Why Bitcoin is not that good as currency? - page 4.

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Quote from: Lecam on November 12, 2019, 04:07:12 AM

Quote from: bitbunnny on November 11, 2019, 03:32:15 PM

To my opinion first and the main problem is volatility. To be used as a currency Bitcoin should be stable and also centralized, monitored by central financial institution that would impose necessary regulation. No country could benefit from unstable and unreliable currency. The second obstacle is limited number of coins.
However, people use Bitcoin as a currency but it can't be officialy recgonized as such.

Yes bitcoin is not stable and also not good to using it as a currency because not yet recognize to all country. And bitcoin price are going ups and down so it hard to use it as a currency. Because no one can know when the price goes up and down it cause a big problem especially to those have company accepting bitcoin.

For me, bitcoin will never really be a standard currency like any fiat currency. Because it's more like an investment coin. For example, stocks, It has a limited supply and also has pumps and dumps, same with bitcoin. Again "For me," Blockchain is like an upgraded stock market in which every coin have good volatility and has a fast pumping and dumping of it. For stocks, it takes years to get a 10% pump; however, in bitcoin, it only takes days or even an hour.

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Quote from: bitbunnny on November 11, 2019, 03:32:15 PM

To my opinion first and the main problem is volatility. To be used as a currency Bitcoin should be stable and also centralized, monitored by central financial institution that would impose necessary regulation. No country could benefit from unstable and unreliable currency. The second obstacle is limited number of coins.
However, people use Bitcoin as a currency but it can't be officialy recgonized as such.

Yes bitcoin is not stable and also not good to using it as a currency because not yet recognize to all country. And bitcoin price are going ups and down so it hard to use it as a currency. Because no one can know when the price goes up and down it cause a big problem especially to those have company accepting bitcoin.

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Someday this will be possible, but all will take time and a long process. I think your goal is why people use fiat money more than bitcoin, fiat money is more tangible and not worth much in front of cryptocurrency, advanced technology countries will be able to make bitcoin like gold where the rich will hold it

Apart from the reasons you have discussed, people all over the world are not all well educated. They don’t even understand how to use smart phone so for them this is of course not easy to deal in bitcoin. Moreover there are elderly people who would also have issues with advanced technologies but as far as the youth is concerned or those who are using smart phones and internet will definitely enjoy it.

yes it is a great barrier in the path of bitcoin that illiterate people would not understand the language of cryptocurrencies and also they will not easily feel comfortable with bitcoin, but these barrier could be finish if we start awareness about the crypto because still there are a lot of people that without any education they know much about technology, so the illiterate people can also be informed about the crypto.

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Quote from: DaftAjax on November 06, 2019, 11:05:15 AM

Quote from: Kevondo on November 05, 2019, 12:50:07 PM

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

Quote from: TinaK on November 05, 2019, 01:11:29 PM

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Some countries tend to follow after another more specifically are a economically fragile country will follow after developed countries like for example US
It's not that democratic country is too political driven that they are too busy dealing with such matter, actually they can but they are just too afraid to have their first move since it's an inevitable technology and avoiding or accepting it will definitely bring different long time result. It has always been like that since ancient time.

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To my opinion first and the main problem is volatility. To be used as a currency Bitcoin should be stable and also centralized, monitored by central financial institution that would impose necessary regulation. No country could benefit from unstable and unreliable currency. The second obstacle is limited number of coins.
However, people use Bitcoin as a currency but it can't be officialy recgonized as such.

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Quote from: Faxmate on November 10, 2019, 03:02:33 PM

Above these to reasons, volatility is considered. For bitcoin or any other digital asset to serve the purpose of a currency, stability is required. At the moment, bitcoin is looked at as an investment by common people and they intend to improve their financial status with bitcoin. It is just a matter of time before bitcoin becomes a currency. Actually, there are places where bitcoin is used as a medium of exchange.

