Bitcoin's acceptance in the World | Bitcointalksearch.org

kawetsriyanto

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Quote from: ice098 on November 06, 2019, 01:06:30 PM

Bitcoin will soon be accept in many countries, it is started in asia I think, more and more people in Asia already make bitcoin as one of the payment for every purchase they are doing.

I am not really sure if it will be soon but I agree that many countries in Asia seem to consider accepting Bitcoin. My country is one of the countries that still don't accept Bitcoin for a national payment instrument, so Bitcoin is still used for a digital asset only. The laws in our country only validate Rupiah as a national currency [national payment instrument]. So, it is prohibited to use Bitcoin for purchasing goods in my country.

ice098

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Quote from: Capt00 on November 06, 2019, 11:00:48 AM

Quote from: deviant99 on November 06, 2019, 09:14:19 AM

Bitcoin is unexpectedly becoming a recognized payment method.There are loads of different places or websites that will accept payments in Bitcoin and if this continues people will recognize it be accepted but it still depends on the government

That's true, it seems that bitcoin is most widely use online since a lot accepts payment through bitcoin online and bitcoiners also use it to do exchanges from one person to another and I think it will continue to be in the future and I believe it is just a matter of time until a point where majority of the people are using bitcoin.

Bitcoin will soon be accept in many countries, it is started in asia I think, more and more people in Asia already make bitcoin as one of the payment for every purchase they are doing. Many traders I think are in Asia, specially in southeast and in India. There will be a time that the whole world will soon accepts it they just observing other countries so that they can do necessary move once they are in that situation also.

panganib999

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Bitcoins volatility could be lessen and is controllable with the help of massive adoption. If there will be lots of users. There are theory that suggests that the volatility if bitcoin could drop if there would be an increase in business and customer usage. The reason of the latter is, the sensitivity of the exchange rate is being lessen by tge usage of payment creating an estimation that there's a large welfare loss of 1.4% of consumption that the current Bitcoin scheme generates. It could be lessen substantially to 0.08% by adopting an optimal design reducing mining and just focuses exclusively on money growth.

wxxyrqa

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Quote from: Capt00 on November 06, 2019, 11:00:48 AM

Quote from: deviant99 on November 06, 2019, 09:14:19 AM

Bitcoin is unexpectedly becoming a recognized payment method.There are loads of different places or websites that will accept payments in Bitcoin and if this continues people will recognize it be accepted but it still depends on the government

That's true, it seems that bitcoin is most widely use online since a lot accepts payment through bitcoin online and bitcoiners also use it to do exchanges from one person to another and I think it will continue to be in the future and I believe it is just a matter of time until a point where majority of the people are using bitcoin.

To date, there has been a lot of information that large international companies were interested in Bitcoin, which could positively influence not only the future of Bitcoin, but also the development of the entire cryptocurrency market. Nevertheless, Bitcoin cannot satisfy all the requirements due to problems with transaction speed and unstable price.

Capt00

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Quote from: deviant99 on November 06, 2019, 09:14:19 AM

Bitcoin is unexpectedly becoming a recognized payment method.There are loads of different places or websites that will accept payments in Bitcoin and if this continues people will recognize it be accepted but it still depends on the government

That's true, it seems that bitcoin is most widely use online since a lot accepts payment through bitcoin online and bitcoiners also use it to do exchanges from one person to another and I think it will continue to be in the future and I believe it is just a matter of time until a point where majority of the people are using bitcoin.

Eugenar

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I might suggest that this topic will contribute to why more people will be engaging crypto for the next few months.

here: https://bitcointalksearch.org/topic/china-will-not-ban-bitcoin-mining-5199202

Upon the freedom of mining facilities, bitcoin acceptance will be huge as we can assure profits by miners that will enable smooth transactions of our favorite cryptocurrency. China will have a massive contribution plus its massive population in order for us to expect huge ROI as well as better acceptance of cryptocurrency. If other countries will do the same thing with China, the competition will make the demand for bitcoin even higher and I can see, this scenario will induce cryptos massive adoption.

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Bitcoin is unexpectedly becoming a recognized payment method.There are loads of different places or websites that will accept payments in Bitcoin and if this continues people will recognize it be accepted but it still depends on the government

jakoylantern

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For me, yes, bitcoin's acceptance is now massive compared to its last five years. More and more countries are now seeing the factor that bitcoin is not an enormous threat to there economy, but they mostly make some regulations to those companies, establishment, etc. that will accept bitcoin as payment. As what I see here in my country because bitcoin is almost legal, it still has a pros and cons. By the way, I get the pros and cons part.

JC btc

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Quote from: Fappanu on October 25, 2019, 01:47:50 AM

Bitcoin payment can still happen, but it still depends on the company as they can either be bankrupt or profitable. As some of our members here said in the forum, we can convert accepted payments to USD immediately. To avoid price volitile. And that way we can now accept the payment of bitcoin in our stores. Because we don't do this we can be led by big companies that accept bitcoin, And here they will have a lot of costomers because many use bitcoin.

The integration of Bitcoin and cryptocurrency is quite fast, over the past 2 years we have seen great results. The only thing that many operators and potential customers do not like is the price of Bitcoin, its volatility!

Actually yes, Bitcoin phasing is really fast, we even have 2 Bitcoin ATMs here in our country and they are still trying to put up in some place where there are many users. Also, Venezuela has also have Bitcoin ATM in their country and adopting Bitcoin to be used in their country.

