Topic: What are the official uses of bitcoin other then trading? - page 3. (Read 828 times)
It is true that in developed cities like the USA, they have officially used bitcoin as a medium of exchange to be precise as a substitute for fiat.
In some places, you can pay with crypto.
It all depends on the regulations in each country, and in the country where I live, the use of bitcoin is only allowed for assets or investments and also as a store of value such as gold.
and are not allowed to be used as a means of transaction because bitcoin is not a legal means of payment and must be changed to be able to use any transaction.
and for me such regulation is not a problem, the most important thing is I feel grateful because I can still use bitcoin without any strict restrictions.
and are not allowed to be used as a means of transaction because bitcoin is not a legal means of payment and must be changed to be able to use any transaction.
and for me such regulation is not a problem, the most important thing is I feel grateful because I can still use bitcoin without any strict restrictions.
I believe that Bitcoin was supposed to be used as a currency but people saw another way to use it and that is to trade. Satoshi created Bitcoin for us to have a decentralized peer-to-peer payment network but due to its decentralized characteristic people find it suitable for trading or as an asset. Right now Bitcoin has become versatile, it depends on each individual on how they will use their Bitcoin. For me, I mainly use Bitcoin as an asset because I found it very effective especially on long-term investment, but in some cases, I do also use it as a currency to buy some stuff online.
It is true that the main purpose was making people have a completely different currency system than fiat. By this huge new technology, people were going to have the control of their money and no goverment were going to interfere with it. Until a certain point, people were able to use Bitcoin for only investment purposes. But after that, Bitcoin has started being used as a payment method also and people started using it like that too. And I also use Bitcoin for both purposes.
I believe that Bitcoin was supposed to be used as a currency but people saw another way to use it and that is to trade. Satoshi created Bitcoin for us to have a decentralized peer-to-peer payment network but due to its decentralized characteristic people find it suitable for trading or as an asset. Right now Bitcoin has become versatile, it depends on each individual on how they will use their Bitcoin. For me, I mainly use Bitcoin as an asset because I found it very effective especially on long-term investment, but in some cases, I do also use it as a currency to buy some stuff online.
Bitcoin is not only for trading/investment purposes. There are some places around the world that you can pay with Bitcoin when buying something. For example, you can even buy a Tesla now with Bitcoin. 
And as long as the Bitcoin adoption continues, we will be able to use Bitcoin in more places in time.
And as long as the Bitcoin adoption continues, we will be able to use Bitcoin in more places in time. I heard that BTC wasn't intended to be a trading asset but instead to become a currency and being used to replace the existing paper money, although we all know that this vision isn't how bitcoin really turns out to be but I'm sure the official use of it is to be used as a tool of payment. many people said btc is like digital gold but that's not really what btc was meant to be used for right?
it's little by little stray away from its main purpose although some people still use it but struggling to keep up with the fee, I think it's fine the way it is right now.
That was the initial plan but here we are right now and I think that it will come here eventually because if bitcoin was supposed to be currency then it should be traded like Forex. I think that besides trading bitcoin is also a good medium to use for transactions like buying items online although most of the time an escrow is needed to insure safety in the case of scamming and bitcoin is also an asset that you can use to hodl your investment in long-term to make a profit. it's little by little stray away from its main purpose although some people still use it but struggling to keep up with the fee, I think it's fine the way it is right now.
So I can go into a home depot show a qr code on my btc wallet and buy some ? Or is it some obscure online thing?
I don't know why you refuse to read everything written in previous posts? Whether you can buy some lumber at your local store is a matter for your local retailer who accepts or does not accept BTC. What you call obscure (online shopping) is something that generates huge revenues, and I have to admit that almost everything I ever wanted can be bought online and paid with BTC.
Stop being just another troll and open your eyes, and if you think that BTC has failed in something that is important to you - take your bank card and your PIN and pay that way, no one is stopping you.
https://spending-bitcoin.com/
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Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.
Only be used?Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.
I just recently bought a headphones in my local e-shop with the use of Bitcoin, OP.
Although Bitcoin's being seen as more of an investment, while its aim is for almost an anonymous transaction, the part where it can't be controlled by 3rd parties and authorities will surely make it a lot viable for borderless transaction.
I heard that BTC wasn't intended to be a trading asset but instead to become a currency and being used to replace the existing paper money, although we all know that this vision isn't how bitcoin really turns out to be but I'm sure the official use of it is to be used as a tool of payment. many people said btc is like digital gold but that's not really what btc was meant to be used for right?
it's little by little stray away from its main purpose although some people still use it but struggling to keep up with the fee, I think it's fine the way it is right now.
it's little by little stray away from its main purpose although some people still use it but struggling to keep up with the fee, I think it's fine the way it is right now.
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I thought BTC was going to replace western union by now and be used by official brick and motor businesses. I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC; kind of like how they back up mortgages. I wish I could remember my series seven better I could think up more use cases for BTC.
Because a stablecoin backed by BTC will be as volatile as BTC,which means that it will not be a stablecoin.
You can use Bitcoin as a replacement of Western Union,if you want.There's no problem with that.
BTC can be used for gambling/sports betting and buying digital goods and services.I know that most people don't want to spend their BTC,because of the expectations of a higher price in the future,but that doesn't stop them for using BTC for other purposes than crypto trading.
Bitcoin is like a gold, it can be a store of value, a safe haven to secure you financially in the near future.
It is a modern gold where its price increases in the market, its price is volatile and can't be manipulated easily by other people.
People chose to trade bitcoin because they want to make money with it as soon as possible depending on the market situation.
