Topic: If the virtual currency does not have a payment function, what does it mean? (Read 188 times)

It would have been better if you mentioned those fields except making payments and sending money. I do not see any other use of bitcoins. Currently even that is not the primary purpose. People are not interested in bitcoins because it is easy and fast to transfer money with bitcoins, they are interested because by investing in bitcoins, they are able to earn some money as its value increases. This logic is flawed and can not continue forever. We should work on removing the limitations of bitcoins as a payment medium.

The Blockchain technologies can be used in many field, not only for making payments and sending money.

Besides, Bitcoin and other cryptocurrencies prices are not stable yet that's why it is not safe to use it for payments.
In the near future, we will see Bitcoin used as any other currency, I believe it can replace credit cards.

It seems like you aren't sure what "store of value" is. Essentially store of value is something that retains its purchasing power down the line, and can be easily retrieved or exchanged. Now you say it should be based on real life application well supply and demand is a real life application. There is a finite supply of Bitcoin present, and the demand is ever present which makes Bitcoin a great store of value. The price doesn't magically appear from thin air, there are some dynamics behind it for sure just because you don't see it doesn't mean it isn't happening.

for a long time I tried to explain to my friends this when majority hope to become milionaires from the same thing, probably they won`t be able. And for now unfortunately the most benefit goes to rich whales.

Uhh, what?
In my POV, if there is too much public opinion about a thing, then this thing is either revolutionary, controversial, or important that people are gladly spending a few of their neurons talking about the matter. Not every overly-opinionated topic is bad.




Everyone also wants to make money in several overcrowded industries in today's world but they still succeed. If you aren't that successful or don't see any chance of making it big on your chosen craft, then you are more likely ill-equip on a journey or you just don't understand everything before you dive in a certain thing at all. The idea of an equal wealth distribution sounds good, but in reality, it wouldn't pan out well IMO.




The payment functionalities of bitcoin were never stripped down just so it can focus more on being a speculative asset. It remained intact, though bitcoin's economy of traders and users see that bitcoin as a speculative asset works great that's why they are trading it. Also, the blockchain tech is talked about because of its massive potential to make things easier and more secure for different services and different applications. While bitcoin is already doing good (because it isn't the best IMO) as a payment method, there's only a handful of services and companies willing to accept bitcoin as a form of payment, so the problem isn't in bitcoin per se but rather the people involved in bitcoin's economy.

If there's no payment function for bitcoin and other cryptocurrencies it will remain as store value and digital assets. And you can also compare this to stock market where traders are trading with company stocks and others are just keeping it because they are depending on it as their future savior and investment. There are too many things that can be considered for someone that doesn't see payment system with crypto and excluding the blockchain technology too.

Some coins can be used to buy things like as the virtual money that we have today! It is just needed for the two individual or two group to agree on one thing that is paid by a coin in the exchange for their product or service.

When people say that Bitcoin can't be used as a payment method they usually talk about slow transactions and high fees. It doesn't mean that it realy can't be used as a payment method (just take a look at all those crypto cards and services like bitpay etc.), for now it is just less convinient then credit cards.

There is a pretty big amount of coins with instant transactions and almost zero fees but the whole community is keeping a close eye on bitcoin that implementing changes very slow. It doesn't mean that no one is focused on it. You just have to be patient because it is risky to change BTC related stuff.

Bitcoin is mostly seen as an asset, as an investment, as an store of value or even compared as "gold standard" by some people. This is why so many peoople even enter the arena of bitcoin as it price makes it to the news and nothing more. Bitcoin has still long way to go to become the best and widly used exchange medium like national currencies are today. However there are soem places where you can spend your bitcoins.

Redistribution of welth has never been to everyones share : you have this with fiat as well. Those who work hard win at end theres nothing much else to it. You can't expect somebody to give you free money for you to live good.


