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Started By
Message
Crypto bros., why isn't Bitcoin more widely used?
Posted on 4/29/25 at 3:54 pm
Posted on 4/29/25 at 3:54 pm
I mean, it seems like a perfect solution to Federal Reserve devaluing our currency. If we had a static supply of currency like Bitcoin deflation is a lot more likely than inflation because in general as the supply of goods increase with a static currency the price of goods decrease.
I love the idea of Bitcoin.
But how does it go mainstream?
How can we make buying an Icee at your local convenient store with Bitcoin easy?
Bitcoin's biggest problem is its use case. How can it be made easier to use?
I love the idea of Bitcoin.
But how does it go mainstream?
How can we make buying an Icee at your local convenient store with Bitcoin easy?
Bitcoin's biggest problem is its use case. How can it be made easier to use?
18
Posted on 4/29/25 at 3:55 pm to GumboPot
Imagine wanting it to be that way. Crypto is a racket.
This post was edited on 4/29/25 at 3:56 pm
Posted on 4/29/25 at 3:55 pm to GumboPot
Posted on 4/29/25 at 3:57 pm to Indefatigable
quote:
Imagine wanting it to be that way
Why wouldn't I want it easy to use? And by easy I also mean cheap. I don't mean buying an Icee for 0.0000315789 BTC and the gas cost 0.00003 BTC. That's not easy.
Posted on 4/29/25 at 3:58 pm to GumboPot
You already have a currency. There is no inherent value in something that people made up on the internet. It’s backed by nothing. It’s useless
This post was edited on 4/29/25 at 3:59 pm
Posted on 4/29/25 at 4:00 pm to lsuguy84
Yeah. Gold is a pretty good hedge against inflation because it's hard to increase the supply of gold.
And again, basic economics...when you keep the supply of currency static and the supply of goods increase as it naturally happens in all economies prices decrease which is good for the people but bad for the banks.
And again, basic economics...when you keep the supply of currency static and the supply of goods increase as it naturally happens in all economies prices decrease which is good for the people but bad for the banks.
Posted on 4/29/25 at 4:00 pm to GumboPot
Not sure what's going on now, but Biden admin didn't like it and were trying to make things difficult for Bitcoin.
Posted on 4/29/25 at 4:02 pm to lake chuck fan
quote:
Not sure what's going on now, but Biden admin didn't like it and were trying to make things difficult for Bitcoin.
IDK what is going on either but I do know the gas fees for BTC transitions make it cost prohibitive for small purchases. I love the idea of BTC but it seems like it still remains impractical for everyday transactions.
Posted on 4/29/25 at 4:04 pm to GumboPot
One day the rug will be pulled and ppl will lose their money.
Posted on 4/29/25 at 4:05 pm to GumboPot
Taxes are a major problem to this. There is no de minimus so even if you buy an Icee you have to record gain/loss and track it all. It's also a speculative asset people want to hold to make more money instead of spend.
Posted on 4/29/25 at 4:05 pm to GumboPot
quote:
I love the idea of BTC but it seems like it still remains impractical for everyday transactions.
And even if it was practical it's treated as a speculative asset that people hope to see increase significantly in value. Why would you want to spend that if you thought it was going to keep going up?
Posted on 4/29/25 at 4:08 pm to GumboPot
It's great for criminals. I would imagine the payments to hackers from Ransomware dwarfs any legitimate purchases that have been made.
Posted on 4/29/25 at 4:09 pm to GumboPot
I like crypto, but Bitcoin is not a serious alternative as a currency
For starters, Bitcoin is slow and the transactions fee are high. Even with bitcoin lightning. Bitcoin is not digital cash - you don’t have to pay a fee every time you use cash
The number in existence is far too small to be a serious currency. It does not help much that it can be divided into satoshis - people struggle doing math splitting checks at restaurants with USD with nice roundish numbers, good luck getting the masses to do every transactions in whacky decimals
Most importantly, the distribution is laughable beyond belief.
People who own 100k of bitcoin (I.e MicroStrategy) will clammer for the rest of the world to buy in. North Korea is one of the biggest holders of Bitcoin from all their hacks - they would benefit immensely from it. As would organized crime.
How would mortgages, consumer credit etc work? The ability to borrow would be impossible and incur massive costs in the few cases credit is available. The velocity of money would grind to a complete halt and frick the global economy
The idea that bitcoin will ever be the worlds reserve currency is just not serious or practical
For starters, Bitcoin is slow and the transactions fee are high. Even with bitcoin lightning. Bitcoin is not digital cash - you don’t have to pay a fee every time you use cash
The number in existence is far too small to be a serious currency. It does not help much that it can be divided into satoshis - people struggle doing math splitting checks at restaurants with USD with nice roundish numbers, good luck getting the masses to do every transactions in whacky decimals
Most importantly, the distribution is laughable beyond belief.
People who own 100k of bitcoin (I.e MicroStrategy) will clammer for the rest of the world to buy in. North Korea is one of the biggest holders of Bitcoin from all their hacks - they would benefit immensely from it. As would organized crime.
How would mortgages, consumer credit etc work? The ability to borrow would be impossible and incur massive costs in the few cases credit is available. The velocity of money would grind to a complete halt and frick the global economy
The idea that bitcoin will ever be the worlds reserve currency is just not serious or practical
This post was edited on 4/29/25 at 4:10 pm
Posted on 4/29/25 at 4:13 pm to Indefatigable
quote:Like fiat?
It’s backed by nothing.
Posted on 4/29/25 at 4:15 pm to NC_Tigah
quote:
Like fiat?
Full faith and credit isn't nothing.
The US dollar isn't just something that people on the internet made up and decided to try and convince people had value. Bitcoin isn't any different than the NFT nonsense from a couple years ago. Completely artificial.
Posted on 4/29/25 at 4:17 pm to GumboPot
Biggest hurdles
Lack of privacy on the chain. If I know your wallet Public key I know everything you ever bought.
Speed of the transaction. It's much faster than banking transactions that take days....it's much slower than your debit card or phone tap to pay
Wild value fluctuations on the currency would be a pain in the arse to account for.
Still kinda complicated to setup and manage wallets securely, although continues to get easier.
And then long term bitcoins are going to be pretty scarce and require lots of fun decimals to keep track of since there will only ever be 21 million but coins.
Lack of smart contract support as well at least as of my last research into crypto.
Lack of privacy on the chain. If I know your wallet Public key I know everything you ever bought.
Speed of the transaction. It's much faster than banking transactions that take days....it's much slower than your debit card or phone tap to pay
Wild value fluctuations on the currency would be a pain in the arse to account for.
Still kinda complicated to setup and manage wallets securely, although continues to get easier.
And then long term bitcoins are going to be pretty scarce and require lots of fun decimals to keep track of since there will only ever be 21 million but coins.
Lack of smart contract support as well at least as of my last research into crypto.
Posted on 4/29/25 at 4:17 pm to GumboPot
President Obama put the clamp down on cryptocurrency right?
Why y’all not asking the OT folk?
Why y’all not asking the OT folk?
Posted on 4/29/25 at 4:19 pm to GumboPot
Between bitcoin and all the contracts robinhood is allowing people to buy to sports bet I cant wait to see what debt looks like by 2030.
This post was edited on 4/29/25 at 4:20 pm
Posted on 4/29/25 at 4:20 pm to GeauxBurrow312
quote:
The velocity of money would grind to a complete halt and frick the global economy
"They" (crypo proponents) say that XRP is the solution. Apparently its easier to mine (if that's the correct term) and the gas fees are very cheap.
But the problem with XRP is that Ripple continues to "print" more so it has the same inflationary problem as the U.S. dollar.
Posted on 4/29/25 at 4:21 pm to oklahogjr
Another issue is the creator appears to be still unknown and that should give people some hesitancy
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