[Megathread] Bitcoin: What is missing for everyone to use btc on a daily basis? - page 2.

maikrothaman

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Quote from: imamusma on December 24, 2022, 12:52:24 PM

Quote from: maikrothaman on December 24, 2022, 11:34:24 AM

Simply put: How many of your neighbors use FIAT currency on a daily basis compared to how many of your neighbors use bitcoin for daily purchases.

You need to consider the legality. It's difficult to draw proper conclusions on questions like these because if bitcoins weren't legal tender then most people would shut up while using them.

There's absolutely nothing to stop people from using bitcoin as a means of payment even if your country doesn't legalize it. Even transaction can be carried out in private between sellers and buyers, especially when both agree on the payment instrument.

A strong government could make buying bitcoin very challenging. Binance, Coinbase, etc. bank accounts could get blocked. By blocking bank accounts, the majority of people can no longer buy or sell bitcoin. Because of this, complete privacy is a requirement for cryptocurrency (sound money).

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Quote from: AverageGlabella on December 24, 2022, 12:57:50 PM

Almost every government allows trading of btc but they do not allow it as legal tender which is different. You can still use Bitcoin and convert to fiat in most countries. I think it is only asian countries which have banned or heavily regulate its use and even then they usually start allowing btc again once they have figured out how to tax it. Governments would lose out if they did not regulate it and just banned it so instead they tax it and benefit from people using it.

Whatever the goals of the government regarding bitcoin, they are only able to regulate users, the rest is not. I am an Asian (Indonesian) citizen, and it is true that my government is quite friendly to crypto, especially bitcoin and has never banned trading. Governments have rules about legal currencies, so bitcoin is not one of them, so to this day bitcoin and altcoin are only legalized as trading and investment assets. We have to pay taxes, the government regulates it through our transactions on local exchanges.

Quote from: AverageGlabella on December 24, 2022, 12:57:50 PM

Why do people assume all governments are hostile towards btc? Most are friendly and benefit from the tax generation.

Because some of them don't seem to like the idea of bitcoin decentralization. People want freedom, but the government doesn't want it.

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Quote from: noormcs5 on December 24, 2022, 12:42:59 PM

Quote from: maikrothaman on December 24, 2022, 09:14:18 AM

Simple questions: Bitcoin: What is missing for everyone to use btc on a daily basis?
Vote only three options, please.
Explain your answer.

Here are my top three choices:

1. Complete anonymity - necessary for sound money which demands anonymity.
2. Scaling - low-cost and fast transactions.
3. P2P marketplace - to enable most users to enter and exit the Bitcoin system without requiring a centralized exchange or having it beforehand.

Price stability will eventually occur once it is used by more and more individuals and organizations

First of all, why do you call this thread, a mega thread? There is nothing special in this thread and this topic has been discussed many times before too.

Anyways, you can give unlimited arguments is favor of bitcoin, the only reason why people can't use it in daily transactions is that the government won't accept bitcoin and they never allow it. People are afraid of legal action taken against them if they started to use bitcoin for transactions.

Almost every government allows trading of btc but they do not allow it as legal tender which is different. You can still use Bitcoin and convert to fiat in most countries. I think it is only asian countries which have banned or heavily regulate its use and even then they usually start allowing btc again once they have figured out how to tax it. Governments would lose out if they did not regulate it and just banned it so instead they tax it and benefit from people using it. Why do people assume all governments are hostile towards btc? Most are friendly and benefit from the tax generation.

imamusma

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Quote from: maikrothaman on December 24, 2022, 11:34:24 AM

Simply put: How many of your neighbors use FIAT currency on a daily basis compared to how many of your neighbors use bitcoin for daily purchases.

You need to consider the legality. It's difficult to draw proper conclusions on questions like these because if bitcoins weren't legal tender then most people would shut up while using them.

There's absolutely nothing to stop people from using bitcoin as a means of payment even if your country doesn't legalize it. Even transaction can be carried out in private between sellers and buyers, especially when both agree on the payment instrument.

so98nn

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How bitcoin is missing the characters that are mentioned in the voting list? I really don’t understand what op is saying because bitcoin is already providing those characters. Bitcoin is simply doing great things for us and it’s adoption is really remarkable. For your information, bitcoin has picked up everything within 6-7 years of its launch and percolated throughout the world.

