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

As we all know, bitcoin is not a legal currency yet and that makes it unqualified on practical uses already. The government still wouldn't agree to legalize it considsering its features that hinders them to benefit from it. Also, over the years, bitcoin ended up becoming an investment of many considering its volatility and capability to have its value keep on increasing over time. It ended being exchanged on user to user basis. Who knows what the future hold? Maybe that statement would change as bitcoin gets revolutionized as it gets more convenient and timely to use.

I am in the camp that bitcoin needs to be used as a currency for it to have long term success.  When people say that bitcoin is only used as a currency in illicit situations is simply flat out false.  I personally use bitcoin all the time for all sorts of different things that are NOT illegal.  Most of the time when people say this they are simply hating on bitcoin because it goes against their view of how money should work. 

Bitcoin is just an imaginary coin to the people who don't have it already even though it does not already exist as a physical coin but can be used in the digital world so nothing too much difference you can use now the bitcoin the same as the fiat currency. As you see the bitcoin now is going to adopt different aspects. Like today the bitcoin ATM is one of the popular ones. So it's better to have an early opportunity so you don't need regrets soon.

Let them think what they think, everyone is entitled to their opinion so I don't think that we should worry about it, the important thing is that the truth will come out no matter what and that's the time that we are going to know who is right and who is wrong. In this current bitcoin landscape, I am leaning on the fact that bitcoin still hasn't reached its full potential yet, that is why it has no other practical uses besides being a medium of transaction and an asset.

No matter what other people say, I researched about bitcoin and I'm using it on how it is being utilized properly.

I'm benefiting bitcoin for so many years and it really a good thing for me.

I'm using it as an investment tool, and safe haven for my assets and we really have different preferences or strategies on how we will make a certain coin profitable for us.

Bitcoin is not only for speculative tool, we know how beneficial bitcoin can be, there are a lot of things that we can do with the use of bitcoin and as Satoshi Nakamoto's intention of creating bitcoin, it is not about speculation. Bitcoin is now being used for so many things, we can now use it for online payment, sending money to our relatives, paying bills, investment, and trading purposes to earn money. A lot of people are now using bitcoin for those purposes and I never think that bitcoin is only for speculative tools.

We also see that a lot of companies already accept bitcoin as a means of payment and there are already some who bought huge bitcoin for good investment.
 

NO, bitcoin bubble you mean the price will go up to $ 100k and then they will sell, but obviously it will go back up to more than $ 200k according to the S2F model. Because Bitcoin is not a bubble and I think that they have already clarified that, this would be the second stage that the Bitcoin market reaches Distribution, and apparently it has not yet entered a bullish trend. There is still a long way to go, and it may be like in 2017 for this 2021 in December we will be able to see a new ATH much bigger, at least I think that can happen.

I don't blame anyone for saying that Bitcoin is impractical as a currency, because it is like that. Not all countries legalize Bitcoin as payment,
not to mention finding merchants that accept Bitcoin payments is not easy. Using Bitcoin for payments must understand technology, and there
are many more reasons why Bitcoin is not practically used as a currency. I myself prefer to use Bitcoin as an asset rather than having to use it
as payment.

that is, bitcoin can be used as an alternative payment, this is a real function. You can use bitcoin anywhere when you travel abroad, as long as the facilities, infrastructure, and support, whereas if you use fiat you have to exchange it with the currency applicable in that country.
see? very effective right? It's just about time, the longer it will be an attractive option and many people realize that this is not a bad choice as long as we fully understand its functions and risks.

Then you have to be trading some expensive goods since you have to pay at least $10 to pay with Bitcoin. That doesn't mean bitcoin is impractical, on the contrary, it's a great way to keep the government off your back.

In many African countries people were forced to pay with their phone minutes for goods because their fiat money was so worthless. If we account for that then bitcoin is surely better than minutes

It's not anymore hidden cases, rather it's open secret the uses of Bitcoin. Full of excitement in my heart now that big institutions, companies are showing  their interest over Bitcoin. ex. Anyone can purchase Tesla with Bitcoin like so numerous chance out there. Developed countries as of now receive this things and other in the processing.

