Quick Bitcoin questions - page 2. | Bitcointalksearch.org

Prince Malik

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

Bitcoin transaction fees are higher than other networks and it's value is unstable and that's really an obstacle for Bitcoin but when we compare with fiat the transactions in crypto are cheaper and easier, Bitcoin is the most famous crypto coin and that's the reason why companies use it as a method of payment first but with the time we will definitely see more coins and more networks

loopes

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

But still many people out there who keep using bitcoin as an alternative payment methode. Your statement is not wrong that others payment transaction's cost may be cheaper but bitcoin users have their choice to do transaction with bitcoin as payment methode. As far as bitcoin payment is adopted to the merchant, bitcoin user maybe feel easier to do transaction with bitcoin as payment methode.

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Quote from: ilovealtcoins on June 05, 2023, 12:34:33 AM

But if we are fair to conclude, then what you say is absolutely true. Bitcoin is more suitable for a store of value like gold than for a means of payment. Many altcoins have very cheap gas fees and much faster transactions than bitcoin. And with the bitcoin network's transaction fees skyrocketing recently, but many still insist it's cheap.

Indeed, the issue of fees does favor Altcoins with lower costs. However, did you know that many Altcoin developers have abandoned their projects and their investors? Some even absconded with funds, citing obscure reasons. I need not provide specific examples, as this has become common knowledge to all.Every person has their own views on which assets suit them best, so each type of asset has its own fans.

Even when choosing between Bitcoin, Altcoins, or banks as a place to store money, rest assured that people are drawn to the unique advantages offered by each option. Debating over features alone cannot easily shake the comfort people find in their preferred choices because every product has its own market.

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Quote from: panganib999 on June 04, 2023, 05:56:34 PM

Bitcoin is a great store of value, but at the same time it is not because it is highly volatile and you have to time your purchases right to avoid losses, which most stores of value like gold, silver, and oil do not need.

So is bitcoin a greater store of value than a payment solution? I don't think so, I think it does its job well as advertised.

Bitcoin is a poor store of value, one of the major reasons why financial institutions barely acknowledge it as money. There had been a lot of debate about this feature of Bitcoin. Although it can be a store of value due to its high volatility, it is considered to be second-rate.

Bitcoin can perform both but so I do not think that there is a need to compare its functions against each other. I don't know the reason behind these feature-comparing threads. If Bitcoin can perform both as a payment system and a store of value, I don't think there is a need to create a thread to demerit its other feature.

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

You asked penetrating questions here which I've asked myself too. For instance example, Dogecoin is one of the coins with the cheapest transaction fee and really fast to confirm but the thing against it could be that so many people still regard it as a joke, a meme sort of.

I believe what's aiding Bitcoin above others is its strong fan base as the pathfinder in this industry too. I don't think it's necessarily because of its decentralized status. After all, not all who even patronize it will know it's decentralized or know what decentralization means. For me, I see Bitcoin more of an asset than as a means of payment and I believe a lot of people do too. Otherwise, no one will be speculative of its price.

Oasisman

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

That's what most of the altcoins are trying to correct for. However, with the LN (lightning network) that transaction fee will greatly reduced when everybody uses this network.
Store of value and a payment solution both fits with Bitcoin. You will only realize how useful bitcoin is when doing transactions to a person overseas. It could save you transaction fees, time, and convenience. Therefore, these 2 features bitcoin has, will always come together.

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

Yes there are so many reason why people or Bitcoin user feel that way.
The transaction fee and of course the volatility of the price.
Being practical why would we choose to pay with crypto if we could do it with cash? unless of course there is a catch or a bonus for using it.
And of course most of us invested in Bitcoin to gain profit so those wouldn't really see it as a payment method.

ringgo96

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For transaction problems, Bitcoin is not suitable for us to use because the fees are very large and we prefer other coins to make transactions because of the cheap fees, so it is very appropriate for us to say that Bitcoin is more suitable for storing value than making payments, the second reason Bitcoin is more suitable for us to store because of its very high value and cutting transaction costs is certainly also large then this is something we do not want so choose a coin Another to make transactions so that the costs we spend are smaller.

MoonOfLife

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Quote from: yazher on June 05, 2023, 05:38:41 AM

Quote from: crunck on June 04, 2023, 10:15:10 PM

I agree, by far, bitcoin is clearly more suitable as a store of value and for investment than as a means of payment. I don't want to buy bitcoin for $50k and use it to pay when it's $25k. I'll have to spend double my money just to buy one thing, that's not acceptable. With the high volatility of bitcoin, it cannot be used for payment, if it is used, we will immediately switch to other stable currencies, so it is useless to use bitcoin for payment.

