How can we get people to use bitcoin as a currency? - page 53.

West0813

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Quote from: SnowAugustine on October 15, 2018, 07:13:46 AM

How can we get people to use bitcoin as a real currency and not just a quick way to get cash as a lot of people seem to do? When I say currency, I mean the literal definition of currency as something that is used as a medium of exchange.
Even online, there are only a few stores who are accepting it as payment.

I think it will be hard for us to get people to use bitcoin. I think if governments will intorduce bitcoin to its people. And there will be more and more companies, businesses and stores accept bitcoin. Then thats the time more people will use bitcoin.

figmentofmyass

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Quote from: BitHodler on October 16, 2018, 06:24:42 PM

Quote from: hildacitra on October 16, 2018, 05:54:13 PM

It has just began. People now are beginning to recognize and get into Bitcoin day by day and in several countries it has been recognized as currency that Bitcoin is becoming means of transaction for purchasing and others. Of course it is need time to be have wider spread of the usage of bitcoin.

It began back when Silk Road was still operating, and ended shortly after that. We never managed to regain the share of actual currency use, and after so many years that's quite a disappointment in my opinion.

We need the lightning network up and running and people to shift their focus more towards Bitcoin being a currency instead of an investment tool. I am confident that our patience will pay off, but it could take a couple of years.

People in third world countries are the first to adapt to the change with how they really need it, and for that reason I expect most of the growth to happen on that front. Bitcoin is there to 'bank' the unbanked.

there are legit use cases for the unbanked, remittance, cross-border transactions where censorship is an issue, etc

but when it comes to being a general medium of exchange, we may still have to contend with gresham's law---and i think that's relevant in the case of consumer spending. if people can pay with fiat currency, that drives BTC out of circulation because "bad money drives out good". that is, people will want to save their BTC and spend their devaluing fiat currencies. i think that's the biggest obstacle to bitcoin being a ubiquitous medium of exchange.

Akoldi_ibk

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Quote from: Aidenpeters on October 17, 2018, 12:59:34 PM

If I'm not wrong, payment processors like Bitpay convert to Fiat instantly so that there's no exchange rate risk for the Marchant to deal with. I think volatility in doing business entails a very big risk, so there should be price stability for Bitcoin.

You definitely took those words right out of my mouth. The risk is very high without price stability and instant conversion to fiat. Assuming I sold my goods at a higher bitcoin value and in the process of stocking back my store, the value has already dropped. Surely it will affect my purchasing power which can lead to less stocking of my goods. It is just simple economics, I will in no time end up in loss. Merchants need price stability, instant conversion to fiat and adequate knowledge of market behaviour.

arbifahrozy

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$CYBERCASH METAVERSE

in my opinion, bitcoin cannot be a dollar like a dollar or general money. bitcoin is more of a different kind of exchange. if this equations can be messed up because the price is fluctuating. it's possible that bitcoin can be better known as a good medium of exchange compared to money in general.

Aidenpeters

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If I'm not wrong, payment processors like Bitpay convert to Fiat instantly so that there's no exchange rate risk for the Marchant to deal with. I think volatility in doing business entails a very big risk, so there should be price stability for Bitcoin.

ZoranLOP

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I don't see this happening anytime soon. Bitcoin's volatility does not allow this to happen. To become a literal currency, bitcoin must be stable.

MahalQu2612

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Quote from: SnowAugustine on October 15, 2018, 07:13:46 AM

How can we get people to use bitcoin as a real currency and not just a quick way to get cash as a lot of people seem to do? When I say currency, I mean the literal definition of currency as something that is used as a medium of exchange.
Even online, there are only a few stores who are accepting it as payment.

Bitcoin for now physically is not a form of currency like what fiat is. It is only a form of investment which can give us a chance to gain in the near future because of its volatility. But it can be use as payment electronically/online like credit card if the merchants online is bitcoin accepted as mode of payment, then some traditional business are implementing bitcoin accepted to their business as well.

Agniya

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I think there is only one way to do this. Tell and explain to people how it works and what benefits they will get from it.

KorakPawon

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Well I guess if we want to freely use bitcoin as the currency to be used as payment, bitcoin should be accepted by all, fully. In other words, to be accepted, it deals with legalization. Yes, to make people interested, it should be legal and opened, save and free, then people will use it as expected. But, we also know when bitcoin becomes legal, the risks are follow, such as tax, etc.

