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Author Topic: The Uncomfortable Truth  (Read 5423 times)
mccorrinall
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June 05, 2019, 01:06:04 PM
Merited by LoyceV (2)
 #61

Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.
I have a small business running where I sell virtual goods in exchange for money. Although the goods are low priced with a price range from 4.99$ to 29.99$ (the average amount of purchase is 9.99$), around 20% of my customers choose to pay with cryptocurrencies. This is surprising to me as credit card fees are much lower for such microtransactions.
However, it shows me that many people actually believe in the idea of a decentralized cash system and do not just use Bitcoin as a store of value.

In my opinion people who only use Bitcoin to speculate did not understand Satoshi's vision as a peer-to-peer cash-system. You can see this as a byproduct in any currency however. Just have to look at traditional currencies, where forex trading is a thing as well.
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June 05, 2019, 02:19:25 PM
 #62

I guess it is just too early to have an act like this. Many of the people in the world still not know and understand what bitcoin is. So, the very recommended to do here is to wait and let them see the adoption to our life, businesses, economy. People hold bitcoin not only for its value but also they know that bitcoin can be the future of digital currency and also can be an alternative currency for the whole world.

 
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June 05, 2019, 02:30:33 PM
 #63

To be honest, I also see bitcoin as something like gold and I would rather save it than to spend it. And I really don't know if the adoption will make any sense since the companies could also take control of a lot of bitcoin if they are going to accept it as payment. I think it is normal. Cryptocurrency is the future. It could make us hassle-free. But I think if people are going to pay in cryptocurrency, they will prefer other cryptos than bitcoin.

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June 05, 2019, 02:49:23 PM
 #64

Is there really something wrong with this scenario for bitcoin?

No, because we are not at full adoption yet.  Once we get to full adoption (and full usage) all will be forgotten of what happened today.


As the graph portrays, the technical cycle is for coins that passes through initial creation by team member till it enlisted on exchange and public acceptance of it, Bitcoin is nevertheless different from this kind of cycle since we don't see any founders, nor some of the stages on the graph. Bitcoin is already mass adopted and hope the negativity it is still receiving is because of bad press and misunderstanding of what it stand for.

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June 06, 2019, 01:22:00 PM
 #65

Well, the experts say 'Hold at least 1 Bitcoin' if you can afford. It shows how relevant and important this coin is. It has great value and its value is expected to rise up so high by the end of the year or in the coming years.

It will definitely gain in 2020 when halving of Bitcoin starts. No one can know if it goes to the Moon now before this event or stays at the mark close to 8 thousand. Nevertheless, some trading signals says BTC is going to 10K soon.

Bitcoin adoption, either as a currency or as store of value, is its main fundamental value, and if it is low, then we have a big problem - all the value that we have is mostly speculative, and Bitcoin can lose a big part of it eventually if the situation with adoption won't improve. But we should be careful here, we need some actual data and proper research on Bitcoin's adoption, not just anecdotal evidence or rumors.

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June 06, 2019, 02:16:22 PM
 #66

This is it, even if i want to use bitcoin to pay all i pay with card i can't because they not accept it, phone company, TV company, electricity company, and even on shops i can't pay with bitcoin.
There are still limitations that bitcoin still faces to go up. In order for the world to accept more bitcoin, this will take time to adjust. May not yet be popular for the higher level we can search. But those discomforts will be improved in the future with online bitcoin payment processes for those services.

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August 16, 2019, 04:45:46 AM
 #67

Well, the experts say 'Hold at least 1 Bitcoin' if you can afford. It shows how relevant and important this coin is. It has great value and its value is expected to rise up so high by the end of the year or in the coming years.

It will definitely gain in 2020 when halving of Bitcoin starts. No one can know if it goes to the Moon now before this event or stays at the mark close to 8 thousand. Nevertheless, some trading signals says BTC is going to 10K soon.

I hope bitcoin price will increase higher before halving so after halving, and the price can touch the very highest price Grin
Yes, we don't know how much bitcoin price will reach in the future, but many people believe that bitcoin price will touch more than $20k so we have a chance to be the next rich people in our city from cryptocurrency. When bitcoin price starts the next rally, I am sure people in out there will get shocked because they will see another highest price from bitcoin and they will be too late to buy bitcoin at a low price.

