Topic: Has Bitcoin Failed as Money? - page 5. (Read 1029 times)

Maybe with your experience and analysis those who are shouting for btc to replace fiat will beginning to see things from a different perspective and understand more what it will take to use btc as everyday payment, I like to hold btc only for investment purposes but never for everyday transaction or any transaction at all, fiat works fine  

Recently i started to think about bitcoin as an investment since the price last big pump bitcoin became more valuable than just a currency.

That is the thing, only the most optimistic think that bitcoin can replace fiat currencies, for the rest of us which are more realistic about what bitcoin can achieve the only thing that we need is that bitcoin becomes a real alternative to pay for most products and services, right now it is kind of rare to see an online business accepting bitcoin, what we need is to turn this around and that the rare thing is to not accept bitcoin, if we come to that point I do not care if fiat keeps existing or not as I will be able to use my bitcoin to purchase whatever I want.

There are two ways to look in to this. For instant payments, Bitcoin is not preferred right now as a result of high transaction fee and delays in getting confirmation. But rather than direct payments with Bitcoin, on such occasions, you can go for third party payments (i.e using Bitpay or Coinbase). And the second thing is that for paying bills and all, the delay in confirmation doesn't matter much. So you can set the transaction fee to a very low level (10 Sat or 20 Sat per Byte) and make the payment.

100% agree. If I would send today my BTC at reasonable fees, I will have to pay roughly 25% of the amount in fees. (due to accumulated dust)
Sincerely I prefer watch them stay there whatever it happens to its price than spending 25% of them in fees.

Indeed, bitcoin sending as cash never been bombed however I will not say, this is definitely not ideal money that can supplant fiat.
Also, that is it, due to the exchange high charges numerous bitcoin holders are liked to hold their coin as opposed to utilizing this every day. As far as I might be concerned, this is certainly not an ideal time, there is a Lightning network that might actually not acknowledged in light of the fact that a large number of us didn't have a clue how to utilize it. It is too soon to say bitcoin, bitcoin isn't useful for everyday installment.

I think on-chain Bitcoin as everyday's spendings money is becoming farther and farther. Thinking about 2000 satoshis per tx where 1 BTC is 100 000$ is just impossible.

Now I think that everyday's crytomoney should be one of these two cases :
- A feeless crypto that's tightly bound to Bitcoin. With a verifiable method. Here Maybe, every BTC Holder will have the possibility to initiate a coin which have a total Market Cap equal to its BTC holdings. But here the problem is about interoperability.

- Offchain transactions will be become the rule. So biggest holders will begin implementing offchain cryptopayment gateway and BTC blockchain itself will become a big compensation system. Here I think about big names such as Binance or Coinbase which *may* issue the coin that is spendable in everyday's use.


But on chain Bitcoin itself, I don't think it will be used for everyday's need.
For example, no one will give a lingot d'or to the supermarket to buy milk and pasta.

I sincerely don't know what will happen next, but yes Bitcoin as is, is not suitable for spending. But it should and will be used as a universal reference for all spendings.


I think this is just the continuity of "be your own bank". First, you have control of your own account (your wallet), afterwards everybody play the role and act as a (central?) bank.

Well, Satoshi talked about it in the past that he knows that there will be a lot of transactions that would happen in the future, in this future, if not then there will be none. But we have right now and the problem lies there the transaction fees. Maybe Satoshi has his own solution to it but when he disappeared there goes that solution too.

We never know what will happen if Satoshi is here all we know is this is what we have and for now, it is a great investment.

I don't think Bitcoin is failing as money, because Bitcoin is still in development now. And also Bitcoin users are still very few compared to
the population around the world. So it's too early to conclude Bitcoin is failing as money. If you see a lot of data spread on the internet,
the increase in merchants accepting Bitcoin payments continues to grow. So to see Bitcoin actually functioning completely as a payment,
may take a while. But the slow process, can't call it a failure. So we have to be patient in order to see Bitcoin succeed as money.

I don't know whether I should consider it as "failed" or "not yet".
IN my country itself, Bitcoin is still not legal as a payment method, so it is no legal as "money".
It is only one of the examples and probably many countries also do the same.
However here, we may still have hope to make Bitcoin "real money" in the future, moreover, if there are many more companies or institutions that use Bitcoin as a payment method.

