Topic: Bitcoin will NOT surpass traditional methods of payment. Convince me. - page 3. (Read 555 times)

No one in the world know what's going to happen
Even today, there are a large portion of population that only use cash, without credit cards, without bank account...so it's hard to speculate if BTC is going to be the next method of payment

Maybe in a few years we'll look to BTC and says: wow, BTC was so old and boring, how people use that?

I am not thinking about bitcoin will surpass traditional methods of payment. Still, I believe bitcoin will help the traditional methods of payment because bitcoin can cross the border to any country without use converting methods to local currency.

Maybe you are right that 90% of cryptocurrency users are just traders, but I don't think that traders don't want to use cryptocurrency for another thing as they will see that many merchants now trying to integrate their system to the blockchain by offerings the new option to their customer to pay using bitcoin or altcoin.

I think your scenario can work or happen if all banks united to block the existency of bitcoin so they can make their position strong in public. But that will be too complicated for me to think about what will happen later.

There are any revolutionary virtual currency (btc or others online payment gateway) is impossible to surpass our traditional method. Specially crypto illegal countries they have not forgotten the dream. Even BTC isn’t used a official currency in any legalize country. Sorry, i cannot convince you about this matter. I think not necessity btc to use as a traditional currency.             

You speak as if it's normal to attack a public network/infrastructure.
Well , I think anyone who is observant enough would know what is currently hindering mass adoption. I believe this will be solved eventually,as i already noticed that some are taking the problem very seriously and will most likely find desirable solutions.

Still, it would be much faster than international wire transfer from 1st to 3rd world country. And much cheaper after taking into consideration volatility of BTC!

One by one
- Cards? as in Credit Cards? quite technically impossible Debit...not impossible but hard as hell.
- Bank transfers? Those things will start to become a thing of the past by themselves for the average user.
- Payment gateways? Bitcoin, when issued for purchases most of the time is through a payment gateway so...

But wait!!!
Bitcoin is money! So, why does it need to compete with services?  


Rather than going through this...
They could close down every damn exchange bank account.
Imagine coinbase losing its bank account access, where do you think the price will go? 1000?
At 1000 mining becomes unprofitable for everything mining above 3c/kwh , hash rate would drop like a stone, gear would be easy to buy at scrap prices....

But, why do it?
Have you asked yourself how much money banks have made from people sending and receiving wires from exchanges and those accounts?

A colleague of mine was so angry at the last gas price spike that he said he is going to buy an electric car.
I asked him if he knows that our city gets its energy from a gas plant owned by an oil company. He didn't speak to me that day anymore!  


Not directly but with the blockchain getting bigger faster than HDDs and SSDs, yeah it could lead to that!

That is why for cryptocurrency, my expectation not really high. If it can profitable for me although only for investment, then i wouldn't ask more. Because and i think people will still use their fiat if they want to make transaction inside their country. And not much who really use bitcoin as payment if not for overseas transaction or in other country.

I agree with you there, and I'm not one who would argue that bitcoin is ever going to surpass fiat currency.  Ever.  Not unless people start getting their paychecks in bitcoin and items are priced in terms of bitcoin--and neither of those things shows any sign of happening.

But here's the thing: bitcoin could be used as money if you needed to use it as such.  Thus, even if you're an investor it has that added value.  If you're tired of hanging on to it, you could always spend it.  There are plenty of merchants that sell some pretty interesting stuff for bitcoin, and big merchants at that.  Overstock and Newegg are two that come to mind.  I don't think the fact that bitcoin is mostly a thing that gets traded instead of spent has much effect on its importance or utility.

Ultimately, bitcoin doesn't need to replace any established payment methods or currencies.  It can peacefully (and profitably) co-exist alongside all the rest of them.  I never saw it as being in competition with fiat.

It's true that trading is the most popular use right now, but it doesn't mean that it will keep being that way forever. It's just an observation, not a prediction.

As for 51% attack - it's not about just amassing hash power, you also need to constantly burn electricity to sustain it, which is why Bitcoin is so resilient. It's really not a big threat to Bitcoin thanks to how it was designed.

Speed - Lightning network takes care of it. And you comparison with ETH or other shitcoins is wrong, because 1 confirmation in Bitcoin has different amount of security than 1 confirmation in ETH.

They can surpass it terms of conveniency, in my country mobile banking, over the Counter banking and bills payment were too hard to do due to limited stafs or counter that took long lane before you will be accommodated. Unlike in crypto it's on our hands. The only needed first is the proper application that will allow typical stores to accept btc, a portal or wallet app will do.

