Bitcoin is not suitable as a currency, it's a store of value - page 2.

coolcoinz

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Quote from: Ifemini on March 07, 2020, 03:16:42 AM

For me, i do not think bitcoin can replace fiat totally, because when their are larger transactions to be processed, it takes hours or even a day, except you have to pay Higher fees to process your transaction.

It never takes hours or a day for me. It used to be like that in 2017/18 when the network was spammed by small transactions to make it look like BCH is the better coin because it's faster.
Most BTC transactions these days are included in the first or second block, which means that you will have to try hard not to get a confirmation in 20 minutes.
If instant transactions are a must for your business you can use a payment processor like most online stores do.

bitbunnny

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I can't agree that Bitcoin is not suitable as a currency. Yes, it has certain issues and transactions speed is one of them. However, there is a room for progress and many people use Bitcoin as a currency and payment method, including me. I don't believe that Bitcoin is made only to sit idle in some wallet without being used in real world for real purposes.

wozzek23

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To answer the question you have asked about using bitcoin for transactions and how fast it can be - the truth is that bitcoin is not a fast payment method. There are lots of other cryptocurrencies that are faster than Bitcoin when it comes to carrying out transactions, I can remember the last time I used Ethereum for a transaction and how fast it was; the person receiving it got it instantly, unlike bitcoin that would take some time.

There are also other altcoins that are like that and really fast, but I don't see any of them replacing bitcoin, bitcoin is still going to remain at the top, though I don't think it's going to replace fiat system.

bitcoinethereum

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Hi Ifemini, Cryptocurrencies such as Bitcoin do have scalability issues however there is technology being developed that will drastically help with that. Currently, if you use a Visa card for purchases or paying bills, it can handle 24,000 transactions per second, meanwhile in comparison Bitcoin can only handle 7. However you may have heard the term 'Lightning Network' in reference to Bitcoin. This adds another layer to Bitcoin’s blockchain and enables users to create payment channels between any two parties on that extra layer. These channels can exist for as long as required, and because they’re set up between two people, transactions will be almost instant and the fees will be extremely low or even non-existent. So yes, one day, hopefully soon, the use of crypto to pay bills, etc will be used more and more, and traditional fiat money less.

Tiews223

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Quote from: nancy on March 07, 2020, 06:10:08 AM

Thaths all about transaction processing time. Of course, bitcoin is not the best payment system

From the discussions that I have read from this thread, I have to say that I do agree that bitcoins are more of a stored value rather than a currency. It makes sense as it’s more on mobile transactions, it’s a form of payment but not to be considered as a currency as there is a corresponding value per bitcoin.

Melvoe

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Yes it's true that Bitcoin is useful as a store of value. That's why I'm always trying to multiply my bitcoin and one of the best sites I've discovered is https://cryptiplier.com. Check it out.

cytpoway121

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Quote from: Ifemini on March 07, 2020, 03:28:40 AM

I am still of the believe that It’s hard for any coin to beat bitcoin and be the number one major King Coin in the crypto industry even with scalability being the major problem.

Imagine if I have to pay for a service and it’s taking longer before confirmation of payment. Yet, it’s hard for another coin to overthrown Bitcoin.

Which coin is the best coin to be used for scalability right now, If there is truly one, why are they not fixing it right, now. So as to convince the world that scalability isn’t a problem, so many coins have tried in the past and failed

Does anyone have a few examples?

Just as you have stated yourself, it is hard for any token to beat bitcoin off its perk.
They all thrive off bitcoin price movements, and only few tokens have been able to moon without bitcoin doing otherwise.

Regarding payment confirmation, i think bitcoin is still cheap, even when the blocks are busy and there are lots of blocks, a gas fee of 1.5$ - 3$ to send over 10 btc is the cheapest you will find any where in the world.

Just do not panic and do it right.

FanatMonet

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I don’t have a Bitcoin card for one simple reason, there is nowhere to use it, the nearest Bitcoin terminal is located at 2 hours of flight by plane. Therefore, there is no need for such a card for me yet, although for the sake of interest it could have been issued.

coinfinger

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I understand what you’re trying to say man, and you’re right, I’m not going to lie. When you ask this kind of question in a bitcoin forum you should know that no one is going to tell that Bitcoin is bad or whatever, no matter the situation everyone will always side with Bitcoin because this is a Bitcoin forum.