I think as long as the concept of speculation makes sense in society, bitcoin will also live, especially since many global corporations have joined its HYIP, which only reinforce its position in the market, but nevertheless all this may end at one moment and we will remember about it as one of the biggest scams of the century ...

The first thing to understand with this comment is that they tend to be scarce or diminish. Several economists and experts have turned to bitcoin and had similar opinions.


I think it is a conjecture that loses "air" for that bubble that has remained as an old premise against bitcoin.
The Bitcoin currently has other numbers that include other types of investors as well, it is no longer just a network that has a group of individuals doing bitcoin exchange.

The argument had been around for so long that even Micheal Saylor had been challenged by people who advocate Gold is better than BTC because Bitcoin has no use but just a store of value.

They are correct at some point but BTC isn't just a store of value if they would just look at it with decentralization and security will be the main discussion. BTC is the most decentralized of all.

it is still too difficult to accept bitcoin as a payment legally, many countries have not allowed it and there are still some companies that are new to implementing bitcoin payments

They are the type of people who uses Bitcoin but in denial that it would further progress in our daily lives. Bitcoin has already come a long way and its really weird that people are just asking if Bitcoin is just a bubble. If its a bubble then that is surely one hard bubble that cannot be popped. Its value is volatile and people needs to understand that its value will increase and decrease at different points in time but we should be thankful that Bitcoin is something we can earn and use to supplement our daily needs.

Let them think that way because no one can change their mind except themselves, this kind of people are going to hate and reject bitcoin even if it reaches the 7 digit prices. Techinically speaking, bitcoin doesn't have any other practical use besides investment and a mode or object of payment, anything other than that isn't practical.

Because the number of countries that accept Bitcoin as a currency is very small, most countries that legalize Bitcoin only accept Bitcoin as
an asset like Gold. Therefore it is very normal for many people to think Bitcoin is not a currency, especially merchants who accept bitcoin
payments are still small too. Then the Bitcoin price is still very volatile until now, all the things that I have mentioned ultimately make Bitcoin
impractical to use as currency. Finally, many people are still more comfortable and practical using fiat as payment.

Bitcoin is such a they said but believe me that been a speculative assets has more value than the regular fiats, these are many more evidence that the world has seen that made me said, the world should embrace the speculative asset and help in it development that will push it into the global level that will accept it use as currency which will now have a practical use. IMO bitcoin is a currency but not be accepted practically.

Good timing, you saved some 



Anyway back to the topic just get a bbinance card ( it's basically free of charge nowadays ) and show them how easy is to spend nowadays.

Funny because in these past months I've been making trade online  using cryptocurrency and it's really seamless without any centralized company or government intervention whatsoever.
Most of merchants that I know also seem to prefer crypto nowadays, doesn't want to get in problem with company like paypal with their ridiculous ToS.
even if I'm being frank paper money has way less practical uses than cryptocurrency considering it can't be transferred easily without using third party services like bank, maybe they're just blind.

i bought pizza with bitcoin last week... seems real to me

Due to the spread of Covid become too easily through exposure, online technology industries are being promoted to use but in general, online payments still rely on the cash in that country to use, for symbols like crypto and bitcoin, the appearance in the payments is still very low, maybe more companies recently became more public about using bitcoin for payments but the percentage of users who do use it is still rare. The most practical use is probably investment, maybe in the future, bitcoin may be present in physical form, its practical use will be much enhanced

The digital currency is currently accepted and recognized by the market of some countries, giving birth to a large number of digital currency trading platforms, and a large number of altcoins have emerged. These altcoins have evolved into a brand-new financing model, writing the myth of rich wealth. However, this It also caused the proliferation of air currency, MLM currency and other fraud under the banner of digital currency.

