Will bitcoin ever succeed as a currency - page 3.

bits4books

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Quote from: exstasie on January 02, 2021, 05:00:14 AM

Quote from: bits4books on January 01, 2021, 09:41:48 AM

I will express an unpopular opinion - but BTC has not achieved any success as a currency. (Not to mention it TPS)
All this time and until now, the entire cryptocurrency has been solely as a gasket between the dollar and the user. After all, so smart people once decided to use BTC as money and shout about it everywhere, on every corner, but at the same time when they saying "Bitcoin" they mean "the number of dollars for 1 coin".

Markets are pretty efficient. They price in speculative probabilities, like Bitcoin's future utility and adoption as a mainstream payment rail. If that's a real possibility, of course people are going to buy them up, knowing the limited supply is going to force the price exponentially higher in any mass adoption scenario. That's just a market being a market. You think everyone is going to wait until Bitcoin is perfect and ready to place their bets? Of course not.

I don't think that means Bitcoin is limited to being a speculative vehicle. It just means speculation comes first, results come second.

BTC is already a speculative tool - just like any other at least slightly popular cryptocurrency. Buy " smth" cheaper and sell a little more expensive - this is called speculation. Only in the case of cryptocurrencies, this is the highest level because here demand and supply are not born out of material meaning, but only because there is a demand for easy money and cryptocurrencies give an offer for this easy money (and good ideas for some people who believe in bright money feature).
You can even say that cryptocurrencies are now not far away from derivatives on derivatives and other bets on top of other bets.

bits4books

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Quote from: jostorres on January 03, 2021, 10:25:45 AM

Quote from: bits4books on January 02, 2021, 03:31:38 AM

The problem is not even that BTC will not always become more expensive and will not always become more and more popular, but that everyone who uses it sees it exclusively as an intermediary between themselves and the dollar, arguing that it is "secure" and "anonymity".
Believe me, in the 21st century, it still possible to be anonymous and to do shady things if you use clean and official tools, mixing somewhere in the depths of some rare and totally impersonal transactions (big crimes in the world still do with fiat) or for real privacy they can use ZEC/XMR .
Until cryptocurrencies begin to act as money by themselves, in isolation from the dollar/euro/etc-they will remain as just another investment instrument of currency for geeks

Unfortunately people swayed away from the real purpose of bitcoin because of how much it values and that created something both great and horrible at the same time. Bitcoin being around 30k means that there are more and more people interested in bitcoin, and that is something we would want right? I would want everyone in the entire world to be interested in bitcoin, I would want everyone to own some, even if only few satoshi, because I want it to be adopted everywhere.

However I also realize that just because bitcoin worths a lot, that also made people get in and be interested because they want to get rich, not because they care about bitcoin, people would literally let the whole bitcoin be destroyed if they would get rich from it. So right now we are in a bad situation out of something good, I don't know how it could ever be saved from this position neither.

This is just the biggest problem of the entire crypto community - they are happy when BTC grows and think that it attracts more and more new users, and this is partly true. But it will be more true that the more expensive BTC is, the more people are starting to talk again that this is just a huge money bubble.
And as we know from history every rise in the price is followed by a deafening fall that destroys both the belief in cryptocurrencies as something that will bring profit and the fact that it is not a money bubble.
The desire to make money on cryptocurrency is like the desire to sleep with your sexy stepmother - she is not your own blood, but still it is very low and vulgar.

arwin100

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Quote from: GeorgeJohn on January 07, 2021, 01:45:06 AM

Bitcoin is already a currency, a currency that everyworld is using for exchanges of goods and services, so asking a question that if bitcoin will succeed as a currency is very astonished because looking at the world currently, all most half of the world has adopted the use of cryptocurrency especially bitcoin to their countries so provided that bitcoin has been legalized there it's obvious that bitcoin is existing as a currency irrespective that theirs fiat currency that is already in existence and which we know that cryptocurrency can't eliminate existing currency of a country, but its obvious worldwide that bitcoin is a currency which is generally accepted for a vital exchanges.

