People are underutilizing Bitcoin - page 6.

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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?

The thread title seems to go against the content of the thread because keeping Bitcoin will make it underutilized. I agree with the start accepting Bitcoin, because that will help it circulate, change from one hand to another hand but keeping it will just make it idle in our wallets making it underutilized.

liuqi

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We have many gaps between the payment system and Bitcoin. Still we are not been accepted as main stream payment option at all the places. So if we find the real payment mode better than blockchain means they can reject.
But due to decentralized medium they were not accepting BTC payment at anywhere.

john_nautica

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bitcoin is not easy to fade just because of the influence of a stable coin. right now I think that only the use of bitcoin is still not optimal for each sector, but believe me bitcoin will still have popularity and will not fade

TimtheYoutuber

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Quote from: Gyfts on November 20, 2019, 01:50:52 PM

As of right now people are using Bitcoin as a placeholder for things like gold, silver, ect. I don't think bitcoin has the framework to be used in day to day transactions. You look at Visa which processes millions of transactions a day and compare it to Bitcoin. The network can't handle that amount of volume, especially when factoring confirmation times. I don't think people are under utilizing BTC. It's a matter of the fact that BTC can't handle the load.

It's crazy because the value in bitcoin is the aspect of its transactions and unseizable money factors. Yet people are simply holding it, and speculating on use cases that are extremely over-exaggerated.

eaLiTy

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Quote from: Gyfts on November 20, 2019, 01:50:52 PM

I don't think bitcoin has the framework to be used in day to day transactions.

For this to happen we need to develop further and zero confirmation is needed if you are planning to shift completely to BTCitcoin for daily transactions

Quote from: Gyfts on November 20, 2019, 01:50:52 PM

You look at Visa which processes millions of transactions a day and compare it to Bitcoin. The network can't handle that amount of volume, especially when factoring confirmation times.

The major difference between Visa and Master card is that they are not a currency but an intermediary between banks and merchants and the comparison is not they way we should do as these are two different things, but it would be great if there is a scaling solution that could reach those levels.

Quote from: Gyfts on November 20, 2019, 01:50:52 PM

I don't think people are under utilizing BTC. It's a matter of the fact that BTC can't handle the load.

There is under utilization when it comes to international trade and commerce and export and import businesses could take advantage of BTCitcoin to send currencies world wide without the help of a third party nor any conversion charges, so they could make a huge profit on that too.

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Quote from: Gyfts on November 20, 2019, 01:50:52 PM

As of right now people are using Bitcoin as a placeholder for things like gold, silver, ect. I don't think bitcoin has the framework to be used in day to day transactions. You look at Visa which processes millions of transactions a day and compare it to Bitcoin. The network can't handle that amount of volume, especially when factoring confirmation times. I don't think people are under utilizing BTC. It's a matter of the fact that BTC can't handle the load.

plus high costs make bitcoin more suitable for use as an investment, maybe if stablecoin is suitable for transactions. so indeed every technology has its own place for its use

qwertyup23

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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

The system behind the price of bitcoin depends upon the value that the investors are willing to purchase such. People have been considering it as a good store-of-value but if we treat it entirely as a means of exchange then the value might really decrease in the long-run.

Like what most people have mentioned, an investment is an investment that is meant to be kept for long-term (or short-term depending on the need to use it).

Quote from: Gyfts on November 20, 2019, 01:50:52 PM

As of right now people are using Bitcoin as a placeholder for things like gold, silver, ect. I don't think bitcoin has the framework to be used in day to day transactions. You look at Visa which processes millions of transactions a day and compare it to Bitcoin. The network can't handle that amount of volume, especially when factoring confirmation times. I don't think people are under utilizing BTC. It's a matter of the fact that BTC can't handle the load.

One of the reasons on why people use it for transactions is because of its decentralized nature on which the government cannot track down the transactions. Its inherent nature becomes incidental to the usage of people using it for day-to-day transactions.

Gyfts

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As of right now people are using Bitcoin as a placeholder for things like gold, silver, ect. I don't think bitcoin has the framework to be used in day to day transactions. You look at Visa which processes millions of transactions a day and compare it to Bitcoin. The network can't handle that amount of volume, especially when factoring confirmation times. I don't think people are under utilizing BTC. It's a matter of the fact that BTC can't handle the load.

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Quote from: Xxmodded on November 19, 2019, 08:25:18 PM

Quote from: Eclipse26 on November 18, 2019, 10:44:33 AM

'Keeping it' is not also the best option to utilize the use of bitcoin. Just like with fiat, it's not really that ideal to collsct money because they have to be in the circulation. And with bitcoin, bitcoin won't work if we're just keeping it. It has to be used in transactions. Though it's really not the purpose of bitcoin, converting it to fiat, but it cannot really support everyone since there's no enough stores accepting bitcoin so we have to adjust to it.

Bitcoin have feature than other fiat currency because inflation price of bitcoin self, other fiat currency always have inflation value although you hold for long term and several years later, but with bitcoin as fiat currency you can increase your earning when bitcoin price have goes up, always recommended using bitcoin as fiat currency.

Indeed, bitcoin's price is always fluctuating unlike fiat, so it's could be good if we use it and also save a part of our earning of bitcoin because we can even earn more in the future when bitcoin's price go up. It's a very good crypto while we're talking about the price of each coin also when we're talking about the long term investment.

