Acceptance of bitcoin as payment! - page 7.

n0ne

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Quote from: stompix on March 06, 2019, 11:11:39 AM

Quote from: arpon11 on March 06, 2019, 08:40:16 AM

We must promote it with the aim of bringing more people especially business people to start adopting bitcoin for they business.

Unfortunately the whole what should we do plan has changed radically.

We are seeing more and more shops and business claiming to accept cryptos but overall even if we consider the maximum claims of LN transactions the number of people actually using it to buy stuff has barely doubled in the last years.

A new dilemma is taking shape, as at first you had nothing to buy with BTC and now people are not willing to buy stuff with BTC since holding will earn them infinite fiat gains Grin

. So, we want merchants to accept BTC but merchants are reluctant to accept bitcoins because of lack of customers since most bitcoins are unwilling to buy via BTC and prefer fiat.

Yes, people felt good to use bitcoin similar to fiat until it was given importance as a store of value. As days passed the potential growth made it more as an investment that gains good return on holding. Now as in the above quote people prefer to hold bitcoin rather than spending on stores with bitcoin acceptance. Possibly good sign of growth is being expected with this kind of market acceptance even though it hasn't got lot of customers.

Canoppo99

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I got the point, although bitcoin was made to become medium of exchange but since people need paper money to own it then supply and demand rule make it price fluctuates, people see opportunity in it so now people consider it as asset, actually people also trade fuat money to get profit. Even we never see fiat money price stable so bitcoin price will never stable, but it is also accepted as payment methode in some companies, so no worries.

Reid

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I have been using it for like every month and I can say it is all worth it for I dont need to line up paying bills. Everything is an online transaction by now.
Deliveries and also shopping could be done online, it is just lacking with options.

I hate to say it but it hurts me when I am offering it to people just so to give them ease with bills payment method.
They still prefer the traditional one. Credit cards or cash basis only.

Maybe that should be the question. When are we going to be set free with traditional things.

rollingstorm45

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Quote from: BitBustah on March 06, 2019, 08:59:06 AM

The truth is bitcoin is nowhere close to being a standard payment method in commerce. It currently can't scale to any meaningful level and the price is much too volatile for any retailer to hold it. It has become more of digital gold at this point. How many stores accept gold? Very few but it still has value.

actually bitcoin can be an alternative payment tool, if we are in a country that has hyper-inflation or a country that is experiencing chaos and the country's currency is very unstable, entrepreneurs can use bitcoin as an alternative payment tool. but bitcoin may not be enough to be an official payment instrument for paper currencies because there are various kinds of obstacles that still make bitcoin unable to be distributed throughout the world.

Kelvinid

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Quote from: 0t3p0t on March 06, 2019, 06:58:03 PM

Quote from: MakeMoneyBtc on March 06, 2019, 09:28:44 AM

Bitcoin is used more as investment because that's how people are promoting it. When I hear someone talking about bitcoin, there are always words like investment, profit, fast money involved in their conversation. So there is no surprise bitcoin is seen more as a tool to make profit rather than being promoted as a payment method that you can use to send money and pay everywhere.

Newcomers usually do that mate. They are not paying attention to whatever it should be because what they need is profit that is why we can see Bitcoin most of the time as an investment. Reality is that Bitcoin is a much better investment than fiat so in my own case I prefer Bitcoin to be used in two ways either in investment or as a payment method as I use it for paying goods and services online.

That's the common thing happen right now, people are thinking Bitcoin as an investment cause in the first place it is not fully accepted as a mode of payment at the start. But as the days move, bitcoin were now welcome to the community and even small companies where started to accept this, may it could be a way that people will think cryptos are not just for investment but also a currency.

0t3p0t

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Quote from: MakeMoneyBtc on March 06, 2019, 09:28:44 AM

Bitcoin is used more as investment because that's how people are promoting it. When I hear someone talking about bitcoin, there are always words like investment, profit, fast money involved in their conversation. So there is no surprise bitcoin is seen more as a tool to make profit rather than being promoted as a payment method that you can use to send money and pay everywhere.

Newcomers usually do that mate. They are not paying attention to whatever it should be because what they need is profit that is why we can see Bitcoin most of the time as an investment. Reality is that Bitcoin is a much better investment than fiat so in my own case I prefer Bitcoin to be used in two ways either in investment or as a payment method as I use it for paying goods and services online.

sunsilk

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Bitcoin will never have it's stable value, as you can see from the charts the price varies everyday. There's always an option to directly convert it into USD if the receiver is too careful enough for the fluctuations, retailers can do this if they have a lot of bitcoin paying customers.

We're already promoting it but those people that we're reaching out aren't even willing to adopt it. We are doing our part and it's up to them if they will catch up because most of those people that I've talk to, they were scared now because they were just looking at the price fall last bull run.

goaldigger

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Quote from: arpon11 on March 06, 2019, 08:40:16 AM

I have not read bitcoin's whitepaper but from the little understanding I have I think bitcoin was developed to be use as a mode of payment for goods and services? It was for a transactionary purposes and not as the way we are using it now as a way of making profits by buy them and hold or sell Them whenever we think it has appreciated in pricing!
I believe for bitcoin to grow it purposes must be well explain to the populace as they are the one that needs it in transactions and that is why the more people that know about it an it primarily uses of p2p the better bitcoin become. We must promote it with the aim of bringing more people especially business people to start adopting bitcoin for they business. Bitcoin should also be stable in pricing because it will be very difficult for retailers and wholesalers business to use it if it is unstable.
Finally I will like to get your opinion on this as this will help the mind of many of us here about this great technologies.

