Why Bitcoin is not that good as currency? - page 6.

karanggatak

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Quote from: meliodas on October 30, 2019, 10:44:27 PM

Quote from: Obito on October 30, 2019, 06:43:21 PM

They are totally different one way another. Though you both can be compared to as they portray as a money. Bitcoin is not as as a curreny because it always change and risks are there, ups and down can entirely be seen off the chart everytime. But a currency is not good as bitcoin either way. Currency though can be through electronics but those are selected and majority has to be in such place to pay. There is tax in which bitcoin doesn't even have. There are still many things to point out out there. But for conclusion is that they are both different in a sense they have more than deep value possesed.

In some countries there is already a tax system for bitcoin and other cryptocurrencies because of the regulation and rules of the government. It is true that they are very different in terms of their system and value and I think that bitcoin should be considered as an asset and not a currency because it is not a good idea to spend bitcoin to buy simple things because it should be treated like gold and kept for long term.

yes, I agree with you, bitcoin is indeed more properly regarded as an asset, not a currency. gold is a valuable asset and has a future as well as bitcoin, although it is very different in terms of system and value. although both are considered assets, everyone will realize that bitcoin is better than gold. in my opinion bitcoin is a sophisticated asset by following the technological advancements. and I also agree that bitcoin must be treated like gold, stored for the long term to be profitable.

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Quote from: teosanru on October 06, 2019, 01:07:58 PM

In case of deflationary currency such as Bitcoin, as we are giving our aggregate demand at current price levels. Or in layman terms we are buying at certain price level. Say for example( a completely hypothetical situation), Wheat . You can buy 1kg of wheat for 1 bitcoin today. Now imagine that we grow in our economy and it leads to better production of wheat due to increased efficiency in production. Now we would have more wheat to sell. However, the supply would increase and demand will not because people still have the same 21 million bitcoin in circulation. So now we will have more wheat and the prices would go down and down. But in such case people will begin to hoard money. The will not spend their bitcoin in anticipation of it prices declining tomorrow. This would lead to even more deflation as demand would decrease even further. Thus creating a spiral which we often call the deflationary Spiral. I think this is why thinking bitcoin as a mainstream currency could pose a lot of problems for all of us.

PS: Supply of goods( Aggregate Supply) and supply of money are separate things
Demand of money and demand of goods( Aggregate Demand) are two separate things

Do you agree or refute?

I need to remind everyone that bitcoin has no deflation mechanism. The deflation is just a fabrication from manipulation institutions that aim to fomo bitcoin to attract more buyers.
Besides, the fact that bitcoin always increases in price each year will make people illusion and they always want to hold bitcoins in their pockets to buy more goods next year. But if Bitcoin is a common currency, who keeps bitcoin in the pocket, how does the economy grow?
This is exactly what people need to know about bitcoin and how the economy works. So now you understand bitcoin is good or bad.

cotton ball

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Quote from: Colt81 on October 28, 2019, 08:51:24 AM

Quote from: NewRanger on October 28, 2019, 04:43:13 AM

Quote from: EdvinZ on October 28, 2019, 02:23:43 AM

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

bitcoin was very difficult to be currency.its value has high volatility in every second.we need more regulations from government that will make bitcoin accepted.gold could accepted cause it have pshycal shape.meanwhile bitcoin just a value , maybe with support from other digital payment system it could be realize.

In my own opinion, it will be just fine for bitcoin not to be regulated by the government because if the government will regulate bitcoin they might see every of our transactions and earning in bitcoin could have taxes, which everyone will not agree. It's true that gold could be accepted by the government due to it's physical form, but bitcoin don't need to be accepted because it depends to the person if he/she will accept bitcoin as a payment and as a currency.

Regulated bitcoin by government is good but they have limited with control of bitcoin price, government never take chance to stop how much bitcoin can growing up and down, regulated of bitcoin is only with legal using bitcoin as transaction payment and government do not mix their politic to make bitcoin and altcoin price dump or pump when specially time, give allowing for bitcoin become legal transaction and using for every time.