I don’t think there is anything else needed from bitcoin. If you are asking what is interfering bitcoin as global power then it’s government and their shit rules. But rare chance they will get ridden off.

noormcs5

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Quote from: maikrothaman on December 24, 2022, 09:14:18 AM

Simple questions: Bitcoin: What is missing for everyone to use btc on a daily basis?
Vote only three options, please.
Explain your answer.

Here are my top three choices:

1. Complete anonymity - necessary for sound money which demands anonymity.
2. Scaling - low-cost and fast transactions.
3. P2P marketplace - to enable most users to enter and exit the Bitcoin system without requiring a centralized exchange or having it beforehand.

Price stability will eventually occur once it is used by more and more individuals and organizations

First of all, why do you call this thread, a mega thread? There is nothing special in this thread and this topic has been discussed many times before too.

Anyways, you can give unlimited arguments is favor of bitcoin, the only reason why people can't use it in daily transactions is that the government won't accept bitcoin and they never allow it. People are afraid of legal action taken against them if they started to use bitcoin for transactions.

AverageGlabella

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BITCOIN is not missing any thing instead we need the dollar to hit big problems and force people to look for alternatives. That is the difficult part because the collapse of the dollar will take some time. We probably need multiple recessions until most people start looking for alternatives and we probably will benefit from recessions every couple of years. The collapse of banks and the general feeling that people are losing out by using fiat. Bitcoin is ready and has been ready for years we just need that driving force to convince people to learn btc. I think the documentation and the features we have are ready for mainstream adoption.

maikrothaman

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Quote from: Lucius on December 24, 2022, 11:39:39 AM

Quote from: maikrothaman on December 24, 2022, 09:14:18 AM

Simple questions: Bitcoin: What is missing for everyone to use btc on a daily basis?

You're actually asking two questions (as some have noticed), but the specific answer to this question is pretty simple for me - people don't understand Bitcoin, and if you don't believe me try doing the following - survey 100 random people on the street and ask them a simple question "What is Bitcoin?" 90% of people will not give you any meaningful answer, 5% will know something basic, 4% will say that it is an investment, and 1% will say that it is a decentralized cryptocurrency.

I think you got the numbers wrong. In the US, everyone is aware of bitcoin.

According to this https://buybitcoinworldwide.com/how-many-bitcoin-users/

89% of Americans heard about bitcoin
22% of Americans own bitcoin already

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Quote from: maikrothaman on December 24, 2022, 09:14:18 AM

Simple questions: Bitcoin: What is missing for everyone to use btc on a daily basis?

You're actually asking two questions (as some have noticed), but the specific answer to this question is pretty simple for me - people don't understand Bitcoin, and if you don't believe me try doing the following - survey 100 random people on the street and ask them a simple question "What is Bitcoin?" 90% of people will not give you any meaningful answer, 5% will know something basic, 4% will say that it is an investment, and 1% will say that it is a decentralized cryptocurrency.

Quote

What is missing to become world currency?

Your question from the Poll has an even simpler answer, which is exactly what Bitcoin has as its basis - decentralization. Do you or anyone else really ask such questions without realizing that the whole world functions on total centralization that has been built up over centuries - and most people can't see beyond their nose and don't care about alternatives, even less about being their own bank.

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Voted BTC is perfect. Yes, it's the society and people who are flawed, Bitcoin as a technology is perfect. Roll Eyes

maikrothaman

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Quote from: DaveF on December 24, 2022, 11:01:59 AM

Quote from: maikrothaman on December 24, 2022, 10:11:17 AM

According to the studies I've read, everyone is using bitcoin as a speculative asset or as a hedge against inflation. I'd say 98 out of 100 users used it exclusively for these two uses. Basically, no one is using bitcoin to buy things. I believe Satoshi Nakamoto intended to create not a speculative asset, but rather a new financial system that people can use on a daily basis doing peer to peer transactions.

Don't know where you are getting this information but it's wrong.
There are tons of places that people are using BTC every day.

I didn't say there weren't many locations where you could use bitcoin; rather, I said people don't want to use it for such payments. Simply put: How many of your neighbors use FIAT currency on a daily basis compared to how many of your neighbors use bitcoin for daily purchases.

Quote from: Yatsan on December 24, 2022, 11:15:55 AM

Stability for sure. ... The market price is too volatile for 'normal' people to handle especially those who are anxious or worried of things.