Bitcoin cannot fully replace fiat because there are ways that fiat is very important and better than bitcoin and Bitcoin also has its own ways of being better. Judging from the example you gave – I don’t think you can do such transaction with bitcoin right, it’s not going to be an instant transaction, unlike when you’re using fiat services like debit card and PayPal and the rest of them.

But like I said, everything has ways that they are better than the other. And judging from the way things are going I don’t think that Bitcoin would be the replacement, governments are already creating their own cryptocurrencies.

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Quote from: maxreish on March 09, 2020, 12:59:26 AM

How many times do we have to discusse and argue about this. I mean, literally it cant be a country's currency but it is a digital currency which can be use as an "alternate" monetary service. And yeah it can be a store value at the same time, a "digital gold" called by them. Since the volatile market can become a good point to make it as a valuable investment.

Reality is that we all preferred paying in fiat than spend our bitcoin with higher fees and slow transactions. So majority use it as a store value rather than use it as digital payments.

Bitcoin and the cryptocurrency must just be used as an "alternate currency" because it will not live if the cryptocurrency became a real currency so it may be just be as good if it is just a digital currency because it is just always back up by the United States Dollars so that it is always that kinds of high and if this became a main currency then probably it will be hard for us because cryptocurrency will be just have a stable value just like the FIAT money.

cytpoway121

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Well,at present bitcoin is not suitable as a currency and also it is not used worldwide. But,those days are not far when bitcoin will take over the world and will be used as a worldwide currency. The restrictions on bitcoin should be withdrawn by the countries. So,for now it will be good for all to store their bitcoin as a future asset.

I think bitcoin is suitable as a currency, and is already used on some platforms already to make purchases around the globe.
For me, i think the mistake is thinking that bitcoin will replace traditional cash policy that we have.

Bitcoin is a good asset, and an alternative payment method, and it will co-exist with fiat.

maxreish

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How many times do we have to discusse and argue about this. I mean, literally it cant be a country's currency but it is a digital currency which can be use as an "alternate" monetary service. And yeah it can be a store value at the same time, a "digital gold" called by them. Since the volatile market can become a good point to make it as a valuable investment.

Reality is that we all preferred paying in fiat than spend our bitcoin with higher fees and slow transactions. So majority use it as a store value rather than use it as digital payments.

maydna

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I don't know about bitcoin ATM because I never try to use that machine. But I think bitcoin is suitable as a currency, and we can use bitcoin to make a payment for anything we buy at online or offline. I think it is the same as we use transferring the money from the bank to the merchant, we still need to wait for a while before the transaction gets confirmed. But yes, I don't think bitcoin will replace the fiat because that will require an agreement from the government itself, but I would like to see bitcoin can work together with fiat to help the payment system works better.

I still use fiat to pay the airline ticket, the hotel, and else because right now, I feel it is better to hold bitcoin in my wallet and withdraw the bitcoin into fiat to buy something I want.

The adoption itself still running until now although we don't know how good people attention about bitcoin, I am sure that the number of people who will use bitcoin will grow by itself.

Debonaire217

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Acceptance to bitcoin as a currency is enough for me to consider bitcoin as helpful to the community, though, implementation of many Bitcoin ATM's is quite helpful in times like this that we seek for alternative payment options. The problem I find about bitcoin suitability to be widely accepted is what OP has stated, if whether bitcoin could sustain its services when a very huge volume of transaction is about to occur.

I think that problem could be solve by improving the bitcoin's blockchain system, or else, people could treat bitcoin as a store of value, and use altcoin for their daily transactions which could make cryptocurrencies even more active.

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Quote from: Ifemini on March 07, 2020, 03:16:42 AM

Today, i was discussing with my friend about bitcoin, and we argued that the world is trying to make bitcoin look like a currency, replacing fiat majorly and used as payment everywhere.

