Topic: People are underutilizing Bitcoin - page 4. (Read 2030 times)
There are not many merchants globally that are accepting crypto as payment option. Moreover, use of crypto is also ban in many countries (for example China) and in such areas people are HODLing Bitcoin just from investment point of view as they dont have any option to use it. I guess as acceptance for bitcoin will increase we will see more transactions of crypto.
Stable coins can come. Blockchain is a more accurate system for stable coins. But will Bitcoin disappear if these situations occur? I do not think so. Bitcoin is the advertising face of this market. I think Bitcoin will always be
Basically stable coins come in handy and in second to bitcoin only for investors and hodlers in the market. They use stable coins to save funds but not literally aims to take the spot of bitcoin. After the huge market correction, people will still go back to bitcoin and invest all of their funds from their stable coins. The main thing that I can see only how people are underutilizing bitcoin is through using bitcoin in illegal activities and also, when they sell it in price lower than the price when they bought it.
fiat is definitely doomed to fail so we will need something to replace it. I just don't think it is going to be Bitcoin by the looks of it.
fiat or bitcoin have their respective values, maybe fiat can be replaced because the payment methods are quite old-fashioned and in an era like now that digital currencies are being introduced to the public, but I'm not entirely sure that FIAT will be lost unless the technology in the world has been used as the main commoditybut, I really hope for good development from bitcoin.
fiat is definitely doomed to fail so we will need something to replace it. I just don't think it is going to be Bitcoin by the looks of it.
fiat or bitcoin have their respective values, maybe fiat can be replaced because the payment methods are quite old-fashioned and in an era like now that digital currencies are being introduced to the public, but I'm not entirely sure that FIAT will be lost unless the technology in the world has been used as the main commodityNo it is literally mathematically doomed to fail... now with there be another incarnation of it? that might be but I highly doubt it. I also doubt that crypto in its current form is anywhere even close to useful on that scale and for that purpose. It makes the future awfully uncertain.
fiat is definitely doomed to fail so we will need something to replace it. I just don't think it is going to be Bitcoin by the looks of it.
fiat or bitcoin have their respective values, maybe fiat can be replaced because the payment methods are quite old-fashioned and in an era like now that digital currencies are being introduced to the public, but I'm not entirely sure that FIAT will be lost unless the technology in the world has been used as the main commodity
fiat is definitely doomed to fail so we will need something to replace it. I just don't think it is going to be Bitcoin by the looks of it.
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?
I'm all for HODLing Bitcoin because I don't think that it's going to fade away. And I don't believe it will replace fiat or is a virtual placeholder for fiat, instead I think sometime down the line it will be another form of accepted payment along with fiat. 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?
Stable coins can come. Blockchain is a more accurate system for stable coins. But will Bitcoin disappear if these situations occur? I do not think so. Bitcoin is the advertising face of this market. I think Bitcoin will always be
Basically stable coins come in handy and in second to bitcoin only for investors and hodlers in the market. They use stable coins to save funds but not literally aims to take the spot of bitcoin. After the huge market correction, people will still go back to bitcoin and invest all of their funds from their stable coins. The main thing that I can see only how people are underutilizing bitcoin is through using bitcoin in illegal activities and also, when they sell it in price lower than the price when they bought it.
The main issue, as many others have mentioned, is its lack of stable value. Bitcoin would be used for more than just hodling if not for that and of course the lack of intent to scale on chain. Second layer does not appear to be even remotely close to panning out at the moment. At any rate, to become more stable Bitcoin would have to give up on its hard supply cap of 21 million and its emission schedule which halves roughly every 4 years. Honestly, most of the OG's have even admitted that the supply only needed to be predictable and another algorithm could indeed work. Obviously this always comes down to simple supply and demand even though the fix is moderately difficult to do. You need an algorithm that measures demand endogenously and then spits out the necessary block reward for each particular block. Basically, a self balancing mechanism but it would also need to have a way to prevent bad feedback loops. I had been developing such a solution over the last year but I ran out of money for development. Definitely a common theme for small players in this market.
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?
