Topic: The use of Bitcoin - page 7. (Read 1453 times)
Okay lets put it that way. I dont think people will use it as a medium to pay for service or to pay for a merchant. Instead, majority will store it as an investment, because everyone knows that Bitcoin is capable of giving good returns in the future. Honestly, I said this multiple times, but I dont really see any better reason to spend your Bitcoin to pay for something except for mass adoption.
If bitcoin is indeed legalized by the government, it will not be able to directly replace the role of fiat. Because of several sectors of human
life are more suitable to use fiat than bitcoin. And if it is true bitcoin wants to replace the role of fiat, change must be done in transition.
How good is Bitcoin and Fiat walking side by side first, after all humans can adapt then bitcoin can replace the role of fiat as a whole.
But the transition period will also last long enough can be up to 5 years in my opinion.
life are more suitable to use fiat than bitcoin. And if it is true bitcoin wants to replace the role of fiat, change must be done in transition.
How good is Bitcoin and Fiat walking side by side first, after all humans can adapt then bitcoin can replace the role of fiat as a whole.
But the transition period will also last long enough can be up to 5 years in my opinion.
Bitcoin could evolve to find solutions to such problems by designing Bitcoin cards (like bank cards.) All the user has to do is pass the card through a reader and write a secret number then the transaction will be done. 
Even the issue of Internet connection can be solved with techniques that allow the transmission of transactions to nodes connected to the Internet and the use of any type of communication.
Remember: paper money took about 50 years to prove itself, after 40 years we will become the elderly in that era.
Even the issue of Internet connection can be solved with techniques that allow the transmission of transactions to nodes connected to the Internet and the use of any type of communication.
Remember: paper money took about 50 years to prove itself, after 40 years we will become the elderly in that era.
Personally I don't have any problems buying coffee. no one is preventing me from buying coffee but I think you're hitting the nail on the head. Bitcoin is not viable for everyday use. It's best shot at everyday use will be if the Lightning Network is implemented or atomic swaps allow the everyday use to be settled on a lower fee blockchain.
The issue is that the fees have not grown in terms of the percentage of bitcoin, unless people manually set them higher, but they have grown in terms of USD. A 0.0001 BTC fee was "nearly free" for almost the whole BTC life cycle, but just recently become too high to send for low transactions. for use cases, I do personally use it for larger transactions that don't need to be instantly confirmed, and I also like the idea of salaries and other larger type payments using BTC, that are cheaper and easier than using banks and payment processors. In my opinion, bitcoin is a store of value. It can be used for large enough transactions that would make fees negligible
The issue is that the fees have not grown in terms of the percentage of bitcoin, unless people manually set them higher, but they have grown in terms of USD. A 0.0001 BTC fee was "nearly free" for almost the whole BTC life cycle, but just recently become too high to send for low transactions. for use cases, I do personally use it for larger transactions that don't need to be instantly confirmed, and I also like the idea of salaries and other larger type payments using BTC, that are cheaper and easier than using banks and payment processors. In my opinion, bitcoin is a store of value. It can be used for large enough transactions that would make fees negligible
Internet is already a need these days. If there's no internet the bank will also has to go back to the traditional system and will have their deposits and withdrawals manually through over the counter and that will consume time most of their clients. And that's a trouble for those who are using their ATM. Can you see the comparison about your description about bitcoin needing internet?
So, if that worries you that even kids or an old guy is unable to use it, think again. We're at the early stage of adoption and questions like the one you have raised normally appears but eventually you will that they will be able to adopt it.
An example, this article was published since 2014 but look at these young girls: Forward-Thinking Lemonade Stand Takes Bitcoins
So, if that worries you that even kids or an old guy is unable to use it, think again. We're at the early stage of adoption and questions like the one you have raised normally appears but eventually you will that they will be able to adopt it.
An example, this article was published since 2014 but look at these young girls: Forward-Thinking Lemonade Stand Takes Bitcoins
Bitcoin is following in the footsteps of gold. It will/has become a store of wealth, and will only be used as a currency for high value transactions in my opinion.
Hopefully the Lightning Network will make bitcoin even better than gold. Gold is a store of value but its use as a currency is non-existent. Bitcoin needs to be better than that. Otherwise this shitcoin spam will never stop. Every other new altcoin will always claim itself to be better than bitcoin. This needs to be stopped.
At this point of time the use of bitcoin can only be limited to urban areas since rural areas have less or no internet connection. Aside from that in third world countries where poverty is high illiteracy is high and hunger is one of the major problem. Given such situations the use of bitcoin will start at urban areas and will start to spread to rural areas as development will expand then bitcoin user will also expand. But given the fact that bitcoin is adopted and being mainstreamed otherwise all those things I have written will just be a concept without realization.
Bitcoin is a digital currency.
Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
That's why I only see bitcoin as an alternative currency if ever governments would legalize bitcoin, but not as the main currency. It can be used for those who prefer using bitcoin as payment but not required that everyone will use it. Since we all know that not everyone is capable of using bitcoin. It could also function as an investment. Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
The use of bitcoin will depend on how an individual will use it. Legalization doesn't mean everyone has to engage with bitcoin.
