Topic: What is the practical value of Bitcoin (Read 463 times)

It's not even about that. I'm saying, not everyone can use a card, and not everyone even can apply for a card (right now I could, but many of my colleagues would get an application rejected) and even if they did, it'd be blocked in most countries.

So restrictions, and then censorship. Bitcoin has none of these issues.

Ideally you should be holding your coins when the exchange rate is low, and selling them when the prices go up. What you are doing is just the opposite. A few months ago, Bitcoin was trading at $8,000 per coin. If I understand your post correctly, then you were converting your coins to fiat back then. If you had held on to your coins, you could have sold them at 4x prices. Anyway, I am glad that you are now saving some of your coins. Now don't repeat the same mistake when the prices go down again. The biggest mistake a Bitcoin user can do is panic selling.

I valued Bitcoin as a currency (before) and once I receive my weekly payment in BTC, I usually converted it to our local currency to use to buy for my basic needs and others. But for now, I started to save some for investment as I was seeing that Bitcoin will have a higher value in the future which gives me a chance to double my money if that time has come.  

True, if you use your own card in some gambling app on your iPhone, sometimes you get flagged by Apple for possible fraudulent activity. Well, it might be a security thing designed to control what you purchase in apps on your iOS device but the point is, you are still being controlled and that is not good for someone who wants control on how he handles his funds. Bitcoin gives that control, and that freedom, if done irresponsibly would also damn ones fortunes.

I answered this in another thread but I'll answer it here too.

Take a look at this forum all around you. The majority of us here have a signature campaign. Then take a look also at the Gambling section. Where a lot of the forum activity takes place. That means a lot of us also gamble.

Guess what we use to receive payment for our campaigns and what we use to gamble? Why not Paypal? Or bank? OR USD or whatever? You know why? Because most of us can't use them even if we wanted to. Paypal? Blocked for me. Bank? Good luck getting my card used online. USD? I'm not American.

Bitcoin's practical value is a currency and means of payment that ANYONE can use.

In addition Bitcoin has a feature as store of value which validate the the fact that you can manage it by hodling, exchange it to fiat and use it to pay for goods and services and more importantly it privacy hodling capability I can hodl Bitcoin worth millions of dollars without any third party awareness unlike the conventional banking system where bank officials can have access and details information of any account holder putting such an account into risk, another practical value of Bitcoin is cashless thus moving it from one place to another wouldn't be as cumbersome as transporting fiat from one place to another.

I think that the practical value of Bitcoin is basically the ability of the said coin to be an alternative payment network. We have seen lately several instances where the traditional payment systems like Paypal and other electronic payment systems have failed many users in the past, like hacks and stealing private information from them. Bitcoin gives us the capability to transfer value without an intermediary or someone in between. It is the best direct peer to peer payment system.

First of all it has all the best properties of money without being an old fashioned form of money.

In this comparison you can see that, compared to gold, Bitcoin wins on several aspects. It's true that you can't use Bitcoin for crafting your jewels but the portability of the orange coin has no challengers.
Depending on your thinking, bitcoin has many practical applications. Just pick the ones that are best for you.
You can avoid it completely too.

Tow sides about Bitcoin Value. First the minvestment and store of value.Then Bitcoin is a currency .

Bitcoin is investment tools,also is payment method . Bitcoin is the elimination of the old corrupt banking financial system through decentralization and preservation of privacy.

Bitcoin is decentralized and protects our privacy.
And Bitcoin can be paid and traded globally without a third party. Bitcoin still has a store of value. This is a well-known thing. In the long run, Bitcoin is a good investment option.
Bitcoin has also allowed many people to achieve financial freedom,
Looking at it this way, do you still think that Bitcoin has no use value?

+1, for me the biggest practical value of owning Bitcoin is freedom.
Financially freedom, without limitation of these centralized fiat currencies right now.
And you are right, store of value. Because of what Bitcoin built is for, one of the best examples right now is the high inflation rate we are experiencing in our economy, and look how Bitcoin can solve it.

I am of the opinion that the practical value of bitcoin would have to be the benefits or in this case, the advantages of bitcoin over fiat currencies because the question is just another way of saying, why do we have to use bitcoin when we have fiat currencies?
Well, there's no way I'd be able to completely out the advantages of bitcoin because it's been done already. However, the first advantage would be the autonomous control you have over your bitcoin which is impossible with fiat currencies.  With bitcoin, you are totally in control of your  money and there are no hidden charges unlike the banks with fiat currencies.
Another advantage would be the anonymity bitcoin gives its users. With fiat currencies and banks, our details are not secured as they could be given out by the banks and it is also with financial institutions especially with credit and debit cards. With bitcoin,  you are totally anonymous.

