Use of cryptocurrency as an investment and exchange currency for FIAT.

ethereumhunter

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Quote from: galestorm on March 30, 2021, 08:00:13 AM

Well, there are people who recognize bitcoin as an investment while others use it to exchange for FIAT. Let's be honest, bitcoin hasnt been fully adapted yet and people need money to purchase goods and services. Businesses who sell the necessities of their customers often dont accept bitcoin as payment, as a result individuals who lack the money, turn to bitcoin and exchange it for FIAT. While others who believe in bitcoin "supremacy" hold this coins for a very long time.

I agree with you. Bitcoin still needs more time to be accepted as the payment system. And if people use bitcoin as what they do now, that will not be a problem, at least, people can make money from bitcoin, and they can also use bitcoin for investment. While time passed by, the government will recognize that bitcoin can be the next payment system besides using fiat. While that time does not come yet, we can save and earn more bitcoin for the investment giving us profit in the future.

mezzaluna

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Quote from: DigitalCoinBRL on March 25, 2021, 04:21:52 PM

I am having an argument with a friend in a group, and he informed me that he is unaware of the use of cryptocurrencies except to just exchange for FIAT currencies as and that he does not believe that decentralization can be something will not solve the issues of social differences.

I request that if possible, the most knowledgeable on the subject send messages so that I can be giving him more knowledge about the use of these services.

Remembering that the idea here is to gather as much of this information as possible for people who still recognize Bitcoin or cryptocurrencies as investment currencies.

Its unfortunate that your friend is unaware with the vast utilization that Cryptocurrencies provide. Its true that it can be exchange into Fiat Currencies but Cryptos and Bitcoin is much more than that. Instead of having an argument, why wont you show him some applications that uses Cryptocurrencies as something useful to other people. There are a lot of platforms in which we can use Crypto's and even the forum is something that could present that applications.

jerrison

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The recent evenets of people using their portfolio to invest in bitcoin and cryptocurrency should advise him of the use of cryptocurrency. whether he admits it or not, it remains what it is, a solution to centtralization and consensus mechanism as theglobe is embracing it. Tell him to consider Microstrategy and Greyscale investments in crypto and see the future.

Quote from: DigitalCoinBRL on March 25, 2021, 04:21:52 PM

I am having an argument with a friend in a group, and he informed me that he is unaware of the use of cryptocurrencies except to just exchange for FIAT currencies as and that he does not believe that decentralization can be something will not solve the issues of social differences.

I request that if possible, the most knowledgeable on the subject send messages so that I can be giving him more knowledge about the use of these services.

Remembering that the idea here is to gather as much of this information as possible for people who still recognize Bitcoin or cryptocurrencies as investment currencies.

TedMosby

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Like it or not, fiat is still the main currency. Cryptocurrency is a medium to represent fiat in digital way.

Bitcoin nowadays becomes asset rather than currency, but for sure the goal is still fiat.
Why I can say that? Because most people still talk about fiat price target for bitcoin.

Bitcoin might be not the future, but blockahin with its decentralization is the thing that will be the root of digital world.
Decentralization of cryptocurrency is an examples of democratization of currency.
You take full control of your currency, and no one will have a role higher/lower than you, because all is equal.

galestorm

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Well, there are people who recognize bitcoin as an investment while others use it to exchange for FIAT. Let's be honest, bitcoin hasnt been fully adapted yet and people need money to purchase goods and services. Businesses who sell the necessities of their customers often dont accept bitcoin as payment, as a result individuals who lack the money, turn to bitcoin and exchange it for FIAT. While others who believe in bitcoin "supremacy" hold this coins for a very long time.

tabas

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Quote from: HanaTenun on March 27, 2021, 06:20:08 PM

not everyone considers bitcoin as an investment currency, there are people who think bitcoin is a transaction tool, there are also people who just want to transact without involving a bank

But those people that also uses it for transaction or payment also having that thought that it's a good investment. And it is inevitable for them to think of it for a second that they should be holding it instead.

Quote from: HanaTenun on March 27, 2021, 06:20:08 PM

but your friends are right, most people think of it like an investment, and teach your friends to understand the service this so he can take advantage of it too, a decentralized fiat currency regulated by the government and local banks in his country.

