If I have to pay $8,000 just to use 1 bitcoin, how will it ever be used in circulation? Gambling device only?

And you have something against Bitcoin casinos? Then you can come to https://duckdice.com/promotions and buy the lottery ticket. You will be able to put some control over the situation by means of shifting the handle that selects the probability of your winnings. This is all done now by the player. A nice innovation, no?

Of course. Doing Bitcoin gambling is one of the best ways to support the Bitcoin network and blockchain ecosystem. Any time you use Bitcoin it will always work it's way around the network. Just make sure that you are using a good website with good games like Bitcoin slots that are fun for you and if you win you can win big and your money is safe.

I should mention that a good website for Bitcoin slots is here:

https://mintdice.com/game/casino/slots

Happy jackpot hunting!

Hardloper wrote:

You can spend in fractions of 0.00000001 bitcoin which is about USD $0.00008. The bigger problem is it costs about USD $4 to process one transaction. The "Lightning Network" could reduce this

..then why not just use the USD $$..?! The bitcoin economy is based on the USD dollar. It’s a good story with a horrible ending.

Why not just keep trading useless coins to steal more from the poor?

It can be used in circulation.

As has been pointed out, you can buy fractions of a bitcoin, just like we have fractions of a dollar.

The dollar is limited to 1/100, though. You can chop bitcoin further.

If a vendor accepts bitcoin and you have bitcoin, then you can buy their stuff using bitcoin. Same way you might buy something using PayPal.

The story is similar of cash vs credit.

In the past, few places accepted credit cards for average transactions. You needed cash for more things.

Then as more and more vendors accepted cards and the technology made it easier to administrate business that way, more and more people used cards to pay for things.

If you go overseas, you can buy things in Euros , Swiss francs, etc with the same card you by things in USD.

Your credit card company then translates those charges to USD.

Those cards can adapt to translate bitcoin.

Therefore, the cards could adapt to accept bitcoin to pay your card balance that is listed in USD. You just have to deal with constant currency rate fluctuation.

You could hedge with Bitcoin.

Let's say you think Bitcoin will go up 10% vs USD in one month. Buy 1 Bitcoin at $8,000.

Spend $8,000 on your card. Pay using Bitcoin one month later (or sell for USD). Then have 0.1 Bitcoin or $880 left in your account.

Of course if the value goes down, you lose.

It's gambling the same way you gamble with any currency.

“When you buy something because you’re hoping tomorrow morning you’re going to wake up and the price will be higher, you need more people coming into it than are leaving. And you can get that and it will feed on itself for a while, and sometimes for a long while, and sometimes to extraordinary numbers, but they come to bad endings, and cryptocurrencies will come to bad endings. And along with the fact that there’s nothing being produced in the way of value from the asset, you also have the problem that it draws in a lot of charlatans and that sort of thing, who are trying to create various sorts of exchanges or whatever it may be. It’s something where people who are of less-than-stellar character see an opportunity to clip people who were trying to get rich because their neighbor’s getting rich buying this stuff neither one of them understands. It will come to a bad ending.” - https://fortune.com/2018/05/07/warren-buffett-berkshire-hathaway-meeting-quotes/

^ great post. The BC is based on the dollar ... nothing is being produced, it’s just a shiny new thing you don’t want or need.