I lobe it. But like all disruptive things, there is a power play going on to take control of the interest in crypto we have now, and it is just as likely to tear the whole thing apart, as do us any good. A lot of folks who would have likely spent their lives paycheck to paycheck as debt slaves are shopping for ferraris now. Can't have that!

Bitcoin is deflationary. It functions as an investment, rather than a currency. Why should anyone "spend" bitcoin on goods and services when they expect the price of bitcoin to keep going up in price?

So, if bitcoin will not function as a currency (like the dollar or euro) what utilitarian function does it serve? Is it simply a store of value?

If it has little/no utilitarian value as a currency, what is driving the price up? Speculation. Speculation that the price will rise.

Technology adoption curve

Are you implying that people didn't use the telephone or any of the other items for its intended purpose until it reached a good adoption level? Because that is the point of the previous post.

You couldn't use a telephone unless the person you wanted to call had a telephone. You can't use bitcoin for payments unless they accept bitcoin/understand its use.

Look at the evolution of money. Look at how gold was used, then paper money, then credit cards. Next is Cryptocurrency.

Are there plans to get bitcoin transactions down to a good second or less?

Lightning network, but it's been a work in progress for 2 years so don't hold your breath. Please note, the adoption curve was also referencing cryptocurrencies/blockchain tech as a whole, not bitcoin specifically. See my other posts.

There are cryptocurrencies that have visa level transaction times, but their approach is iffy at best. Ripple is an example, but I hate it because it's centralized and is barely even considered a Cryptocurrency. It's a bankers coin.

Ethereum has an update coming soon that will process transactions in a few seconds while providing more utility than just P2P digital cash. It's current blocksize is 15 seconds.

Definitely interesting.

If you haven't fallen into the rabbithole yet I highly recommend it. A financial revolution is happening right before our eyes, and the public just shrugs it off as a 'ponzi/scam' without looking into it.

Government's existance as we know it will be threatened by crypto. Check out DAO's. Voting can also be a utility of crypto.

Bitcoin Cash has 0-conf. This means tx in under 2 seconds. For reasonable amounts. Best to wait for a couple of confirmations when buying a car or house.

Also sub-penny fees.

How? On-chain-scaling, increasing the block-size. Moore's Law works.

That's a neat graph. And, I'm not claiming that cryptos will not be adopted as a form of currency on a wide scale eventually.

The OP asked for opinions specifically on bitcoin. It's my opinion that bitcoin has little functional utility as a currency due to its deflationary nature, not to mention reldiculous transaction times and exorbinant transaction fees.

So, what is bitcoin good for (other than speculation)? What, exactly, gives bitcoin its value?

Agreed, see my post above. Bitcoin gets its value from miners. As long as it's profitable to mine then Bitcoin will stay around as 'muh store of value'. Until they fix scalability issues then other cryptos will surpass bitcoin.

Yes, miners for sure. I think the other big proponents, the ones who come to these threads singing bitcoin's praises, are the whales (early miners and adopters) and those who have recently "invested" in bitcoin. They have a vested interest in keeping public opinion of bitcoin high because they stand to make more money that way.

Bitcoin whitepaper states it's a peer to peer electronic cash system, so a currency to speak. It was hijacked by bloodstream and is sold to the masses as some store of value, but nothing gives it any value, as many other cryptos like raiblocks are replacing what bitcoin was originally designed to be.

Bitcoin was hijacked, and anyone in it should diversify into other coins and programs

Spot on.

Partially agree.

Satoahi's Bitcoin continues as BitcoinCash.

1 usd /u/tippr

Thanks for the tip dude.

But my question to you is why BCH over XRB? In my one personal opinion, the confirmation times, fees, and scalability of what is BCH or BTC is outdated even in regards to delegated proof of stake algorithms? Why would I choose BCH whenever ARK, XRB, LTC, or even ETH serve the same purpose, with less drama and potentially (coin/project dependent) better tech?

Bch is proven tech. Xrb is a very New and unproven/untested concept.

Why is proof of work king, it's power consumption is off the charts. That's what will kill crypto. XRB isn't untested or unproven, it's a working currency with a wallet that's going to be a game changer this year.

Just don't think because you own a fork of bitcoin, and it's "satoshis" version, it's means it will be successful. I think BCH will be better then BTC. But think both are similiar to how AOL was. Great introductory tech, but nothing to make it stick as it's fees for use compared to its competitors and what you get are not worth it.

Because pow needs transparent work. Proof of stake needs only wealth.

Why would you spend money on a computer when a faster one will come out next year?

People still buy things with deflationary currency. People ate actually using Bitcoin (Cash) to buy stuff today (source: www.acceptbitcoin.cash)

Besides, Bitcoin's end-game is to replace fiat before the year 2140. By then goods and services will have a non-volatile, non-USD-listed price. A loaf of bread would just cost 10 Satoshis all year round, all decade long.

Because the price increase functions like an S-curve. It levels off once it's globally used.

Tl;dr: you can't kickstart a global decentralized digital currency out of thin air without a period of growing "pains".

I don't really understand why you want my opinion but I think it's too volatile and for that reason I wouldn't invest in it

It's volitile because it's still in it's infancy stages much like penny stocks.

And many penny stocks crumble.

And Bitcoin is not a penny stock LOL. I was drawing a comparison to it's illiquidity.

Volatility is inherent during the early stages.

Personally I don't like Bitcoin because of the dev team. They don't seem too focused on fixing scalability issues, and Bitcoin has become outdated already. The technology behind it, blockchain, is incredible and has tons of real world applications. Blockchain is basically an open and transparent (except privacy coins) immutable ledger of transactions. Banks ledgers are closed and only function because we trust the people behind them. Blockchain works because of open and auditable code. In the way internet mitigates distance, blockchain mitigates trust. You can be your own Bank with Bitcoin (or altcoins)

Speaking the truth about bitcoin gets you lots of downvotes

This is why BitcoinCash forked away from the compromised dev team.

Agreed, also why we're seeing bitcoin dominance over alts drop like a rock.

Yes. BCH has decentralized development. Currently around 6 dev teams working on BCH.

I agree with everything you have said, my money is on his little brother (litecoin) becoming the real champion someday!

Litecoin is compromised by the same circles.

Look inti BitcoinCash.

Shame you're being downvoted. It's the truth.

Oh, you mean BCash.

Only a mentally challenged person or a troll would call it bcash.

The above comment was paid for by Roger Ver.

No.

Getting downvoted for telling the truth.

Happens a lot when money's at stake.

Blockstream got 100M funding from AXA, DCG and other parasitic entities. Their trolls are everywhere and they are desperate to shape the opinion of the pleb.

Preaching to the choir here.

Writing's really on the wall for BTC now. Maxwell quitting. As soon as they lose their number one market cap, the story will blow up in the news. Bad for BTC, good for the coin that should ways have been called "Bitcoin", Bitcoin Cash.

I personally love Ethereum , I invested $200 a while back and it's now up to $1400CAD and was at $1900CAD and I cashed out right before it crashed for 24 hours and then bought in again for $900. I've done this a few times, made a nice profit, it's always quick and there's only like $5 in fees

Eth is by far my favorite crypto. Developers developers developers.

What’s your take on cardano project? I heard the cardano head dev had a falling out with vitalik over some issue with eth

I actually have no idea about any of that!

My 29 yr old friend made 100k but he invested in 2013. I’m in now, the charts and day trading is my way of learning the steez like selling at highs and buying at lows, bc you can control it better than hodling IMO, shorting some shitcoin to add to the stack of hoarded btc

Fuck btc. It has been hijacked by blockstream. (Deep state proxy)

2 usd /u/tippr

u/Basketofcups, you've received 0.00114518 BCH ($2 USD)!

^{How to use | What is Bitcoin Cash? | Who accepts it? | Powered by Rocketr | r/tippr
Bitcoin Cash is what Bitcoin should be. Ask about it on r/btc}

Honestly not even surprised, gonna research, but I don’t have a hard time believing you, I watch the charts a lot, bots galore, and the futures thing, uncle ass fuckin Sam even though his hat lost the stripes and stars, Im talking more so crypto in general. Post links ?

Do your research.

Mind that rBitcoin is censored and manipulated tho.

2 usd /u/tippr

u/Basketofcups, you've received 0.00112768 BCH ($2 USD)!

^{How to use | What is Bitcoin Cash? | Who accepts it? | Powered by Rocketr | r/tippr
Bitcoin Cash is what Bitcoin should be. Ask about it on r/btc}

Classic Ponzi at this point in time.

You must not know what a Ponzi scheme is then.

But meh headlinez

He is right.

Blockstream hijacked and suffocated Bitcoin and killed its utility.

Now it's a fomo and dumb money driven ponzi.

Ensuring Bitcoins decentralized security while simultaneously finding a scaling solution is anything but suffocating its utility. Bitcoin Cash went with the temporary quick fix at the sacrifice of its future security. An immediate and infinite block size increase is not a better solution for the individual nodes out there that choose to verify their own personal security.

Non-mining nodes do nothing for the security of thd network.

Just use SPV.

Also let us know when Moore's Law stops being true. Only on that day will BCH not have a realistic roadmap for scaling.

I will be a fan of the first cryptocurrency that can be used to buy and sell items in a store as quickly as a credit card transaction. Until then, I'm not optimistic for it being anything other than a black market currency to transfer large sums internationally without the government seeing it.

Check it out.

$1 /u/tippr

Check out TenX, Monaco, and Metal. Not saying I like the projects, but you can spend crypto as a debit/credit card (using an intermediary). Ethereum is working on reducing transaction times from 15 seconds down to 1 and fixing scalability issues, while providing programmable money (smart contracts) and Decentralized applications. Alot of utility is already here, just not in the form of bitcoin.

Bitcoin Cash has sub 2 second transactions and sub-penny fees.

Www.acceptbitcoin.cash for list of merchants.

If you don't know what BCH is, you are uninformed about Bitcoin.

1 usd /u/tippr

Bitcoin has been hijacked by a deep state proxy corporation called Blockstream.

Research why BitcoinCash was activated.

Yeah BCH is awesome! Hopes /u/WippleDippleDoo tips me lol

/u/tippr 250 bits ;]

u/Khuddle2310, you've received 0.00025 BCH ($0.4379925 USD)!

^{How to use | What is Bitcoin Cash? | Who accepts it? | Powered by Rocketr | r/tippr
Bitcoin Cash is what Bitcoin should be. Ask about it on r/btc}

Appreciate it!

I'll top up my account tomorrow and tip people here but I need to sleep now.

/u/tippr 5 usd

top up ;]

<3

/u/tippr 3 usd

u/WippleDippleDoo, you've received 0.00168858 BCH ($3 USD)!

^{How to use | What is Bitcoin Cash? | Who accepts it? | Powered by Rocketr | r/tippr
Bitcoin Cash is what Bitcoin should be. Ask about it on r/btc}

Zipper used tippr!

Fast forward, computers are a thousand times faster. Roto-Rooter just snaked your toilet. You tell the guy to hold on a second. You go to your computer and mine a thousand BitBux. His phone beeps, "Thank you sir."

Sure this is going to happen. You'll make your own money freed forever from the rigors of working for it. It'll be "good as gold" everywhere. Due to computers being so fast and cheap you can make yourself rich in minutes. Since they promised "Only so many will be made," you have no worries about inflation.

The banking system voluntarily retired to mine their own so they have no objections to you doing it. The government stops taxing because they got their own machines so they, like you, can make as much as you. Nobody works anymore at all.

Thank god for the robots to see that we get fed and have stuff to buy. You can have as many of the robots as you want. All the day long you pursue your hobbies, travel, fun, relaxation. It's paradise. Oh! for 15 minutes mining you can make enough money to order up a new body too.

Overpopulation? Never happened. We bought asteroids, put them in orbit and installed atmospheres just by printing more coin. People are free to come and go as they wish in their personal rocket ships too.

Pollution was eliminated. We packaged it and shot it into the sun. Doesn't matter how much it costs 'cause we print what we need. Sure is swell here in the future!

You’ll find more truth about bitcoin at r/buttcoin than at r/bitcoin.

Bitcoin is pretty cool man

The day crypto takes over is the day the general public can buy it through an already trusted outlet (ie, the post office, western union) AND be better off by buying what they want with it. Say you see a TV in Tesco for £500, but buying your TV elsewhere SAFELY for only £475 of crypto..Knowing its going to turn up/ trusting the service. Just like we brits trust tesco to deliver the TVs we buy with our VISA or ££

The question everyone is asking is 'can i make dollars' but the question 'is this viable and do we want this to be the new norm in the long term' needs to be asked. Im all for a bit of speculation, but dont want us to go cashless.

It may be not btc but crypto currency is coming whether we like it or not. The cats out of the bag, and a trustless system outside of the financial cartels is what we need. There will be growing pains and only time will tell, hopefully there isn’t another mt gox. But I’d rather have organic growth in this area vs the duckers that can collapse a global economy and get away with it

+3 points, 65 comments.

Keep your thinking caps on folks.

I've moved my assets to BCH. The lighting network is just a too complicated solution over just increasing the block size. Watch it though, there are tons of shills for BTC on reddit who will vouch for it no matter what. Don't take my word, just look into it yourself.

Apart from being a "black box" that no one knows the whole story, bitcoin is the currency of the deep/darkweb's worst: contract killers, human traffic, drugs, etc..

By that two reasons alone Ill never do bitcoin

Just Like Facebook is probably a deep state tool Crypto will have it's place....

u/Basketofcups, you've received 0.00114518 BCH ($2 USD)!

^{How to use | What is Bitcoin Cash? | Who accepts it? | Powered by Rocketr | r/tippr
Bitcoin Cash is what Bitcoin should be. Ask about it on r/btc}

Honestly not even surprised, gonna research, but I don’t have a hard time believing you, I watch the charts a lot, bots galore, and the futures thing, uncle ass fuckin Sam even though his hat lost the stripes and stars, Im talking more so crypto in general. Post links ?