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Topic: Can Bitcoin become a daily currency? - page 14. (Read 1398 times)

full member
Activity: 462
Merit: 102
February 15, 2018, 09:24:58 PM
#97
Bitcoin transactions are way slower than other cryptos and fees are high, and when you pay with bitcoin you pay with only fractions of it, so do you think it is possible for bitcoin to become a daily currency? Something you can use to pay for coffee? If no, then what cryptocurrency have this potential?

I think bitcoin can become a daily currency given that it gets more support from the community now. However, price-wise, we should establish that bitcoins must have a stable price first before being considered a daily currency. People should always consider first the total supply.
legendary
Activity: 1372
Merit: 1022
Anarchy is not chaos.
February 15, 2018, 09:13:33 PM
#96
How can Bitcoin become daily currency if the transaction can not be canceled? this will lead to massive fraud, because you can not return money for example for a damaged product...

look up multisig...

sorry, this is a fallacious argument. I'm going to take the high road and assume you don't know better. Frankly, and I speak from experience, PayPal is orders of magnitude more dangerous in this respect than Bitcoin.

With a 2 of three multisig, obviously you introduce a third party, but the issue can be arbitrated, adjudicated, and settle very quickly.

As for the issues with 'stability', I think this needs some looking at. It's not bitcoin that's unstable, it's people, and fiat money. Bitcoin's PRICE is unstable, because currently it's used primarily to move money of other sorts, or as an investment vehicle, therefore it's price is subject to massive fluctuation due to very small actual fluctuatons based on 'news', usually otherwise known as fud. Bitcoin itself, however, reliably adds a block approximately every ten minutes, and will continue to do so as long as at least two miners are connected.

It grew too fast this past winter. Anyone in the game long term has seen this before, several times. If, however, it starts being used for small, frequent transactions, as LN will make possible, then its market price is likely to rise slower, and fall slower, as it will be in CONSTANT use and demand. Scaling is the main issue to general adoption, followed by ease of use. Or at least that's my arrogant opinion.

Right now, or even in late December of 2017, Bitcoin is ridiculously undervalued compared to its potential utility. But we need some quick scaling solutions to get it there.

If Joe Public can use bitcoin easily from his Cell phone at Starbucks, he will. This will DRIVE the market, rather than following it. This will cause bitcoin to grow in price and stability. Price first, but the dips will not be as severe, because it WILL BE being used in small transactions with great frequency. This is the key.

As a store of value, it fails. As a speculative investment, it has been one of the best out there for several years, frequently outperforming the general markets by orders of magnitude. But it's a relatively small number of people using and adopting. New blood, recently, has mostly been on news, not on use. Given that the mainstream media gets it right about one out of ten (and I'm being generous, on any subject), this leads to a lot of ill informed people acting out of greed, FOMO, and misinformation. So it shoots up like a rocket.. and drops like one. But if the volume of transactions approached visa's hourly total in a week's time, the growth would be sharp, but not parabolic.

Yes, it can be a daily use currency. And likely will be. If it does not become so, another crypto will. The genie cannot be put back in the bottle, and fiat's days are numbered, sequentially.
member
Activity: 392
Merit: 11
February 15, 2018, 06:09:12 PM
#95
With the Internet being available to more and more people around the world, anything is possible with cryptocurrencies. Mass adoption is hindered by government regulations as well as technical issues, the latter is much easier to overcome though. Bitcoins is the first cryptocurrency, more or less nowadays its considered a storage of wealth aka "digital gold",  though I am not sure if Bitcoins become the widespread digital currency that everyone will use, but surely in the coming years there will be several digital currencies that will end up being used on a global scale. That cannot be stopped! 
full member
Activity: 658
Merit: 108
February 15, 2018, 05:59:36 PM
#94
With current bitcoin problems such as transactions time, I don't think bitcoin can be used for daily transactions. But for sure blockchain technology will be very useful for all the payments and transactions in near future.
I think Ethereum and its tokens have the potential. But they still need to be improved.
sr. member
Activity: 420
Merit: 250
February 15, 2018, 05:58:52 PM
#93
Bitcoin transactions are way slower than other cryptos and fees are high, and when you pay with bitcoin you pay with only fractions of it, so do you think it is possible for bitcoin to become a daily currency? Something you can use to pay for coffee? If no, then what cryptocurrency have this potential?
bitcoin has become one of the daily coins in many countries that legalize bitcoin. bitcoin can be used to buy in a restaurant or cafe. so I think bitcoin will have that potential.
member
Activity: 1041
Merit: 25
Trident Protocol | Simple «buy-hold-earn» system!
February 15, 2018, 05:58:01 PM
#92
         I think bitcoin will not become a daily currency because of it's volatility and being decentralized. You also consider the use of internet for every transaction together with higher fees. You can use bitcoin as payments for electric bills and loads but not at all. You always need fiat money to buy your needs because it is easy to access transactions and i think cryptocurrency is just usefull for online transaction and it is impossible to be a daily currency.
legendary
Activity: 2282
Merit: 3014
February 15, 2018, 05:55:45 PM
#91
Good god people is anyone going to bring up the LN network, do any of you do any homework or just spread FUD?  Honest to god it's so damn annoying.  If you're not educated..as a bitcoin supporter..than how are you going to teach non-believers?!  