With the high price of it, that's what everyone's thought about it and besides, no one ignores the idea that it's really for transaction too because you can send and receive it.

bitgov

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Bitcoin is decentralized and distributed asset. There is no single owner of it and can there can't be a single owner of bitcoin. Bitcoin is designed in a way that miners (hundreds of thousands) are securing and generating new coins. Rest you can find very resource on Google.

kryptqnick

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Op, I'm sorry that even great replies by others in this thread didn't convince your friend. It's next to impossible to change someone's mind when they're already feeling strong about it. However, you could try to go from afar and focus on the things which you both agree with. It can be that fiat has its issues, such as constant devaluation which can also lead to hyperinflation if it gets out of control. Or that banks are not great because they charge you for keeping your money, and they track every transaction you make. Then you can go to Bitcoin offering not a perfect and fully adopted solution, but a chance to do things differently. With Bitcoin, a person can be fully in charge of one's money, and Bitcoin's limited supply means that there's no constant devaluation going on. Only then you can present some examples, such as that Tesla now accepts Bitcoin as payment for cars, or that there are various places all over the world where one can pay with Bitcoin.

goldade

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Quote from: mk4 on March 25, 2021, 07:47:41 PM

I can speak for Bitcoin:

1. You can transfer value in a trustless manner— without needing the permission of banks and centralized services.
2. Bitcoin can't be inflated at will by centralized authorities.
3. With Bitcoin, you have true ownership of your wealth. No one can take it away from you and lock you out of your wealth (assuming your wallet doesn't get hacked).

Saying that Bitcoin is only for exchanging to fiat currencies totally undermines it's characteristics. It's almost like saying that a car is a just a box of steel and that a smartphone is just a thin brick made of plastic and aluminum.

Mostly, the people who say that decentralization is not important are mostly people who live comfortable in countries that are currently doing fine, and that are totally oblivious on what's happening in other monetarily fucked up countries such as Zimbabwe and Venezuela.

I totally agree with you concerning the advantages of bitcoin over fiat.
One do not have to pay high transaction fee that one would have to pay if one has to be make those transfers with the bank. Now, one can do it with less fees and less transaction time.
Secondly because bitcoin isn't controlled by the government, it can not be inflated

You should know that bitcoin can be used as an investment tool by just buying and hodling for some time for the price to increase due to its volatility.

mbe48

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As we know, cryptocurrency is a currency that is made of a computing system and is decentralized (no person or party controls bitcoin). Meanwhile, fiat money is a currency that is legalized by the government of a country. Fiat is also a symbol of a country. So don't juxtapose Crypto with Fiat because even though it has uses in transactions, Crypto is more seen from its investment system and not all countries have the same legality of Crypto. So in my opinion, use Crypto as an investment.

rosebrand

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Bitcoin isn't just an asset for investment only, it is used for transactions nearby and across countries, sending fiat from a particular country to another country seems to be a bit stressful because there will be a need to go to the bank and fill in forms and this might take much time depending on how fast the services of the bank is, but in bitcoin non of these is required we can make transactions with anyone anywhere in the world with some few minutes, bitcoin saves us the stress of going to bank to make transactions across countries, not just that presently most companies and businesses accepts bitcoin as payments so bitcoin isn't just an investment tool.

HanaTenun

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not everyone considers bitcoin as an investment currency, there are people who think bitcoin is a transaction tool, there are also people who just want to transact without involving a bank, but your friends are right, most people think of it like an investment, and teach your friends to understand the service this so he can take advantage of it too, a decentralized fiat currency regulated by the government and local banks in his country.

noorman0

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It cannot be denied, bitcoin holders do not do many bitcoin transactions in their daily lives. Volatility can also affect a person's willingness to spend their bitcoins at that time, such as "if I could buy item X with 0.1BTC tomorrow, I would wait instead of spending my .012BTC today". In fact, they prefer to swap and back up some of their assets to fiat to buy anything over the next few days.

I think bitcoin currently only really serves as an alternative means of payment for cross-border transactions. People (who understand) prefer this solution to avoid complicated administrative processes, problems of flexibility and efficiency.

michellee

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Quote from: Wawa2013 on March 26, 2021, 06:45:44 PM

My advice is not to argue with your friends to determine what is right or wrong regarding Bitcoin. You just have to say your opinion about Bitcoin,
and it's your friend's business to accept it or not. Sometimes there are some people who just aren't open-minded and just believe what they believe.
Like your friends, including people who have a good income, therefore they are more supportive of fiat. I will not blame people who hate Bitcoin,
because we really can't make everyone like Bitcoin. There will always be people who hate Bitcoin and think negatively about Bitcoin, and we have
to understand with that.

I agree with you. We do not have to argue with them because every people will have their own perception about bitcoin and we can not say that they are wrong, although what they know is not right. We can tell the truth to them, but we can not force them to accept what we say, and we can let them find out by themselves. I am done with those people like that, and I prefer to leave them with their thinking because they can not open their minds to accept other people's perception and only want to argue that they are right.

