The future of Bitcoin as payment means - page 2.

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Quote from: Hamza2424 on October 16, 2024, 03:21:18 PM

Quote from: FortuneFollower on October 16, 2024, 01:53:16 AM

I am with you here. Govs can try to regulate crypto all they want, but BTC would remain the digital gold that's available to experience and invest in for everybody, as well as to learn about it and crypto in general. You can do many things related to BTC, and all of them are up for you to take.

I don't know what you think about Bitcoin's current narrative, but it is definitely not going to be the best payment mode. It can be a payment mode, as I personally use it rarely. Bitcoin has definitely created its reputation as the most reliable store of value, but calling it digital gold while associating gold's characteristics is not appropriate. Both are way different in their domains.

I agree with you , it can be a payment method but saying it is the best option to be an alternative payment method is not necessarily true. If I had to choose 1 cryptocurrency as a payment method, I would not choose Bitcoin because the transaction fees are unstable and the network speed is quite slow. There are better options when it comes to payment methods.

But I disagree when you say that bitcoin has built a reputation and become the most trusted store of value. When it comes to a store of value, we need to make sure that it is stable, increases in value over time, and is not too volatile . Bitcoin is not suitable as a store of value because it is too volatile , and volatility is only suitable for investment.

If it really proves to be a good store of value then it could be called digital gold as gold is still the best inflation hedge or store of wealth to date.

ml9999

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Quote from: Forever101 on October 07, 2024, 05:05:58 PM

The fact El Salvador accepted Bitcoin as a legal currency does not mean that other government across the world will accept it someday.

That doesn't really matter, as bitcoin doesn't need government support to function. Once enough people realize that bitcoin is the better way, they can switch without anyone's permission, and the governments will eventually be forced to adapt once everyone leaves their system.

Quote from: Forever101 on October 07, 2024, 05:05:58 PM

But as of now, no matter how popular Bitcoin becomes, it will keep facing the wrath of the angry government who need to keep people poor.

I disagree that the government needs to keep people poor; they just need to keep them under control. Bitcoin isn't trying to bring wealth, it's trying to bring security and sovereignty, and to allow people to control their own money. This is what the governments want to stop, as bitcoin is a direct attack to their power.

MarjorieZimmermanGinger

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Quote from: FortuneFollower on October 16, 2024, 01:53:16 AM

I am with you here. Govs can try to regulate crypto all they want, but BTC would remain the digital gold that's available to experience and invest in for everybody, as well as to learn about it and crypto in general. You can do many things related to BTC, and all of them are up for you to take.

Not all governments see bitcoin as a threat to fiat, that's why they accept it as an investment asset and they also understand that banning bitcoin altogether will not give much better results because it speaks of the freedom that bitcoin has and can be invested individually without involving others. They also cannot regulate bitcoin and vice versa the exchanges they regulate are based on the regulations that are in place in the process of travel.

Quote from: Furious 7 on October 16, 2024, 04:25:00 PM

Bitcoin will continue to move as they did from the beginning because indeed the deeper we study bitcoin in the end we come to know that the use of bitcoin in the end is not only as a means of payment which is the main focus especially now where its development is at a stage where bitcoin has become one of the mandatory aspects for trade and investment so that when many countries make bitcoin a legal means of payment at some point in the future the movement of bitcoin will still remain the same as before where they also remain one of the assets that are indeed the main focus in investment especially.

I dare not guarantee that when most governments accept bitcoin as a legal tender, bitcoin will still be speculative as it is now and maybe the price will not fluctuate either. From the many advantages that bitcoin has because it cannot be regulated like fiat currency, the journey of this asset is quite fluctuating along the way and this makes it one of the assets that is quite potential in the future.

We can see opponents in spreading positive issues about bitcoin and does it work? because any effort made without being able to be controlled will be difficult to reach the stage of decline for the asset, unlike when they control it, they may also easily destroy it.

