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Topic: Utility Uses of Bitcoin in General (Read 538 times)
Though I think we might change things a little, your list is really good. Top investing? Thats so Wall Street, so yesterday. The future is Bitcoin, and it will be about more than just rapid profit. Regarding "everyday use," let me say: paying your bills, shopping for groceries, sending money to your granny abroad free from those outrageous charges We have been waiting for exactly this change.
Many millions of individuals worldwide lack access to fundamental banking services. Bitcoin can help to alter that. This is a financial system created by people for people. Thats something about which one should get enthusiastic. Tokenizing, smart contracts, all that sophisticated language? Indeed, it has potential. Let us, then, concentrate on the here and now. Lets demonstrate to the world what Bitcoin can accomplish now rather than only what it might be tomorrow.
Many millions of individuals worldwide lack access to fundamental banking services. Bitcoin can help to alter that. This is a financial system created by people for people. Thats something about which one should get enthusiastic. Tokenizing, smart contracts, all that sophisticated language? Indeed, it has potential. Let us, then, concentrate on the here and now. Lets demonstrate to the world what Bitcoin can accomplish now rather than only what it might be tomorrow.
Generally speaking, I think OP's list was right on point, but recent trends would suggest a few changes that I would make.
I would then move the first one up the order: "Store of Value." There has been quite a rise in the adoption of Bitcoin as a store of value, especially with 70% of coins remaining unmoved for over one year, including when price increases. This essentially shows that long-term holding is becoming a dominant use case, especially as more institutional investors come in, viewing it as a hedge against inflation.
The second constituent of the required upward trajectory in "business contract payments" and "remittances" is because Bitcoin is increasingly used for cross-border payments and settlements. The use of the Lightning Network has 10xed since 2021, and the possibility of low-fee and fast transactions anywhere in the world makes it increasingly useful for regular payments and international remittances.
Speculation and arbitrage probably fall a little lower down the list now, as market volatility has been shrinking and people are moving into more stable, long-term uses.
I would then move the first one up the order: "Store of Value." There has been quite a rise in the adoption of Bitcoin as a store of value, especially with 70% of coins remaining unmoved for over one year, including when price increases. This essentially shows that long-term holding is becoming a dominant use case, especially as more institutional investors come in, viewing it as a hedge against inflation.
The second constituent of the required upward trajectory in "business contract payments" and "remittances" is because Bitcoin is increasingly used for cross-border payments and settlements. The use of the Lightning Network has 10xed since 2021, and the possibility of low-fee and fast transactions anywhere in the world makes it increasingly useful for regular payments and international remittances.
Speculation and arbitrage probably fall a little lower down the list now, as market volatility has been shrinking and people are moving into more stable, long-term uses.
1. Investing: Speculation on increased value and arbitrage.
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
3. Business contract payments including regular bill or invoice paying
4. Retail and service/virtual purchase transactions
5. Banking: Transmitting value overseas among different banking jurisdictions
6. Banking: Temporary holding for banking needs, or acquiring to sending money to others without a specific bill or retail transaction involved.
7. Tokenization of assets by tying Bitcoin ownership to ownership of another asset.
8. Public Statements using Bitcoin's comment feature.
Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
3. Business contract payments including regular bill or invoice paying
4. Retail and service/virtual purchase transactions
5. Banking: Transmitting value overseas among different banking jurisdictions
6. Banking: Temporary holding for banking needs, or acquiring to sending money to others without a specific bill or retail transaction involved.
