Topic: HOW CAN BITCOIN BE ACCEPTED TO BE USED AS A PAYMENT METHOD GLOBALLY? (Read 466 times)
December 31, 2018, 12:33:17 AM
It's still about choices ,some will still prefer fiat over digital currency for a very long time but bitcoin and some other altcoins are just making sense in terms of wiping poverty off face of the earth ,easier means of payment ,marriage on blockchain , airports own coin ,atms all over ,its making sense ,still have long way to go but its has been successful so far
December 30, 2018, 07:23:20 PM
I think the first step to making bitcoin acceptable as a means of payment globally is if government all over the world legalizes its use. this will give confidence to traders, individuals and companies as they will openly without fear use it for payment everywhere they find themselves
December 26, 2018, 05:04:57 AM
The volatility of bitcoin won't end anytime, I think we have to give more time for more people to appreciate bitcoin and use in daily business transactions. At the moment, I believe some form of regulations can help make things pretty much stable than we have at the moment otherwise we shall experience more issues with the volatility.
Volatile can't be main problem if bitcoin want to adopted as payment. If seller want, he can immediately sell his coin after get payment from buyer. Main problem is people who still not familiar with crypto.Volatility is definitely an issue and a bottleneck for mass adoption. However, the bigger issue is the government regulation. In majority of the countries, crypto currency is not a legal tender or there is no legal framework available for cryptos in those countries. That is the reason why a lot of merchants are not comfortable to accept cryptos as a mehtod of payment. The same situation will not change until the respective governments come up with a regulation plan. If we want to see mass adoption, regulation is the first thing that needs to be taken care of.
December 26, 2018, 01:31:18 AM
We do not know if bitcoin will be accepted as currency so its hard to know if bitcoin can also use as payment method. As long the developers of blockchain keep on improving bitcoin and other cryptocurrencies there is chance that it might come true in the future.
December 26, 2018, 01:10:45 AM
I think bitcoin can only be accepted as a payment medium when and if all various key technologies of blockchain are improved on .
That way the public could be able to derive valuin their everyday activities from blockchain which could spike up mass adoption.
That way the public could be able to derive valuin their everyday activities from blockchain which could spike up mass adoption.
December 21, 2018, 09:29:41 AM
The volatility of bitcoin won't end anytime, I think we have to give more time for more people to appreciate bitcoin and use in daily business transactions. At the moment, I believe some form of regulations can help make things pretty much stable than we have at the moment otherwise we shall experience more issues with the volatility.
Volatile can't be main problem if bitcoin want to adopted as payment. If seller want, he can immediately sell his coin after get payment from buyer. Main problem is people who still not familiar with crypto. December 21, 2018, 07:15:11 AM
Bitcoin should lessen its volatility first to become a global method of payment. Rapid fluctuation of prjce will prevent government and business sector from totally using it. I doubt if government can control's bitcoin volatility by means of regulation because it is a decentralized currency. Government or the central bank can only regulate the cryptocurrency exchanges where bitcoin is bought or sold because it is centralized.
December 21, 2018, 06:15:37 AM
The volatility of bitcoin won't end anytime, I think we have to give more time for more people to appreciate bitcoin and use in daily business transactions. At the moment, I believe some form of regulations can help make things pretty much stable than we have at the moment otherwise we shall experience more issues with the volatility.
December 21, 2018, 02:53:23 AM
Bitcoin can only be generally accepted as a payment medium when all the various key technologies of the blockchain are improved on to enable it bring down value to everyday activities of the general public while supporting increased adoption rate.
December 21, 2018, 02:09:49 AM
There are many countries where Bitcoin is not accepted as a payment method. The main reason is that Bitcoin and other cryptocurrency have a very high volatility, which is not necessarily convenient for chain stores. I think that when the Bitcoin volatility issue is solved, the currency can be accepted as a payment method.
December 20, 2018, 08:42:34 PM
I thought the same thing too. Because honestly, I want Bitcoin crypto currency to be accepted to be used as a payment method globally. I want Bitcoin because it is very convenient, fast and easy to use for some of my daily financial transactions.
