Topic: Bitcoin will NOT surpass traditional methods of payment. Convince me. (Read 539 times)

Your concerns are valid but first of all I'm not sure if there is any entity producing that amount of ASIC miners. Only if they would buy another miners' whole operations by paying a supra-price for their operations, but I don't think any mining farm would give up their mining operations taking into account the upside potential that Bitcoin has.

BUT, as far as I see Bitcoin - as a currency is not yet a threat for banks and probably they won't consider interfering in this way with the cryptocurrencies and by the time they do believe is the time to interfere it is going to be too late as (my belief) is that BTC will actually start being used for daily, mundane transactions only when its value will be somehow stable.

Bitcoin is not accepted by the world central banks and the governments but it doesn't matter because the use of Bitcoin increasing day by day. Question arises why people switch to Bitcoin?Obviously they feel more comfort as compare to traditional banking system.

It is acceptable that the transaction of Bitcoin slow than the Ether,So if we talk about overall crypto it will be accepted by the people and if not now but later it will be legalized and no once can stop the crypto. 

Decentralization is needed and it is acquired by the people. I am against your idea of it cannot be act as an alternative of fiat, I am of the view that not in future, but in present time it is acting as a best alternative of fiat currencies. People have adopted it as an option at all places where it is acceptable as a payment method. People are also investing huge amounts in trading with digital currencies. These are the results of its usage and acceptance by the people.

How will someone get you it funds? You can't Rob a bitcoin address like your u can with a bank. A bank is physical and a waste of space. Who told you that stolen funds will be given back? If you have your money stolen the banks not going to replace it. Only if it's their fault. If you get hacked or your money is stolen some how like you held up at an ATM then guess what? Tough luck that's life. Do you honestly think the bank will replace stolen money? That means criminals would generate infinite funding without ever effecting the balance of anyone's account but the value of the currency will go down. Oh and I know you talking about banks being h ld of up and robbed what a useless and stupid argument. Bitcoin has no bank your u are the bank.

It is quite true that regulation is what restricts people to do what they want in their own way, but I've known allot of people getting rich without considering the fact that they save their money to banks, in the first place banks will really help you to safely store your money, incase that the bank get's robbed, they have the option to still give the money of the people back because they are backed by the government. decentralization on the other hand will grant complete ownership of bitcoin and crypto, thus, taking the opportunity of regaining back the funds if it lost.

Why try to convince someone of something. We will soon know the answer. But I don't think it will happen in the next 5 years.

Well, who says the Bitcoin is created to surpass the traditional payment method? Because, as far as I know, --the Bitcoin was created just so the people can have an alternative payment option while having transactions online. Bitcoin is like the first version of the windows operating system. The most basic, but the foundation of its next generations.

Indeed, I can tell that Bitcoin is at its early stage. We won't need to convince each other here. We are here to observe what will happen to the next era of the payment methods and trades.

You are right on saying that. However, I think that although crypto might not be a good alternative to fiat and such payment methods, the decentralization is very much needed in the modern world as institutions and businesses are making the wealthy wealthier and poor poorer by their manipulative techniques. Every pros come with cons, it's just how we manage to milk out from it.

These features make Bitcoin system more reliable over traditional ways of payments. As you said that it can be used for making even smaller payments, it is more secure, easily used and highly benefited. The present banking systems are not liked by the nations because of the taxes also, their working and the centralized nature of them , this involve third parties in their payments.

Only 10 years ago, not more; there were people saying that credit cards and debit cards will not surpass cash for shopping. In my country, 90% pays by cards for shopping nowadays. So better solutions will always surpass the previous ones.

It would actually be a lot strenuous for bitcoins to surpass the traditional methods of payments.
Traditional methods of payments are been made to ease the transactions in between people of the same country.

There have been a lot of methods implied for oversea transactions so people do not really assume to use bitcoins as a payment method because they are already meant as an currency for investment and to multiply our profits with. Traditional ways are been easily available for a lot of people who are not tech driven and I think this would never allow bitcoins to overtake that position. Bitcoins are doing great but they are not assumed to get legalized soon which would never allow them to surpass the traditional means of payment.

It is too early to come into any conclusions now. At the moment you cannot compare Bitcoin with big payment processors like banks. Still a lot of development have been going on. With the recent development of lightning network you can now send a small amount like 1 Satoshi. Earlier it was not possible.

Banking system did not evolve within a decade it took time to create such a massive infrastructure. By the way you still cannot send small amount through banking payment system but, you can now by using Bitcoin lightning network.

It will be hard to get 100 of the top banks to all put in 20 million in order to set up a new mining station/purchase already running ones. Some of them may have interests in crypto-currency (when crypto gets huge, there is going still to be a need for centralized services, and some banks are definitely looking towards creating a business on that, we've seen some exchanges from banks.

Sure, you've listed 10 or so banks that lose a shit ton of money. Can you do that with the other 90 or so banks? Do you think that every single bank will be able to reach a single conclusion, they all are extremely powerful and it's similar to how world-wide trading discussions fail. A crowd of people with huge amounts of power, means it's very, very hard to reach a single decision (even though it might be good for them all).