7. Tokenization of assets by tying Bitcoin ownership to ownership of another asset.
8. Public Statements using Bitcoin's comment feature.
Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
I mean not exactly a utility but a benefit I’d say added privacy and security for full custodial of all your assets if you do it right without the need for an3rd party or bank
Hello I am very new to crypto currency and I am trying to buy some btc and eth. I need to make sure my wallet will let me transfer btc and eth both. If anyone who can help can you please message me about sending me a small amount of BTC or ETH, (the smallest amount your wallet will allow you to send), to my btc and eth wallet? You can't imagine how much I would appreciate this. I hope someone can do this for me. Thank you in advance
BTC wallet address: 3LcjxaSbyeeX9xyohyuqUaBXtWh6M9gozu
ETH wallet address: 0xeD16c223c756E4B6B705a71134a640320a95dE03
BTC wallet address: 3LcjxaSbyeeX9xyohyuqUaBXtWh6M9gozu
ETH wallet address: 0xeD16c223c756E4B6B705a71134a640320a95dE03
Hello I am very new to crypto currency and I am trying to buy some btc and eth. I need to make sure my wallet will let me transfer btc and eth both. If anyone who can help can you please message me about sending me a small amount of BTC or ETH, (the smallest amount your wallet will allow you to send), to my btc and eth wallet? You can't imagine how much I would appreciate this. I hope someone can do this for me. Thank you in advance
BTC wallet address: 3LcjxaSbyeeX9xyohyuqUaBXtWh6M9gozu
ETH wallet address: 0xeD16c223c756E4B6B705a71134a640320a95dE03
BTC wallet address: 3LcjxaSbyeeX9xyohyuqUaBXtWh6M9gozu
ETH wallet address: 0xeD16c223c756E4B6B705a71134a640320a95dE03
Hello I am very new to crypto currency and I am trying to buy some btc and eth. I need to make sure my wallet will let me transfer btc and eth both. If anyone who can help can you please message me about sending me a small amount of BTC or ETH, (the smallest amount your wallet will allow you to send), to my btc and eth wallet? You can't imagine how much I would appreciate this. I hope someone can do this for me. Thank you in advance
BTC wallet address: 3LcjxaSbyeeX9xyohyuqUaBXtWh6M9gozu
ETH wallet address: 0xeD16c223c756E4B6B705a71134a640320a95dE03
Market uses it for the main three things which I mentioned, trading, investing and spending that so that they would get something. That's the only thing that people will continue to use, and that's why I think we need to focus on what we can do, and if we ignore all the others and just use this part then we are going to be able to get better results on why people use it.
BTC wallet address: 3LcjxaSbyeeX9xyohyuqUaBXtWh6M9gozu
ETH wallet address: 0xeD16c223c756E4B6B705a71134a640320a95dE03
I don't think that the "public statements using Bitcoin's comment feature" are particularly useful for the average BTC user/investor/trader.
Also the "tokenization" thing is not useful at all and has nothing to do with the core features of the BTC blockchain.
You could summarize your list in basically two or three points. Store of value(even though the price is volatile) and medium of exchange.
Those are the main features of every currency and BTC is supposed to be a currency(but unfortunately it is still being viewed as "digital gold"). The third most important feature of BTC is "being your own bank" and not relying on a third party to store your wealth, but not a lot of Bitcoiners are using this feature.
These are not really that great, I mean in general the most common "utility" comes from trading and investing and payments, that's it and nothing more. While people can use it for other stuff, we need to realize that it is not going to be that common and we are not going to see this work out that commonly, it exists solely for the people who use it for more advanced ways.Also the "tokenization" thing is not useful at all and has nothing to do with the core features of the BTC blockchain.
You could summarize your list in basically two or three points. Store of value(even though the price is volatile) and medium of exchange.
Those are the main features of every currency and BTC is supposed to be a currency(but unfortunately it is still being viewed as "digital gold"). The third most important feature of BTC is "being your own bank" and not relying on a third party to store your wealth, but not a lot of Bitcoiners are using this feature.
Market uses it for the main three things which I mentioned, trading, investing and spending that so that they would get something. That's the only thing that people will continue to use, and that's why I think we need to focus on what we can do, and if we ignore all the others and just use this part then we are going to be able to get better results on why people use it.