In short, Bitcoin outlines a grand blueprint, that is: the future of currency no longer depends on the release of central banks, but global currency unification. However, from the current situation, the era of blockchain 1.0 represented by Bitcoin only satisfies the basic functions of digital currency and cannot be popularized in other industries.

But anyway, in one sentence, Bitcoin: There are shortcomings in the United States, and it is difficult to cover up its edge.

Those people are just trying to play down the accomplishments of bitcoin, there are many reasons for this, they could simply be jealous they missed the best opportunity to make money during the last years, maybe they benefit from the current economic system and they want the current one to remain in place, maybe they are just that ignorant or they are trying to scare people away from this market, but whatever the reason it does not change the fact they are wrong.

Since i am active in the bitcoin market for a long time there were many friends in the past who advised me to be careful and now everyone invested during the last rally and now many are waiting for the market to go down so that they can invest further and now my advice to them is to never invest as you can loose your money  .

For anyone doubting the practical use, just point them to PayPal and what they enabled last week, even though i never use them because of obvious reasons to cite an example you can use their name  .

Some just didn't appreciate its value now, but once many adopt it along with technologies or more ATm that can physically seen anywhere, they might regret not having it now that the price is low. I do have friends that still waiting for price to fall to buy some since the adoption physically were not enough they still think the price will go deeper in time.

I don't understand this kind of people as there are already places for using Bitcoin as a payment method. We can even buy a car with it now thanks to Tesla. And I believe the number of places will continue to increase like now. So, it is not just an investment tool. Maybe years ago it was, but not anymore.

Anything that has got value and can be exchanged against services and products can be considered as currency. In such a manner, bitcoin is a currency and has got multiple practical usage as currency, investment asset, store of value, transaction medium, data storing system, etc. With time scenario will change, and now people find it hard to use it exchanging against fiat. When cryptocurrency goes mainstream we can experience the usage.

"Money" is by nature to be used, paid, stored, exchanged, ... the simple purpose is probably not enough to fully appreciate the importance of bitcoin.  Though, I'm sure you wouldn't have had the stagnant problems that come with the banks if I thought it right about what you meant.  Bitcoin has almost all its advantages, but in terms of fairness, it has abilities and powers that no one can deny.  similar to Bill Gate's thinking, he neither admits, but does not deny, the value of bitcoin.  And sure, out there a lot of people get rich because of the existence of bitcoin.

And they are right. At least for now. Bitcoin is too slow to be currency, sorry. Crypto adoption in general is still too low.

Subjective is the most appropriate word to describe how people use bitcoin. Bitcoin is traded on various exchanges and its price is determined by supply and demand and it is completely out of control. Economically, speculation has given trader and investor an advantage due to its price fluctuation. While this may seem risky, in most case these activities have yielded comparable profit.

Yes i think that's trus that bitcoin is not a currency with practical use, and right now is only used as a speculation tool. However this is mostly because bitcoin is not widely known and accepted yet, a lot of countries still consider bitcoin as something illegal, ban them, and not accepting it as a currency. Although right now, things are far better, bitcoin is being used more and more as a currency, like the case of Tesla, accepting bitcoin as payment method. I guess soon others will follow as well. So maybe bitcoin can slowly become a more practical currency rather than a speculative tool.

I too believe that Bitcoin and other Cryptocurrencies with great usage within the physical world will remain relevant forever. They will be labeled as revolutionary currencies that helped the world evolve into a more digitized stage and it also helped a lot of people have jobs and earn income that they did not expect to earn. Cryptocurrencies help people to those who understand it and if the government wants to study it, now is the right time to do it.

It would depend on the person some only see's it as an investment tool,
While other use it as a currency to pay for their transaction so for me it depends on the person.
But most of us now are only using it as OP stated.

We can’t agree with your point of view. It seems that BTC is only developing. There are already enough companies who accept crypto. For example, Microsoft, KFC, Subway, PayPal, Starbucks and others. We think that it’s only the beginning of the BTC’s usual life.