I want to ask a question, if there is a Bitcoin ATM card, and you want to use it to pay bills such as an hotel booking, will the payment reflect instantly while the atm machine or Miners still has to process the transaction?

Also, let’s say in the aspect of payment for services, would you have to wait for minutes? Or hours if there are large transactions to be processed, we are talking of when adoption eventually takes place in the world.
Remember what happened to binance yesterday when India lifted the ban on cryptocurrency, even binance exchange had to do a quick maintenance.

For me, i do not think bitcoin can replace fiat totally, because when their are larger transactions to be processed, it takes hours or even a day, except you have to pay Higher fees to process your transaction.

I will love several suggestions below, to further enlighten and brighten my knowledge.

In terms of payment and small-scale transactions, I think one doesn't need to have such an "ATM card" that would be used to pay bills. Bitcoin is digital, and a lot of people have proven that transactions were smooth and though there are gaps, they were only of a small percentage. It is unavoidable to have minor problems that must be fixed because Bitcoin isn't all that perfect. Connection isn't always fast and there could be a minor traffic. I agree however that Bitcoin cannot fully replace fiat because of its volatility. It can be a reserve, one that can be used anytime, anywhere, as long as it is functioning.

xvids

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Right now it isn't really suitable for payment or be consider like other currency because of it's volatility.
And others wouldn't use it as currency even if they could because they don't want to miss the chance to gain profit by holding it.
I think it is still early for it to be consider as a payment option once the price get's stable then maybe people would try to consider it.

hatshepsut93

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Quote from: Ifemini on March 07, 2020, 03:16:42 AM

For me, i do not think bitcoin can replace fiat totally, because when their are larger transactions to be processed, it takes hours or even a day, except you have to pay Higher fees to process your transaction.

Bitcoin doesn't need to replace fiat wholly to be considered a currency, even if only a small number of people use it, it's still a currency. Todays transaction fees don't stop Bitcoin from being a currency, and we don't know just how high they will be in the future, since it depends on Bitcoin's popularity. But even then we have the Lightning Network which tackles scalability, so Bitcoin can easily be used by millions of people. And being a currency or a store of value don't contradict each other, Bitcoin can be both.

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Quote from: 20kevin20 on March 07, 2020, 09:05:51 AM

That's true, but it works all fine as a currency until it comes to the fees. I've placed some orders on a website and all went very well until the day I found out the fees they took for every transaction was actually more than 5%.
That's a turn-off for me.

Are you talking about network fee (miners) or some fixed fee which was added by the seller? Most of those who accept Bitcoin as a means of payment use intermediaries (payment processors) and extra costs can occur exactly in that part of the payment. Also, if the primary price of the service or product is expressed in fiat (and usually this is case) most payment processors will charge you at premium BTC price, which would mean that paying for the same product or service with BTC is a little more expensive than paying with fiat.

When it comes to network/mining fees, it always depends on the state of the blockchain/number of current transactions in mempool, and as I show in my previous post, it is possible to send hundreds of millions of dollars worth of BTC for only $0.10.

20kevin20

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True, I agree with your statement that BTC can never be used as a currency due to its volatility. If we use BTC as a currency there might be huge discrepancy because the value will not be the same, but BTC is the best channel for cross border transactions. I think we should stop thinking about BTC being used as a currency Even if the allows to use this as a payment method but a stable coin can do and act as a currency without any hassle.

Using stablecoins as cryptocurrencies is the worst thing you can do. Stablecoins or fiat is the same shit. USD inflation will be absolutely equal to USDT inflation. You'll own just as much shit fiat as you would if you keep your money in banknotes.

You can't get rid of fiat without having to experience the negative sides of it.

fiulpro

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I do think it is quite variable , when we talk about the bitcoins it depends on individual to individual basis , maybe someone plans on transferring their money overseas and the government is charging a lot then comes the baking fee and it is quite difficult to proceed .
In this case I do think using bitcoins instead of the Fiat will give good results .
Contrary to a person who plans on going to a market spread the market is street market , you cannot just go around asking people if they accept BTC , plus you cannot make small small transactions even with the lightning network , you would still pay more.
Therefore I think a lil bit of both does the trick .

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