Your point about price stability is well taken. I imagine that Stable Coins are now so widely used primarily because of this.

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Bitcoin needs more acceptance and adoption from the world in order to be used on a daily basis, it needs to be widely known and used as a form of payment in marchants service providers and other activities . This requires education about the benefits and advantages of using Bitcoin and the development of infrastructure to support its use.
Beside providing interfaces and tools such as wallets and exchanges that make it simple for people to buy, sell, and use Bitcoin on daily basis and every transaction

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Stability for sure. Not all people would want to risk money on any form of investment and it happened that this industry is just one. The market price is too volatile for 'normal' people to handle especially those who are anxious or worried of things. While to investors of this technology, many hesitates to use Bitcoin and ither cryptocurrencies as a mode of payment for daily transactions simply because they don't want to lose money; spending during kow market prices could vreate permanent loss which pushes then to just hold it for possible market recovery. Same thing goes during bullish market trend wherein investors are also having hesitations to use it as payment or not because of the tendency to earn bigger profit if the market prices would continue increasing.

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The truth is the number of people keeping btc as a speculative asset are more than those using it for day to day transactions. To me, I feel what is really missing is awareness and understanding of the entire network. Of you take El Salvador as an example, despite the government has legalized btc as a legal tender, majority of the citizens aren't warming up to the idea of using it, why is that? Probably because they still lack the knowledge to fully utilise btc. So I think awareness is really lacking.

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Quote from: maikrothaman on December 24, 2022, 10:11:17 AM

According to the studies I've read, everyone is using bitcoin as a speculative asset or as a hedge against inflation. I'd say 98 out of 100 users used it exclusively for these two uses. Basically, no one is using bitcoin to buy things. I believe Satoshi Nakamoto intended to create not a speculative asset, but rather a new financial system that people can use on a daily basis doing peer to peer transactions.

Don't know where you are getting this information but it's wrong.
There are tons of places that people are using BTC every day.

Gambling sites.
Giftcard sites.
All the debit cards that convert BTC / crypto to whatever you need.
And so on.

P2P transfers are also big.

Thanks to places like Bitrefill I don't think I have spent any fiat in a lot of locations for a long time now.

-Dave

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Quote from: 348Judah on December 24, 2022, 10:03:12 AM

OP i think you're mixing things up here, what your topic said was the thing(s) bitcoin is missing out to become bthe world global currency, and if am to supply yiu an answer I will say "It's nothing" because bitcoin is already a global acceptable digital currency and not a testnet or a prelaunch coin like other altscoins looking for a boost, bitcoin had surpassed all those stages since past years, it's no more in a ideological or developmental stage anymore, it has advanced throughout the world and acceptable for making payments, this makes it has no issues with becoming a global currency, it's already a standard world wide currency except for those not interested in its adoption.

According to the studies I've read, everyone is using bitcoin as a speculative asset or as a hedge against inflation. I'd say 98 out of 100 users used it exclusively for these two uses. Basically, no one is using bitcoin to buy things. I believe Satoshi Nakamoto intended to create not a speculative asset, but rather a new financial system that people can use on a daily basis doing peer to peer transactions.

348Judah

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OP i think you're mixing things up here, what your topic said was the thing(s) bitcoin is missing out to become bthe world global currency, and if am to supply yiu an answer I will say "It's nothing" because bitcoin is already a global acceptable digital currency and not a testnet or a prelaunch coin like other altscoins looking for a boost, bitcoin had surpassed all those stages since past years, it's no more in a ideological or developmental stage anymore, it has advanced throughout the world and acceptable for making payments, this makes it has no issues with becoming a global currency, it's already a standard world wide currency except for those not interested in its adoption.

maikrothaman

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Simple questions: Bitcoin: What is missing for everyone to use btc on a daily basis?
Vote only three options, please.
Explain your answer.

Here are my top three choices:

1. Complete anonymity - necessary for sound money which demands anonymity.
2. Scaling - low-cost and fast transactions.
3. P2P marketplace - to enable most users to enter and exit the Bitcoin system without requiring a centralized exchange or having it beforehand.

Price stability will eventually occur once it is used by more and more individuals and organizations

Topic: [Megathread] Bitcoin: What is missing for everyone to use btc on a daily basis? - page 2. (Read 238 times)