That's exactly the problem with bitcoin because of the high fees, I guess if bitcoin has a fee even the higher fee is $1, it could be a leading payment system all over the world, and the transaction speed even 5 mins for the fastest one. But bitcoin was failed, it took too long for your transaction to be confirmed, it's just a matter of days before it will be sent successfully to the recipient.

However, this is considered a good asset to everyone. Because you can keep this and wait until the value will increase and that is now the practice of most of us. Accumulating rather than using as a payment.

I am not concerned that I cannot use bitcoin for small transactions. So I could hold bitcoin for longer. Now I think of bitcoin as a long-term investment because I have used it for the education of my nephews. While I'm using a low-fee altcoin for my daily needs. We are in our prime and I would like to see what developers are building for the bitcoin community.
For the future it would be nice to pay with bitcoin with low fees and fast is what we are always looking for.

Bitcoin was created by Satoshi as a currency, its bases to made such kind was a currency, but he had already formulated to made a currency that will be transacted via online processes. Its an alternative way of paying bills and such with these currency, with these money. And i think Bitcoin hadn't failed here as money, it is a now a trending way of investment and asset but as of now we are being concerned by the transaction fees which very alarming because of high transaction fee of bitcoin.

We cant really remove that kind of treatment on where people do really see it on other way rather than on focusing into the main purpose of its existence.
They have seen that this is much more worth of an investment rather than on being a currency which i cant really blame them off because both things
can be indeed experience on dealing with bitcoin. It wasnt just right for you say that bitcoin supply isnt really enough for the entire global adoption.Hence,
we can deal with it with fractional and not necessarily for you to own a whole coin to make out casual transactions.The main issue here is only
about fees which would really be a big blockage for such adoption.

I pay my bills through Bitcoin honestly, through the use of third party apps of course. There isn't that "direct" adoption of Bitcoin lately like personal transaction or somewhere around the lines of using hardware wallets and such.
It didn't for me, OP. I am in both sides of utilizing it, as money and as an investment. Fees aren't that quite a problem for me.

One of the problems of Bitcoin if we can call it that is that there's not enough of it for the whole planet. It's inevitable that Bitcoin is going to become the rare and safe money that people will use to store value and perform the most important and biggest transactions. Company takeovers, project funding, real estate purchases, overseas transfers... this is where Bitcoin is going to excel. Many people have a wrong understanding of money. They think Bitcoin is not money because you can't buy coffee or a burger, but money is not only groceries. When you think that people are buying planes, factories, whole islands, you'll see that Bitcoin is money, just not the one you'd use every day.

You've got be wrong man. Satoshi created Bitcoin with the intent to use it as digital currency, an alternative way of sending and spending money but it was not is a good start, most people consider this as an investment up to now.

I can't say it was the failure of Bitcoin because we don't consider it as money and only a few establishments are accepting this. It can't be an instant adoption and people don't make use of it if they don't about it. Well, of course, it takes time to finally reach the stage where Bitcoin is fully adopted and that can acceptable globally. Let us see how it changes 10 years from now, I think it was long enough to expect huge adoption.

In my opinion, Bitcoin is not intended to be used as a currency from the very beginning. Even its limited number of coins is indicative of this. Rather, Bitcoin is an asset that bases its value on interest in it. And it is the basis of the crypto market.

Well, we can't do a lot of things with bitcoin if we will be considering the fees especially if we will be talking about payment methods. There are a lot of exchanges that offer free transaction fees but I don't think all of us would be so happy to transact their bitcoin into exchanges. Right now, it is more of an investment asset rather than money.

Maybe we could work something out in the future. A future where we usually use bitcoin without having a problem with it.

Personally and only my opinion, I think so. It has now become a trading commodity, but unlike Gold it has no intrinsic value, therefore while there will always be some transactions able to be done with Bitcoin it will become more confined to high value items and less relevant for general everyday use.

I don't really have any suggestions how it could be more acceptable as a money alternative as the price per coin is so high. Perhaps if something along the likes of a rights issue for company shares, where 1 bitcoin was replaced by say 100 New Bitcoin. this would do two things: firstly reduce the unit value to about $58 at todays price this makes it more affordable to the mainstream and secondly it still limits the total available coins.

I have no idea as to the practicality of this, but I would imagine as Bitcoin is "Decentralised" it would be very difficult.

Perhaps other posters could give me their thoughts?