Bitcoin has so many use cases that only people have to put their creativity to work.
Bitcoin is good for charities, store of value, means of payment. Just let people know that "bitcoin is accepted here". If anyone is convinced, they will simply exchange their fiat for bitcoin. The people who talk about bitcoin that it is a bubble and that it will burst, are the same people who do not know anything about bitcoin and refuse to know.

I am not affirm how consider bitcoin as a money since as the cite over says, bitcoin can be utilized to purchase and exchange purpose. Are there like a few subjective numbers that bitcoin has to reach some time recently being considered a cash since in the event that that was the case at that point I think that we have come to that a long time back. Isn't fiat cash the same as bitcoin, they don't have any inalienable esteem within the to begin with put, Down to earth uses is fair a matter of point of view and those who think that there's no commonsense employments for bitcoin,Shoul know long-standing time of Bitcoin,Its difficult to exchnage the BTC since of moo aboption but once world populace mindful around it'll be noraml utilize of Bitcoin.

although there are hundreds of people who just want to use bitcoin to make hodl, there are other people who are using bitcoin to make payments, it is true that the global use of bitcoin as a means of payment is being slow because it is something that depends on regulation, and it will be a long process until all countries in the world accept bitcoin as a means of payment.


look at the history of the market, in the past there was the sad episode of ICOs that caused the price to reach $20,000, now many people are using bitcoin, it is not pump and dump as in the past

The cryptocurrency bitcoin has value because it holds up very well when it comes to these six characteristics, although its biggest issue is its status as a store of value.Bitcoin's utility and transferability are challenged by difficulties surrounding the cryptocurrency storage and exchange spaces.In many societies throughout history, commodities or precious metals were used as methods of payment because they were seen as having a relatively stable value.Some types of currencies rely on the fact that they are "representative," meaning that each coin or note can be directly exchanged for a specified amount of a commodity.

I agree with you that Bitcoin is not a Rich men's toy, despite they use Bitcoin as an instrument for making more money. But of course it is in an easy access for lots of people like any other asset, and everyone can easily buy some part of Bitcoin))) It gives people opportunities to make at least small movement in order to get good result. Of course we can not buy milk or bread for BTC in most places, but we slso can not do this for gas or oil for example. Crypto is just another separate direction where you are able to build your strategy and become richer or fail in casr your steps will be wrong. We can say "a bubble" about the dollar also, but it is still used worldwide and noone hesitate using dollar)))

If All of us will HOLD bitcoin then what will happen?
Will the value increase? or will slowly die? Bitcoin must circulate meaning be used for transactions as payment or for trading material but if everyone will hold then forget about what is this .
And besides why would you expect a Fast transactions when the main objective of Bitcoin is privacy and not the transacting things.

its not going to burst just because most people dont know about btc or know what btc is but refrain from using it as a currency but infact it will get more stronger or bigger because people will put money in it thinking that it can be a good piece of investment tool .

the value are going to be moderate if people use bitcoin balancedly ( for investment and for currency use ) but that looks pretty healthy for btc than when people only foccus on one side .

Volatility is not essentially a bad thing. And in case of Bitcoin, it is always going up in the long term. So don't spend it if you are afraid that the prices will increase in the future and you may end up with a loss. On the other hand, if you are going to sell some of your coins to fiat, then it may not be a bad idea to purchase something with the same coins. It may reduce your tax bill, and Bitcoin is always a convenient method for payment compared to credit card or PayPal.

I believe that after 5-10 years, Bitcoin will become less volatile and its capitalization will exceed the current one by several times, and perhaps then we will see the final product, which was planned by Satoshi Nakamoto. It is when the majority of the big capital is concentrated in Bitcoin that Bitcoin will fully match the daily means of payment.

