People are underutilizing Bitcoin - page 9.

daarul50

legendary

Activity: 1596

Merit: 1034

Quote from: joniboini on November 12, 2019, 10:17:54 PM

As a consumer who uses Bitcoin to pay for my subscription for various filesharing and other services, I can say for sure that most users would love to use crypto if it's available. Compared to other alternatives, the fees and speed ratios are reasonably good. If I can pay all my bills with bitcoin then I'd gladly do it, and I believe most would do the same. The problem is not many merchants do that.

Maybe the 'hold' and 'bitcoin is a crazy investment' mindset is still too strong, especially with how bitcoin is marketed to new users as a 'quick rich scheme'. Start educating them with what is sound money and why bitcoin is the perfect candidate for that and I think there will be more users who'd use bitcoin to pay their bills.

the fact that bitcoin price recently moved up from $7000 to $10000 within few days only , people still call it a bubble.

and maybe they will continue to do so , the bitcoin utility as a payment processor is fade away in my place , people prefer to consider bitcoin as an asset to store value and hoping for crazy profit in the future just like the other day when it skyrocketing 10000%!
that is a real case in real environment that what people feel about using altcoins more convenient as a payment processor rather than use bitcoin.

stable coin still have a high transaction fee like $5 , i think people won't consider it seriously as altcoins competitor because with altcoins you can pay $0.001 as a fee and it delivered in a couple secs.

TimtheYoutuber

full member

Activity: 1708

Merit: 125

www.positivebetting.com

Quote from: joniboini on November 12, 2019, 10:17:54 PM

As a consumer who uses Bitcoin to pay for my subscription for various filesharing and other services, I can say for sure that most users would love to use crypto if it's available. Compared to other alternatives, the fees and speed ratios are reasonably good. If I can pay all my bills with bitcoin then I'd gladly do it, and I believe most would do the same. The problem is not many merchants do that.

Maybe the 'hold' and 'bitcoin is a crazy investment' mindset is still too strong, especially with how bitcoin is marketed to new users as a 'quick rich scheme'. Start educating them with what is sound money and why bitcoin is the perfect candidate for that and I think there will be more users who'd use bitcoin to pay their bills.

How do you feel when you have X amount of Bitcoin, and it becomes insufficent to pay your bills because the price to USD ratio went down 15%?

joniboini

legendary

Activity: 2170

Merit: 1789

As a consumer who uses Bitcoin to pay for my subscription for various filesharing and other services, I can say for sure that most users would love to use crypto if it's available. Compared to other alternatives, the fees and speed ratios are reasonably good. If I can pay all my bills with bitcoin then I'd gladly do it, and I believe most would do the same. The problem is not many merchants do that.

Maybe the 'hold' and 'bitcoin is a crazy investment' mindset is still too strong, especially with how bitcoin is marketed to new users as a 'quick rich scheme'. Start educating them with what is sound money and why bitcoin is the perfect candidate for that and I think there will be more users who'd use bitcoin to pay their bills.

Xxmodded

sr. member

Activity: 2296

Merit: 315

SOL.BIOKRIPT.COM

Bitcoin only available as trading and investing many people in my country underutilizing with bitcoin function, still not allowed bitcoin as legal paymeny currency make us use bitcoin for investing assets, very easy when bitcoin have adoption in my country become legal currency payment for the future, I think need time for government want to use bitcoin as legal currency.

diahsw

full member

Activity: 756

Merit: 105

in my opinion it's a natural if those who store bitcoin are less than those who sell it, because on average those who are members here are also looking for money that can make them eat, if not sold then they can't make food for them. that's one reason ... !!

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

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!

Totally agree with this. If people will keep it and just hodl, then they are not utilizing the bitcoin. But for some reason, I am also guilty with this. Grin

As much as possible, I don't want to spend my btc. The price rise is very significant that if you enter at the right moment, you can gain a lot of profits at a very short period of time. This is the reason why many people are looking at it as investment. Because they have the chance to get good profits just by holding it.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Some people won't be able to help it, because it is an unstable currency and they'll exploit that instability for a financial benefit. That's what many people see first before the concept on how it can be used widely for an online business. Even worse, it is being seen as a scam by some people due to that behavior in contains. They believe that it works the same as buying stocks.

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: ajiz138 on November 12, 2019, 10:59:14 AM

Having BTC and using it properly for payment of products and services online is the purpose of Bitcoin being made which makes it easy to make payments with digital assets. But when we as traders, having bitcoin in our wallet won't hold it in too long, because trading has to keep going to get profit in every trade.

The Internet was made to help people in different offices of a company building send messages to each other and make communication faster. First computers were used as basic calculators.

Satoshi had a great idea but it doesn't mean we have to follow his way and use Bitcoin as a currency. It can evolve into a store of value like gold or remain a tradable speculative asset it is now. All uses are good so long as we have uses. No uses would be bad Tongue

ajiz138

hero member

Activity: 1498

Merit: 785

Having BTC and using it properly for payment of products and services online is the purpose of Bitcoin being made which makes it easy to make payments with digital assets. But when we as traders, having bitcoin in our wallet won't hold it in too long, because trading has to keep going to get profit in every trade.

