Is Bitcoin still a people's currency?

Ejanend

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Quote from: KrisAlex18 on January 25, 2020, 09:20:49 AM

Quote from: NeuroticFish on December 27, 2019, 10:18:03 AM

Quote from: Jet Cash on December 27, 2019, 08:52:01 AM

and I'm shocked by the vitriol and anti-Bitcoin passion that I'm finding

People tend to go by media as "the information". And what media said?
* This and that known celebrity / rich person is against Bitcoin
* Bitcoin had a bubble and it popped
* Banks officials said that's not safe to invest money into Bitcoin
* Bitcoin exchanges are periodically hacked
* Bitcoin is used by criminals

As laughable as these statements may look for us, many see this as an image of Bitcoin. Something strange, something they should not touch.

How misinformed you imagine that people can be if some wanted to invest in facebook's stable coin?! Nobody cared it is not launched and it's stable coin. But a brand like Facebook gave it some sort of legitimacy.
Who's that missing imaginary Satoshi guy?!

No. We live in our world which is far from average Joe's world. We have different sources of information.
Yes, it's hard to get them to this side of the fence. For many it's almost impossible.

PS. At the next bubble, media will tell about investing into Bitcoin.. probably near to the ATH, leaving others disappointed/angry against Bitcoin as soon as it'll start dropping.

We probably people are intended to seek some news in social media especially if the money is involved. Now, news also includes about digital cryptocurrency globally to know what happen and how it affects countries economy. Bitcoin is commonly known as the new hope and new thing to invest with. Peoples attention are get caught by the bitcoin currency because of what it can do and what it can give to many people but not just that it might affects the whole economy. This is still peoples currency because many people are still invest to it.

It is people’s currency because many people are investing in it. Not only a currency, but the one that has won user’s heart and that is gaining more attention. Not only traders are adopting it not only for long term investments, but students, youngsters, common people they are adopting it for daily earning and short term investments that make them financially stable and secure.

KrisAlex18

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Quote from: NeuroticFish on December 27, 2019, 10:18:03 AM

Quote from: Jet Cash on December 27, 2019, 08:52:01 AM

and I'm shocked by the vitriol and anti-Bitcoin passion that I'm finding

People tend to go by media as "the information". And what media said?
* This and that known celebrity / rich person is against Bitcoin
* Bitcoin had a bubble and it popped
* Banks officials said that's not safe to invest money into Bitcoin
* Bitcoin exchanges are periodically hacked
* Bitcoin is used by criminals

As laughable as these statements may look for us, many see this as an image of Bitcoin. Something strange, something they should not touch.

How misinformed you imagine that people can be if some wanted to invest in facebook's stable coin?! Nobody cared it is not launched and it's stable coin. But a brand like Facebook gave it some sort of legitimacy.
Who's that missing imaginary Satoshi guy?!

No. We live in our world which is far from average Joe's world. We have different sources of information.
Yes, it's hard to get them to this side of the fence. For many it's almost impossible.

PS. At the next bubble, media will tell about investing into Bitcoin.. probably near to the ATH, leaving others disappointed/angry against Bitcoin as soon as it'll start dropping.

We probably people are intended to seek some news in social media especially if the money is involved. Now, news also includes about digital cryptocurrency globally to know what happen and how it affects countries economy. Bitcoin is commonly known as the new hope and new thing to invest with. Peoples attention are get caught by the bitcoin currency because of what it can do and what it can give to many people but not just that it might affects the whole economy. This is still peoples currency because many people are still invest to it.

Prateek_sharma

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Well!! Day by day the popularity of the bitcoin is increasing massively and lot of people are looking for the best opportunity to invest in cryptocurrency.

malekbaba

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BTC is the people's currency from the beginning. The early we adopt the better. No single person or single group of people but who are crypto enthusiasts, investors, miners are the real owner of crypto.
We will be rare witnesses who will see death of available money system and technology shift, from debt based fiat to decentralized crypto currency.
It will occur gradually not overnight. Btc will be the main stream of economics.

sulendra12

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Quote from: outatime1 on January 14, 2020, 05:35:02 PM

Since Bitcoin can be split into 8 decimal places, it can be used by just about anyone. However, I do think that it has not gone mainstream yet.

Yea it is, but if they try to send small amount of Bitcoin and it's not going to be a good idea for them because sometimes the fees are more than the transaction itself so they are actually getting robbed by itself because the fees, so that's reason is invalid for me.

