Can Bitcoin become a daily currency? - page 18.

anjaydut

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Activity: 140

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for the moment I think it is impossible, it's about transaction costs and delivery takes time
just imagine if bitcoin is used in everyday life, for example when you are queuing to pay for toll road, imagine congestion on the toll road that happened, due to too long waiting time of payment confirmation. Cheesy

it will create congestion "worst". throughout history due to bitcoin Grin

Biomech

legendary

Activity: 1372

Merit: 1022

Anarchy is not chaos.

Without changes to the basic structure of bitcoin, I don't see it being used for coffee, directly. And I'm a coffee fanatic, so this disappoints me a great deal more than it probably should Cheesy

However, Lightning network has the potential to change that. While not DIRECT, it still makes it possible for small transactions to be both viable and affordable, much in the same way that a Visa card makes access to your bank account (which takes FAR LONGER to settle than a bitcoin transaction) available and accessible at merchants.

I know I'll catch some flack about that, so I'll just be out with it now. I'm in favor of Lightning, and yes, I do realize it is somewhat contrary to the 'original' vision of Bitcoin. That being said, it solves a great many of the problems that are currently plaguing bitcoin and creating barriers to general acceptance. After nearly 8 years of direct participation, I've seen great strides in the Bitcoin and Cryptocurrency sphere... but it remains a niche. Lightning could make it scale to the mainstream.

Isn't that what we want?

bobrova

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Quote from: GaboCarranza on February 14, 2018, 11:03:07 AM

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?

This is going to take a lot of time. No, crypto currency has this potential currently. Also, such chnages will happen gradually but people will keep using cash for smaller transactions.

heureca

sr. member

Activity: 658

Merit: 250

Quote from: GaboCarranza on February 14, 2018, 11:03:07 AM

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?

No, btw I've seen similar thread today) BTC is not payment tool at present. It should be criptocurrency with very low transaction fees at least

Thefrolly

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Activity: 672

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Bitcoin doesn’t need to be an everyday currency, but rather serve as the store of value in the representative form of digital gold. 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. Other currencies can then serve as the decentralized payment method to allow for fast and low-cost transactions.

Kaniel-ouots

member

Activity: 125

Merit: 19

tis already a daily currency it depent on owners if they want it to be used as payement methode on there service /shop like steam did

astridplomp

member

Activity: 217

Merit: 10

i think the first priority for us to use bitcoin for daily life payments is low fee and convinient, however bitcoin is not, we all know bitcoin is extremely slow is making blocks confirmations, it needs more time to make transactions, but we need everything fast and convinient in payments nowadays, so bitcoin is not is good candidate to become a daily currency, i personally don't accept bitcoin become payment currency.

Herbert2020

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Activity: 1946

Merit: 1137

Quote from: GaboCarranza on February 14, 2018, 11:26:08 AM

Quote from: Herbert2020 on February 14, 2018, 11:17:40 AM

Quote from: GaboCarranza on February 14, 2018, 11:03:07 AM

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?

well, you need to be using cryptocurrencies first before starting a topic about them. and you my friend have not been using bitcoin or any other cryptocurrency. because if you did use bitcoin then you would have already known that bitcoin transaction fees are not only not high but they are at their lowest right now. and transactions are instant the confirmation takes time which is limited by the time a block is found, 10 min on average.
before moving on i have to mention Lightning Network which is currently working and transactions on there are nearly free and instant.

regarding other cryptocurrencies if you ever use any of them you will see that they also have similar issues to bitcoin. some even more serious issues. the fact that these issues are not surfaced yet is because nobody uses them. it is like a highway with a big ditch in the middle of it that only 1 car per day passes that highway. nobody will hear about that ditch until the highway is used more often and disasters happen.