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August 16, 2019, 08:54:46 AM
 #68


~~

Is there really something wrong with this scenario for bitcoin?

Yes, the problem with a "hoard" scenario like this is the following :

1. If everyone hoards their bitcoins and nobody use it, then merchants will stop accept it as a payment option.
2. If merchants stop accepting it, then you will not have places to spend it and that would remove it's functionality as a currency.  Angry
3. If everyone hoards their coins, then investors would obviously not have any coins to buy and exchanges would not make any money, so they will close their doors.  Tongue

We should all adopt a strategy where you buy coins and then spend about 20% of those coins to stimulate the Bitcoin network of merchants.  Wink

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August 16, 2019, 09:29:53 AM
 #69

Bitcoin simply is not ready for mainstream adoption yet. The mainstream audience is not ready for bitcoin yet either. Both of these factors will have to meet in the middle at some point. It is at that point mainstream adoption will become a reality.  
Mainstream adoption does not happen in instant, bitcoin will be the same coin tomorrow but the development is expected to improve.

For bitcoin to become a good currency and to be adoption by mainstream audience, it needs to eliminate or at least minimize the price volatility and we already have a solution to that, the lightning network will solve it and we just need people to be aware of this solution so they will be convince that there is a good way to enjoy bitcoin as a payment system more than an investment.

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August 17, 2019, 07:00:44 AM
 #70

Do you think that bitcoin is more expensive than the normal traditional bank charges for transactions, especially when it comes to transactions that are crossing border, I think the people that might be complaining about this most is people that are using it within the state, but when it comes to international payment, bitcoin remains the cheapest thing to ever use.

I remember that in my country, if I have to pay like $4000 bill, I will pay 10 percent of it to the bank, also pay sift and one other fix charge in my local currency which is extremely too much, and I think this is why banks are fighting it because that is where those cheats call banks are exploiting people really, and bitcoin has really save one in this a lot and also saved my business from the hands of traditional banks.

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August 17, 2019, 07:44:44 AM
 #71

There is nothing surprising here. Majority of the people that I know don't even know what Bitcoin and crypto actually are. They are happy with FIAT and payment processors like Paypal, mobile wallets etc and never thought about researching BTC.
We are still in the middle of the rally when much more people are having bad image about crypt specifically bitcoin than trusting this that’s why our effort is a must in need if we wanted to progress in this community and in our investing
Quote

Among the crypto investors, majority of them treat it primarily as an asset and secondarily as a currency due to the monetary opportunities available which is something that will be reversed only through higher adoption rates which in turn requires low TX fees, faster payment speeds etc.
Ofcourse because most of the holder of crypto came from different countries but majority has no real access on how and where to spend the currency.the most ways is to pay as Billing option and some online product.but if crypt is treated like why Japan does?for sure things will change here

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August 17, 2019, 07:57:21 AM
 #72

Do you think that bitcoin is more expensive than the normal traditional bank charges for transactions, especially when it comes to transactions that are crossing border, I think the people that might be complaining about this most is people that are using it within the state, but when it comes to international payment, bitcoin remains the cheapest thing to ever use.

I remember that in my country, if I have to pay like $4000 bill, I will pay 10 percent of it to the bank, also pay sift and one other fix charge in my local currency which is extremely too much, and I think this is why banks are fighting it because that is where those cheats call banks are exploiting people really, and bitcoin has really save one in this a lot and also saved my business from the hands of traditional banks.

OK your country must be really shit because I would never use anything to pay $4000 bill that charges me $400, what kind of bill is that and which country is this,,, seriously this is too bad.

Banks are cheats for sure but I have never heard of this. But anyway good case for Bitcoin. People like Roger Ver keep saying stupid things like cost of payment but I never paid more than 0.1% fee for BTC and always far far less.

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August 17, 2019, 01:04:08 PM
 #73

Yes it's true. I think people also realized that bitcoin is only used as an investment, not used for something to pay. But it's understandable too though. Maybe it's because bitcoin can't be used in all places yet. Really few places let we use bitcoin as a method of payment. So many people who had bitcoin but can't use them, has no other choices rather than just using it as investment, not a payment method or system. But some maybe think it's a waste to spend bitcoin because the price might increase like what you think as well. But for me, it's because there's no place or no way i can use bitcoin as payment here, so i just can use it for investment.


