What if Bitcoin is used in direct value. - page 2.

alexsandria

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Quote from: Ucy on March 01, 2020, 03:33:53 AM

I think one of the solutions to this is decentralized usage. You don't prevent people from centralized usage though... you only inform them about the long-term consequences.
Whatever necessary societal law that needs to be adhered to, should be transfered to or built in a real decentralized system.
I believe Decentralizion/Blockchain should regulate centralized authorities and not the other way around.

We could have decentralized marketplace, Insurances, real estate, etc without breaking the government laws that govern them.

How can we have a decentralized marketplace if the cryptocurrency currency itself is not? What I am trying to say is that we are informing the people into a long term consequences with what they can get after they do some risk things or compulsive doings.
If blockchain will be regulate to be centralized then the authorities will be not care on us but the thing is blockchain itself denies it and even the people don't wants it to be happen.

TimeTeller

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Quote from: Thekool1s on March 01, 2020, 03:56:53 AM

Won't be happening time soon tbh. For things to be pegged against Bitcoin, it needs to become the global reserve currency of sorts and that would mean rewriting the economic books as we know them. A lot of people will lose a shit ton of power if this is to happen and unfortunately we can't do much about it at this point besides spreading the word. The main challenge at this point is the adoption as governments won't do shit till they are forced to make the change and this change can only be forced when bitcoin is being used by everyone. Just to give you a perspective, only around 55% of world population has access to the internet and the internet has been around for almost 3 decades while bitcoin has been around for around a decade. we have a long way to go before things are pegged against bitcoin directly without needing to exchange it to FIAT at the end of the day...

Yes, not happening anytime soon.
But the current situation that we can convert our crypto to fiat is already great.
There are merchants or shops that are already directly accepting bitcoin as well.
So far, I can't complain about what we have right now.
So many exchanges already that you can convert your crypto to fiat.

White Christmas

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Quote from: TIDOVEE on February 29, 2020, 02:33:19 PM

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

Actually we are not converting it into another currency but what are we doing is that we are just converting it into a fiat currency because some stores still prefer fiat money and they are not accepting cryptocurrency as a mode of payment, the idea of yours is good but the thing is the traders will be the one who will suffer because this will probably will become a hard time if this happens because it is likely a direct contact and that would affect usually the traders on their trading.

Thekool1s

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Won't be happening time soon tbh. For things to be pegged against Bitcoin, it needs to become the global reserve currency of sorts and that would mean rewriting the economic books as we know them. A lot of people will lose a shit ton of power if this is to happen and unfortunately we can't do much about it at this point besides spreading the word. The main challenge at this point is the adoption as governments won't do shit till they are forced to make the change and this change can only be forced when bitcoin is being used by everyone. Just to give you a perspective, only around 55% of world population has access to the internet and the internet has been around for almost 3 decades while bitcoin has been around for around a decade. we have a long way to go before things are pegged against bitcoin directly without needing to exchange it to FIAT at the end of the day...

Ucy

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I think one of the solutions to this is decentralized usage. You don't prevent people from centralized usage though... you only inform them about the long-term consequences.
Whatever necessary societal law that needs to be adhered to, should be transfered to or built in a real decentralized system.
I believe Decentralizion/Blockchain should regulate centralized authorities and not the other way around.

We could have decentralized marketplace, Insurances, real estate, etc without breaking the government laws that govern them.

Kakmakr

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Satoshi Nakamoto's vision was for Bitcoin to be a global alternative payment option (P2P) and nothing has changed since then. The only thing that might have changed a little, was that some speculators entered the scene and they started to use Bitcoin as a commodity. This was also as a direct result of the US Government and also some other countries, defining Bitcoin as a Commodity and not as a currency. Sad

The big shift came after 2017, when Bitcoin reached a ATH price of over $18 000 and it peaked the interest of commodity traders. The old school Bitcoiners still promote Bitcoin as a currency and I have personally applied a strategy to use 20% of all the coins that I acquire to support this. Wink

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Quote from: TIDOVEE on February 29, 2020, 02:33:19 PM

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

It has already started many individuals and companies are now accepting Bitcoin as a payment. There are few users here who are also converting a part of their salaries into Bitcoin. It is steadily growing and with Lightening network it khas become more convenient.

KrisAlex18

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Well, if that thing will happen I don't think that it will be good for us, it is so hard for the government to implement in their country, it will be significant changes if that thing will happen, but actually, I was thinking that way before. Still, I already concluded that it is not possible to happen because all of the countries has its currency in their land, and the bitcoin has such a significant amount which is volatile or a price that is not fixed because it changes day by day, US Dollars also changes its price, but it is only a small amount of changes unlike to bitcoin which can be so high and so low.

It would not be better in the country if they will have that kind of currency in their land. Only those fixed price is a suitable currency to be in the real world.