People have taken this opportunity as this is not controlled by the government or by someone, so this volatility made people have the opportunity to earn, they are using this to hype and to make fud so they can buy more and sell more, so the government is not ready for this digital currency to make it as an official currency, unless they can control it. But so far although it won't make as a currency, it is still considered as one form of investment.

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Quote from: Sithara007 on November 09, 2019, 04:16:35 AM

There are two major factors that prevent Bitcoin being widely used as a currency. First of all, the transaction fee is not fixed and sometimes it can cost a fortune for the users to make Bitcoin payments (back in 2017 December, the average Bitcoin transaction fee was around $20). When other payment options such as Paypal and Visa charges only a fraction of that, you can't expect a lot many people to use Bitcoin for this purpose. The second factor is the time required to confirm payments. It may take up to 1 hour to confirm Bitcoin payments. For the other modes, it takes less than one minute.

I think there is a third factor, which is having an unstable price. I have read an article which states that Steam ejects bitcoin from their payment method because it has an unstable price. it might be detrimental to a permanent company when they accept bitcoin as a legal payment tool, and the price suddenly drops. indirectly, they sell at cheap prices.

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Quote from: Sithara007 on November 09, 2019, 04:16:35 AM

There are two major factors that prevent Bitcoin being widely used as a currency. First of all, the transaction fee is not fixed and sometimes it can cost a fortune for the users to make Bitcoin payments (back in 2017 December, the average Bitcoin transaction fee was around $20). When other payment options such as Paypal and Visa charges only a fraction of that, you can't expect a lot many people to use Bitcoin for this purpose. The second factor is the time required to confirm payments. It may take up to 1 hour to confirm Bitcoin payments. For the other modes, it takes less than one minute.

Above these to reasons, volatility is considered. For bitcoin or any other digital asset to serve the purpose of a currency, stability is required. At the moment, bitcoin is looked at as an investment by common people and they intend to improve their financial status with bitcoin. It is just a matter of time before bitcoin becomes a currency. Actually, there are places where bitcoin is used as a medium of exchange.

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There are two major factors that prevent Bitcoin being widely used as a currency. First of all, the transaction fee is not fixed and sometimes it can cost a fortune for the users to make Bitcoin payments (back in 2017 December, the average Bitcoin transaction fee was around $20). When other payment options such as Paypal and Visa charges only a fraction of that, you can't expect a lot many people to use Bitcoin for this purpose. The second factor is the time required to confirm payments. It may take up to 1 hour to confirm Bitcoin payments. For the other modes, it takes less than one minute.

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Quote from: Xxmodded on November 08, 2019, 08:46:17 PM

Quote from: Webetcoins on November 07, 2019, 11:28:15 AM

Quote from: DaftAjax on November 06, 2019, 11:05:15 AM

Quote from: Kevondo on November 05, 2019, 12:50:07 PM

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

Quote from: TinaK on November 05, 2019, 01:11:29 PM

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

Japan can adoption many technology in their country and make bitcoin and altcoin become very easy for legal there, Japan the only one Asian country friendly for bitcoin become currency payment, if you travel to Japan you can ready your bitcoin assets without convert with cash money with several part of Japan place have accepted bitcoin.

You can even pay for an airline ticket there if I remember correctly through Bitcoin. If we are talking about Bitcoin being legalized then Japan is on top of the list but there are also country who aren't that strict but just warning the use of cryptocurrency like the high volatility which would be quiet a risk to those beginners who dive straight into the cryptoworlf without prior research for and familiarizing how the market behaves which is different in the stock market in a way that the price may fall so much low or vice versa.

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Quote from: Webetcoins on November 07, 2019, 11:28:15 AM

Quote from: DaftAjax on November 06, 2019, 11:05:15 AM

Quote from: Kevondo on November 05, 2019, 12:50:07 PM

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

Quote from: TinaK on November 05, 2019, 01:11:29 PM

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

Japan can adoption many technology in their country and make bitcoin and altcoin become very easy for legal there, Japan the only one Asian country friendly for bitcoin become currency payment, if you travel to Japan you can ready your bitcoin assets without convert with cash money with several part of Japan place have accepted bitcoin.

