Why Bitcoin is not that good as currency? - page 8.

TrevorS

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Quote from: ReiMomo on October 22, 2019, 12:23:06 PM

Quote from: ufaiz50 on October 22, 2019, 12:14:02 PM

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.

Why is too complicated to understand, Bitcoin has the characteristics of being volatile, that's it. Maybe it due to its price volatility. In that case, if you are going to buy something in a mall then you are about to pay using bitcoin as good as cash then, you'll be giving the cashier your phone using QR code to read transaction, because since bitcoin price is volatile so it may rise or fall from time to time and it's hard to use as a payment. Probably those establishments accepting bitcoin as payment will understand the risk. So, why not?

Then a system will be needed that produces complex calculations of bitcoin price adjustments due to the dynamics of its price. Or a system that will exchange bitcoin for fiat and make payments, but then why not immediately pay with fiat money without using intermediaries. Fiat greatly interferes with your concept, in which case it is necessary that all products have a price only in bitcoin.

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Quote from: ufaiz50 on October 22, 2019, 12:14:02 PM

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.

Why is too complicated to understand, Bitcoin has the characteristics of being volatile, that's it. Maybe it due to its price volatility. In that case, if you are going to buy something in a mall then you are about to pay using bitcoin as good as cash then, you'll be giving the cashier your phone using QR code to read transaction, because since bitcoin price is volatile so it may rise or fall from time to time and it's hard to use as a payment. Probably those establishments accepting bitcoin as payment will understand the risk. So, why not?

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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.

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Quote from: Andrews193 on October 22, 2019, 09:17:30 AM

Quote from: Kersh768 on October 22, 2019, 09:04:17 AM

Just to make it simple, the main issue about Bitcoin and other cryptos as a currency, is market price volatility. The market value is not stable which would be a problem, for it to be a currency. A currency is meant to promote equality in the world market. This I think, is the main issue why many countries still do not accept cryptos as the mode of payment. Maybe, if it would be more stable, it will result for other countries to adopt this system.

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, popularly applying it would be an opportunity for countries to attack each other economically. The most obvious is that we here no one wishes or prayed that bitcoin would settle down, everyone expects bitcoin to go to the moon

Actually that won't be a problem when it comes to a Bitcoin only currency or atleast when Cryptocurrencies go mainstream and everyone owns it because volatility falls with widespread adoption but the problems which I am posing will definitely increase with more adoption because deflation would continue to increase.

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Quote from: Andrews193 on October 22, 2019, 09:17:30 AM

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.

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Quote from: Kersh768 on October 22, 2019, 09:04:17 AM

Just to make it simple, the main issue about Bitcoin and other cryptos as a currency, is market price volatility. The market value is not stable which would be a problem, for it to be a currency. A currency is meant to promote equality in the world market. This I think, is the main issue why many countries still do not accept cryptos as the mode of payment. Maybe, if it would be more stable, it will result for other countries to adopt this system.

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, popularly applying it would be an opportunity for countries to attack each other economically. The most obvious is that we here no one wishes or prayed that bitcoin would settle down, everyone expects bitcoin to go to the moon

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Quote from: hahay on October 20, 2019, 06:26:51 PM

Quote from: sirminesalot on October 20, 2019, 06:11:09 PM

Quote from: blckhawk on October 18, 2019, 09:42:42 PM

-Snip-

It has been said that there is deflation that makes cryptocurrency different from fiat currencies, and not only about legality because when it comes to legality I think bitcoin has become popular in many countries and continues to grow and develop with adoption, it proves that legality is not a big problem anymore for cryptocurrency, because with the adoption of at least cryptocurrency has been recognized but still not enough to be declared as a currency.

Yeah right, there's already known places who accepted and adopt this system, though volatility still the cause of not being heavily embraced.
Bitcoin movements in terms of value makes more government sectors to doubts the capabilities of this alternative currency.

Still lots of changing opinions regarding to this new form of system and factor still affecting those reason why it's hard to be accepted as good currency.

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Just to make it simple, the main issue about Bitcoin and other cryptos as a currency, is market price volatility. The market value is not stable which would be a problem, for it to be a currency. A currency is meant to promote equality in the world market. This I think, is the main issue why many countries still do not accept cryptos as the mode of payment. Maybe, if it would be more stable, it will result for other countries to adopt this system.

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Quote from: DiamondCardz on October 16, 2019, 06:27:34 PM

I like Bitcoin but I passionately hate when people sell it as a fiat-replacer that is going to change the way the world economy works. First of all, inflation is good for economies. It provides an incentive for people to spend and for economies to grow.

I don't mind fiat. I don't mind Bitcoin either. Bitcoin on its own however is woefully insufficient to provide a means of exchange for a global economy.

Fiat is good for the governments and their system based on debt, for anyone else that system is terrible, economic growth does not come from creating more money, if you double the amount of fiat without doubling the amount of products you just doubled the price of everything, this is called inflation and it is not good for anyone, instead economic growth comes from innovation, new industries can be created out of nowhere when someone creates a revolutionary technology.

If anything fiat currencies have been slowing down the economic development of the world as what it is the point of being creative when most of your money is kept by the government as taxes and then they steal the rest by using inflation?

