People are underutilizing Bitcoin - page 8.

AniviaBtc

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Quote from: Kprawn on November 11, 2019, 11:04:10 AM

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.

I know that using bitcoin in many transactions made us support and promote it in many ways. It is the proper way of using it as a payment in many aspects. You said that "it is not how Bitcoin was supposed to be allowed," but what if there are people in business who don't accept bitcoin as payment?

I think it is also acceptable that we can process bitcoin to fiat in terms of necessity and circumstances.

Quote from: Kprawn on November 11, 2019, 11:04:10 AM

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. Angry

In terms of the government, not all government prohibits bitcoin as a function of their country's currency. For example, China made its currency as their legit currency for payment.

If they can do that, what about those other countries which allow bitcoin as their legit currency. Think about that.

Wintersoldier

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Quote from: Lizzylove1 on November 16, 2019, 01:15:02 PM

Bitcoin must be collected and converted, traded and use at the store for goods and services. This is how the true value will be determined and will keep adding value as it finds more utility and not just to buy and keep, it will lead to stalling and be almost worthless. We need more users.

Well, you can erase the 'conversion' on your list, basically converting bitcoin to fiat will just pull back the development that bitcoin has. You are correct with other points and trading is the most efficient utilization of bitcoin as well as using it to daily transactions. But if you are just here to obtain bitcoin in exchange for fiats, I highly doubt that you are contributing to bitcoins development. Think of value and not by prices. Soon we can see more products being sold in bitcoin in which we can consider the true utilization of Bitcoin.

BitHodler

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Quote from: jrrsparkles on November 16, 2019, 01:12:08 PM

Before talking about bitcoin has to be used only as currency not as trading asset

Every single fiat currency is being used as speculative asset on the forex market. There is nothing wrong with speculation because that means there is more liquidity and utility for the money you speculate with.

The difference in money sense is that fiat is a unit of account while Bitcoin clearly is not. If Bitcoin can get there eventually, that would be an immensely important milestone, but I'm not super confident in that to happen.

Gold isn't a unit of account either, and that while it has had way more history as money than Bitcoin. Bitcoin being a store of value like gold is good enough in my opinion. The benefit is that it's far more useable as money than gold.

Xxmodded

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For me bitcoin is the way how I can increase much money by investing, not have the same with other investment bitcoin can give me profit bigger and faster than other way for investing, just some time I got risk when bitcoin down because I have waiting with little long time for get back my profit and I trust bitcoin always have positive respond from investor back to higher price.

Lizzylove1

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Bitcoin must be collected and converted, traded and use at the store for goods and services. This is how the true value will be determined and will keep adding value as it finds more utility and not just to buy and keep, it will lead to stalling and be almost worthless. We need more users.

jrrsparkles

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Before talking about bitcoin has to be used only as currency not as trading asset,we need to have places to spend it for that government need to accept it as legal tender,some governments made bitcoin legal but not as for of currency yet anywhere.So the real solution could be influence the government to change their attitude towards crypto users and don't ask for huge taxes for using bitcoins.

pawanjain

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This is well known in the crypto community and have been discussed on this forum more than a dozen times.
Yes, bitcoin needs to be accepted as a payment method but people are still behind the regulation and stuff.
A stable coin would do a better job if people just wants a coin backed by fiat, just like what Ripple is but it will do no good to the community.
People ignore the problems that bitcoin solves and addresses the issues it creates. We have to change this mindset and look at the bright side of using bitcoin.

pundit

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I believe the value of something increases when it comes in circulation so instead of holding Bitcoin it needs more to be circulated or transacted at various merchant counters. Once this happens more and more people will start using Bitcoin resulting high demand and when there is increased demand value of anything can increase. Bitcoin is a good choice to keep as an asset but it really needs to be highly circulated.

Meowth05

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Quote from: shoreno on November 15, 2019, 10:02:18 AM

under utilizing ? no i didnt think so . on todays society people sees bitcoin and values bitcoin as a precious gem in which they prefer to kept it than using it for spending although there are still some people that use their btc for paying or been using for both paying and investing but this does not mean that they are underutilising or underestimating the power or the potential of bitcoin . stable coins are also the future along with bitcoin because both are useful

You have a point, Folks nowadays doesn't saw Bitcoin as a currency but rather as an asset due for having unstable price and seeing it as a potential for long term investment. Folks are now preferably to hold this currency rather than to spend or convert this into fiat. Furthermore, I don't think folks are using this currency as a placeholder but instead this might be considered as somehow like trading in which transactions are made between cryptocurrency and their local currency or simply fiat.

dodgrad

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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?

