Will Bitcoin become a daily currency??? - page 16.

avikz

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Quote from: The Golden Boy on February 27, 2018, 01:18:33 PM

I have recently written an article about the possibility of Bitcoin becoming currency we will use on daily basis. so now I want to ask the question do you think we will see if it can be used as a daily currency??? or do you think it will be more like gold a good store of value???
My own personal hope is that we will see cryptocurrencies develop into currencies we will use on a daily basis. in my opinion, bitcoin will be a good place to start due to the mainstream knowledge about Bitcoin, but I do not think it's the best-suited kind for daily use and I believe we have a long way to go before it is a viable alternative to Fiat currencies for the majority of people.

For inspirational purposes, I have included my article
https://cryptoms.online/2018/02/27/will-bitcoin-become-a-daliy-currency/

It's good to know that you are really optimistic about the mainstream use of Cryptocurrency. But personally I don't see cryptos being used as a currency due to its decentralized nature. We live in a strictly centralized world where, if a stock price is moved more than 10% within 15 minutes, the trade of that stock gets suspended by the stock market for half an hour. We call it circuit. I don't know about any other countries, but it happens in India.

But 10% price movement is a normal thing in Cryptocurrency market within an hour. So you can imagine the difference. Bitcoin looks good as a store of value but not as a daily currency in any way. Eventually all countries will have to adopt bitcoin but that certainly doesn't mean that it will replace fiat.

coinminerdotcom

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Due to it's volatility I don't see BTC being used for small purchases such at the grocery store or for coffee. However I could imagine it being used for large bulk purchases of items such at a Sam's Club/Cosco warehouse level. Where large scale businesses can absorb any drops and use the market to assist in lowering prices of their products at a competitive level.

boss@laway

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If growing adoption as a currency can’t justify Bitcoin’s rapid appreciation, what can? Many enthusiasts have started to promote the idea of Bitcoin as a store of value. In economics, this is usually defined along the lines of “an item that people can use to transfer purchasing power from the present to the future”. In simple terms, it’s somewhere safe to invest your wealth that won’t lose its worth over time.

savushkinTA

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Maby not but it is us who is laying the groundwork for a possible cryptocurrency future.

Serdaldal

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Bitcoin can be used as a daily currency even now, but as paper money, of course you may need a long time to be able to do it, but I believe in the future we can see.

mombay

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I don't think that bitcoin will ever replace fiat currency for daily transaction medium, because there are a lot of aspects to be agreed and bitcoin itself would need an institutional backing, I mean legally to control all of it's economy aspects. And that only would against bitcoin's main purpose to be decentralized and also anonymous in every transaction.

ohlawdy

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No that is not gonna happen i think , it is only used to buy altcoins or used to hold some value.
There will be some better coins that give incentive to spend instead of to hold.

trumper

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Quote from: warrior333 on February 27, 2018, 02:04:45 PM

Bitcoin cannot be a currency for everyday use. For many users, it is a source of income and a form of capital savings. For some, bitcoin is the authorized capital for trading on the stock exchange. For other bitcoins, it is a Deposit that brings a stable income. If tomorrow bitcoin will be accepted in any store I am sure that people will keep their coins and make purchases only for Fiat.

I agree with you, another cryptocurrency can be daily currency but bitcoin is less likely to become such currency, and I think that, in its nature is not for that kind of daily currency

bizul

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No, bitcoin won't become THE trading currency. It was first, that is why it is being traded the most. Bitcoin is also being used to buy altcoins and as a note, bitcoin lost a huge market share in 2017. With regulations enforced this year, bitcoin will lose dominance, probably when the U.S. and EU enforce taxes and penalize those who didn't pay, by utilizing Chain-Analysis techniques to identify transactions and IP logs from ISPs.

After all this, an altcoin will dethrone bitcoin for a while then it will be replaced by another and this cycle will continue for a while until some altcoins establish dominance.

xsaints128

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I don't think that bitcoin is ever going to become a daily currency like fiats. The fees for the transfer is really high plus it take a lot of time to get transactions confirmed, it's highly volatile and I don't think that any country will accept it as a currency.

warrior333

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Bitcoin cannot be a currency for everyday use. For many users, it is a source of income and a form of capital savings. For some, bitcoin is the authorized capital for trading on the stock exchange. For other bitcoins, it is a Deposit that brings a stable income. If tomorrow bitcoin will be accepted in any store I am sure that people will keep their coins and make purchases only for Fiat.

