Topic: People are underutilizing Bitcoin - page 10. (Read 2032 times)
If that is the case, if you consider bitcoin as the place holder, it seems that stable coins too? and might as well holistically considering all of the cryptocurrency. Because the thing here is that, even people convert their crypto to fiats, they will still buy and accumulate volumes of it. Most of the bitcoin and cryptocurrency trader do it since they see bitcoin as an investment platform, they will trader and convert their profit to fiats and wait for another opportunity to enter the market. Later on, they will realize that crypto will be the main currency and better stick with bitcoin and stable coins. At the end, bitcoin will not be undervalued since people will still trade it despite of its huge transaction fee.
Full article: https://www.forrestvisions.com/blog/people-are-underutilizing-bitcoin
People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
People are not keeping bitcoin in their wallet because they are still considering it in the fiat aspect of it, because if we understand bitcoin very well and we want to use it as payment, we will know that there is no way that volatility can affect the quantity of bitcoin itself, but of the fiat equivalent of it. People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
I was going through a post recently and I saw where someone actually made us understand that it is not the fault of the users that are converting it into fiat, but the fault of merchants that has failed to receive it and those merchants that are receiving it are also not keeping it in their wallet, but changing it to fiat which is still making us to encourage the traditional banking system and that is why we see that these institutions no longer complain again.
My personal thoughts is that this two go hand-in-hand woth each other. While it may be true that continuous usage of bitcoin helps the ecosystem work, function, progress and improve over time, it is also not wrong that holding bitcoins does not increase its value. For me though, it's the extremes of each dilemma that will make Bitcoin obsolete. In simple words;
a. If all people only kept bitcoin to the point that no one uses it, it starts to devalue itself.
b. If all people starts spending their bitcoin to the point that they just want to spend everything they got, then it would also have the same effect.
Balance is the key to progression, for me at least.
a. If all people only kept bitcoin to the point that no one uses it, it starts to devalue itself.
b. If all people starts spending their bitcoin to the point that they just want to spend everything they got, then it would also have the same effect.
Balance is the key to progression, for me at least.
Got the point that we have to use bitcoin as a means of payment, day to day transactions to buy/sell things but the problem is that, there's no enough merchants who accept bitcoin. Well it depends on the adoption on a certain country. But not all country have enough entities that would accept crypto. Here in my country, even if there's no strict regulations on crypto, it's still hard to find shops where I can use bitcoin to pay them. In order to utilize my bitcoin, I have to convert it with fiat so I can use it to buy things.
People need to start accepting Bitcoin and keeping it, not converting it. If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away. Thoughts?
People and merchants can start to be accepting Bitcoin en masse if there are really a huge population of people who have Bitocin and they gonna use it everyday to purchase anything and will not continue on just HODLING the said cryptocurrency. This problem is driving into the heart and the core of Bitcoin as a currency. There is no problem with Bitcoin as a store of value because definitely people are hodling on to their Bitcoin as if their lives depended on it.
The problem is that holders are gonna hold and will not easily use their Bitcoin for anything, maybe except for emergencies in which case they gonna convert Bitcoin to cash and not necessary use it to pay anything. The thing is that we will not have a problem with merchants or businesses because they will definitely be coming if there is a big demand coming from those having Bitcoin.
Now, on the other hand, if there is no opportunity for speculations here in Bitcoin, do we really think that there will be a big number of holders? I really doubt that, sorry. People are getting Bitcoin because they are looking at it like an investment that can soon be growing by leaps and bounds and not because they can be able to buy a cup of coffee with it.
We know that the largest volume of Bitcoin comes from trading activities. And trading is one of the best utilities for Bitcoin besides using it for offline product transactions. At least now more and more people are using Bitcoin as an alternative payment in their stores. I am sure in the future the adoption of Bitcoin will continue to increase.
People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
I think it depends on how they use it. Especially if you are using it in business;If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
For example, you have buy and sell business. You are buying some items from your supplier using Fiat currency, and you are selling your products via Bitcoin. So you need to convert it to be able to run your business.
It really depends on use cases. For me, as long as we using Bitcoin for not only as investment is not underutilizing at all.
I think it's a pretty good article, a lot of the bitcoin enthusiasts will know that bitcoin will never grow and become mainstream if people keep thinking about it as a storage of value, not an actual payment method. Let's look at this:
It's a very interesting concept pegging certain items to bitcoin and the last time I saw this, was when HTC released their own "Bitcoin phone".
More items that are sold on a bitcoin basis needs to happen, otherwise, BTC will be kept being looked at like a secondary payment option.
Quote
However, to make this ecosystem work, Bitcoin needs to have some “value” with its users. People need to value the significants of Bitcoin like other products like USD. In order to achieve this status, Bitcoin needs to be accepted as a mean of payment that does not peg itself to fiat currencies.
It's a very interesting concept pegging certain items to bitcoin and the last time I saw this, was when HTC released their own "Bitcoin phone".
More items that are sold on a bitcoin basis needs to happen, otherwise, BTC will be kept being looked at like a secondary payment option.
What is best to be done is spend BTC as it is like buying products online with BTC. Its almost the same thing with fiat actually but this time you don't go for exchanging it with physical paper money. For most of the though trading BTC is the way to go, people look at BTC as investment. They don't even learn the technology behind it anymore since all they care is the value of it. They still use BTC and I don't think one can consider it undertutilizing.