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Quote from: MarjorieZimmermanGinger on October 15, 2024, 10:34:04 PM

Quote from: Forever101 on October 07, 2024, 05:05:58 PM

More also, before bitcoin will become used by everyone across the world as means of payment, most users hear must have grown white Bear,

Let's say it won't work because many countries may be limited by the rules and fail to create new rules for the use of bitcoin as a legal means of transaction. But will bitcoin's journey stop and I don't think so, now what needs to be done is how each individual can use bitcoin as a step towards financial freedom so that humans can continue to grow to improve their economic resources for the better.

Everything will remain the same in the end because indeed the journey of bitcoin will continue regardless of whether many countries accept it as a means of payment or not because we must realize that although that is the purpose of bitcoin but in the end regulation remains and with bitcoin faced with a situation as a means of payment do not forget that it is also only as an option not as a core.

Bitcoin will continue to move as they did from the beginning because indeed the deeper we study bitcoin in the end we come to know that the use of bitcoin in the end is not only as a means of payment which is the main focus especially now where its development is at a stage where bitcoin has become one of the mandatory aspects for trade and investment so that when many countries make bitcoin a legal means of payment at some point in the future the movement of bitcoin will still remain the same as before where they also remain one of the assets that are indeed the main focus in investment especially.

Jegileman

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Quote from: Forever101 on October 07, 2024, 05:05:58 PM

But as of now, no matter how popular Bitcoin becomes, it will keep facing the wrath of the angry government who need to keep people poor.

What more wrath would bitcoin face worse than what it has faced so far and was still able to cross the hurdles and achieved this milestone now. You should know that bitcoin does not rely on any government intervention before it can make its due move along the path it has been trending, so we should focus our energy more on something else that will be productive too.

Quote

More also, before bitcoin will become used by everyone across the world as means of payment, most users hear must have grown white Bear,

I don’t know why you’re so bothered that bitcoin will take a very long time before it is generally accepted all around the world. This is not something to be bothering you because with or without the government, the achievement of bitcoin it has made from inception cannot be underestimated and needs to be respected. We don’t care if we already grew white beards by then, the good thing is that it because acceptable in the end.

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Quote from: FortuneFollower on October 16, 2024, 01:53:16 AM

I am with you here. Govs can try to regulate crypto all they want, but BTC would remain the digital gold that's available to experience and invest in for everybody, as well as to learn about it and crypto in general. You can do many things related to BTC, and all of them are up for you to take.

I don't know what you think about Bitcoin's current narrative, but it is definitely not going to be the best payment mode. It can be a payment mode, as I personally use it rarely. Bitcoin has definitely created its reputation as the most reliable store of value, but calling it digital gold while associating gold's characteristics is not appropriate. Both are way different in their domains.

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Quote from: FortuneFollower on October 16, 2024, 08:12:00 AM

Quote from: OcTradism on October 16, 2024, 07:10:00 AM

Quote from: shield132 on October 16, 2024, 05:07:42 AM

No, that fact means that other countries will accept Bitcoin because they have been looking at El Salvador and this country is doing well. There are also some other countries that successfully implement Bitcoin as payment means. To prove you wrong, I want to give you an example of Louisiana state government. This state in the USA accepts Bitcoin payments.

El Salvador is a first nation makes Bitcoin Legal Tender and practically they have been doing it seriously since June 9th 2021. El Salvador's law: a meaningful test for Bitcoin is a report from PwC.

There is another country make it after El Salvador, Central Africa Republic about one year later but 3 years after El Salvador, they are the only nation follows this law of Bitcoin Legal Tender at national scale.
https://coinmarketcap.com/legal-tender-countries/

We have to guess what are barriers that make other hundred of other countries have yet adopted Bitcoin as Legal tender in 2024.

Simply put - they don't see as many possibilities as those listed in your post. These countries would use every opportunity presented to them in order to make their situation more stable and better. Others would like to regulate crypto to the brim, in general.

I agree that these little countries had a lot to gain and little to lose by implementing Bitcoin as legal tender, and I has always had the same concerns you've shown; but with the last news about the projected Bitcoin reserve in the USA and a potentially more liberal policy if Trumps comes to power again, chances are that we witness a change of paradigm sooner than we think.

I don't want to sound visionary or populistic, but that's a possibility as the point we are reaching has never been seen before.