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Quote from: Obito on October 30, 2019, 06:43:21 PM

They are totally different one way another. Though you both can be compared to as they portray as a money. Bitcoin is not as as a curreny because it always change and risks are there, ups and down can entirely be seen off the chart everytime. But a currency is not good as bitcoin either way. Currency though can be through electronics but those are selected and majority has to be in such place to pay. There is tax in which bitcoin doesn't even have. There are still many things to point out out there. But for conclusion is that they are both different in a sense they have more than deep value possesed.

In some countries there is already a tax system for bitcoin and other cryptocurrencies because of the regulation and rules of the government. It is true that they are very different in terms of their system and value and I think that bitcoin should be considered as an asset and not a currency because it is not a good idea to spend bitcoin to buy simple things because it should be treated like gold and kept for long term.

Obito

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They are totally different one way another. Though you both can be compared to as they portray as a money. Bitcoin is not as as a curreny because it always change and risks are there, ups and down can entirely be seen off the chart everytime. But a currency is not good as bitcoin either way. Currency though can be through electronics but those are selected and majority has to be in such place to pay. There is tax in which bitcoin doesn't even have. There are still many things to point out out there. But for conclusion is that they are both different in a sense they have more than deep value possesed.

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Bitcoin is GOD

Quote from: gandame on October 27, 2019, 08:52:52 PM

Bitcoin is only build as a digital currency that can use only through internet. While the currency like dollor or peso and anything we can use it an offline transaction.
So bitcoin is not good as a currency beacuse its use only for digital and need internet.

There is no doubt bitcoin has some limitations due to its digital nature, however there are still many advantages, for example bitcoin has been described as physical cash since it allows you to send money to anyone in the world without the need to identify yourself just as you do with cash and that is a great feature, if you want to use cash you need to exchange it with a person that is close to you while bitcoin does not have that limitation.

Also it is important to note that despite the limitation of not being physical, more than 90% of the money around the world exists as digital money and we can safely conclude this limitation of bitcoin is not as big as it seems.

Landak

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Quote from: NewRanger on October 28, 2019, 04:43:13 AM

Quote from: EdvinZ on October 28, 2019, 02:23:43 AM

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

bitcoin was very difficult to be currency.its value has high volatility in every second.we need more regulations from government that will make bitcoin accepted.gold could accepted cause it have pshycal shape.meanwhile bitcoin just a value , maybe with support from other digital payment system it could be realize.

very true, the difference and the main point is, gold is physical while bitcoin is only a value. bitcoin cannot guarantee. so, agree with this.

The easiest factor to understand is because the value of bitcoin is not stable. Too much speculation that quickly affects the value of bitcoin.
however bitcoin will be difficult to accept by all countries in the world even though bitcoin can help a country's economy.

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Quote from: microsurfer on October 29, 2019, 05:40:49 AM

This picture is showing how funny can be crypto maximalists. One bitcoin is not growing like this and this is very volatile for real world use.
Speculation is the main use case

This is clearly not a maximalist point of view. This is a prediction, as well as a comparison. If you look thoroughly, as time goes on, fiat money is starting to decrease its value (cause of inflation), goods and services are getting more and more expensive. While Bitcoin doesn't give a crap, why(?) easy(!) because it's decentralized it has nothing to do with our so-called "economy", and guess what it's volatile. It is an independent currency (asset, if you will) that even the price can only be affected internally and does not have any correlation to goods or services.

I think being volatile and decentralized is its strong suit.

Quote from: meliodas on October 29, 2019, 03:05:55 AM

it is still best to use our traditional currency because they cost less in overall process.

For now at least. Bitcoin is not really being treated as a fairly usable currency, most of the users treat it more than that. That's why I guess when it comes to its usability it doesn't really live up to its expectations, but I'm sure we're currently on the way there.

microsurfer

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This picture is showing how funny can be crypto maximalists. One bitcoin is not growing like this and this is very volatile for real world use.
Speculation is the main use case

meliodas

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Quote from: Sahyadri on October 28, 2019, 09:11:54 AM

Quote from: alyssa85 on October 28, 2019, 09:00:42 AM

It looks like more and more outlets are accepting bitcoin:

https://cointelegraph.com/news/where-to-spend-bitcoin-a-global-overview-from-ljubljana-to-zurich

Quote

As of late October 2019, 15,558 business venues worldwide were accepting Bitcoin (BTC) as a method of payment, up 18% from a year earlier, according to Coinmap.org.

The problem is, unless bitcoiners actually use bitcoin to spend in these places, they'll just disable the payment function.

It's very much use it or lose it - but this community is more focused on speculation than on making it profitable for retailers to accept payment with bitcoin.

Exactly!
There are enough merchants who accepts Bitcoin and many more might join too in future. But are we willing to spend Bitcoin on day to day transactions? Probably not. Bitcoin act as store of value which is more prominent than it being a currency. We have fiat which will eventually get devalue for our everyday transaction. Then why to even use BTC?
This restricts its use as a currency.

I agree. It is good to use bitcoin as a mode of payment occasionally but if we will use it on a daily basis then it is not recommended because the fees that you will pay when you are using bitcoin is almost the same of the price of one coffee so it is not that practical and it is still best to use our traditional currency because they cost less in overall process.

Sahyadri

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Quote from: alyssa85 on October 28, 2019, 09:00:42 AM

It looks like more and more outlets are accepting bitcoin:

https://cointelegraph.com/news/where-to-spend-bitcoin-a-global-overview-from-ljubljana-to-zurich

Quote

As of late October 2019, 15,558 business venues worldwide were accepting Bitcoin (BTC) as a method of payment, up 18% from a year earlier, according to Coinmap.org.

The problem is, unless bitcoiners actually use bitcoin to spend in these places, they'll just disable the payment function.

It's very much use it or lose it - but this community is more focused on speculation than on making it profitable for retailers to accept payment with bitcoin.

Exactly!
There are enough merchants who accepts Bitcoin and many more might join too in future. But are we willing to spend Bitcoin on day to day transactions? Probably not. Bitcoin act as store of value which is more prominent than it being a currency. We have fiat which will eventually get devalue for our everyday transaction. Then why to even use BTC?
This restricts its use as a currency.

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It looks like more and more outlets are accepting bitcoin:

https://cointelegraph.com/news/where-to-spend-bitcoin-a-global-overview-from-ljubljana-to-zurich

Quote

As of late October 2019, 15,558 business venues worldwide were accepting Bitcoin (BTC) as a method of payment, up 18% from a year earlier, according to Coinmap.org.

The problem is, unless bitcoiners actually use bitcoin to spend in these places, they'll just disable the payment function.

It's very much use it or lose it - but this community is more focused on speculation than on making it profitable for retailers to accept payment with bitcoin.

Colt81

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Quote from: NewRanger on October 28, 2019, 04:43:13 AM

Quote from: EdvinZ on October 28, 2019, 02:23:43 AM

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

bitcoin was very difficult to be currency.its value has high volatility in every second.we need more regulations from government that will make bitcoin accepted.gold could accepted cause it have pshycal shape.meanwhile bitcoin just a value , maybe with support from other digital payment system it could be realize.

In my own opinion, it will be just fine for bitcoin not to be regulated by the government because if the government will regulate bitcoin they might see every of our transactions and earning in bitcoin could have taxes, which everyone will not agree. It's true that gold could be accepted by the government due to it's physical form, but bitcoin don't need to be accepted because it depends to the person if he/she will accept bitcoin as a payment and as a currency.

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Quote from: EdvinZ on October 28, 2019, 02:23:43 AM

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

bitcoin was very difficult to be currency.its value has high volatility in every second.we need more regulations from government that will make bitcoin accepted.gold could accepted cause it have pshycal shape.meanwhile bitcoin just a value , maybe with support from other digital payment system it could be realize.

iv4n

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Quote from: EdvinZ on October 28, 2019, 02:23:43 AM

I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

Gold supply is controlled by couple huge companies, same is with diamond market. In a fact bitcoin and gold are very different, gold is physical, bitcoin can`t be touched, its more like an idea, you cant send gold on other end of the world in few seconds, and there are many other examples how different is bitcoin from gold.
Bitcoin is good for everything, it can be a store of value, it can be a currency, you use it like you wish to use it, not how others tell you to.

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Bitcoin is potentially great as a currency. Obviously there would be issues with that at the moment, such as transaction time and the price volatility - but these are not insurmountable problems.
We do have to ask the question from the other side: if fiat is so good as currency, then why did something like bitcoin ever arise?
Fiat has huge problems, and is easily manipulated by governments. The financial crash of 2008, and the subsequent bailing out of the banks was the final straw. Fiat needs to be replaced. We need a borderless fast digital currency for our borderless fast digital age - bitcoin looks to be the answer.

EdvinZ

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I compare Bitcoin to gold. Gold is also limited in its supply. In this gold very similar to Bitcoin. In the past, people used gold to pay for goods and services, but then gold was replaced by Fiat money. Perhaps this happened for the reasons described in the first post of this topic. Thus, I think that ultimately Bitcoin would not be able to become a currency for everyday settlements. Perhaps some digital currency with moderate inflation would be good for these purposes.

DaftAjax

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Quote from: supercanada1 on October 27, 2019, 05:02:24 AM

Quote from: DaftAjax on October 26, 2019, 08:10:07 AM

Yes, even now people still don't believe in Bitcoin's potential or rather its worth. For now, volatility is an issue, later on, it won't be.

For those who still think that bitcoin is not worthy of investment and that it is too volatile so cannot be trusted, all I have to say is it is ridiculous. Even after a decade, even after having people with us who are now millionaire just because they invested in it when the time was right, someone has doubts, he must go and learn the power and importance of this innovation on his own. That would be beneficial for him.

Look we can't blame them. Even before, people who have a lot of Bitcoin gave up on it and just spend it carelessly. And those millionaires you mentioned(?) those people are the ones who believed in Bitcoin right from the start. These people are probably the ones who bought Bitcoin from earlier years at least 2013. Bitcoin was very cheap at that time, and probably if they sell now they will have hundreds and thousands even millions (as you point it out).

Right now, people are still being held back, because Bitcoin's price is really expensive now, and the profit they will gain wouldn't be that much. But investors switching to Bitcoin is really a smart idea. But for normal people(?) that's going to be a struggle. You need to be active in trading to optimize your gains and try not to spend it as much as possible. I can't stress this enough--people need to realize that it's not cheap to invest in Bitcoin. You have to be knowledgeable about everything that is connected to it--you have to learn methods in trading, even a little bit of gambling, even this platform gives you Bitcoin.

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Quote from: gandame on October 27, 2019, 08:52:52 PM

Bitcoin is only build as a digital currency that can use only through internet. While the currency like dollor or peso and anything we can use it an offline transaction.
So bitcoin is not good as a currency beacuse its use only for digital and need internet.

because it is used online, it does require the internet, so it is very difficult to imagine to make transactions in cash when we are in a place that does not have or difficult internet network. bitcoin may have many benefits, but as a medium of exchange, it has many shortcomings such as unstable prices, and there is a possibility of considerable interaction. but, despite many shortcomings, there are still quite a lot of people using bitcoin as a currency.

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Quote from: tonyvo2017 on October 25, 2019, 11:14:26 AM

In fact, bitcoin has no deflation mechanism as people think, this is just the theory that bitcoin holders!
You should understand this well because bitcoin can return to zero at any time. Bitcoin is not managed by anyone and this is a huge risk and people often misunderstand.
Although fiat money is inflated, it is also quite good because it motivates people to continue making more money in the future.
In my opinion, fiat money is still the most amazing thing the world has invented.

In my opinion, the market price of bitcoin is high because we are comparing it to our fiats. Let's imagine, if bitcoin will be the main currency we have, does it still be that much in high value? The answer is yes, the reason is because it already has its value determined when the fiats exists. Meaning to say that if we will going to adopt cryptocurrency as our main currency, then it will surely make it's own way to be in balance just like our fiats today, and it seems impossible for bitcoin to be adopted as the main currency because of its volatility.

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