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Quote from: Eugenar on October 24, 2019, 11:42:26 PM

Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

In my opinion, it would be better that bitcoin will stay in having a high volatility in the market. Since it is the characteristic that no other Financial assets have. We, and investors somehow want the massive volume change in a short period of time as we can have huge profits from it.

Actually some big investors are turing tide their way by fluctuating the price using the huge volume of bitcoin they hold and yes volatility will always stay but what we have seen in last one year or so is something which is clear evidence that bitcoin is controlled. Bitcoin will always remain superior to other coins as far as it's characteristics of bouncing back but other altcoins have better features nowadays.

Fappanu

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Bitcoin payment can still happen, but it still depends on the company as they can either be bankrupt or profitable. As some of our members here said in the forum, we can convert accepted payments to USD immediately. To avoid price volitile. And that way we can now accept the payment of bitcoin in our stores. Because we don't do this we can be led by big companies that accept bitcoin, And here they will have a lot of costomers because many use bitcoin.

Eugenar

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

In my opinion, it would be better that bitcoin will stay in having a high volatility in the market. Since it is the characteristic that no other Financial assets have. We, and investors somehow want the massive volume change in a short period of time as we can have huge profits from it.

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Quote from: yohananaomi on October 24, 2019, 12:28:15 PM

Quote from: Upgate on October 24, 2019, 09:07:41 AM

Quote from: HammadAli on October 22, 2019, 06:46:47 AM

If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Don't just see it in a one sided view if cryptocurrency lose 10percent then it's a lose for the company but don't forget if bitcoin gain 10 percent then it's a gain for the company also.
And the company should be aware of that already before asking for payment in bitcoin

all transactions made with bitcoin will always have an indirect impact. because we must know that bitcoin is not static, bitcoin moves quickly up and down and obviously will have a direct impact on the movement.
This is a risk that must be borne when using a bitcoin transaction. can be beneficial and can also be detrimental, all depends on the bitcoin movement.

It's like a double edge sword, they can earn or have losses.
If we can estimate like 10% of loss of earnings, it highly affects the company and it can result in both bad and good impact.
Both consumers and producers will be affected in terms of having an equal transaction.

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Quote from: Upgate on October 24, 2019, 09:07:41 AM

Quote from: HammadAli on October 22, 2019, 06:46:47 AM

If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Don't just see it in a one sided view if cryptocurrency lose 10percent then it's a lose for the company but don't forget if bitcoin gain 10 percent then it's a gain for the company also.
And the company should be aware of that already before asking for payment in bitcoin

all transactions made with bitcoin will always have an indirect impact. because we must know that bitcoin is not static, bitcoin moves quickly up and down and obviously will have a direct impact on the movement.
This is a risk that must be borne when using a bitcoin transaction. can be beneficial and can also be detrimental, all depends on the bitcoin movement.

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Quote from: Flor1982 on October 24, 2019, 12:35:31 AM

The disadvantage of accepting Bitcoin as payment will trully a risk for the business owners if the Bitcoin market value falls down but i think they already know this kind of disadvantage before partnering with Bitcoin as the merchants numbers keep on growing in the whole world because maybe they only see the huge advantages of Bitcoin price rising up but not the disadvantage of having the price will go down.

Maybe I'm naive, but for some reason it seems to me that over time, cryptocurrency users will stop treating Bitcoin as an asset that makes profits for speculators and traders due to their volatility. If in the future we improve the scalability of Bitcoin and interest users in using Bitcoin as a profitable means of payment, then its price will not only increase, but also stabilize. But for the legal daily use of Bitcoin by each person, you must have the appropriate laws. We must accept and acknowledge the fact that cryptocurrency will only work if it is legalized, and legalization will happen only after regulators and controlling structures take control of the cryptocurrency market.

jets567

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Nowadays Bitcoin can be easily converted to fiat currency using a third-party services so I don't think it will be a big problem for a company who accept Bitcoin as payment, they should know the risk of using Bitcoin because being extremely volatile is one of its distinct characteristics. It may not be good for a company's perspective but its a whole different story for a trader because they considered Bitcoin's volatility as a good thing.

Oneandpure

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Many issues make bitcoin terrible for every transaction payment and give bad issues as bitcoin bad using for transaction by many country want to make bitcoin have bad reputation from new investor, they will keep USD and cash money still have value if bitcoin have many investor almost people want to move their money saving in the bank become bitcoin or altcoin assets.

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Don't just see it in a one sided view if cryptocurrency lose 10percent then it's a lose for the company but don't forget if bitcoin gain 10 percent then it's a gain for the company also.
And the company should be aware of that already before asking for payment in bitcoin

dothebeats

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Volatility has always been this double-edged sword affecting bitcoin in all fronts. It has always helped bitcoin reach peaks that were considered impossible and helped bitcoin anchor its name in the global economic scene. Also, volatility equates bitcoin as something that’s not exclusively deflationary, which promotes spending at times and not only hoarding which is bad in the long run.

Flor1982

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The disadvantage of accepting Bitcoin as payment will trully a risk for the business owners if the Bitcoin market value falls down but i think they already know this kind of disadvantage before partnering with Bitcoin as the merchants numbers keep on growing in the whole world because maybe they only see the huge advantages of Bitcoin price rising up but not the disadvantage of having the price will go down.

dimox

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thats why people prefer to pay with cash rather than bitcoin.
butsome store or whatever provide bitcoin payment because they know or sure if bitcoin price will rise later. and it can be their investment, gaining bitcoin without any obstacle and it have risk and profit for the provider.

migws

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

The volatility will unlikely to become lower. Moreover, do not forget about the possible manipulation of Bitcoins by whales. However, I see that the acceptance is progressing now despite the volatility thats why I believe Bitcoin will be the winner sometime

whyrqa

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One way or another, today Bitcoin is valued primarily for its volatility, because traders and speculators get a good income due to price fluctuations. Few people are interested in using Bitcoin as a means of payment, but nevertheless, to achieve these goals, you really need to have more stable prices for Bitcoin. The stability of Bitcoin will depend primarily on the increased interest of investors in this coin. But until the scalability problem is resolved, large investors will not enter the Bitcoin market and the prospects as a means of payment look too vague.

