The Uncomfortable Truth - page 3. | Bitcointalksearch.org

Nolimitz84

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Quote from: Lucius on June 02, 2019, 07:15:24 AM

It is not Uncomfortable Truth, I personally do not see any problem in fact that people are more focused on holding, then spending. Bitcoin is a currency, but also store of value in which many see long-term safety. It is also quite understandable that people pay less with bitcoin in time where price is low, and we are just recently finished long bear market in which every smart investor is buying more coins.

I think most of those who own bitcoin actually have no way to spend it on something, especially if they wanted to do it in their country. We are far away from that we can take our mobile wallet and buy some common things like newspapers, bread, milk or pay for haircut.

In principle, because of this, we do not see the mass adoption of bitcoin as a full-fledged means of payment.I transferred bitcoin yesterday and the transaction confirmation lasted about 2 hours....So this is a real problem.So the bitcoin retention strategy is quite logical.It is also obvious that cryptocurrencies will really live.Therefore, already now it is worth thinking about buying bitcoin.

waynechong1995

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swing!

I believe BTC would somehow become a commodities on fiat, or other real world assets. The cold hard fact is the volatility of bitcoin is not suitable at least for now with such minimal market-cap, a 100b assets can be manipulated easily by players and merchants doesn't want that. But still i believe positive growth of crypto-sector needs Bitcoin to be expensive in the first place, to be the next digital gold, yet consuming other coins in their business ecosystem. Blockchain does give tangible benefits for lots of merchants. Its about the adoption among the community, in future when there's too much money being printed along debts, everyone would suffer but those with proper wealth management more than just fiat, along with crypto might be better

jonaire99

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Bitcoin adoption is still slow in many part of the world and only few businesses are using it as payment. Wealthy nations like Japan, USA and the European Union might have more users that uses their bitcoin in transactions because they more shops or merchants that accept bitcoin. Poorer countries will still prefer fiats because it is more convenient to them than the cryptocurrencies. I also prefer to convert my bitcoin into fiat first before buying because there are still no merchants that accept bitcoin as payment.

Finestream

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Quote from: creeps on June 04, 2019, 06:44:48 PM

Quote from: Adriano2010 on June 04, 2019, 05:01:13 PM

This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.

Its very uncomfortable to be limited like this knowing that we can make our life more easy with bitcoin. In some country they can’t still done this kind of transactions even if they wanted to, luckily i lived in a great place where this kind of transactions is possible. One day, we will wake up like bitcoin is already accepted worldwide let’s dream for this.

Same with my country too bitcoin is not yet accepted as a mode of payment but we do have our local exchanger wherein we can convert btc to cash.For now,honestly i still consider bitcoin as a great investment and as much as possible,i still want to make huge profits from it than spending it for daily transactions.

creeps

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Quote from: Adriano2010 on June 04, 2019, 05:01:13 PM

This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.

Its very uncomfortable to be limited like this knowing that we can make our life more easy with bitcoin. In some country they can’t still done this kind of transactions even if they wanted to, luckily i lived in a great place where this kind of transactions is possible. One day, we will wake up like bitcoin is already accepted worldwide let’s dream for this.

hatshepsut93

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Quote from: Haunebu on June 02, 2019, 06:08:30 AM

There is nothing surprising here. Majority of the people that I know don't even know what Bitcoin and crypto actually are. They are happy with FIAT and payment processors like Paypal, mobile wallets etc and never thought about researching BTC.

If you hang out around this forum for a while, you'll notice a lot of posts saying that banks and governments are horrible, they constantly rob people with fiat, and banks freeze people's accounts all the time, and that fiat is soon going to crash and take the whole economy with it, and then Bitcoin will save the world - but this is not what average joes think and feel. They rarely encounter problems with payments, and payment companies and banks compete in providing the best options for their customers. Inflation takes the value away with time, but people invest their money instead of just hiding it, so it doesn't seem to be a huge problem - not every country is going to turn into Venezuela.
So, aside from some specific cases, most people don't see any reason to use Bitcoin, especially since Bitcoin has so many problems and inconveniences.

Twinkledoe

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Quote from: carlfebz2 on June 04, 2019, 05:45:11 PM

Quote from: CryptoBry on June 02, 2019, 06:01:09 AM

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

Nothing new! Most people do see it as an asset rather than as a currency which they would tend up to hold rather than on spending on it.Yes,its the main truth about less merchant transactions
which is really obvious on whats the main reason of this stuff. Ex. volatility & rising value.
On peoples mind it would really be just normal for you to act on what you are seeing on what you are holding since you know it can potentially give out profits then why would
sell out early?

Very true, indeed most of us want to save btc as much as possible and save it rather than spend it. We have seen it reached the $20k-level. Hence, the mindset that btc has high potential of growing its value immensely.

squatter

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STOP SNITCHIN'

Most of the gold supply doesn't move either. It sits in vaults, storing value.

You can't present people with a store-of-value asset in fixed supply and expect them not to hoard it. We shouldn't be judging Bitcoin based only on its consumer/merchant payment niche -- that's just a niche, one aspect of its properties as money.

carlfebz2

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Quote from: CryptoBry on June 02, 2019, 06:01:09 AM

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

Nothing new! Most people do see it as an asset rather than as a currency which they would tend up to hold rather than on spending on it.Yes,its the main truth about less merchant transactions
which is really obvious on whats the main reason of this stuff. Ex. volatility & rising value.
On peoples mind it would really be just normal for you to act on what you are seeing on what you are holding since you know it can potentially give out profits then why would
sell out early?