Until they haven't ie the lightning network payment method yet, we gonna always have this kind of problem bitcoins right now are not suitable for payment if you have a small business because the customers might not gonna happy with it because they cannot save anything using it. Right now whether you want it or not, the best thing to do with bitcoins is to hold them until it reaches the desired price you want to sell them because we are still in the phase where people are not gonna leave their convenience payment method for the things they are not assured if they can earn for making it one of their accepted payments.

Fees are just one of the problems that keep bitcoin from becoming a payment method. An even bigger obstacle is its volatility. How would a volatile asset that can lose 10, 20%, or even 30% in a day be suitable as a currency? I know bitcoin was created to be a payment method, but with current developments, it is clear that it is no longer suitable as a currency. We should accept that fact.

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Quote from: crunck on June 04, 2023, 10:15:10 PM

I agree, by far, bitcoin is clearly more suitable as a store of value and for investment than as a means of payment. I don't want to buy bitcoin for $50k and use it to pay when it's $25k. I'll have to spend double my money just to buy one thing, that's not acceptable. With the high volatility of bitcoin, it cannot be used for payment, if it is used, we will immediately switch to other stable currencies, so it is useless to use bitcoin for payment.

Until they haven't ie the lightning network payment method yet, we gonna always have this kind of problem bitcoins right now are not suitable for payment if you have a small business because the customers might not gonna happy with it because they cannot save anything using it. Right now whether you want it or not, the best thing to do with bitcoins is to hold them until it reaches the desired price you want to sell them because we are still in the phase where people are not gonna leave their convenience payment method for the things they are not assured if they can earn for making it one of their accepted payments.

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?
~
Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

Even so, when compared to bitcoin with existing altcoins, the level is really much different, when viewed in terms of quality. Indeed, transaction costs using bitcoin are more expensive than some other altcoins. But if you make payment transactions using altcoins, I think there will be more risks. Maybe you already know, that altcoins have unstable volatility and they are also afraid that their liquidity will be taken by their creators. If that happens, the altcoin will definitely fall and the price will drop, it may even be worthless. Unlike bitcoin, bitcoin has the advantage of being decentralized, so you won't be afraid that the price will disappear or fall. Its volatility is also the most stable when compared to other crypto or altcoins. So just with these two advantages, I think bitcoin is indeed the most appropriate to be used as a means of payment. Even though the transaction fees are indeed more expensive than other crypto or altcoins, the security and quality in bitcoin will definitely be prioritized over the cheap transaction prices, but it does not guarantee security.

And I don't think bitcoin is just a store of value asset, it's a value adder. Because I believe the price of bitcoin will continue to rise in the future.

Crypt0Gore

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Bitcoin is more of an asset right now and that makes it a real store of value, I find it hard to even spend my Bitcoin for any reason, because I bought them for cheap price, if I use it as means of payment right now, what makes me think that I will be able to buy back the exact same Satoshii bought and sold so soon all in the name of making payment using Bitcoin?

I am buying Bitcoin right now so that the future can be easier for me, I would rather have Bitcoin right now in my wallet than having a big ride ( car ) that will depreciate in value within now and the coming two years, and Bitcoin in the next two years will never be the same again, those who don't buy now will be swimming in the pool of regrets by then.

Z-tight

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Quote from: ilovealtcoins on June 05, 2023, 12:34:33 AM

People are just trying to compare bitcoin with bank transfer services to prove that it is superior and much more economical than fiat and banks. You won't see many people comparing bitcoin to altcoins in terms of transaction fees because they know bitcoin will lose the transaction fee race against altcoins. Because most people here are bitcoin maximalists.
But if we are fair to conclude, then what you say is absolutely true. Bitcoin is more suitable for a store of value like gold than for a means of payment. Many altcoins have very cheap gas fees and much faster transactions than bitcoin. And with the bitcoin network's transaction fees skyrocketing recently, but many still insist it's cheap.

BTC transaction fee is cheap, and BTC transaction is fast relative to the security the network guarantees. BTC transactions are irreversible and immutable once confirmed and added into a block, but most of the altcoins you believe have a faster transaction time are not really safe because it is possible for their transactions to be reversed after a long time.

