Money February 14, 2020

How do you feel about Bitcoin? Do you use it?

blakedhamilton

Have you ever purchased something with Bitcoin.
If not, would you?

  1. 2

    I use it for storing value. I don't need it to appreciate to be happy using it.

    I've used it for purchasing a few times and for billing for freelancing sometimes. I've also used bitcoin via lightning to purchase a bunch of small things like paywalled articles, tipping and stuff like that.

  2. 2

    I've just used it for speculation, hoping to buy it low and sell it high. I think this actively discourages me from using it as a currency for a simple reason:

    If I were to buy Bitcoin, that means I think it will go up in value, so why would I spend it instead of spending dollars?

    1. 1

      For now it's a better store of value, specifically for this reason. Once its market cap is large enough, the volatility will disappear. Volatility has significantly decreased every 4 years, even though it may not seem like it. Give it another 15 years and it'll be the most stable form of money out there.

  3. 1

    Bitcoin is more of "Stocks" at this point; not "Currency.

    Bitcoin SV, Bitcoin Cash, Monero are more likely to succeed as money.

    1. 1

      Disagree. BSV and BCH are nothing more than scams built on the back of BTC. Monero is ok, but it's not much more than a testnet for BTC.

      With new technologies like lightning network being rolled out, Bitcoin is well on its way to being the best form of money.

      1. 1

        Lightning network has been a false hope, I've tried it and it's been terrible to use. Crypto-Currencys shouldn't need a 2nd layer.

        1. 2

          Why shouldn’t they need a second layer?

          1. 1

            Bitcoin [was] fully capable of working as a currency on the main-chain.

            1. 1

              Not really... too slow, too expensive. Store of wealth, yes. Currency, no.

              1. 1

                Bitcoin was supposed to be a "Crypto-currency" not a "Store of value". Fees for Bitcoin used to be very low before they bottled-necked it.

                1. 1

                  Bitcoin cannot scale to daily use by billions of people without software upgrades and innovation. If it’s to be used as daily currency, it needs to evolve with technology like Lightning. Clearly, you’re a BCH person. No point in going back and forth anymore.

  4. 1

    Yes I have, but only to buy cannabis off the darknet markets. Never made a legit purchase with it.

    1. 1

      lol bitcoin is trackable

  5. 1

    Yes I did. There's not much to do with it though, other than speculation and holding.

    Ethereum is a much more interesting space to follow with DeFI, DAO's, borrow & savings rate and all innovation that's taking place. Enough DApps that you can actually use and for example earn interest with.

    1. 1

      What are your favourite DApps as of now?

      1. 1

        There are so many interesting ones out there to be honest, but to name a few: Maker, DAI, Compound, Set Protocol, Gitcoin, Uniswap, Pooltogether, Moloch DAO and the meta cartel.

        Are you using any DApps?

        1. 1

          I am using Gitcoin and PoolTogether, also I am trying to build my own DApp but the progress is very slow and I may never finish

          1. 1

            What kind of DApp are you trying to build? What's slowing down your progress, do you need any help?

            1. 1

              I am trying to build an RPG style DApp game. The problem is that I am working 9-5 with Enterprise software (Java) and I have several duties after work (like preparing for the exams, etc), so I can spend only 2-3 hours per week on this DApp project. The most recent problem that I am trying to solve is described here: https://ethereum.stackexchange.com/questions/80091/array-and-mapping-are-not-pointing-to-the-same-struct

              1. 1

                I can imagine it's tough to balance between work/business and your projects. Don't let it discourage you though. I'm actually working on blockchain for enterprise. So your learnings right now could turn into a job as well.

                RE your game. Good luck with it! I see you're questions has been answered on SA

  6. 1

    At this point, there's not much point to it. No one in their right ming would use it as a currency for daily transactions, which means all it's value, it's hype and destined to fail. At the end of the day, if you want to make money trading, there are safer instruments (even the risky ones) and for everything else, there's not really a point for it anymore. IMHO.

    1. 3

      Unlike other monies, it's software and not hardware which means it's constantly upgrading and improving.

      While it can be used for money today, it's a better store of value than anything else. The USD and other fiat currencies are inflationary assets by design. Whenever the central banks screw up (all the time), they print more of it to pay off their debts. This in turn makes people poorer as it causes inflation. House prices don't actually go up, it's just our currencies going down.

      Bitcoin is the opposite. It's fixed in supply and you can't print more of it whenever you want. This by design makes it a deflationary asset which is why it's been the best performing asset over the last 10 years. Nothing comes even close as an investment.

      What's best, is it's only getting started and because it is software, it will be improved enough to not only be a store of wealth but a money that is far superior in every way to existing forms of money.

      The decentralised aspect of it is also incredibly important. Unlike silly projects like Facebook's libra, it's not centralised. It's not owned or controlled by any central entity which means it can't be censored or shut down. It's open-source development at its best and it is slowly but sure taking over the world without many of us realising.

      Ignore its 2 year cycles, look at it over the last 10 years, study its cycles and you'll quickly realise it's eating out monetary world. Importantly note that this isn't a 5 year project, this is a 40 year one and its right on schedule.

      1. 1

        I totally agree with you. Just one thing, isn't it a 4 year (not 2) lifecycle?

        1. 1

          Yes, it is 4 year cycles, however, I could tell this Duiker probably hadn't looked more than 2 years ago.

      2. 1

        again, IMHO, you can't ignore the last 2 years particularly. Bitcoin had it's moment, it showed off what really it is about. I can't contest what you say about software/hardware etc... but it doesn't matter. People's perception of it is what matters. Bitcoin had it's moment, and it blew it.

        1. 2

          How so? It's the best performing asset in the last 12 months... It's more than tripled in price.

          It has bull and bear markets, like any asset. In its entire lifecycle it has grown more than any other asset. Sounds like you bought at its peak in 2017 and got burned. That's nothing more than a small blip on its entire lifecycle.

          Furthermore, even if you bought at its last highs and still held, based on its current growth rates you will get that money back and far more.

          Sounds like you don't understand the asset at all. In which case I do agree, you should stay away from it.

  7. 1

    Don’t use it. Owned some at one point. Ethereum is way more interesting.

    1. 1

      Ethereum is a completely different use case. Both are great at very different things.

      Bitcoin is a store of wealth. Ethereum is a great way to program web 3.0 apps and money. They compliment each other.

  8. 1

    I've mined, bought, sold, cloud mined, and dabbled with a ton of alt-coins. Best as I can remember, I don't believe I've ever made a single purchase with it. That's not to say that I won't in the future, but as it stands currently, it's been merely a value store for me.