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Quote from: Meowth05 on October 23, 2019, 09:27:39 AM

Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Well, you have a point but there's also a chance that they would get a huge profit if bitcoin pumps hence perhaps this is a matter of risk I'd say. In my opinion, Bitcoin is not really good at the payment for products/services due to volatility, on the other hand, this factor could really good for investment purposes. perhaps Bitcoin will be a good use for the daily transactions if its price would be stable somehow which is vague to happen.

Bitcoin having a stable price might be too impossible for now since volatility is there already from the first place. If the government decides to accept bitcoin as a global currency then maybe they have done their studies about it and realized in the end that bitcoin has great potentials that can contribute much on the people's welfare. And by that time, volatility won't be a big issue already.

For bitcoin to get worldwide acceptance the regulations must be implemented to tackle the price volatility. Without dealing with the bitcoin price volatility I don't think the bitcoin can get worldwide acceptance anytime soon. The governments won't allow lots of bitcoin businesses without regulations.

teosanru

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

This actually is a major problem because we just saw today that how sharply prices of btc can fall and hike. I think volatility is a problem which really restrains people from investing in bitcoin making them think it's highly risky. I think there is a high probability that volatility problem would go down if there is an increase in adoption because individual manipulation will stop. Which could make it a better tool for investment.

mersal

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Its acceptable fact that volatility is the only reason stopping companies to accept it as payment but the volatility comes from where? Only from the users so when we switch to bitcoin payment and not for trading then companies also will change due to less volatility.

Eclipse26

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I don't think it's the volatility. They just make it look like they don't want bitcoin because of its volatility but for me, no. Even if bitcoin would achieve acceptance by the government around the world, those who just want to invest in bitcoin will invest. Although I'm seeing your point, companies won't just accept bitcoin as payment if they're not well-aware of it. Of course, before doing it, they'll study and discuss how are they going to make it possible without risking most of their profits. Business is already a risk if they're willing to invest in it or not. Just like how businessmen invest in a certain company because they see the potential of it growing. It's somehow the same with investing in bitcoin (the difference is the level of risk).

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Well, you have a point but there's also a chance that they would get a huge profit if bitcoin pumps hence perhaps this is a matter of risk I'd say. In my opinion, Bitcoin is not really good at the payment for products/services due to volatility, on the other hand, this factor could really good for investment purposes. perhaps Bitcoin will be a good use for the daily transactions if its price would be stable somehow which is vague to happen.

Ashong Salonga

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Many countries are looking forward for bitcoin; since bitcoin is higher than any coins, it becomes popular in a good way. On the other hand, there are countries that do not accept it due to government itself. And worst, they are banning it because they are not the ones who handle it.

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Quote from: JC btc on October 23, 2019, 08:11:17 AM

Quote from: Peashooter on October 23, 2019, 07:55:54 AM

Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".

Volatility of the bitcoin and the other coins are the resistance or hindrance why the government nor the global are accepting it and legalizing bitcoin and crypto, if they regulate or accept this bitcoin the world bank will be loss and the people will suffer from a volatility digital money that they may dump so hard. That is one of the hindrance why bitcoin cant regulate globally, but its volatility is the one why also many people are entering in the crypto or investing in crypto because they believe that their money will grow harder or so much high.

Nowadays, there were still lots of countries and people who doesn't want to evolve in the era of digital currency, they still don't believe in it and this people are famous enough that there are lots of people who believe in them and follow whatever they are saying.

I think those country who did not support crypto is those country with no ability to spread digital currency because some of other countries are so poor even high technology they can't support and they don't want other country help them because those country have their aim to control it. so with that, its enable or hard to propagated crypto. for other user this reason might be acceptable?

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

See btc volatility is key feature of bitcoin that have been in the market from the years and it will be adopted by only those companies who knows it working and use.The company can profit when the prices pump which is beneficial for them or if they don't want to loose they can set up a certain fixed amount which has to be paid in btc in respect to fiat or local currency.Volatility is not much bigger issue but soon companies will accept it as mode of payment.

qwertyup23

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Quote from: Oasisman on October 22, 2019, 07:39:44 AM

Most people prefer Bitcoin as a store of value rather than a medium of exchange.
Now, If you're talking about the downside of Bitcoin as a mean of currency to purchase to a specific merchant because of its volatile nature, then probably you dont need to overthink about it since there were already tons of merchants who accepts Bitcoin as a mode of payment.
Merchants wont necessarily keep the currency in Bitcoin form, ofcourse they can opt to exchange It to their local fiat currency or hold inside their wallet.

I would agree on this. Basically, people invest in bitcoin due to its high-volatility and as a means of store-of-value either for short/long-term investment. Currently, bitcoin has been accepted by some countries as an alternative payment for their products/services because like what I mentioned, people took an interest on it as an investment.

Unfortunately, the acceptance of bitcoin stems from its very own nature being decentralized- which its transactions cannot be easily traced. Some used this as the main medium under the dark web in purchasing illegal products or services for their own means.

JC btc

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Quote from: Peashooter on October 23, 2019, 07:55:54 AM

Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".