But some are just holding it because they are 100% loyal and believing on its potential to make reasonable increase in its price in the long run.
It is a modern gold where its price increases in the market, its price is volatile and can't be manipulated easily by other people.
People chose to trade bitcoin because they want to make money with it as soon as possible depending on the market situation.
But some are just holding it because they are 100% loyal and believing on its potential to make reasonable increase in its price in the long run.
Bitcoin is permissionless so there is nothing that can be considered an 'official' use. People are free to use it however they like. I use it mostly as a currency and also for savings. It can be a store of value but you can also spend it more easily than something like gold. As time goes by people will find more uses and maybe some will go away due to higher fees. For example microtransactions is one thing it isn't used for anymore, at least not on layer 1.
I'm sure the number one thing bit coin is used for is trading but that wasn't its original use and seeing how it still has value and exists a decade later it has utility. Officially what else is it used for? How could you find this out there isnt a wall street journal for bitcoin. But there must be a prospectus for it out there or as close to one as possible. Is there a way to read the original white paper?
I thought BTC was going to replace western union by now and be used by official brick and motor businesses. I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC; kind of like how they back up mortgages. I wish I could remember my series seven better I could think up more use cases for BTC.
Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.
Bitcoin is money that is still its main use, now you may wonder if that is the case then why trading and speculating with bitcoin are their main uses, because that is true for fiat currencies around the world, if there was only one currency then you could not trade in this way but since that is not the case then people exchange their currencies trying to get advantage over the other, it is true that the adoption we have been looking has been kind of slow but it is increasing and this was more evident during this year in which there was an explosion on adoption, so calm down and just give bitcoin time to work its magic. I thought BTC was going to replace western union by now and be used by official brick and motor businesses. I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC; kind of like how they back up mortgages. I wish I could remember my series seven better I could think up more use cases for BTC.
Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.
For all I know, Bitcoin was introduced as an electronic cashless system. And wasn’t really meant for trading, although people trade them now because it holds value to every satoshi you earn or have. And after a decade, it had grow even more that’s why people opt to use it as an investment rather than spending their Bitcoin instead.
I'm sure the number one thing bit coin is used for is trading but that wasn't its original use and seeing how it still has value and exists a decade later it has utility. Officially what else is it used for? How could you find this out there isnt a wall street journal for bitcoin. But there must be a prospectus for it out there or as close to one as possible. Is there a way to read the original white paper?
I thought BTC was going to replace western union by now and be used by official brick and motor businesses. I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC; kind of like how they back up mortgages. I wish I could remember my series seven better I could think up more use cases for BTC.
Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.
I thought BTC was going to replace western union by now and be used by official brick and motor businesses. I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC; kind of like how they back up mortgages. I wish I could remember my series seven better I could think up more use cases for BTC.
Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.
Well, you're absolutely right concerning the fact that bitcoin wasn't made primarily for trading. Satoshi made bitcoin to be a currency just like every currency in the world only that it was intended to be decentralized meaning it is not backed and neither controlled by the government and banks.
Bitcoin cannot be a stable coin because it is a decentralized coin unlike the stable coins like USDT, BUSD which are centralized altcoins. This is where trading comes in. Trading is simply taking advantage of the volatility in the price of bitcoin by buying low and selling high
A lot of people say that it is meant to replace fiat money, which we can slowly see day by day. But personally, this is nothing. Bitcoin is not useless, in fact it is actually versatile because of the fact that it is not secluded to whatever official use it is meant for. Let that sink in.
Bitcoin is a very helpful tool for us small-time moneymakers to be on par with the wolves at the stock market, they're trembling with fear, and that's what we want.
Bitcoin is a very helpful tool for us small-time moneymakers to be on par with the wolves at the stock market, they're trembling with fear, and that's what we want.
There's nothing like an official us, OP.
You can Bitcoin for whatever purpose you want to. It doesn't follow any laws outside of its own protocol.
If you decide to pay with Bitcoin for your girlfriend's breast implants, buy drugs, hire a hitman like Ross, you can do it.
You can save up, hide your income, speculate, bitcoin doesn't judge, only people do.
You can Bitcoin for whatever purpose you want to. It doesn't follow any laws outside of its own protocol.
If you decide to pay with Bitcoin for your girlfriend's breast implants, buy drugs, hire a hitman like Ross, you can do it.
You can save up, hide your income, speculate, bitcoin doesn't judge, only people do.
Bitcoin is a multi-purpose utility system that can be used in all needs. In terms of transaction it gives access to limitless transaction, as an investment it gives an increase in value even when kept hold in our own wallets. Primary thing is into trading, apart from this the usage is slowly increasing with bitcoin acceptance getting added on physical stores. For some reason it hasn't got the mainstream usage access which is why its multiple usage isn't known much.
Well, it is a currency that has double usage.
The official use of bitcoin is that a currency or even like fiat and also you can store this for a long run to have a better profit when the price is raised.
Just accept as of now what bitcoin currently status, as we can see many institution and big investors was investing bitcoin and gaining profit once it is pumped into the market. You can treat your bitcoin as your valuable asset though those others can't steal.
If there is more doubt, why not just read the Satoshi whitepaper on bitcoin and understand carefully.
The official use of bitcoin is that a currency or even like fiat and also you can store this for a long run to have a better profit when the price is raised.
Just accept as of now what bitcoin currently status, as we can see many institution and big investors was investing bitcoin and gaining profit once it is pumped into the market. You can treat your bitcoin as your valuable asset though those others can't steal.
If there is more doubt, why not just read the Satoshi whitepaper on bitcoin and understand carefully.
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