If we check this article https://99bitcoins.com/bitcoin/who-accepts/ its obvious that Major companies and stores who accept bitcoins as a payment option base on last year report, so for sure we can really see more adoption coming as bitcoin now is so trending due to the current bull run happening. We don't know on when this gonna happen but its good to see a great step happening and we can expect that the future is bright for bitcoin.

poodle63

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Bitcoin is now more of a "digital" gold than a currency, people buying it just to keep it and afraid to use it for transaction because the fee is kinda high I guess? the fee might looks cheaper than it was around 2017-2018 but the expensive price of bitcoin really drives up the fee cost in duller like by hundreds percent compared it was in the past making it kinda unsuitable for "real" currency thats used for transaction or daily activities. Bitcoin need to sort it out before becoming a real currency thats used for daily life.

GeorgeJohn

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Bitcoin is already a currency, a currency that everyworld is using for exchanges of goods and services, so asking a question that if bitcoin will succeed as a currency is very astonished because looking at the world currently, all most half of the world has adopted the use of cryptocurrency especially bitcoin to their countries so provided that bitcoin has been legalized there it's obvious that bitcoin is existing as a currency irrespective that theirs fiat currency that is already in existence and which we know that cryptocurrency can't eliminate existing currency of a country, but its obvious worldwide that bitcoin is a currency which is generally accepted for a vital exchanges.

AjithBtc

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America's financial authority have supported the usage of stablecoins on banking transaction needs. This is a big step in the financial sector. The same might get followed in more countries in the following years. If that happens automatically bitcoin gets recognition as a currency. Even now with its value and usage, it is valued to be seventh largest currency in terms of volume.

Oasisman

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Quote from: Mauser on January 02, 2021, 02:40:52 AM

Quote from: omar on December 31, 2020, 09:40:52 PM

Do you think there is room for another currency to provide the use case for daily transactions; or will bitcoin eventually succeed at this? If you think bitcoin will succeed, how long do you think it will take?

BTW, if you are interested to help with GETCoin, please PM me.

I do think that Bitcoins will eventually succeed as an ordinary currency that is a serious alternative to FIAT currencies.

Eventually, when Bitcoin becomes less volatile or almost become stable. There were still a lot of fiat alternatives that you can use to transact today, and Bitcoin's high volatility and high fees makes it hard to transact.
We all know Bitcoin already succeeded as a currency because we could actually use it to buy or pay for service, but the volume of usage of Bitcoin as currency is still very low, that again because of it's high volatility, and people considered Bitcoin as a store of value rather than a currency.

goldade

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Quote from: omar on December 31, 2020, 09:40:52 PM

When I first discovered bitcoin back in 2011, I was very excited about it and was telling everyone to check it out.
http://arimaa.com/arimaa/forum/cgi/YaBB.cgi?board=other;action=display;num=1305495730

At the time I had been studying money for a couple of years and was writing a paper called "Sound Money Without Commodities", so I really appreciated what bitcoin was doing. I even mentioned bitcoin in an early version of the paper.
http://arimaa.com/money/SoundMoneyWCOrig.pdf

Although bitcoin has many good properties, I was more interested in a currency which would be very stable and could be used to price other goods and services. A currency that could be used for purchases on a daily basis. It seemed that the limited amount of bitcoin would cause it to behave much more like a digital commodity rather than a stable currency. It would not be accepted by many merchants unless they could convert it quickly to a fiat currency.

So far that has proven to be true. Major merchants that accept bitcoin use a processor that can convert it for them. We know that bitcoin is currently being used mostly as a store of value and hedge against national currencies; similar to gold, but with much better properties. That's an awesome use case and that alone can lead to valuations of trillions of dollars for bitcoin.

But will bitcoin ever succeed at being used as a stable currency? I've been told many times that when bitcoin matures to the point that everyone knows about bitcoin and owns some the price will stabilize and it can serve as a currency that is stable enough to be used for daily transactions; assuming that scaling to handle millions of transactions per second is not an issue. I still think that the price of bitcoin will be volatile even at this stage, purely due to speculation and the limited quantity. I also think that the world will need another currency that is stable by design. I've written this paper to capture some of the key features of such a currency. It would be based on UBI and demurrage and would be fair to everyone regardless of when they discover it.
http://arimaa.com/money/GETCoin.pdf

Do you think there is room for another currency to provide the use case for daily transactions; or will bitcoin eventually succeed at this? If you think bitcoin will succeed, how long do you think it will take?

