Topic: Some of the benefits of Bitcoin ... - page 9. (Read 1822 times)

Pretty easy to say "Bitcoin could be use to buy things", but in reality, only a few number of people are actually doing so, and majority is considering it a store of value and just hodling it for future gains.
Infact, some merchants stopped accepting Bitcoin as payment because of lack of usage for such payment option.
Anyway, Bitcoin's volatile nature might be a benefit or a loss.

Since Bitcoin can be use as a payment online so yeah you can buy many things online but the question is do the merchants are accepting Bitcoin. Yes there are some but as of today, not that much merchants are accepting crypto as a payment.

This I don't think so. Yes Bitcoin is a currency but it isn't like fiat that we are using every day.

Since we don't need KYC to transact with other people so yes Bitcoin Wallets provides privacy protections.

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TBH, there are many benefits of Bitcoin right now but we don't see it as not that much are using it right now.

Its effectiveness and efficiency in investments are really interesting because many people are trusting it due to its benefits. Bitcoin is not just a monetary value, this is the best digital currency that we can use because of its fast and safe tool for many transactions. Bitcoin can teach us how to become a businesses-minded person for us to grow our businesses. There's something more about bitcoin!

Bitcoin can teach us how to become a businesses-minded person for us to grow our businesses. It will make us futuristic and patient, it will improve our views in money and other businesses. By observing the market and our surroundings, we can make us more adaptive depending on the situation we're in. Especially that the market is not that stable, bitcoin will help us adjust depending on the circumstances.

So your country supports cryptocurrency/thats why you can buy many things online because in more countries there are different situation and approach.
But you are correct about how many benefits Bitcoin can give but this is for future and not today,also what about that undeveloped financial infrastructure/do you think government will just allowed Bitcoin to enter like that?

That is true, you can use bitcoin as a payment instrument as long as the merchant using it.

Did you use bitcoin as your primary payment transaction? or did you ever use it?

Honestly, I rarely use bitcoin as the payment system tool since my country still banned it.

I just use bitcoin as an investment place or a place to gain profit and so far it is working to me.

Bitcoin is a currency and as an investment place either, you can do simultaneously when you having it, and this advantage has never been owned by another place.

Not only Bitcoin has a volatility because almost all cryptocurrency is very volatile so never differentiate this to others.

And being Digital gold?i think it is better to say "Digital Asset" since we can store this for long time but has a high chances of gaining not like gold that earning little by little each year.

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Many things online? Well this isn't an advantage over the traditional fiat currency, since we have numerous of them including the centralized digital currency providers like PayPal, Visa and Master card that could be used easily to purchase thing online but the advantage comes into play when you intend transacting peer2peer without involving an intermediate.

Bitcoin has improved on herself in regards to achieving global adoption but we're not yet close to completing that dream anytime soon therefore I don't buy into your idea of of people seeing bitcoin as an idea currency instead it's been seen mainly as an asset class use as investment to give profit.

In regards to the popularity, it's quite obvious since the evidence are everywhere. The mainstream media has the currency name on their lips almost every week and the government aren't shy of the name either although at the moment this advert are usually from the negative angle.

I agree with you on the first but not with you on the latter. I must remind you once again that bitcoin cannot become a common currency. Firstly, its supply is limited and certainly it will not be able to supply more than 7 billion people. Second, the value of bitcoin is always volatile so no one wants to use it to buy or sell anything. Third, the value of bitcoin is controlled by many manipulating organizations, so holding bitcoin will also be a big risk.

If you are using a hardware wallet then you are correct, this digital currency can serve as store value assets. Better
than letting the banks to earn more from your money.


The volatile nature gives traders and investors a good chance to take advantage from both long and short term trading,
depends from how you understand the market.



There are local wallets who serves also as a good venue for business, transactions can be done online plus providing
rebates to attract more end users.

Bitcoin is like digital gold where you can store your money and no one can control it. Unlike if you put your money to bank, less interest and can be compromise.

Plus the fact that bitcoin is high volatile it can give us an opportunity to earn while waiting for the right timing to take profit. Its a digital currency but many things can be done compared to fiat.

Its an advantage for me to have a local wallet and can spend bitcoin easily and I can do business as well because they have high rebates for paying bills and topped up services.

There are a lot of benefits to Bitcoin really more than just using it to buy some things online !!! Any other coin can be used to do this, which makes Bitcoin distinctive as it is an existing financial system in itself created to replace the corrupt banking system prevailing in the world (as Satoshi himself said), Bitcoin is a store of value, that is, it has a value in itself and not just a way to shop and this It means that it can be stored with its value remaining (like gold). The most important thing in Bitcoin is decentralization and privacy. It is these things, in my opinion, that give Bitcoin its popularity and power.

