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.
Topic: Why Bitcoin is not that good as currency? - page 7. (Read 2195 times)
One of good example to is when our current currency loss its value even the fiat, since were facing a huge economic growth in a long term aspect, possibly this would happen. Nevertheless on the aspect of cons, bitcoin will pop up sooner or later when all the blocks has been taken, or been mined.
And judging by facts bitcoin is a decentrelized and the fact that it is very volatile, that anytime now it will change , but our currency in fact it has a centralized system, and it just based on the supply and demand.
So the conclusion is that currency may change in the future by humans depends on the in take or how they control the stock market, and if ever inflation continue to grow.
And judging by facts bitcoin is a decentrelized and the fact that it is very volatile, that anytime now it will change , but our currency in fact it has a centralized system, and it just based on the supply and demand.
So the conclusion is that currency may change in the future by humans depends on the in take or how they control the stock market, and if ever inflation continue to grow.
But the main purpose of bitcoin was to make lives easier for the transfer of money within and across the border without any hassle
We have nothing to argue about this--as it is the goal and intention of Bitcoin in the first place. But currently, there are many things preventing this to happen completely (I said completely because, in other regions/countries, Bitcoin is being utilized). First and foremost, adaptation--probably the biggest issue that Bitcoin has right now. Second, the speed of transaction--another major issue, if we want to utilize it frequently it should be fast, but we can't do anything about it, for now, after all, it is how it is structured. I think those two are the major issues that prevent it from happening. Now, there are other things but we could discuss it another time.
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real quick and without showing the account to the government,
Maybe it's intentional, 'cause you know, who wants to track your money.
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initially people did not believe it and then they started using it as a source of investment after it's value increased by multiple folds. Bitcoin can never be used as fiatt currency due to volatility.
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.
Yes, I agree with you. But cryptocurrency takes time to make it happen. Like demand and supply.
Bitcoin rose due to many requests and Bitcoin dropped due to a lack of demand and a lot of sales that caused down and kept going down.
But news from China has just said they need to adopt a blockchain for their governance. Instead, it's good news and people will more trust in Crypto to invest.
Bitcoin rose due to many requests and Bitcoin dropped due to a lack of demand and a lot of sales that caused down and kept going down.
But news from China has just said they need to adopt a blockchain for their governance. Instead, it's good news and people will more trust in Crypto to invest.
But the main purpose of bitcoin was to make lives easier for the transfer of money within and across the border without any hassle
We have nothing to argue about this--as it is the goal and intention of Bitcoin in the first place. But currently, there are many things preventing this to happen completely (I said completely because, in other regions/countries, Bitcoin is being utilized). First and foremost, adaptation--probably the biggest issue that Bitcoin has right now. Second, the speed of transaction--another major issue, if we want to utilize it frequently it should be fast, but we can't do anything about it, for now, after all, it is how it is structured. I think those two are the major issues that prevent it from happening. Now, there are other things but we could discuss it another time.
Quote
real quick and without showing the account to the government,
Maybe it's intentional, 'cause you know, who wants to track your money.
Quote
initially people did not believe it and then they started using it as a source of investment after it's value increased by multiple folds. Bitcoin can never be used as fiatt currency due to volatility.
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.
bitcoin can be said to be not good if used as a currency because in my opinion bitcoin has an unstable price movement as an exchange this is likely to provide benefits for those who have bitcoin and may also be detrimental when prices fall and the supply of bitcoin is too little so this is what makes bitcoin cannot be used for a good currency.