Hello I am very new to crypto currency and I am trying to buy some btc and eth. I need to make sure my wallet will let me transfer btc and eth both. If anyone who can help can you please message me about sending me a small amount of BTC or ETH, (the smallest amount your wallet will allow you to send), to my btc and eth wallet? You can't imagine how much I would appreciate this. I hope someone can do this for me. Thank you in advance
BTC wallet address: 3LcjxaSbyeeX9xyohyuqUaBXtWh6M9gozu
ETH wallet address: 0xeD16c223c756E4B6B705a71134a640320a95dE03
BTC wallet address: 3LcjxaSbyeeX9xyohyuqUaBXtWh6M9gozu
ETH wallet address: 0xeD16c223c756E4B6B705a71134a640320a95dE03
Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
I won't stress about the orders because it can be arranged in different orders depending on how it is useful to who is incharge of making the list. I might have Bitcoin being a store of value as the most important utility of Bitcoin for me because I'm more interested in investing my money to not lose value but to keep increasing while someone with his own thoughts might prioritize Bitcoin being a currency because he has a business that with the help of Bitcoin, he or she has been getting lots of customers because they want to pay using Bitcoin. What is more important for all of us is for Bitcoin to get more adoption to help use use it freely without being scared of being punished because for some people, their country has ban the uses of cryptocurrency while others don't have people that accept Bitcoin in their country that they can use Bitcoin direct to pay for the goods or services that they offer.
Theres no order list of the bitcoin that you need to understand and for sure most of that list you don't even know at the same time, you can do ass possible is to focus a one or two among your list and by that you will enlarge the knowledge you have, for sure if you will earn all of this things you will might get overwhelmed to all of the information. If you think that strategy you've got gives you a good g ain why not continue this or make another step so you can broad your knowledge into different aspect of bitcoin.
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
I don’t think there is any order for listing an expenditure although, all that is above doesn’t count as an expenditure since, some are literally having to preserve value like, what I’ve got in quote.Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
Had to single it out because, getting to accept it for a utility didn’t sit well at first but, looking at it as a use case actually does and that’s what utility is.
Bitcoin is a lot of things alright and it continues to scale the boundaries as time goes on.
-snip-
Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
Your list is okay but the utility of Bitcoin may be endless and I don't expect you to cover them all, especially in the area of decentralization and cross-border payment that is not partial like fiats, it's just too enormous. For me, I will continue to stick to three uses of Bitcoin, which are the use for Payments, Trading and Investment. The low cost of transactions of Bitcoin is good if there is no congestion and miners are not manipulating it for their selfish gains, and the speed is somewhat very okay if one knows his way around it. The Investing and trading are cool as well and I've not seen an asset traded by me that gives easier earning than Bitcoin. The investment is also cool, once the investor is smart about it by buying Bitcoin cheaply and divesting at a high level on larger chart confirmation, money will be earned regularly. Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
I don't think that the "public statements using Bitcoin's comment feature" are particularly useful for the average BTC user/investor/trader.
Also the "tokenization" thing is not useful at all and has nothing to do with the core features of the BTC blockchain.
You could summarize your list in basically two or three points. Store of value(even though the price is volatile) and medium of exchange.
Those are the main features of every currency and BTC is supposed to be a currency(but unfortunately it is still being viewed as "digital gold"). The third most important feature of BTC is "being your own bank" and not relying on a third party to store your wealth, but not a lot of Bitcoiners are using this feature.
These are not really that great, I mean in general the most common "utility" comes from trading and investing and payments, that's it and nothing more. While people can use it for other stuff, we need to realize that it is not going to be that common and we are not going to see this work out that commonly, it exists solely for the people who use it for more advanced ways.Also the "tokenization" thing is not useful at all and has nothing to do with the core features of the BTC blockchain.
You could summarize your list in basically two or three points. Store of value(even though the price is volatile) and medium of exchange.
Those are the main features of every currency and BTC is supposed to be a currency(but unfortunately it is still being viewed as "digital gold"). The third most important feature of BTC is "being your own bank" and not relying on a third party to store your wealth, but not a lot of Bitcoiners are using this feature.
Market uses it for the main three things which I mentioned, trading, investing and spending that so that they would get something. That's the only thing that people will continue to use, and that's why I think we need to focus on what we can do, and if we ignore all the others and just use this part then we are going to be able to get better results on why people use it.