As for tx fees, before the ordinals issue, it is possible to get your transaction confirmed with 1 sats/vbyte, and it is going to be possible again soon. BTC miners use a lot of computation power to mine BTC and protect the network, so tx fees is necessary to incentivize them to continue mining, so paying a few sats to miners shouldn't be a problem to keep the safest and fully decentralized cryptocurrency safe and running.

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

People are just trying to compare bitcoin with bank transfer services to prove that it is superior and much more economical than fiat and banks. You won't see many people comparing bitcoin to altcoins in terms of transaction fees because they know bitcoin will lose the transaction fee race against altcoins. Because most people here are bitcoin maximalists.
But if we are fair to conclude, then what you say is absolutely true. Bitcoin is more suitable for a store of value like gold than for a means of payment. Many altcoins have very cheap gas fees and much faster transactions than bitcoin. And with the bitcoin network's transaction fees skyrocketing recently, but many still insist it's cheap.

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

You only compare about the fee transfer, what about the monthly fee, penalty charge and other banks fee? if you hold your Bitcoin in your wallet, you will not have to pay anything even you hold it for the next ten or hundred years.

Many altcoins definitely has very cheap fee because the marketcap is small and it's controlled by few validators, but if we talk about security and privacy, altcoins are very bad.

You can use lightning network to reduce the Bitcoin fee.

Renampun

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Is payment the substantial use case of crypto? If yes then where do you think Bitcoin stands? It cost me 0.20$ to make transactions on other payment solution that's not Bitcoin and it costs me over 1$ to make transaction with Bitcoin, isn't the cheaper always the better choice?

Since some crypto coins have cheaper transaction fee doesn't this make such coins a better fit for payment solution than Bitcoin?.and Bitcoin a better fit for store of value

if you calculate the fees for transactions in small amounts it might feel quite burdensome, but just imagine sending $ 28,800 in international transactions? how many fees do you have to pay if you use WesternUnion or Paypal services? not to mention you need to wait a long time to complete your transaction? and if they find out the transaction is for business but you use individual transaction your account will be frozen.

with bitcoin you are charged fees of around $ 0.84 USD for $ 28,800 (lightning network) and with less than a few minutes your transaction will arrive, you can imagine how profitable and fast it is to use Bitcoin in international transactions. the money arrives directly in your wallet and you don't have to worry about many things. so for international transactions it is great to use bitcoin.

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I agree, by far, bitcoin is clearly more suitable as a store of value and for investment than as a means of payment. I don't want to buy bitcoin for $50k and use it to pay when it's $25k. I'll have to spend double my money just to buy one thing, that's not acceptable. With the high volatility of bitcoin, it cannot be used for payment, if it is used, we will immediately switch to other stable currencies, so it is useless to use bitcoin for payment.

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There is no doubt that Bitcoin is the best currency for preserving value, whether it is fiat or cryptocurrencies. It is completely similar to gold in this aspect.

As for payment solutions, it is not only about speed and low fees, the most important thing is high reliability. This is what makes companies or other services not accept payment by altcoin even if their fees are lower because they are not reliable and can lose their value at any time.

It is true that payment via Bitcoin is slow and requires higher fees, but the high security and reliability of Bitcoin make it the first choice for accepting payment for all companies and services because it preserves value.

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Quote from: FirmWars on June 04, 2023, 02:10:47 PM

Why does it feels like Bitcoin is a better fit for store of value than a payment solution?

Your question is wrong and no correct answer for your question from my view.

In my opinion, it is better if Bitcoin has more use cases and more than only store of value and a payment method. With more use cases, Bitcoin will have more adoption and more adoption means bigger demand.

As a rule of demand and supply, price will get benefit with bigger demand. Especially we know Bitcoin has only 21M in total supply and circulating supply will be less than 21M as millions of bitcoin lost by many people.

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What you need to keep in mind is that bitcoin was first and had become the largest coin and blockchain out there and by far. They can use test-nets all they want, but until any other coin gets the volume bitcoin has, who’s to say they wouldn’t face the same issues , if not worse or much worse.

It’s going to take time. Things like lightning network have been and are being created to help with this issue. The big thing is bitcoin by size the most stable regular type of coin out there, which is what’s needed for a currency, size..so, bottom line is it’s just going to take time.

Topic: Quick Bitcoin questions - page 2. (Read 382 times)