Topic: Is Bitcoin Dying as a Payment Option? - page 4. (Read 591 times)
If you feel so, then you should blame the price rise. Who in their normal minds would want to spend an asset, which gave more than 1,000% returns during the past 12-months? Another thing is that a lot of nations have specified that Bitcoin can't be used as a legal tender.
six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically.
Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.”
Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1]
Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment?
Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option
Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.”
Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1]
Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment?
Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option
The Indonesian government strictly prohibits bitcoin or altcoin from using an option for payment .... because a country has its own currency as a legal means of payment
No, as a cripto currency, btc is getting liked and in search by the community. So, btc as a means of payment electrically will not die.
We can't deny the last network congestion where the network is too tight and the fees rose so high is a bad time for Bitcoin, and that is at the same time with the Bitcoin correction going on, and I believe there's a lot of FUD too. That moment is when the competition with Bitcoin Cash still hot. I'm sure that time is when many merchants saw BItcoin as the inconvenient way for a Payment option. So, they are all abandoned the Bitcoin option. I believe the only thing for them/merchant to have a look to use Bitcoin yet again, is when the segwit adoption is widely spread and the lightning network already been implemented, i believe the positive sentiment will come to Bitcoin.
Bitcoin is poorly suited as a means of payment because of high commissions. Better to use other cryptocurrencies with low (or even without) commission.
I guess it can happen because the fee of Bitcoin is getting higher and the transactions of Bitcoin is getting more and more crowd. Maybe in the future there will be a technology that can save Bitcoin. But Bitcoin is still growing in term of price and that is very good. It is mean that we still can take profit from Bitcoin. Crypto like Bitcoin and some other Altcoins may go bigger and higher and the fee will get higher too but that just how it is. But there are actually crypto that is unique and the price does not change much. That is Dogecoin who I think will be very good if we use it as transaction tool.
I don't think bitcoin payment system would die or vanish this early. Bitcoin have only been starting to be widely known and industries is starting to explore its potential as payment system.
Bitcoin will not die as a payment option. We know people do not want hassle or a hard way for a thing to fulfill and satisfy them and this what bitcoin is suppose to do to make a hassle free transaction, maybe there are many appearing altcoins now but the popularity and usage of bitcoin will never replace by it. Many companies now are adopting the bitcoin's payment system which is a great news for us and everyone.
Bitcoin died long time ago as a payment option. Its to much volatil, the transaction cost a are to high and the network is permanantly overloaded. So nobody want to use a cryptocurrency with such much bad attitudes. In future when the community and miners cand handle all those problems, it will be attractive for store to accept bitcoin, but not before. But before this will happen, there will be acceptet another cryptocurrency who already can handle all this.
I don't think it is sort of "dying", but rather that it is being criticized to the fact that it needs adjustments to allow the stable adoption of Bitcoin. Due to volatility of the price of Bitcoin, companies could lead up to more losses rather than profits when more people pay in Bitcoin. Let's admit that paying in Bitcoin is quite looking convenient as we don't need to incur more expenses to finalize our various transactions, but the thing is it could also ruin the company we're paying Bitcoin at. Assuming a crash happened in the cryptomarket where we all know that Bitcoin could be the first one to fall mostly, if 60% of the consumers of the company paid through Bitcoin and the rest paid in fiat. It is still a profit, but it didn't reach the stable price to reach out the maximum profit that company can make. Due to that, companies might discourage the use of Bitcoin as a payment method. Unless price stabilizes in a large closed margin, there will be few establishments to allow the payment of Bitcoin.
A lot of the sites have stopped accepting Bitcoin as a payment method, citing the extreme volatility. Actually the transaction fee is quite low now (I paid $0.05 yesterday to move my coins). But the high fee in December made a lot of the businesses and ordinary users hostile to using Bitcoin.
I think unless Lightning network is implemented, it will. Actually, it has already (mostly) died as a payment option in 2017, when fees became huge. Bitcoin network capacity is too low for a full-fledged payment system, even with SegWit, and transaction times are too large. A second layer solution is needed, and it may appear soon after all.
I don't think so. day by day Bitcoin is becoming a popular and profitable currency and people around the world is getting involved in this platform. So that it's not dying as a payment option rather than it will be an important option for payment system in the future. But the commission is a matter of fact for using it as a payment method.
I think bitcoin is really will die as a payment method. These transaction fees is inadmissibly, people now using it like a coin for investment. I don't know who is using it for daily transactions, if we have a lot of alternative coins (ethereum, litecoin for example).
Bitcoin is poorly suited as a means of payment because of high commissions. Better to use other cryptocurrencies with low (or even without) commission.
It should be noted that this article was written more than a month ago when the situation was pretty bad in terms of high fees and slow transaction.Also some info say that owner of Cointelegraph is Roger Ver,one of the people who does not want good to BTC.
As we can see, the situation turned completely and now you can send BTC for ridiculously small amounts,for example 0.27$ will get transaction confirmed in next 6 blocks.SegWit and Lightning Network will make transactions more faster and cheaper,and it's just a matter of time when we can pay with BTC everywhere.And when that happens BTC will become one of your favorite method of payment.
As we can see, the situation turned completely and now you can send BTC for ridiculously small amounts,for example 0.27$ will get transaction confirmed in next 6 blocks.SegWit and Lightning Network will make transactions more faster and cheaper,and it's just a matter of time when we can pay with BTC everywhere.And when that happens BTC will become one of your favorite method of payment.
I think that if bitcoin fails as a currency (=medium of exchange) than its value will collapse towards zero eventually. In other words, it cannot be a store of value only, in a long run.
So if bitcoin is going to survive in a long run, it must regain its properties as a currency. And developers' attention must be focused on this goal.
So if bitcoin is going to survive in a long run, it must regain its properties as a currency. And developers' attention must be focused on this goal.
well, can not be denied, Bitcoin introduced in 2009 as a global digital payment tool without geographic boundaries, is now beginning to turn into goods or commodities used as investment assets.
currently the use of Bitcoin at most not for the means of payment, but for saving assets.
currently the use of Bitcoin at most not for the means of payment, but for saving assets.
Bitcoin may have been going through obstacles but definitely it's not dying as a payment solution. Last friday i just paid an online service in bitcoin, it went smooth and no problems at all. Maybe right now we can't use bitcoin for daily use but it doesn't mean that it fails. We need a little more time for the improvements to come.
Hi,
As long as the volatility is so high, it is indeed difficult to integrate bitcoin as a payment option. One the one hand because it may cause problems to customers and on the other hand (and I guess this is the real reason why no company wants to be paid in bitcoin), the firm allowing such a payment option may face high challenges due to the many and erratic ups and downs..
Actually, I think these companies were not ready anyway to deal with bictoin on a daily basis. They made statements about it, hoping to use the announcement effect as a free ad, but they currently couldn't handle it.
For the moment, bitcoin is... well not a daily currency. This doesn't mean, it has no potential!
As long as the volatility is so high, it is indeed difficult to integrate bitcoin as a payment option. One the one hand because it may cause problems to customers and on the other hand (and I guess this is the real reason why no company wants to be paid in bitcoin), the firm allowing such a payment option may face high challenges due to the many and erratic ups and downs..
Actually, I think these companies were not ready anyway to deal with bictoin on a daily basis. They made statements about it, hoping to use the announcement effect as a free ad, but they currently couldn't handle it.
For the moment, bitcoin is... well not a daily currency. This doesn't mean, it has no potential!
Just the opposite, Bitcoin acceptance is growing, there are several new and good Bitcoin Payment Processing services to serve businesses and also, there are Bitcoin/Crypto Debit Cards at your disposal - okay?
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