Unfortunately, but Bitcoin is not currently the best instrument for payment and microtransactions. Lightning Network needs to be fully working to improve speed and reduce fees. Until it becomes more convenient it will be better to use Ethereum, Litecoin or even DOGE for little transactions. For now, Bitcoin is only good for large transactions, speculation and long-term investments.

teosanru

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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 this is what I have been talking to people lately. Any security goes up only when it's utility is increased and utility of bitcoin lies in it's usage and merely hoarding would make it worthless one day. But the thing is that reason why people are underutilizing Cryptocurrencies is because they aren't getting anything for usage of bitcoin. Everyone is happy just how the way the world is moving even if they aren't they are reluctant enough to make any change. So either utilisation would come with time or only if people get incentivised for using Cryptocurrencies for example Governments promote it and relax taxation on it or something else. Not everyone is screwed by economic centralisation.

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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?

I disagree, I think Bitcoin will finish it's course in order to reach it's maximum supply of 21,000,000. By then, I'm sure Blockchain will have changed significantly, and numerous upgrades for the Bitcoincoin protocol in order to keep up with all of the new consensus algorithms there most likely will be.
I think stablecoins are a blessing. No longer do you have to trade in fear, worrying about the fluctuations in price differentials between two trading pairs. Now you can stabilize your trades, with every trade.

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Quote from: shoreno on November 15, 2019, 10:02:18 AM

under utilizing ? no i didnt think so . on todays society people sees bitcoin and values bitcoin as a precious gem in which they prefer to kept it than using it for spending although there are still some people that use their btc for paying or been using for both paying and investing but this does not mean that they are underutilising or underestimating the power or the potential of bitcoin . stable coins are also the future along with bitcoin because both are useful

Today, most people use Bitcoin who can risk a certain amount of money in order to get good profit in a certain future. One way or another, Bitcoin is a valuable asset that is valued due to its volatility and nothing more, since there are real problems with the scalability of Bitcoin, as well as the lack of price stability, which negatively affect the situation with the legalization of Bitcoin and using it as a means of payment . You need to build on this when talking about why people do not use Bitcoin everyday.

kro55

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Quote from: TimtheYoutuber on November 11, 2019, 11:49:51 AM

Quote from: BrewMaster on November 11, 2019, 11:47:13 AM

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

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!

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.

That's correct. Just like we hodl and store gold n diamond since they value. Even if everyone starts hodling gold, price of gold wont depreciate. BTC adoption is slow n will take time before every store start accepting BTC, till then HODL is best policy.

shoreno

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under utilizing ? no i didnt think so . on todays society people sees bitcoin and values bitcoin as a precious gem in which they prefer to kept it than using it for spending although there are still some people that use their btc for paying or been using for both paying and investing but this does not mean that they are underutilising or underestimating the power or the potential of bitcoin . stable coins are also the future along with bitcoin because both are useful

Distinctin

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I don't think that people would let it happen. Though we can't deny that most of us are just converting Bitcoin to fiat/local money for the sake that they could spend it but I don't think that will be a reason for its fall. If we could see the numbers of Bitcoin's transactions, we can say that it was moving high and its massive increase will simply mean that bitcoin will never lose its potentiality but rather to see it more and having strong market support in the future.

aardvark15

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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?

I don’t think Bitcoin will disappear. It is possible that if it’s very scarce and fees are high that it may only be used as an investment/store of value rather than for transactions. I think there are too many people that believe in Bitcoin for it to fail at this point.

hatshepsut93

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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 won't fade away even if everyone stops using it as a currency, because it still would be a great store of value due to being deflationary and giving users full control over it, as well as being digital. And stablecoins are subject to the same inflation that their underlying currency is, so they are bad for hodling, maybe even worse than keeping your money in banks, because you don't get dividends.

henmark

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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?

What you have said is good but it is not possible. No matter how much you try to hold bitcoin, there will be a time you will still need that money you have stored in your wallet and you will have to withdraw it because Bitcoin is not a currency and you can't use it to solve most needs. And another reason why some people will not hold bitcoin is that it is volatile and holding it you might lose value for your money.

If it was widely accepted and there are lots of people making use of it and can as well be used locally, then that would have been the best.

puertorikosena

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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?

I think that Bitcoin will not disappear, but become a means of accumulation or a virtual luxury item. After many years, it will be a digital analogue of antiques, which will only grow in value. There is no escape from the transition to a digital economy.

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