Many people think that Bitcoin is not a currency with practical uses - page 5.

Coinsfera

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Quote from: Alice_Yu5 on March 03, 2021, 01:51:16 AM

"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.
So, is the Bitcoin bubble about to burst?

If we think of it as digital gold then itis better to have it now than in the future. Imagine, gold standard lets you have money as much as gold you have. If you stocked gold at home you will get rich immediately when you sell those golds. Here is the same. Try to stock as much as Bitcoin you can, because when Bitcoin is accepted wildly then you will one step ahead of everyone. Buy and hodl still it is relatively cheap. There will be times that Bitcoin will be much more valuable.
Let's not call this bubble. It is the dream of people. If you give them a chance to reach their dreams then of course it will be valuable. Bitcoin offers peer-to-peer, bankless, decentralized, money transfers. This is why that is valuable.

zanezane

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Quote from: mk4 on March 03, 2021, 01:57:06 AM

I won't even disagree that bitcoin is mostly used for speculation, because it's a pretty safe assumption. But even so, let's not pretend that it's not being used as a currency and as a store of value. Are we going to totally ignore it's important uses just because a lot of people use it for speculation?

As for the typical I've-seen-this-a-million-times bubble question, sure. It has bursted a couple of times in the past already. But every single time, the price floor has been higher.

Pretense will only get us so far, I still believe that bitcoin is both a currency and store of value so as not to garner any argument on which is which. I wouldn't really say that it is a bubble because I believe that once a bubble burst, there isn't any way that it can recover back like what happened in South Sea Bubble and Tulip Bubble, there are exceptions when defining a bubble though which is pretty confusing for me because Real Estate bubble burst but it seems to bounce back because of the government backing it up to grow again like what is happening currently in China.

avikz

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As an old bitcoin user, I want to disagree with your statement but unfortunately the current situation is something different than we have expected! Bitcoin has started as a currency system that lives within the internet but slowly it has become an investment asset. The inventor of bitcoin mentioned bitcoin as - "Bitcoin: A Peer-to-Peer Electronic Cash System". But currently bitcoin is used as an investment asset due to its high volatility and extreme upside potential derived from the historical trend.

I won't say that bitcoin can't be used as a practical cash system but the current transaction fees and waiting time, made it look bad as a currency. People who are transacting in huge volume, may find it practical to use bitcoin. But for common people like us who usually make small amount transactions, bitcoin is an expensive currency option. Definitely Lightening Network is here to help but its adoption is still low.

So what many people think that bitcoin is not a practical currency system - are probably right! At least as per the current trend!

mk4

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I won't even disagree that bitcoin is mostly used for speculation, because it's a pretty safe assumption. But even so, let's not pretend that it's not being used as a currency and as a store of value. Are we going to totally ignore it's important uses just because a lot of people use it for speculation?

As for the typical I've-seen-this-a-million-times bubble question, sure. It has bursted a couple of times in the past already. But every single time, the price floor has been higher.

Alice_Yu5

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"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.

So, is the Bitcoin bubble about to burst?

Topic: Many people think that Bitcoin is not a currency with practical uses - page 5. (Read 676 times)