Quote from: btc_angela on February 29, 2020, 05:24:11 PM

Quote from: TIDOVEE on February 29, 2020, 02:33:19 PM

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

This is already happening, especially that Lightning Network has somewhat gaining popularity. You can simply go to a coffee shop buy and transact using LN. You can also checked this link: https://lightningnetworkstores.com/

Well said, but there are still some countries that do not accept it in their country, and I do not know why bitcoin has so many advantages especially if they acquire it in their land, it will be more prominent in the future for sure, so they should accept it as soon as possible, so it wouldn't be so hard for them to follow the emerging cryptocurrency in the future.

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Quote from: mk4 on March 01, 2020, 01:44:42 AM

Look at it this way. Bitcoin is a currency that is mostly being used online. Hence, if you'd want to use it in brick and mortar stores, chances are, you'd need to convert it to USD/EUR/or whatever currency you use. Though it'd be more preferable if we could use BTC straight-off everywhere without converting it, is there something wrong with that? I personally don't think so. You can't use USD on most brick and mortar stores in the Philippines and most non-US countries but that doesn't mean that the USD is a bad currency.

Some payment cards provide for the possibility of crediting funds in bitcoins along with the usual currency. It can then be used to purchase goods or provide services at the exchange rate for the duration of the transaction, and it is quite convenient. True, it is already impossible to withdraw bitcoin from such a card. In fact, it is immediately withdrawn by the bank to its account, and only its equivalent remains on the card. However, it is still convenient, since along with the increase in the price of bitcoin, the same increase is reflected in the card.

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The goal actually is to use BTC as a payment method itself and there are few places on the internet where BTC is used directly as a currency.
You don't need to convert it into fiat to pay for things. As time passes by, many more stores will start accepting BTC as a currency and may be some day it will be globally accepted since many fiat currencies are failing their governments these days. I feel bitcoin is more trusted than fiat currencies.
I feel like bitcoin is my money and I can freely use it whenever I want.

Wexnident

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Uhh, I'm pretty sure most would like this? Just that the "most" I'm talking about are those that belong to the cryptoscene. Like dude, if you think about it in the perspective of various companies, Why would you implement a system that only a minority of your customers would use? If the amount probably went around above 30% or so, companies would start implementing crypto payments ( and I mean, some already have), but if there's less than that, the funds used to manage the system would just probably go to waste tbh.

Sides, if you also compare it to other currencies, hell I'm much more bent on using my country's own currency. If we did do as what you'd like, it'd still turn into a conversion matter no? Like from local currency to BTC, or maybe even local currency to USD to BTC kinda issue. Why bother adding additional procedures when you can just straight up use what you have right?

mk4

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Look at it this way. Bitcoin is a currency that is mostly being used online. Hence, if you'd want to use it in brick and mortar stores, chances are, you'd need to convert it to USD/EUR/or whatever currency you use. Though it'd be more preferable if we could use BTC straight-off everywhere without converting it, is there something wrong with that? I personally don't think so. You can't use USD on most brick and mortar stores in the Philippines and most non-US countries but that doesn't mean that the USD is a bad currency.

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Quote from: joinfree on March 01, 2020, 01:33:12 AM

Quote from: TIDOVEE on February 29, 2020, 02:33:19 PM

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

That's the goal with which Satoshi Nakamoto created bitcoin but right now some people use it as payment while others see it as an asset of investment. I have used bitcoin in both ways but mostly the latter because there not much places in my home country where I can spend it in my daily activities.

Exactly, he visioned bitcoin to be used fas micro-payments scheme specially online.

But since it became an investment platform and the price continue to soar, maybe some merchants are not accepting it directly because of its volatility. However, we have seen that it is slowly being adopted by small to mid online stores because of LN, so that's a good start.

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Quote from: TIDOVEE on February 29, 2020, 02:33:19 PM

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

That's the goal with which Satoshi Nakamoto created bitcoin but right now some people use it as payment while others see it as an asset of investment. I have used bitcoin in both ways but mostly the latter because there not much places in my home country where I can spend it in my daily activities.

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Quote from: TIDOVEE on February 29, 2020, 02:33:19 PM

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

Bitcoin is already in use as a currency. As such, users won't have to convert them into USD or other fiat first before spending them. However, at this point in time when the USD is still the main global currency, Bitcoin's value is still very much influenced or even based in USD. While some goods and services are assigned prices in terms Bitcoin or Satoshis, it is still basically based on how much Bitcoin is in terms of USD. I don't think sticking to a price in terms of Bitcoin or Satoshis is practical considering that its fiat value is rising and falling. So, at least for now, we cannot just argue that 1 BTC is always 1 BTC in terms of goods and services.

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Quote from: TIDOVEE on February 29, 2020, 02:33:19 PM

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

This is already happening, especially that Lightning Network has somewhat gaining popularity. You can simply go to a coffee shop buy and transact using LN. You can also checked this link: https://lightningnetworkstores.com/

TryNinja

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Why is this on Meta? These megathreads are usually done on the Bitcoin Discussion board.

Many people already use BTC as a payment unit and many websites and companies already accept it.

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I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

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