The promise of Virtual currencies | Bitcointalksearch.org

Kyraishi

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Quote from: Reatim on October 06, 2019, 08:58:29 PM

Quote from: Kyraishi on October 06, 2019, 07:39:36 PM

Pretty interesting stats, even if it is just 0.001% of all transactions, we've seen quite a lot of volume when it comes to using BTC, and keep in mind, 0.001% of the transactions in the US is still a huge number, for sure.

Remember that this is only for “US” means we take the .001% so what more if we add the other countries or should I say Continents?specialy Europe and Asian countries?this can be more even higher so this stats shows how large Bitcoin reached just for more than 5 years since this stats isn’t for 2016 when we reached the hype in 2017 ,if the stats recorded year after surely it’s more larger

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Are these stats only counting retail as purchases made by cryptocurrencies in person? Or do these also count transactions online from big brands (eg, buying a computer of newegg for BTC), or using purse.io to buy items of amazon?

I think this is the overall stats sine US will not release records that is incomplete

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Decent step to adoption, but a lot more needs to be done before we can reach a higher percent.

Well we must see also the world record to attract many investors if they saw the success of cryptocurrency and not just Bitcoins

That's true, I'd put the US in the middle for bitcoin adoption, hasn't had the best regulations, but still has a lot of people who use and spend BTC, I'd definitely estimate some other countries like Singapore or Japan to have over 0.1% of all transactions be crypto-based, especially with projects like Pundi X making such a huge impact in Singapore.

I think we'll need to see a lot more investments and companies that are willing to take BTC, and then give it some time and consumers will be interested in paying BTC.

Rufsilf

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Quote from: glendall on October 07, 2019, 10:52:30 PM

cryptocurrency has the advantage of low transaction costs, and fast because there are no special requirements that must be met, different if through a bank that takes days and many requirements.
and this is the reason why cryptocurrency will become a virtual currency that is so promising in the future. if the speed of bitcoin is the same as the speed of sending money through ATM, then I'm sure cryptocurrency is preferred by the public over FIAT.

We know it was a great deal for crypto but it was just supposed to see use not only for an online transaction, we would like to see it also usable into offline transactions. That US restriction against crypto is what to be one factor that could change crypto dissemination. They are influential in terms of the economic system which might be able to decline other cryptos rather than creating their own if this digitalization system will grow and acceptable to the public.

glendall

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cryptocurrency has the advantage of low transaction costs, and fast because there are no special requirements that must be met, different if through a bank that takes days and many requirements.
and this is the reason why cryptocurrency will become a virtual currency that is so promising in the future. if the speed of bitcoin is the same as the speed of sending money through ATM, then I'm sure cryptocurrency is preferred by the public over FIAT.

Darker45

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Quote from: Yamifoud on October 07, 2019, 05:27:12 PM

Quote from: Willitivity on October 07, 2019, 04:39:39 PM

Virtual currency's have actually contributed a quota to the world economic system with regards to payment structures and systems. As the move towards online transactions and purchases increases, the need and use of virtual currencies become imperative. With more adoption coming along the way, Bitcoin could see more application in day-to-day transactions and purchases.

The economic system of the US knows what is the capability of crypto and how it possibly make change from fiat money to digital form crypto.
Yes, we are in the adoption of a new system and ain't no wonder why the US very conscious of this possible change cause it will devalued their dollars sooner and they don't want it to happen. There is something they need to prevent it and if we take a look, most promising countries never accept crypto just like China and the US.

That is certainly a huge factor in terms of giving crypto the green light, it affects their very own national fiat currency. Moreover, nations cannot just give them a go because these cryptocurrencies are not created out of their own rules and terms. There is always the possibility that nations will accept Bitcoin and other cryptocurrencies openly but it might not happen that it will become their main currency. If these nations will shift to cryptocurrency 100%, expect that it will not be the existing cryptocurrencies we have today. They will surely be creating their own. China is already showing this.

Yamifoud

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Quote from: Willitivity on October 07, 2019, 04:39:39 PM

Virtual currency's have actually contributed a quota to the world economic system with regards to payment structures and systems. As the move towards online transactions and purchases increases, the need and use of virtual currencies become imperative. With more adoption coming along the way, Bitcoin could see more application in day-to-day transactions and purchases.

