Topic: Bitcoin as payment system - page 54. (Read 6073 times)
At this time, bitcoin isnt for me a payment systen. Its very valuable at the time, but i dont think it can at the moment a paying system because of the technic behind. It can handle just 4000 Transaction in 10 minutes. You its overloaded since weeks. And the community is doing nothing against. So before the technic ist up to date, it will never be a payment system.
Bitcoin is being used in many places for payment it is better as now bitcoin is being recognized and being used in many places and we can use it is online transactions also. But it has some charges also and some times there is no system update or internet availability is not there then there will be problem in doing transactions but still I think bitcoin is our future.
We all know that Bitcoin is one of the best ways to invest your money. However, we know that Satoshi wanted to change money as we know it rather than new investment model.
How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?
And how do you see it's future?
You know, this is what bitcoin is made of. For payment system and also for investment. It's like hitting two birds with one stone. In stocks market, you're just investing, but you can't pay other people for that. It will stay for the both good. As a bubble and as a payment system. How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?
And how do you see it's future?
it is very difficult now to see bitcoin as a means of payment, because they are always moving without rules, maybe every country needs to think about to replace money on bitcoin, which I see today for the future bitcoin will be increasingly in demand, as a future investment, but blockchain will work same in payment system. I think it will be great.
Bitcoin is a trading tool, an investment, investment, but I do not see it as a currency
I will highligt buyer perspective for bitcoin as a sistem.
There are many benefits for buyers when it comes to using Bitcoin. It allows fast confirmation time within 10 minutes, which is handy for international transactions. It allows you to purchase items from abroad without worrying about currency conversation. Storage of coins is not difficult. The transaction fee is paid by the sender of the coins but this is typically pennies.
It could result in a lower overall cost of items purchased by a buyer due to the merchant not having to pay large processing fees among other things.
Bitcoin wallets can be used on any electronic device such as android, apple, PC, and some wallets can be on USB type sticks.
Safety for Bitcoin use on large transactions between private sellers and buyers have also greatly increased with multi-signature wallet escrow services.
Bitcoin is a payment system. Theoretically there should be more people trying to keep the coins somewhere so the price will grow though they are too impatient whenever they see the price gain a few dollars.There are many benefits for buyers when it comes to using Bitcoin. It allows fast confirmation time within 10 minutes, which is handy for international transactions. It allows you to purchase items from abroad without worrying about currency conversation. Storage of coins is not difficult. The transaction fee is paid by the sender of the coins but this is typically pennies.
It could result in a lower overall cost of items purchased by a buyer due to the merchant not having to pay large processing fees among other things.
Bitcoin wallets can be used on any electronic device such as android, apple, PC, and some wallets can be on USB type sticks.
Safety for Bitcoin use on large transactions between private sellers and buyers have also greatly increased with multi-signature wallet escrow services.
As a payment systems, it has both advantages and disadvantages.
Advantage – it’s easy to use, transactions can be done with few steps online, no worry for currency exchange cost, no botheration about KYC and related things, extremely easy for international or cross border currency transactions.
Disadvantages – In case of wrong transfers its difficult to get it back because here we don’t maintain any customer personal information, risk of fraud because of no escrow account in between, no single regulatory
Advantage – it’s easy to use, transactions can be done with few steps online, no worry for currency exchange cost, no botheration about KYC and related things, extremely easy for international or cross border currency transactions.
Disadvantages – In case of wrong transfers its difficult to get it back because here we don’t maintain any customer personal information, risk of fraud because of no escrow account in between, no single regulatory
In its current state bitcoin is completely unsuitable for everyday payments. The capacity is low, transactions are slow and fees are very high. Waiting for half an hour and paying $5 commission to buy a cup of coffee or even an online game? I have my credit card, thank you. And I prefer to consider bitcoin as an investment. A sort of 'digital gold', much more convenient that gold bullion, however.
Sounds interested that you've shares what you've experienced, I thank you but I hope it will allow sooner as a payment system, in that case people will humble walking anywhere knowing that they don't have a problem of money because we have bitcoin as a system of payment and it helps us a lot of hasle if we have to bring bigger money specially risk.
Well what i see is Bitcoin really has the potential to change our payment system, one of the reason satoshi created bitcoin is to eliminate 3rd parties in a transaction so you can transact directly, Bitcoin in the near future will gonna get recognized by so many people that it can change our system.
I will highligt buyer perspective for bitcoin as a sistem.
There are many benefits for buyers when it comes to using Bitcoin. It allows fast confirmation time within 10 minutes, which is handy for international transactions. It allows you to purchase items from abroad without worrying about currency conversation. Storage of coins is not difficult. The transaction fee is paid by the sender of the coins but this is typically pennies.
It could result in a lower overall cost of items purchased by a buyer due to the merchant not having to pay large processing fees among other things.
Bitcoin wallets can be used on any electronic device such as android, apple, PC, and some wallets can be on USB type sticks.
Safety for Bitcoin use on large transactions between private sellers and buyers have also greatly increased with multi-signature wallet escrow services.
There are many benefits for buyers when it comes to using Bitcoin. It allows fast confirmation time within 10 minutes, which is handy for international transactions. It allows you to purchase items from abroad without worrying about currency conversation. Storage of coins is not difficult. The transaction fee is paid by the sender of the coins but this is typically pennies.
It could result in a lower overall cost of items purchased by a buyer due to the merchant not having to pay large processing fees among other things.
Bitcoin wallets can be used on any electronic device such as android, apple, PC, and some wallets can be on USB type sticks.
Safety for Bitcoin use on large transactions between private sellers and buyers have also greatly increased with multi-signature wallet escrow services.
We all know that Bitcoin is one of the best ways to invest your money. However, we know that Satoshi wanted to change money as we know it rather than new investment model.
How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?
And how do you see it's future?
How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?
And how do you see it's future?
it's better and make the future better than now because digital currencies like bitcoin are more efficient and can be developed for all kinds of payments. bitcoin is also not only for the payment system but bitcoin can be used for saving or long-term investment.
It is a better payment system than credit cards. From its features it is almost an ideal payment method. Even though transactions are irreversible, it is just the human's fault why they're not checking the address properly. Aside from that, transactions fees is an issue and it needs to be change since it destroys that users satisfaction about it. Lastly, is its volatility, bitcoin price changes and if the price collapsed there will be some upset business persons in the market.
BTC wiill never be accepted as a common-use payment system unless it’s cost stablizes. If you were a retailer, would you want to accept BTC not knowing what value it would have in an hour? If you were to accept it based on value in any monetary denomination, it simply becomes a means of financial exchange, not money.
You are right there dude because bitcoin is highly volatile and you cant be sure what will happen in the coming years plus the transaction fee is high and the transaction takes too long .
I think this is great because payment that will be made will become faster and more secured but there is a problem that to be considered now because of the rise of bitcoin's price the fees in some exchange and bitcoin selling sites become more so expensive that it can be bigger that the bills that you are paying i hope this would be resolve soon so many users could use and purchase bitcoin as their payments.
Bitcoin can't be used as a payment system now because the fees is just too high to transfer it and the confirmation time is also high. However, if the transaction fees gets low and the confirmation time gets reduced then it will be easily used as a mode of payment, right now it's more of an investment tool.
Fees is are high for a long time now, and its ridiculous how hog there are. Yesterday on Xapo minimum fee for sending bitcoins was 1.3 mBTC!!! That is just too high, how can this bitcoin become payment system when transaction cost more then product?
I hope that this lightning network can solve this transaction fees, without it I don't know how long can we last and for what we can hope, transactions are too high I'm speaking about it for months and I don't know when we will the end of that problem!
I don't know why bitcoin developers don't update bitcoin platform and blockchain so that we have much lower transactions fees. The current fees are just crazy, nothing else.
Bitcoin can't be used as a payment system now because the fees is just too high to transfer it and the confirmation time is also high. However, if the transaction fees gets low and the confirmation time gets reduced then it will be easily used as a mode of payment, right now it's more of an investment tool.
Fees is are high for a long time now, and its ridiculous how hog there are. Yesterday on Xapo minimum fee for sending bitcoins was 1.3 mBTC!!! That is just too high, how can this bitcoin become payment system when transaction cost more then product?
I hope that this lightning network can solve this transaction fees, without it I don't know how long can we last and for what we can hope, transactions are too high I'm speaking about it for months and I don't know when we will the end of that problem!
Bitcoin can't be used as a payment system now because the fees is just too high to transfer it and the confirmation time is also high. However, if the transaction fees gets low and the confirmation time gets reduced then it will be easily used as a mode of payment, right now it's more of an investment tool.
We all know that Bitcoin is one of the best ways to invest your money. However, we know that Satoshi wanted to change money as we know it rather than new investment model.
How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?
And how do you see it's future?
How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?
And how do you see it's future?
We could not know for sure. It was built by Satoshi to be a payment system, but time after time it turned out to be not usable for daily transactions and now it is only a speculation tool. But there are some improvements programmed to solve scaling system, so I'm still confident.
Just imagine a Bitcoin with high price, but with low fees and fast confirmation time as well. If it will become like this, then fiat currencies are just doomed...
I think bitcoin is failing as a payment system but succeeding as an investment and asset. Things might change in the future with scaling solutions but as it stands right now it is pretty much useless for anything but larger payments where a few dollars in fees won't matter.
I don't think it's failing. It's still relatively quick and cheap provided that you're using batch payments or buying expensive goods. Partial anonymity combined with no chargebacks and decentralized payments which means that nobody knows how much money you really have aren't cheap and that's what you're paying for.
You have to realize that purchasing power of fiat money is decreasing. 100 years ago you could buy a lot of things for $1 and people were widely using cents. Now you can't buy anything for 50c, even $1 doesn't mean much. Had it been rougher you might actually wipe your butt with it in the time of need
Bitcoin as payment system is a highly welcomed idea which all who understand and use bitcoin will love. Means buying and paying for things will be more easier than we used to. Hope soon bitcoin payment system is accepted everywhere.
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