Volatility of the bitcoin and the other coins are the resistance or hindrance why the government nor the global are accepting it and legalizing bitcoin and crypto, if they regulate or accept this bitcoin the world bank will be loss and the people will suffer from a volatility digital money that they may dump so hard. That is one of the hindrance why bitcoin cant regulate globally, but its volatility is the one why also many people are entering in the crypto or investing in crypto because they believe that their money will grow harder or so much high.

Nowadays, there were still lots of countries and people who doesn't want to evolve in the era of digital currency, they still don't believe in it and this people are famous enough that there are lots of people who believe in them and follow whatever they are saying.

Darooghe

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It's right that volatility makes some bitcoin holders worried, and creates resistance in the way of Bitcoin to be accepted globally, but there is an interesting side to bitcoin compared to stable fiat, because trading with the nature of volatility opens up opportunities for large profits, hence it is actually volatility that help Bitcoin gains the attention of the many because with this feature they can actually find good strategies to make money or profits.

Furthermore, volatility is inevitable during growth. There are bitcoin periods where volatility is low, but this is rarely the case. In my opinion if Bitcoin is already widespread later, many people start holding Bitcoin, and consider it as a technology (not an investment tool), the price of Bitcoin will even decrease its volatility and will move substantially.

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".

Volatility of the bitcoin and the other coins are the resistance or hindrance why the government nor the global are accepting it and legalizing bitcoin and crypto, if they regulate or accept this bitcoin the world bank will be loss and the people will suffer from a volatility digital money that they may dump so hard. That is one of the hindrance why bitcoin cant regulate globally, but its volatility is the one why also many people are entering in the crypto or investing in crypto because they believe that their money will grow harder or so much high.

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Quote from: Genemind on October 23, 2019, 05:38:32 AM

Bitcoin's volatility has its advantage as well. If such payment is done and the price of Bitcoin strikes high, there will be a profit to be gained. Also, Bitcoin provides a faster and convenient transaction which is its edge to any currency. If there will be a massive adoption, the price of Bitcoin will get better as well. We shouldn't see its volatility as a negative thing because it could be an advantage at the same time.

For some instances that volatility makes loses but most of all it helps people/traders to gain. They'll take advantage of what the market be like and able to adopt such change which I supposed those people who haven't been successful in trading had never understood the way it was. Bitcoin's gains its popularity because of this and that attraction meant so good for we all get into crypto adoption.

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

You have only talked about one side and you didn't balance the scenario. Bitcoin is not one sided. It gives as it takes, which now depends on what you want.
What about in a hypothetical case (which also in certain case happens), that the payment comes in and the price doubles in 20%? The company will be in more profit right ?

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Bitcoin's volatility has its advantage as well. If such payment is done and the price of Bitcoin strikes high, there will be a profit to be gained. Also, Bitcoin provides a faster and convenient transaction which is its edge to any currency. If there will be a massive adoption, the price of Bitcoin will get better as well. We shouldn't see its volatility as a negative thing because it could be an advantage at the same time.

gandame

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Its been hard to accept bitcoin as mode of payment in one company because bitcoin have no stable price. Like now for example you buy product using bitcoin then after ward bitcoin price will go down so the company is getting broke because once bitcoin price will down the the effect is going to company.

BlackFor3st

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Yes your right in other instances but what if they receive the payment in bitcoin then the bitcoin price increase to 10% in just one day? Do you think the company will lost it's profit if the situation will be like this?

There are many companies already that started to accept crypto currencies as payment option because they know how to play with the market. If the market will goes down, they will just hold it and once the price will goes up then that is the right time for them to sell. So it's about adoption on how you are going to adapt the market condition and be positive instead of negative thinking's.

Astvile

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Quote from: Murat on October 23, 2019, 02:53:30 AM

If you want to make Bitcoin as a payment tool around the world then you have to ensure the volatility of this platform, Due to huge volatility, most of the people feel comfortable holding Bitcoin rather than send or spend it. because they know the price may rise or fall, so the calculation is simple, also you have to create a proper regulation and a set of policies, if then people, as well as the merchant, will get interested to be involved in this platform and Bitcoin will be a common platform for the purpose of payment. also, you need to ensure more and more adoption of Bitcoin around the people, I think it's not any difficult task to create this scenario around the whole world.

Volatility can be one of many problems/factors on why we can't see a huge adoption of bitcoin. The government is the one who is against that. They know how bitcoin and the whole cryptocurrency world can be the next mainstream mode of payment and the most preffered of their people because of the convinience that crypto can give to them.

ardentvolcanoes

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Quote from: maydna on October 23, 2019, 12:49:19 AM

The volatility will not make people are a worry. It will not stop people from investing in bitcoin because they know that the volatility is part of the price itself. The company will think that, and they will have another solution to prevent volatility. They can accept the other coins. For example, they can accept stable coins like usdt, usdc, and else. I am sure when bitcoin already accepted in all countries, there will be a solution to solve the volatility matter. But to see bitcoin acceptance in all countries, it will need time, and it needs approval too from every government.

Approval from government will be the turning point making bitcoin being accepted all over the world. We just seen small numbers in terms of full adoptions but the fact that it's already being exist, implementations can happen if government will begin to consider this system.

Looking forward, Bitcoin will exist and be an alternative to existing fiat.

Prateek_sharma

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

The Popularity of bitcoin has been increasing day by day from small businesses to big companies started accepting bitcoin as a payment.

