Topic: The use of Bitcoin - page 2. (Read 1439 times)

Bitcoin can be an asset, like an investment or stocks. For me the primary use of bitcoin is it's for investment, bitcoin is not user-friendly, it takes I think a day or even weeks to learn how the blockchain and bitcoin works and how is the trading works. Bitcoin is just for technology-literate people, just like what you said, not all can access it. And for me, I think bitcoin should not be compared to fiat that you can spend it everywhere. Just imagine gold, you can't buy things using it, but it has a value, same with bitcoin and other cryptocurrencies, you need to convert it to fiat first, before buying and spending it.


Just think bitcoin as stepping stone for something bigger, today we can't use it as a medium of exchange, but in the future, I believe alts will be invented that will replace bitcoin and will satisfy all of the features that we are asking.

Bitcoin is not a decisive winner over fiat. It’s the fiat in which the value of bitcoin is measured and the world is running on fiat for centuries. An unbiased analysis of bitcoin clearly indicated that bitcoin is still very novice and is not in a position to compete with fiat. 
OP has written one key benefit of fiat that even 2 years old kid can buy stuff using fiat which is not possible with bitcoin.

Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries.
In the current state of Bitcoin, I believe that the only substantial use case that it has is a store of value, similar to gold. It is a speculative asset because it has no practical value outside of the fact that there is a promise of future value. The majority of people who have Bitcoin hold it for that promise, while a few may transact short-term to hedge against that bet.

It is one of the problem in terms of the usage of the bitcoin, there are people especially the old ones cannot use smartphones and any gadgets. They will still use fiat because for them it is more convenient. There is a time that I explained the bitcoin in my grandparents and I am not surprised because they really did not understand what I said to them. The problem can only fixed through the raising of awareness where the people will get knowledge about bitcoin.

The most important feature of Bitcoin is privacy. People do not want to account for another institution while investing in one place. We can call it a natural deal. Of course they can use it to finance bad business. But don't you use dollars or gold for bad things?

It should be easy since everyone uses a phone these days and just look at how many people of the total population are using FB. People are more tech-savvy than ever before. I bet I could teach a 2 or 3-year-old how to use bitcoin. They just won't be handing something physical over but rather digital and is easier for a child to grasp that concept than an adult.

Well 120 years is stretching it but 60 years ago Internet simply did not exist beyond a few universities exchanging emails. Internet only started coming to people's lives around 45 years ago. Already, there are generations of people that have never lived without it.

Warren Buffet and Donald Trump are in the same wagon, they made their money the old fashioned way, when things were so different.

Technology is also improving at such an accelerated pace that even things their parents used are no longer available for their children. Cassette tapes anyone? Those "react to" videos in youtube with kids reacting to (used to be) common things from the 80ies and 90ies are hilarious but also condemning (ie. a telephone).

Some of you may have even forgotten about analog tv (you can come visit my country if you feel nostalgic about NTSC).

The world saw Bitcoin born in 2009, and there is no turning back. Finally a coin that does not lose value overtime, outside the manipulation of the State and the few. Something that you can use online, and is secure. finally the ideas theorized by the Austrian school of economy can be put to use, and we are only going to see the beginning.

I can imagine a bit how Tesla felt in the beginning of electricity, and how his alternating current changed the game, forever.

jostorres: No we are not, already been 20 years in the 21ist century...

As much as it pains me to admit it right now this is the weakest point of bitcoin, making a transaction that is no time sensitive is a great experience with bitcoin, if you have at least an hour then you can easily use your bitcoin to pay whatever you want, so bitcoin is great for transactions over the Internet in which you are not in a hurry, but when you want to make a transaction in which you only have a few seconds or a few minutes available then bitcoin shows that weak point.

Bitcoin is having various uses like making transaction through the world with the power of blockchain hash and blockchain mining. in future also this blockchain technology will acquire the complete market and capture the complete Fiat currency Market.

We are running in the 20th century and in this century younger ones are more technical than the younger ones. I do not think that children or old ones not able to use bitcoins would be a problem if even the governments legalize bitcoins as use of bitcoins is not that complex. Even there are a lot of digital wallets which are been used now-a-days so if peoples could use those digital wallets to make local payments, then why not they can use bitcoin wallets?

