Topic: What are the official uses of bitcoin other then trading? - page 4. (Read 828 times)
Bitcoin was originally invented as a digital store of value and a payment system. Bitcoin is a peer-to-peer digital currency that is fast, secure, and decentralised yet acceptable all over the world. Not everybody that owns is a trader because trading bitcoin is choice. Many people prefer HODLing bitcoin than trading because trading involve risk. You don't have to trade bitcoin to make money. You can make money with bitcoin by just HODLing.
Bitcoin is money so you use it with everything that you want to buy and it's a plus that it's a speculative asset so you can also use it as your investment. About it replacing Western Union and other remittance companies, we even thought of it replacing dollars soon but it all comes up from the word speculation but this time, it's starting to build its confidence mostly to the institutions and they're using it as their asset just like how they treat gold reserve.
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?
Here you go: https://bitcoin.org/bitcoin.pdfWhen it comes to usage then its clearly that Bitcoin isnt really created just for trading.It is mainly created for peer to peer transaction without 3rd party involvement which
is clearly stated on white paper and earning money or been traded is just part of its benefits.
People are just taking it as a store of value which i cant really blame them off and talking about stable coin backed up on Bitcoin? It wont happen.
I think Bitcoin was created to complement fiat and not replace fiat, so the original purpose of Bitcoin was created not an asset for trading or investing.
But as a currency where we can make financial transactions without a third party, so Bitcoin covers up the weakness of fiat. Therefore it would look
perfect if fiat and Bitcoin were complementary to each other. So every country should legalize Bitcoin as an alternative to payment other than fiat.
But unfortunately many countries prohibit Bitcoin as payment, such as in my country Bitcoin can only be used as a digital asset, because
the government is afraid Bitcoin will replace fiat.
But as a currency where we can make financial transactions without a third party, so Bitcoin covers up the weakness of fiat. Therefore it would look
perfect if fiat and Bitcoin were complementary to each other. So every country should legalize Bitcoin as an alternative to payment other than fiat.
But unfortunately many countries prohibit Bitcoin as payment, such as in my country Bitcoin can only be used as a digital asset, because
the government is afraid Bitcoin will replace fiat.
^ For the short one, BTC is intended for an alternative currency against fiat and also have financial freedom which everyone will probably like BTC is just because you hold your fund fully control or be your own bank rather. There are too many uses of BTC but OP did not research this for further clarification. Op wanted an easy answer even though we can google this information OP wants. Nevertheless, for now, people are trying to store BTC because of the value, the goal was failed with the aim of a peer-to-peer electronic cash system.
Unfortunatelly there isn't much use for bitcoin as currency yet. Few sellers accept it as payment in national sphere, but they aren't popular companies, so there is an issue in trusting bitcoins (a decentralized payment method) to sellers you don't know. The scam chances are so high that we have to convert btc to fiat to make purchases anyway.
Most stores accepting btc we heard on news don't have any impact in average joe's daily life.
Most stores accepting btc we heard on news don't have any impact in average joe's daily life.
Maybe is the wrong term used, so it's not meant like official use in narrow sense but as all other relevant and recognized ways of use. At least I think so. Use as a payment method is definitely one of it and probably most popular after trading.
Bitcoin still isn't fully and legally implemted into financial and economic system so it's hard to talk about official use but I'm sure Bitcoin is on the was to make it happen.
Bitcoin still isn't fully and legally implemted into financial and economic system so it's hard to talk about official use but I'm sure Bitcoin is on the was to make it happen.
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.
There are so many mistakes in your post....
#1 : It is Bitcoin ...not bit coin.
#2 : W.t.f ...why do you need a Wall Street journal for Bitcoin? (There are numerous sites, including this site that are listing use cases)
#3 : Prospectus?
Just type this into Google : Bitcoin White paper #4 : Bitcoin is not a pump n dump coin. (Nobody are pumping... it is just normal supply and demand)
Before you post something on this forum, please use the "search" option and get some good threads on most of your questions. (or simply Google it)
Of course, in addition to its investment value, Bitcoin is seen as a currency, and its characteristics are decentralized and anonymous.
There are many companies that accept bitcoin for payments like Amazon and Tesla, so people can't deny that Bitcoin is still a currency.
There are many companies that accept bitcoin for payments like Amazon and Tesla, so people can't deny that Bitcoin is still a currency.
There are so many merchants now accepting bitcoin other than Amazon and Tesla.
This article give the top 11 major companies that are accepting bitcoin - https://www.buybitcoinworldwide.com/who-accepts-bitcoin/
Microsoft, Overstock, Home Depot, Namecheap, Starbucks, Whole Foods, NewEgg, Lolli, FoldApp, Purse.io, CoinCards
Those are just the major companies, there are also smaller merchants that are now accepting btc. So it is not for trading or investment purposes only but you can very well use them in a lot of merchants.
You can also check this one out - https://99bitcoins.com/bitcoin/who-accepts/
So I can go into a home depot show a qr code on my btc wallet and buy some lumber? Or is it some obscure online thing?
Though the nature of BTC will always mean you have to transact on the blockchain no matter what it is you buy. Don't get fooled
I'm not sure what the op means by 'officially' used. There are just some major things Bitcoin is used for, but I don't think there's data with the distribution of this usage. Bitcoin is used as an investment, so people hodl it for a long time with an intention to gain profit this way because of the price increasing over time. It's also used for trading, which is regular buying and selling of Bitcoin with an intention of profiting from short-term price fluctuations. It's also used as money, and some people buy things paying directly in Bitcoin. I think these are the main ways Bitcoin is used, so even if the price stabilizes, Bitcoin will still remain relevant as money.
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.
Of course, in addition to its investment value, Bitcoin is seen as a currency, and its characteristics are decentralized and anonymous.