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Quote from: ultrloa on October 16, 2024, 08:16:43 AM

Quote from: OcTradism on October 16, 2024, 07:10:00 AM

Quote from: shield132 on October 16, 2024, 05:07:42 AM

No, that fact means that other countries will accept Bitcoin because they have been looking at El Salvador and this country is doing well. There are also some other countries that successfully implement Bitcoin as payment means. To prove you wrong, I want to give you an example of Louisiana state government. This state in the USA accepts Bitcoin payments.

El Salvador is a first nation makes Bitcoin Legal Tender and practically they have been doing it seriously since June 9th 2021. El Salvador's law: a meaningful test for Bitcoin is a report from PwC.

There is another country make it after El Salvador, Central Africa Republic about one year later but 3 years after El Salvador, they are the only nation follows this law of Bitcoin Legal Tender at national scale.
https://coinmarketcap.com/legal-tender-countries/

We have to guess what are barriers that make other hundred of other countries have yet adopted Bitcoin as Legal tender in 2024.

I remember there's small island in Philippines before which they make a Bitcoin Island where people could use bitcoin to buy goods and services using bitcoin https://bitpinas.com/cryptocurrency/pouch-ph-boracay-bitcoin-island/

But don't know what's the current update of this activities they have done since so far I don't read any updates if they fail or not. But we can see by what this island and El Salvador did its really possible to use bitcoin as means of payment so hopefully there's strong adaption will happen and we can see bitcoin to be used for this transaction globally especially for buying on physical merchants.

Yeah, I don't see BTC going the way it went in El Sal or on that island in other big countries, however, - it's going to be used more by institutions and bigger entities as time goes on. In that - I do believe.

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Quote from: Forever101 on October 07, 2024, 05:05:58 PM

The fact El Salvador accepted Bitcoin as a legal currency does not mean that other government across the world will accept it someday. The reality is that , the government will keep fighting bitcoin with all market strategy and strick regulations.

Reasons why they will keep fighting is not about the prosperity of the people majorly but about power and authority to control people. This is why they prefer the centralized system in order to keep the people poor so that they can run to their feet for daily bread, seek shelter and wait for other provision.

We all know that through Bitcoin, every one will be there own boss. No control or submission to any authority over your own belonging or money, the life threatening taxes will be done away with.

But as of now, no matter how popular Bitcoin becomes, it will keep facing the wrath of the angry government who need to keep people poor.

More also, before bitcoin will become used by everyone across the world as means of payment, most users hear must have grown white Bear,

Its all ok what you have said. I think we have passed many years long and bitcoin has exist its place and value. The popularity become increased day by day. Though in these government of many countries has tried to put it down and makes many restrictions and regulations. Could it help them to control the market and even the price of btc. Nothing helps them. We all know that its a currency which are using worldwide with its value. No one can stop it and control btc and its value. El Salvador has made legality and shows the world how to accept the smart technology and go ahead from back dated world and countries. I hope we have a great future with btc.

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Quote from: OcTradism on October 16, 2024, 07:10:00 AM

Quote from: shield132 on October 16, 2024, 05:07:42 AM

No, that fact means that other countries will accept Bitcoin because they have been looking at El Salvador and this country is doing well. There are also some other countries that successfully implement Bitcoin as payment means. To prove you wrong, I want to give you an example of Louisiana state government. This state in the USA accepts Bitcoin payments.

El Salvador is a first nation makes Bitcoin Legal Tender and practically they have been doing it seriously since June 9th 2021. El Salvador's law: a meaningful test for Bitcoin is a report from PwC.

There is another country make it after El Salvador, Central Africa Republic about one year later but 3 years after El Salvador, they are the only nation follows this law of Bitcoin Legal Tender at national scale.
https://coinmarketcap.com/legal-tender-countries/

We have to guess what are barriers that make other hundred of other countries have yet adopted Bitcoin as Legal tender in 2024.