BTW, if you are interested to help with GETCoin, please PM me.

This has been the questions of every crypto users right from the beginning. Although, bitcoin is being accepted by some merchants as a means of payment, it cannot be generally considered a currency.
The price of bitcoin is currently very volatile and as such is very difficult for the evaluation of goods and services. I, however, believe when gets adopted to an extent and is valued at certain price, it will become stable and then can be used. No matter what the price is then, the equivalence of goods and services will be found using the unit of bitcoin, Satoshi

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Quote from: mezzaluna on January 05, 2021, 01:04:25 PM

Is it not already a currency? As far as many users are concerned, its already a great currency within the Internet and it is also used to be converted into cash in a number of ways. If you are pertaining to Bitcoin as being used within the real world, its already being adopted in some way but not yet fully adopted since there will be a lot of conflict with Governments when they learn about some currency from the Internet is taking over their banks. It could succeed as a currency but that would go through a lot of trials and at least one country needs to step up and show other countries that Bitcoin can have the legitimacy of any other currencies.

I have the same question, isn't Bitcoin a currency already!? We can use it, we can buy/pay with Bitcoin, we can invest it or gamble with Bitcoin...when you think about it you can do with Bitcoin everything you can do with any fiat currency!
We can't use Bitcoin everywhere! Well guess what? You can't use dollars everywhere either! Every country has their own fiat, you need to know which fiat you can use in a specific place...it's the same with Bitcoin. And let's try some other fiat, for example my currency, Dinar (RSD)! If I end up in some far away country, I think it would be better for me to have some Bitcoins than Dinars! I would exchange Bitcoins easier, I am sure in that!
Bitcoin price is volatile! It is, and that's a good thing! It's one of the reasons why we believe in a very high price of Bitcoin in the future! The road to there is no straight line, it's full of ups and downs, we know that, and we are using those changes to make profit whenever we can, and however we know!

Twentyonepaylots

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As of the moment, AR is getting a ton of attention but few innovations to make it optimal for everyday use, but once it gets available to every household, more than just for entertainment purposes, this is where bitcoin may thrive the most. People may altogether use it which will significantly lower the price, but will make it viable as a currency.

Quote from: MCobian on January 05, 2021, 08:31:54 PM

I am sure that in the future Bitcoin will be successful as a currency, but now there are still many shortcomings that Bitcoin has as a currency.
So there needs to be a fix regarding the shortage of Bitcoin, but of course it takes a long process and we do have to be patient through the process
for Bitcoin to be successful as a currency. If we look at the increasing every year the number of merchants who accept Bitcoin payments, this proves
to be progress in the good direction that Bitcoin has begun to be accepted as a currency. Once again I say we must be patient.

Yep. Fixing and optimisation in order to make it a viable currency. That being said, there are still a long way to go for bitcoin to reach these heights, and only time will tell if it's achievable or not.

MCobian

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I am sure that in the future Bitcoin will be successful as a currency, but now there are still many shortcomings that Bitcoin has as a currency.
So there needs to be a fix regarding the shortage of Bitcoin, but of course it takes a long process and we do have to be patient through the process
for Bitcoin to be successful as a currency. If we look at the increasing every year the number of merchants who accept Bitcoin payments, this proves
to be progress in the good direction that Bitcoin has begun to be accepted as a currency. Once again I say we must be patient.

TheGreatPython

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Quote from: Mauser on January 03, 2021, 04:28:31 AM

Quote from: francois-cooper on January 02, 2021, 04:07:04 PM

governments are afraid of bitcoin, ae they gonna let btc succeed as a currency ? They are the biggest threat to bitcoin

Bitcoin now at 35,000 USD is already a great success. In my opinion the governments will eventually realise that fighting crypto currencies is no solution. Long term all countries need to arrange themself with it's people having access to bitcoins and alt coins. Governments shoulldn't be afraid anymore.

I still believe that taxing bitcoin is a smarter decision than banning it. If you ban bitcoin in your nation as a government you are fighting something that you can't stop, both your citizens will continue to buy and sell off the market so you will not be part of it, and you will lose a lot of taxes from those trades, and you will also lose money from the exchanges profit at the same time as well.