Well I accept Bitcoin payments on my store, I don't really care about the transaction time and fee as long as the payment is successful, however, I was thinking about the posibility of Bitcoin (or any other crypto) of becoming not only a daily currency but maybe a worldwide currency?

then it is even more strange that you are saying fees are high now that they have been extremely low for a very long time!

as for the possibility, 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 merchants in most countries, and according to BitPay they are processing $110 million every month and that is just one payment processor we can't measure the whole thing there are around $1-$2 billion transferred through bitcoin on daily basis!

Javed zaman

newbie

Activity: 50

Merit: 0

Yes, bitcoin can become a daily currency if one create a digital wallet and then can swipe over our phone or maybe even a card. This will create easiness to the billing system.

Virman01

sr. member

Activity: 402

Merit: 250

maybe bitcoin takes a lot of correction if you want to use as a means of daily payment, bahwasannya very slow confirmation takes hours to make jams of small transactions. maybe another crypto could be faster.

argiyan.tri

full member

Activity: 271

Merit: 103

I think bitcoin is too slow in terms of confirmation, it can even take hours. Another crypto that might be better is eth.

GaboCarranza

jr. member

Activity: 43

Merit: 1

CR Coin - Costa Rica's First Cryptocurrency

Quote from: Herbert2020 on February 14, 2018, 11:17:40 AM

Quote from: GaboCarranza on February 14, 2018, 11:03:07 AM

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?

well, you need to be using cryptocurrencies first before starting a topic about them. and you my friend have not been using bitcoin or any other cryptocurrency. because if you did use bitcoin then you would have already known that bitcoin transaction fees are not only not high but they are at their lowest right now. and transactions are instant the confirmation takes time which is limited by the time a block is found, 10 min on average.
before moving on i have to mention Lightning Network which is currently working and transactions on there are nearly free and instant.

regarding other cryptocurrencies if you ever use any of them you will see that they also have similar issues to bitcoin. some even more serious issues. the fact that these issues are not surfaced yet is because nobody uses them. it is like a highway with a big ditch in the middle of it that only 1 car per day passes that highway. nobody will hear about that ditch until the highway is used more often and disasters happen.

Well I accept Bitcoin payments on my store, I don't really care about the transaction time and fee as long as the payment is successful, however, I was thinking about the posibility of Bitcoin (or any other crypto) of becoming not only a daily currency but maybe a worldwide currency?

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: GaboCarranza on February 14, 2018, 11:03:07 AM

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?

well, you need to be using cryptocurrencies first before starting a topic about them. and you my friend have not been using bitcoin or any other cryptocurrency. because if you did use bitcoin then you would have already known that bitcoin transaction fees are not only not high but they are at their lowest right now. and transactions are instant the confirmation takes time which is limited by the time a block is found, 10 min on average.
before moving on i have to mention Lightning Network which is currently working and transactions on there are nearly free and instant.

regarding other cryptocurrencies if you ever use any of them you will see that they also have similar issues to bitcoin. some even more serious issues. the fact that these issues are not surfaced yet is because nobody uses them. it is like a highway with a big ditch in the middle of it that only 1 car per day passes that highway. nobody will hear about that ditch until the highway is used more often and disasters happen.

tot-o

newbie

Activity: 210

Merit: 0

Yes there is possibility, and looking forward to it, I mean one day if we could just top our digital wallet on a scanner and we can have buffet for dinner.
Many people are trying to find ways, for them to exchange their service for cryptos, in our country catering private service is accepting bitcoin for cupcakes.... Lets wait other also for them to prepare themselves with this kind of transaction.

EricExxo

newbie

Activity: 28

Merit: 2

Bitcoin will not become a daily currency, fees are too high. There are plenty tokens with low fees which can be used for daily trades.

Niya

hero member

Activity: 811

Merit: 512

Enhalo Mining

Quote from: GaboCarranza on February 14, 2018, 11:03:07 AM

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's likely right now for Bitcoin to become a daily currency because of high fees and long confirmation time. Also because many people consider Bitcoin more an asset and speculative tool rather than a currency.

GaboCarranza

jr. member

Activity: 43

Merit: 1

CR Coin - Costa Rica's First Cryptocurrency

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?

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