TheWalkingCoin

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we can ask people for using bitcoin as currency by giving and show more about how we have get much profit with bitcoin and altcoin investment, we have try give more knowledge about bitcoin for them to make interested with bitcoin and altcoin investment.

nicster551

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Quote from: SnowAugustine on October 15, 2018, 07:13:46 AM

How can we get people to use bitcoin as a real currency and not just a quick way to get cash as a lot of people seem to do? When I say currency, I mean the literal definition of currency as something that is used as a medium of exchange.
Even online, there are only a few stores who are accepting it as payment.

For now, we can't because the price of Bitcoin really is not steadily stable that makes it so volatile for buying things. We would want some other coin do that role.

Liliana Mclaughlin

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Any sprt of attempt at making Bitcoin be used as literal currency will take time. The way cryptocurrency is right now the value has inconsistency and without having some sort of consistency people won't be able to consider it a reliable form of currency nor who would take it in exchange for their goods. With time if the issues are minimalized in some way or some other way of making it possible then we can hope to see this becoming a possibility. Only with time we can tell.

Jazmyn Salazar

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The bitcoin has all the facilities a tech based coin should have, but still, it has risk with scammers and malfunction. So it still hadn't become eligible to be a regular coin overcoming our doubt. But in future, it might be.

SneakyLady

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It has to be user-friendly, protected, and serve a tangible purpose rather than simply be seen as an asset.

People and businesses also need to be educated as to how they can easily implement BTC. The average Joe just doesn't understand and doesn't have enough motivation to want to understand the value in decentralization. Once they can clearly be shown the bank charges and other taxes that could easily be avoided, acceptance will grow.

I think it's mostly dependent on businesses using it for every step of their supply chains.

breathlessz

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Trphy.io

Quote from: BigTeeths on October 17, 2018, 01:50:38 AM

It's actually easy but a lot of users are demanding like the average consumers to make the transaction feeless and fast. It is like the only issues blocking our way through adoption. Bitcoin is convenient on online stores but in the physical ones, it is a bit annoying to them because they have to wait.

right, we certainly hope bitcoin can be used in many stores for daily needs, so that it will make it easier for us to fulfill it. online stores usually provide goods that are for a moment's sake, so if you shop, it's still not comfortable

Rodney Cobb

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As you have said that Bitcoin is already being used as a medium of payment in some online shop, this practice is increasing gradually. But, it still needs adaptation in the evryday life. The votailty of its price is another problem that has become a obstacle in its path to become a medium of everyday payment.

BigTeeths

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It's actually easy but a lot of users are demanding like the average consumers to make the transaction feeless and fast. It is like the only issues blocking our way through adoption. Bitcoin is convenient on online stores but in the physical ones, it is a bit annoying to them because they have to wait.

EdenHazard

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Quote from: maculeth on October 16, 2018, 09:17:07 PM

Quote from: Dukjila on October 15, 2018, 08:59:24 AM

Bitcoin BTC can be a currency only if its price is stable.

and that won't happen. bitcoin is a decentralized currency in which no one controls it in the market and everyone who is called an investor makes the pump or dump itself. the situation will continue with efforts to make profit, and bitcoin will not be stable.

In the future I'm sure the concept of decentralization will be easily accepted by many people. Now, many people have scorned government regulations that are not in line with their expectations, this will cause them to look for a system that is not regulated by one party or I can say it is government. If this happens then the government will be forced to adopt bitcoin as a legitimate payment system or as a place for investment and trading. And as you said about pump and dump, that's the thing it is not happening to bitcoin, maybe you are talking about altcoin.

Barbut

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Quote from: sidodadii on October 16, 2018, 07:03:38 PM

its hard to change what they think about bitcoin. people will do the easy way to get something, moreover that is money. and im sure that you earning bitcoin for money too.
but is there someone use bitcoin as currency. maybe they use it in offline, and when they want to buy something with crypto member

We just need to continue to do what we did until now, others will see that and they will join. There isnt any other way, forcing people into something is very bad thing to do, usually when you force people to do something they dont want to they begin to feel repulsion. With time anyone can change opinion, we just need to continue to do what is right, in what we strongly believe, when other notice how strong we are they will start to think more and more about bitcoins and eventually they will join.

maculeth

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BountyMarketCap

Quote from: Dukjila on October 15, 2018, 08:59:24 AM

Bitcoin BTC can be a currency only if its price is stable.

and that won't happen. bitcoin is a decentralized currency in which no one controls it in the market and everyone who is called an investor makes the pump or dump itself. the situation will continue with efforts to make profit, and bitcoin will not be stable.

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