Is bitcoin really the future of money? - page 5.

xSkylarx

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Quote from: Artem Sereda on November 11, 2022, 10:01:58 AM

Undoubtedly, many regard bitcoin as an investment, and not as a means of payment, which is not very reasonable in my opinion. But the rest perceive it as a means of payment, and the importance of its rate lies in what you can buy for a unit of this currency. Therefore, its value is important here.

Yes, most of the purpose of Bitcoin now is for profit. Well, we couldn't disagree with this since it is really helpful to us and we can earn from it. We all know that bitcoin was really made for payment since before when we send money, it is really expensive and the fees are high. But now it is used for investment, and people are hoping to get rich in the future because of Bitcoin. No matter what our reason, we know that it is really helpful to us.

doomloop

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Quote from: Queentoshi on November 10, 2022, 04:56:45 PM

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

Quote

Storage of value is one of the three generally accepted functions of money,

and bitcoins with how their value can just suddenly drop, can we still defend them as the future of money?

https://en.wikipedia.org/wiki/Store_of_value

That is what they say, that bitcoin is the future of money. I guess that is because btc is new and it has amazing features which bitcoiners think better than any other payment methods. Btc is also online and the world is now slowly transitioning to online. With this perception, they think physical money are going to be obsolete soon but the government/banks are now building a digital version of their currency and it was called CBDC.

With this implementation, I think it will now be hard for btc to become the future of money since the competition is still there. Volatility is normal in btc. This is its characteristic but this doesn't affect btc in a negative way.

Artem Sereda

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Undoubtedly, many regard bitcoin as an investment, and not as a means of payment, which is not very reasonable in my opinion. But the rest perceive it as a means of payment, and the importance of its rate lies in what you can buy for a unit of this currency. Therefore, its value is important here.

AicecreaME

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Quote from: Queentoshi on November 10, 2022, 04:56:45 PM

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

Quote

Storage of value is one of the three generally accepted functions of money,

and bitcoins with how their value can just suddenly drop, can we still defend them as the future of money?

https://en.wikipedia.org/wiki/Store_of_value

Doubts are the only one you can get in bearish market if you don't know what Bitcoin really is. Volatility is the reason why it has ups and downs, dipping is a good opportunity to buy, not to doubt it. But like what I've said, if you don't have any idea about cryptocurrency, a dipping price is a no good for you because you think cryptocurrency is a thing that would only go up forever, there's no such thing.

Those people who always doubt Bitcoin in a bearish market are those people that are always buying when it reaches another all time high and would complain not making any profits after that, because it keeps dipping again.

Natalim

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Quote from: RockBell on November 11, 2022, 03:55:58 AM

Banks cannot compare to Bitcoin. your keys, your coin, and many other things; no third party; problems with failed bank transfers; Since bitcoin is an investment, it will grow in value over time compared to fiat currency. From the start, the goal of bitcoin was not to become the future of money—I love that it was created on anonymity—rather, it was to be a better alternative to banks, because trust is the foundation which Bitcoin was built upon.

It is likely we see the difference between Bitcoin and fiat money. However, despite the thing that fiat inflation is inevitable we still can't say that it soon become useless and make Bitcoin as the future of money. I, therefore, say no, Bitcoin will become widely used in the future because of its interesting feature but never this gives a reason to kill fiat money and proclaimed BTC as a new global currency.
It was not the anonymity, or third-party issue but it is all because people are preferred to us it.

virasog

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Quote from: Queentoshi on November 10, 2022, 04:56:45 PM

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money.

I want to ask this question to everyone here. Do you really have doubt on bitcoin after seeing the recent crash and the multi months bear market of bitcoin?
To tell you truth, my views on bitcoin has not changed and i am not worried at all. Yes, if you have altcoins you should be worried because any of the altcoin you hold can be the next FTT or LUNA. Even stable coins may not remain stable, but bitcoin will recover, there is no second thought about it.

jokers10

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Quote from: kryptqnick on November 11, 2022, 09:21:19 AM

...
If Bitcoin more or less stabilizes at $17k for years, for example, it would be perfectly suitable to be money.
...

But it will be bad for Bitcoin's main idea of being better than fiat currencies: dollar is inflationary asset while Bitcoin is deflationary, and being at the same level with depreciating asset is really bad for Bitcoin. It is much better to keep being volatile for years and to postpone transformation into really popular currency than to find a strict correlation with dollar.

kryptqnick

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If we're talking about Bitcoin as money, then the fact of it losing value should not be of high concern. After all, most fiat loses value over time, and sometimes inflation goes over the top and a currency loses a very big chunk of its value. If Bitcoin more or less stabilizes at $17k for years, for example, it would be perfectly suitable to be money. I think Bitcoin will recover, so it can be a good long-term investment opportunity. I also believe that the price spikes and bear markets might not be as strong in the future, allowing for a more stable environment that can help to use Bitcoin as money.
I don't believe Bitcoin will replace fiat any time soon. Maybe it appeared too early for its time, when people aren't ready for decentralization yet. But it will still have a prominent place and provide an alternative to standard means of payment as well as standard investment options.

jokers10

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Quote from: BitDane on November 10, 2022, 05:35:01 PM

I never think Bitcoin as future of money, but as an alternative. I think so because I believe Bitcoin can be considered by government as an alternative but not as their national currency. An alternative will never be the future of money because of various reason.

The store of value has been one of the major issue why financial institution disregard Bitcoin as money, due to high volatility, Bitcoin is considered as poor store of value.

Bitcoin volatility decreases over time and will decrease further so one day is can become more stable than most anchor currencies nowadays. Different decisions like Lightning Network and some other can solve problems of scalability and transaction time. So someday Bitcoin can become a popular currency, all main existing problems are just problem of early ages.

But right you are it is not some only needful path as being a competitive alternative Bitcoin makes world better already. If Bitcoin will become a really popular currency it will be good, if not it is not so important.

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Quote from: RockBell on November 11, 2022, 03:55:58 AM

Banks cannot compare to Bitcoin. your keys, your coin, and many other things; no third party; problems with failed bank transfers; Since bitcoin is an investment, it will grow in value over time compared to fiat currency. From the start, the goal of bitcoin was not to become the future of money—I love that it was created on anonymity—rather, it was to be a better alternative to banks, because trust is the foundation which Bitcoin was built upon.

Bitcoin solves the third-party problem created by banks or the government. Bitcoin is not very old to become an alternative to fiat but all the people who invested in bitcoin are now more wealthy than people who save their money in the bank. You are right- it is way better alternative to banks.

Frankolala

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Bitcoin will not be the future money since fiat money is still there and can not be dumped. Bitcoin is a digital currency where as fiat is physical cash which was created by the government of every country for trading on goods and services. Bitcoin will only be an alternative to fiat money, In the nearest future when Bitcoin has been widely spread it is the peoples choice to choose the kind of currency they want to use for their transactions.

The government are not OK with Bitcoin due to it's decentralized system which makes it impossible for them to control,this is the major reason they find it difficult to adopt Bitcoin in most countries. Government will not give total acceptance to Bitcoin to replace fiat since the government believes in a centralized system in order for them to have control over the economy and the citizens.

Obari

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Quote from: BitDane on November 10, 2022, 05:35:01 PM

I never think Bitcoin as future of money, but as an alternative. I think so because I believe Bitcoin can be considered by government as an alternative but not as their national currency. An alternative will never be the future of money because of various reason.

The store of value has been one of the major issue why financial institution disregard Bitcoin as money, due to high volatility, Bitcoin is considered as poor store of value.

