Lets think Bitcoin as an investment not payment system, is this right? - page 2.

davis196

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Quote from: boris2470 on September 18, 2019, 07:12:03 AM

Quote from: Bunsomjelican on September 18, 2019, 06:56:46 AM

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast on Sept. 18.
https://cointelegraph.com/news/bobby-lee-chinese-always-saw-bitcoin-as-investment-not-for-payments

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

If the Chinese government again provokes citizens to a rally, then I think the Chinese will abandon the Yuan in protest and will use Bitcoin as a means of payment.

Abandon the Yuan and protest???Are you kidding me?I guess you don't understand how things work in China.
Bobby Lee is right and it's not only the Chinese,who view bitcoin as an investment.Probably 90% of all bitcoin users view it as an investment and that's why bitcoin has a high value-due to the HODLers,who believe in the future value of bitcoin and that's why they keep HODLing.

jaocoincrypto18

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I think majority of the Crypto currency enthusiast are treating Bitcoin as an investment and not as currency for direct spending that is why there are so many crypto currencies that are now created in the market by some individuals so that they could follow the path of Bitcoin to have their own prosperity.

Kakmakr

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The Chinese has always been the risk takers and many of them like to gamble, so Bitcoin is the perfect "gambling" tool for them, because it is a high risk investment. They also have a very rigid government that would never allow Bitcoin as competition for their reserve currency, so that is why they would rather accept it as a commodity and a investment option. Roll Eyes

Just remember that fiat currencies are used for payment and for Forex Currency trading, so Bitcoin can also be both. Wink

Let's decide for ourselves and not be influenced by people with a narrow vision for Bitcoin's future. Wink

whtchocla7e

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In my opinion, having both purposes includes investment and payment. Its purpose is to be able to become a global payment medium through blockchain technology, the internet.

izanagi narukami

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Consider bitcoin as investment and payment as the bonus or advantage for using this kind of currency.

Why you should not make it as payment because the value still volatile until now so if you can afford to loss for holding it, better find another payment method ( fiat better )

Tipstar

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There are many things that makes bitcoin as an investment and not the payment system and I'm quite sure Satoshi was well aware of it and actually had planned it to be the way it is.
It is limited in supply, the minting of coins continues for a long period of time but gets smaller in amount.
In that sense you can call bitcoin the largest online ponzi ever created but again similar are other monetarily systems.

adaseb

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Yes many people think of Bitcoin as a speculative asset basically like the stock indicies like S&P 500 or NASDAQ 100 futures rather than as a medium for paying for goods and services. However this is a big no-no in my opinion.

I think Bitcoin needs to be used MORE as a payment system rather than just traders trading left and right. Its utility was proved about a decade ago when someone used it to buy 2 Pizza's and it was smooth sailing since then. However lately people are mostly interested in getting rich rather than the underlying technology, which is a mistake.

People need to realise that if you want the price of bitcoin to be higher, then you need to spend it.

leea-1334

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I remember reading a few years ago that Chinese also see ICO and crypto as speculation not investment. And judging from how I know them and the way they buy Bitcoin plus other crypto, it is the same.

But that is also mostly true for most of the people on this forum and I do not think there are very many Chinese here.

Darker45

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I guess around 90% of Bitcoin owners do not treat it as a currency. Moreover, people who have yet to acquire BTC are also thinking of it as an investment rather than as a currency. Even in this forum, members are trying hard to earn Bitcoin not so that they have something to spend but because they want something to HODL. That to me is very obvious. This mentality does not have anything to do with race or nationality. It is a shared view all over the world.

This even goes out to strong advocates of Bitcoin. They market Bitcoin in comparison to gold. That is not how one markets a currency. That is how an asset is being compared and marketed. They are not attracting the consuming public. They are attracting the investing public.

Ozero

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People invest, that is, invest their money in something always for some purpose. If we consider bitcoin only as an investment, then there can only be one goal - the expectation of an increase in the growth of its price. At a certain stage, it is justified. In general, every year the price of bitcoin is increasing. However, I do not think that this will happen endlessly. The price of bitcoin will not be able to grow for a very long time. In the end, everything comes at a price. To consider bitcoin only as an investment, this means using it only as a means of preserving value. However, with the current very high price volatility of bitcoin, this is not very convenient. Ultimately, this is everyone’s business. Everyone can, in their discretion, use any object or phenomenon of our or virtual world.

avikz

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Quote from: Bunsomjelican on September 18, 2019, 06:56:46 AM

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Lee made his remarks during an interview for Charlie Shrem’s Untold Stories podcast on Sept. 18.
https://cointelegraph.com/news/bobby-lee-chinese-always-saw-bitcoin-as-investment-not-for-payments

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

It's worldwide and not just a Chinese thing. Except few countries like Japan, Germany etc. where bitcoin is not officially legal, people use it as an investment only and not as a currency! So it's wrong to generalize only China for such mindset and this mindset is known as FOMO or "Fear of missing out"!

