Topic: Sorry guys.. Bitcoin is not for our day-to-day transactions. - page 5. (Read 675 times)
Bitcoin has got high Transaction fee. This is the reason why Bitcoin hasn't gained importance on daily transaction. Maybe this scenario will change when bitcoin becomes a supportive platform for micropayments. Right now the increased usage is on gambling, trading and large volume transactions to eliminate the usage of banking procedures.
Sorry but the majority of my transactions are for day-to-day transactions. Top of the list is food delivery (which is getting more frequent in these times), but I'm also now already able to get a lot of credit (paid for with Bitcoin) at almost all the stores I shop at. Cashback rocks.
That's not even counting the payments I make to people or to deposit for the things I do every day (sportsbetting for example). All in Bitcoin.
Sure, I still have to sell for the cash to pay most bills and other expenses. And granted, it'll continue to be the case for a while. But sorry, Bitcoin really is for my day-to-day.
That's not even counting the payments I make to people or to deposit for the things I do every day (sportsbetting for example). All in Bitcoin.
Sure, I still have to sell for the cash to pay most bills and other expenses. And granted, it'll continue to be the case for a while. But sorry, Bitcoin really is for my day-to-day.
Bitcoin is an asset and the transaction fee is high, the transaction fee will also be getting higher as the price will be increasing as people are adopting it more and more. The transaction fee can be a problem that will not make people to use bitcoin as a means of transaction, but onchain transactions. That is why lightning network has been developed, as the onchain transaction fee will be increasing, there will be increase in lightning network adoption. The purpose of lightning network is to provided bitcoin users the opportunity to be able to send bitcoin, even small amount of bitcoin with low transaction fee, and the added advantage is the increase in transaction time which means the transactions are even fast and completed within a second or less.
People will be able to still send bitcoin with low transaction fee as people are adopting lightning network, the increase in onchian transaction fee will let people to be moving to be using lightning network for bitcoin transactions. This will have a possitive effect that will make the onchain transaction not to be as high as it should be in the future but although still will be getting higher, more people will also later be depending on lightning network for bitcoin transactions.
People will be able to still send bitcoin with low transaction fee as people are adopting lightning network, the increase in onchian transaction fee will let people to be moving to be using lightning network for bitcoin transactions. This will have a possitive effect that will make the onchain transaction not to be as high as it should be in the future but although still will be getting higher, more people will also later be depending on lightning network for bitcoin transactions.
If you are holding your bitcoins with the expectation of bitcoin will be hitting main stream adoption one day so that you will easily buy groceries for direct BTC payments and pay your gas bill with BTC, your dream will get fulfilled one day but after that you may regret for spending bitcoins for lesser value or for silly things.
I mean we are holding something technically advanced one but with old-fashioned expectations.
We will be able to buy our dream house for less than half of 1 bitcoin or we may able to acquire a profitably running business for one bitcoin but most of us are focusing on a day where we will be able to pay a cup of coffee with bitcoin.
I have 3 reasons why bitcoin is not for everyday spending but for our life changing transactions.
1. Countries may start having bitcoin as another reserve.
Many experts are speculating bitcoin will replace gold as a nation's central bank's reserve.
If that will not be happening, at least countries will prefer to have another form of reserve which is suitable for digital age along with all the properties of gold.
Here we should not assume like countries will first declare bitcoin as legal tender. They may collect as much as bitcoins first and then unveil their stand on bitcoins later.
So, we must save what our countries will start saving today or tomorrow. Else, regretting will be the final thing.
2. Governments will prefer bitcoin as a digital asset rather than a payment system.
An asset is something that we do not transact daily. When people are not spending bitcoins for their daily needs, it would be easier for governments to track BTC transactions for taxation.
When BTC value in multi-millions, people will not spend it for daily needs as they value it as an asset and may spend only for buying a Ferrari or for Apple 12 pro. (I mean I am sure no one will buy an Apple phone everyday).
3. Technically bitcoin is designed to be having huge value.
Limited supply and halving are explicit characteristics of bitcoins to assume it is designed to have huge value. When one satoshi is valuing 1 dollar or 10 dollar then you will not transact BTCs multiple time a day. Maybe you spend bitcoins monthly once or twice. Because you are going to use bitcoins only for your life's big things and you will have other income stream due to those big things which has happened with BTC payments.
This way I assume 1MB blocks are enough for bitcoins forever. Because people will save bitcoins and may spend it once in year or decade
.
The current bull run is triggered by institutional fund mangers and this wave may get intensified by other corporate and by governments. So, save bitcoins as much as possible before governments start competing against us.
I mean we are holding something technically advanced one but with old-fashioned expectations.
We will be able to buy our dream house for less than half of 1 bitcoin or we may able to acquire a profitably running business for one bitcoin but most of us are focusing on a day where we will be able to pay a cup of coffee with bitcoin.
I have 3 reasons why bitcoin is not for everyday spending but for our life changing transactions.
1. Countries may start having bitcoin as another reserve.
Many experts are speculating bitcoin will replace gold as a nation's central bank's reserve.
If that will not be happening, at least countries will prefer to have another form of reserve which is suitable for digital age along with all the properties of gold.
Here we should not assume like countries will first declare bitcoin as legal tender. They may collect as much as bitcoins first and then unveil their stand on bitcoins later.
So, we must save what our countries will start saving today or tomorrow. Else, regretting will be the final thing.
2. Governments will prefer bitcoin as a digital asset rather than a payment system.
An asset is something that we do not transact daily. When people are not spending bitcoins for their daily needs, it would be easier for governments to track BTC transactions for taxation.
When BTC value in multi-millions, people will not spend it for daily needs as they value it as an asset and may spend only for buying a Ferrari or for Apple 12 pro. (I mean I am sure no one will buy an Apple phone everyday).
3. Technically bitcoin is designed to be having huge value.
Limited supply and halving are explicit characteristics of bitcoins to assume it is designed to have huge value. When one satoshi is valuing 1 dollar or 10 dollar then you will not transact BTCs multiple time a day. Maybe you spend bitcoins monthly once or twice. Because you are going to use bitcoins only for your life's big things and you will have other income stream due to those big things which has happened with BTC payments.
This way I assume 1MB blocks are enough for bitcoins forever. Because people will save bitcoins and may spend it once in year or decade
.The current bull run is triggered by institutional fund mangers and this wave may get intensified by other corporate and by governments. So, save bitcoins as much as possible before governments start competing against us.
Jump to: