Take bitcoin as the virtual currency, that perform better than physical currency

Odusko

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Quote from: adzino on October 14, 2022, 05:28:27 PM

You can't use your bitcoin anywhere and at anytime without any restrictions like you have mentioned. Most of the stores in any country still don't accept bitcoin as a form of payment. You can't use bitcoin instantly unless the merchant is willing to accept transactions with 0 network confirmations.
And no, your money doesn't become useless. When you move to a different country, you can always use your card to make transactions and it's true sometimes it is going to take a lot to move your money from one country to another, but even if you can move bitcoin, you will have a hard time using it as a regular currency.

Yes and since Bitcoin is not generally accepted by all stores around the world, that makes fiat currency play its primary role as the medium of payment for goods and services.
One has to realize the fact that Bitcoin can only play an alternative role and not the general currency in the economic systems. But also Bitcoin even in its digital form can be sent across the border and can be exchanged at various exchanges.

adzino

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Quote from: Odusko on October 10, 2022, 10:19:17 AM

Since 2009 when Bitcoin was launched by satoshi, Bitcoin has performed better than most physical currencies.
Why I create this thread is to define the role of decentralized digital currency like Bitcoin as an alternative currency in the economy, and to dispute the claim by some Bitcoin haters that discard Bitcoin as a none physical represented currency and only exists on the Internet.
But Bitcoin has out performed most physical currencies such as the dollars and the rest of other centralized currencies. Due to the decentralized nature of Bitcoin it allow bitcoin to be use anywhere and at any time without any restrictions.
Bitcoin perform the role that other currencies can not serve any purpose, take for example if you leave and saved your money in your local bank currencies and it happens that you traveled to another country you may have problem with apending your money and tou bank savings may become useless and the only option will be Bitcoin as the only alternative.

Note: this explanation was born out of my own personal experience, and i hope others here will share similar experience too!

You can't use your bitcoin anywhere and at anytime without any restrictions like you have mentioned. Most of the stores in any country still doesn't accept bitcoin as a form of payment. You can't use bitcoin instantly unless the merchant is willing to accept transactions with 0 network confirmations.
And no, your money doesn't become useless. When you move to a different country, you can always use your card to make transactions and it's true sometimes it is going to take a lot to move your money from one country to another, but even if you can move bitcoin, you will have hard time using it as a regular currency.

bhooscream

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Ideally, it is, Bitcoin as a digital currency to be used as a means of payment method that can be used as a global currency without any Borden o fiat difference in every country.

But the fact? It is hard to apply because many countries still ban the use of cryptocurrency as a payment method. This makes the use of Bitcoin becomes limited enough. But fortunately, the value of Bitcoin doesn't stop there. although this is not used as a currency, in fact, Bitcoin still can survive and blast very great so the value is always increasing due to the increase in investment.
Actually, we can not also compare it ideally to the fiat that is commonly in physical money. But in fact, right now we can use that fiat with digital fiat that is legal in the country.

Odusko

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Quote from: _BlackStar on October 11, 2022, 04:47:01 PM

Decentralized currencies are indeed better than centralized ones. Bitcoin is a decentralized currency, meaning that it has no central authority, allowing its users to enjoy privacy and all sorts of other innovations.

What impressed me most about this currency is that I can send and receive any amount in a single transaction without any restrictions. I can't do it with a centrally authorized fiat currency, the bank will probably ban it as is often the case with other users. I can't even withdraw more fiat from the ATM when I reach the 24-hour withdrawal limit, this is of course very different to bitcoin where I can move every unit between wallets without restrictions ^{[except centralized exchanges].} Also, bitcoin is an electronic currency that does not require the identity of the user, it is the privacy that comes from its innovation.

You are right decentralized currency unbanned is from all the restrictions that centralized banking systems place on individuals, I experienced some sort of limitation sometime ago where the central bank placed a $5000 daily transaction limit on my saving account and that amount is a very small amount for business and even individual forex needs.
But with bitcoin one can send any amount without such restrictions, that is why the decentralized currency has become the best and most reliable alternative.

_BlackStar

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It is true that decentralized currencies are better than centralized ones. Bitcoin is a decentralized currency, meaning that it has no central authority, allowing its users to enjoy privacy and all sorts of other innovations.

What impressed me most about this currency is that I can send and receive any amount in a single transaction without any restrictions. Obviously I can't do it with a centrally authorized fiat currency, the bank will probably ban it as is often the case with other users. I can't even withdraw more fiat from the ATM when I reach the 24 hour withdrawal limit, this is of course very different to bitcoin where I can move every unit between wallets without restrictions ^{[except from centralized exchanges].} Also, bitcoin is an electronic currency that does not require the identity of the user, it is the privacy that comes from its innovation.

jaberwock

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Quote from: hd49728 on October 11, 2022, 01:15:15 AM

If you are a crypto enthusiast, please stop calling cryptocurrency including Bitcoin as virtual currency.