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If you want to make Bitcoin as a payment tool around the world then you have to ensure the volatility of this platform, Due to huge volatility, most of the people feel comfortable holding Bitcoin rather than send or spend it. because they know the price may rise or fall, so the calculation is simple, also you have to create a proper regulation and a set of policies, if then people, as well as the merchant, will get interested to be involved in this platform and Bitcoin will be a common platform for the purpose of payment. also, you need to ensure more and more adoption of Bitcoin around the people, I think it's not any difficult task to create this scenario around the whole world.

maydna

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The volatility will not make people are a worry. It will not stop people from investing in bitcoin because they know that the volatility is part of the price itself. The company will think that, and they will have another solution to prevent volatility. They can accept the other coins. For example, they can accept stable coins like usdt, usdc, and else. I am sure when bitcoin already accepted in all countries, there will be a solution to solve the volatility matter. But to see bitcoin acceptance in all countries, it will need time, and it needs approval too from every government.

hello_good_sir

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Of course, that's a huge issue with bitcoin, but it also one of the best features of it and it was the reason why Bitcoin was the first ever big and popular crypto-currency. With decentralization, we are able to be given a lot more freedom, at the cost of governments and companies not really showcasing a lot of interest in those features.

Not sure if anyone has seen the news recently, but there has been a lot of new stablecoins that have been getting attention, they are easily to regulate and manage and I do think in the coming years we'll see a lot more adoption around that end and almost seen bitcoin being left behind by governments.

How we manage this will be a huge question now.

xiboothrezi

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Quote from: ReiMomo on October 22, 2019, 09:58:08 AM

Well, if bitcoin volatility will decrease I think investors will also decrease because most of the bitcoin enthusiasts really want the volatility of bitcoin price in order for them to be able to have profit on trading short term or long term, and it and be able to get rich as well and that's the only way they can be able to achieve it because when the price drop down they will invest more and sell when the price double or triple it's value. Sometimes I am thinking about the whale who can able to manipulate the market.

Because volatility is an opportunity

although most people consider it a risk, on the contrary, for those who understand the techniques of analysis and market movements it is a very good opportunity to take profit. There are risks, because the analysis sometimes misses. Whales, market makers, people who are very influential, might consider this like a game Cheesy

That is why I always say that bitcoin is not suitable as a means of payment. It can be used, but I think it is a waste, because bitcoin is more effectively used as an investment tool and commodity trading.

blckhawk

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

This is true, but only if you hold bitcoins. Companies can still use it to accept payments, but only if they develop a system that would instantly convert bitcoin to fiat. For example, instead of paying through kiosks or other methods of payment for a specific bill or service, which often includes high transaction fees depending on local banking policies, consumers could pay to a bitcoin address of the company on exact amounts, without requiring that much fee since there are no intermediary except your wallet service provider. After the transfer is complete, it would automatically convert it to fiat to prevent volatility loss.

TLDR; It can still be a mode of payment if not holded as bitcoins. Fiat would still be the basis of value, but the mode of transfer is through bitcoins (depends on $ to BTC conversion at the moment of purchase), and then instantly converting BTC to $, to avoid fees of banks.

Ailmand

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One of the reasons why most people like bitcoin is due to its volatility. People earn profit from bitcoin since the price is not stable and difficult to speculate. In case of adaptation, it will come naturally and who knows time will come bitcoin will be used as a medium of exchange and the price will not be that volatile as it is today once mass adaptation occurs and when it is used more as an alternative payment not an investment tool.

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Quote from: Lizzylove1 on October 22, 2019, 09:24:02 AM

Accepting bitcoin as a merchant shouldn't pose any threat, a wallet that has either a stable-coin or fiat/bitcoin conversion wallet should be considered if one fears volatility, and the price should be locked over some time to ensure a fall in the price of bitcoin doesn't affect the merchant.

Locking bicoin is impossible as it is made to be decentralized and its being volatile is part of it , the better option for the merchants is to only accept stable coins so the amount will be still around the value paid which is only applicable if the merchat knows how to trade, if not then it might still be a hassle plus the fees needed in transactions. Only merchants who understands BTC importance in having easy transactions despite being volatile can consider BTC.

StayFly

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For bitcoin to get worldwide acceptance we are going to need global regulations on cryptocurrency to tackle the problem of price volatility. Without proper regulations on cryptocurrency, the bitcoin and altcoins can never get accepted worldwide. Many countries now ban bitcoin due to a lack of proper regulations.

deadsilent

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If they don't want any risk, then they should not use Bitcoin. Use dollar instead. Volatility, we know it's the major problem regarding to cryptocurrency. There is no way this will go away because most of Bitcoin supplies are kept by whales.But if I were the company, why would I sold my Bitcoin at a lower price? That's absolutely a loss. But when it comes to rewards, 2x,3x and even 10x the profit you could get from holding Bitcoin and other cryptocurrencies. The higher the risks the better reward.

ololajulo

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This is not a new problem and this got no solution for bitcoin because bitcoin will never hold a single price for even a hour.

DatKing

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First of all, Bitcoin adoption is needed to be increased. It is not just related to Bitcoin's volatility. It is also related to Bitcoin's different structure compared to fiat currencies. Governments always want to have control on the money. If they come across a system that they lost full control, they don't prefer it.

Hypnosis00

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That volatility risk issue is one thing that makes establishments owners in hold regarding Bitcoin's acceptance as another more of payment, and we can't deny that. It actually nobody is forcing them to accept the way it was and that makes them also to ignore crypto. The massive adoption of Bitcoin as we observe is not just because of currency acceptance but in more investment outlook.