December 20, 2018, 07:50:31 PM
In fact, it's unlikely I want BTC to be used worldwide. It was a good point that it would be better to use it between "real" holders. I mean that I'm very concerned about privacy, again(
December 20, 2018, 06:49:02 PM
High volatility is not the only problem of bitcoin, but it is one of the main ones. If we manage to solve them, the use of bitcoin everywhere will be very soon, it's true. I hope to live up to this moment and see a new digital future.
December 20, 2018, 06:48:33 PM
I think bitcoin will go there, but we have to go through several processes first. In its function, bitcoin has been used as a payment tool, such as in developed countries like Japan, even Japan gives a bold step because some of the companies there pay every employee with bitcoin. Surely, this will give a positive assessment as each company can take the same method.
December 20, 2018, 06:23:27 PM
In this case I think many circumstances need to look up before we used bitcoin as a payment globally although many merchants use bitcoin as payment some of need more ideas about bitcoin and they manage it as payment method.
December 20, 2018, 05:31:57 PM
certain. it takes a long time. because the process is not easy. In my opinion. we have to spread crypto first to the public. when many publics are enthusiastic about the crypto world. then the government will make a decision. at least the government will not ban crypto use for transactions.
December 20, 2018, 04:47:12 PM
In as much as we all wish to help fulfill the dream of Satoshi Nakamoto in using BTC to make transactions in our daily lives we must look critically at the high volatility of BTC. Come to think of it people, how many of us in here would wish to purchase an item worth $500 US right now when this same amount of BTC was worth over $1000 US last year. If we are able to solve volatility issues with BTC then trust me the acceptance of BTC will go viral. I just wish there were some real holders in the cryptospace!
You are only looking at only one side of the volatility, in this case the negative side, if you buy bitcoin at 4000 and in a few years it is worth 20000 again now you can buy 5 times more stuff with the same amount of bitcoin that you bought, so while the volatility can go against you it can also be favorable to you and it is precisely at those moments when you should spend your bitcoin. December 20, 2018, 01:53:12 PM
Fir Bitcoin to be accepted as global means of payment, certain things needs to be fixed and put in place. The issue of having the enabling technology to accept bitcoins has to be put out, people need to be educated on what Bitcoin is and how it actually works and also, the issues of volatility which is a very difficult one or almost impossible needs to be fixed to a certain extent.
December 20, 2018, 12:34:46 PM
Well if we are able to fix all issues of volatility then i believe most platforms would come to the acceptance of accepting bitcoin being used as a payment method. Look at the current price of bitcoin as compared to ending of last year you can see that if someone paid for an item in bitcoin that year that same value of bitcoin has now decreased way significantly to a less value.
December 20, 2018, 11:29:01 AM
In as much as we all wish to help fulfill the dream of Satoshi Nakamoto in using BTC to make transactions in our daily lives we must look critically at the high volatility of BTC. Come to think of it people, how many of us in here would wish to purchase an item worth $500 US right now when this same amount of BTC was worth over $1000 US last year. If we are able to solve volatility issues with BTC then trust me the acceptance of BTC will go viral. I just wish there were some real holders in the cryptospace!
ive been around since 2012 and i got a nice hold of coins. i buy stuff all the time.
the way i see it is that say one coin in 2012 worth 6 loaves of bread. today can buy me 3500 loaves of bread so im happy to spend bitcoin buying bread with my bitcoin.
from a merchants perspective when they sell a loaf of bread for say $1. they in seconds display a btc price and in minutes that amount arrives. they can automate the sell of the btc to fiat in that time too.
if they know the cost of the dough, cooking and labour came to 30cents. tax 20cents. they can convert half of the sell back to fiat to cover costs. and keep half as bitcoin for the shop owners own retirement fund
knowing at some point that $0.50 of btc will probably be able to at a later date be able to create more than just another loaf, but the $0.50 of fiat will only make them one loaf.
its all about finding the needs of the merchant. displaying the benefits to the merchant and also showing how easy it is to accept bitcoin.
you will be surprised how many merchants take up and start accepting btc when they see how easy it can be, by actually doing a demo/dry run purchase with them when you mention bitcoin to them
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