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Quote from: Webetcoins on November 07, 2019, 11:28:15 AM

Quote from: DaftAjax on November 06, 2019, 11:05:15 AM

Quote from: Kevondo on November 05, 2019, 12:50:07 PM

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

Quote from: TinaK on November 05, 2019, 01:11:29 PM

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

Japan has always been the hub of technology and world is living hell behind them in this regard. There is no doubt that Japanese are mentally prepared to see digital currencies everywhere and they are already incorporating them in their businesses and daily life trading. Not only adaptation of bitcoin is happening rather its ATM has also been launched by Venezuela which clearly indicates that people are in favor of this technology.

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Quote from: DaftAjax on November 06, 2019, 11:05:15 AM

Quote from: Kevondo on November 05, 2019, 12:50:07 PM

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

Quote from: TinaK on November 05, 2019, 01:11:29 PM

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

Japan did that long ago because that country understands technology very well and it understands this fact that crypto currencies are the future. The earlier someone adopts it, the more benefits he will be making from it. It is just a matter of time before other countries of the world also adopt bitcoin like Eritrea. You are also very right about democratic countries. They are busy in other games.

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Quote from: Kevondo on November 05, 2019, 12:50:07 PM

1. We already have a lot of physical currencies and they appear useless in front of bitcoin.
2. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter.
3. Legality and mainstreaming is just a matter of time.

1. I'm a cryptocurrency enthusiast, but I must say that fiat money still has more use than Bitcoin to this day. And we might have to wait a few more years to confidently say that Bitcoin is way better than fiat money. Disclaimer, we are talking about "usefulness".
2. It's because they have to deal with more important matters than Bitcoin.
3. Agreed.

Quote from: TinaK on November 05, 2019, 01:11:29 PM

1. Erteria and Japan are frontiers who adopted cryptocurrency
2. Even democratic countries not trying to adopt it.

1. I've heard Japan adopted it some time ago, but this is the first time knowing Eritrea adopted it as well.
2. Democratic countries are probably the most "political" driven type of government. So I think, other matters are more of value to them than to just take their time on cryptocurrency--Bitcoin at the very least.

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Quote from: Kevondo on November 05, 2019, 12:50:07 PM

Quote from: Mumbeeptind1963 on November 04, 2019, 09:28:55 AM

Quote from: Barbut on November 02, 2019, 04:51:57 AM

Quote from: sazonk on November 02, 2019, 02:58:05 AM

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

We already have a lot of physical currencies and they appear useless in front of bitcoin. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter. Legality and mainstreaming is just a matter of time. For the time being, bitcoin is looked by holders and newcomers as an investment. They are least interested in bitcoin being used as a currency.

Erteria and Japan are frontiers who adopted cryptocurrency and made the great move as the investment and government e governance. Let's hope for the other government take oath to adopt the Bitcoin and make it useful from the people.
Even democratic countries not trying to adopt it. Let's share more about crypto the world.

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Quote from: Mumbeeptind1963 on November 04, 2019, 09:28:55 AM

Quote from: Barbut on November 02, 2019, 04:51:57 AM

Quote from: sazonk on November 02, 2019, 02:58:05 AM

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

We already have a lot of physical currencies and they appear useless in front of bitcoin. There are countries where bitcoin is legal then there are those governments who are still sleeping in this matter. Legality and mainstreaming is just a matter of time. For the time being, bitcoin is looked by holders and newcomers as an investment. They are least interested in bitcoin being used as a currency.

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Quote from: FlightyPouch on November 02, 2019, 05:46:09 PM

That would really bring them down but for me, the bad thing about bitcoin is that it is a decentralized crypto currency. Even if it faster to transact than other currencies, it will still be decentralized and that means it would never be a currency.

