People are underutilizing Bitcoin - page 2.

Maotezi

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Quote from: SummerBliss on December 30, 2019, 01:29:18 AM

Quote from: TimtheYoutuber on November 11, 2019, 10:41:14 AM

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?

But the problem is with the utility. People are ready to spend their Bitcoin without converting it to Fiat. But where are the options? There aren't much merchants or vendors ready to accept btc as payment. Even if they do, they will most probably convert it to fiat. The high volatility it comes with is not sound for any stable business. These are the underlying issue because of which btc is more of an investment asset which can be converted to fiat for any use. It hasn't evolved as a currency yet.

Any company planning a stable wholesale business must deal with money that has the least inflation and deflation, because if it is bought at a higher price and sold at a lower price, there is no profitable business there, I agree, but I think bitcoin is built as currencies , not completely.
The problem is the price fluctuation, the company is not sure when it has bitcoin, so it converts it to Fiat, it would be different if bct is more stable.

Polar91

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Quote from: Savemore on December 30, 2019, 05:06:41 AM

There are people that are now willing to use bitcoin and the problem is the business that are still not ready to accept bitcoin. There will no mass adoption that will happen if those merchants are still focusing to use traditional payment system than the current payment system. Our economy will boost more if we will use cryptocurrencies, there are also a lot of advantages that they can get from accepting bitcoin and using it. There are just not aware so it is the reason why for them fiat is still the best way to use.

For now, the use of bitcoin are still remaining to be personal because of the lack of regulations and laws concerning it to be accepted widely by the masses and the large scale typical business on different countries. Because we can confirm it if they start to provide salaries in bitcoin and it is quite hard to implement if they will provide salaries without tax and literally, there's allot to adjust first for it to be implemented. I do really believe it will just take so long but in the future it possibly could really happen.

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Quote from: trickshot22 on December 29, 2019, 10:22:57 PM

I think something's value increases when it comes to circulation, so instead of keeping Bitcoin, it needs to be more exchanged or transacted at specific retailer counters. Once this occurs, more and more people will begin to use Bitcoin, resulting in high demand, and anything can increase when there is increased demand value. Bitcoin is a good choice to retain as an asset, but it really needs a high circulation.

Its high speculative aspect of it is actually damaging. People are less likely to use it because of fluctuations.

Savemore

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Quote from: SummerBliss on December 30, 2019, 01:29:18 AM

Quote from: TimtheYoutuber on November 11, 2019, 10:41:14 AM

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?

But the problem is with the utility. People are ready to spend their Bitcoin without converting it to Fiat. But where are the options? There aren't much merchants or vendors ready to accept btc as payment. Even if they do, they will most probably convert it to fiat. The high volatility it comes with is not sound for any stable business. These are the underlying issue because of which btc is more of an investment asset which can be converted to fiat for any use. It hasn't evolved as a currency yet.

There are people that are now willing to use bitcoin and the problem is the business that are still not ready to accept bitcoin. There will no mass adoption that will happen if those merchants are still focusing to use traditional payment system than the current payment system. Our economy will boost more if we will use cryptocurrencies, there are also a lot of advantages that they can get from accepting bitcoin and using it. There are just not aware so it is the reason why for them fiat is still the best way to use.

SummerBliss

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Quote from: TimtheYoutuber on November 11, 2019, 10:41:14 AM

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?

But the problem is with the utility. People are ready to spend their Bitcoin without converting it to Fiat. But where are the options? There aren't much merchants or vendors ready to accept btc as payment. Even if they do, they will most probably convert it to fiat. The high volatility it comes with is not sound for any stable business. These are the underlying issue because of which btc is more of an investment asset which can be converted to fiat for any use. It hasn't evolved as a currency yet.

trickshot22

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I think something's value increases when it comes to circulation, so instead of keeping Bitcoin, it needs to be more exchanged or transacted at specific retailer counters. Once this occurs, more and more people will begin to use Bitcoin, resulting in high demand, and anything can increase when there is increased demand value. Bitcoin is a good choice to retain as an asset, but it really needs a high circulation.

Maslate

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Quote from: gerica0613 on December 29, 2019, 07:58:39 PM

As I see this situation, most hodlers became hodlers because they smelled money, not some utility.

That sounds true because I believe most of them does not look on the development of the team, instead its hype and they speculate on it.

Quote from: gerica0613 on December 29, 2019, 07:58:39 PM

Many of them don't even think about all this "crypto vs fiat" thing, they just wait till they can ride their lambos on the moon

Eventually they'll be educated and learn that it can never happen to defeat fiat as majority in this world are still not using online money, fiat is the solution to that and bitcoin for now is not good for daily small transactions due to high fees.

gerica0613

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As I see this situation, most hodlers became hodlers because they smelled money, not some utility. Many of them don't even think about all this "crypto vs fiat" thing, they just wait till they can ride their lambos on the moon

heidikim

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Instead of using Bitcoin, they prefer to keep it. Bitcoin is perceived as a value storage tool. I have a similar opinion. I'm doing my transfers with the Ethereum. I'm using Bitcoin for investment. It's worth something like silver or gold to me.

boris singer

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Quote from: julius caesar on December 29, 2019, 05:09:25 AM

Actually holding bitcoin will for surely help the ecosystem of it. The price of it is probably gonna rise up since it will lessen the supply in the market. The lower the supply, the higher chance that the price will rise up also. As long as the demand is higher than the supply, the price of it will become higher and higher every single day.

