Topic: Has Bitcoin Failed as Money? - page 2. (Read 1029 times)
Bitcoin is a form of financial refinement. If we think further bitcoin is driven by technology that is much more perfect than banknotes. If banknotes can record transactions manually, collecting data centrally, Bitcoin is precisely the opposite some of the shortcomings of bitcoin will be refined by fiat.
There are numerous terms which make Bitcoin prevalent than fiat.But still got to aware people approximately BTC that embrace around the globe.It is additionally not as it were an issue around the expenses. Bitcoin’s dissemination is additionally a issue since the early adopters who have gotten very rich have more impact on the economy. Bitcoin has gotten to be a advanced resource for storing. It can be great for the cost, in any case, usually not great as a medium of trade.
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Right now very small percentage among the global population is aware of bitcoin. Possibly this will be around 4-5% of the population. In the upcoming year this percentage seems to increase as more common people are getting into cryptocurrency following the participation of large scale firms on buying of bitcoin.Right now people prioritise bitcoin as an investment, and people won't easily move to bitcoin considering it same as currency. Even in the long run I expect bitcoin to serve as an alternate to traditional fiat.
Pretty sure that even media is aware of it now.
The only one-digit percentage we got is the adoption, maybe not awareness.
From Elon Musk's mentioning Dogecoin, I think that would actually get the awareness of many as he has millions of followers. It could be not Dogecoin, but I believe that people would think Bitcoin first before Dogecoin and even Ethereum.
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Right now very small percentage among the global population is aware of bitcoin. Possibly this will be around 4-5% of the population. In the upcoming year this percentage seems to increase as more common people are getting into cryptocurrency following the participation of large scale firms on buying of bitcoin.Right now people prioritise bitcoin as an investment, and people won't easily move to bitcoin considering it same as currency. Even in the long run I expect bitcoin to serve as an alternate to traditional fiat.
Pretty sure that even media is aware of it now.
The only one-digit percentage we got is the adoption, maybe not awareness.
From Elon Musk's mentioning Dogecoin, I think that would actually get the awareness of many as he has millions of followers. It could be not Dogecoin, but I believe that people would think Bitcoin first before Dogecoin and even Ethereum.
It seems that the fundamental problem of Bitcoin in fulfilling its function of money is the high volatility mentioned above. It not only makes custody impossible, but also undermines its function as a measure of value and discourages its use in payments - universal acceptability of BTC is not possible when the seller receives something for his goods or services whose value changes so fast and so hard.
I also think that volatility is the problem hindering Bitcoin's adoption. It's a consequence of Bitcoin's scarcity. The way to address volatility is to have inflation. I have proposed an altcoin, a parallel blockchain, with 7% inflation. I haven't found many people who agree with me. People are very polarized these days. Bitcoiners stick with hyperbitcoinization. They talk like enlightened men and women. They occasionally descend to talk about the Lightning Network.
They'll come back to their God-like visions when adoption stalls. Hey, the price is going up. Economists don't really care. They probably worry about their jobs. They prefer money printing. It's job security for them. Financial journalists are chasing clicks. They have no clue. I'm not sure if there's any other way to address the volatility problem. Maybe, the magical hyperbitcoinization will happen one day.
Or people will wake up and start working on a crypto system with inflation. Until then, we're stuck with volatility. As a long-time Bitcoin hodler, I welcome the current development of Bitcoin and find the increasing acceptance great. But the question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.
Why? I try to pay with Bitcoin wherever possible. Fortunately, more and more merchants and services are accepting Bitcoin. Whether directly or through third-party providers. Here are my experiences over the past few weeks.
I wanted to take out a subscription to my favorite streamer. $4.99 payable with Bitcoin. Timely Confirmation Fees, $ 6.71. 134% of the purchase price. Even with an annual subscription, the fees would still be around 20-23%.
Paying my web hosting costs of around $30, Bitcon fees also around $5, which would be 16-17% fees.