Webetcoins

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Quote from: Xxmodded on January 15, 2020, 07:52:34 AM

Quote from: Anonylz on January 15, 2020, 05:47:15 AM

The time for btc to go mainstream will definitely come, btc is still very young 10 years in existence compare to fiat that has been around for ages, i don't know if one day btc will take over fiat but i do know that btc will be around for a very long time, i think eventually the people will decide what suit them best, by then the government can do little or nothing about it.

Ten years look younger for bitcoin to be legal currency payment currency and need about five years later to know better or not make bitcoin become legal currency payment at the future and how many countries want accepted bitcoin, if bitcoin keep continue become stable coin and have many positive side with bitcoin could be legal currency payment in the future.

As people are becoming aware of this digital currency with time. If many people will know about it and they will start using it as a method of payment, It would be accepted a payment of method. This increase in the usage of it will surely affect its rate and value. When it become the part of common people lives it will become legal also. But I don’t think so this will happen in near future, it will take more time.

kro55

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Bitcoin is not controlled by one single or few authorities. It’s very unlikely that we will have zero miners or no developer left in the community. Current hash rate of bitcoin is at its all time high and chances are that it will go further up in the future. This is where we see benefits of decentralization vs. centralization.

arimamib

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Quote from: Wintersoldier on January 15, 2020, 10:02:28 AM

Quote from: puertorikosena on January 15, 2020, 09:21:08 AM

We can definitely say that the time of fiat currencies is coming to an end. As for Bitcoin, it is unlikely that it will be used as a means of payment. There are many other more suitable cryptocurrencies for this. Bitcoin is more likely to be a means of enriching and saving money.

Let's dig deeper on why bitcoin could possibly be not the most suitable people's currency. In the first place, not everyone has the mindset of being an investor and a hodler, second, bitcoin is now suitable to be an investment and not for short and small transactions we always make everyday. Lastly, bitcoin will only be considered people currency if and only if, it could penetrate government of each country to accept it as a mode of payment. But for this to happen bitcoin should first be upgraded and improve to have more efficient transaction rate.

bitcoin use is currently limited, and may be difficult if used for transactions because the time to reach the transaction is quite long and the cost is quite large at current prices. maybe so far bitcoin is suitable as an investment only, but if there is an update there will be potential to be used as people's transactions.

Wintersoldier

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Quote from: puertorikosena on January 15, 2020, 09:21:08 AM

We can definitely say that the time of fiat currencies is coming to an end. As for Bitcoin, it is unlikely that it will be used as a means of payment. There are many other more suitable cryptocurrencies for this. Bitcoin is more likely to be a means of enriching and saving money.

Let's dig deeper on why bitcoin could possibly be not the most suitable people's currency. In the first place, not everyone has the mindset of being an investor and a hodler, second, bitcoin is now suitable to be an investment and not for short and small transactions we always make everyday. Lastly, bitcoin will only be considered people currency if and only if, it could penetrate government of each country to accept it as a mode of payment. But for this to happen bitcoin should first be upgraded and improve to have more efficient transaction rate.

bitzizzix

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Quote from: Xxmodded on January 15, 2020, 07:52:34 AM

Quote from: Anonylz on January 15, 2020, 05:47:15 AM

The time for btc to go mainstream will definitely come, btc is still very young 10 years in existence compare to fiat that has been around for ages, i don't know if one day btc will take over fiat but i do know that btc will be around for a very long time, i think eventually the people will decide what suit them best, by then the government can do little or nothing about it.

Ten years look younger for bitcoin to be legal currency payment currency and need about five years later to know better or not make bitcoin become legal currency payment at the future and how many countries want accepted bitcoin, if bitcoin keep continue become stable coin and have many positive side with bitcoin could be legal currency payment in the future.

Bitcoin fluctuations make bitcoin difficult to stabilize and that has become the nature of bitcoin and if that is possible but there will be changes and only minimize flutuative and that too if bitcoin changes continue to grow well and are accepted or become legal in all countries.
and bitcoin can only be an alternative payer and will not easily replace fiat completely and both will be useful as payments without eliminating each other, and we will see in the future that will prove its truth.

puertorikosena

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We can definitely say that the time of fiat currencies is coming to an end. As for Bitcoin, it is unlikely that it will be used as a means of payment. There are many other more suitable cryptocurrencies for this. Bitcoin is more likely to be a means of enriching and saving money.

mamahdedeh

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Quote from: Xxmodded on January 15, 2020, 07:52:34 AM

Quote from: Anonylz on January 15, 2020, 05:47:15 AM

The time for btc to go mainstream will definitely come, btc is still very young 10 years in existence compare to fiat that has been around for ages, i don't know if one day btc will take over fiat but i do know that btc will be around for a very long time, i think eventually the people will decide what suit them best, by then the government can do little or nothing about it.

