This is a perfect example of why bitcoin should advance as a payment system. I understand that companies need to make money... but really!?!
This is never going to happen until it's easy enough for grandmas to understand the technology and utilize it. The amount of distrust there is is holding it back.
People didnt know at first how to use banks and credit cards, but they will learn in time... I may be delusional but I can see grandma operating a bitcoin wallet in 10 yearsish
If people can create the technology in such a way that no specifics are really wanted, I think this is doable. The issue is most people that hear about Bitcoin want to know how it works, why it's safe, etc. And most of them don't have any comprehension as to what's going on so it leads to more confusion and ultimately denial of the service.
Credit cards are at a stage where it's so simple you just swipe your card, sign (if needed) and pay the bill. If we could get Bitcoin to that same level, I think it'd help.
QR codes are making bitcoins more and more like credit cards. Now you just scan the code with your phone and voila, you can send a payment to a specific address!
True but if I go to the store and have $150 in credit, I can buy $150 in stuff with no questions asked.
If I go to the store right now with 1 BTC ($500 for ease) and grab $500 in stuff, there's no telling if I'll even have that much by the time I'm checking out. I could magically only have $350 (crashed) or I could buy all my stuff and still have $300 (boost). These are major problems.
You are right there... but normal market changes happen over hours. Also you can implement a text system where if the market price goes up or down more than3%, it will notify you.
Let's try this a different way. There are tons of people who live paycheck to paycheck and have to borrow money when they accidentally go a little over. Now we're talking about fluctuations over an entire month. A decrease in value of 5% could make them unable to purchase food, pay utilities or rent, etc. An increase in 5% would leave a little left over, but it's still a gamble.
The fact is that until Bitcoin is stable, such that I know today my BTC is worth what it will be 90 days from now, it will never be a usable currency for most people. There is just too much risk in it.
That's a fair point. But I believe there is a fix which does require some time but is already in the work.
We read yesterday that Blockchain.info does not have a Fiat bank account, even the CEO gets paid in Bitcoin. Other Bitcoin related sites and services such as CEX.io pay their support personals in Bitcoin as well.
The next big step is...
I go every 2nd Wednesday to a Bitcoin meetup and have few beers for Bitcoin (it bloody tastes so much better), but they way I pay in Bitcoin, through BitPos.me, is by the bartender converting the price of the beer $7 AUD to BTC. This is the only way it would actually work at this stage, until.. Somebody with big balls and deep pockets can say "Your beer will cost you 0.01 BTC, regardless of the conversion rate. We can see this happening already on Bitcoin sites and services when it comes to advertising. You pay a flat BTC price for an ad spot, regardless of the conversion rate.
In other words, until Bitcoin has its own ecosystem where it's completely independent from the Fiat system, this fluctuation will stay there. Might not be as volatile, but it will eventually get to the point of how gold trades against USD for example.