Wawa2013

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My advice is not to argue with your friends to determine what is right or wrong regarding Bitcoin. You just have to say your opinion about Bitcoin,
and it's your friend's business to accept it or not. Sometimes there are some people who just aren't open-minded and just believe what they believe.
Like your friends, including people who have a good income, therefore they are more supportive of fiat. I will not blame people who hate Bitcoin,
because we really can't make everyone like Bitcoin. There will always be people who hate Bitcoin and think negatively about Bitcoin, and we have
to understand with that.

DigitalCoinBRL

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Quote from: Rengga Jati on March 26, 2021, 05:29:50 PM

Firstly, is bitcoin legal in your country? Or legal for what? As only a digital asset or even for a "currency".
because, in my country, it is also not legal as a currency, so that the thought as him is very often to be found, Bitcoin and other cryptocurrencies are only for increasing the profits and then exchanging them for fiat.

However, what we are experiencing doesn't mean to reflect all things about that itself. That is why we need to be open-minded to the world where there are so many differences between one another. Every country will have its own regulation and every regulation will give an impact on the use of crypto itself.
We can see some merchants actually accept Bitcoin as a payment method and also salary. But, it may not be too significant because it is still rare to be found.

Very good your observation!
In my country we do not have regulations on digital currencies, so we have no problem with the acceptance and use of this payment method in establishments, however as you mentioned, the high cost of Bitcoin itself is a game changer, so we have other currencies at a lower price, making, in a way, a contribution towards the acceptance of financial cryptography in the most diverse places.

As a whole, whenever we take Bitcoin or cryptocurrencies and try to compete with state currencies we will encounter barriers ...

I believe that here, in this regard, we will always have this problem of choosing what can be usual in the middle of cryptocurrencies and to what extent it becomes legal (legally speaking) in the applied region.

Rengga Jati

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Firstly, is bitcoin legal in your country? Or legal for what? As only a digital asset or even for a "currency".
because, in my country, it is also not legal as a currency, so that the thought as him is very often to be found, Bitcoin and other cryptocurrencies are only for increasing the profits and then exchanging them for fiat.

However, what we are experiencing doesn't mean to reflect all things about that itself. That is why we need to be open-minded to the world where there are so many differences between one another. Every country will have its own regulation and every regulation will give an impact on the use of crypto itself.
We can see some merchants actually accept Bitcoin as a payment method and also salary. But, it may not be too significant because it is still rare to be found.

uneng

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Quote from: DigitalCoinBRL on March 26, 2021, 09:56:14 AM

Quote from: best123 on March 26, 2021, 09:41:48 AM

There are several things Bitcoin and Blockchain Technology can used for. Outside investment and paying of bills. The gaming platform are enjoying the decentralization brought by this awesome tech. The academic sector, Auto-mobile, Health sector etc are not left out.

But do you realize that they are too abstract?
Because we still don't have a greater focus on the basics: food.

What good is it to be able to buy a soft or a car if I can't buy rice or noodles to keep me alive?

I believe that this focus should become more constant than the others, after all this is essential the rest is superfluous.

I understand your concern, because it's also mine. It's a pitty we can't pay for food and basic services such as electricty, water and gas with bitcoins. So far bitcoin is a strong way to protect your patrimony and to earn extra income by working online, but as currency it's barely accepted by the sectors which play a big role in our daily lives.
Unfortunatelly there isn't much we can do besides waiting till adoption gets stronger. Meanwhile you can use a third party service to convert your btcs to fiat in real time when shopping.

DigitalCoinBRL

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Quote from: best123 on March 26, 2021, 09:41:48 AM

There are several things Bitcoin and Blockchain Technology can used for. Outside investment and paying of bills. The gaming platform are enjoying the decentralization brought by this awesome tech. The academic sector, Auto-mobile, Health sector etc are not left out.

But do you realize that they are too abstract?
Because we still don't have a greater focus on the basics: food.

What good is it to be able to buy a soft or a car if I can't buy rice or noodles to keep me alive?

I believe that this focus should become more constant than the others, after all this is essential the rest is superfluous.

best123

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There are several things Bitcoin and Blockchain Technology can used for. Outside investment and paying of bills. The gaming platform are enjoying the decentralization brought by this awesome tech. The academic sector, Auto-mobile, Health sector etc are not left out.

Topic: Use of cryptocurrency as an investment and exchange currency for FIAT. (Read 376 times)