Topic: How can we get people to use bitcoin as a currency? - page 55. (Read 52948 times)

Bitcoin is already a currency but it is not yet really used like the fiat currencies. The reason is that it is not yet supported everywhere as a payment method either online or offline. That is why people still considering Bitcoin mainly as an asset, they trade and hold it for making good profits.

Stop talking about bitcoin as investment start saying bitcoin as currency is the first the step all have to do if we want the bitcoin to be used as currency because we all are using bitcoin for making money in short or longer term then how it will be a currency in mainstream.More people have to spend their crypto rather than holding it will paves way for bitcoin currency.

I think it is already accepted in the financial market as there are transactions that are like 'BTC > item' directly, but in specific countries only (imk). So being accepted in the financial market is not the only thing to be considered for it to be available as a mainstream currency.


I don't think trustworthy is right word to describe it, it is as if you're saying that BTC is a scam. True, stability is the right way for a lot of people to be confidently use it. But the thing is, its volatile given that its decentralized - achieving that goal is gonna be bumpy road.


Its volatility is a great perk to any skilled traders. Though its a cryptocurrency, I don't think it would want to be the same exact purpose or meaning as a 'currency'

People will only consider using Bitcoin as a mainstream currency when it is completely accepted in the financial market. Currently, the coin is banned from so many countries which is not great for being a currency.
Also, the coin is currently too volatile to be a mainstream currency and hence is not a trustworthy exchange means. The coin has to be more stable for the people to do so.
Right now, the coin is a great investment asset to earn good profit returns but is not fit to be a currency.

It's like you don't even read the posts you're replying to...

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IIRC during the first big pump of 2013 to above $1,000 number of bitcoin purchases went up as well. It make sense, people tend to cash-out at least partially, when they think pump might have reached its peak, and buying stuff with bitcoin is just another way of cashing out. ie. when you plan on buying specific item with your gains, instead of going BTC-->USD-->item, you could go directly BTC-->item (and save up on trading fees).

The biggest (by far) reason people don't use bitcoin as a currency, is lack of people earning regular (or any) income in bitcoins, and no one seems willing to go through the hustle of buying bitcoins just to spend it - there would have to be solid incentive for that.

I think it is very honest and true statement I have seen from one of the senior most member of the forum.  Otherwise people do not dare being so honest accepting this truth.  And I think most of the people buy bitcoin with the intention of getting some profit when the price rise.  There may be rare cases when investor buying it for using as currency. 
 

I think that volatility in doing business entails a very big risk, so there should be price stability for Bitcoin.

Volatility is a profitable tool in the hands of a talented trader.

Not necessarily.  If I'm not mistaken, payment processors like Bitpay convert to fiat instantly so that there's no exchange rate risk for the merchant to deal with.  But volatility certainly does prevent businesses from actually accepting bitcoin (as opposed to bitcoin that's converted to fiat by the payment processor).  It obviously wouldn't be good for any merchant if they got a payment in bitcoin and then the price crashed shortly thereafter. 

As far as what we can do to promote bitcoin as a currency, I'm not sure there is much the average person can do aside from lobbying businesses (especially the big ones like Amazon) to do so, and my guess is that a lot of them don't want to be associated with an anonymous currency that's frequently linked in the media to criminal operations like Silk Road and whatnot.

Also, there are a lot of us bitcoin enthusiasts who don't want to spend it on mundane items or services where fiat will do just fine.  Why run the risk of missing out on making a profit if bitcoin starts to take off just because you wanted to spend it on computer equipment at Newegg or something like that?  I've always seen bitcoin more as an investment that has properties of a currency, but I've never been a big fan of actually using it as money.  Thus I'm not concerned that most businesses don't accept bitcoin.  If it stays that way, I'd be totally fine with it.

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

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.