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August 18, 2019, 01:54:26 AM
 #74

I believe that if it were easier to spend crypto today, more people would be doing it. A bitcoin owner who wants to spend their crypto today must look for a merchant who accepts bitcoin or purchase a gift card equivalent to buy something.
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August 18, 2019, 02:11:29 AM
 #75

I believe that if it were easier to spend crypto today, more people would be doing it.
Yes it is  . cryptos are now easier to use today , i mean you can now possibly use it widely because many people and store owners are now using/accepting it but of course there will be a group of people that prefer to not spend thier btc because they think its not worth it or they think its hassel or expnsive when it comes to fees   .

A bitcoin owner who wants to spend their crypto today must look for a merchant who accepts bitcoin or purchase a gift card equivalent to buy something.
Not all are accepting btc for gift cards . the best chance to spend btc is to find another btc owner and trade it for more acceptable payment methods or currencies  . there are many of them on the forum 

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August 18, 2019, 02:49:17 AM
 #76


Yes it is  . cryptos are now easier to use today , i mean you can now possibly use it widely because many people and store owners are now using/accepting it but of course there will be a group of people that prefer to not spend thier btc because they think its not worth it or they think its hassel or expnsive when it comes to fees   .


With more adoptions that happened using this payment process, you can find more online sites who accepted this payment options though it's not widely big enough but you can do consider those available businesses who catered crypto payments, but in the other hands, more investors prefers to hold and keep their assets treating crypto as tokens for investment, as they are aware of fees that needed to be deducted once you deal with crypto transactions some might still prefer to use fiat services to limits using their assets from crypto.
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August 18, 2019, 04:01:22 AM
 #77

I believe that if it were easier to spend crypto today, more people would be doing it. A bitcoin owner who wants to spend their crypto today must look for a merchant who accepts bitcoin or purchase a gift card equivalent to buy something.


I think bitcoin owner already found a merchant which accept bitcoin for the transaction because I already help my friend who wants to buy a product from an online store. I search for him the online store, and after I found the store, I gave to him, and let him buy the product and finish the transaction.

So if there is a more online store which can accept bitcoin, then I guess that the adoption by the internet will grow because many people now access the internet with ease. They can buy and sell by online, and people can find the online store which supports payment with cryptocurrency.

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August 19, 2019, 04:48:06 PM
 #78

I believe that if it were easier to spend crypto today, more people would be doing it. A bitcoin owner who wants to spend their crypto today must look for a merchant who accepts bitcoin or purchase a gift card equivalent to buy something.
For now, majority of us are still more of holders because we believe that we could get more increase on what we have in future when bitcoin starts to increase in price, so not many people are even willing to spend their bitcoin for now but not that they don’t know how to, even if we have so many merchants right now that is willing to accept bitcoin as payment, many people would still make them have a very low patronage because they would not want to part away with what they have.

But, one thing I believe is that in future, merchants accepting cryptocurrency will be much, and bitcoin will get to that stage where I can no longer increase further, and then people will learn to be using their accumulated bitcoin already to start purchasing things from these merchants.


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rodel caling
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August 21, 2019, 11:09:56 PM
 #79

Among the crypto investors, majority of them treat it primarily as an asset and secondarily as a currency due to the monetary opportunities available which is something that will be reversed only through higher adoption rates which in turn requires low TX fees, faster payment speeds etc.
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That is truly correct some of the bitcoin ethusiasm they treat bitcoin or crypto as an asset investment, they treat bitcoin more than the gold. That's why most of the hodler's not use it to pay bitcoin or crypto as payment because they know the importance of that holding for long term because possible of profits they can earn if the price goes into the moon.
tiedcoin
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August 25, 2019, 03:20:20 AM
 #80

An investment in crypto and especially Bitcoin is treated as an investment and store of value more than being used in daily transactions.
It is true that Bitcoin and crypto currencies have not caught as much wind with the global audience but that does not make it a weak asset. The adoption rate for crypto currencies has not reached its peak yet so the government hired new agencies make impractical claims in order to serve the governments purpose.
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