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

That's right, volatility of bitcoin is a great hindrance to the global acceptance of it but i guess such companies can always convert their bitcoin to stable currencies such as tether. But i guess they all want to make profits when bitcoin rises so why complain when the market crushes lol.

Dreamr

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The major reason why there is huge volatility in the bitcoin market is that there are a small number of people to stabilize the market. The more people we have in the cryptocurrency market the less volatility we can have. Once bitcoin gets mass adoption by the people we can have a stable market.

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

There's were you are going wrong mate. The mere fact that people are still pairing it's value to USD is where people are taking it all wrong.
The goal is to use BTC while deriving it's own value and not comparing it to USD. If you buy a meal for 0.0005 BTC today then tomorrow it should be the same 0.0005BTC and not $4 USD. If we keep using BTC and don't compare it with fiat at all then there is no volatility at all !!!

ILuckyGuyI

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

I don't think that Bitcoin will be used as local currency because of its high volatility in the future. Stable coins may have more chance on this. Even though Bitcoin won't be local currency, it will be much more powerful compared to now and it will be one of the best options.

1Referee

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This is why there are centralized players in the market that you can use as merchant to not be subjected to the volatility risk. All the risk of the volatility is now the responsibility of centralized payment gateways, which on their turn hedge the risk of the price going down by shorting a portion of their coins. The more people pay with their coins, the more centralized payment gateways will short.

I honestly don't find there being much of a problem. Volatility has been a big thing for many years now, and it hasn't lead to less merchant adoption at all. In fact, today there are more merchants accepting Bitcoin than ever before. Not just some online shops, but big household names, and it will continue to grow.

Interesting development is that merchants found out that announcing support for Lightning payments leads to more traffic being drawn to their site.

Pearls Before Swine

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This isn't really an issue for merchants, since most of them use payment processors like Bitpay. When they do, the merchant receives the fiat equivalent of the going rate for bitcoin at the time of the transaction. Volatility therefore doesn't affect the merchant.

The larger issue is volatility in the potential purchaser's wallet, and that should be obvious to anyone who's ever owned bitcoin. Bitcoin's value can jump dramatically overnight, as op pointed out and when that happens people don't want to spend it on anything. That's an undeniable issue with any crypto, and unless and until bitcoin's volatility calms down it won't be spent for goods and services.

Then again, if there was no volatility bitcoin would be no better than a stable coin, and I don't think anyone wants that.

bounceback

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Quote from: cr1776 on October 22, 2019, 07:46:31 AM

At some point in the future - perhaps another 1 or 2 orders of magnitude in fiat price - bitcoin will stabilize and it will become much more prudent to use in commerce. Personally, if someone wants to pay me in bitcoin today, I am fine with holding it and using it. Never transferring to to fiat is the goal.

The people using it as a store of value today will in all likelihood be well rewarded while we get to the point of stability in fiat terms. Or it will implode and be worthless, however, that likelihood decreases by the day.

I also seem to be interested in your statement because so far we see that bitcoin has never lost its value because bitcoin is the only coin asset worth keeping in the short and long term, and now we see that bitcoin has declined slightly but I don't want exchange it for usd because in my opinion it can harm me if I exchange my bitcoin with usd when the price of bitcoin drops.

airdnasxela

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It's based on the entities on how are they going to handle their profit. They could just convert it as soon they receive the payment to avoid losing profit.
Bitcoin can be accepted globally but it still depends on the entity, especially those bigger company if they're going to adopt bitcoin as payment method when crypto is not even in the nature of their business. It may be a big risk for every entity but bitcoin can be their other investment for them to gain more profit.

Youghoor

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

In as much that Bitcoin has volatility issues, it will barely affect the use of it as a payment method in shops. This is because, the price of the item in bitcoin will be adjusted anytime there is a change in the market value of Bitcoin. And personally, I don't really think the volatility of bitcoin will be a problem when it is accepted worldwide. When this is achieved, the rate at which the market price of bitcoin changes might not be huge as before. It might have some level of stability once it is widely used around every part of the world.

doomistake

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Quote from: Mandoy on October 22, 2019, 07:17:27 AM

There are ways to do so that even if you accept bitcoin you wont end up losing. The strategy is to use a wallet wherein there is bitcoin to dollar conversion, possibly an app. An app which shows both buy and sell value. Here in the Philippines we usually use coins.ph and when merchants accepts bitcoin payments those bitcoin will be converted to peso once it entered coins.ph. It is very user friendly but its just that people are more on using fiat currency and that is why though this app has a good feature for merchants only a handful of merchants are using it.

That doesn't change the fact that they are going to lose their thier profits in Bitcoin, I got your point but my point here is, if someone buys a product on a company that cost 10 BTC (let's just say), then it is going to take some time before the company could receive it, and bitcoin's price could either go up or go down in that time where confirming transactions to receive that 10 BTC, lucky for that company if it goes up, but what if its goes down, it is not the problem if they are going to hold it (I wish they would)

But companies will not do that because they need funds on making their products, and they can't risk it on using bitcoin as a payment as of now, maybe later (when the Government implemented it nationwide).

ReiMomo

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Well, if bitcoin volatility will decrease I think investors will also decrease because most of the bitcoin enthusiasts really want the volatility of bitcoin price in order for them to be able to have profit on trading short term or long term, and it and be able to get rich as well and that's the only way they can be able to achieve it because when the price drop down they will invest more and sell when the price double or triple it's value. Sometimes I am thinking about the whale who can able to manipulate the market.

stadus

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This is risky if a certain company is not good in minimizing the risk, they have to understand that bitcoin is a high volatile asset and they should have all the measures needed to continue their business. However, I still think that having a 3rd party who are really good or specialize in crypto would help them if they plan to accept bitcoin as a payment, in the long run, more continue will also be offering that service as I believe that's the only solution since bitcoin will always remain volatile, regardless of how big the adoption is already.

with fix supply and market is full of speculation, high volatility will always be the result.