It has just begun, it is way too big to fail now. I think that even if Bitcoin ad failed, the Blockchain technology helped pave the way for others to add onto the code and inspire to create their own. That is the beauty of making the code open source, it stays true to the pioneering way,  the stuff real innovation made from, the collective effort.  Collective effort driven by the good old spirit of competition breeds inspiration and innovation.

This is the crux of why people don't "like" bitcoin in general. They don't like change and can't understand it, so they tell themselves it isn't legitimate.

Common criticisms:

"it moves up to fast so it must be a bubble/ponzi/scheme/fraud/etc"
Because there has never been a publicly available asset like Bitcoin before. Coinbase at $100B means the first their investors who put in $5 million at a $22 million valuation have made over 4500x in less than 8 years. That's just about exactly what you would have made if you invested in Bitcoin a few months before that and held until now. Yet Coinbase is just considered a highly successful company while Bitcoin is derided by most people simply because you can actually see its price action because it was publicly available instead of being hidden behind the veil of a private company.

"it isn't real its just ones and zeroes"
And yet they fail to realize most money in the world is digital and is just ones and zeroes. Not to mention all technology built on computers is just ones and zeroes. But for Bitcoin it's fake because I dunno maybe cuz you can't print it out and people think a currency has to be both digital and physical?

"it always crashes"
And yet people still invest in the stock market that routinely crashes as well. But Bitcoin is new so they ignore the part where it always goes higher and just focus on those times that it crashes just like every other asset does from time to time.

You do realize that every currency has a price right? Otherwise it would have no value and therefore not be money.
And you do realize that all currencies are traded against other currencies right?

Under your definition there is no such thing as a currency.

The fact that some people do not still consider bitcoin as a currency is because of their rigidity and refusal to accept and adapt to change. Most people from the analog age where everything was physical still have a hard time accepting this new reality of digitalisation.

We can't force them to think and accept bitcoin as a real Currency that can be used by many people in from day to day basis but what I am sure about is that people will not use their bitcoin as a day to day process because they will just use it as an investment as many is doing this. Bitcoin is used by the people as an investment and not for practical uses, unlike fiat currency that everyone is using it due that this is an acceptable way of transaction and a traditional way of using for transactions.

I think I have said similar thing like these before, but actually those who taught that bitcoin is not a currency they are against cryptocurrency especially bitcoin, the kind of cryptocurrency is digital currency is no like fiat currency everyone know and people use too, yeah i can agree with you that bitcoin is not practical currency we can see like paper Fiat, really people who transact crypto or sell to each order is not only rich people, I understand that through crypto system anyone can sell to another irrespective your financial status.

There are places all over the world that accept Bitcoin as payment, so living off Bitcoin is possible. That being said, the options are very limited, and it depends a lot on where the person lives. Moreover, I think most people aren't even interested in spending their BTC directly. They buy and hodl for profit. Then they either intend to sell or might spend it directly if Bitcoin becomes widely accepted as a payment, but it probably doesn't matter much for such people. But what makes Bitcoin different from a bubble is that the bubble bursts and gets destroyed this way, whereas Bitcoin tends to recover eventually.

It doesn't have practical uses because most things we have to pay daily can't be paid through bitcoin yet. I would love to pay electricity and water taxes or pay for food with bitcoin, but it's not possible. Bitcoin as a mean of payment is still something eccentric disponible in few stores, most of them virtual ones which don't sell necessity goods.
For people living from online income and from poor countries where fiat worths nothing bitcoin would be an excellent daily life currency.

Well, nowadays bitcoin is more an inversion tool than a coin to use day by day... Transactions aren't cheap at all, so you can't use it to buy simple things like a coffee or a beer, it's possible to do it, but if you try you will end paying more in fees than the product price.

And another problem that bitcoin has for 'Practical uses' is the confirmation time. This nemesis is a big problem for bitcoin, and people still searching for solutions. The LN could be the best solution for this.

That is actually one of the oldest label for Bitcoin. The keep saying that Bitcoin is a bubble but seeing the graph from past years, all those times that this naysayers talk about Bitcoin along with other Cryptocurrencies, their values have just improved and the surge of people wanting to get in/learn/invest on Cryptocurrencies is also at a new All time high.