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Everyone has their own goals, needs, strategies and principles in dealing with bitcoin and other cryptocurrencies. We cannot force it, of course. Although holding bitcoin provides a good opportunity, but everyone has different passions, there are those who prefer quick and spontaneous profits, for example for trading, some are on the contrary that makes it a long-term investment, some have to sell their BTC to fulfil life, many problems. Of course, we agree that BTC is very valuable for the future, no need to worry about its popularity, no need to be afraid if we understand the risks and mentally prepare for it.
So, whether or not it depends on the benefit of each individual in using it for the welfare of life, can not be generalized.

TinaK

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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?

From 2013 I have seen many articles over the internet to adopt the Bitcoin and blockchain technology but actual fact and truth is acceptance over cryptocurrency are very low in the public market.
Maybe IATA value investors can support the cryptocurrency mode of payment means we can find the Bitcoin at all the corners in the world.

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Quote from: agentx44 on November 18, 2019, 10:52:04 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?

We can never make a conclusion on what are the things that you need to do with your bitcoin. I think it would be better if we consider the fact that the things that you do with your bitcoin should rely on what's happening on the present. You cannot stick to one strategy knowing that there are a lot of things going on in the crypto market everyday. There are times where we need to hold our bitcoin and there are also times where we should use it in transactions and investment so that things will be set in balance.

of course it depends on each bitcoin owner itself, they can freely save or spend it according to the needs they want. as we know the bitcoin market is always active every day because of course there is always trading activity or demand and supply of market prices so that price movements have increased and decreased or can be said to be unstable.

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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?

Bitcoin is not meant to kept or hodl but a peer to peer P2P virtual currency meant for transactions if you read Satoshi whitepaper you would understand better, some bitcoin hodlers nowadays are having the impression that bitcoin is to be used as a store of value thus for any pump in the price they sell off part or the whole coin.

Xxmodded

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Quote from: Eclipse26 on November 18, 2019, 10:44:33 AM

'Keeping it' is not also the best option to utilize the use of bitcoin. Just like with fiat, it's not really that ideal to collsct money because they have to be in the circulation. And with bitcoin, bitcoin won't work if we're just keeping it. It has to be used in transactions. Though it's really not the purpose of bitcoin, converting it to fiat, but it cannot really support everyone since there's no enough stores accepting bitcoin so we have to adjust to it.

Bitcoin have feature than other fiat currency because inflation price of bitcoin self, other fiat currency always have inflation value although you hold for long term and several years later, but with bitcoin as fiat currency you can increase your earning when bitcoin price have goes up, always recommended using bitcoin as fiat currency.

sunsilk

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Holding it and saving the value? well, you can't dictate the needs and wants of bitcoin holders. We can choose and use it whenever we want for purpose like trading or using it for purchasing products from different merchants. If many are starting to convert it for any purpose they have, it's their choice because they own it.

Quote from: HardFacts on November 18, 2019, 09:09:44 PM

FedCoin, the Chinese Cryptocurrency, etc will be the future, and as you say, BITCOIN WILL SLOWLY FADE AWAY.

What? seriously? How many times have we heard about this?

Velkro

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

People need to start accepting Bitcoin and keeping it, not converting it.

You have no idea how many companies actually do this. I mean their Bitcoin trade is only 1% to 5% of total money they got from their company.
They can easily not sell it and keep it as savings account for worse times or retirement plan.
They don't pay taxes for it until they sell Bitcoin, but they can write costs off business.

TheGreatPython

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Quote from: fiulpro on November 17, 2019, 05:38:43 AM

There are certain factors that is necessary for this situation to work what you are talking about , not every country is Bitcoins friendly , not everywhere the government is so flexible , not everywhere it is legal to even keep them .
What else could you do. ?
In any country there are very limited things that you can do using the Bitcoins and keeping them is the only option left with them.

These limitations are there because the project is still a new one and as we progress in the use of bitcoin personally which will make it to expand, I believe that those countries will start becoming very friendly and if you see those countries that are cryptocurrency friendly now, they did not just become friendly, they were all at a point too once against the use of cryptocurrency which we can see that they finally gave in to it after seeing that it has lots of benefit to the economic and to their citizens.

It is only authoritative government that I see not accepting the use of cryptocurrency which I think we only have very few of them and even if all the bigger countries are accepting it, they might not get to accept it at any time now or in the near future.

HardFacts

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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?

EXACTLY RIGHT, FedCoin, the Chinese Cryptocurrency, etc will be the future, and as you say, BITCOIN WILL SLOWLY FADE AWAY.

Hard Facts

agentx44

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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?

We can never make a conclusion on what are the things that you need to do with your bitcoin. I think it would be better if we consider the fact that the things that you do with your bitcoin should rely on what's happening on the present. You cannot stick to one strategy knowing that there are a lot of things going on in the crypto market everyday. There are times where we need to hold our bitcoin and there are also times where we should use it in transactions and investment so that things will be set in balance.

Eclipse26

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'Keeping it' is not also the best option to utilize the use of bitcoin. Just like with fiat, it's not really that ideal to collsct money because they have to be in the circulation. And with bitcoin, bitcoin won't work if we're just keeping it. It has to be used in transactions. Though it's really not the purpose of bitcoin, converting it to fiat, but it cannot really support everyone since there's no enough stores accepting bitcoin so we have to adjust to it.

Topic: People are underutilizing Bitcoin - page 6. (Read 2030 times)