PEllis

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Given this was the original aim outlined in the bitcoin white paper written by satoshi I think its important for this to be on the agenda. Bitcoin has had serious scaling issues thats has made it flat out impossible to use as a daily currency. I think lighting network can help this. But I do believe even the lightning network is only a temporary stop gap because even the lightning network has its limitations. I think at the moment there is a struggle between bitcoin being a daily currency and bitcoin as a store of value and id say bitcoin as a store of value is winning at the moment and if this continues the chances of bitcoin becoming a daily currency reduces because who wants to spend there money on something when the next day your buying power might be double. For it to become a true means of transaction I think bitcoin needs to discover its true value which is by no means an easy process. Gold has been traded for thousands of years and still fluctuates. Only once people are convinced the days of 10/15/20% daily gains are over people will be more comfortable using it as daily currency

Vendetta666

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Perhaps it would be true that bitcoin is a country's everyday crypto currency but I think it's going to be a long time and i think it would not happen. it's not possible because it's so much confusing and wondering why the bitcoin will be our currency.

Cofee mix

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I was agree if bitcoin into the daily, if only bitcoin into the daily surely our lives that mengunakan bitcoin will be easier, but it is impossible if bitcoin. Be money daily because not everyone in this world could mengunakan bitcoin, just adults who understand bitcoin children must not know what it was bitcoin, so it might very impossible if bitcoin could be the daily.

BTCeminjas

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Yes the high volatile of bitcoin did not match for daily basis or it seems you mean that digital money replace to a paper money,
the best asset now in bitcoin is being profitability in the market when you invested here. Not by paying transactions i think this currency is not deserving for bitcoin to have payment, because of the delayed time maybe that's not enough for now to used. But who know's bitcoin was fully develop by the owner maybe we can used that in future.

Games.Bitcoin

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It has the potential to become a daily use currency in fact that's kind of the whole point of it, whether it will become one however is mostly up to luck/fate/circumstance. If it gains mainstream use and approval by majority of governments it can easily become a mainstream currency used daily(some countries already essentially use it as a a daily currency).

partysumo

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Bitcoin is pretty much settled as a commodity now. I think a paradigm shift is going to be needed for it to become a daily currency. You have to also keep in mind that the current infrastructure behind bitcoin does not allow it to become a daily currency, due to scalability issues.

leath08

newbie

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I agree i see Bitcoin more as a store of value, rather than a currency.
I know this is not its intended use, but it seems to be that way.
I believe the other coins will be more suited as use of currency

longwintershere

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Quote from: The Golden Boy on February 27, 2018, 01:18:33 PM

I have recently written an article about the possibility of Bitcoin becoming currency we will use on daily basis. so now I want to ask the question do you think we will see if it can be used as a daily currency??? or do you think it will be more like gold a good store of value???
My own personal hope is that we will see cryptocurrencies develop into currencies we will use on a daily basis. in my opinion, bitcoin will be a good place to start due to the mainstream knowledge about Bitcoin, but I do not think it's the best-suited kind for daily use and I believe we have a long way to go before it is a viable alternative to Fiat currencies for the majority of people.

For inspirational purposes, I have included my article
https://cryptoms.online/2018/02/27/will-bitcoin-become-a-daliy-currency/

I don't know about bitcoin, but there will be some crypto currency that will become used on daily basis. Only problem is volatility which doesn't allow for that atm. But once that currency is more widespread, that won't be that much of the problem anymore.

uncleduckerr

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I believe one day it will go back to being a currency as it first was. From currency>store of value>currency is the progression that I think Bitcoin deserves, although I don't know if it will happen or not. The only reason it become store of value is because of all the people who were looking to make a good buck. Once they either get shaken out, or learn about the tech it should get adopted in its proper form, again although I don't know if that will ever happen or not. One can hope though, and I will be hoping the rest of my life it becomes currency.

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