Bitcoin wallets can be revolutionized and can be made easy for use for all ages. Bitcoin transactions can also be fastened by increasing the miners and lowering the difficulties. So in a case when the government legalize bitcoins, we can find a number of ways to make it convenient for day-to-day transactions without worrying for the difficulties.

Actually the use of bitcoin will not be as difficult as imagined, because in this digital era at least most of the people in the world are online users and they are also familiar with online payments and other transactions which of course bitcoin has the ability about it. Old people or those who are constrained about the network, etc., I think it can still be followed up and helped in terms of its use when the government has set about related matters so anything can be done.

I don't think bitcoin is following the footsteps of gold, I mean it's probably that bitcoin is kinda stronger in value than gold, but the problem in bitcoin is only the high volatility of the price of it. I don't agree about saying that bitcoin will be only used for only high transactions cause it's also better for small transactions as we know the fees are literally less than bank's fees or any other real currencies's fees.

Since you are talking about here are my interpretation about the things you said

Have you heard about Netbanking .

Nationalized baking where your currency will be insured if you are living in a good country

It is possible with fiat and i highly doubt whether there is a solution that all the bills can be payed with bitcoin, which bills are you paying with bitcoin and kindly share me that knowledge about a site that is making it possible.

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Despite telling all this the biggest advantage of crypto is to have full control over your asset and not to depend on a third party and that  is the biggest benefit.

You will be able to:

- Use Bitcoin in a matter of seconds instead fiat transactional delays for example.

- Store safe goods since the banks could go bankrupt and you lose your money.

- You dont need to take your fiat bills with you since it's all virtually portable.

There are so many things that you can imagine, just go by the book of what technologies bitcoin uses.

in use if a country already supports bitcoin and crypto and also provides regulations then mass adoption will be possible in that country. Government support can indeed have a big influence on the development of this industry, although it will be gradual in its development but regulation can open the door for large adoption

Sad reality is the government does not prioritize cryptocurrency to introduce in the public even if they are accepting it and people may struggle in knowing the btc and other cryptocurrency and doubts are always there. Adoption is never gonna be an easy task for cryptocurrency it will take several years before we can say 90% of the people knew about or heard about btc.

Bitcoin helps us in many ways, we just need to discover and see the great use and convenience it has to offer to us. The world is missing out on its best hope and I think it's time we share it to all the people all over the globe. We cannot really say that it will easily solve the world's economic problem but we can be certain that it will make a change and it is mostly positive. Let us keep on making them knowledgeable about bitcoin so that they will regulate it and legalize it all over the world which will surely make a huge impact to the world's economic status.

It is the base and we need a long way to go to be a global payment.

Volatility is not that bad if you are a good trader and they thrive on the market situation when ever the market moves in either direction rather than a stable market and hence you cannot see it as a negative aspect, whenever the price moves down it will recover and we have seen that a thousand times and then is Internet connect a real issue in 2020, not sure about third world countries but i do not see it as an obstacle considering the amount of mobile internet users in the market globally.

if a country or government supports bitcoin I think adoption of bitcoin will not be difficult. the government can provide information to the people about bitcoin and its use. and also the government can build infrastructure that supports bitcoin. and now we have lived in the digital age, some children and parents are now used to using gadgets. I don't think it's too difficult to teach them to use bitcoin as an alternative payment method.

Isnt this one of Satoshi si goals in creating bitcoin ?

For some countries that prohibit bitcoin as a legal payment tool, users can still trade and invest in bitcoin in commodity markets which are also regulated by government regulations.

IMO, I am not sure that even though the government can legalize bitcoin as a legal payment tool, it can reduce volatility because market capitalization can still be affected by disruptive whale activities. They can play with the price of bitcoin because they have a large amount of bitcoin, and get more profit from it.

Right, without the internet I dont think that I can send a certain amount of bitcoin to others. Therefore, IMO if a place does not have a good and adequate internet network, then that place I think will not be suitable with bitcoin.