Just take a look at the DOHA round as a decent example.

Interesting thread, however.

Bitcoins would be beneficial in terms of international payments as the traditional methods of payments usually charge a lot hectic fees for sending transactions over the nation boundaries. Bitcoins would help us in that case because borderlines does not affect the fees for the transaction of bitcoins. We need to same transaction fees for sending bitcoins to the next door and even the same amount of fees for sending over nations.

This makes it easier for people who transact globally to adopt bitcoins but for the remaining who transact within their nation would never feel bitcoins are a convenient mean for payment. Transacting with traditional methods like cash, card, etc would be suitable for those people.

No, why would I want volatility to die becauae of the government? That just means decentralization will die too, the governments will be controlling the price too. I don't want that, the reason I use this price despite the profit I am getting is also to get out of that zone where the government control and take advantage of their power. It may not surpass other payment method, that is fine as long as it is the bitcoin I am used to know

Volatility has always been the unique characteristic of bitcoin ever since. But i believe this will given a solution once the government will come to support bitcoin and end up mass adoption. And even if bitcoin will not end up surpassing the fiat system, it's not really a failure knowing it has become a good alternate payment system.

And where will you get all that asic gear? Magic? You could also argue the same thing by saying they could band together to buy "all bitcoin", and the exact same thing occurs: Price will go up faster than all the money they could pool, EVEN if govs joined and started printing to foolishly attempt this.

Every 10 minutes a new block is found. You can broadcast when there is only 1 minute left or 9. Fast transactions should not be the aim for someone using Bitcoin, you should stick to transactions that can wait, such as something you would buy online and can wait one day or so for confirmation. The "instant" thing is a specific situation than most people can simply avoid, or perhaps use LN but this is something extraordinary, very uncommon. ETH is a very poor example, its blockchain is also clogged with all the non ETH traffic (gazillion tokens and random contracts) and worst thing is they can undo transactions on a whim, as they already did. No one has the power to do that to Bitcoin, not even Satoshi. ETH re-created the worst characteristic of fiat money.

Anything that is not instant payment, such as wire transfer, can be done with Bitcoin perfectly fine and cheaply. There is only one tx fee you should ever use: 1 sat/B. Its true you can pay more to have more priority, but this should only be done in rare circumstances. It is wrong when wallets try to guess the network and change tx fees on their own, it projects the wrong image of Bitcoin. It is NOT Bitcoin's fault that most wallets do the wrong thing, just don't let the wallet decide for you when you want to speed things up which should only be done rarely, and perhaps never once LN becomes a thing.

Bitcoin is in the hands of too many people for it to be attacked successfully. Some of the smaller altcoins do have this problem. Neither the banks nor the govs even banding together can destroy Bitcoin. People know this and that is why it has its current value after 11 years of its creation. It is safe money you can use or keep without any artificial restrictions imposed by law or politics.

The answer to this thread is subjective. Depends on what you mean by "surpass".

Are we talkin' about utility? Again, this depends. Bitcoin will never surpass traditional payment systems. LN is trying to give that a try but I've never studied LN before so I have no idea what to say about it. Putting it aside though, the block confirmation part of Bitcoin makes it lose in favor of fiat & cards.

If we think about advanced payments and bank transfers though, Bitcoin is way more useful. With a <1$ you can basically send as much money as you'd like. The recipient will see their funds instantly and they can be used within the first confirmations of the tx. This, compared to how bank transfers work, puts Bitcoin in favor.

Changes Bitcoin might have to go through may take some weight off Bitcoin on its balance vs Fiat/Cards, but I don't think it'll ever surpass them. Controlled assets will always be, one way or another, more convenient to attract people.

If we're talking about the total number of transactions and total volume per day, it could surpass it at any time. As soon as Bitcoin's maturity approaches, the number of txs/day will increase due to a higher number of Bitcoin users coming in and we don't have just a few countries people are joining from. It's worldwide. But although it could surpass the two numbers, that would become a big threat to world leaders and it needs utility. We need to have something to spend Bitcoin on so the number of transaction and total volume rises. But will they let it get to that point knowing there are probably a lot of tax evasions going on through the txs?

It's hard. Bitcoin could become a very largely traded asset but it's hard to say whether it'll surpass traditional payment systems, especially when you have for example PayPal which transfers money in a matter of seconds and is very convenient. In order to add utility to Bitcoin, we need more ways we can spend it. In Europe there isn't very much you can do with it.

Lightning network is the solution for this problem. With this network, the transactions will be able to faster than its normal transaction speed. So I don't think that will be a problem. The problem right now is that if bitcoin will be a payment method, it is so volatile. As price changes, that means the value of that thing will always be changing too.

First of Payal is a scam! They will ruin your business on first given chance. Those people are so corrupted by money that they don't give a fuck if you go down.

About the BTC payments. Most shopping CMS's comes with additional BTC payments plugin.Often for free. So try it out. It is very easy to set up.

Get rich!