Virtual is a term will make people fearful and worrying about cryptocurrency. They would think cryptocurrency is not real, because it is virtual. If you use word virtual, you are supporting governments and central banks which want to create as many barriers against cryptocurrency access as possible from knowledge, psychology to adoption.

I don't think it is right to conclude one is better than others. It depends on each situation you are in. In geolocation where you can not pay your expenses, buy anything with cryptocurrency, fiat (physical) currency is better.

Similarly, USD is a strongest fiat currency but it is not a best when you use in daily life. It's the best or not the best depends on where you use it.

I agree, digital is better for this, virtual and digital do not have the same idea in people's minds. When you say virtual that does sound like fake and like game money, nothing different than gold in a mmorpg and the same idea. But when you say digital, everything these days is a digital thing, even our fiat money is not in cash form most of the time, we pay using our credit cards and when the money is in our bank account, we cover the credit card with it, all happens digitally without too much cash in our hands.

I still use cash, but maybe like 5% of my whole income gets turned into cash, rest stays in debit and credit cards, which are all digitally used.

The Cryptovator

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Bitcoin always performs better than any physical currency. But eventually, we have to depend on physical currency due to a centralized world. We can send or receive a payment within sec worldwide without any third-party involvement. Any centralized currency won't do that at all. But the problem still exists government doesn't adopt Bitcoin and we can't use it everywhere instead of physical money.

Dunamisx

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Quote from: TribalBob on October 11, 2022, 09:03:54 AM

technological advances and people are starting to adapt to bitcoin, and the value of bitcoin is getting better day by day, so there is nothing wrong if I declare btc as my virtual money and my investment, and I can exchange it anytime when I need it without having to wait

You're right about your statement and that's exactly how bitcoin stand as an instant means to solution whenever needs arises, bitcoin has attain a pinnacle limit where fiat couldn't have attempted by all means, bitcoin being a currency and yet serving as an asset that is secure and decentralized, there's no alternative to bitcoin than the best offer it serves with the highest security and privacy needed within a decentralized network, nothing is as good as being in full control of your assets, performing transactions with ease, no difficulty in transaction fee, bitcoin has just provided the very solution to economy challenges with handling finances.

sunsilk

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Quote from: milewilda on October 10, 2022, 04:41:38 PM

Quote from: sunsilk on October 10, 2022, 04:33:07 PM

It's true that bitcoin has performed well and better than the other currencies that we've got. I guess that soon we'll be done with the comparison of bitcoin and fiat because there will be the CBDCs and there's also the stable coins that serves the same thing as the native currencies that we have.

As the time passes, bitcoin has been considered to be the best asset that one can own and as a store of value.

Needless to say, when someone understands bitcoin, he's in the know about that it can be used as a currency or as a store of value / investment / asset.

We might really be that too positive or optimistic on what Bitcoin had given out or when it comes to utility but we cant really that ignore the fact that fiat does still have some upperhand when it comes to various conditions or situations which Bitcoin couldnt able to do so but at least we do really have that option in choosing between.You could really able to see its significance when you do have the experience on both
using fiat or Bitcoin.You would eventually find for yourself on hows it would be that sensible or recommended on such transactions.Some do really mind off about anonymity and decentralized aspect
but there are some who do still get convenient when it comes to fiat function.So it does matter on when you would really be making some switch up.

As they say, cash is king especially on these times where we mostly need cash as most of the assets and markets have been down together. But as a performing asset, bitcoin has proven itself and its worth.

There's no need to switch though. As soon as you understand what you need, you'll still able to freely use and own any of them anytime you want. But with fiat, we need it everyday and we have to admit that.

As for bitcoin, it's undeniable one of the best asset to own.

TribalBob

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technological advances and people are starting to adapt to bitcoin, and the value of bitcoin is getting better day by day, so there is nothing wrong if I declare btc as my virtual money and my investment, and I can exchange it anytime when I need it without having to wait

Flexystar

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The idea that it works borderless is the one prime thing it makes bitcoin stand out of every other type of currency or asset. I mean you can’t even trade gold overseas from one country to another unless and until you have proper permits. Even if you do you have limits, we have to provide documentation and go through custom clearance. Definitely it makes sense with crypto space. Now we can imagine why is it so much important to have crypto space which now seems like tunnel which is private, without any regulation and all the fun stuff. :-D

Piesel

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Bitcoin to fait transaction and holding comes with it diverse ups and downs that may hamper the total process as whatever time even 9both Bitcoin network and bank network rely on the internet to make transaction possible one still need to understand the peculiarity of both currencies.

While one serves as a primary currency that is accepted by all within a system, the other which is Bitcoin serves as a better alternative to banks and without regional restrictions.

So both serve a very important purpose in the economy and for personal use.

CryptoHeadlineNews

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Quote from: hd49728 on October 11, 2022, 01:15:15 AM

I don't think it is right to conclude one is better than others. It depends on each situation you are in. In geolocation where you can not pay your expenses, buy anything with cryptocurrency, fiat (physical) currency is better.