Ten years look younger for bitcoin to be legal currency payment currency and need about five years later to know better or not make bitcoin become legal currency payment at the future and how many countries want accepted bitcoin, if bitcoin keep continue become stable coin and have many positive side with bitcoin could be legal currency payment in the future.

stable coins can only be seen if all countries legalize it, and even then only reduce fluctuations like today (in my opinion). with all countries accepting bitcoin I think price manipulation can be suppressed, because of its spread throughout the world, and when that happens we cannot imagine what bitcoin prices are from now

Xxmodded

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Quote from: Anonylz on January 15, 2020, 05:47:15 AM

The time for btc to go mainstream will definitely come, btc is still very young 10 years in existence compare to fiat that has been around for ages, i don't know if one day btc will take over fiat but i do know that btc will be around for a very long time, i think eventually the people will decide what suit them best, by then the government can do little or nothing about it.

Ten years look younger for bitcoin to be legal currency payment currency and need about five years later to know better or not make bitcoin become legal currency payment at the future and how many countries want accepted bitcoin, if bitcoin keep continue become stable coin and have many positive side with bitcoin could be legal currency payment in the future.

Anonylz

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The time for btc to go mainstream will definitely come, btc is still very young 10 years in existence compare to fiat that has been around for ages, i don't know if one day btc will take over fiat but i do know that btc will be around for a very long time, i think eventually the people will decide what suit them best, by then the government can do little or nothing about it.

outatime1

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Since Bitcoin can be split into 8 decimal places, it can be used by just about anyone. However, I do think that it has not gone mainstream yet.

btccashacc

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For some people, bitcoin can't be used as a currency due to their Government's regulation. In some countries, bitcoin has been banned as a currency but it can be used as commodities like gold. Besides that people avoid using bitcoin as a payment option because the fee is too high especially for small transactions. Well bitcoin will be used like virtual gold where people hold it for securing their money or earn profit by trade it.

GideonGono

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It can be used for some transaction from buying things and also to convert into fiat but fiat was the universal used and I think by the used of crypto was take a time by processing a small amount of things that you need to bought for example. So fiat would be the currency and its takes a long time before it goes into crypto.

thesmallgod

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The key subject is "can fiat system collapse". Fiat currency is not like other ecurrencies in the sense every country has a particular paper currency which is developed based on the monetary policy of the country. This is different from bitcoin or any other type of ecurrency that is solely developed by individual or group of people within a decentralized framework. I have no doubt that crypto might witness more adoption in the future but I dont see it as a global currency.

DooMAD

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Quote from: bettercrypto on January 07, 2020, 09:52:13 PM

Even there is no development in bitcoin technically

You must be watching one of the fork-coin repositories by mistake. Bitcoin probably has more code commits than most altcoins put together. There are a few exceptions, but Bitcoin is generally one of the most actively developed coins.

bettercrypto

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Quote from: Jet Cash on December 27, 2019, 08:52:01 AM

I've been discussing Bitcoin in a couple of forums, and I'm shocked by the vitriol and anti-Bitcoin passion that I'm finding. It seems that the mass media FUD has turned away the very people who could benefit most from Bitcoin. In contrast, Bitcoin is becoming stronger every day, and is moving towards becoming a store of wealth, and it seems to be moving into the ambit of the rich and the knowledgeable. I'm giving up on Bitcoin evangelism, and concentrating on fattening my wallet.

I thought that Bitcoin might become one of the currencies used by people when the fiat systems collapse, but I think this will only be a minor use. I believe that fiat cash will be used for a while, and silver coins could become a longer term solution. Of course it all depends on the cryptos that are introduced by the various governments, and whether there will be any trust in them.

Still, bitcoin the people's choice. Even there is no development in bitcoin technically and many bad news happened from it. People always want to buy btc. I don't know why, but I think the awareness of the people that it might pump 3x as its price in a fast movement give them an assurance to buy bitcoin.

Topic: Is Bitcoin still a people's currency? (Read 1259 times)