I remember there's small island in Philippines before which they make a Bitcoin Island where people could use bitcoin to buy goods and services using bitcoin https://bitpinas.com/cryptocurrency/pouch-ph-boracay-bitcoin-island/

But don't know what's the current update of this activities they have done since so far I don't read any updates if they fail or not. But we can see by what this island and El Salvador did its really possible to use bitcoin as means of payment so hopefully there's strong adaption will happen and we can see bitcoin to be used for this transaction globally especially for buying on physical merchants.

FortuneFollower

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Quote from: OcTradism on October 16, 2024, 07:10:00 AM

Quote from: shield132 on October 16, 2024, 05:07:42 AM

No, that fact means that other countries will accept Bitcoin because they have been looking at El Salvador and this country is doing well. There are also some other countries that successfully implement Bitcoin as payment means. To prove you wrong, I want to give you an example of Louisiana state government. This state in the USA accepts Bitcoin payments.

El Salvador is a first nation makes Bitcoin Legal Tender and practically they have been doing it seriously since June 9th 2021. El Salvador's law: a meaningful test for Bitcoin is a report from PwC.

There is another country make it after El Salvador, Central Africa Republic about one year later but 3 years after El Salvador, they are the only nation follows this law of Bitcoin Legal Tender at national scale.
https://coinmarketcap.com/legal-tender-countries/

We have to guess what are barriers that make other hundred of other countries have yet adopted Bitcoin as Legal tender in 2024.

Simply put - they don't see as many possibilities as those listed in your post. These countries would use every opportunity presented to them in order to make their situation more stable and better. Others would like to regulate crypto to the brim, in general.

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Quote from: Swordsoffreedom on October 12, 2024, 11:22:37 AM

Quote from: mirakal on October 12, 2024, 09:02:54 AM

Well, you’ve got a point there, because most people in government are against it. So, we shouldn’t expect them to vote in favor of bitcoin becoming an official alternative currency—it's impossible for people who don’t understand it. Many only see the negatives about bitcoin—scams, issues, etc. It’s tough to convince someone whose mind is already made up, and even harder to change their decision once it’s set.

That’s why the situation remains unclear, as many still doubt bitcoin’s potential as a currency. Even 10 years from now, I think it still won’t be that stable for widespread use, and most will continue to see it as just an investment.

As some have said, bitcoin's volatility is one of the barriers that keep people from using it as a currency. And if you think bitcoin will be unstable in the next 10 years, why can you blame the government when bitcoin cannot become a currency? What role does the government play in bitcoin volatility?

In my opinion, we are the ones who contribute to bitcoin not being able to become a currency. I want to ask, do any of us expect bitcoin to be stable? I'm pretty sure not many people want bitcoin to be stable, and that means we're the ones preventing bitcoin from becoming a currency.
The government is also responsible because they would never legalize a currency they did not create and control, but it is not all their fault.

It's hard to have high expectations because, when you think about it, bitcoin has been around for many years already, yet we're still far from the goal of it becoming a true alternative currency. Yes, we hear some countries have started using it, but the change isn’t really noticeable since most people still prefer fiat money.

That’s why, in my opinion, bitcoin is still a long way from becoming a full-fledged alternative currency. And let’s be honest, it’s hard to convince people to adopt, especially without strong government support. Much more not to expect from the government to improve the situation when it was not in their interest.

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Quote from: shield132 on October 16, 2024, 05:07:42 AM

No, that fact means that other countries will accept Bitcoin because they have been looking at El Salvador and this country is doing well. There are also some other countries that successfully implement Bitcoin as payment means. To prove you wrong, I want to give you an example of Louisiana state government. This state in the USA accepts Bitcoin payments.

El Salvador is a first nation makes Bitcoin Legal Tender and practically they have been doing it seriously since June 9th 2021. El Salvador's law: a meaningful test for Bitcoin is a report from PwC.

There is another country make it after El Salvador, Central Africa Republic about one year later but 3 years after El Salvador, they are the only nation follows this law of Bitcoin Legal Tender at national scale.
https://coinmarketcap.com/legal-tender-countries/

We have to guess what are barriers that make other hundred of other countries have yet adopted Bitcoin as Legal tender in 2024.

shield132

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Quote from: Forever101 on October 07, 2024, 05:05:58 PM

The fact El Salvador accepted Bitcoin as a legal currency does not mean that other government across the world will accept it someday. The reality is that , the government will keep fighting bitcoin with all market strategy and strick regulations.