1. Investing: Speculation on increased value and arbitrage.
Correct.
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
Correct.
3. Business contract payments including regular bill or invoice paying
Incorrect. Reason: Most businesses need financial privacy (due to competition).
4. Retail and service/virtual purchase transactions
Incorrect. Reason: Too expensive to use and too slow.
5. Banking: Transmitting value overseas among different banking jurisdictions
Correct.
6. Banking: Temporary holding for banking needs, or acquiring to sending money to others without a specific bill or retail transaction involved.
Correct.
7. Tokenization of assets by tying Bitcoin ownership to ownership of another asset.
Correct but also: All tokens are worthless.
8. Public Statements using Bitcoin's comment feature.
Correct but also: No one needs this.
Correct.
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
Correct.
3. Business contract payments including regular bill or invoice paying
Incorrect. Reason: Most businesses need financial privacy (due to competition).
4. Retail and service/virtual purchase transactions
Incorrect. Reason: Too expensive to use and too slow.
5. Banking: Transmitting value overseas among different banking jurisdictions
Correct.
6. Banking: Temporary holding for banking needs, or acquiring to sending money to others without a specific bill or retail transaction involved.
Correct.
7. Tokenization of assets by tying Bitcoin ownership to ownership of another asset.
Correct but also: All tokens are worthless.
8. Public Statements using Bitcoin's comment feature.
Correct but also: No one needs this.
(....)
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
4. Retail and service/virtual purchase transactions
(...)
For me, this is the main use of Bitcoin for me, because I already experiencing it and that's how I am using Bitcoin right now. Most of the time is for transactions and modes of payments.2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
4. Retail and service/virtual purchase transactions
(...)
Bitcoin being the store of value is already given to me because since I owned Bitcoin, I have already considered it always as a store of value and I continue to hodl Bitcoin.
1. Investing: Speculation on increased value and arbitrage.
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
3. Business contract payments including regular bill or invoice paying
4. Retail and service/virtual purchase transactions
5. Banking: Transmitting value overseas among different banking jurisdictions
6. Banking: Temporary holding for banking needs, or acquiring to sending money to others without a specific bill or retail transaction involved.
7. Tokenization of assets by tying Bitcoin ownership to ownership of another asset.
8. Public Statements using Bitcoin's comment feature.
Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
2. Store of Value: No intent to sell at higher price or higher price after inflation accounted for.
3. Business contract payments including regular bill or invoice paying
4. Retail and service/virtual purchase transactions
5. Banking: Transmitting value overseas among different banking jurisdictions
6. Banking: Temporary holding for banking needs, or acquiring to sending money to others without a specific bill or retail transaction involved.
7. Tokenization of assets by tying Bitcoin ownership to ownership of another asset.
8. Public Statements using Bitcoin's comment feature.
Do you think this list is in the correct order of most to least likely uses of Bitcoin? How would you rank or change this list?
I don't think that the "public statements using Bitcoin's comment feature" are particularly useful for the average BTC user/investor/trader.
Also the "tokenization" thing is not useful at all and has nothing to do with the core features of the BTC blockchain.
You could summarize your list in basically two or three points. Store of value(even though the price is volatile) and medium of exchange.
Those are the main features of every currency and BTC is supposed to be a currency(but unfortunately it is still being viewed as "digital gold"). The third most important feature of BTC is "being your own bank" and not relying on a third party to store your wealth, but not a lot of Bitcoiners are using this feature.
Your point of view on bitcoin utilities is very correct but perhaps their is no hierarchy among them all because basically everyone is entitled to their opinion on whatever use the deem most vital of all so that's how they would rank it's utility too.
Hmm, OP had complied with most of the things in general but if we check out some points specifically they seem to be UN-realistic utilities at least for a person like me, especially point no 4, it will be impractical with the passage of time because, with the increase market valuation, most of the people will lose affordance to use Bitcoin as a payment option for virtual purchase and service transactions.
Maybe you haven't looked at the collectible board in this forum where members purchase goods and collectibles via bitcoin even though I haven't made such purchase but I know that people do it frequently, it's just your own point of view or it's just that you're ignorant towards that part of bitcoin but apparently everything op mentioned here is very realistic but only to those who use them base on what they want.