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Quote from: sirminesalot on October 20, 2019, 06:11:09 PM

Quote from: blckhawk on October 18, 2019, 09:42:42 PM

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

It has been said that there is deflation that makes cryptocurrency different from fiat currencies, and not only about legality because when it comes to legality I think bitcoin has become popular in many countries and continues to grow and develop with adoption, it proves that legality is not a big problem anymore for cryptocurrency, because with the adoption of at least cryptocurrency has been recognized but still not enough to be declared as a currency.

sirminesalot

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Quote from: blckhawk on October 18, 2019, 09:42:42 PM

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

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Quote from: Argoo on October 20, 2019, 01:18:57 PM

Quote from: virasisog on October 19, 2019, 12:04:39 PM

For me the reality is Bitcoin cannot be a currency just for the fact that people using it are after the gains ,having profit as a top reason.
But i guess that is just for now ,Bitcoin will undergo phases to be accepted as a currency in the future.

Now Bitcoin is used primarily as a means of accumulating value, since in general it increases in value every year. To a large extent, this is why it is very poorly used as a means of payment. What happens if bitcoin stops growing in price? I often ask myself this question. In my opinion, if this happens, the demand for it will drop sharply, and therefore the price for it will fall. Will it ever be used consistently as a means of payment? There are also many questions and insoluble problems.
At the same time, cryptocurrency as a whole is rapidly developing and improving. Its circulation in the future together with the usual currency is already undeniable.

bitcoin has 21 million coins, and now only 3 million coins are not yet mined,
we know 2020 is halving bitcoin, and bitcoin will be difficult to mine, Wink

but remember it's not just bitcoin in the world that is popular, ethereum, waves, xrp and tron is the future king of this crypto currency

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Quote from: virasisog on October 19, 2019, 12:04:39 PM

For me the reality is Bitcoin cannot be a currency just for the fact that people using it are after the gains ,having profit as a top reason.
But i guess that is just for now ,Bitcoin will undergo phases to be accepted as a currency in the future.

Now Bitcoin is used primarily as a means of accumulating value, since in general it increases in value every year. To a large extent, this is why it is very poorly used as a means of payment. What happens if bitcoin stops growing in price? I often ask myself this question. In my opinion, if this happens, the demand for it will drop sharply, and therefore the price for it will fall. Will it ever be used consistently as a means of payment? There are also many questions and insoluble problems.
At the same time, cryptocurrency as a whole is rapidly developing and improving. Its circulation in the future together with the usual currency is already undeniable.

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Quote from: zidanw on October 20, 2019, 03:04:51 AM

I think it's clear why the reason bitcoin is not suitable as a currency because the price is volatile and also has a limited supply. can you imagine if the whole world uses and what happens? certainly someday the price will bubble and this is very high risk for each country's economy in controlling the economy just because of cryptocurrency

Yeah that's right, Bitcoin has a limited supply so they are not suitable for use as a currency to transact in our daily lives. Bitcoin is only a valuable commodity like gold, then I think Bitcoin is suitable as digital gold because with Bitcoin we can make it as an investment.

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People don't know what is actually the cryptos are they just hearing bitcoin,crimes,hack which make the people to afraid of using it this is why which is not accepted as payment but the adoption happening and every year the rate increases along with the price,hopefully in the next five years we will be able to fond bitcoin accepted here sign boards.

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Why wouldn't it be as good as fiat? I mean the question assumes that bitcoin is not "currency" to begin with, it says "why its not good as currency", well it is a currency and its quite a good one at that. So, the question is in itself very wrong and there is no answer to a question that is wrong to begin with. But leaving aside the fact that "a wrong question can't have a correct answer" part of the deal, just because bitcoin can be a great investment method doesn't mean it can't also be a great currency.

Just to give an example dollar itself is not an investment method in USA because they use it, but in Venezuela if you had dollars saved up before the inflation and got them cheap, you could have sold them for a lot higher after the inflation which would have made it both a great investment and a great currency.

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I think it's clear why the reason bitcoin is not suitable as a currency because the price is volatile and also has a limited supply. can you imagine if the whole world uses and what happens? certainly someday the price will bubble and this is very high risk for each country's economy in controlling the economy just because of cryptocurrency

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Quote from: virasisog on October 19, 2019, 12:04:39 PM

For me the reality is Bitcoin cannot be a currency just for the fact that people using it are after the gains ,having profit as a top reason.
But i guess that is just for now ,Bitcoin will undergo phases to be accepted as a currency in the future.

people still hold bitcoin as speculation assets, and it make bitcoin price moved with high volatility.meanwhile the requirement to be currency was its value must not volatile and or atleast moved with limited range.but for online payment in any online or offline merchants it should to do.it will help local government controll money supply in market if people start using digital wallet which is bitcoin included there.

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Quote from: virasisog on October 19, 2019, 12:04:39 PM

For me the reality is Bitcoin cannot be a currency just for the fact that people using it are after the gains ,having profit as a top reason.
But i guess that is just for now ,Bitcoin will undergo phases to be accepted as a currency in the future.

I don't think it will be considered in the future but for sure, it will be the basis of what the future's currency look like. The future is going straight to digital currencies and we all know that bitcoin will not just sit in the sideway, it will be in the top and not as a currency but with the same position as it is right now but with massive users and high price.

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