It is because the price varies from time to time, so it would be hard for now to make it as a good currency, maybe in time when the price of it becomes stable, when the circulating supply has spread worldwide to people, but for now it is impossible yet. We can just make it alternative currency and investment but not as the main currency. The first reason is always so, bitcoin and other cryptocurrencies do not have a consistent stability, payment will not be so easy when prices go up and down in too large a range, timely adjustment of goods to the price of bitcoin is impossible, and we all don't know who is the owner and manager of bitcoin
If you are an merchant you can accept bitcoin and convert the coins to fiat instantly and it is not a hard task as there are companies like bitpay to help you out in that matter and you can calculate the valuation according to the market situation and hence it is not an excuse another thing you mentioned here is that you are not comfortable about the creator of bitcoin, it does not matter as it is an open source project and there are dedicated managers that are taking care of the project. Companies do not see the point of adopting bitcoin when they will just make a sale with bitcoin once in a while, the costs and logistics of accepting bitcoin are probably not worth the small profits they could get, but give it a few decades and most businesses will accept bitcoin.
It is simple as bitcoin has fluctuating times in which we already know that it may up and down sometimes so it would be really hard to become a good currency compare for those currency that has a exact and stable value in the world market. The bitcoin may down so much in no time so the people will just be a culture shock because they will see their money decreases. Bitcoin will be as good as currency if the stability of this would be functional.
Bitcoin is as we all know is a decentralized currency and it was basically introduced to give people complete freedom over their money and investments. We shall keep in mind the objectives of its invention and even if still you want to use it as normal currency, pair it up with fiat and give people free option. It is up to you whatever they want to use.
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.
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.
Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supply
You could say that, for now at least. Later on, I think Bitcoin will provide a variety of option for us to use it. Due to massive adaptation, it will definitely make a change in how we use it compare to as of now.
The supply isn't really going to be the problem. Did you happen to know about halving? If not, well, basically the number of block rewards is reduced by half after mining for a certain period of time, this happens regularly as per Bitcoin protocols.
Source: Halving
This is considered as a valuable asset
and same with fiat currency when you needed it you spend it independently
Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.
and same with fiat currency when you needed it you spend it independently
Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.
If you really consider Bitcoin as a valuable asset, you will never use it on your daily basis.
It never functions the same as fiat money.
Bitcoin is a currency (cryptocurrency)
Maybe all of these benefits you mentioned will have a part later, but right now(?) I think Bitcoin is more valuable than to just be used to those purposes.
But the main purpose of bitcoin was to make lives easier for the transfer of money within and across the border without any hassle real quick and without showing the account to the government, initially people did not believe it and then they started using it as a source of investment after it's value increased by multiple folds. Bitcoin can never be used as fiatt currency due to volatility.
Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supply
You could say that, for now at least. Later on, I think Bitcoin will provide a variety of option for us to use it. Due to massive adaptation, it will definitely make a change in how we use it compare to as of now.
The supply isn't really going to be the problem. Did you happen to know about halving? If not, well, basically the number of block rewards is reduced by half after mining for a certain period of time, this happens regularly as per Bitcoin protocols.
Source: Halving
This is considered as a valuable asset
and same with fiat currency when you needed it you spend it independently
Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.
and same with fiat currency when you needed it you spend it independently
Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.
If you really consider Bitcoin as a valuable asset, you will never use it on your daily basis.
It never functions the same as fiat money.
Bitcoin is a currency (cryptocurrency)
Maybe all of these benefits you mentioned will have a part later, but right now(?) I think Bitcoin is more valuable than to just be used to those purposes.
Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.
Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supplyThis is considered as a valuable asset used on different purposes, and same with fiat currency when you needed it you spend it independently without any complicated transactions. What has bitcoin provided with us, is the expedition of every transactions which fiat money cannot do all alone. Although there wasn't certain implementation regarding it's currency or not, each individual preferred to adopt bitcoin as their mode of daily consumption.
Paying bills, loading mobile devices, shopping online and many desired purposes that every person has an option to enjoy those benefits.
Generally, I believed that this was really a good currency despite of the volatile value.
Cryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.