DannyHamilton

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

There are 2 solutions to this.

The first is to not hold the Bitcoins long enough for the volatility to have a large effect. If you sell any bitcoin that you receive within a second or two of receiving them, then the risk of a significant market movement between receipt and sale is pretty small.

The second solution is to use the futures market.

A corn farmer uses the futures market to lock in a price for his corn so that he can weather volitile price changes due to outside forces.

If you run a company and you estimate that you will receive 1 BTC per month in revenue, then you can sell 1 BTC of futures at the beginning of the month for a set price. You can then accept BTC throughout the month knowing for certain that at the end of the month you will get the agreed price for the 1 Bitcoin regardless of what the current exchange rate is.

pecson134

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

That is possibly one of the major concern why those certain companies still avoids the use of bitcoins. The mere fact that volatility imposed a threat to their profit is already a great concern in the future. Unless this factor was taken to be dealt with, we can't expect every companies to follow the same path.

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Quote from: lionheart78 on October 22, 2019, 07:34:02 AM

Quote from: HammadAli on October 22, 2019, 06:46:47 AM

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

And what if the scenario is the opposite, then the company profited 10%. The high volatility of Bitcoin had been known for years. And this is not a huge problem for business establishment because they can auto convert the Bitcoin payment to cash if they are too afraid to loss some percentage value. And from this, several third party platform thrives. So basically, this volatility serves as an opportunity to other company to take profit of the booming market of Bitcoin while protecting merchants from Bitcoin's insane price fluctuation.

Yes there is also a possibility that it would rise up so for me I think it is up to them.
They could easily convert every BTC payment into Fiat so that they wouldn't get affected when the price fluctuate .
A company that would accept BTC or crypto as payment would be well aware of what they are doing so I think that those company are accepting BTC for a much more easier transaction and they have a system or app that automatically converts crypto into Fiat ,
Or if not then they are using the fluctuation as a way to gain more profit.

Lizzylove1

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Accepting bitcoin as a merchant shouldn't pose any threat, a wallet that has either a stable-coin or fiat/bitcoin conversion wallet should be considered if one fears volatility, and the price should be locked over some time to ensure a fall in the price of bitcoin doesn't affect the merchant.

CryptoBry

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility". This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

We know that volatility is one of the best known hallmarks of Bitcoin and this can working good for people who are into trading and speculation, more risks more rewards they reasoned. Now, for merchants, this wild volatility can be a big headache but there are now ways this can be mitigated. There are now platforms offering merchants the service of converting the Bitcoin on-time so that the merchants can be spared of the yo-yo movement. During extreme volatility, it is actually the buyers that can be facing some problems especially if the buyer is also into speculation. The thing is that volatility can be working for us depending on which its direction is, north or south meaning up or down.

Willitivity

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Everyone has always hinted on volatility to be the reason hindering Bitcoin's adoption on a wider scale. That's not actually a barrier per say, the volatility can too either way and you gain more. Bitcoin as a means of exchange is much feasible than as store of value. In a practical approach, one can easily handle the volatility by moving your Bitcoin to USDT or fiat, if you feel it is going to drop.

Shasha80

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Bitcoin's acceptance in the world is not as easy as we think, there are many factors that make bitcoin unacceptable to the world.
Especially the most often a debate about the price of its volatility. With prices that tend to be volatile there must be regulations
governing this. But not all merchants or companies debate on this issue, there are several a company that does not mind the
bitcoin price related to volatility. Because the solution is possible after receiving payment via bitcoin can be directly converted to fiat.
That's the best solution in my opinion, now we look forward to whether it is true bitcoin will be accepted globally.

Darker45

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

This has been acknowledged countless of times already. This is perhaps the main reason why Bitcoin adoption among merchants as well as users is somehow considered stunted. It is hard to imagine for example that Laszlo Hanyecz paid 10,000BTC for just a couple of pizzas not too long ago. Today, that amount in Bitcoin could let you construct a huge mansion it will take days to roam around. That is the reason why people will not spend Bitcoin. After all, it is very possible that the Bitcoin amount you are using to buy a pair of sneakers could let you buy a car in just a year's time.

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

The rewards are much higher than the risk, there is a risk that it could go that way going down 10% of the value of the product or services, but there is also a possibility that rewards could go higher and it could be much higher the last week than the previous lost, it's something that every merchant should understand, and so far the drop in the price for the past months are not going 10%, merchants should accept the volatility of the market, because the rewards outweigh the risk.

Capt00

full member

Activity: 938

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Quote from: lionheart78 on October 22, 2019, 07:34:02 AM

Quote from: HammadAli on October 22, 2019, 06:46:47 AM

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

And what if the scenario is the opposite, then the company profited 10%. The high volatility of Bitcoin had been known for years. And this is not a huge problem for business establishment because they can auto convert the Bitcoin payment to cash if they are too afraid to loss some percentage value. And from this, several third party platform thrives. So basically, this volatility serves as an opportunity to other company to take profit of the booming market of Bitcoin while protecting merchants from Bitcoin's insane price fluctuation.

It’s actually a win win situation, yes it is true that if the company who accepted bitcoin as a payment will lose 10% worth of products if the value decreases but it is the same when the price rises and if they got lucky they can profit more than 10% depending on the price of bitcoin. Based on my observation the acceptance of bitcoin is relatively increasing which only means people are now starting to fully understand the system of bitcoin and that they are now realizing the possibility of having financial freedom through bitcoin.

