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RE: WIN 500 SP - DISCUSSION: "Should Bitcoin Just Be a Currency or Store of Value?"

in #bitcoin7 years ago (edited)

I think it should be used more throughout our daily lives to make transactions to buy a product. I think this will drastically increase the volume of trade of BTC making the currency less volatile as well as it would help it be recognised by a wider audience leading to further growth as well as more investment into the currency. However, I don't think it will be used by anyone. I think most people will grasp tightly to their Dollars, Pounds or Euros but this will mostly benefit BTC enthusiasts.

Also, if it is available across the world to use in consumer stores think of all the time you will save as well as money as you no longer will have to convert your national fiat currency to another and pay extraordinarily high conversion fees.

However on the other hand bringing all this new attention and volume of trade will lead to the already excessively long transaction time to increase and people may start turning towards other altcoins such as Ethereum or Litecoin and I don't think it is great to have different organisations accepting different coins; it just adds more hassle as well as the loss of some money due to coin conversion fees. However, it could lead to currencies like Steem, Ethereum and other coins to be able to stand for themselves and not be drastically affected by BTC.

Moreover, it will take away from what everyone loves about BTC; it is anonymous. I can see in the future with many people using BTC on places like Amazon it would take away from the anonymity as someone's Bitcoin Wallet Address may have to be linked to their Amazon account which will contain one's name, address and other details.

In the end, I think it is better for it to be of Gold and Silver. Something to speculate over but it is not a great storage of money as the volatility does not ensure it.

This is the most I've ever typed regarding cryptocurrency haha.
Well, I hope you have a great trip to Manchester @thecryptofiend

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Great answer. I think it is pseudo-anonymous rather than truly anonymous as various people have been able to demonstrate the ability to trace some transactions. As for the volatility I think it is part of the market and hence volumes involved still being small compared to other markets.

Manchester trip turned into a nightmare on the way back sadly due to roadwords and one of the main roads being close. Was dawn before I returned!

That sounds terrible.
The scorching heat in the UK probably didn't help much as well.
Hope all is well now.

Thankfully it was quite cool yesterday - in fact the rain was more of a problem.

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