But if you as a government decide to not only let it go, but also support it, and tax it reasonably, you are going to have a lot of exchanges and you are going to have both the taxes you will get from people who traded and made money from it, and you are going to get taxes from the profits of exchanges no matter what as well. It is just smarter decision to let it be, that way you are going to do a lot better compared to all other nations and you will have tax income as well.

istiak2277

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I do not think so because of its high volatility. A stable coin is much suitable to use as a currency. But BTC can be used as a reserve fund for storing value like gold. Satoshis vision was to create a currency that can be an alternative to paper cash but BTC became a place for investments like real estate and valuable commodity.

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Is it not already a currency? As far as many users are concerned, its already a great currency within the Internet and it is also used to be converted into cash in a number of ways. If you are pertaining to Bitcoin as being used within the real world, its already being adopted in some way but not yet fully adopted since there will be a lot of conflict with Governments when they learn about some currency from the Internet is taking over their banks. It could succeed as a currency but that would go through a lot of trials and at least one country needs to step up and show other countries that Bitcoin can have the legitimacy of any other currencies.

fahmimajannat

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I think it will. Because its the future of currency. And I think it will be the common currency in the world . Gradually every country will accept bitcoin and it will be the common currency between many countries to facilitate the trading system.

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Quote from: Lorence.xD on January 02, 2021, 12:16:51 AM

Quote from: bitmover on January 01, 2021, 06:35:47 AM

Cant you see people buying and selling stuff and services all over the forum? People from all over the world.
It already succeeded

But is it capable of mass adoption like everyone circlejerks about? Considering the limited supply I do not think so. I think the people buying and selling stuff using bitcoin and other cryptocurrency falls more on barter or trading. I have to agree that it succeeded but not as a currency, I would say it succeeded on removing the middleman (sort of) in transactions online.

I really do not understand how can you say that you consider using bitcoin as a form of barter, if you are using an asset as a medium of exchange and that medium of exchange is not only used by you but by millions of people and that asset has all the characteristics of money then it is money, it is true that bitcoin is nowhere near to become as successful as the US dollar and maybe it will never happen but to say it is not a currency is a mistake to me.

Wipeout2097

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It appears to me that you simply are trying to find a flawlessly steady cryptocurrency which does not exist, indeed the dollar isn't totally steady and it moves when compared to other monetary standards and the worst portion of all it moves contrarily against all commodities and administrations, at slightest the instability that bitcoin tests could be a net positive for the market and since most of that instability is made by approaching cash once the advertise is develop sufficient and the approaching cash may be a modest division of the cash as of now display at that point we might start to see bitcoin prospering as a cash.

AniviaBtc

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Bitcoin can possibly a currency in a digital platform where people will adopt it and make it as a payment method in some transactions.

It is never impossible for bitcoin to become utilized in many ways because digital transactions are becoming more popular in our era and in our generation.

Also other platforms already adopted bitcoin last year 2020, like Paypal and I found it a positive movement for bitcoin to other businesses or companies to also adopt bitcoin in the upcoming years.

davis196

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If you need a stable currency,then just use stablecoins like USDT,or fiat money.You obviously have a choice.
Whining about Bitcoin being volatile is pointless.People have been whining about this subject since 2013.
I don't know how the Bitcoin market will "mature"?Can you explain this to me?Markets are driven by fear and greed.The cryptocurrency market isn't different.If Bitcoin becomes a stable currency,all the greedy risk loving crypto traders will just leave the market.This will create lower market liquidity and a lower BTC price.Do we want this to happen?

so98nn

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Quote from: omar on December 31, 2020, 09:40:52 PM

Do you think there is room for another currency to provide the use case for daily transactions; or will bitcoin eventually succeed at this? If you think bitcoin will succeed, how long do you think it will take?

My stakes are on bitcoin really but with little overconfidence I guess. The reason for overconfidence is due to one major fact, bitcoin cost is very huge and the fractions are getting impossible to buy. The smallest bits won't be possible after few years when BTC will cost you more than 50K USD which is gonna be talks of future.

Imagine buying a cup of coffee and you can't buy it because you can't pay that less amount (bits = mega price fraction). Then it will be impossible to say bitcoin as currency or will turn into currency.

But I believe it would be because its popular and publicly recognised now. Easily getting accepted by everyone which means easy access, high demand giving high prices too in terms of investment.

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