No, that fact means that other countries will accept Bitcoin because they have been looking at El Salvador and this country is doing well. There are also some other countries that successfully implement Bitcoin as payment means. To prove you wrong, I want to give you an example of Louisiana state government. This state in the USA accepts Bitcoin payments.

Quote from: Forever101 on October 07, 2024, 05:05:58 PM

Reasons why they will keep fighting is not about the prosperity of the people majorly but about power and authority to control people. This is why they prefer the centralized system in order to keep the people poor so that they can run to their feet for daily bread, seek shelter and wait for other provision.

We all know that through Bitcoin, every one will be there own boss. No control or submission to any authority over your own belonging or money, the life threatening taxes will be done away with.

But as of now, no matter how popular Bitcoin becomes, it will keep facing the wrath of the angry government who need to keep people poor.

More also, before bitcoin will become used by everyone across the world as means of payment, most users hear must have grown white Bear,

They want to know who earns how much and what's the source of their money. I don't think they want to get rid of Bitcoin payments because it's what's stopping them from becoming rich. Governments usually are anti-privacy and that's the reason why they want to know everything about their people, to stay in power for a long time and get rid of the opposition.
Btw Bitcoin's adoption is inevitable for any country, it's the future.

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Quote from: FortuneFollower on October 16, 2024, 01:53:16 AM

I am with you here. Govs can try to regulate crypto all they want, but BTC would remain the digital gold that's available to experience and invest in for everybody, as well as to learn about it and crypto in general. You can do many things related to BTC, and all of them are up for you to take.

Everything will come if someone already knows and understands its potential in the future. The most basic thing is that we first understand how to work in investment. For the growth opportunities of the digital financial industry today, if we pay attention to the process, it will be long-term and indeed BTC is currently very idolized, because there are many interesting things in BTC even though its movements are seen as very volatile.

For me, that's normal.. The government will come and continue to monitor the development of the growth of this digital industry, especially in their country there are already many registered exchanges with various issues and problems that may arise in the future and want to create a safe and orderly ecosystem according to their views.

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Quote from: irhact on October 12, 2024, 04:26:02 PM

Quote from: retreat on October 12, 2024, 01:48:47 PM

Actually Bitcoin is right as it is now, there is no need to force it to become a legal tender that can be used for daily payments, just make it an alternative payment that makes our transactions easier and secure, if you want more you probably won't be able to expect much from the government, especially in countries that prohibit the adoption of Bitcoin. But I am sure that the development of Bitcoin is good enough as a means of payment and investment, it just takes time for countries globally to fully accept it, but maybe not as legal tender.

You're correct about the government not allowing Bitcoin to become a fully accepted currency for payment. But they can't stop Bitcoin adoption from becoming globally popular. Bitcoin can be global as a way to individuals investing in it for profits but not as a way to pay for things. It will take a very long time before we can use Bitcoin for payment of our daily needs as the government wouldn't want to kill their currency just to make Bitcoin successful. I don't worry that much about Bitcoin future as I'm comfortable with the way that I'm making use of my Bitcoin, I don't intend to spend them on things anyway but to keep hodling.

As you admitted, you also don't want to use bitcoin for payment but just want to hold it, and I believe most people here think so. So why do we need bitcoin as a payment method when we don't want to use it?

Some people still think it will take a long time for bitcoin to become a means of payment for everything. But honestly, I can't think of any good reason why the government would do that. What do they do that for? Can anyone tell me and what benefit do they get from it?
The future of bitcoin is looking brighter as bitcoin ETFs are approved and gradually gaining more attention from world leaders. It may be a good investment, a hedge against future inflation but as a currency or payment method, I doubt it.

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Quote from: MarjorieZimmermanGinger on October 15, 2024, 10:34:04 PM

Quote from: Forever101 on October 07, 2024, 05:05:58 PM

But as of now, no matter how popular Bitcoin becomes, it will keep facing the wrath of the angry government who need to keep people poor.