Bitcoin is just a digital asset and the high volatility has made it not to be regarded as a store of value.
I treat Bitcoin as an asset for investment and by so doing, we possibly be conscious of the risk involved
No matter how much Bitcoin you have in stock, when spending,we end up changing it to a country's fiat which can't be dumped because it is a legal tender and it's value remains the same in such a country.

tadamichi

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Quote from: Queentoshi on November 10, 2022, 04:56:45 PM

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

Quote

Storage of value is one of the three generally accepted functions of money,

and bitcoins with how their value can just suddenly drop, can we still defend them as the future of money?

https://en.wikipedia.org/wiki/Store_of_value

Because an exchange did shady actions and affected a market price temporarily, you’re doubting Bitcoin? That is in no way related to this occurrence, has changed in no way and still does what it’s supposed to do. To me it doesn’t even seem like you understand what you’re investing in or how markets work, if you’re not even seeing this as an opportunity to get cheap sats. If you’re just here for the price(that’s how it sounds) then the volatility is what will make you money. Use it while you can because it won’t last forever. And better: understand exactly what you’re investing in, why you should self custody and the world around it, so things like this don’t create fud in yourself and don’t even affect you.

Oasisman

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Quote from: Queentoshi on November 10, 2022, 04:56:45 PM

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

Quote

Storage of value is one of the three generally accepted functions of money,

and bitcoins with how their value can just suddenly drop, can we still defend them as the future of money?

https://en.wikipedia.org/wiki/Store_of_value

The dip always bring doubt to the non believers,not the people who believes Bitcoin's future would be great, not necessarily the future of money as it's volatility is holding it to become the main currency. But nobody knows when will Bitcoin become less volatile.
One thing is for sure, Bitcoin is here to stay and the future looks very promising, not as the future of money, but as an alternative currency that doesn't need any 3rd party when sending or receiving money from one end of the world to another.

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Quote from: mk4 on November 11, 2022, 04:27:38 AM

Also, we're talking about future of money. The fact that bitcoin can be good(and more stable) money in the future ones bitcoin gets enough liquidity for it to not be this volatile.

If you go back a few years, Bitcoin is still significantly in the green. Whereas, every single fiat to exist isn't. That's simply because of its deflationary design, but a lot of people don't look at the grand scheme of things, and instead focus on the now, and a little bit in the past. Comparing Bitcoin's price in a year or two's time frame is rather pointless. If we did the same with fiat, it'd be down just much less so because it's been around a lot longer.

I can't wait until the masses find out that in theory Bitcoin should continue to increase in value, while their fiat is guaranteed to be subject to inflation, and therefore continue to make them poorer as time goes on. Probably, won't happen though.

Davidvictorson

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Quote from: Queentoshi on November 10, 2022, 04:56:45 PM

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

In my research about bitcoin one of the things I have observed overtime is that a lot of people hold onto it and wait for its value to increase mostly because for them, they neither see it nor use it as an alternative currency. On the other hand, this is dependent on the government whether it is the future of money or not. Where it eventually exists as an alternative, it will be heavily controlled by government systems.

Solosanz

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Although Bitcoin isn't created to replace fiat, but for sure it's a future of money due to decentralized, borderless transaction and no one can control your coins as long as you store it on your hardware wallet. But using Bitcoin to pay daily spending doesn't really a good idea since the fees will increase when Bitcoin price is already expensive and the volume trading is really high. This make you not worth to buy a cheap stuff since it will just cost you more to pay the fees.

mk4

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You're having doubts just now? As if this was the first time bitcoin had a sizeable drop.

Also, we're talking about future of money. The fact that bitcoin can be good(and more stable) money in the future ones bitcoin gets enough liquidity for it to not be this volatile.

RockBell

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Banks cannot compare to Bitcoin. your keys, your coin, and many other things; no third party; problems with failed bank transfers; Since bitcoin is an investment, it will grow in value over time compared to fiat currency. From the start, the goal of bitcoin was not to become the future of money—I love that it was created on anonymity—rather, it was to be a better alternative to banks, because trust is the foundation which Bitcoin was built upon.

Vlad1977

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In the short term, the volatility of Bitcoin is not very large. If you see it more than ten years ago, you will think that the fluctuation of Bitcoin is too serious. The prices of all commodities are getting higher and higher. Fiat currencies increasingly have no store of value. We need to find a new one to replace fiat currency.

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