We know that anytime Bitcoin can lose its value but nobody can really say if that would happen.

No.  The bitcoin "bubble" has been "about to burst" since early 2011 or mid 2010. People said the same thing when it hit dollar parity - "it isn't sustainable", "it will be back below $1 shortly". 

 As far as "practical uses" much depends on what you are trying to practice.  If you are trying to practice freedom and protecting the products of your life from then bitcoin is quite useful - among many other uses.  Just because Rogoff (whoever that is) said that, it primarily indicates his/her own lack of knowledge and imagination. Perhaps he/she is just upset that he/she got in so late.

And Satoshi didn't intend bitcoin to merely be a currency, it would need to reach a point of equilibrium with fiat currencies prior to that, and Satoshi realized it.

Well, we really cannot blame them for such shortsighted opinions. Bitcoin is currently not what Satoshi intended it to be. When Satoshi created Bitcoin, he intended that it be used as a currency just like the US dollars and every other currency you can think of, only that it is out of the control of the government and banks.
Bitcoin, however, isn't that yet and this is partly due to its high volatility. The volatility in the price of bitcoin and its tendency to rise in value has caused bitcoin to be more of an investment asset than a currency that it is.
It is also partly caused by the fact that bitcoin isn't yet adopted by everyone. There's no way I'd spend my bitcoins if there's no one accepting it for their services or goods

An asset or an asset class being in a "bubble" doesn't necessarily mean it needs to be backed by a government either. And yes, we seem to be holding the current price range pretty well. But who knows? Maybe the bubble top is something like $200,000, and we crash back down to $30k-$50k in the span of a few months with the same percentage drops like we had in the 2017 bubble.

Finally.
I thought I was the only one thinking that other people forgot already its practical uses. It's kinda weird to think sometimes that there are three types of investors here. One for value, two for its uses and three for both.
I do the both, while having separate wallet for use and for investment.
There's nothing wrong with either one of it, but sometimes it even becomes a debate in a thread.

A currency is something that can be easily used, a currency should not have a price tag and should be readily available to everyone, is btc that currency! maybe we should be a bit practical with our perspective on btc, if btc should be regarded as a global currency i don't understand why it should have a price tag and highly speculative by many who are in to make money (fiat so to speak), a currency should not be traded for another currency imo.

I don't care a lot what some people have to say. They didn't get it earlier and don't now. Bitcoin is a currency but with limited use case as it stands today. If something changes it could have many practical uses, but the blockchain has limits and limitations. Scalability wasn't Bitcoins feature, it could just reach a certain small adoption level, after that it fails as fees take over. Unlike the fiat money payment processors where fees are lowered as scalability is achieved, the opposite is happening with Bitcoin. It is not to be used as a currency at all.

- I also see some courses about bitcoin but in terms of quality, I do not dare to say that these courses can provide enough information for the participants because as an investor and someone involved in crypto for a long time, I still do not understand bitcoin, many others are similar to me. Despite a lot of information that bitcoin will be adopted as currency but in the end, I've never used bitcoin for such a purpose, what I do around bitcoin is just buy low and sell high, the purpose for practical use is probably not so high as the user's demand is relatively low right now

Many such economist like Rogoff have made such statements in the past and in reality that have not much impact on btc prices as mass people and organisations are now realising it's importance at global level due to its secure and reliable payment system based on decentralised format.

Although there are some problems like network congestion as TPS rate is lower and you have to pay higher fees in case to approve your transaction on the blockchain and volatility factor which will be solved with time but that does not make btc inferior or bubble compared to the fiat which is subject to many more realistic world problems which still have not been solved by the Governments.

Those are against it will eventually turn in favour of Bitcoin as they praise blockchain technology at this time they will say that btc is most trusted source of payment method and will be accpeted by all.