Lets start here- https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5

Learn more here - https://blockchain.info/charts

Also do yourself a favor and follow one of the brightest minds in bitcoin and LEARN something for once- https://www.youtube.com/user/aantonop
full member
Activity: 938
Merit: 137
February 15, 2018, 05:51:05 PM
#90
While bitcoin is not going to be very fast in its transactions, it will not have low commission fees when they are held, that it can be used with daily purchases, that is, purchases with a small value, can not be said. Therefore, bitcoin urgently needs to eliminate its shortcomings and constantly improve. Otherwise, rapidly developing and improving other crypto-currencies will displace bitcoin as a means of payment.
hero member
Activity: 3080
Merit: 603
February 15, 2018, 05:47:25 PM
#89
Bitcoin transactions are way slower than other cryptos and fees are high,
It might be slower during last time when it's on ATH but now the fees are very calm and transactions are faster again.
and when you pay with bitcoin you pay with only fractions of it,
Yep, there's nothing wrong on paying fraction and its all depending on the dollar value of what you are  availing.
so do you think it is possible for bitcoin to become a daily currency?
Yes.
Something you can use to pay for coffee? If no, then what cryptocurrency have this potential?
Yes it can be used for paying coffee now. Grin Last time I transacted fee is only around $0.1
newbie
Activity: 308
Merit: 0
February 15, 2018, 05:46:59 PM
#88
bitcoin is currently a daily currency and a worldwide currency! look at some stats, there are lots of users from all around the world, there are bitcoin nodes from every country on earth, there are buyers in most countries
full member
Activity: 392
Merit: 113
February 15, 2018, 05:45:39 PM
#87
I can’t see the posibility right now. Still it cannot replace fiat but, in online shopping maybe at the convinience of your own home and computer with no hurry and no people falling in line after you in the counter. Though there are lots of online shoppings that are paid in bitcoins still nothing beats fiat, may it be cash or credit card. The transactions are fast and no hassles.
member
Activity: 673
Merit: 10
February 15, 2018, 05:44:37 PM
#86
I think something will happen and technological developments will dominate the world one day the vehicle no longer use petroleum power anymore and replaced with electricity and all will be done by the robot factory or even drive we just enjoy it as well as the currency will be virtual coin or any bitcoin and altcoin will be more advanced and can turn off the American dollar someday
jr. member
Activity: 196
Merit: 3
February 15, 2018, 05:42:13 PM
#85
Bitcoin transactions are way slower than other cryptos and fees are high, and when you pay with bitcoin you pay with only fractions of it, so do you think it is possible for bitcoin to become a daily currency? Something you can use to pay for coffee? If no, then what cryptocurrency have this potential?

It will be difficult for Bitcoin to be the daily currency. Considering the daily need of internet connection to be able to access it. Likewise, the high fees and slow transaction, it would be hard to say that. I think there is no altcoins that can be a potential for daily transaction. Fiat currency would still rule and will always be the easiest way.
newbie
Activity: 30
Merit: 0
February 15, 2018, 05:40:18 PM
#84
Right now not but in the future i think that can happen
newbie
Activity: 130
Merit: 0
February 15, 2018, 05:37:22 PM
#83
Yeah it can become a daily currency as I have seen a flying company stars to accecpt its tickets in bitcoin and KFC also authorize to pay the bill in bitcoin and the speed on which bitcoin is gaining popularity now, a day will come when bitcoin will replace the solid currency.
member
Activity: 387
Merit: 12
February 15, 2018, 05:36:48 PM
#82
Though bitcoin the king of all cryptocurrencies bt I think bitcoin can't become a daily currency. Because it is tx free and transactions fee is too high and slow. And many governments don't like bitcoin. So, overall bitcoin can't become a daily currency. But we love bitcoin and bitcoin are our future.
full member
Activity: 1092
Merit: 117
February 15, 2018, 05:36:07 PM
#81
Bitcoin was created especially to become a currency that can be used to pay faster and with lower fees but as we can see bitcoin is now used just as an investment to make profit out of it and only a very few people actually use it to buy things online, offline I think no one uses it maybe only 2-3 person's. Thats because there arent a lot of shops where people could spend bitcoins, especially offline. I mean there is no coffee shop's, no fast food shop's, no clothes shop's so people dont have where to spend bitcoin.
full member
Activity: 392
Merit: 105
February 15, 2018, 05:33:31 PM
#80
Bitcoin transactions are way slower than other cryptos and fees are high, and when you pay with bitcoin you pay with only fractions of it, so do you think it is possible for bitcoin to become a daily currency? Something you can use to pay for coffee? If no, then what cryptocurrency have this potential?
I think that at this very moment, under the current conditions of bitcoin it would be difficult to think that this could happen in the medium term, however I am convinced that there are still many things that can be done to improve the usability of bitcoin as a currency of daily use, although it may never be efficient for the realization of micropayments, but for larger transfers, such as buying a car, a house or things like that.
copper member
Activity: 224
Merit: 0
February 15, 2018, 05:31:37 PM
#79
Bitcoin transactions are way slower than other cryptos and fees are high, and when you pay with bitcoin you pay with only fractions of it, so do you think it is possible for bitcoin to become a daily currency? Something you can use to pay for coffee? If no, then what cryptocurrency have this potential?

If they can figure out a way to confirm transactions faster than yes.
member
Activity: 364
Merit: 10
February 15, 2018, 05:26:07 PM
#78
My opinion is that Bitcoin could become a daily currency, but because of the length of its transactions, it is unprofitable.
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