The fees may be acceptable for buying a Tesla for $ 40-50k, but certainly not for daily payments.
If we conclude your thought then you mean that Bitcoin does not do the job as a payment option. No one wants a high transaction fee. Then BTC is closing to be digital gold rather than payment mean. There will be less fee in comparison if you transfer in significant amounts. If we want to use bitcoins for payment then the high transaction fee problem needs to be solved with another technology. Why? I try to pay with Bitcoin wherever possible. Fortunately, more and more merchants and services are accepting Bitcoin. Whether directly or through third-party providers. Here are my experiences over the past few weeks.
I wanted to take out a subscription to my favorite streamer. $4.99 payable with Bitcoin. Timely Confirmation Fees, $ 6.71. 134% of the purchase price. Even with an annual subscription, the fees would still be around 20-23%.
Paying my web hosting costs of around $30, Bitcon fees also around $5, which would be 16-17% fees.
The fees may be acceptable for buying a Tesla for $ 40-50k, but certainly not for daily payments.
On its own, Bitcoin is a paradox [1]. It has no grounded reality. When demand is positive and supply reaches 0, the price is undefined. Bitcoin's price can be infinite or 0. Bitcoin is 1/2 of money. It's the deflationary side. It's an extreme form of deflation. Its supply will reach 0. Gold has ~1% supply inflation.
Money has the inflationary side. I think an inflationary crypto is the key to unlock the transaction use-case. Most people in the space have not realized this. They despise fiat currencies, inflation and subscribe to hyperbitcoinization. Eventually, the number will stop going up. Surprise! People will come to terms with inflation. Until then, we're stuck with the volatility.
[1] https://bitflate.org/post/2021/02/05/the-bitcoin-price-paradox.html
Money has the inflationary side. I think an inflationary crypto is the key to unlock the transaction use-case. Most people in the space have not realized this. They despise fiat currencies, inflation and subscribe to hyperbitcoinization. Eventually, the number will stop going up. Surprise! People will come to terms with inflation. Until then, we're stuck with the volatility.
[1] https://bitflate.org/post/2021/02/05/the-bitcoin-price-paradox.html
Do you think that everyone knows about bitcoin and other crypto currency? People are still believing on fiat currency than crypto currency. If people know about the benefits of Bitcoin, then they will adopt it easily.
Right now very small percentage among the global population is aware of bitcoin. Possibly this will be around 4-5% of the population. In the upcoming year this percentage seems to increase as more common people are getting into cryptocurrency following the participation of large scale firms on buying of bitcoin.Right now people prioritise bitcoin as an investment, and people won't easily move to bitcoin considering it same as currency. Even in the long run I expect bitcoin to serve as an alternate to traditional fiat.
Do you think that everyone knows about bitcoin and other crypto currency? People are still believing on fiat currency than crypto currency. If people know about the benefits of Bitcoin, then they will adopt it easily.
bitcoin has remained what it was and used to be. money in all aspects. I see bitcoin also as a store of value even if it doesnt seem that way to the globe but a few financial analyst have confirmed this as it is used to store value even as they do gold. bitcoin remains the most reliable money as of now.
Tried to pay with bitcoin a couple of times, but always found the fees way too high.
The thing is, paying with Bitcoin is possible if there is no hype. In 2018/19 I paid a lot of bills by paying not more than 20 cents in fee. Indeed, this is still high if you have small transactions like $2 or $3, but okay when having $20 or $30 or even more. But each time Bitcoin is demanded and hyped then fees rise to the sky.
Actually that's the reason why it is called decentralized. Bitcoin value isn't that stable so it is true that it is risky to hold or to put your funds in bitcoin gor a long time. Making transactions using a bitcoin will give you fees that are depend on the bitcoin value and the price of what you need to pay to. Bitcoin might be have high fees but your money might get higher and earn some profit also, right? We need to be familliarize to the idea that bitcoin as well as the fee will always gonna be unstable because it is cryptocurrency. And crypto have high risks but also have high rewards.
Tried to pay with bitcoin a couple of times, but always found the fees way too high.
The thing is, paying with Bitcoin is possible if there is no hype. In 2018/19 I paid a lot of bills by paying not more than 20 cents in fee. Indeed, this is still high if you have small transactions like $2 or $3, but okay when having $20 or $30 or even more. But each time Bitcoin is demanded and hyped then fees rise to the sky.
It seems that the fundamental problem of Bitcoin in fulfilling its function of money is the high volatility mentioned above. It not only makes custody impossible, but also undermines its function as a measure of value and discourages its use in payments - universal acceptability of BTC is not possible when the seller receives something for his goods or services whose value changes so fast and so hard.
The first boom in 2017, bitcoin emerged as a form of independent payment. Some have realized the true potential of paying with bitcoin. Through many periods of indifference of the market almost sunk, but now, after bitcoin has achieved "assets of 1 trillion" corresponding to reputable organizations such as Amazon, Microsoft ... It seems based on that, I mistook Bitcoin for the ultimate purpose. where the need to use speculation invisibly made bitcoin an asset. I have heard that "bitcoin is digital gold" and therefore, bitcoin is not going to replace fiat, but it still alternates between the purposes of using bitcoin. An independent, unique type!
the first time I knew about bitcoin, it was explained by comparing bitcoin with gold.
analogically, bitcoin is gold in digital form. so, at that point, I assume bitcoin is an asset.
the acceptance of bitcoin as a medium of exchange is just a plus point for me. It's not mandatory for bitcoin to be accepted as a medium of daily transactions. this is just my opinion.
I don't remember when the last time I paid something with bitcoin (except for gambling). however, I still got paid in bitcoin regularly from the signature campaign I joined or my other services. for microtransactions using cryptos, I prefer to use stable coins, Doge, or Tron. Bitcoin lightning network is good but I can't find where to spend it. A few days ago I tried a casino platform that accepts bitcoin lightning network. It was fast and fun to try. I hope I can see more platforms like that.
analogically, bitcoin is gold in digital form. so, at that point, I assume bitcoin is an asset.
the acceptance of bitcoin as a medium of exchange is just a plus point for me. It's not mandatory for bitcoin to be accepted as a medium of daily transactions. this is just my opinion.
I don't remember when the last time I paid something with bitcoin (except for gambling). however, I still got paid in bitcoin regularly from the signature campaign I joined or my other services. for microtransactions using cryptos, I prefer to use stable coins, Doge, or Tron. Bitcoin lightning network is good but I can't find where to spend it. A few days ago I tried a casino platform that accepts bitcoin lightning network. It was fast and fun to try. I hope I can see more platforms like that.
Tried to pay with bitcoin a couple of times, but always found the fees way too high.
it seems always happen i thinks many people adopt bitcoin and transact so high fee will be problem but in my opinion "if" people considering bitcoin fail as money there so many people made assumption bitcoin as investment instrument like gold or other valuable things
As far as I am concerned bitcoin is making big time progress. The level of acceptance so far is amazing. Many never saw this coming. Embrace yourself, with time more entities will be accepting it.
Tried to pay with bitcoin a couple of times, but always found the fees way too high.
Bitcoin is a global currency and a store of value, so Bitcoin's value has global influence. Although the cost of sending Bitcoins is large, we can send Bitcoin in wrapper form. We have WBTC on ethereum and the future will have Bitcoin on Binance smart chain, Solana, tronix, ...
By doing so, we will send Bitcoin easily and quickly with lower transaction costs.
By doing so, we will send Bitcoin easily and quickly with lower transaction costs.
This time is not for think of that because BTC already prove that it takes a position that other currencies can't and it reached a position that may be never dismissed. BTC makes it improved as a successful currency, we hope the day is near that BTC will legal money and people will use it publicly.
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