Bitcoin as payment system - page 64.

Aura

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Quote from: Hexcolyte on December 04, 2017, 07:13:58 AM

Quote from: Aura on December 04, 2017, 07:04:32 AM

At this moment Bitcoin is not really suited as a payment system. When I want to do a micro-payment for example when I buy groceries at the local supermarket, I have to pay at least $5 to get my payment through. So if I buy groceries for $30, I actually pay $35 which is 17% more than is stated on the bill. However it's not really the fault of Bitcoin, there is a solution called Segwit. But nobody seems to care, because Bitcoin is seen as an asset instead of what it was intended for. If we really want to use it as a payment system again, then more wallet developers have to implement Segwit in their software and users should switch to wallets supporting Segwit addresses.

Agree, scaling issue. Bitcoin simply cannot process too many transactions at once, which ultimately defeat the purpose as a global currency. Imo Bitcoin is more like gold, an asset that has value and can withstands for a very long time. Right now they are too many political issues going around Bitcoin, and it has slowed down the entire evolution of Bitcoin, giving other cryptocurrency a chance to improve themself and become better than Bitcoin in terms of transaction speed.

That's why I prefer to use Litecoin for micro-payments if the seller accepts it. Litecoin is identical to Bitcoin but it doesn't have the scaling problems yet. It's one of the only crypto-currencies besides Bitcoin that I really trust, also because it was created before the hype.

tobson2

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Founder & CTO at savedroid AG

Imho Bitcoin is too expensive and too slow to be a good everyday payment system. But you never know what the future will bring.

neatworld

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I can see Bitcoin as a store of value, but not as a viable payment system. Even on my small trading level now, if I want to move BTC from one exchange to another, I think twice because of how ridiculously high my fees are. And it's slow. So I do exchange my BTC for different cryptos before moving my money around. The same thing would apply to BTC as a payment system.

I think of Bitcoin like a bar of gold - enormously valuable but you can't exactly lug one around to pay for your everyday purchases. That is where a different crypto can really shine. Now which altcoin that would be remains to be seen!

God Fist

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I guess that bitcoin will be a part of the future of the whole world since it is the first real "global currency" . Bitcoin is now getting compared to gold and other high valued currencies and so much companies adopted it as a payment method so i'm pretty sure that it'll be much used in the future .

Sasuke102001

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Many online websites accept Bitcoin as a method of payments but those are digital items. But when we talk about everyday payments like on general stores or other places Bitcoin is totally unsuitable for this situation. The reason I think it is unsuitable is the high transaction fees and it takes a good amount of time to complete the transaction, so just imagine you being in a store to buy something and you just have to wait for half an hour for just the transaction to be completed. People just prefer credit cards or debit cards for such things.

lunatics14

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Bitcoin can be used to pay bills or other online transaction because you can convert it to your currency.

whoisyourking

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Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

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? Undecided

And how do you see it's future?

This is a good idea but this is not ideal to implement in many country without enough source of energy, i think we can create a physical bitcoin to use and presented if somethings happen to online currency.

A1exander

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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.

Hexcolyte

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Quote from: Aura on December 04, 2017, 07:04:32 AM

At this moment Bitcoin is not really suited as a payment system. When I want to do a micro-payment for example when I buy groceries at the local supermarket, I have to pay at least $5 to get my payment through. So if I buy groceries for $30, I actually pay $35 which is 17% more than is stated on the bill. However it's not really the fault of Bitcoin, there is a solution called Segwit. But nobody seems to care, because Bitcoin is seen as an asset instead of what it was intended for. If we really want to use it as a payment system again, then more wallet developers have to implement Segwit in their software and users should switch to wallets supporting Segwit addresses.

Agree, scaling issue. Bitcoin simply cannot process too many transactions at once, which ultimately defeat the purpose as a global currency. Imo Bitcoin is more like gold, an asset that has value and can withstands for a very long time. Right now they are too many political issues going around Bitcoin, and it has slowed down the entire evolution of Bitcoin, giving other cryptocurrency a chance to improve themself and become better than Bitcoin in terms of transaction speed.

Aura

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Activity: 518

Merit: 268

At this moment Bitcoin is not really suited as a payment system. When I want to do a micro-payment for example when I buy groceries at the local supermarket, I have to pay at least $5 to get my payment through. So if I buy groceries for $30, I actually pay $35 which is 17% more than is stated on the bill. However it's not really the fault of Bitcoin, there is a solution called Segwit. But nobody seems to care, because Bitcoin is seen as an asset instead of what it was intended for. If we really want to use it as a payment system again, then more wallet developers have to implement Segwit in their software and users should switch to wallets supporting Segwit addresses.

eternalgloom

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I think you'd be surprised by how many people already use Bitcoin as a payment system, some people really have no other option than to use Bitcoin really.
Bitcoin allows people who have no access to regular banking to send money to each other or pay for services.

I'm not only talking about people living in third world countries, a lot of minors/teens also use Bitcoin to make online purchases by trading giftcards for it and using the Bitcoins to buy games on Steam for example.

As it stands now, Bitcoin might not be suitable yet for micro-payments, but that's going to change once off-chain transactions become a thing, you'd be able to send a transaction for way lower fees than now.

In conclusion, Bitcoin will be the preferred method of payment for people who can't get a bank account or credit card, there are more people like that than you would think.

penig

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You don't invest in money, you use money to invest in assets/business. If Bitcoin is expected to appreciate, then you loose prospective wealth by spending it. Therefore its not suitable as a currency, I'll hold and liquidate amounts in future, as I would do with other assets.

xebecstyx

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Quote from: aleksej996 on December 04, 2017, 05:48:38 AM

I think Bitcoin will prevail as a payment method. A lot of people are focusing on Bitcoin price, but Bitcoin is still a good technology. It is the best system out there for payment transactions and store of value (in other words, currency).