Actually crypto is only a preference for payment, not a currency because obviously this is very detrimental for those of us who want to get these benefits. a number of times people now discuss a lot but I don't agree for bitcoin to be a currency. this will be a big problem later on due to limited supply
It is simple as bitcoin has fluctuating times in which we already know that it may up and down sometimes so it would be really hard to become a good currency compare for those currency that has a exact and stable value in the world market. The bitcoin may down so much in no time so the people will just be a culture shock because they will see their money decreases. Bitcoin will be as good as currency if the stability of this would be functional.
I think this is what is called inflation of the price of a currency or goods, when the increase in the year certainly the price of something that is very difficult to obtain and has high demand can make the price very expensive but for bitcoin I think this depends on demand and when prices fall then make sure the demand decreases.
Actually it's the inverse here. In my hypothesis I have kept Bitcoin as a currency and not as a commodity therefore when it's price will increase the economy will go into deflation and not inflation unlike the fiat system. Demand for goods will fall considerably because people would want to hoard the currency.The high volatility, deflationary property and no regulation are the main reasons which make Bitcoin unsuccessful as a currency. If you're a businessman, you have to pay tax and make revenue. But if you take payment in Bitcoin. Unless you convert it into fiat immediately, the price will change in any direction which is risky proposal for a businessman. Also, if people can buy more things with the same amount of Bitcoin tomorrow than today, then why would they spend it when they have fiat alternative. Such things limit the use of BTC as a currency.
Doesn't makes sense as here we are talking about usage of bitcoin as a currency in bitcoin only economy.
The high volatility, deflationary property and no regulation are the main reasons which make Bitcoin unsuccessful as a currency. If you're a businessman, you have to pay tax and make revenue. But if you take payment in Bitcoin. Unless you convert it into fiat immediately, the price will change in any direction which is risky proposal for a businessman. Also, if people can buy more things with the same amount of Bitcoin tomorrow than today, then why would they spend it when they have fiat alternative. Such things limit the use of BTC as a currency.
I think this is what is called inflation of the price of a currency or goods, when the increase in the year certainly the price of something that is very difficult to obtain and has high demand can make the price very expensive but for bitcoin I think this depends on demand and when prices fall then make sure the demand decreases.
I totally agree with this. We cannot completely replace fiat, even if it is controlled by the government. People would only hoard since it's value is high and deflation causes value of products to lessen. Bitcoin is not suitable as currency, it's more of a medium of exchange, speculative investment and platform for day traders. It's not meant to replace fiat. I think the main purpose of bitcoin is to transact securely across the world without too much limitations and fees needed to pay.
very true that you say in your opinion fiat currency is currently still the best than cryptocurrency maybe it is caused by legality problems and maybe if the crypto currency is recognized as a valid currency of course cryptocurrency will be better still more developed
I totally agree with this. We cannot completely replace fiat, even if it is controlled by the government. People would only hoard since it's value is high and deflation causes value of products to lessen. Bitcoin is not suitable as currency, it's more of a medium of exchange, speculative investment and platform for day traders. It's not meant to replace fiat. I think the main purpose of bitcoin is to transact securely across the world without too much limitations and fees needed to pay.
very true that you say in your opinion fiat currency is currently still the best than cryptocurrency maybe it is caused by legality problems and maybe if the crypto currency is recognized as a valid currency of course cryptocurrency will be better still more developedCryptocurrency now has a stable coin concept which is an investment of fiat value, bitcoin is fluctuation not inflation or deflation. This feels complicated because too many things are related. Looking at it from the perspective of fiat and crypto money, I agree with what you're trying to say, it's just too complicated to understand.
You know we have tried to keep stable coin concepts thousand times in history but everytime we have ended up in minting fiat. You know what's the reason? It's because economy always works automatically due to rational buyers and sellers and thereby automatically making equilibrium but there is generally times when the demand supply shifts and the equilibrium is changed. But when we make a stable coin it doesn't has the capacity to automatically change equilibrium so what happens is a black market begins to emerge out of this thing which leads us in even more trouble. So even the stable coin concept won't hold for too long. Jump to: