Quote from: scs3jb on December 20, 2017, 07:16:48 AM

Quote from: inturist on December 20, 2017, 07:08:51 AM

Yeah Bitcoin is a store of value like Gold. Do you can use gold for daily payments? No.
Do you can shares for shopping? Threra a lot of good coins for small payment and daily use.

IMO, without utility, its going to become worthless. Utility is needed to keep the value high, incentivise miners and keep the network alive.

Feeds need to drop or the network won't survive this and you won't be able to get your money out when you need it.

Similarly, this undermines the aspects of the technology that make it worthwhile. This is not a revolution without it challenging banking, and payments, and its real worth will tank in line with this.

Fees need to come down or be proportionate to the value of the wallet values rather than the size of the transaction. Software changes are needed.

Great response! I think the fact that bitcoin has gone from a virtual currency meant to be used to pay for things to a store of value is simply a way for bitcoin backers to keep the coin relevant. Now that the network is not able to satisfy the market as a payment method, the only options are either call it something else or acknowledge it is no longer useful.

Nonetheless, the average investor who uses only Coinbase for example will not experience the issues that are prevalent within the technology. They simply buy on Coinbase and let bitcoin sit there, so they do not see the long times for confirmation or high fees.