Topic: Can Bitcoin become a daily currency? - page 12. (Read 1398 times)

 This may all seem a bit unreal and intangible, but it actually  makes perfect sense. The Bitcoin network is built up of miners, who are invested in keeping the currency secure and stable as they are paid in bitcoins and act as approvers of the blockchains through their activity. Like any online and computerized business, it can be subject to hacking and theft, just as your bank can.

Yes bitcoin can but we need to improve a lot of things at this very moment like transaction speed, fees and security. Slowly it will be ready for mass adoption I believe great things take time. We also need to find a way for bitcoin not to be used in illegal activities.

It depent on owners if they want it to be used as payement methode on there service /shoping / empolyer salarry.I know it takes time to complete this process. Problems with low transfer rate and high fee fees have to be resolved. Improvement processes in the present technology should be improved.

I think it could be if all the shops are allowing payments online and legality already exists. Regardless of the expensive fees, if people are comfortable using bitcoin, I think many people would prefer a bitcoin than any other cryptocurrency.

Currently, No. Bitcoin cannot become a daily currency mainly because of the high transaction fees. Lets say you were to buy a drink that costs 5$ in some cases you'd end up paying twice as much just for the transaction fee. However this doesn't mean bitcoin won't ever have the potential to become a daily currency. I believe it will be ready with the release of the lightning network that would lower the fees significantly. Then it would have to wait for more adoption, and maybe after a few years become a daily currency in certain countries. Hope for the best.

I think in the future, bitcoin could become a global currency. Now that bitcoin has been picked up by many countries, in Japan, there are shops that accept bitcoin, and I think there will be more stores accepting bitcoin in the future.

 think it depends on how you define replace.

Will digital currencies supersede traditional fiat currencies as the prominent medium of exchange in the world. Yes, I think that is likely.

How this happens could take many paths. With Bitcoin being more or less prominent depending on which path is taken.

Let me explain.

I think it is unlikely that all existing currencies are replaced exclusively by Bitcoin. As this would be unprecedented. One worldwide medium of exchange.

Even today. Digital currency enthusiasts who value privacy have begun using Monero, Zcash, Dash over Bitcoin. Because of their specific feature sets adding additional layers of privacy when transacting in these coins versus Bitcoin.

Niche use cases like these always exist. So I would expect multiple digital currencies to exist in whatever end state is arrived at. Versus all of them being subsumed by Bitcoin

Although it could be substantially fewer than exist today as the market evolves.

And existing Fiat currencies are increasingly digital as well. With some forward looking Central Banks working towards incorporating blockchain technology into their issuance and management processes.

As these experiments prove successful. Blockchain technology should be incorporated into the issuance and management of all currencies.

Fiat or digital. Because of the advantages it provides.

Once currencies are blockchain based. Transacting between them will be much more seamless than it is currently.

So I would expect digital currencies to take an increasing share of currency holdings/transactions from traditional fiat currency as more users discover there usefulness.

I would not expect traditional fiat currencies to completely disappear. Unless they are unwilling/unable to adapt to more seamless interaction with digital ones.

As there should continue to be many instances where using government issued fiat currencies for transactions makes sense. Especially if competition from the digital realm improves the way they are managed.

Think smart contracts, decentralized exchange,

I don't think so and it would even not be like a daily currency in the coming years.

Bitcoin has now become more of an investment options and in coming years it would be more like an asset. We have completely forget the sole purpose of Bitcoin (which was to make transactions easy and eliminate third-party involvement), now Bitcoins are only being used to make quick money and it would remain this way.

if the world agrees not to use fiat as a means of transactions, and they agree to use bitcoin as a means of payment, so all transactions use crypto, I think to buy something has small value roadside food is something that might happen.

Yes bitcioin someday it will use a daily currency we know already that bitcoin is the future currency .. 

Off-course it will become an daily currency..! No doubt at all.

Sure one day it will be,but it needs time to adapt to the system because still many people are don't know about the crypto currency.Yes the fee maybe high before but now the fee is very less like fractions of dollar and then it gets confirmed in minuted since there is no traffic in the blockchain.But soon the lightning network gonna implemented into the bitcoin then there will be no issue with fee and confirmation time.But we need to start using it in our day to day life then slowly more people will adapt to it.

If that is the case, then higher transaction fees and long confirmation times reduce the incentive for participants to move money, leading to more hodling, theoretically reducing the supply and increasing the price.

Not in the way you are suggesting as the transaction times and fees make it completely impractical for small purchases. It can work if you have a crypto Debit card however you store your BTC on the wallet then you spend on the card when you feel the need for anything from a coffee to groceries to gas station fillup for the car. All with no fees or tx charges.

I think its possible to use in paying your bills in restaurant and malls, if all the person know about bitcoin and all the business man in our country and they know the good about bitcoin then its possible to become our daily currency. I think in the future it will happen, but our own currency will not disappear, because bitcoin is changing its price, so im saying that its possible that bitcoin can use to pay bills

Yes it can be possible to bitcoin to become our daily currency. Imagine the system without cashiers at stores. Balance will automaticall deducted to your bitcoin account. But now, there are more factors to consider if bitcoin will replace our traditional system of payment.  transactions in btc is expensive and need days to confirm to complete a transaction. Security also plays a big part if we want want bitcoin to our daily currency.

Right now for Bitcoin to become a daily currency because of high fees. Also because many people consider Bitcoin and many people use  more an asset like mining ,Posting Advertisement and many more thats why Bitcoin become a daily currency to other.

This is quite possible, as bitcoin is gaining momentum. Crypto currency is the currency of the future. Many shops are already moving to bitcoins as a regular currency.

this is more about that there should be some development that may ever be happen here in crypto that we just have to make more patient if we just wanted to take this as an daily currency for. upgrade some here in this currency , for me i just wanted also to use this currency for in daily life but on how does the transaction can be are too difficult.

I believe that cryptocurrencies have a high potential but things are still in the development mode and hence there might be some inconvenience while using it. As of now, high transaction fees and confirmation time is the issue that we are facing when it comes to the Bitcoin's utility value. However, I am sure that developments like lightning network would bring some solutions to improve the utility value of Bitcoin, especially in the daily life.