Doesn't it decentralization makes Bitcoin unique and desirable as a currency? Isn't it one of the reasons why many investors and casual traders like Bitcoin? We don't really want the government snooping around with our money in the first place. Literally, the government wants to know everything about you before you can "spend" your money--and that is stupid.

Meanwhile, what I don't like about Bitcoin is "volatility", tho at this point it's inevitable--but confidently enough, later on, it will not be.

Quote from: Mumbeeptind1963 on November 04, 2019, 09:28:55 AM

Quote from: Barbut on November 02, 2019, 04:51:57 AM

Quote from: sazonk on November 02, 2019, 02:58:05 AM

<....>

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

^^^ I'm pretty sure he knows what you're talking about. And it kinda devoids the value of your post.

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Quote from: ololajulo on November 03, 2019, 02:34:38 PM

Quote from: TelolettOm on November 02, 2019, 10:47:52 PM

Please read this article in Forbes. it is very clear why bitcoin is not suitable as a currency. Prices are volatile. Limited amount. Supervision that cannot be done. This system works without an institution such as a central bank that controls the circulation of money. in my opinion bitcoin is not suitable as a money in any country. will later become bubble

https://www.forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/#5f3e25ae2e5b

Except for the USDT token (because of its stability) which other token looks more suitable as currency? unfortunately, USDT not that engaged as currency as its supposed to.

Although it can be used as a currency, the case of Tether proves that there must be supervision to become a currency. I can only issue government, not conventional companies, because full control is in each country , There are still many things that need to be improved to be able to get to that point

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Quote from: Barbut on November 02, 2019, 04:51:57 AM

Quote from: sazonk on November 02, 2019, 02:58:05 AM

Bitcoin is not a valid currency because bitcoin was created not to be a physical buying and selling tool, whereas our real life is the life in which we transact in real terms like for example: we buy shoes with legitimate money / currency. We live in the real world not digital nature hhehehehe. And why is bitcoin not good as a currency because of the price of bitcoin itself can be said to be unstable, where the nominal value of 1 can change every second. While for example the dollar, it is clear the count.

Please go educate yourself more! You don`t know anything about what bitcoin is and what it stands for. Even less you know about what is 'legitimate money'! I don`t know why you spend time here earning Bitcoin advertising crypto exchange when for you dollar is a clear count!
I need to say that I didn`t saw a crazier comment in recent times, and you are a senior member? You probably bought that account!

It is not the bad thing about bitcoin, even though it is not yet physical, or it is not yet legal in many countries it is a currency, a currency that can be found in the internet, also the differences between a fiat and a cryptocurrency is, bitcoin cannot be seen physically it is not a bill nor a physical coin while fiat it is physical and regulated by the government. But I dont have anything to say that validates bitcoin is not a good currency.

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Quote from: Triffin on November 04, 2019, 04:29:56 AM

Quote from: sell on November 02, 2019, 05:48:10 AM

Good, for people who do like Bitcoin and he has a lot of money and is not good for people who have no money to buy bitcoins Sad

. Bitcoin is an asset or can also be a saving and I am very happy to play, invest, trade Bitcoin and Altcoins Cool

To some extent I am agree with you that bitcoin is much better to keep as an asset than to use as money because if we will spend it then what to keep at home. Holding crypto specially the bitcoin is important as if we will hold only then price will increase and we will get profit but if it is an emergency then we can use our saving to get what we want.

because of the volatility of the price the value of other things you would to buy can be cause of a volatile. for example, you buy an apple for 0.0001 bitcoin but suddenly if you converted it on the dollar it increase then it is not good because the bitcoin suddenly pump and dump so it is good that we have a stable money so we can buy based on out economy.

Topic: Why Bitcoin is not that good as currency? - page 4. (Read 2222 times)