Korkorjkk

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Well, the experts say 'Hold at least 1 Bitcoin' if you can afford. It shows how relevant and important this coin is. It has great value and its value is expected to rise up so high by the end of the year or in the coming years.

Adriano2010

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This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.

suzanne5223

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Quote from: uneng on June 04, 2019, 04:41:24 PM

There is nothing wrong with this scenario. Even not being used for purchases as currency, bitcoin still has an usage as store of value, otherwise we wouldn't be seeing the recent bull run happening. If people see in btc an usage, there will be demand, and that is the point.
If people want to use btc to buy goods, hire services, gamble, invest that is fine. The important is that bitcoin is being useful for them.

There's something wrong in the scenario buddy because bitcoin purpose was to be used as a currency and a store of value, for if it is not use as a currency it will never be mainstream of payment. However, using bitcoin as a currency doesn't mean it won't hit another ATH for we both know that the price of every crypto market is determined by the level of demand and supply.

Indrawan77

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Volatility and adoption still become the problem that need to be solved, it's true for now many people used bitcoin as store of value, and many used it for trading, but the adoption is slowly become larger and one day people will used it mainly for currency, but it still need time to really to make a mass adoption, it need process, development and permit to reach that point

uneng

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There is nothing wrong with this scenario. Even not being used for purchases as currency, bitcoin still has an usage as store of value, otherwise we wouldn't be seeing the recent bull run happening. If people see in btc an usage, there will be demand, and that is the point.
If people want to use btc to buy goods, hire services, gamble, invest that is fine. The important is that bitcoin is being useful for them.

nicecrypto

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Aside from speculations and manipulations for huge profit by the whales, there is very little use case for btc as many has not yet embrace it and incorporate in their businesses, this can only change overtime when there is global adoption and acceptance by many online or offline merchants and other business outlet.

TimeBits

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Yah more people actually do use gold than bitcoin, I know I said that before that more people use bitcoin but I was wrong. There is definitely more people using gold than bitcoin, but more people use bitcoin as a currency than gold.

You know what everyone uses tho?

TIME.

Ryan Dugan

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I spend my bitcoin. Why would I use fiat? I go from fiat to bitcoin not the other way around. I have no interest with banking. I tried using a banking system the other day and holy crap how can people say crypto is confusing? I didn't even know where to go and nothing was clear. I had to add all these weird numbers and wait days for a transaction to another bank. From my bank to someone who also has an a ccount with my bank costs $4 and it doesn't matter the amount you move. I had to wait 2 days to have the pay clear then only I was sent what I ordered. I did the same with bitcoin I paid within an hour and the goods were already checked off as paid and ready to ship. So not only do I pay less fee and have a faster transaction I get what I order faster and sooner. I also once needed a refund. Do you know how easy it was? They just asked me for a bitcoin address they can send to and they just did it. Hours later I received my refund. You just can't compete with that.

How much more simple can it be though? You open your wallet press send then copy paste the address to send to and press send.

Ranly123

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Quote from: CryptoBry on June 02, 2019, 06:01:09 AM

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.

It is estimated that "only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years."

Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.

Is there really something wrong with this scenario for bitcoin?

I guess there is nothing wrong on this scenario since Bitcoin is not totally related to how economy is concerned. For my own point of view, Bitcoin has it's own positive impact on people but not in a countries economy.

stompix

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Quote from: LoyceV on June 03, 2019, 05:20:23 AM

I'm confused Tongue

I already mentioned it's forex trading, so euro > dollar > whatever > euro > circle > around > dollar. That's the large majority of fiat money transfers. Why would that be any different than dollar > bitcoin > dollar?

By value, but not by percentage.
And most of those happen in the forex market, just like exchanges bitcoin>shitcoin1>shitcoin2>shitcoin3>bitcoin happen off chain and were not included in the percentage the article mentions.

Quote from: LoyceV on June 03, 2019, 05:20:23 AM

Maybe you mean the number of transactions, then indeed I have no idea how many transactions are used for 5 trillion worth of forex trading per day. Automated systems could make billions of trades, or it could be just a "few".

Nope, that was not my point.

The article quotes 1.3% as in the number of transactions used for consumers>merchants out of the 400k or so we see daily in the blockchain.
The rest is made out of deposits and withdraws from exchanges, mining and others.

I don't have a clue about the numbers forex activities are generating, but the average American is doing 3 transactions related to shopping a day. I highly doubt he is also doing 160 in and out of forex and stock brokers.

Again, I'm talking about what traditional systems are used for compared to bitcoin and if you're going to tell me that only 1.3% of those are to buy stuff and 60% to cash in and out of forex I'm going to throw a stick in your bicycle wheels while you're speeding to catch thermos: PPPP

RuJuliette

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It's not surprising at all, Bitcoin and the whole crypto market are just at the beginning; but every year more and more people are buying Bitcoin. To add Bitcoin is not really currency for dayli use, there are more suitable currencies for that.

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