Any currency have pros and cons. The first currency that the old people used is their items. They did the barter or trading of goods and other things and it has pros and cons too. After that the people created a coin and it has too and until now, the current that we are using right now which is fiat has pros and cons too. This goes with Bitcoin too. It also has pros and cons too .

At first place, Satoshi didn't said in the whitepaper that "it will surpass traditional methods of payment etc." It is stated that Bitcoin is just a new payment system and completely digital money and it has been created so that middleman will be removed in the transaction. It is stated here.

I don't see Bitcoin surpassing the traditional payments right now but if it will, it must solve the problems that is occurring on Bitcoin especially the scalability of it and the fees. If this has been solved then MAYBE, more and more people will use it

I believe in bitcoin technology, I believe bitcoin has provided many benefits to every user. but I'm not sure bitcoin is able to surpass the performance of traditional currencies, because bitcoin still has some shortcomings such as fluctuating prices, expensive transaction fees, not all countries accept its presence, and there are still others. don't compare bitcoin with traditional payment methods anymore, let them walk side by side, because they have advantages and disadvantages of each.

Current methods of payment include Gold, Silver, Cash, digital fiat, SDRs, Bills of Exchange, bearer bonds, and other instruments. Bitcoin is just the latest one to be added to the list. They all have their own use cases,strengths and weaknesses,but the 21 million cap, and the 10 min average block generation time was included by the creators to ensure that it could never become the dominant payment method.

Yes, I believed. Bitcoin will not surpass the traditional payment method unless if this will be centralized and the government will have control over it. But the fact, they dont have any authority to control bitcoin that's why this will not be able to use as to replace the traditional fiat.
But I believed that Bitcoin is the alternative way in methods of payment. And now that is proven because there are mass adoption of bitcoin and it is almost worldwide currency and it is dollar base price.

The real intention of Satoshi Nakamoto for Bitcoin was to introduce a new way of making financial transactions with more freedom and no third party involvement in the transaction. Personally, i don't really think Bitcoin was developed to surpass the existing traditional methods of payment. It was meant to be an alternative method of payment for people who do not want third party involvement in their transactions. But failed to achieve this due to the way people see Bitcoin. Bitcoin is now an asset rather than a digital currency for payment of goods and services.

Bitcoin as a currency would have scalability as an issue. Increased number of transactions lead to network congestion which in turn makes the network slower and expensive. Thus, not really viable for day to day transactions. So yeah, Bitcoin becoming a payment mode is not really viable and can't match the ease and speed of the present payment modes.

I think that VISA/MC can implement blockchain in their systems but i dont believe that crypto will be more popular than them

Bitcoin was created to have a decentralized version of fund transaction between one user to another user on the internet without having a middleman or a trusted financial institution. They are an alternative to Bank Transfers while Cards and Payment Gateways are still possible with bitcoin and we cannot categorize them as traditional methods of payment. The primary idea is to prevent banks and centralized financial institutions in playing a role in our transactions on the internet. As like people tend to use fiat money even after the introduction of Credit and Debit Cards and the same goes with bitcoin. Bitcoin will stay as well as fiat money would stay here. It is upto the marketplaces or stores to accept bitcoin or not.

A common scenario favoring the usage of bitcoin is like : We tend to buy goods from market and pay using Debit or Credit Cards. What if there tends to be a problem with Card machine and there is a withdrawal from your account and there is no sign of deposit to the merchant account? What if you didn't get your money back? I have experienced this and got back my money only after providing evidence in Bank the next day. With Bitcoin, all you need is just a transaction ID and with providing that, merchant would let you go with your purchased goods.

We are in the initial stages of the development of something like a virtual currency and it would significantly take time to reach the goal of being used by merchants. People who would go with supporting the government and the plans they are undertaking, would always speak against bitcoin. They would never support the technology even if the technology tends to overtake the current banking system.

10 years into the technology and are we in need of rapid developments? Not many are still really aware of bitcoin and if many become aware, we would see a rise in developer count and significant developments would take place. Aren't we aware of Lightning Network and other scalability options? We can always have a hard fork and increase the scalability, but with the community support and through a soft fork or off-chain payments, I don't think we would face scalability issues in future.

the strength of the crypto community is stronger than the money held by conventional banks.
Conventional banks move from money and assets of customers, without customers, the bank will not function properly.
but that doesn't apply to bitcoin.

Why do people keep on insisting that Bitcoin would surpass or be the only payment method?
It is very different from traditional payment method and it could never replace it.
It could be used as a payment method but it could only be an option not the top priority since the fluctuation would affect both the seller and the buyer.