So from all the conclusions, I feel that bitcoin is sufficient as a long-term asset store. besides its volatility which is often the basis for everyone not to agree as a transaction tool. yeah and so far the central bank used to say that. We are very concerned when a bunch of rich people play finances in bitcoin just to invest. while those of us who are bitcoin lovers and users think it is more than that. Even in a bubble, we are still with Bitcoin. other thing with rich people, they will leave bitcoin. that is the basis and strong reason that we do not like that kind of seculation.

i really do not think that the opinions of individuals with insufficient information have any influence on the practical usage of bitcoin. It already is serving its course and should be seen as a day to day currency that will oon gian mass adoption and possibly eliminate fiat in the near future.

well, if that soo, why early buyer doesn't sell it, for me its more than speculative tool , or to be clear, i do not really care about people think bitcoin its not currency or whateva. u know what , even JP Morgan has saying to Allocate 1% to Cryptocurrency Assets which mean its clearly can be investement assest.

My transaction fee is more than 150 usd for 130 sat/byte because i have a lot of uxtos. Of course, its not a currency with so big fees. Just means of investment

Of course, after all these years and Bitcoin has been into a lot of improvement in terms of popularity and it fixed all of its misconceptions, you cannot flee from such kinds of comments. maybe they have their own reasons but you have your own mind. You can use it to follow what they're thinking or you will use it to find the truth as you wish. As you can see, it's not speculations anymore as it's kinda right here in front of us happening you can go to the crypto market if you want to check it. I mean, if you keep taking those words from them, you will lose your chance to earn from this prosperity which we are all waiting for.

Most of us belives, that bitcoin is not ready yet for mass payment adoption since there are still many flaws out there, but blockchain can offer new solutions which would make cryto more practical, we are still in early years of adoption. But i agree, for now there are still not that many practical uses as we would like.

But in reality, with them continuing to buy and sell bitcoins, bitcoin continues to grow and develop until now. But indeed, buying and selling is not an end use but the activity has become the main thing that makes bitcoin more widely accepted, because its practical use requires a lot of support but unfortunately that is not the case.
Whether the hard rise and fall in price isn't an explosion, the popularity of bitcoin has proved an explosion in itself.

Should I feel special that I'm not a rich guy buying from another rich guy, and have never actually BOUGHT Bitcoin? And only sold to people to pay my bills? Or bought and sent to countless people and services accepting Bitcoin?

Am I so special and unique to have at least 1 tx a day on average, and to unique people? To actually spend Bitcoin for very practical reasons like the weekly food delivery (okay, I admit, it's been 2 or 3 times a week now since lockdown), the money transfers to family and friends, the shopping from UK that doesn't deliver here so needs reshipping paid in BTC, the discounted online shopping from BTC-bought vouchers, the gaming paid with BTC, the flight tickets (okay, not since 2020 haha), the hotel bookings that cost less when paid with BTC.

I'm not. I talk to lots of people like me, more than me, and they're not even active on this forum.

Is it ironic the ones calling out Bitcoin are the ones who don't have practical use for it because they're just so rich?

Bitcoin is obviously a currency, but when you compare its algorithmically decreasing inflation rate and supply cap to its 5 or so transactions per second, its monetary features as hard money (the hardest money ever known to humanity) obviously outweighs its ability to be used to purchases.

Its usage to buy things will obviously increase as PayPal adds Bitcoin transactions and eventually banks do as well. And as more and more txs move off-chain through these third parties, or perhaps even Lightning Network, there will be more and more options to spend bitcoin for things with low fees without congesting the blockchain. But it still makes far more fiscal sense to save your Bitcoin rather than spend it.

Also, since when is a store of value not a practical use?? Transactions are only one practical use of a currency. The other main use of currency is to store value, and Bitcoin will continue to do that better than any other currency ever created. Gold was a terrible transactional currency but a good store of value currency. Fiat is a great transactional currency but a bad store of value currency (it only take 35 years to lose half your buying power from 2% annual inflation). Bitcoin is a bad transactional currency though that is improving and will continue to improve with more txs going off-chain, but it is the ultimate store of value currency, so good in fact it completely overrides the point of using it as a transactional currency.

