Topic: After all these years - page 3. (Read 857 times)

Yes, cross-border remittance is a prominent feature of bitcoin, it is a great way for our loved ones to receive money without spending too much transaction fees and time. But in African countries, have they legalized bitcoin as legal tender? And they allow people to use bitcoin as an alternative payment method to fiat like El Salvador did? You will send bitcoins instead of fiat through a 3rd party service, but how will your loved ones use bitcoins, and how will they convert bitcoins if they don't have a bank account? Let's be realistic, to be able to use bitcoin, we still need banks, we still need fiat, man.

What do you expect? Bitcoin is a highly volatile asset so it’s hard to anticipate that it will be legally adopted as a payment system. It has never fixed value unlike fiat. That’s why I’m good at it being a tool for investment. Although I’m not against on it being a payment mode in the future but i still can’t see the high possibility of accepting it in the market. Bitcoin is more suitable as an investment for now since it offers a lot of potential profits especially if you are good on dealing on its volatility case.

Right now, the volatility factor is the main reason why people are going into this market.
So it is more on like investment opportunity, because the high volatility will give them a chance of profits.
But once this market stabilizes its price, I believe, that's when we will start seeing a lot of merchants accepting this as one of the payment methods.
Because right now, that's the concern of most merchants, the volatility aspect of this currency.

It is our main hope that Bitcoin can be accepted as a means of payment everywhere. but this will not be easy to do. Maybe one day everything will change and Bitcoin will be accepted, but I don't know when. Because after all, it is still struggling right now, Bitcoin is still struggling to be accepted in all places and everyone in the world, even if only as an investment tool or trading activity. However, Bitcoin still has a long way to go and still stretches wide. It's a matter of time. Maybe it won't be easy, but it's not impossible. Maybe not 100%, but at least a large part of it.

When I hear about high fees, at times I get to ask just how much fee is been spent on transacting bitcoin and in most cases, its ways minute. A little more than  one would spend on gas to get to a bank, go through the rigorous process of filling forms,file them appropriately and send some payment to someone at the other end of the globe.
At the moment, the challenge with bitcoin  remains volatility as this affects other aspects to it being, network congestion as, it could create more buy or sell situations which consequently reflects in the fees but still,the fee is something that could be contained with when we scale the volume and purpose of the transaction.

Bitcoin isn't here to out traditional faith banking systems as well as how we buy and sell everyday products/services but to provide alternatives.

Well bitcoin  is a decentralized digital currency, atleast  that has been the primary definition I've known of it which simply  means is a currency in a digital  form.
The usage of bitcoin  is solely dependent  on the holder and I believe  one of the striking  factors that has kept bitcoin  above every other cryptocurrency is it's decentralization and volatility  and one of the the things that makes bitcoin and cryptocurrency in general really interesting,  is it's volatile nature which people are already gaining from.
I think if bitcoin is solely made a payment method, it wouldn't gaining this much acceptance.

right, not only the limitations that bitcoin will have if used simultaneously, but there are also obstacles that not all of them can accept to be used as legal payments, but they must be changed first with those that are recognized.
currently the use of bitcoin has made a lot of progress even though there are still some obstacles, but this is enough and you don't have to use it in general like using US$. because payments can already be made, some can be done immediately and some can also be changed first, but the principle can already be used.
so I agree not to have to force it to be used for payments more broadly.

Some reasons from my perspective:

Bitcoin isn't scaled up enough to be a daily payment system, neither is user friendly, securing and using funds requires a good amount of knowledge. Lowest fee transfer takes 50c, why would I do that when I can do the same using fiat with 0 cost, what exactly does Bitcoin does better to be used for daily payments?


Bitcoin does 7 tps and XRP does 1500 while Visa does 1700 — ofc ripple comes most closer to what's already adopted and it's much cheaper than BTC.


What am i missing about chain link? Isn't it just price fetching Oracle?

news, including that of Bitcoin Spot ETF approval or rejection, is just one tile in a mosaic of market influencers. News can act as a catalyst, but its the underlying market liquidity and capital flows that truly drive momentum.

You're absolutely right; new investors should be cautious not to fall into the emotional traps set by sensational news. Keep an eye on the bigger picture, understand the economic levers at play, and the market's natural ebb and flow will become less intimidating. Remember, its not about timing the market; it about time in the market.

That dream will be difficult to bring to realization with the speed of 10 minute confirmation, the world is too large for that kind of patient. If bitcoin has had the speed of an average second to get through without having to wait, then the adoption of the payment will go together with the investment. The lightning network is there though, but people don't use it the way they use the main layer, people prefer the return value to the transaction freedom it offers.


XRP has been a hype and a shitty community if you ask me, haven't you look there growth beyond the media, the only thing they are good at is public relations, the value has not been something to talk about or should I say it has been the opposite of bitcoin, fast transaction and low return, there are even other altcoins that are faster and valuable than XRP but don't make noises like XRP armies.


Perhaps the bitcoin layer 2 will continue to grow but right now, I don't think the main layer speed will go more than this and the adoption might grow though but not linearly, there is set back of speed and we can't get people to use it in that state; Ordinals became the hot next thing in crypto and we all observed how messy the transactions becomes and the mempool became filled up, imagine how it will be if the rest of the world want to use bitcoin.

We can't turn that way too easily when the adoption of these merchants in accepting Bitcoin as a mode of payment is very slow. Even 10 years from now, we can't expect that the majority is using Bitcoin as a mode of payment but still, as a form of investment. While people saw this as a great investment, it was hard for them to be convinced that it was good for payment purposes as well. That is why some will say that it was a failed project as a form of currency but on the opposite side, it was a great revolution in investment platforms.

But I don't think that will happen. I mean, altcoins are controlled by a company or an individual while bitcoin is controlled by the entire community. It can be said that altcoins were centralized from the beginning, and all decisions were made by one person, but that cannot happen with bitcoin. Bitcoin maximalists would never agree to let bitcoin become centralized just for the sake of becoming a currency. They will not compromise with the government, that is what is happening and they will maintain that position.

If bitcoin becomes centralized then that is really bad and that is the end of the decentralized system.

It will definitely be difficult for Bitcoin to turn into a widely accepted payment system due to its scalability and reliability for large volumes of transactions. Moreover, the economy that has been built for Bitcoin is now very good, there is no need to make it a payment system that can be used massively.

So you don't have a government trying to regulate people's money? Something I don't quite understand. If we are talking about fiat, then there is nothing to even think about. Everything is under total control.
And today, the trend is that states are starting to implement CBDC, which will tighten supervision over all transactions in the national currency of the country.
This can be avoided if you use crypto transfers, but not StableCoins. These are completely controlled by the financial regulator.

Based on lower fees transaction actually XRP is better but its not promising as investment assets or payment currency transaction with up and down speculation price. Although Bitcoin with highest fees transaction is better than XRP without get risk price drop suddenly after adapting as payment currency transaction and we need longer time for selling XRP in huge amount. For smaller business is not matter when adapting XRP as payment currency transaction because spent around 0.15$ for fees, but how possibility with huge amount and too risk when using XRP as less risk with fees but have get lower price when XRP sold. For businessman they are not worrying about how much have spent fees but they need price stable with first time transaction.

Will there ever come a day? Nah, as long as we have governments trying to regulate people's money, there would be always something to regulate and Bitcoin isn't up for regulation unless used through centralized platforms like CEX or any custodial wallets.

XRP are partnering with banks since they had someone to contact unlike...... well with Bitcoin. It isn't drawing back Bitcoin though.

I am okay with not all establishment would adopt Bitcoin though.

Yes, today the scalability of integrating Bitcoin as a payment system is not so great, but there is still a trend. The fact remains.
Most entrepreneurs and businessmen are still afraid to accept crypto due to high volatility. They do not have confidence in price stability and this scares them away. There is no stability at the moment. It is easier to use StableCoins, but there is no decentralization, which is contrary to the basic principles of cryptocurrencies.
I believe that the moment will come when many people will understand the benefits and value. They will use everywhere payment and settlements in this way, and not only in the form of assets for investment, speculative operations.

It's very simple, often a family in a poor country makes the choice to send a member (choosing that he is in good health) to an industrialized country.  For example, many migrants from Africa often arrive in Europe.  Once these guys arrive in a stable country, they have to send money to their families and use money transfers, but they have high taxes and are not always present in small towns, so to pick up a family member in Africa, they would have to move to the largest nearby city and risk also of being robbed once you get out of the money transfer.  Instead Bitcoin solves this and does it by reducing sending costs, time and security and of course you don't need a bank account.

it's rare for people to make payments using bitcoin, because bitcoin has fluctuating properties so eventually people will be more comfortable making payments using fiat money, and also not all governments and countries allow their people to use btc as a means of payment, and of course they too have reasons, but I don't care about that because the most important thing is that I can make a profit from investing in bitcoin.

How can people who don't have access to a bank use bitcoin? I mean, bitcoin is not free and to own it you need money, a bank account to buy and sell it. Are you using bitcoin without a bank account? Many people have said the same thing but I really disagree on this one. As long as bitcoin cannot become the world currency, not a measure of value like fiat, and if we want to use it, we will never stop depending on fiat. We should not deny this.