Why don't we all use bitcoin?

[mdmc]

Good evening DU. I hope that you all had a great day.
Why don't we all use bitcoin?
I know why I don't use it - I don't know how.
But everyone else.. Why aren't you using bitcoin?
I find it to be a very interesting phenomenon.
I didn't see any other bitcoin threads here on DU.
Thanks for reading. Have a great night.

[bucolic_frolic]

1. Bitcoin is private enterprise, US Treasury is public. /nt

[mdmc]

3. thanks for the reply..

peace and low stress

[doc03]

2. I don't understand how they have any value other than money laundering. I think

it will be the next bubble that bursts and we will end up bailing out their loses like in 2008.

[Norrrm]

7. The big money return in crypto is:::

The big money return in crypto is:::
1. Starting it, hyping it, selling it, and getting out, leaving the
suckers holding the bag.
2. Handling/storing it for others.
...a. Not your own money/crypto. Someone else's money/crypto.
...b. Lots of fraud/money manipulation/theft/lack of regulation.
3. Backed by trust/faith/great promises/optimism... but no
real assets.
4. It can literally disappear and good luck with lawsuits.
------------------
A few have profited by 'investing' but not the majority.

[mdmc]

12. what do you think about my idea of holding bitcoin for my kids?

Do you think it will ever have value?

[doc03]

17. I admit I know next to nothing about Bitcoin, but people were making millions back

before the Great Recession on mortgage scams and derivatives (something else I know nothing about). But the whole thing
came crashing down in 2008. A friend of mine tried to get me to invest in the Dot Com bubble, he was worth millions and ended
up losing everything in 2000. Looking back over my 77 years I regret not buying land. I could have bought old farm and mining
land for a few hundred dollars an acre that is now selling for $50k to $100k an acre.

[mdmc]

18. thanks for the reply

peace and low stress

[mdmc]

11. I think of bitcoin as a future currency - I plan on leaving my bitcoins to my sons

I hope that my sons will be considered early adopters

[Norrrm]

15. If you can buy low and they can sell high, go for it.

It is one of the very, very few that has made profit.
And that is only because people want to believe in it.
Even bitcoin has no real assets backing it.

BC is used as a fantastic example of crypto but it is a lucky outlier.

Hundreds of others have flopped.

[mdmc]

16. Thanks for the reply

I don't plan to sell. I plan to give it to my kids when they get older.

[womanofthehills]

29. If you want to buy NFT's you need ETH

I wanted to get into selling NFT’s (digital art, etc) so I got some ETH & Bitcoin. I just bought a little to figure out how it works. It’s fun - as my original investment was just enough to have fees connected to selling digital art , but as I could see my $600 almost double - i definitely got interested. The last month it’s been down but up again this week. You can buy direct from some companies with your bitcoin. When my bitcoin is up, I will purchase stuff - when it’s down I won’t. Now - thru PayPal you can also invest in Bitcoin. I think it’s fun and a good way to make money.

[mdmc]

40. thanks for checking in..

I'm a newbie nft artist myself. Ordinals on Bitcoin actually.

[IcyPeas]

4. I noticed while doing my taxes that there is now a section on cryptocurrency

I don't get it to be honest. This story was interesting :

Bitcoin buried in Newport landfill

In 2013, James Howells mistakenly disposed of a laptop hard drive containing the private key for 8,000 Bitcoin in the Docksway landfill in Newport, Wales.[a] Howells subsequently assembled a team of specialists and secured funding to excavate the site, but Newport City Council refused permission, citing the cost and environmental impact of the search. If the coins are discovered, Howells proposes distributing 30% of the proceedings among the council and the population of Newport.

As of February 2025, the missing Bitcoin was worth £597 million (US$751 million). In December 2024, Howells sued the council for £495 million, with the council contesting that the device is now its property. The attempted recovery of the missing Bitcoin has been likened to a digital treasure hunt. Howells and his team are confident that retrieval of the data remains possible, while the council continues to profess its scepticism. Following a hearing, the High Court dismissed Howells' claim in January 2025, ruling that it had no prospect of success.

The entire story is pretty interesting. Pretty devastating for the guy.

https://en.m.wikipedia.org/wiki/Bitcoin_buried_in_Newport_landfill

[mdmc]

19. I've heard that story!

wild times in the dump..

[-misanthroptimist]

5. I try very had to avoid scams.

Therefore, no bitcoin for me. Not mine!

