Topic: The use of Bitcoin (Read 1453 times)

You talked about organizations and institutions, I would like to add here that not only organizations actually nations are attracting toward this market. China is acting as a technology hub and the whole world is looking toward it. If I especially talk about Pakistan people are more interested and attracted toward Chinese innovations. Chinese attraction and involvement in the crypto market will attract other nations following them.

Right, bitcoin is the future which is why a lot of people are interested and are now adopting bitcoin. Even some financial institution or organization are now trying to adopt to the technology to cope up with the advancement and to secure survival in the future. It is only a matter of time when we will be able to use bitcoin in making purchases with less hassle.

Bitcoin will be our future digital money.that's why now many people like to use bitcoin for this coin easy transaction.

There are actually lots of ways you can do when using bitcoin. Primarily, it is actually can become one of your way or source of income by such things as investing. It is really clear that investing can be one of the most profitable ways you can do because I do know lots of people who are really investing in some projects and getting their money back is twice or even thrice by how many they invested in. There are also a lot of people using bitcoin as a good way of payment method making any transaction safe and faster than paying in fiat. By using also their online or offline wallets. This is actually good for everyone if we actually adopt this kind of payment method but sad to say that there are still countries are banning cryptocurrency for some reason.

Very well said. He said that the bitcoin is a digital currency because we can only transfer and use it through online and we cant ever hold it in our hands unlike the fiat. What is good about crypto is you can bring it everywhere whenever you wanted to. Like for example you go abroad and you dont have a pocket money but you have a savings in any digital wallet. You can convert through the national.money of the country you have visit and it is less hassle.

Bitcoin is not a digital currency, bitcoin is a crypto currency. They are different things.
Digital currencies are centralized, crypto currencies are decentralized.
Bitcoin is a crypto currency.
Credit cards and debit cards also need a network. They do not work without a pos device and network. So it is not something hard.

Sometimes I see Bitcoin just as an idea that was created to show the world how far we can go with transaction, and soon governments will start to adopt this method of cryptocurrency to create their own extra currency that will be used in place of the current system.

Although that doesn’t mean that there will be an end to Bitcoin, even if all other cryptocurrencies should die off, I believe that Bitcoin will continue to grow. There are already countries that are creating their cryptocurrencies which will be issued out by the banks, I don’t know how this is going to work out but I really hope to see them soon. Back to the topic and my answer for the real use case of bitcoin would be multiple things and not just a payment processor.

but in this industry price movements become a place for people to get profits in them. if you expect stable prices it will be difficult in this industry, especially for bitcoin then the price will always change at any time. and I prefer to see the growth of bitcoin in terms of usage because if you look at the price it will always be unstable.

Like all currencies or assets, bitcoin's value is driven by the amount that individuals are prepared to pay for it. Whether that's the "right" valuation, and also whether bitcoin is really well worth that total or perhaps not, is mostly done to opinion.

JPMorgan employer Jamie Dimon recently labelled bitcoin a fraud, and also said its astronomic increase in value is a text book financial bubble much like the Dutch "tulip mania" of the 17th century, that saw speculators drive up the cost of just one bulb to 10 times the yearly wage of an experienced individual - before rapidly losing just about all of that value.

Speculation has fuelled bitcoin's fast ascent in recent months, Rauchs states, but there are already clues that the cryptocurrency is transferring from the fringes on the web to the mainstream. He points to much more than hundred hedge money specialising in cryptocurrencies which have started not too long ago, triggering today's price surge.
CME Group, which has the Chicago Mercantile Exchange, in which trillions of money of derivatives contracts for global commodities are traded every year, now provides bitcoin futures. Some analysts say this's an indication that bigger financial players are prepared to enter the marketplace.

The amount of individuals utilizing the cryptocurrency has in addition risen from around 3 to 6 million in April, to between ten and twenty million folks at the conclusion of 2017, though specific figures are extremely hard to build, Rauchs says. loadmore...

technology is becoming increasingly sophisticated in the future, and in the beginning there were many people who did not know what bitcoin was, and now there are many people who know what bitcoin is and what bitcoin is for, and about children or parents who do not know to understand computer or cellphone or other gadget that you are worried about, and will later understand, there are now many children who already know how to use a cellphone, and now indeed Bitcoin can only be used for shopping or buying goods only in  countries and stores certain, but there will be more in other countries will use bitcoin as a means of payment and others.

As digital money the main purpose of bitcoin or the reason why it is created is as a currency meaning it has its value and we could use it to buy something its only different from the traditional currency or fiat money is it digital assets which mean it doesn't have any physical form. Also as the market price of bitcoin increases and because of its volatile price in the market the bitcoin also becomes a great investment.

As a currency, the bitcoin is still not ready but as an investment, I think it is already profitable since the market price volatility you could easily do buy low and sell high strategy to gain profit in bitcoin or make a hold for a long term investment.

One of the greatest challenges of bitcoin is not to teach people how to use it, but it is to teach people to follow practices that keep their coins safe, each year there is a significant number of hacks in this market and all of that happens with just a few million users, what do you think it is going to happen when the majority of the world population adopts it? Hackers are going to take advantage of people like never before and we have no way avoid that.

i agree bitcoin just need time and adoption
as of now its still hard to use bitcoin because the price is still not stable thats why many people is afraid to leave their comfort zone
but in my opinion, the price of bitcoin will be stable in the future when the rewards of block become so low due to halving

IMHO, facts are opposite: one third mom-and-pop businesses in US accept BTC as payments

The usage of bitcoin can't be limited, it is a multi-purpose asset. Bitcoin as a value transfer token has further got to be a transaction asset. Earlier it was much preferred for darkweb needs and gambling. Further with the growth bitcoin has evolved to be an investment asset that has helped in large scale transactions that can't be done with traditional banking process. With time the technology improvement gives more usage to bitcoin.

We can't blame them if they will are getting hard on adapting the new environment on currency which is the digital currency as well as the cryptocurrency because at their time they don't have any advance technology especially right now that the internet is the one who are controlling on it in which we can do all things through the used of internet and computers, using digital currency like bitcoin we will be able to make transactions easier than the normal state of it but the elders are getting hard on it but all we need to do is to take some time for them to be familiarize on the new technologies that are evolving around us.

Everyone is comfortable with legacy systems. Those who grew up reading and writing letters through postal services find it very hard in the start to shift to email and other new services that followed. Same is true for Bitcoin, with time we will find bitcoin easy to use. All Bitcoin need is time and our attention.   

These are the realistic opinions about the Bitcoin,and it is also that world can not be a smart global village full of latest technology but the point is that if any government allow the the BITCOIN for its people as legal medium of exchange the major cities having all facilities can benefit from it and the remote ares where internet is not possible in future it will be covered.

I am totally in favor that government should legalize the crypto that new generation came in race to the rest of the world.

Bitcoin is important in lots of ways and it’s being used for a lot of things. Everyone has their own purpose they started making use of cryptocurrency. First thing that attracted me was to use it as a transaction method since PayPal doesn’t work for me where I live.

As time goes on I got to know more about it and then I started investing money. The coolest thing is that transactions are fast and you don’t really have to pay much. I started making use of Ethereum recently to send and receive money and I have to admit it’s really fast and the fees I pay is far less than what I pay for using Bitcoin, but they are all still good.

I think government legalizing cryptocurrency to be used as fiat currency is still a long way off, if its going to happen at all. That being said crypto can still be used for your day to day spending habits the same way you use fiat. This is made possible by products like Taps prepaid card. Not only can you spend your cryptocurrency the same way you use fiat but it is also as easy as swiping any regular debit card so it is not particularly more difficult than spending fiat.