In terms of acceptance of bitcoins... - page 2.

dinofelis

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Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

Bitcoin's economic model is simply built on a childish conception of "money", namely a collectible. In the mean time, people have found out the real economic functions of money, and one of those functions is "unit of account", hence a guarantee for a predictable stability of price. Collectibles cannot do so. Only assets which have value-regulating mechanisms can. Moreover, bitcoin's economic model is based upon "sound money doctrine" who prefers collectibles over value-regulated currencies, for the sole reason that seigniorage is perceived to be bad. Bitcoin has HUGE seigniorage for early adopters.

As such, bitcoin's economic model is ill conceived to be a good currency. But it is brilliantly designed to be a highly speculative asset, of the kind that financial markets love to play with. Don't worry, crypto will be loved by banks, but it would be even far more dangerous than the subprime toys they played with. This is hence what it is becoming: a speculative betting token.

hawthelegend

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Quote from: carlfebz2 on May 22, 2017, 11:26:22 AM

Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

Bitcoin concept or usefulness is really great but wishing that it would be accepted on every corners of the world would be nearly impossible even we are now witnessing the current acceptance of some countries to bitcoin but in general it would not really be legalized or regulated knowing the fact that bitcoin cant really be controlled by anybody.

Hmmmm .. you have a point. The big guys wouldnt want something taking over without them being part of it

RealSohan

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Hello Bitcoiner

Bitcoins in such kinds of coins there has no terms and conditions of any investment

carlfebz2

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Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

Bitcoin concept or usefulness is really great but wishing that it would be accepted on every corners of the world would be nearly impossible even we are now witnessing the current acceptance of some countries to bitcoin but in general it would not really be legalized or regulated knowing the fact that bitcoin cant really be controlled by anybody.

hawthelegend

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Quote from: aoluain on May 21, 2017, 01:31:45 PM

time wise its hard to figure out when Bitcoin will be widely accepted
although we heading in the right direction for sure with Japan and Australia
making positive moves to accept it as payment and easing taxation of it etc.

For widespread adoption I think a number of things has to happen and a lot
of the points have been mentioned above.

Retailers will have top start accepting it as payment along with the public willing
to use it and this is a kind of "chicken and egg" scenario.

It will have to be as easy to use as it will be to use FIAT

If and when FIAT no longer becomes viable, Bitcoin etc. will have to be ready to take its place.

SO there are companies in Australia and japan that accept bitcoins??

aoluain

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time wise its hard to figure out when Bitcoin will be widely accepted
although we heading in the right direction for sure with Japan and Australia
making positive moves to accept it as payment and easing taxation of it etc.

For widespread adoption I think a number of things has to happen and a lot
of the points have been mentioned above.

Retailers will have top start accepting it as payment along with the public willing
to use it and this is a kind of "chicken and egg" scenario.

It will have to be as easy to use as it will be to use FIAT

If and when FIAT no longer becomes viable, Bitcoin etc. will have to be ready to take its place.

Betwrong

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I stand with Ukraine.

Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

It looks like it starts to happen right now. $2k+ for 1 BTC. Who would have dreamed of this one year ago? Now it will be hitting the news more than before and hence we'll see more and more adopters. And with new adopters the price will rise even more. And then even more news. And so on indefinitely.

iluvpie60

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Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

The people who prefer fiat currency are middle class and richer people. The US Dollar has gone done by a ton in terms of real buying power. You used to be able to but a hershey chocolate bar for 5 cents, now it is a dollar or more. People don't understand this in America.

mrcash02

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Biggest part of world population are like sheeps, while media, governments, "fashion" people won't tell them to use Bitcoin, they won't use it.

It will take a lot of time until more people start using Bitcoin, for now less than 0.05% of world population uses it, it's a very low percentage, takes too much time to reach to at least 3%-5%...

skorupi17

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Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

This is possible but asking when, no one is certain. Years, it will take years for this to happen and by how much, no one knows. Oven close-minded person will change if majority of people will start using bitcoin. It is a matter of peer pressure. Though we cannot force everyone to use bitcoin, all will be in place and no one could hinder it.

Everyone to accept bitcoin is kind of blurry to me, but nothing is impossible right, so we'll see. If ever not everyone will be engaged in bitcoin, we will see majority will.

concept2

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Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

well, I do not expect that many people will accept Bitcoin in my country because of the lack of technology and knowledge. Moreover, Bitcoin have just existed on the planet for 8 years. 8 years is a short time for a new kind of currency to become a gobal currency

hasiramasenju

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it took more process if bitcoin want to acceptable for every society because the mind of every person will not be same especially who doesn't really understand what is bitcoin and they will felt strange with digital currency and more likely to choose paper money than that however probably someday they will open their mind and starting use bitcoin and for now on we should be more patience when introduced bitcoin to them

Velkro

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Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

how much time do you think it would take for everyone to accept the concept of bitcoins??

Its not about time, if enough people will be paying with bitcoins, retailers will be starting race who will accept bitcoins (understand also) first.
They want sell, they don't care about bitcoin, not their world, so tipping point is enough people use it for shopping.

I think Bitcoin is better at store of value tho coz scaling problems.

pixie85

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Quote from: erikalui on May 21, 2017, 11:03:04 AM

If BU/SegWit is passed, I don't think it would take long for more brands to accept bitcoins. With the current issues of confirmations, hacks and block size limitations, many brands like Amazon are still reluctant to accept the currency and the size too is quite unstable. They would also need to convert it into fiat to earn profit. Currently, Japan has a large number of companies accepting bitcoins which is just the first huge and positive step for us.

If BU gains acceptance, which is almost impossible in its current state, Bitcoin will become buggy and vulnerable. I don't think stores are waiting for that to happen.

You are wrong, people won't have to convert to earn profit because the growing value of Bitcoin brings them constant profits. Store owners don't need to convert, as long as their suppliers accept Bitcoin.

Kprawn

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Bitcoin has a had a very rocky start with some huge stumbling blocks. Any other new technology would hardly have survived scandals like

Silkroad and Mt Gox and also the myriad of other hacks that has occurred over it's history. Yes, there will be some people pushing against change,

but as it gets more known... people will start to move over to Crypto currencies. Grin

bamboylee

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I am sure they can understand the concept of bitcoin right now but they cannot use it in place of fiat yet because of scaling problems. Maybe if ever this problem will be solved someday, others will be more open in using bitcoin. It is hard to use bitcoin in place of fiat when you have to wait for long confirmation time or pay high fees.

goinmerry

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Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

Just don't think of it too much and let it grow the normal way. Look at how it is today.

As you already stated, lots of people have accepted bitcoin and has been using it, meaning there is progress and development in terms of numbers of people using bitcoin. You will not noticed that in the first place if still only few using it depends on your observation. Overall, the growth is continous while time passes by.

erikalui

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If BU/SegWit is passed, I don't think it would take long for more brands to accept bitcoins. With the current issues of confirmations, hacks and block size limitations, many brands like Amazon are still reluctant to accept the currency and the size too is quite unstable. They would also need to convert it into fiat to earn profit. Currently, Japan has a large number of companies accepting bitcoins which is just the first huge and positive step for us.

MingLee

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Quote from: hawthelegend on May 21, 2017, 10:33:04 AM

in our world today, lots of people have accepted bitcoin and has been using it.
But the majority, still won't accept the concept of bitcoin and its usefulness and still prefer fiat money.
As how closed those other people's minds are right now, how much time do you think it would take for everyone to accept the concept of bitcoins??
Or is it just a childish dream and will never happen??

I don't think it is necessarily closed minds that you're concerned about, you're more concerned about a system that limits everyone to using fiat exclusively and punishes those who try to use something otherwise, assuming that you think of this as the average person looking inwards.
Fiat is already a system that is designed to screw most people over through loss of value over time, and people are raised in a society where something like that is the only thing they know. It's not necessarily closed-mindedness but more a lack of wanting to change.

fortress

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Circumstances will make people accept this concept. The tendency is that all fiat currencies will fall in value in the long term, and this is already possible to realize in some countries like India and Venezuela.

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