On the other hand, we don't need to face that anger because bitcoin can be run independently for financial freedom. People think too far about the government because they might talk about regulations, but as long as the government doesn't prohibit the use of bitcoin as an investment asset, then pursue that investment.

I am with you here. Govs can try to regulate crypto all they want, but BTC would remain the digital gold that's available to experience and invest in for everybody, as well as to learn about it and crypto in general. You can do many things related to BTC, and all of them are up for you to take.

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Quote from: Forever101 on October 07, 2024, 05:05:58 PM

But as of now, no matter how popular Bitcoin becomes, it will keep facing the wrath of the angry government who need to keep people poor.

On the other hand, we don't need to face that anger because bitcoin can be run independently for financial freedom. People think too far about the government because they might talk about regulations, but as long as the government doesn't prohibit the use of bitcoin as an investment asset, then pursue that investment.

Quote from: Forever101 on October 07, 2024, 05:05:58 PM

More also, before bitcoin will become used by everyone across the world as means of payment, most users hear must have grown white Bear,

Let's say it won't work because many countries may be limited by the rules and fail to create new rules for the use of bitcoin as a legal means of transaction. But will bitcoin's journey stop and I don't think so, now what needs to be done is how each individual can use bitcoin as a step towards financial freedom so that humans can continue to grow to improve their economic resources for the better.

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Quote from: Miles2006 on October 12, 2024, 05:20:50 PM

Well we can’t hide the fact most leaders don’t want their citizens associating with bitcoin, it’s either they see bitcoin as financial freedom and who will not see bitcoin as a threat to fiat system? Almost everyone will view bitcoin in such manner and they don’t want to create a wide number of adoption due to fear regardless we’ve seen bitcoin position and growth. I’m sure bitcoin doesn’t need everyone’s adoption neither acceptance before growing as seen before and always, I don’t know if bitcoin enthusiasts manage to make use of bitcoin in a restricted environment since this is the problem.
I don’t believe everyone will accept bitcoin so let them think what they feel is best, we can’t force anyone including the government, I only feel they’re making things difficult nothing else.

Whether the government is in support of Bitcoin or not, everyone will not adopt Bitcoin. Every Bitcoin enthusiast needs to come to terms with the fact that Bitcoin may not really be attractive to alot of people. Their reasons may be either due to volatility, illiteracy and many other factors I cannot think about. Will their refusal to adopt bitcoin make bitcoin to crash? Absolutely NO! Peer to peer payments will still exist amongst those who understand Bitcoin.

The government on their own part have tried really hard to ban bitcoin since they cannot have control over it. The good news about it is that, bitcoin is decentralized which gives us the users control over what we hold. The government will only make strict regulations but they can never stop people from using bitcoin. The future of Bitcoin is still safe.

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Quote from: mirakal on October 12, 2024, 09:02:54 AM

Well, you’ve got a point there, because most people in government are against it. So, we shouldn’t expect them to vote in favor of bitcoin becoming an official alternative currency—it's impossible for people who don’t understand it. Many only see the negatives about bitcoin—scams, issues, etc. It’s tough to convince someone whose mind is already made up, and even harder to change their decision once it’s set.

That’s why the situation remains unclear, as many still doubt bitcoin’s potential as a currency. Even 10 years from now, I think it still won’t be that stable for widespread use, and most will continue to see it as just an investment.

Most people in the government are against it so, we shouldn't expect them to vote for bitcoin to become an official alternative currency.Agree with your point.
We can see that the use of Bitcoin and cryptocurrency is increasing more and more with time. Some countries are already paying with Bitcoin. They think that the price of Bitcoin will increase more in the future, so they are thinking about the future and started the Bitcoin payment system. Bitcoin has its volatility. Popular for, but some investors find bitcoin risky, while others plan to hold it as a long-term asset with an eye on the future. Bitcoin is based on blockchain technology, which can be improved and more secure over time. Different countries Want to impose controls on Bitcoin, such as taxation or limiting its use? This may have implications in the future if government regulation is tightened.

Topic: The future of Bitcoin as payment means - page 2. (Read 1298 times)