Bitcoin is a digital currency.
Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
In fact, the bitcoin now has many uses. All of us know that bitcoin is a digital currency that can be used in my transactions. As of today most of the online market star to accept bitcoin and they already added it in their mode of payment. The price of bitcoin is very volatile so expect the price will totally change in seconds. I wonder if in the next few years we will see a cashless society where we will only use cryptocurrencies like bitcoin in all our transactions. Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
You must be kidding a little. You mean to say that kids are not really that smart that they can't adapt to the use of Bitcoin using their smartphones and gadgets? Hey, our new kids can even be more techie than their parents (that's us) and so using Bitcoin can be as a walk-in-the-park for them, just scan the code and you are free to go, baby! The only big problem is when they might not have any Bitcoin left in their wallet to spend. In fact, spending money digitally is more convenient than bringing cash or even bringing the plastic card.
With Bitcoin, you can be bringing a million dollars worth in your online wallet and nobody will know...just try bringing that in fiat money and I am sure that you will not have a peace of mind. We are already in a different era where things digital are transforming the many traditional things we are doing. Again, kids these days are technologically savvier than us. Just believe me.
millennial generation is now familiar with bitcoin, if bitcoin is legalized as a means of payment then it is very good in my opinion, but it is not possible before the payment instruments such as paper or coins just disappear, but added to the transaction tools namely paper money, coins and crypto , so if ordinary people who don't know bitcoin want to buy something, they can still use the banknotes / coins.
Bitcoin is a digital currency.
Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
other than what Jet Cash said(quoted below) the technology behind bitcoin can be implemented in other fields not just in cryptocurrency. bitcoin became the starting point for the technology, Blockchain,
to be known worldwide. bitcoin will be a valuable asset, more than just currency if the government fully embraced bitcoin.
Bitcoin is following in the footsteps of gold. It will/has become a store of wealth, and will only be used as a currency for high value transactions in my opinion.
Everybody can use something as long as they're familiar with it. You can argue that the old-generation might have difficulties with wallets and stuff like that, but we can also give them preloaded coins with private keys and addresses whom they can use just like fiat coins.
Of course, the coins should not contain too much Bitcoin because it's dangerous. In the end, it depends on your imagination and the available solutions.
Of course, the coins should not contain too much Bitcoin because it's dangerous. In the end, it depends on your imagination and the available solutions.
Sadly, the model of bitcoin being able to replace everyday fiat currencies and used to do everyday purchases like a morning coffee has faded away and no longer seems possible.
It's taken a much more investment based position and is more seen as a get rich scheme or a profitable but risky investment instead of being able to be used in everyday transactions.
Payment systems like paying with your phone/face/etc are way easier then using crypto-currencies and Bitcoin and it looks like it'll stay that way
It's taken a much more investment based position and is more seen as a get rich scheme or a profitable but risky investment instead of being able to be used in everyday transactions.
Payment systems like paying with your phone/face/etc are way easier then using crypto-currencies and Bitcoin and it looks like it'll stay that way
Bitcoin is a digital currency.
Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
I think it could be used upto the extent to which we are using our credit cards today if scalability issues are resolved and people start to see it as a swift and normal currency i am Pretty damn sure that we are looking for some good adoption but mind me transaction times and transaction speed are still biggest enemies landed in between btc's success as a currency. Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
Bitcoin is following in the footsteps of gold. It will/has become a store of wealth, and will only be used as a currency for high value transactions in my opinion.
With the development of bitcoin in the future im sure the development in the internet services and the government.
Bitcoin will be useful in the future in terms of money transferring and maybe payments for government services in the future.
Bitcoin will be useful in the future in terms of money transferring and maybe payments for government services in the future.
If government legalized and use bitcoin like fiat currency,to what extent it can be used?
Bitcoin and the blockchain technology that bitcoin uses has a lot of potential uses in the future, almost in every field that you can think off you can use those 2.
For me, it can be used as an alternative mode of payment. As of now, it's really difficult to replace fiat and it's much easier to make small payments using fiat. But bitcoin excels when sending payment across borders without limit, from anywhere, without having an intermediary that logs everything you purchase or transact. It's not the use case for bitcoin to replace small payments as of now because of slower transactions and volatility, but in terms of it being an investment and medium of payment for larger amounts is where I think it can be used.
Bitcoin is a digital currency.
Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
Bitcoin has a limited supply.
Bitcoin is volatile.
Bitcoin always needs internet.
If government legalized and use bitcoin like fiat currency,to what extent it can be used? I just thinking that it was very difficult if ever it will happen someday especially for the young children's. Unlike in fiat currency even a two years old kid can buy in a store using it but if bitcoin,i don't think so ,even those old people who do not know how to use a cellphone,computer and other gadgets. It will be difficult for them.I'm just curious guys and want to know your opinion.
Jump to: