What are the official uses of bitcoin other then trading? - page 5.

Dave1

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Quote from: beamin on March 28, 2021, 05:29:23 AM

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.

I think you really need to read the white paper to understand. You are very wrong in your assumption that it will replace Western Union. It has been existing for the first 10 years, and I doubt that we will have something like stable coin backup by BTC.

Quote from: beamin on March 28, 2021, 05:29:23 AM

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.

And that what separates bitcoin trading from stocks, it's very volatile. It's either you know how to take advantage or it, or learn the price movement. It decentralised, the market is open freely for everyone 24 x 7.

Husires

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Why not stop thinking about comparing bitcoin with other and start thinking about what bitcoin can do are and the difference between them and traditional systems.
There are many places that accept Bitcoin the inability to use it for everyday solutions does not necessarily mean that it is a stock or it is used for speculation.
You can move bitcoin from one place to another for low fees.
We have a limited number of currencies which makes their value increase every day and per using.

Lucius

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Quote from: beamin on March 28, 2021, 05:29:23 AM

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?

You have been a member of the forum since 2017, you can at least write the name of something correctly before asking a question, which by the way has hundreds of very extensive answers if you use search engines. ETFbitcoin he briefly told you what you can do with BTC, but it again depends on your location - in some countries you can do more, in some the offer is very weak or non-existent.

Quote from: beamin on March 28, 2021, 05:29:23 AM

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.

You live in the illusion that something created over the centuries can be replaced in just 10+ years, just as the illusion is that Bitcoin is something that must replace the existing financial system or various services that exist when it comes to money transfers. Bitcoin was created as an alternative, and it's not realistic that it will wipe out banks, fiat or WU in the near future - because let's not lie to each other, BTC is not something the average Joe can understand so easily, much less something he wants to use at all.

Most people in the world are extremely submissive and serve their masters in the system they have built for them, and those 1% or maybe even 2% of the world's population who use BTC are exceptions - be happy if you are one of them.

Spaffin

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Today, there are not many opportunities for using Bitcoin, but there are enough existing ones in order to get a huge benefit from this asset. At this time, Bitcoin is still volatile and therefore the most important advantage among all assets is the ability to make huge profits in the near future. But despite this, in many countries, Bitcoin is also used as a means of payment and quite legally. In addition, one should take into account the fact that many cryptocurrency users trust Bitcoin and its future very strongly, which is why they are already starting to transfer their savings into bitcoin, trusting this particular asset, which will give them financial independence, and not fiat money.

J1mb0

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Bitcoin is now used by people more as an investment vehicle than a currency, and perhaps in the future Bitcoin will still serve as a vehicle for investment.

Quote from: beamin on March 28, 2021, 05:29:23 AM

Will it only be used for investing/speculation as long as its price is this unstable?

It is clear that anything with a volatile price can be used to invest, from gold and stocks to other currencies.

Twinkledoe

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Quote from: xZork on March 28, 2021, 07:20:19 AM

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 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/

xZork

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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.

Charles-Tim

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Quote from: Oasisman on March 28, 2021, 06:26:32 AM

Definitely!
This is what people keeps forgetting about when they say Bitcoin will soon replace fiat or soon replace the traditional banking system. Satoshi for sure didn't write something like Bitcoin replacing something in the whitepaper.

If cryptocurrencies are only currencies existing, the world will not balance, but existing with fiat currencies makes them perfect, but only the good ones like bitcoin. So, bitcoin is perfect because fiat are existing and have something to be compared with which it is superior over. I was thinking how the countries in Africa and poor other countries will be like if no fiat existing, countries that always devalue their fiat in order not to deplete much of their foreign reserve, if no fiat, they will all suffer as they import than export.

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Quote from: beamin on March 28, 2021, 05:29:23 AM

I'm sure the number one thing bit coin is used for is trading but that wasn't its original use.

Well, this kind of thoughts only knew Bitcoin as an investment tool and a get rich quick mentality. You could actually google it and type what is Bitcoin, I'm pretty sure google will definitely give you enough answers why Bitcoin was created by Satoshi.
I guess everyone who wants to learn about Bitcoin knew why Bitcoin was created.

Lemme tell you, the number one thing Bitcoin is used for in simple words. To eliminate the need of central authority when financially transacting from one person to another globally.

Or you're always welcome to read Satoshi's whitepaper posted above by BlackHatCoiner.

Quote from: pooya87 on March 28, 2021, 05:59:12 AM

Quote from: beamin on March 28, 2021, 05:29:23 AM

I thought BTC was going to replace

You thought wrong. Bitcoin was not created to replace X or Y. It was created to fill a gap in our world for a medium of exchange that is not and can not be controlled by any centralized authority.

Definitely!
This is what people keeps forgetting about when they say Bitcoin will soon replace fiat or soon replace the traditional banking system. Satoshi for sure didn't write something like Bitcoin replacing something in the whitepaper.

pooya87

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There is nothing official in bitcoin world because there is no centralization to issue anything "officially".
As for the main usage of bitcoin, it is still as a currency and the nature of a currency is also demanding store of value and the limited supply plus the increasing price makes it so that some people use it for an investment.

Quote from: beamin on March 28, 2021, 05:29:23 AM

I thought BTC was going to replace

You thought wrong. Bitcoin was not created to replace X or Y. It was created to fill a gap in our world for a medium of exchange that is not and can not be controlled by any centralized authority.

Quote

I guess thats the point of stable coins,

The point of (centralized altcoins commonly known as) stablecoins is to let exchanges and users who don't want to go through the hassle of the banking system for their many deposits and money transfers between exchanges to have an option to do that. Not to mention reduce the risk of their bank accounts being closed. With stablecoins they reduce the number of times they deposit and withdraw fiat and reduce their risks that way.

Quote

Will it only be used for investing/speculation as long as its price is this unstable?

Each time bitcoin price goes up the number of purchases taking place using bitcoin increases to the point that the ATH of price is also the ATH of bitcoin usage as payment so your argument is moot.

BlackHatCoiner

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Quote from: beamin on March 28, 2021, 05:29:23 AM

Officially what else is it used for?

How do you define "officially"? On Satoshi's whitepaper, it was introduced as a borderless peer-to-peer electronic cash system, not as an investment. But, by that, it doesn't mean that every other use of it is unofficial. Bitcoin works in a way. By understanding it, you can make up your own assumptions. Its censorship resistant philosophy made it be seen as more than an e-currency.

Quote from: beamin on March 28, 2021, 05:29:23 AM

Is there a way to read the original white paper?

I linked it above.

Quote from: beamin on March 28, 2021, 05:29:23 AM

I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC;

Because if it's backed up by someone, it goes against its philosophy. It goes against decentralization.

Quote from: beamin on March 28, 2021, 05:29:23 AM

Will it only be used for investing/speculation as long as its price is this unstable?

You can answer this by yourself: Is it used right now beyond investing purposes?

beamin

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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.

Topic: What are the official uses of bitcoin other then trading? - page 5. (Read 753 times)