You don't need to register, you just need a secret number to receive bitcoins. A lot easier then other payment methods.
You own your money and no government can take it from you with inflation or a failure of banks.
It is decentralized and open source, so it is secure and private. Security of every Bitcoin transaction is independent and of each other and at highest level.
In other payment methods, you hack one entity and you hacked all their users. (Paypal just had a breach this Friday).

It is simply objectively the best. Fairest, fastest, easiest to use, private and most secure. It isn't just the best, it is 10 times better then anything out there.

It is highly possible for that to happen. Bitcoin has been upping its value and market relevance as of late, and so, it's not new anymore if it comes to a point that it would be a more reliable means of payment compared to how it is now. I think if more people would see its benefits and how it can change the market landscape for good, it would then be seen in a new and better light that people would inevitably trust it more, and may be accepted to more establishments as a means of payment.

drmarcobelli

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Transforming the Global Shipping Industry

I use bitcoin as my only payment system/platform online.
Almost everything online uses bitcoin. PP sux.

ReindeerOnMe

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Quote from: CryptoMath_TV on December 04, 2017, 06:20:42 AM

Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

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? Undecided

And how do you see it's future?

I actually think it is in a bubble right now and it will burst some day.
If you look at the average amount of transactions per day from 2016 to now, you can see a growth of maybe 10% and thats probably already to high. Where as the prices have risen thousands percent!
So that beeing said means that Bitcoin hasnt got more real adoption usage compared to the price growth. Transaction Fees and Processing right now are way too high.
But anyway - I love Bitcoin and I believe in it! I am convinced that those problems will be solved somewhere in the future and that people will find solutions for this. Also the real world adoption will continue to grow even if it isnt happening as fast as many people think right now. So I think the bubble will blow up in the next few months - but if you have look at the longterm (several years) Bitcoin will be used as a payment everywhere and the prices even higher than right now.

If bitcoin is a bubble I think it has burst even before reaching $11,000. A lot of people are gaining interests in these digital currencies and I think it is just normal for bitcoin to reach such price. But I am also keeping in mind that possibility and I think if it did burst, it will be a chance for me and a lot of other holders to buy bitcoin and another pump I think will happen because of it.

eagleman

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Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

How do you think, will we be using bitcoin as payment system?

Bitcoin has been used for several transactions as a payment system and maybe you just get into bitcoin and doesn't know about that thing.

Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

Or it will stay as it is and this bubble blow up one day? Undecided

Where are you getting the idea of bitcoin is a bubble that will blow up? Do you really think that bitcoin is a bubble? Many are saying about it and I don't know why you are still staying for having that belief.

Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

And how do you see it's future?

It will be great.

CryptoMath_TV

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Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

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? Undecided

And how do you see it's future?

I actually think it is in a bubble right now and it will burst some day.
If you look at the average amount of transactions per day from 2016 to now, you can see a growth of maybe 10% and thats probably already to high. Where as the prices have risen thousands percent!
So that beeing said means that Bitcoin hasnt got more real adoption usage compared to the price growth. Transaction Fees and Processing right now are way too high.
But anyway - I love Bitcoin and I believe in it! I am convinced that those problems will be solved somewhere in the future and that people will find solutions for this. Also the real world adoption will continue to grow even if it isnt happening as fast as many people think right now. So I think the bubble will blow up in the next few months - but if you have look at the longterm (several years) Bitcoin will be used as a payment everywhere and the prices even higher than right now.

marky89

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Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

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.

I think these are two sides of the same coin. Remember Satoshi's message from the genesis block -- a reminder of the bank bailouts and the threat they are to the integrity of money. Sound money is both an investment and a medium of exchange.

Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

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?

There will always be demand for robust, censorship-resistant, permanently stored public payments and data. For transferring lower value, I think that the Lightning Network (payment channels) will serve our needs well. Even if it turns out to be a hub-and-spoke model, it'll still be trustless. Since confirmations aren't required for LN transactions, fees will be much lower. Satoshi had payment channels in the original software, and now that we have addressed transaction malleability, we can start using them.

Creepings

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Quote from: aleksandra_kickcity on December 04, 2017, 05:34:43 AM

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? Undecided

And how do you see it's future?

I think there are a lot of work need for bitcoin to be a good payment system and the most top on the list is stability which I think this time around is impossible. A lot of people are making their way into bitcoin so the price is still pumping quickly, if the price can't be controlled, it will always go rampant as usual making it a good asset not a payment.

I think the future of bitcoin is so hard to predict because as it's volatility, it can reached new heights that we will never know, and I think the more it pumps and dumps, the more it is going away from being a currency used in payment, but still there are some that accepts bitcoin as payment.

rgcoin

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There are many benefits to using Bitcoin as a payment system. This article will discuss the advantages for buyers and merchants to using Bitcoin as a payment system, and it will also discuss escrow services, the future of Bitcoin in commerce, potential drawbacks, and a summary on the benefits.

Bitcoin offers many advantages over traditional banks. It allows sending payments internationally without concern for currency conversion, it allows transaction confirmation within 10 minutes typically, and transactions cannot be reversed once made. This side can be seen as a positive or negative.

There have been security improvements since its inception, which make it safer to store coins when large companies hold extreme amounts of funds, and also for buyers. The Bitcoin network and blockchain is very secure with a great deal of computing power working to secure it.

Topic: Bitcoin as payment system - page 64. (Read 6074 times)