Topic: After all these years - page 5. (Read 859 times)

Bitcoin is something we don't predict when the value will fade and when the value will be recognised generally, this question has been a general question to everyone who is into cryptocurrency and mostly bitcoin, what I want you to know is that Bitcoin is a currency that government always kicked against and before it can be payable system across the world that means world Bank will recognised it adoption, right now bitcoin can be use as a system of payment because of your options in bitcoin, and secondly individual kind of payments, I can establish a business and I will decide the payment system, I can decide to make payment with bitcoin or to make payment with fiat currency, its basically my choice, but aspect of government making bitcoin a payment option, it will take time that means bitcoin will be a legal tender across the nations.

The initial concept is that we still have to know that bitcoin is only an option and indeed it is already happening even though only a small percentage are doing it because basically expecting something like this globally does not mean it cannot be done, it is just very difficult to do.
There are still many people who don't even know about bitcoin and right now we are just a commodity but of course that's good.
I don't really care about whether it's going to be global or not but as long as the regulation on bitcoin is still understandable I think it's still going to be very fine and I'm comfortable with something like this. there's no need to ensure or force them as legal tender globally because it's a hard job to do and forcing it is just going to make it harder for us as bitcoin users because of the regulations.

This is difficult to anticipate or guarantee because many people join bitcoin on a daily basis with the purpose of investing rather than using it as a payment system.  Because of bitcoin's unpredictable nature, people prefer to invest in it rather than use it as a payment system for buying and selling services on a regular basis. I don't blame such people because they are attempting to decrease the potential of risk being taken.


Satoshi developed Bitcoin to be primarily used for payment reasons as an alternative to the centralised money we use. The investment part makes it a more viable choice with lower risk than the payment option. Even with what XRP and Chain Link are accomplishing right now, they still have drawbacks.

People try to adopt things that are not so costly, and banks also adopt things that would remain under their control, which means centralization. And we both know BTC is proving none of them. For example, a small transaction will cost around 0.5 to 3 dollars. It rarely costs us 0.5 to 0.9 dollars because most of the time a single transaction, whether it is for a product or not, is $3, but the fee will be around $1. This means the transaction fee is the main thing that is preventing merchants from using it for payment methods. But let me tell you, if the transaction fee becomes lower, then BTC will be the most used coin for such purposes.

I think that day will come when the cost of transaction fees will be lower and more affordable for small merchants.

Bitcoin potential has made it far beyond payment method. If you look at it very well,weather if nobody uses bitcoin as a payment system,it doesn't change anything,what matters is that as long as it keeps it value and volatile nature. The government is another challenge that is depriving using the use bitcoin as a payment system to increase because it is illegal in some countries.

XPR can be use for payment because it doesn't have any value and nobody will love to hold it for a long term,nobody cares that much about altcoins. Also with fiat,we can't do without fiat since it is the primary currency for payment. We all have different purposes for buying bitcoin and this is why it wouldn't be possible for the rate at which bitcoins serves as an alternative payment method to increase in the nearest future.

One of the things that hinders the use of bitcoin as a means of payment is probably its decentralization. I don't think countries want to take the risk of using a currency they can't regulate, besides that the fluctuation in the price of bitcoin is also very high making it difficult to convert the value of an item into bitcoin.

But, I believe that bitcoin will definitely become a currency and can be used for payments, it is only a matter of time until the bitcoin community develops and bitcoin will be effective for cross-border transactions.

Maybe we just have to wait until bitcoin will become the world's payment currency, maybe we need to wait another 10 or 20 years. I hope it will happen sooner

Precisely. I believe its volatility becomes a big barrier from becoming a global payment system. It’s value is never fixed and it always fluctuates, so it’s really hard to make it especially as a legal tender. But despite of that, I simply love the idea that bitcoin will remain as a valuable asset or investment. That way, it will continue to improve people’s lives through taking calculated risks while investing into bitcoin. And at some point, will continue to frustrate people most particularly those who keep investing to satisfy their own greed and financial desires.

After all these years, we are still waiting for bitcoins to have a legal status and be accepted by the majority. You know it has not yet gotten there. When that time comes, and bitcoins become accepted, it becoming a medium for daily payment will no longer be in question. Investment is the mindset some people have for it at the moment, that is why they do not use it for transactions, but at a time, it will grow into both a means to transact with widely and something to invest in.

I imagine a future where bitcoins will be used as payment for large transactions, not for little payments.

And that's the reason why most of the banks welcomed XRP as they are not a threat to fiat money. It would be hard to use Bitcoin as a payment to any transactions due to it's volatility. Imagine you bought something that cost $100 with Bitcoin then suddenly Bitcoin's value decreased drastically or increased. Some maybe would say it would be an advantage to the receiver as they can hold a lot of Bitcoin but only in a long run. Businesses needed funds so if those payments are still considered investment, what would be the capital to keep the business running right? It's just too complicated. It's volatility has been used as advantage for investment instead than using as a payment tool.

Some things take a long time to happen. We are talking about possibilities, there is a possibility that what is said will come true. Generally speaking, Bitcoin is currently traded for profit. Few people care about the technology behind it. However, despite this being the case, even the decentralization that Bitcoin brings to us and the freedom to transfer without being dependent on the bank is a big improvement.

We all understand what the OP is worried about and wants to happen. Today, we can see that even those who want to see Bitcoin as an investment tool and make a profit benefit from the innovations brought by Bitcoin. I can't criticize anyone for their perspective on Bitcoin.

But we also can't blame people when they focus only on profits and ignore the factors that make bitcoin more popular. Even you and I both consider bitcoin an investment rather than a currency, how can we expect someone to sacrifice their interests to support the community for nothing?
While bitcoin cannot become a currency, I don't see anything wrong with it as an investment. It remains a decentralized asset that still benefits everyone.

I fully understand what OP is worries about and share his idea. It might turn that people will see in cryptocurrency not only technology, possibility or chance, but only financial side (buy low sell high - in short). That we will never use crypto as it was intentionally created for, but rather only resell in to get profit. That imo is what pauses mass adoption. No one wants to use crypto worldwide. All we care is price to grow, get some profit and immediatelly turn that into fiat.

We need to see in which direction Bitcoin will go when its volatility decreases significantly. If it happens that bitcoin reaches some price level at which it becomes too large, then it will no longer be able to repeat the same cycles with the same growth as it was in previous years, and in this case there will be no point in using bitcoin as an investment, it perhaps become a store of value, some kind of inflation hedge, and perhaps at that time it could be used as means of payment if most countries accept it as legal tender.

More time is needed to understand which development path Bitcoin will take. And as long as it is a good investment tool, that is how it will be used, there is nothing wrong with that.

IMO, this is the same as questioning why bitcoin is so difficult to move at a time when bitcoin adoption rates continue to increase.

Bitcoin will always be difficult for them to accept as a means of payment in this case the government and banks because they cannot control the decentralized nature of bitcoin. In contrast to XRP and other altcoins which are easily accepted because of their different nature from bitcoin. As some members here have pointed out, comparing bitcoin to XRP and other altcoins really isn't ideal.
So, you don't need to worry and you don't need to be sad if bitcoin is not accepted as a payment system.

Each coin is created with a different purpose and a partnership between XRP or Chainlink with banks is not an achievement to be praised or boasted about. Because they completely go against the decentralization concepts that bitcoin has created for us and it is lame to compare bitcoin to those shitcoins.

The path for bitcoin to become a payment method is increasingly remote, but if only to achieve that goal must cooperate with banks or become centralized, I am completely against it. Personally, I never expected bitcoin to lose its decentralization.

Why should you be sad to see XRP partners with banks to make international transactions while bitcoin doesn't?
It would be better because I can keep the bitcoins for long term investment and use XRP for other things.
But I also don't use XRP for international transactions because I still don't need to use crypto for transactions like when I use fiat.
It all depends on the readiness of the government, banks and business actors because if only we as bitcoin users feel ready while they are not ready, it will also be of no use.
So for now, it's better for us to focus on making bitcoin only as an asset while waiting for a government and bank decision.

Xrp and chain link or which ever other coin partnering with banks completely defeats the sole purpose of what decentralization means and stands for , when Bitcoin was created or was in development, satoshi never envisioned that Bitcoin will one day partner with banks and other government owned and operated payment systems, if satoshi had any of such plans in his mind, he probably would have included it in the Bitcoin whitepaper.

Bitcoin was created to become a completely decentralized payment system standing on its own with no intermediaries, third parties what so ever , and Bitcoin , even though today is seen as more of an asset than a currency that should be spent on day to day expenditures, will still fulfill that purpose of becoming a completely decentralized payment option for people, without the banks, banks aren't needed ,they were never needed .

Initially Bitcoin was meant to work as a payment system because Satoshi introduced it as a p2p payment system but after sometime people realized that Bitcoin can be a great asset for investment purposes. The investors started investing money into it and as more money came into Bitcoin the value of it increased overtime. Now in current times it works as a store of value and also as a p2p payment solution, but it has lost some of its p2p nature due to intervention of centralized exchanges. However, it still works as a p2p payment solution without any doubt.

Bitcoin is still a well known payment solution and many people are using it for that purpose even till this day. If you carefully read the signature campaigns of our forum then almost all of the participants that are working for those campaigns are paid using Bitcoin and that shows us the importance of Bitcoin as a payment solution. The payments made with Bitcoin are still decentralized and transparent at the same time. I don't think that Bitcoin will ever lose its main purpose even if it's value goes above $120k per coin.

Bitcoin also works as a multipurpose solution these days, it's working as payment system as well as a store of value. The ones who invest in it consider it as a store of value while the ones that are being paid with it consider it as a payment system. We can find example of both of those approaches in this forum. The payment system example can be found on the signature campaign threads where participants are paid with Bitcoin, and the asset example can be found on speculation board also on WO thread where people consider it as an asset of investment.

Doesn't that somewhat defeat the whole point?  If Bitcoin began partnering with banks, I suspect a lot of users would start jumping ship.  It largely comes down to financial independence and self-determination.  If people want to use their bitcoins as a currency, they are free to do so.  If people want to save their funds for future and treat it like an investment, that's fine too.

What worries me is when some people believe they're in a position to judge what others should be doing with their money.  I very much doubt people get into Bitcoin just to fulfill your wishes about making Bitcoin primarily a currency.  Stop and ask yourself, what business is it of yours whether others are spending or hodling?

Didn't it remain as a payment system? It always has does.

How about you getting paid for your campaign? That's one perfect example of it.

Whilst for Bitcoin, there's no need for any partnership or integration. It is already a payment system but with its use, that has made it another use of it which is an investment. The use of it as a payment system for P2P has never been gone.

It is because not all of the people in the world like Bitcoin. Even if it's accepted in almost every country, there will still be haters and bashers of it that prefer the traditional system and even us, we can't skip yet the usage of it.

What's the achievement of XRP and Chain Link? Comparing it to Bitcoin is like comparing oranges and apples.

No. Maybe it's just a few of you guys that are thinking like that. Bitcoin has never gone its purpose for being a payment solution and so if it's also a store of value, those altcoins you've mentioned are also playing the same thing.