Bonenx14

sr. member

Activity: 1033

Merit: 250

Leading Crypto Sports Betting & Casino Platform

Quote from: malekbaba on November 12, 2019, 10:46:46 AM

We need more and more sectors to use btc. If we only hold and no one uses btc, btc will be useless. The thing is, when someone sells, someone else buys. So if you sell btc for fiat, someone will spend fiat to buy btc. Simple math. As the supply is fixed, if we can increase the usage of btc, each satoshi will be expensive, in future.

what you think is right, because the amount is fixed if btc activity is used more, maybe the price can be higher. the problem is that the purchase of goods using btc can only be accessed in the marketplace and in the real world it is still not widely used.

malekbaba

legendary

Activity: 1526

Merit: 1026

SellDefi.com | Earn by selling files

We need more and more sectors to use btc. If we only hold and no one uses btc, btc will be useless. The thing is, when someone sells, someone else buys. So if you sell btc for fiat, someone will spend fiat to buy btc. Simple math. As the supply is fixed, if we can increase the usage of btc, each satoshi will be expensive, in future.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: dimastegar on November 11, 2019, 06:15:15 PM

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.

You can't use Bitcoin offline unless someone agrees to take your private key from you but that will mean taking everything you got on that address, so no change. Wink

The trading volume is the greatest because there's not much you can do with Bitcoin now. Not many people accept it and those who do can't go to their supplier and also offer bitcoin for goods. They have to use an exchange to sell and then pay the supplier in fiat and again sell for bitcoin at retail prices. The economy is not ready but it can be done.

Mike Mayor

hero member

Activity: 966

Merit: 535

I don't really know what you are talking about. I get paid in bitcoin so obviously I spend it. Thanks to bitcoin crypto is now an alternative payout option for me at more than one site that I use to make money.
Then anything I do here on top of that I get paid bitcoin as well. I only get paid in fiat from one advertising company but it is ok it just means I will always have a bit of fiat to keep my bank account open and active and to allow me to spend fiat where I cannot spend any bitcoin. Online is bitcoin all the way unless they do not accept which is about 25% of the time perhaps 33% now that payfast no longer support bitcoin.

So really for spending money I just use what I get in fiat and food and stuff I just sell 2 or 3 bit cents a month. I keep well over half of my earnings in crypto. It is so much easier to spend and much less of a headache.

Amel

legendary

Activity: 1638

Merit: 1033

Quote from: crossabdd on November 12, 2019, 07:17:03 AM

it should be like that. but this is different, the first reason may be many people who are not familiar with bitcoin. so still confused.
the second reason, people are still afraid to save assets / buy bitcoin for the future. because a lot of bitcoin records run on fraud.
the third reason may be fluctuating prices, so they are afraid of the risk of loss.

Something big certainly has a big risk too, sometimes those people don't realize that behind the risk there is something very profitable if managed well. As well mining gold, they must dig underground with risk but they are able to make good use of it. So only intelligent people are able to think like that.

Darooghe

sr. member

Activity: 1120

Merit: 255

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

Hoarding bitcoins adds zero value to the Bitcoin ecosystem, because merchants needs to get business via Bitcoin payments for them to continue

I have to disagree. Bitcoin won't spread and become a currency because people want to get rid of it by spending it. Bitcoin has become more popular and more deeply embedded in public consciousness exactly because of the holding and the resulting price increase. Think of it with other currencies: everyone wanted to get rid of and spend the Zimbabwean dollar. And that destroyed them, they are no longer currencies. But really high quality money is what people want to hold onto. The florins, ducats and sequins of the Italian city-states did not dominate Mediterranean trade because they were poor quality coins, but because they were the highest quality.

bounceback

sr. member

Activity: 2086

Merit: 283

Vave.com - Crypto Casino

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?

Basically, bitcoin is one of the coins used as an asset protection value for the future, while some of it is used to invest or trade with bitcoin to get small profits, and in my opinion bitcoin can also be used as a virtual currency when experiencing economic crises such as we have seen in certain countries, and I'm sure even though some people use bitcoin for it, bitcoin won't fade because most people are more interested in bitcoin than other stable coins.

White Christmas

sr. member

Activity: 882

Merit: 258

★Bitvest.io★ Play Plinko or Invest!

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?

Yes people are starting to accept and adapt bitcoin right now as the new digital currency that may convert or transfer into fiat or local currency to be spend on buying things. Maybe those person that are just keeping bitcoin is just waiting for the good time before they convert it into fiat.
I don't think so that bitcoin will slowly fade away because bitcoin will last forever as long as the digital currency is alive and as long as internet is alive their will be bitcoin and their will be a value of bitcoin and stable coins will not be the future because if that's the case then bitcoin will become stable also and that would be the time that bitcoin will be have a exact amount of value or stable value.

crossabdd

legendary

Activity: 1316

Merit: 1145

it should be like that. but this is different, the first reason may be many people who are not familiar with bitcoin. so still confused.
the second reason, people are still afraid to save assets / buy bitcoin for the future. because a lot of bitcoin records run on fraud.
the third reason may be fluctuating prices, so they are afraid of the risk of loss.

auntyjmary

jr. member

Activity: 368

Merit: 2

There is always that great feeling when I see that sign that reads; "bitcoin is accepted here" in any shop. Personally I always try to add more value to bitcoin as I use it as a mode of payment for goods and services among friends who are into cryptocurrencies. At least, bitcoin is still gaining prominence across the globe as many brands are becoming to accept bitcoin as a currency for business transactions.

Asmonist

sr. member

Activity: 756

Merit: 251

It depends on the needs of the user. There are long term investments and short term investments. Sometimes we tend to buy and sell immediately due to prices variability. I think people are still utilizing bitcoin because they earn it hard and spend it wisely. We are holding bitcoins for long term purposes or just waiting for the best price.

Topic: People are underutilizing Bitcoin - page 9. (Read 2030 times)