But in terms of reward of investment, you can't argue with me that Bitcoin hasn't done better than all these fiat currencies, because if only a person had invested just $1 in Bitcoin far back in 2010, by today that $1 investment must have sum up to over a million dollars today. So that doesn't mean we are to eradicate fiat currencies, as we actually need them for our daily transactions in most places where Bitcoin isn't accepted

Quote

Similarly, USD is a strongest fiat currency but it is not a best when you use in daily life. It's the best or not the best depends on where you use it.

Yes, strongly agree with this point of yours, because thats the reason why the value of Bitcoin is pegged to dollar being the strongest global currency

bitmit.exchange

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I completely agree with you.
Bitcoin is not only going to replace centralized currencies like USD, but also commodities like gold. Gold is going to reach an end someday sooner or later.
When gold is done, BTC is up in the market and people will have to use it and invest in it.
Future belongs to blockchain technology and cryptocurrencies like Bitcoin and Ethereum. This is going to happen; whether we like it or not...

yazher

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Quote from: GreatArkansas on October 10, 2022, 08:54:32 PM

Quote from: Odusko on October 10, 2022, 10:19:17 AM

(....)
Bitcoin perform the role that other currencies can not serve any purpose, take for example if you leave and saved your money in your local bank currencies and it happens that you traveled to another country you may have problem with apending your money and tou bank savings may become useless and the only option will be Bitcoin as the only alternative.

This is one of many reasons or benefits of using Bitcoin. Bitcoin was created initially for payments. Another example I can give is money remittance, especially cross-country money remittance. There are some countries where you wire or send money to someone like your family to other countries, it will take some time and some huge transaction fees, so if we will just use Bitcoin, it is very convienient.

This is one of the conveniences bitcoins gave us nowadays because back then when you have talents like you are a good artist, you cannot make money with them unless you have bank accounts or something like that. But today, you don't really need that because you only need a crypto wallet and you can make money from the internet and they pay you with bitcoins. There is some situation where you really need to get your money from the banks but they refused because of some sort of problem. But when you have bitcoins, you don't need to worry about it anymore.

slaman29

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You said this statement was born out of your own experience, but you didn't exactly mention specifically what that experience is. Would you care to share?

For me, it's really easy to talk about experience, and I still use Bitcoin practically on a daily basis. This isn't just about trading or sending like most people think but actually using it. Gambling for me Wink

Mauser

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Quote from: Odusko on October 10, 2022, 10:19:17 AM

Since 2009 when Bitcoin was launched by satoshi, Bitcoin has performed better than most physical currencies.

It's true that Bitcoins came a long way from it's initial price of less than 1 USD, but these prices are long gone. Most of the investors we have in the crypto market today haven't been around in 2009. Me personally I only started with crypto currencies in 2016, that is why I think it's wrong to compare the prices we are seeing today with the prices over 10 years ago. Looking too far back into the past makes you feel bad that you haven't invested earlier in Bitcoins and somehow let' you hope that prices will fall again to a similar level to get a second chance to buy so cheap again. This second chance is not realistic and we shouldn't be hoping for it. It's better to look at the more recent prices of Bitcoins, we see that up until 2021 the price fluctuated around the 10,000 USD level. Comparing that to today it's still a pretty got development for any currency.

hd49728

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If you are a crypto enthusiast, please stop calling cryptocurrency including Bitcoin as virtual currency.

Virtual is a term will make people fearful and worrying about cryptocurrency. They would think cryptocurrency is not real, because it is virtual. If you use word virtual, you are supporting governments and central banks which want to create as many barriers against cryptocurrency access as possible from knowledge, psychology to adoption.

I don't think it is right to conclude one is better than others. It depends on each situation you are in. In geolocation where you can not pay your expenses, buy anything with cryptocurrency, fiat (physical) currency is better.

Similarly, USD is a strongest fiat currency but it is not a best when you use in daily life. It's the best or not the best depends on where you use it.

worle1bm

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The big thing I like about bitcoin and the reason for mass adoption is decentralisation and your funds are in complete possession of yours unlike the fiat currency which is under the central control and they can nip you anytime it making change in the policy.

But as said above we can't use btc openly at this time because not too many countries allow it's usage or merchants accepting it which is why btc is treated as investment source for long term by many and is being carried on the same way.

Minor Miner

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Quote from: Odusko on October 10, 2022, 10:19:17 AM

... take for example if you leave and saved your money in your local bank currencies and it happens that you traveled to another country you may have problem with apending your money and tou bank savings may become useless and the only option will be Bitcoin as the only alternative.

Note: this explanation was born out of my own personal experience, and i hope others here will share similar experience too!

In this case, you are right but not quite right, assuming you use bitcoin as currency instead of fiat. It may be convenient because you don't need to prepare foreign currency when traveling, but have you taken into account the volatility of bitcoin? we know that bitcoin is volatile, and can even drop 20% to 40% in just a few days, how can you travel comfortably when your assets have almost halved in value in just a few days?
It is true that bitcoin has many advantages over fiat but in some cases fiat is still useful and beneficial to us. To me, bitcoin is more suitable as an asset or a commodity than as a currency.

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