People can decide for themselves if they want to save or spend any given currency. The monetary policy of Bitcoin's design just makes it much wiser to save it rather than spend it.

Well bitcoin has evolved in the last couple of years, yes, I do agree that it has become a speculative tool, but there are still people around who treated it as a money and uses it for micro payments.

Last time yes, 2017, the bubble has been pop, but it's cyclical, so maybe this year we might see it bubble again or not as bitcoin narrative has completely made a U-turn, store of value and hedge by bigger companies.

I wouldn't necessarily consider bitcoin as a bubble though, it is not backed by any government like real estate bubble which can be popped and blown all the time. Considering that some people overhypes bitcoin but at the same time the prices are going strong despite the speculation that a burst will come is enough evidence for me to say that bitcoin is not a bubble or if it is, it must be a new kind of bubble.

I don't get how they do not consider bitcoin as a currency because as the quote above says, bitcoin can be used to buy stuff. Are there like some arbitrary numbers that bitcoin needs to reach before being considered a currency because if that was the case then I think that we have reached that a long time ago. Isn't fiat money the same as bitcoin, they do not have any inherent value in the first place, fiat were given their own value AFAIK. Practical uses is just a matter of perspective and those who think that there is no practical uses for bitcoin, they should get their head out of their asses.

it's not just a speculative asset but isn't it been used in buying stuff, some even illegal stuff that includes as practical use of BTC.  but it's usually used by people like us who keep trading BTC for speculation, there is nothing wrong with it though, it's been that way even the gold or any other fiat currency as well is used that way. the difference is that if we have BTC, it's ours not controlled by banks or nor government, and these BTC qualities can't be compared to any assets.

In fact, it is used in a lot of legal economy now.

Bitcoin is for everyone from all around the world. From poor people in third world countries such as Africa, Venezuela, ... to rich people or even the corrupt banks can use bitcoin.
Saying it is only used "among rich men" is short sighted and verges on being FUD.

You mean the same guy who has been spreading FUD about bitcoin and calling it a bubble for years repeated the same old stuff again? Good to know they still keep at it

Bitcoin is not in a bubble to burst. In fact it is at least $400000 away from being a bubble.

The thing is... you want to present Bitcoin as a "Rich Man" toy and that is wrong. A lot of people are buying say $5 worth of bitcoins every week and that makes it affordable for the people that are not wealthy. (Go buy some shares for $5 ....not Penny stocks)  

The thing people are missing about Bitcoin's use is this... It is no different to other currencies (People trade on Forex with other currencies and they use currencies daily for commerce and the same thing is happening with Bitcoin)

Now, did we not have several other Bubbles in other financial instruments in the past? (Real Estate / Stock Market Bubble / Dotcom Bubble....) and guess what, they bounced back and people are still using them.  

That is just the nature of any financial instrument out there, so pointing fingers at Bitcoin is just wrong.  

Honestly, I don't see the correlation between the quote you posted and this question. This kind of opinion has been around for years already, so it should not be that surprising to see (and most of the time they turn out wrong). If anything, it gets mentioned more and more when the bear strike back.

There's a lot of stuff going on on the background, new use cases being found, new technology being adopted etc to solve whatever problem is popping out. Even bitcoin-powered stores is still going strong today.

Yes. Because what Bitcoin really is for will depend from person to person. Just like how some people use smartphones mostly for flaunting their new sneakers and their Starbucks on social media, while some people use smartphones mostly for conducting business, and etc. It's totally subjective.

And yes. Bubbles doesn't necessarily mean something permanently crashing. A certain asset/asset class being called a bubble mostly just means it's overpriced/overhyped and that it will heavily consolidate at some point.

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.

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.

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!

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.

"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?