[womanofthehills]

31. You can actually buy Bitcoin thru PayPal

And spend your Bitcoin world wide.

[JoseBalow]

6. I asked your question on DuckDuckGo

This was the AI Assist answer:

Many people don't use Bitcoin due to its high volatility, slow transaction speeds, and expensive fees, which make it impractical for everyday purchases. Additionally, concerns about security, regulatory issues, and a lack of widespread acceptance by businesses contribute to its limited use.

There are several other listed sources...

https://duckduckgo.com/?t=ftsa&q=Why+don't+we+all+use+bitcoin?

[mdmc]

13. thanks

[JoseBalow]

14. No problemo

[womanofthehills]

33. Weird as my transactions took seconds.

If you are buying from a business who takes bitcoin - transactions are instant.

[Bernardo de La Paz]

8. Bitcoin is loved by criminals & dark web. Outside of that it's no better than meme stocks like DJT & tRump's scam coin.n

[mdmc]

21. oh my

How can you say such horrible things?
Bitcoin is not the same as trump currency, is it?

[womanofthehills]

34. Wrong - the young love Bitcoin

No one I know who has Bitcoin is a criminal.

[Bernardo de La Paz]

35. Your statement does not contradict mine or make it wrong. The two groups can separately love it. . . nt

[surfered]

9. Despite its name, it is not a currency created by the government to facilitate commerce.

It is an asset created by people like Big Balls and fluctuates with the whims of the market.

[everyonematters]

10. It has no ties to the production of goods and services. I would stay away from it.

[A HERETIC I AM]

20. I've had people ask me what the dollar is based on....

Since we did away with the Gold Standard in Nixon's era.

So now, what exactly is the dollar based on?

The best explanation I ever heard went like this;

The US Dollar is backed by the "Full Faith and Credit of the United States Government".

But in practical terms, what does that mean exactly?

It means that the American people have for decades, been reliably getting out of bed in the morning, going to work and willingly paying taxes on their wages, and those payments are made before the worker gets his paycheck.

And we don't (Or at least historically haven't) protest wildly or storm the capital (again, until only recently) every 4 years. And Congress is seen, rightly so, to have unlimited taxing power over the people (which they do), and as such, we have never defaulted on any debt incurred by said government.

In short, the US Dollar is backed by the people and their willingness to go to work every day, 5 days a week, at least (for most) 50 weeks a year.

Now....
Can anything REMOTELY similar be said about any type of crypto currency?

I think not.

I don't speculate on the Euro or the Yen or the Swiss Franc or the Renmimbi or Wheat or Pork Bellies.

I sure as fuck aren't going to be using or speculating on something dreamed up by a guy with a computer and too much time on his hands.

[Bernardo de La Paz]

22. US dollar based on US production. Bitcoin based on convenience for shadows, no production, no "store of value". . nt

[mdmc]

23. Wouldn't bitcoin buyers back bitcoin?

kick

[Bernardo de La Paz]

37. That they back it does not provide a base. They can sell it down just as easily as buy it up. . . . nt

[brokephibroke]

24. Too complicated for now

You need a hot wallet.

https://www.coinbase.com/wallet

[mdmc]

25. thanks for the link

[hannah]

26. Dave Troy

Said, if you’re rich you can buy bitcoin. Otherwise if you are willing to lose a lot of money, you shouldn’t buy.

[brokephibroke]

38. Not sure who that is

I dabble in crypto and have made money. Sure there are ups and downs like most investments, but I have not lost a lot of money…

[womanofthehills]

36. I have a wallet but you can also buy Bitcoin on PayPal

I got mine thru Coinbase.

[TheFarseer]

27. I don't know how to buy food at the grocery store

With bitcoin. I think you can buy things on the internet with it. I’ve heard a lot of stories about how people got all their bitcoins stolen by hackers. I get the sense it is mostly used for internet crime. I also hear about coin miners wasting enough work power a medium sized country. Nothing about it sounds good. I wish they would ban it. That said, I own a few shares of a bitcoin etf and have made some cash trading around a position with it.

[LetMyPeopleVote]

28. Bitcoin are meme stocks that have no real intrinsic value

[Shermann]

30. It can double or halve in value in a year or less.

The USD is the exact opposite of that in terms of volatility.

[vapor2]

32. 2 yrs ago but still good

[Pinback]

41. Perfect - thanks. (nt)

[pansypoo53219]

39. can you say discover.