There are many companies that accept bitcoin for payments like Amazon and Tesla, so people can't deny that Bitcoin is still a currency.
There are many companies that accept bitcoin for payments like Amazon and Tesla, so people can't deny that Bitcoin is still a currency.
There are so many merchants now accepting bitcoin other than Amazon and Tesla.
This article give the top 11 major companies that are accepting bitcoin - https://www.buybitcoinworldwide.com/who-accepts-bitcoin/
Microsoft, Overstock, Home Depot, Namecheap, Starbucks, Whole Foods, NewEgg, Lolli, FoldApp, Purse.io, CoinCards
Those are just the major companies, there are also smaller merchants that are now accepting btc. So it is not for trading or investment purposes only but you can very well use them in a lot of merchants.
You can also check this one out - https://99bitcoins.com/bitcoin/who-accepts/
So I can go into a home depot show a qr code on my btc wallet and buy some lumber? Or is it some obscure online thing?
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.
But I don't invest and I don't speculate, and I know for sure I must not be the only one not doing this. Yes I hodl but I also spend and earn in Bitcoin for many years as a supplement income to my normal day to day job. People do it more than me too as I can tell, and it's been successful for them.
Imagine running a business without needing Paypal approval as you can charge and bill in Bitcoin?
I thought BTC was going to replace western union by now and be used by official brick and motor businesses.
For this to answer your question I think you need to focus more on the history of Bitcoin rather than focus on the price charts of Bitcoin as what I have seen in your post history. Bitcoin unlike banks or remittance centers like Western Union isn't really backed up by a company striving it to grow, Bitcoin's only support is us the holders/users/investors possessing it even if our numbers grow by the day it doesn't mean that it is headed to replace these businesses as right now Bitcoin is viewed by many people (including your) as more of an investment or asset rather as a way to pay for their daily needs, them probably holding a more liquid asset which is basically fiat currency is the preferred choice of many people in their transactions.
Bitcoin is created for borderless transactions that also can not be controlled by any institution, government, group or a single third-party person.
If you have a non custodial wallet and have its private key/ mnemonic seed (depends on each wallet), you control your bitcoin you have. You can control your bitcoin transaction and keep it anonymous.
Trading is derivative from exchanges, not from bitcoin Whitepaper. Spot trading and now exchanges have Future trading. More products can be released in the future. All fo derivatives don't change the main use case of bitcoin: transactions.
If you have a non custodial wallet and have its private key/ mnemonic seed (depends on each wallet), you control your bitcoin you have. You can control your bitcoin transaction and keep it anonymous.
Trading is derivative from exchanges, not from bitcoin Whitepaper. Spot trading and now exchanges have Future trading. More products can be released in the future. All fo derivatives don't change the main use case of bitcoin: transactions.
Bitcoin actually was made to become a peer-to-peer currency when it was originally by Satoshi. However, its usage depended on us. Right now, bitcoin is the most valuable digital asset on the internet and that is why people do not want to sell a penny of their bitcoin. They would rather hold, invest, trade than make it a currency. You have to accept that fact
What makes bitcoin valuable? Its fame, of course. It is the first cryptocurrency to be created and it is the start of blockchain technologies, things that go against the centralization as well as the inflation. And from my perspective, certainly bitcoin is not able to become a currency anymore and people usually relate it to"digital gold"
On the other hands, big firms is accepting bitcoin as a term of payment, such as Tesla. This movement does raise more awareness of bitcoin than ever
What makes bitcoin valuable? Its fame, of course. It is the first cryptocurrency to be created and it is the start of blockchain technologies, things that go against the centralization as well as the inflation. And from my perspective, certainly bitcoin is not able to become a currency anymore and people usually relate it to"digital gold"
On the other hands, big firms is accepting bitcoin as a term of payment, such as Tesla. This movement does raise more awareness of bitcoin than ever
The thing is, the entire point of this asset is that you can do whatever you want with it. No one needs to tell what what bitcoin is for, and what it's not. You just have an asset that's decentralized, trustless, and has a supply cap. That's pretty much it. It's completely up to you what you want to use it for.
Bitcoin is just not only for trading, investment, or staking also good for trying to buy some stores on the internet or even physical store they are now supported by the use of bitcoin payment methods gambling platforms today already accept that cryptocurrency payment so the players can play too.
If you don't want your Bitcoin places are supporting the use of the withdrawal through the ATM but I think a good investment is the best option.
If you don't want your Bitcoin places are supporting the use of the withdrawal through the ATM but I think a good investment is the best option.
Well for now, it's true that bitcoin is mostly used for trading purpose or investment only. However, there are still many usage of bitcoin other than that. In some countries, it can be used as a method of payment, although it's not common yet since bitcoin is not widely accepted yet.
However, since bitcoin is really volatile and that makes it really great for investment, since we can gain a huge profit from it, then of course it can't be deniable that it's only used for investing right now, since it's the best way to make advantage of bitcoin atm.
However, since bitcoin is really volatile and that makes it really great for investment, since we can gain a huge profit from it, then of course it can't be deniable that it's only used for investing right now, since it's the best way to make advantage of bitcoin atm.
Bitcoin's official use? There is none.
I suppose by original you mean its intended use as far as its original design is concerned. Well, everybody knows Bitcoin is a cryptocurrency. Needless to say, Bitcoin was designed to be a currency, an electronic cash which eliminates the need for a third party.
But its original use is never its official use. Bitcoin is all about freedom. And so you may use it as you please.
I suppose by original you mean its intended use as far as its original design is concerned. Well, everybody knows Bitcoin is a cryptocurrency. Needless to say, Bitcoin was designed to be a currency, an electronic cash which eliminates the need for a third party.
But its original use is never its official use. Bitcoin is all about freedom. And so you may use it as you please.
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