I agree with the first point. People need to HODL bitcoin. However, I don't think bitcoin will slowly fade away, that's not going to happen, instead I think it'll get stronger and people will find solutions to problems it's currently facing. Only time will tell. 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?
Hoarding bitcoins adds zero value to the Bitcoin ecosystem, because merchants needs to get business via Bitcoin payments for them to continue
supporting it as a payment option.
The Banks are not the real problem here, the real problem are the payment processors that are used to
convert bitcoins to Fiat, because that is not how Bitcoin was supposed to be used. Satoshi said P2P not Person to third party service.
The
article makes sense, but you have to remember that governments are calling the shots, because they are not allowing Bitcoin to function as a legit
currency.
supporting it as a payment option.
The Banks are not the real problem here, the real problem are the payment processors that are used to convert bitcoins to Fiat, because that is not how Bitcoin was supposed to be used. Satoshi said P2P not Person to third party service.
The article makes sense, but you have to remember that governments are calling the shots, because they are not allowing Bitcoin to function as a legit
currency.
Question here, what is the motivation for merchants to accept BTC at places other than the darknet?
How can bitcoin be underutilizing? I don't understand it.
It can be underutilized by not being used to its full potential. Feel free to check out the blog link to read more about the problems that the Bitcoin economy is facing.
How can bitcoin be underutilizing? I don't understand it.
When you want to make an investment or trading decision then obviously you want to find a way how to make more profit from investment and trading, so it's a simple reason why people are holding Bitcoin, so you don't blame those people who are doing this job. if Bitcoin would be a legal currency around the whole world then people will definietly use Bitcoin for the payment purpose so when Bitcoin will get accepted at the whole world then the use of Bitcoin must be increased and this system will become one of the most user-friendly payment systems.
many countries have begun to use bitcoin for daily use, such as an article I read that there is a bitcoin atm, e-commerce that accepts payments for bitcoin, traveling for bitcoin and others. right now I think bitcoin is easy and useful to use, but there are still regulations that make it difficult to benefit in some countries
not all poeple know about bitcoin. need to spread more and more, and if it people know, how to make them buy this coin? some people will ignore because it just a coin, but people will buy if it can make 'profit'. people will leave if just give what the purpose of creating bitcoin, but they will stay if it give another result.
once people know it can be useful as they see used publicly many will be interested but those smart enough to research and analyse the btc purpose and history they will certainly have an idea that it's a good investment too. There are amount can be used to hold and some to spend to influence other. not all poeple know about bitcoin. need to spread more and more, and if it people know, how to make them buy this coin? some people will ignore because it just a coin, but people will buy if it can make 'profit'. people will leave if just give what the purpose of creating bitcoin, but they will stay if it give another result.
once people know it can be useful as they see used publicly many will be interested but those smart enough to research and analyse the btc purpose and history they will certainly have an idea that it's a good investment too. There are amount can be used to hold and some to spend to influence other. You're right. You need to think globally and use the coin in different ways
not all poeple know about bitcoin. need to spread more and more, and if it people know, how to make them buy this coin? some people will ignore because it just a coin, but people will buy if it can make 'profit'. people will leave if just give what the purpose of creating bitcoin, but they will stay if it give another result.
once people know it can be useful as they see used publicly many will be interested but those smart enough to research and analyse the btc purpose and history they will certainly have an idea that it's a good investment too. There are amount can be used to hold and some to spend to influence other. In my opinion, people hoard until they don't. so a higher price turns some of those hoarders into sellers or spenders. however, it doesn't follow that hoarding bitcoins will make them worthless. If everybody stopped selling immediately and hoarded their coins, the price would go through the roof which arguably has a much greater impact on encouraging merchants and individuals to accept Bitcoin. wouldn't you agree?
Yes, I agree. Basically, bitcoin can be used as an investment tool and commodity trading. Depending on the passion of each user. Not that those who choose to hold bitcoin cannot take maximum advantage over those who choose to trade or vice versa, but each has a strategy, advantages, and disadvantages.
Applications of btc are still way too niche. When vendors start making it more mainstream, I'm sure it'll start becoming more widespread.
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