I'd have to say there is going to have to be a ton of reasons for Bitcoin not being able to be accepted / used by a ton of people on the universal scale. One of the biggest problems I see with Bitcoin is going to have to be that Bitcoin is something with extreme volatility when it comes to the value of it, so it's unable to be used by people and trusted to the point in knowing their money is worth the same amount as it was before.
I think this part alone is pretty shitty as it makes Bitcoin a problem when it comes to running a business that is going to take USD and Bitcoin on the side or something along those lines. Going further, Bitcoin has a huge scaling solution that it is pretty heavily divided on when it comes to the miners. This causes the fee for using Bitcoin to be very high and would cause using Bitcoin to be pretty expensive.
So yeah, those are my few reasons.
Topic: Even now in 2017, why is bitcoin *still* not accepted as a major currency? - page 2. (Read 3243 times)
April 05, 2017, 06:34:24 PM
April 05, 2017, 05:13:49 PM
It's not supposed to be surprising to anyone that Bitcoin isn't currently the largest currency worldwide, that much is obivious, nor should it surprise anyone that it isn't recognized as a major currency yet. There are still a lot of politics surrounding Bitcoin that each country has its own answers to the Bitcoin problem, as it were.
You can only get something accepted as a major currency if many powerful groups recognize it. Since Bitcoin has no-one to negotiate with, every other country is just making up what they want.
You can only get something accepted as a major currency if many powerful groups recognize it. Since Bitcoin has no-one to negotiate with, every other country is just making up what they want.
April 05, 2017, 05:05:30 PM
Don't expect that bitcoin will be treated as a major currency. But us who are here in forum and as well as people who are living on the internet can consider this and those people who are in the deep web. But if you are thinking that it will be a major currency declared by the gov't of any country it won't happen. It's decentralized and they won't take the risk of it.
April 05, 2017, 04:56:17 PM
With Bitcoin being new while being not that secure is mainly why the coin isn't a major Currency. The Currency that we have today is usually secure only when the person who have the money contained in their Businesses claim that it is. Like a Bank for example, the money could get placed in a secure place and we really don't need to think about counterfeit money being made from nothing.
Bitcoin could get double-spent and there's plenty of methods that allows people to get free items just by manipulating Bitcoin's Blockchain.
Bitcoin could get double-spent and there's plenty of methods that allows people to get free items just by manipulating Bitcoin's Blockchain.
April 05, 2017, 04:52:41 PM
Some poeple don't get that BTC is not daily currency.
BTC cannot scale to be currency of world because NETWORK cannot stand that pressure.
Visa have 2000tx/s this is about 1000MB block this is 370TB/year to BTC.
It is IMPOSSIBLE to use it as world daily currency but BTC can be fiat backed currency and anty printing money.
If you want fast and flexible currency you should go for mysql databse and then it is possible.
Decentralized system cannot win with centralized system that is why POLONIEX is so huge volume, while
any decentralized exchanges are slow PILE OF SHIT.
BTC cannot scale to be currency of world because NETWORK cannot stand that pressure.
Visa have 2000tx/s this is about 1000MB block this is 370TB/year to BTC.
It is IMPOSSIBLE to use it as world daily currency but BTC can be fiat backed currency and anty printing money.
If you want fast and flexible currency you should go for mysql databse and then it is possible.
Decentralized system cannot win with centralized system that is why POLONIEX is so huge volume, while
any decentralized exchanges are slow PILE OF SHIT.
April 05, 2017, 04:23:38 PM
Oh people, more than 9 ears old bitcoin isn't so new because now mostly everyone has heard about bitcoin. What do you expect more from bitcoin? It is used in many things without any problem if there is payment with cryptocurrency, it's possible to exchange btc/usd and there are btc ATM's. So this coin can't change gold or USD, EURO and national currencies, it is doing it's best.
April 05, 2017, 03:31:50 PM
I still dont understand what people expect with the acceptability. They should not expect a dollar kind of acceptability because of its volatility. We should not even expect acceptability at the same time by the world, if the populous and developed country can engage it actively it wont difficult for small ones. Lets the governance issue be settled for now
April 05, 2017, 03:16:26 PM
Because many people do not even know that it exists, and if someone does not tell them right about Bitcoin or they do bad research, they will think that Bitcoin is some kind of scam or dumb project, that is why everyone who is using Bitcoin should share it with the world. Another problem is Bitcoin price movement. It should not be a problem if a shop owner could cash it out immediately though.
April 05, 2017, 06:45:36 AM
Bitcoin is still somewhat new. Sometimes comparing Fiat VS Bitcoin make me think about Microsoft VS GNU/Linux. There are always a debate as to wich is better than the other. People thinking linux doesn't work with everything and others thinking Win is not so secure. There are evangelists and there are the one spreading X or Y is bad giving argument full of misconceptions or whatever.
April 05, 2017, 06:43:11 AM
[quote author=numismatist link=topic=1832763.msg18260472#msg18260472 date=149
Doesn't make any sense TBH. We should've seen it starting to replace conventional currencies by n
We are not seeing it as a currency for the same reason that we are not seeing gold coins or Apple shares as a currency.
Bitcoin isn't a currency. It is a highly mobile commodity. You can pay in bitcoins but the seller actually wants dollar , not bitcoins.
All three come close to a currency, bullion coins since millennia, Apple shares just since some decades and Bitcoin since years. People recognized their value! Just to "replace" a currency you would need to apply lethal force. Something "official" in the workings.
Doesn't make any sense TBH. We should've seen it starting to replace conventional currencies by n
We are not seeing it as a currency for the same reason that we are not seeing gold coins or Apple shares as a currency.
Bitcoin isn't a currency. It is a highly mobile commodity. You can pay in bitcoins but the seller actually wants dollar , not bitcoins.
All three come close to a currency, bullion coins since millennia, Apple shares just since some decades and Bitcoin since years. People recognized their value! Just to "replace" a currency you would need to apply lethal force. Something "official" in the workings.
April 05, 2017, 06:25:36 AM
1. Geographical facilities (like atm, etc) to facilitate ease of adoption globally must be fully in place.
2. Infrastructures (like smart contract, segwit, etc) to facilitate transition to a fully functional bitcoin network operation must be fully in place.
3. Entering year 2018.
I believe all the 3 points above must be fully in place for bitcoin to be accepted as a major world currency.
Never worry about governments adopting bitcoin as this is an ongoing process.
Never worry about stock market collapse as mechanism is already in place for an engineered collapse anytime once the 3 points above are all in place.
Japan is doing study on how to do corporate accounting with bitcoin and they say this will take 6 months, so bitcoin being a major currency won't take place within the next 6 months while the study is still in development.
Even then, further time is needed for everyone else to familiarize with the new accounting rules and this will probably take several more months into year 2018.
2. Infrastructures (like smart contract, segwit, etc) to facilitate transition to a fully functional bitcoin network operation must be fully in place.
3. Entering year 2018.
I believe all the 3 points above must be fully in place for bitcoin to be accepted as a major world currency.
Never worry about governments adopting bitcoin as this is an ongoing process.
Never worry about stock market collapse as mechanism is already in place for an engineered collapse anytime once the 3 points above are all in place.
Japan is doing study on how to do corporate accounting with bitcoin and they say this will take 6 months, so bitcoin being a major currency won't take place within the next 6 months while the study is still in development.
Even then, further time is needed for everyone else to familiarize with the new accounting rules and this will probably take several more months into year 2018.
April 05, 2017, 06:22:52 AM
Because most people don't know about it or its benefits.
It's up to us to spread the word.
It's up to us to spread the word.
I agree with this. Hanging out here on bitcointalk we think that it's impossible that most people of the world still do not know about Bitcoin's existence, but that's a fact. People mind their own business and don't care about Bitcoin.
Take me for example. I don't play video games and thus I have no idea about existence of even very popular ones. Right now I've googled "most popular video game" and came across an extremely popular one called Overwatch. 25 million people play this game but I have never heard of it before now.
April 05, 2017, 05:50:27 AM
It's because the currency is highly volatile and its value fluctuates at incredibly fast rates. if one day a BTC = $1000 and next day it drops to $800, it would surely kill the business. This is why a large portion of the business community is reluctant to accept it as a form of payment. Moreover, our financial system is not designed to work that way, it would require a large set of changes in order to gain compatibility with BTC. I think its better the way it is.
April 04, 2017, 06:09:29 PM
It's not accepted because it sucks. Lots of places, especially since 2015, started to accept bitcoin. But many don't accept bitcoin anymore because it can't fullfill it's sole purpose; currency. Several hour confirmation and high fees is keeping both potential users and vendors away from it.
This BU vs core fight is happening too late, bitcoin should have forked long ago. But it stagnated instead.
This BU vs core fight is happening too late, bitcoin should have forked long ago. But it stagnated instead.
April 04, 2017, 05:30:04 PM
Doesn't make any sense TBH. We should've seen it starting to replace conventional currencies by now.
We are getting there though, slowly.
Have you tried Spendabit yet? It's pretty much "Google for things you can buy with Bitcoin":
https://spendabit.co/go?q=4k+tv
Give it a try and let me know!
April 04, 2017, 04:59:13 PM
Changing the word takes time, 8 years is no time at all. I dont think it will completely replace other currencies but it will add value to more people around the world. We need the time anyway to make it scale.
March 23, 2017, 08:22:03 AM
I think! because in global trade still the major currency used for trading is dollar, and bitcoins is new and only few person know about it. And if the global market change the trading currency it will cause a big problem around the world.
March 23, 2017, 08:13:09 AM
Bitcoin is still not accepted as a major currency due to a wide range of reasons. First and foremost is the lack of government recognition. This scares off the businesses, who want to accept payment in BTC. They don't know whether it is legal or not to do so. Second reason is the volatile exchange rates, which can be avoided only if a payment processor is used. And another reason is the elevated risk of funds getting stolen from the wallets.
I agree. Bitcoin for me nowadays are so very bad in terms of value because the value itself are changing again minute to minute. It doesn't stays. And especially many government officials doesn't accept it because of some reasons. Because bitcoin is not especially tested and we don't know what happen if it's value got lower than now. All I can say is our currency today is very good and I think bitcoin will not replace it. And one factor is the value of our currency now is still and do not change minute by minute. March 23, 2017, 06:47:46 AM
Bitcoin is still not accepted as a major currency due to a wide range of reasons. First and foremost is the lack of government recognition. This scares off the businesses, who want to accept payment in BTC. They don't know whether it is legal or not to do so. Second reason is the volatile exchange rates, which can be avoided only if a payment processor is used. And another reason is the elevated risk of funds getting stolen from the wallets.
March 23, 2017, 06:16:50 AM
Doesn't make any sense TBH. We should've seen it starting to replace conventional currencies by now.
It makes a whole lot of sense that Bitcoin isn't accepted a a major Currency because the people inside the world don't really know about it yet.
Most of the People think that the next digital currency will be backed by gold or something that the Chinese will integrate in their Currency and people will lose their money because USD isn't "Valuable" anymore.
If Bitcoin was well known then the people who decide a what is Currency will be have to list it as a Currency whether it's underground or not.
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