CLS63

legendary

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

I agree with you on the volatility issue of Bitcoin. I think that is one of the important factors that is like a hindrance on the adoption of Bitcoin by governments. If the volatility will be decreased somehow, there will be some consequences of it. Maybe we will never see Bitcoin on a bull run and it will turn into a coin like stable coin.

Macadonian

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Quote from: cr1776 on October 22, 2019, 07:46:31 AM

At some point in the future - perhaps another 1 or 2 orders of magnitude in fiat price - bitcoin will stabilize and it will become much more prudent to use in commerce. Personally, if someone wants to pay me in bitcoin today, I am fine with holding it and using it. Never transferring to to fiat is the goal.

The people using it as a store of value today will in all likelihood be well rewarded while we get to the point of stability in fiat terms. Or it will implode and be worthless, however, that likelihood decreases by the day.

I would not say it decreases by the day it depends on your view of the up and coming issues that we will have to face. Hard forks have caused instability and months of recovery on Bitcoin price and unfortunately as Bitcoin adoption increases the bigger of an issue hard forks become. If we were to have mass adoption before the quantum computing changes that will be required in a couple of years it could have an effect on future adoption by convincing those that have already adopted that its not a stable currency and to exit out of cryptocurrency. Ideally we need to go through the process of dealing with the looming issues in the coming years and then start having the mass adoption.

ChrisPop

legendary

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Not your Keys, Not your Bitcoins

Until Bitcoin becomes a more stable currency I think the best solution for companies is to use a payment processor that instantly exchanges the Bitcoin they receive for the products or services they provide. As Bitcoin raises in value and become more stable and the adoption raises companies could start doing all their day-to-day transactions denominated in BTC just as they do now with fiat. It has been proven that higher liquidity in the market correlates with lower volatility. To achieve that we need more institutional investors in the market and I am confident that slowly we will acquire that.

BonfireBob

jr. member

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If you're accepting bitcoin, you know the dangers. And it is not for everyone, as only larger and financially strong companies can risk this.
That's why bitcoin is what it is, the highs and lows make it more interesting and effective when trading.

cr1776

legendary

Activity: 4298

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At some point in the future - perhaps another 1 or 2 orders of magnitude in fiat price - bitcoin will stabilize and it will become much more prudent to use in commerce. Personally, if someone wants to pay me in bitcoin today, I am fine with holding it and using it. Never transferring to to fiat is the goal.

The people using it as a store of value today will in all likelihood be well rewarded while we get to the point of stability in fiat terms. Or it will implode and be worthless, however, that likelihood decreases by the day.

Oasisman

hero member

Activity: 2828

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Most people prefer Bitcoin as a store of value rather than a medium of exchange.
Now, If you're talking about the downside of Bitcoin as a mean of currency to purchase to a specific merchant because of its volatile nature, then probably you dont need to overthink about it since there were already tons of merchants who accepts Bitcoin as a mode of payment.
Merchants wont necessarily keep the currency in Bitcoin form, ofcourse they can opt to exchange It to their local fiat currency or hold inside their wallet.

Red-Apple

hero member

Activity: 1470

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".

despite what it may feel like to you, this is not something new. as long as bitcoin existed, it has been volatile and if anything this volatility is reducing even if it doesn't look like it.
for example the big drops or similarly the big rises have been bigger in early years compared to today.

Quote

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

it goes both ways though! if they sell and when price goes up 10% they gain 10% profit out of nowhere!

we can discuss this here forever but the only thing that matters is that people continue using bitcoin as payment, companies accept it as payment,... and it is all growing while everyone is well aware of the volatility!

lionheart78

legendary

Activity: 2982

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Quote from: HammadAli on October 22, 2019, 06:46:47 AM

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

And what if the scenario is the opposite, then the company profited 10%. The high volatility of Bitcoin had been known for years. And this is not a huge problem for business establishment because they can auto convert the Bitcoin payment to cash if they are too afraid to loss some percentage value. And from this, several third party platform thrives. So basically, this volatility serves as an opportunity to other company to take profit of the booming market of Bitcoin while protecting merchants from Bitcoin's insane price fluctuation.

Mandoy

sr. member

Activity: 644

Merit: 264

Aurox

There are ways to do so that even if you accept bitcoin you wont end up losing. The strategy is to use a wallet wherein there is bitcoin to dollar conversion, possibly an app. An app which shows both buy and sell value. Here in the Philippines we usually use coins.ph and when merchants accepts bitcoin payments those bitcoin will be converted to peso once it entered coins.ph. It is very user friendly but its just that people are more on using fiat currency and that is why though this app has a good feature for merchants only a handful of merchants are using it.

HammadAli

member

Activity: 136

Merit: 12

There is a major issue which is becoming resistance in the way of Bitcoin to be accepted globally and it is its "Volatility".
In the near past we have seen Bitcoin dropping more than 15% in a matter of 3-4 hours. And there are a number of cases in the past like this.

This property is too much dangerous for any entity which is holding Bitcoin. If a company sells products/services of 10000$ and receive payment in Bitcoin, and bitcoin loses 10% in one day then basically company has lost 10% worth of their products.

Scenarios where gross profit margins of the companies are less, this property makes nearly impossible to accept payments in Bitcoin. If volatility of bitcoin is decreased in the future, it would be a major step ahead.

Topic: Bitcoin's acceptance in the World (Read 739 times)