The economic system of the US knows what is the capability of crypto and how it possibly make change from fiat money to digital form crypto.
Yes, we are in the adoption of a new system and ain't no wonder why the US very conscious of this possible change cause it will devalued their dollars sooner and they don't want it to happen. There is something they need to prevent it and if we take a look, most promising countries never accept crypto just like China and the US.

Darooghe

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I'm hopeful about Cryptocurrency, and right now Bitcoin is the only real token to hold. the true capabilities of Cryptocurrency are barely comprehensible. For me it's the ability for transactions of immutable value to be made across the globe instantly and direct. Right now if you think about how you make payments today, they all include a third party to function, even if you consider cash withdrawal from your bank account. Being able to send directly allows not just individuals, but entities and even software to interact with and control units of value.

Once we understand this we can start building use cases that have never been possible before with the backing of the global internet networks, beyond just the Cryptocurrency network.

Willitivity

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Virtual currency's have actually contributed a quota to the world economic system with regards to payment structures and systems. As the move towards online transactions and purchases increases, the need and use of virtual currencies become imperative. With more adoption coming along the way, Bitcoin could see more application in day-to-day transactions and purchases.

moonshot797

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The way I see it, consumers don't like to carry cash so much these days, more so pay an ATM withdrawal fee to access their own money. Plastic cards that offer benefits and incentives are achieving high adoption rates and Mobile payments are just a cool new way to pay.

Bitcoin needs to have a way to seamlessly integrate into the existing financial ecosystem so that people can easily use it and have a solid reason to spend their bitcoin rather than hold on to it.

kooboat

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It is becoming clear that the world is moving strongly towards digitization. Despite the statistics here, people are really making use of virtual currencies for various online transactions. In the last decade, bitcoin for instance has become a very credible payment method that is conveniently used by all people across the globe.

Ayiranorea

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Virtual currency usage have been making a big change in the transaction that is taking place around the globe. From its day of very first usage to now the progress is very big. Though this hasn't got legal support in lot of countries, it has been growing big because of the technology that backs the virtual currency network.

Now too this has been used as money, but this is limited. This needs to go mainstream, for the same to happen we need to wait with patience for years. This will continue to be the change of the traditional system as a new money as people have been moving towards digital ecosystem.

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Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies are currently a fringe phenomenon in the U.S., accounting for a tiny fraction (less than 0.001%) of all U.S. retail transactions

This is so because a huge part of the American consumers are still confident in using their credit cards and cash when buying something in retail, and not much retail stores are really accepting crypto in their establishments. Perhaps if a lot more stores do this kind of thing where they would be willing to accept crypto, the statistics would change and we would actually see something positive.

Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

This seems to be outdated. Governments are slowly trying to make crypto a safer place and imposing regulations where users are protected, at least when they are dealing with third-party establishments and services, that is.

Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Bitcoin itself could become the most prominent example of just such a new kind of "money"

It already is, isn't it?

ashmodeus

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Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies are currently a fringe phenomenon in the U.S., accounting for a tiny fraction (less than 0.001%) of all U.S. retail transactions

well, it can be understood , considering that a new kind of money.
it takes decades to maximize it.

Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

In the five-year period ending 2016, more than half a billion retail payments were made in Bitcoin or cryptocurrencies that include Bitcoin, Ethereum and Litecoin, according to the most recent estimates.

i wonder how much retail payment by cryptocurrencies on 2017-2018.
since that time its a highest price ever for all cryptocurrencies.

Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies could lead to financial services for individuals and corporations that wouldn't be possible otherwise. Bitcoin itself could become the most prominent example of just such a new kind of "money"

yep, we can understand about it, it is a single payment system where both the seller and the buyer agree to the desired payment instrument
and of course, the law does not apply there.
and i believe there also no tax included on that payment.

hotmom

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Other virtual currencies that will not work like bitcoin do you mean?

electronicash

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0.001% of the US transactions and we are now hoping for adoption?

they should measure the percentage of transaction in the darkweb because thigns are happening down there than what is happening in newegg or the people buying items using purse.io in amazon.