There is no order in my opinion but all are true about the uses of Bitcoin in general, depending on each individual's point of view, their perspective on BTc itself.
Hmm, OP had complied with most of the things in general but if we check out some points specifically they seem to be UN-realistic utilities at least for a person like me, especially point no 4, it will be impractical with the passage of time because, with the increase market valuation, most of the people will lose affordance to use Bitcoin as a payment option for virtual purchase and service transactions.
Oh, you mean this red tagged Full Member account from december 2023 is a sock puppet account actually?
What a surprise. 
I don't know if you are talking about my account or not, but if you are then you... need to calm down? My account is... my account. This is the only account I have or have ever had. And it's not "red tagged", whatever that means.
And I'm really not seeing why this discussion is so extremely emotional that you are making it personal like that.
Quote
So maybe during its "cypherpunk" era, in its very first years, it has been seen as a tool against governments by a part of its community but I don't think it was the initial goal of Satoshi and I don't think it's still the goal of its current community either. For me, it has mainly been designed to be an alternative to the central and commercial banks system before anything else.
If you don't care about government oversight into transactions, then the utility of Bitcoin, as compared to existing transaction mechanisms, it greatly diminished. Bitcoin is much more expensive than ordinary transfer mechanisms for all but a tiny number of very large transactions. For most of the billions of daily transactions, Bitcoin is far more expensive and far slower--and most developed-country consumers have a bank account already, and have access to things like credit cards and other bank-based payment methods.
Perhaps your perspective is different: maybe your business requires a lot of large-scale money transfer all of the time. But that isn't a problem that very many people have.
Oh, you mean this red tagged Full Member account from december 2023 is a sock puppet account actually? What a surprise. Anyway bro, if Bitcoin has been designed to be an anti-government currency then we can wonder if it didn't fail. Because it's now fully accepted and regulated in most countries, some of them are officialy holding it, and it is even a legal tender currency in few of them. Despite that, Bitcoin hasn't changed and it still doesn't obfuscate its transactions. So maybe during its "cypherpunk" era, in its very first years, it has been seen as a tool against governments by a part of its community but I don't think it was the initial goal of Satoshi and I don't think it's still the goal of its current community either. For me, it has mainly been designed to be an alternative to the central and commercial banks system before anything else.
What a surprise. Anyway bro, if Bitcoin has been designed to be an anti-government currency then we can wonder if it didn't fail. Because it's now fully accepted and regulated in most countries, some of them are officialy holding it, and it is even a legal tender currency in few of them. Despite that, Bitcoin hasn't changed and it still doesn't obfuscate its transactions. So maybe during its "cypherpunk" era, in its very first years, it has been seen as a tool against governments by a part of its community but I don't think it was the initial goal of Satoshi and I don't think it's still the goal of its current community either. For me, it has mainly been designed to be an alternative to the central and commercial banks system before anything else.Those are pure speculations on your part in order to try to grasp at straws. Bitcoin exists since 15 years now, and it's still using a public ledger allowing anyone to track any transaction, it's still way less safe than cash money for hidding transactions. So if its goal is to be a tool against government surveillance and persection why it has never evolved to integrate any obfuscation feature till now?
Authorities being able to do chain analysis is fairly new. I recall the first 5-10 years of Bitcoin's existence, most people considered it pretty private. And lots of cyber-extortion crimes were committed using Bitcoin, which is pretty strong evidence that people--in this case people who were literally betting their lives on it--thought Bitcoin was government-proof in terms of privacy.
Quote
In addition Satoshi doesn't talk anywhere about governments in his white paper, but he describes Bitcoin as "A purely peer-to-peer version of electronic cash [allowing] online payments to be sent directly from one party to another without going through a financial institution." Financial institution means banks...
Clearly that implies a financial institution that cannot be audited by a government. You must be pretty new to the Bitcoin community if you aren't aware of the anti-government theme of creation of Bitcoin
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