I guess the reason why bitcoin and other cryptocurrency is still not being accepted as a mode of exchange worldwide is because of its unstable price. Maybe they are still studying how can this thing works. The result maybe too bad or too good because if the market falls, the seller looses too but if the market lands on moon, the seller double or triple its interest.

muhtesem

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as long as bitcoin is in the hands of whales as long as they are traded on CBOE and leveraged trading sites Unfortunately, it cannot be used as a payment method. Of course you can shop with bitcoin. but the price is too wavy and unreliable. so it's hard work.

sirminesalot

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Quote from: Peashooter on March 06, 2019, 10:24:52 AM

At this current day we can see big development in the acceptance of bitcoin especially in the field of businesses simply because some companies, store and mall start to accept it as a mode of payment. Maybe in the coming future all of us bitcoin to pay all our bills.

a very good step and progress in the development of crypto currencies, maybe I am sure that in the future crypto currencies will be more developed in my country, it cannot happen because the government prohibits direct transactions with crypto currencies so that payments with bitcoin cannot

Crypdon

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Satoshi underestimated the level of usage for bitcoin and didn't scale it well, or perhaps he intended for it to only used as an alternative to gold rather than a payment method

Stac

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Many large companies accepts Bitcoin in the market place Bitcoin is the first and famous digital currency . Not accepting Bitcoin it will be a big mistake, with a fluctuating value it may bring profit or sometimes hurt the company ..One of biggest risk in online shopping that fraud can take place, this can be recovered by applying different type of skills .Bitcoin market is volatile so the price will go up and down within an hours time .. Buyers in this market have a higher sense of security and they prefer anonymous transactions .if we decide to add Bitcoin as payment we need a developer once Bitcoin is included in payment automatically is convert them into local currency .

xvids

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People could use it to pay but most of the crypto user would rather hold their crypto than using it to pay for something,
We are using crypto for investment not for a payment option and I think most of us would agree to this.
If we could pay with Fiat and we have cash why would we even bother paying with crypto?

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It was intended to be an escape for those who are averse to the control and monopoly of banks and governments. By eliminating double spending and putting control in the hands of the actual asset hodlers.

For any of this to happen it has to have a value and it's decentralized, so it's value can not be regulated. Satoshi must have anticipated a situation like these when designing the network.

playboy654

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the acceptance of Bitcoin like a normal currency will be possible but it takes some times and it will be a good idea for the development of our economic resources and economic society will need something like that to improve very faster like we are expecting

qwertyup23

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Quote from: arpon11 on March 06, 2019, 08:40:16 AM

Bitcoin should also be stable in pricing because it will be very difficult for retailers and wholesalers business to use it if it is unstable.
Finally I will like to get your opinion on this as this will help the mind of many of us here about this great technologies.

Due to its decentralized system, bitcoin cannot have a stable price and this will also defeat the purpose if it being as an investment mechanism. Investors prefer to acquire bitcoin (whether for short or long-term) due to its high volatility that can yield large amounts of income in a shorter amount of time compared to conventional investing. In addition, supply and demand play a significant role on the fluctuation of its price, primarily due to whales.

Quote from: palle11 on March 06, 2019, 01:00:39 PM

Checking up with the characteristics of money, bitcoin is not close to it. Although, it is also used as payment because people want a means to be free in their financial transactions. Bitcoin is not a legal tender, not generally accepted, it is also not stable. It just has a dual purpose. For payment and also investment.

My colleague had the opportunity to interview one of the representing lawyers of our central bank (BSP) and they view bitcoin as something that cannot be accepted for legal tender. Although it can be converted to cash depending, the country has yet to implement rules regarding its validity and legality due to taxation.
Just to add, bitcoin can also be a store of value asset since it can be traded to various products/services.

palle11

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Checking up with the characteristics of money, bitcoin is not close to it. Although, it is also used as payment because people want a means to be free in their financial transactions. Bitcoin is not a legal tender, not generally accepted, it is also not stable. It just has a dual purpose. For payment and also investment.

daarul50

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How can we use bitcoin as payment for various transactions if bitcoin has no price? The price owned by bitcoin is a reference to determine the amount in a transaction. related to trade, why do many disagree that bitcoin is traded even said to be just for profit. not only bitcoin is traded, even official money such as USD, Euro, Yuan, etc are also traded.

MTNAX

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nowadays there are many bitcoin users who benefit, in addition to providing bitcoin benefits it can also be used for easy payment by its users. Because it's easy to pay with bitcoin is very acceptable to the public.

danherbias07

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We still have a divided opinion by now.
Some wants stability and others dont.
There will be not much profits if that happens. Trading is the most common to do now since holding takes a lot of time and is boring.
While waiting for merchants to adopt bitcoin, this is all we can do. Also, while spreading the news we can hoard more of it so that when the time comes we are the ones who have a good number of it.

It is not yet time. It is really difficult to predict when it will be.

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