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Quote from: minersday on October 06, 2019, 08:16:45 PM

Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies (cryptocurrencies) operate on a decentralized platform; that is users are basically in charge of the safety of their funds. Setting up a legal framework will not be able to keep the funds of users safe if these users do not set up security measures to protect their private keys secured for an external interference or third party. With cryptocurrency, users are solely in charge of their funds and how they decide to send or receive funds. Users are responsible for their safety, establishing mechanisms will not really be of help keeping the funds of users safe..

People often mistaken cryptocurrency to function like fiat, which is not possible to happen. They keep on insisting that it should be something they are expecting it to be, but that doesn't how it works. Cryptocurrency makes a big difference in both our life and to the economy itself, the best thing about being difference to other is the uniqueness you have---that cryptocurrency have, as of now, bitcoin adaptation is still blurry, unless the most of us accept it as a whole.

Cryptocurrency is a currency that is not legalized by the government to be used in our daily life, it can be use through digital transactions but it wont be use to buy in the market the same as fiat, while fiat was declared to be legal, it can be used in different as how we use cryptocurrency.

They may be differ on this day but it is not impossible for crypto to achieve what a fiat currency can do.

it will change one day. we will be seeing more people buying stuff in grocery stores using the card related to crypto.

slaman29

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Fringe phenomenon in the US, but I think even more of a fringe outside of the US, judging from the number of companies involved, users, even nodes, if I recall the largest concentration of nodes is in the US.

So this is why I always say mass adoption is not yet here and still a long way from being achieved and STILL we are early adopters even now!

metallica101

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Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies are currently a fringe phenomenon in the U.S., accounting for a tiny fraction (less than 0.001%) of all U.S. retail transactions

In the five-year period ending 2016, more than half a billion retail payments were made in Bitcoin or cryptocurrencies that include Bitcoin, Ethereum and Litecoin, according to the most recent estimates.

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies could lead to financial services for individuals and corporations that wouldn't be possible otherwise. Bitcoin itself could become the most prominent example of just such a new kind of "money"

That is fine, but those are the stats from before cryptocurrencies 'came out.' I believe that the stats from the last two years would be a lot more promising.

Kakmakr

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It would be interesting to see how they got to those statistics, because most p2p transactions between people would not be reflected in those stats. The real treasure of Crypto currencies are the direct payment ability that enables people to pay for services and goods, without having to use third party payment services. Wink

The problem with Bitcoin as a payment option is the legislative challenges and not Bitcoin as a currency, because the governments are protecting the power and monopoly that they have in their reserve currencies. Roll Eyes

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There was a video I stumbled upon while looking on youtube today. It was of the ripple ledger and how someone noticed transactions from their xfer script were inaccurate. Something about missing "1"s or something. I didnt understand it as I am not into xrp and all this alt coin mumbo jumbo.
But from what they found out it didnt sound too good for ripple and their use of these payment systems. This ripple foundation has been advertising it as the solution of virtual currencies world wide adoption towards retail markets ie. xrapid payment system

update found the video on oddities in the xrapid ledger https://www.youtube.com/watch?v=csr7OffvNKs

Herbert2020

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Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

In the five-year period ending 2016, more than half a billion retail payments were made in Bitcoin or cryptocurrencies that include Bitcoin, Ethereum and Litecoin, according to the most recent estimates.

it is only bitcoin and if anything it definitely is not ethereum. you can't find any retailer that accepts ETH as payment ever. not to mention that it is not even a currency, it is a token with one purpose: smart contract fuel.

avikz

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Quote from: marshall2020 on October 06, 2019, 05:16:04 PM

Virtual currencies are currently a fringe phenomenon in the U.S., accounting for a tiny fraction (less than 0.001%) of all U.S. retail transactions

In the five-year period ending 2016, more than half a billion retail payments were made in Bitcoin or cryptocurrencies that include Bitcoin, Ethereum and Litecoin, according to the most recent estimates.

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies could lead to financial services for individuals and corporations that wouldn't be possible otherwise. Bitcoin itself could become the most prominent example of just such a new kind of "money"

I wonder what exact points you are trying to establish?

Unlike many other countries, US at least provides a legal framework for cryptocurrencies so it is expected to grow only! But what you are saying is an estimation, the actual numbers probably are far more different than this estimation. It may be higher or may be lower! I doubt any official data has been released yet to prove your statement.

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