if we see from the existing domination, this is still not possible, the market balance must continue to run or bitcoin will move into a bubble and followed by altcoin. Such methods only apply well in the event of a bullrun, bitcoin also requires mass adoption for this decade, the long-term aspect must continue to prioritize usability as a currency and an asset at the same time.

iamsheikhadil

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Quote from: Doell on November 11, 2019, 12:28:13 PM

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

I agree, this is a valid point because if everyone holds then the flow towards more adoption will just stop, although it might make the Bitcoin price sky rocket because if everyone holds, it will be scare to buy and demand rise, but Bitcoin price will rise at the expense of the rise of its growth and adoptability.

gwestcot

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Quote from: julius caesar on December 29, 2019, 05:09:25 AM

Actually holding bitcoin will for surely help the ecosystem of it. The price of it is probably gonna rise up since it will lessen the supply in the market. The lower the supply, the higher chance that the price will rise up also. As long as the demand is higher than the supply, the price of it will become higher and higher every single day.

But that doesn't inherently mean anything positive other than superficial wealth increases that can also be lost just as fast as it is gained. I would much rather work towards having a functional currency even if it means replacing the block reward algo and total supply cap than to have "digital gold". Fiat is not going to last forever and Bitcoin is hardly a reasonable alternative in the event of a collapse.

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Actually holding bitcoin will for surely help the ecosystem of it. The price of it is probably gonna rise up since it will lessen the supply in the market. The lower the supply, the higher chance that the price will rise up also. As long as the demand is higher than the supply, the price of it will become higher and higher every single day.

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Quote from: TimtheYoutuber on December 28, 2019, 05:05:25 PM

Quote from: samcrypto on December 23, 2019, 05:42:06 PM

Quote from: jameshugo17 on December 23, 2019, 04:59:08 PM

People have different preferences for using bitcoin. The number that uses bitcoin for daily trading is not much. Bitcoin is seen as a value storage unit. I think that way. Bitcoin will be used more in daily trading in the future.

I also consider bitcoin as my greatest investment in the future and this is why i don’t trade that much with it but luckily we have the altcoins as an alternative and through them we can fully utilize the purpose of cryptocurrency but yes it will still depend on the hodlers, i use some of my coins to pay for my bills and that works really good to me and very convenient.

Do you use your bitcoins to pay directly? Or do you have to convert to fiat to pay?

I think he's paying it directly with bitcoin. There are payment processors that allows this to happen and they are integrated with that feature and this becomes the ease for the users.

Some local exchanges does have this feature.

efpd777

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I understand your opinion and it is completely valid, I consider that people change their bitcoins to fiat money for two fundamental reasons, the first one is high volatility, in general, merchants do not want to take too much risk and end up losing for a sale that had already generated profits.

The second biggest problem is that there is not a sufficiently developed market for goods and services that allows people to buy what they need using bitcoin.

The stablecoins base their strategy precisely on avoiding so much price fluctuation and generating greater guarantees for trade.

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Quote from: samcrypto on December 23, 2019, 05:42:06 PM

Quote from: jameshugo17 on December 23, 2019, 04:59:08 PM

People have different preferences for using bitcoin. The number that uses bitcoin for daily trading is not much. Bitcoin is seen as a value storage unit. I think that way. Bitcoin will be used more in daily trading in the future.

I also consider bitcoin as my greatest investment in the future and this is why i don’t trade that much with it but luckily we have the altcoins as an alternative and through them we can fully utilize the purpose of cryptocurrency but yes it will still depend on the hodlers, i use some of my coins to pay for my bills and that works really good to me and very convenient.

Do you use your bitcoins to pay directly? Or do you have to convert to fiat to pay?

samcrypto

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Quote from: jameshugo17 on December 23, 2019, 04:59:08 PM

People have different preferences for using bitcoin. The number that uses bitcoin for daily trading is not much. Bitcoin is seen as a value storage unit. I think that way. Bitcoin will be used more in daily trading in the future.

I also consider bitcoin as my greatest investment in the future and this is why i don’t trade that much with it but luckily we have the altcoins as an alternative and through them we can fully utilize the purpose of cryptocurrency but yes it will still depend on the hodlers, i use some of my coins to pay for my bills and that works really good to me and very convenient.

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Quote from: cryp24x on December 23, 2019, 09:54:14 AM

I think we need to circulate the Bitcoin. If you want Bitcoin to be more healthy and active, somehow we need to circulate it through merchants who offer services or products that need bitcoins as payments. That is the true essence of Bitcoin's existence. To be an alternative medium of payment in every transaction.

I agree and this is what bitcoin was intended to be but there's no wrong in holding your bitcoin, it's the same as those people who invested their money into specific currency and hold it. If person want to spend it somewhere else then free to do so but they are not at fault for holding it more specifically most of people who hold bitcoin are finding profit nowadays.

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People have different preferences for using bitcoin. The number that uses bitcoin for daily trading is not much. Bitcoin is seen as a value storage unit. I think that way. Bitcoin will be used more in daily trading in the future.

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Quote from: TimtheYoutuber on November 11, 2019, 10:41:14 AM

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?

Accepting it and using is the best way to keep the market alive and running and not just being kept or locked away. That whats it's made for, to use it for faster payments, if you read the Bitcoin white paper you would definitely understand. If all people who holds the total amount of mined BTC were just to be kept, then it would not circulate and liquidize in the whole world. It is good this way.

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