It's always better that people use Bitcoin actively instead of just keeping it in some wallet. If it's not used in real world Bitcoin can't express its real potential and why it's worth in real world. Keeping it just as an asset we don't use its full purpose and that is not good. But to achieve full use and full potential of Bitcoin people should be better informed and better educated about it.
~snip~
I see the stablecoins as a springboard to Bitcoin, the popularity of Bitcoin will never be tarnished, there are some who prefer FIAT money, it is normal, but globally Bitcoin is becoming more famous, much more than in previous years even when it reached its last ATH.
In Italy, most prefer to use Bitcoin than use VISA credit cards, in France they have many stores diversifying with Bitcoin sales, such is the case where they sell tobacco.
Recently, the president of the Central Bank of Brazil praised the use of Bitcoin for allowing fast, secure and transparent transactions, the voice over Bitcoin is strengthening.
Maybe in 2020 if the launch of Libra, Stablecoin very controversial, can open the doors to business models where in the end people will prefer to exchange Libra for Bitcoin, for the simple fact that Bitcoin will go up, where it will be framed without Doubt the bullish trend. They may not want to leave their Bitcoins because they are in Hodl mode!
Full article: https://www.forrestvisions.com/blog/people-are-underutilizing-bitcoin
People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
The problem with people is that they have been looking at bitcoin in a very different way, ever since bitcoin started rising up in terms of price and volume people saw it as an opportunity an investment rather than seeing it as a better easier and more secure way to make transactions without the control of the governments, and most of these people just take bitcoin and hold it and they don't care if it becomes widely used or not, and that is why bitcoin is still stuck in a position where it is not being accepted given its popularity. People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
People need to start accepting Bitcoin and keeping it, not converting it.
you should have said "continued using it" instead of keeping because if they keep it, it sounds like HODLing and that is not doing anything.in any case this problem has always been with bitcoin. the price rise alone makes people want to "invest" in bitcoin instead of seeing it as a currency. that is why so many people are calling it store of value these days instead of a currency.
Quote
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
not unless someone finally comes up with some actually decentralized stable coin otherwise centralized ones are not even close to being 0.001% useful as bitcoin!Thoughts?
Hodling cryptocurrency actually does help. People are holding it because it has value to them. "worth" is given when something is valuable to someone.
I could sell someone a rock for $100,000 if they find "worth" and have the resources to purchase it.
If someone is willing to hold a bitcoin and not get rid of it because it has "worth" to them, then I am all for that.
People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
merchants will (for the most part) be the latest adopters. their overheads and supply lines are paid in fiat. holding bitcoins doesn't pay their bills and exposes them to potentially harmful volatility. there's no reason for them to accept bitcoins directly unless 1. consumers demand it, or 2. it becomes a standard medium of exchange and unit of account.
both of those things require mass adoption first. you can't expect merchants to do all the heavy lifting.
I am afraid that the "value" will weak and investor interest then disappears ,trade will be quiet because all traders using the method hodl too
There is no such a thing as all traders hodling, especially when you take into consideration that a lot people aren't interested in anything but short term speculation.... markets will be active no matter what.With more cash settled contracts trading the aspect of scarcity and hodl becomes less of a thing as well because these contracts are very speculative by nature, similar to how they ruined gold's market and scarcity aspect.
Bitcoin's market will follow gold and there is nothing that can be done about it, so be happy that we're currently still able to explode in value like we did some months ago because that will be done and over eventually.
People in the crypto communities I am in are mostly hodling and more likely to spend fiat instead of Bitcoin or any cryptocurrency they have. The thing is people are looking at BTC like at a store-of-value and long term investment and not looking to make payments with it.
bitcoin and the technology actually has many benefits but some people still assume that bitcoin can only be used for investment or transaction tools, I personally am still looking for a lot of information about the technology in it because I believe the technology created is not only for investment and payment tools but more than that
I am afraid that the "value" will weak and investor interest then disappears ,trade will be quiet because all traders using the method hodl too ,I think contributions trade sector will make the "value" become a high as now ,looking for value with a hodl might be a good but if everyone hodl then who will sell bitcoin and vice versa? resources not all have high and equal income so we are struggling to find that value as traders
Full article: https://www.forrestvisions.com/blog/people-are-underutilizing-bitcoin
People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
A proper cryptocoin has to be well decentralized. Stablecoins are dependent on fiat currencies, making them(especially the centralized stablecoins) too centralized. What happens if the fiat currencies collapse? The stablecoins will most likely collapse too if they are really pegged to the fiats . Or what happens if the reserve is seized?
If we insist on having "stable cryptocurrencies" (not a good idea IMO) then we could make the value independent of fiat.. the stability would need to be artificially maintained with algorithm.
Full article: https://www.forrestvisions.com/blog/people-are-underutilizing-bitcoin
People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
People need to start accepting Bitcoin and keeping it, not converting it.
If you think of Bitcoin as just a virtual placeholder for fiat currency, stable coins will be the future and Bitcoin will slowly fade away.
Thoughts?
Your statement is partially true! Conversion of bitcoin is one of the major utilizations of bitcoin. Because for every conversation, there is a buyer who is buying that bitcoin and paying in fiat to the seller! So conversation is very much important for crypto economy and that's the single most important transaction method where bitcoin doesn't have any other use!
People are not underutilizing bitcoin willingly! Rather, they don't have nuch choice to spend their bitcoins! Like if I want to buy an Iphone and the shop owner is not accepting bitcoin, what choice do I have other than converting it to fiat? People here have nothing to do with underutlization. They are lacking options to spend!
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