Blockchain is a new thing, actually not so new, but why it matters? It matters because you can have decentralized system where everything is tracked. So currency such as bitcoin is only one application and one purpose of blockchain. COmpanies for instance are looking to implement blockchain, at least some of them, to have some smart contracts going between other companeis they are woring with. Now every company can connect to same blockchain (this is private blcokcahin since you can't run a node and influence on the way how the protocol is issued as an indivudual) without the need for them to have different databses and then try to to fill the gaps. Here evrything is transperent and everything is tracket with every participant having the copy of this ledger and thus enabling you to have whole new applications and use cases. Cryptocurrencies are not talked about much since it's future is uncertain and it is mostly use for speculors to try and flip the buck - however this may channge. If in future we have some stable cryptocurrency and goverments give it green light well we could look at it being talked more.

I think if called virtual currency then it must have the payment function because the documents like promissory note and bill of exchange were also used for payment system so this currency like the bitcoin and the other altcoin are also used as payment system it is not possible that we should use bitcoin as a currency but unable to use for payment how the value of a currency created the currencies are using only for payments not for other things than this and the virtual currency must have the payment system.

The store of value is mostly backed by the rich infrastucture and monstrous investments of the mining industry, securing value and protocol validity (scarcity, ownership, ...) also in a variation of a Nash Equilibrium.

No other coin might ever can get this high PoW backed security = value.

Thing is also proper usage and wide spread acceptance to make it a world wide trustless exchange (e.g. Payment) system base layer.  SW + LN might slow this down and have some security issues...

When blockchain technology is used as a retail payment then maybe enthusiasts to invest will be reduced because actually bitcoin is one of the digital assets that are taken into account by investors so if bitcoin serve as a means of paying retail then what is the difference bitcoin with real currency that is now circulating in various countries such as dollar, yen, and pound sterling.

I am also not big fan of this thing called "store value". This store value should be based on real life application of that thing in case bitcoins. Suppose, you are going to buy a company. How will you determine the appropriate price for it ? It is based on average monthly earning for last few months, presence of other competitors, future growth possible in that sector. You will not pay $10000 for a company just because everyone calls it amazing. Same should be with bitcoins, if it has to be valuable for long term, it should be known for being the most commonly used payment medium and not an investment option.

How do you say so?
What if that thing is about religion? You must see the purpose of that thing before you will conclude everything because public opinion is not about demonic activity, it is a matter of awareness of people in a certain issue.

In order to make the economic stability, monetary policy is needed. Unless the fiat currency will have no more value. But as long as the fiat circulated in our economy though there is a blockchain, it is needed to have a money making process.
Even before there is already unequal distribution of wealth. In fact, the income of an individual has always depend upon their economic status.
Until now, it does not happen! If you have a lot of coins then you can play with your capital. But as of now, crypto help the poor people to have an income. There is always unequal in our society, and the future depends upon us.

There is a payment function in Bitcoin, it already used as a means of exchange and payment for establishments. There are usage of bitcoin in our current economy.

Because blockchain technology as of now is not all about in retail payment. Blockchain technology used already in different projects. There are lot of uses of blockchain technology that allows transparency.

Right now Bitcoin is   :

1. A Store of Value
2. Help in cross border transfer of money w/o involving banks, etc...
3. A highly volatile speculative asset.

and this is also true that many other Coins/tokens might not get adopted by main stream and might just lose its value....    Lets hope for best and see how future unfolds!

There are many usage of coins look at other project, if bitcoin is not used for payment why to buy bitcoin, it can be store of value as well.

If there is too much public opinion about a thing, then most of this thing has a demon.
If everyone wants to make money through the blockchain, it means that the chances of making money are no longer great. The redistribution of wealth has never been to everyone's share. Calm down and think carefully. The virtual currency that is now being favored by the public is represented by Bitcoin. If there is no payment function, what meaning does it have in addition to speculation? Why is the use of blockchain technology all talked about is not focused on the application of virtual currency in retail payment?