You know that Bitcoin is most popular cryptocurrency, and its popularity is increasing day by day. Those who have invested in Bitcoin, they are still benefiting, and will benefit more in future. The main reason for this, you know that the total supply of Bitcoin is limited, there is 2 million Bitcoin all over the network and it will not increase. so, the logic is, with the increase of people interested in BTC, its price will also increase. on the other hand, many online shops are now accepting BTC payment, many tour agencies accept BTC as their payment method, Bitcoin is making our life easier. that's why many people are interested on it.

You have forgotten the blockchain benefits behind bitcoin. It also benefitted to some of the businesses who used this technology. However, it  has so many benefits. Peer to peer and anonymous transactions, paying my electric bills and other stuffs with bitcoin. Acquiring good profits from bitcoin trading, etc. To do this certain things, it is indeed a priviledge. Though as of the moment, there are still some issues and glitch but in due time people will recognize it's advantage

The main thing that makes many people like and use bitcoin is volatility. you must have already read the news channels related to bitcoin and you must have realized that the main subject in these news channels related to bitcoin Is the price of bitcoin... They always talk about the price of bitcoin and right here on the forum the main subject Is the bitcoin price "the price forecasts", the "hodl".


In my opinion, this adoption is not yet very large. In my case for example there are 0 places in my country where they accept bitcoin as a means of payment


there are people who are dedicated to wanting to know who are the owners of the addresses that have many bitcoins


I didn't understand this part very well, what war are you talking about?

If you make bitcoin as your assets, then profit will really come to you once you learn the basic and fundamentals on how to manipulate it properly in the market. Bitcoin as a centralized currency really helps individual to have power to manage their own cryptocurrency. All of us can have a bitcoin, all of us can manage it once we are interested to do it.

Knowing the benefits and advantages of bitcoin will really make you grow as a person, especially when it comes to a business or making money. Understanding how it works will make you improve your critical thinking skills in many transactions that you will do. Bitcoin is safe and secured and you will not have to worry about your account once you always improve your security.

Bitcoin is still new technology, eleven years is not enough to completely understand its value, what it really needs for. It is being slowly adopted first among cypherpunks, cryptographers, then among technically-savvy people and last among ordinary users who don't know and don't care about technologies behind bitcoin. The latter need user-friendly interface, infrastructure, regulations to start using it on everyday basis. Bitcoin is not user-friendly yet, people usually have to do some research before start using it. That is the problem that slows adoption, but it doesn't make bitcoin bad, time hasn't come yet.

Bitcoin most popular because of volatility. We are getting advantage of bitcoin volatility and making money. There is many more technical benefits but honestly most of us like bitcoin for above reason. As you said wallet protect privacy which isn't, bitcoin itself protect your privacy if you do not expose your address to others. Wallet just for control your funds, if you use web wallet then it would expose your privacy by so called KYC system. Main technical benefits are you don't need any third party to transfer your fund to anywhere on the world at any time without any central organisation.

it will be harder to handle if you  don't know how to deal with it,bitcoin is a currency in which you can easily use via online.

Bitcoin is created to help us and not to make us suffer,the only problem is the government helping this to increase the demand.
Instead they are hindering the growth so the true reason of creation cannot be done at our time now.

But eventually like what is happening now,in pandemic the demand for Crypto usage is indeed increasing,meaning people now are getting aware of what can really help them and not because what government is telling them to do.

Let me talk about the advantages of open source. Now the entire Bitcoin network is not very easy to use, it is slow, and the transfer fee is high. It is difficult to conduct transactions directly. However, Bitcoin is open source, and it is more like a network protocol. If you need to transfer, only if the data you send meets the Bitcoin protocol, then the transfer will be recognized by the network. No account approval is required to apply for an account or transfer money. And because it is in the form of a protocol, as long as it meets the standards of the protocol, a large number of applications can be developed. Ultimately, the transfer speed and transfer fees of Bitcoin will be much lower than the existing various financial systems.
Bitcoin is now used as a basic protocol, and there is already a second layer protocol on it, the Lightning Network Protocol, which is also open source and protocol-based, anyone can use it. Nearly zero transfer fees, almost timely. There will be more applications built on it in the future.
There will be a second one in the future, and a third layer two protocol will be developed around the Bitcoin network. Slowly, now we see various ills that will be smoothed out and then surpassed. Now closed service organizations like banks, bureaucratic management systems, high maintenance costs, slow actions, how long can they be maintained?
The open source Internet has completed the free transfer of information, and the open source Bitcoin will surely complete the free transfer of value.

To be honest bitcoin is not that easy to handle, to think the transaction fee is a bit higher to spend small amount for online shopping. But the advantage of using it privately is completely solid since no names, birthday or whatsoever information needed from sender and receiver.