Bitcoin has shown immense growth since its inception which no other investment class had shown in last 10 years! Yes, real estate had fetched such return in some cases or in some specific areas but not at a global scale! So it makes complete sense for people to use it as an investment and not as a currency.

We all know about what happened on 22 May, 2010 as we celebrate it as "Bitcoin Pizza Day"! Mr. Laszlo Hanyecz paid 10,000 Bitcoins to order few pizzas from Papa Zones which is worth 100 million at current bitcoin price! This fellow could have lived a life of a millionaire in 2019 if he had not purchased those pizzas in 2010. It is a classic example why FOMO plays a big role in the mindset of a bitcoin user, and it makes sense!

pooya87

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Quote from: Bunsomjelican on September 18, 2019, 06:56:46 AM

Bobby Lee — co-founder and former CEO of China's first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

isn't it the same with most of other countries too? not to mention with most of the people around here!
people see bitcoin as investment since it continue going up and giving them profit.
governments see it as investment because it is easier to tax it that way and their revenue could be higher.
i don't think it is specific to Chinese.

Quote

- In accordance to what Bobby Lee said, it is indeed that China thought of bitcoin as an investment.
This might be the reason why China was one of the biggest percentage average of having a bitcoin mining farm.
all over the world, What's your view about this thought?

i don't think it has anything to do with what their government thinks!
mining requires a couple of things to be more profitable in a competing market. first is the electricity cost, which is quite low in many parts of China specially when these farms struck special deals with their electricity provider. the next is the cheap and easy access to equipment. again they can acquire it easily from Bitmain and fast, maybe even cheaper. another factor is climate, i have seen farms that go in places with lower temperatures which would reduce their cost for cooling and increase their revenue. and finally the cost of labor can be much smaller which is another reduced cost. all of this leads to higher profitability.

vintages

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Guess this Chinese reason was true and it could have contributed why they tend to frown at it when most of it citzens us it as a payment system.
But as at that, Bitcoin has always been both an investment and a payment system and it depends on what each users wants to regard it as or use it as.
For the Chinese, i guess they don't like the idea of having an external payment system interfering with the internal system they have set up.

Bountyhonter

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The Chinese really take bitcoin mining seriously and they also think of bitcoin as an investment but that doesn't mean that they don't also use it as a payment system.

leowonderful

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I use Bitcoin as both as well. I've accumulated plenty of Bitcoin over the years that I've been active in cryptocurrencies, and there are often times where I choose to pay for products (especially electronics and occasionally gift cards for friends) with Bitcoin from sites like Newegg and Bitrefill respectively. I still mostly transact with fiat currency because it's much more convenient and accepted in more places than Bitcoin is, but I'm always happy to support places that accept Bitcoin or any cryptocurrency for payment.

lobster88

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Payment system is also a right choice which enables a fluctuating mechanism from one hand to other instead the currency is stored in one's own treasure.

Little_king

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bitcoin has always be an investment and payment bond for everyone. so you can store your btc as investment and at the same time use it as payment for any one that accept it as a mode of payment which is both cool.

adzino

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Bitcoin was made to be use it as a global currency instead of border defined fiat currency. It was made to bring in an decentralized financial system where the owner of the coins are the only sole owner with no third party (the Government) having any power over the coins. But unfortunately, people started to use it as a form of investment rather than a medium of transaction. Thus, bitcoin is having a hard time to reach its ultimate potential. So I would so, no it is actually not right. We should use the coin in the way it was intended to be used.

Mr. Ar_Mongi

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There are a lot of poor people in China and bitcoin is just a way for Them to make money. It is not surprising that for many people in China Bitcoin is just a profitable investment.

rdluffy

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Why not use both?

We can use BTC as investments and payments, most people use for investment, but with Lightning Network working 100% we will have more people using as a payment system
I think the only thing holding the "boom" of payments in BTC is the fee, if we can work with LN, this problem will be solved

I use BTC as invesment, but at least twice a month I need to pay someone from another country in BTC

Topic: Lets think Bitcoin as an investment not payment system, is this right? - page 2. (Read 534 times)