But let's be honest, even though these features are awesome they also sometimes evoke distrust among people. If you get hacked, there is no way for recourse or getting your coins back. A bank would just give you your money back if they get hacked or you get hacked without being the one to evidently blame. You also have irreversible transactions, if you make a mistake your money is gone. It is as simple as that. Being the manager of your money is cool, but some people just don't like the hassle of carrying all the responsibility that comes with custodianship.

A currency and as an investment.
People had come and invested in Bitcoin, sometimes use this to buy stuff and pay online bills that all we have now. We are certainly paying attention to its market value where it attracts interest. there is no other reason why people keep on coming and joining crypto because they think that Bitcoin is an asset that could give them a better future, nothing else.

The three practical values that you mentioned about Bitcoin are what make Bitcoin get the trust of many people. Because there are some things
that Bitcoin offers that a bank system doesn't have, that is the reason why I believe so much in the future of Bitcoin. Then it is true with
the development of the price of Bitcoin that is so significant, Bitcoin can be said to be a store of value and very good for long-term investments.
However, it is better if we divide our money across several assets, because we should always have a backup plan.

Practical value and use is simple:

- We can definitely use it as payment method
- No worries of third party involvement
- will be able to manage your own bitcoin as your own money

Aside from that, bitcoin can also be considered as store of value that can be hold for long term investment.

In my opinion, the most important value of Bitcoin is the elimination of the old corrupt banking financial system through decentralization and preservation of privacy. Bitcoin is a revolution against this old system that is based on centralization and violation of privacy. Satoshi saved the world through his invention (Bitcoin) from an economic disaster that may cause the collapse of the economy Globally because of its link to the dollar, this was already about to happen during the mortgage crisis in America in 2008, imagine if the dollar collapsed what would be the fate of the global economy?
Bitcoin also gave financial freedom to the poor around the world, working in trade and making profits with a small capital was a dream of the poor in the past, but today it is very possible through Bitcoin.
So it can be said that the practical value of Bitcoin is in its being a store of value, decentralization and privacy, which is the only way to maintain the global economy and grant financial freedom to members of the human race equally.

One of the practical value of Bitcoin is for transaction of services, medium of payment and also as a source of investment purposes. Bitcoin is an assets not just ordinary digital currency whose value is static.

The price of Bitcoin is very volatile and can be traded if one has a good knowledge about it interface and how It works making it a good source of investment when compared to other volatile markets. Bitcoin is an asset which can be hold over long periods of time depending on one's motive. It is durable and does not expire or decay like Fiat currency that has a time limit.

 In general Bitcoin is a digital currency which the ultimate reason is for transactions.

Bitcoin play a vital role in the crypto market.All the new traders will inverse in the bitcoin to get more profit.Some people will inverse in good altcoin,they get more profit by holding it.Patience is needed tool in the trading.The practical value of bitcoin will depends on the market and not on the immediate changes.

This is literally the Practical value  and i think OP must have the idea on how to find it than asking us here.

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The market is the Place where to find it (Of course the legit Exchange) .

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Stable for Bitcoin does not exist , but the value is according to what the people who invests and use it , if the demand is high then the value is high as well.

How do you define the term "practical value"?
If you think that there is such thing as "practical value",then what about "theoretical value"?
I assume that by practical value,you mean utility.Bitcoin is not a utility token and it never will be.
What do you mean by "storage value"?Simply storing Bitcoins in your wallet doesn't mean that their value will increase.Bitcoin is not a bank deposit or a savings account.
The value of BTC is defined by limited supply and increasing demand.BTC value=scarcity.

For Bitcoin’s “practical value”, you simply don’t have to look anywhere else, except its market that’s right in front of us. Based on that reply, you might say that its practical value is based on nothing but mere speculation. BUT I would reply, yes because Bitcoin depends on the open market for it’s current “practical value”. It’s value depends on US, collectively known as “the market”.

The practical value of bitcoin lies on its concept through being adopted by most people from being a speculative asset, now it's becoming more of a store of value and that's what we're seeing today. Now, as you've mentioned about being used for transfers, it's also part of it.
Actually, most of those factors have already said with the above posts so do you still look for some better answers with those answers?

The main practical value of Bitcoin is that it's digital money under your full control, unlike centralized payment systems that can freeze your accounts, reverse transactions, etc. If you had a lot of negative experiences with banks, PayPal, Venmo and other payment systems, then Bitcoin is definitely for you.

Another practical use is that Bitcoin operates without borders, while every payment company has to follow regulations, sanctions, etc., so it can be costly or impossible to send money to other countries.

i strongly believe that there is not a 1:1 relationship between those "IOUs" and the "banknotes" to be honest. they don't even have enough paper to print all of that money physically. which means the money does really exist only on the internet and in the bank's database. which is why i used that analogy.

Bitcoin is the best online virtual cryptocurrency which have enough popularity among the all classes of people but it is very difficult to know the real practical value of Bitcoin. If it possible then it should be stablecoin. But impossible to be possible it a stable coin.

