so crazy that they do not believe that there are always people in this world who can change our lives.

ROSE B

jr. member

Activity: 52

Merit: 1

Bitcoin not only will not fail, but after so many years of impact, it has attracted the attention of major financial giants and has accelerated its entry into the market. Compared with the current domestic situation, it is completely backward.

Prettyjing34

jr. member

Activity: 55

Merit: 3

It is too early to say that Bitcoin fails or succeeds. Even if Bitcoin fails, there will be more economically adapted electronic money. Some people who do not understand Bitcoin or have not studied Bitcoin should stop talking. Time will tell.
Nothing can stop the trend!

anotherdayyyy

jr. member

Activity: 62

Merit: 8

I do think so. Bitcoin is more suitable for investment and SOV, not convenient for payment in daily lives. Imagining that you know that Bitcoin's price in on the rise, they you might want to use it in payment coz it relatively costs less. But since its value is increasing, what's the point in spending it??? the best choice is to save it, right? Vice versa. so it's never preferred in payment unless a new technology is coined to make Bitcoin favored in payment. Musk did a good job in payment in that he invented paypal and I think he means to make doge a tool for payment since the volume of doge is unlimited compared to Bitcoin...BTW, Bitcoin is similar to gold, whoever uses gold in daily payment? Crazy!

TOM Bb

jr. member

Activity: 70

Merit: 1

The purpose of Bitcoin is an anarchist economic system. It is a social experiment. From a long-term perspective, Bitcoin is still very successful because Satoshi Nakamoto has nothing to rely on. Only a white paper and a technology are necessary. Subvert the entire world's economic system and this system has grown from zero to hundreds of billions of dollars in 9 years. Although the market value is not as good as Apple, the speed of transmission is already very alarming. Recently, the Turkish lira has plummeted and Bitcoin is traded in the country. The same thing happened in Venezuela, Zimbabwe, South Korea, and North Korea. . . The possibility of Bitcoin giving everyone another currency may succeed in subverting fiat currency. It may take decades of efforts to fail. If one day Bitcoin returns to zero, or it is only used in a small range of black market transactions, it may be regarded as a failure.

ARTURVHt

jr. member

Activity: 54

Merit: 1

First, this technology, and current Internet technology, are not in the same dimension. Second, remember that it is very powerful. One of its simple applications, Bitcoin, has a market value of tens of billions of dollars, so it can definitely change the world. At least there is a consensus that blockchain technology will change the world. And all of this originated in Bitcoin and has changed part of the world. So, did Bitcoin fail? Do you really think so? Regardless of failure and success, history will come to the conclusion after all. In the trend of this era, we can be witnesses and participants.

Barry Mantle

jr. member

Activity: 75

Merit: 1

Bitcoin will not become a universal currency, but will become one of the terminator of the universal currency. All encrypted electronic currencies, together with the cross-chain lightning network, form a new multi-currency free competition mode, squeezing the universal currency. You said that Bitcoin deflation, as a universal currency, deflation is the big problem. You said that Bitcoin has an infinite bifurcation and therefore inflation. As a competing currency, the inflation after the bifurcation will be offset by the fall in exchange rates. Therefore, various encrypted electronic currencies just form a self-stable competitive relationship, coupled with smart contracts, form a perfect multi-currency model. Universal currency is the root of all evil and pain.

kuldipgajjar

newbie

Activity: 64

Merit: 0

Bitcoin Can Be Easily Lost (and Stolen!)
If you lose your debit card or credit card, you can order a replacement and still have access to your funds. The same cannot be said from a bitcoin wallet. If you completely lose access to your digital wallet ID, then the money is gone!

tyz

legendary

Activity: 3360

Merit: 1533

Quote from: jerrison on March 08, 2021, 12:07:49 PM

bitcoin has remained what it was and used to be. money in all aspects.

However, money also means being able to pay any contribution with it under reasonable conditions. This is currently not the case with Bitcoin. If I want to buy a soda for a dollar, I have to pay around $5 for fees. So a basic condition for money is currently not met. That's one of the points of my first post. However, if I want to buy a Tesla for $60k, then $5 or $10 fees are irrelevant.

acener

full member

Activity: 1274

Merit: 115

★Bitvest.io★ Play Plinko or Invest!

For me it is like half successful and half failure because it would depend on us on how we would look at it.
It is successful because the number of merchant and companies are increasing.
It is a failure because most of us doesn't want to use it that way because of the transaction fee and also the chance of gaining profit,
Most of us see's it as an investment tool or store of value so they would rather hold it.
And I also think that they doesn't want to use it like money because they doesn't want to be the next Pizza Guy of Bitcoin.

Argoo

sr. member

Activity: 2352

Merit: 245

The problem is that Bitcoin is expected to continue to rise significantly in value. Because of this, it is simply impractical to use it as a means of payment, especially for small transactions due to the decent transaction fees. There is no point in using bitcoin as money if its price continues to rise. Only after it ceases to grow in value at its current rate, will it be used as money for large transactions. However, then the question arises: if he is left with a large transaction fee, what is the point of using bitcoin as money if there are thousands of altcoins at the same time, in which transaction fees will be very low or none at all?

Topic: Has Bitcoin Failed as Money? (Read 1029 times)