Other payment networks are not going to wait for Bitcoin to grow up

Xavofat

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Did you see that ludicrous display last night?

Quote from: Prodigan786 on July 25, 2017, 05:54:09 AM

even though biggest fan of botcopin

I'd say that any argument you make after here is pretty much invalid. At least dinofelis attempted to back up his points and he put some effort into his post.

Quote from: dinofelis on July 24, 2017, 07:45:42 AM

Apart from some geeks, and apart from dark markets where it becomes dangerous, nobody uses bitcoin seriously as a payment system on any large scale.

I agree, but Bitcoin is an experimental technology. It is a very significant part of history in terms of creating a viable decentralised payment system. You can see cryptocurrencies like Byteball already attempting to develop on the foundations that Bitcoin has built for cryptocurrencies, and even Bitcoin developing somewhat.

The point is to create a digital payment system which isn't subject to the numerous problems with fiat money.

As for its market, it's not like the Libertarian Party are going to be ignoring Bitcoin for long, for example.

Prodigan786

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Quote from: dinofelis on July 24, 2017, 07:45:42 AM

Quote from: Kakmakr on July 24, 2017, 07:23:28 AM

Bitcoin should seriously consider if these delays in implementing scaling solutions, will serve them well in the future. Other payment gateways and alternative payment solutions, will not wait for them.

Bitcoin is not a payment system. It is a speculative gamble token, that people buy to sell to a greater fool mostly.
Apart from some geeks, and apart from dark markets where it becomes dangerous, nobody uses bitcoin seriously as a payment system on any large scale. It is too unreliable, risky, and the volatility is making it impossible to write serious contracts in.
For casual value transfers that cannot see the daylight, and for the moment still for things where you want privacy, it is a clumsy payment option, yes. But where bitcoin has been used mostly, and constantly, during the last 8 years, is in pure speculation in greater fool games, also known as trading.

Bitcoin is a trader asset. Not a payment system. But if you really want to, and you really have a good reason, with some effort you can also pay with it.

Thanks for the hard truth even though biggest fan of botcopin i have to accept your point where bitcoin is used as trader asset or it used for dark side its hard truth but its giving opportunity for lots . We are here because of bitcoin hope it will change and gain respec more than now .

Kakmakr

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Quote from: tiggytomb on July 24, 2017, 12:30:30 PM

Bitcoin I don't think needs to be worrying about missing out on anything, it will make it's own path. There will be plenty of altcoins out there that would be more than happy to pick up the slack.

That is just what we do not need. If Bitcoin lose users to Alt coins, it will have a significant impact on the whole network. The merchants will stop supporting it and the transactions will decrease and then the miners fees will decrease and people will stop mining.

Bitcoin adoption will only increase, if the features provided by the technology, gives people an incentive to use it. Speculative trading and hoarding will not sustain mining, we need people to use it on a daily basis. ^grrrrrr^

gentlemand

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Welt Am Draht

Compared to a regular commercial offering, Bitcoin is always going to be somewhat sucky.

Assuming it can solve the scaling, there's still the matter that owners want to hoard it, not spend it. That's always going to vastly restrict retail usage apart from a few committed people.

Maybe that'll settle down when penetration is far, far higher than it is now and by then any technical gripes will be long gone anyway.

tiggytomb

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Bitcoin I don't think needs to be worrying about missing out on anything, it will make it's own path. There will be plenty of altcoins out there that would be more than happy to pick up the slack.

Lancusters

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Quote from: Iranus on July 24, 2017, 11:48:00 AM

Bitcoin attempting to act like a fiat system in which it's dictated by small groups and isn't affected by consensus would be absolutely terrible.

There's absolutely no point trying to compete with fiat based systems, because it's not intended to be used alongside them. What it offers is sovereignty over digital funds, removing the power of banks to create money based on debt, and the (potentially) lower fees from removing intermediaries in transactions.

It'll take as long as it needs to.

Bitcoin can not compete with Fiat. Now capitalization of bitcoin a few billion dollars (I think 45, but I could be wrong) All of this money before there were banks. The demand for Bank accounts does not fall, but now these accounts will be used only for conversion and any Bank need deposits. It's not like the competition?

Kprawn

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It is not just payment services, the Banks are also implementing very innovative payment features linked to social media

applications. WeChat pay is a payment solution completely integrated inside the social and messaging application of Tencent:

WeChat. This is just one example and people are moving away from conventional payment networks. Wink

Iranus

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Bitcoin attempting to act like a fiat system in which it's dictated by small groups and isn't affected by consensus would be absolutely terrible.

There's absolutely no point trying to compete with fiat based systems, because it's not intended to be used alongside them. What it offers is sovereignty over digital funds, removing the power of banks to create money based on debt, and the (potentially) lower fees from removing intermediaries in transactions.

It'll take as long as it needs to.

dinofelis

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Quote from: Kakmakr on July 24, 2017, 07:23:28 AM

Bitcoin should seriously consider if these delays in implementing scaling solutions, will serve them well in the future. Other payment gateways and alternative payment solutions, will not wait for them.

Bitcoin is not a payment system. It is a speculative gamble token, that people buy to sell to a greater fool mostly.
Apart from some geeks, and apart from dark markets where it becomes dangerous, nobody uses bitcoin seriously as a payment system on any large scale. It is too unreliable, risky, and the volatility is making it impossible to write serious contracts in.
For casual value transfers that cannot see the daylight, and for the moment still for things where you want privacy, it is a clumsy payment option, yes. But where bitcoin has been used mostly, and constantly, during the last 8 years, is in pure speculation in greater fool games, also known as trading.

Bitcoin is a trader asset. Not a payment system. But if you really want to, and you really have a good reason, with some effort you can also pay with it.

European Central Bank

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and bitcoin can't afford to throw away what makes it worthwhile in pursuit of empty retail bucks.

Kakmakr

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https://www.finextra.com/pressarticle/70063/mastercard-and-visa-lose-share-to-unionpay-in-global-card-market

Swatch < The Swiss watchmaker > is bringing the second generation of its contactless payments-enabled watches to China through a deal with the country's UnionPay card scheme and 11 banks.

By 2022, the number of cards worldwide is forecast to rise to 17 billion as many people, particularly in parts of Asia-Pacific and the Middle East and Africa, still do not hold a payment card.

Bitcoin should seriously consider if these delays in implementing scaling solutions, will serve them well in the future. Other payment gateways and alternative payment solutions, will not wait for them.

What do you think?

Topic: Other payment networks are not going to wait for Bitcoin to grow up (Read 495 times)