That's a bad analogy.

Fiat doesn't exist in the internet, it's represented in banknotes. What it does exist in the internet is the IOUs of these banknotes. When you make a VISA transaction, you aren't paying with fiat; you're just in debt of it. In other words, you owe fiat. When you make a Bitcoin transaction you don't owe anything, you're discharged.

It's like saying that casascius coins are bitcoins. They're not; they're IOUs of BTC.

well then our fiat also exists in the internet since whenever we go to the grocery store for example and use a card to make the payment we are going through the internet and use the "virtual" fiat. but isn't really "virtual" though is it?

Yes. It's one of the functions derived from its main usage. But, generally a currency has to be used for exchanging goods. It can store value as long as its being seen as a medium of exchange.

What's weird about that? It is indeed available only in an electronic form and it happens to operate in the internet.

to be fair one of the functions of a currency is being store of value and depending on its future value (in case of bitcoin a deflationary currency in a world of inflation) it can also be considered an investment.
but to be more fair this topic is very weird to me, specially since OP starts it all off by calling bitcoin "virtual" and "exists in the internet"!

I feel that the value of BTC depends on each person who values its value, if one has a vision of the future of technology and loves things that improve money storage in the form of virtual money, or cryptographic algorithms code then they will be willing to buy it or some of them are not tech savvy then for them BTC is just a scam one zero in their eyes.

There has 2 kinds of practical value of bitcoin such as investment tools and payment method. Yes i think bitcoin is the way by you you guys can build an investment empire plus we guys can use it also a payment method to anywhere in the world. Well bitcoin made it simple, easier to the people to grab it as a payment method plus their part time and full time investment platform. We have to agreed that bitcoin grab that position to get users or trust from users to invest in bitcoin.  I think its a real practical value of bitcoin. Others can be different thank you.

I think you have invented the concept. In economics and investment there is the concept of fair value, objective value and the like. But there is no such thing as practical value.

If you are referring to fair value, there is a theory that one thing is the intrinsic value of financial assets and another is the price fluctuations that usually differ from fair value. If you want to see something similar applied to Bitcoin, an example would be the S2F model, which predicts prices based on supply but now for example assigns a "target" value higher than the current price.

The practical value of Bitcoin is linked to it's ability to being an alternative payment network. Now we have seen several instances where traditional payment systems like credit cards and PayPal have failed users in the past. (Instances where these centralized payment systems, blocked payments to organizations and services, based on their own decision making)

Having the ability to make payments without any third party intermediary is potentially one of the biggest advantages of using this technology and having no charge backs is very good for trust in a transaction.  

I sometimes have the feelings that many people tend to make their final judgment over Bitcoin way too early. It is like going into a store, pointing at a tyre and saying "hey, wasn't this supposed to be a car?". And even that analogy lacks a bit of substance because a car is a final product, or maybe not because even that is going to evolve over time into whatever, I don't know...
We don't know how much of what is happening Satoshi was able to anticipate, or let's say partially anticipate. Bitcoin is an evolving system of which the underlying technology is constantly being worked on. I don't see why there shouldn't be the possibility that with a couple more years of development Bitcoin becomes indeed an electronic cash system. Who would have imagined even in 2013 / 2014 what this space could turn into by 2020. In my humble opinion, I guess almost nobody. Yes, we all had this vague idea that there is so much more to come, but what that could mean in concrete terms, there weren't so many to know that in advance.

All these threads here discussing "what is Bitcoin in 10 years from now" are kind of funny. I have this idea of a decentralized world, but I might be way behind with my idea and who knows, maybe we are already communicating over blockchain with a flying spaceship of Jeff Bezos, sending encrypted message with lightning speed to space.So much speculation, but one thing is for sure: we won't develop backwards technologically, unless we are facing a war in the meantime.

It's actually ironic that you've covered it as an investment and store of value, but not as the one it was designed to be. 

Bitcoin is a currency in which

• You have complete ownership of your money.
• You can send money from one part of the planet to another within a second.^[1][2]
• Your transactions are irreversible.
• It's borderless.
• It doesn't require any identity for its usage. The addresses are brought by some cryptographic algorithms.
• You're escaping the inflation of centrally managed currencies!

Its usage as a currency evaluates it practically.

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[1] As an unconfirmed transaction.
[2] As a confirmed transaction if you use the Lightning Network.

Bitcoin as a currency, exists in the Internet architecture and conducts peer-to-peer transactions through the network system. Bitcoin users can directly transfer Bitcoins to other users anywhere in the world through the network for the investment transactions. With the development of blockchain technology, the role and value of Bitcoin will become higher and higher, and investors will also pay attention to the development of Bitcoin, so the storage value of Bitcoin will continue to increase. But many people who just know blockchain will pay more attention to its practical value, so what is the practical value of blockchain?