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RE: Who here uses Bitcoin for regular transactions (not trading)?
No one uses BTC to make regular day to day purchases. Your Visa card is much more functional than BTC for those daily purchases.
People either buy BTC with fiat and hold long term, as a hedge against fiat risk.
Or they buy BTC with fiat, so they can flip that over into alt coin market and slowly piss away their money with day trading
But maybe I'm too negative on day trading, LOL
I hate the narrative "visa is just perfect for daily purchases". It is far from perfect, and Bitcoin used to work much better than visa.
We already have Dash and then there is TenX, Monaco etc. No need to use Visa or that garbage BTC. Dash solved all the problems. That's why it's my #1 long term HODL currency.
Never underestimate the network effect. The one and only reason why Bitcoin is still king of the cryptos.
Amen.
But that network effect isn't going to last too long. Look at Yahoo! Nokia, GM, Motorola...etc. Anybody who freshly get into BTC will soon leave for Alt coins or at least BCH.
BTC is going the way of British Empire.
Or, think about IRC.
In the 90s, IRC was the standard for online chat. Everyone that had an internet connection and wanted to do real-time chatting or "instant messaging" would do it through the IRC network. IRC still exists, and would probably still have been the standard chat protocol if one would have agreed on how to develop the protocol and the reference server software.
Instead the IRC network fragmented into lots of different networks. One of the biggest splits ended up more or less as a geographic divide between Europe (IRCnet) and the US (EFnet), due to some few IRCops arguing over some esoteric protocol details.
IRC has mostly been replaced by commercial "silos", ICQ being the first one, the user count of ICQ was around ten times the user count of IRC around year 2000.
I'm quite concerned that we'll get the same situation in the crypto currency scene ... lots of different crypto currencies competing with each other and attracting only the particularly interested users, and lots of different bank-fiat-solutions for transfering wealth used by the laymen. All siloizated, i.e. Facebook users can instantly and cheaply transfer money between themselves, etc. And I think Facebook will be one of the biggest banks in some few years.
Perfect example. I was practically a history lesson as I wasn't even alive throughout most of the above incidents. Thanks for the info.
Currency competition is a wonderful thing. There will be a dot-com bubble like event(/s). But through all that, we'd achieve a much better future. BTC was a prototype. It did its work. It's time we build on top of that and create better products.
About the Facebook idea: check out WeChat (https://en.wikipedia.org/wiki/Wechat) and https://ico.nexus.social
Your future has been around for a while already.
What do u mean by that. Is btc the wave or nah?
Actually I agree with Dave. I like Bitcoin but we should not kid ourselves it is not yet ready for day to day use to pay for things. I can give a simple example. I am currently on long term assignment in India where they recently pulled a lot of the circulating currency effectively forcing people to cashless payments. People pay with various mobile phone apps which usually take a few minutes to clear. The problem is the lines at the grocery store check outs stretch for miles. The customer cannot leave until the transaction clears. Each one takes a few minutes and everyone waits. Imagine waiting 10 minutes for each one. Cash is by far the faster option at the moment. It will change. It must change. But dont kid yourselves that it is better yet. The one huge caveat to that is sending money overseas there is simply no comparison there . Cyrpto wins and wins vs the long winded and costly badgering by the banks on every personal detail about the transaction.
You're saying that cash is still much more faster to process in a brick-and-mortar shop than bitcoin transactions, and you're right. It's needed with a very good PoS-system for any electronic payment means to be as fast as cash (except when the customer is an old lady counting hundreds of coins very slowly, or the clerk is inexperienced and don't know how to count the change). (I think that in the future, there won't be any cash register, the Point-of-Sale will be in the shop itself, instant micro transaction whenever you take something from the shelves in the supermarket and move it to the shopping cart - but I digress).
Anyway, I wasn't talking about cash - I was talking about Visa - or credit cards in general - there isn't a lot of competition in that market segment. I'm a late adopter to Bitcoin, I joined in March 2015. Back then Bitcoin was working pretty much optimal as a payment method. Anything Visa could do, Bitcoin could do better.
I could rant tens of kilobytes of text on how bad credit cards are. It was an eye-opener for me in 2010 when Wikileaks got boycotted by the credit cards - back then I understood the importance of Bitcoins, but unfortunately I was too busy with other projects to get properly involved. I wrote a long post about a particularly bad payment experience I had back at ebay.in, trying for more than a week to buy a cellphone there using my credit cards. I've also suddenly found myself stranded while being in-transit, unable to buy a bottle of water for my thirsty kids - surprisingly all my credit cards came up with "declined" in that kiosk.
Really. Everything Visa can do, bitcoin could do better - but that was two years ago. And yes, scaling is obviously an issue.
Wrd. But thise is facts!