What to make bitcoin a popular payment method? - page 10.

coinhunt

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Quote from: louie69 on July 24, 2018, 08:52:31 AM

Quote from: YNAGS Team on July 24, 2018, 07:43:02 AM

Quote from: daoquanghuan on July 12, 2018, 03:13:44 AM

For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.

Bitcoin should become more stable in order to be a popular method of payment. Technically, cryptocurrencies are not money, but information blocks. Their value isn`t tied to any economy of the world, and the trade and support of digital cash are carried out constantly.

Yes, I agree with the OP thread in which case if bitcoin has these three basic elements to consider , then bitcoin would prosper more in terms of payment system with much cheaper transaction rates. People will then patronize more with bitcoin payment system if that can be materialize soon.

Why do you think that Bitcoin can't become a popular method of payments?
In fact, we have already been using electronic money when doing shopping online or using cards for different purposes. I mean, we have kind of fiats transformed into a code and make multiple operations with them. Bitcoin is actually can be considered the same e-cash. The only issues as many forumers fairly noticed are its adoption and volatility.

louie69

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Quote from: YNAGS Team on July 24, 2018, 07:43:02 AM

Quote from: daoquanghuan on July 12, 2018, 03:13:44 AM

For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.

Bitcoin should become more stable in order to be a popular method of payment. Technically, cryptocurrencies are not money, but information blocks. Their value isn`t tied to any economy of the world, and the trade and support of digital cash are carried out constantly.

Yes, I agree with the OP thread in which case if bitcoin has these three basic elements to consider , then bitcoin would prosper more in terms of payment system with much cheaper transaction rates. People will then patronize more with bitcoin payment system if that can be materialize soon.

sheenshane

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Quote from: YNAGS Team on July 24, 2018, 07:43:02 AM

Quote from: daoquanghuan on July 12, 2018, 03:13:44 AM

For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.

Bitcoin should become more stable in order to be a popular method of payment. Technically, cryptocurrencies are not money, but information blocks. Their value isn`t tied to any economy of the world, and the trade and support of digital cash are carried out constantly.

First, I saw this post on the first page on the thread mate you are a great plagiarism.

It is impossible that bitcoin become a method of payment or what we can say an alt of paper money. Since it is highly volatile and not steady in value, one thing that comes up in my mind bitcoin intended as an asset only that makes us become more profitable on this. When it comes payments nobody wants to lose.

YNAGS Team

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Quote from: daoquanghuan on July 12, 2018, 03:13:44 AM

For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.

Bitcoin should become more stable in order to be a popular method of payment. Technically, cryptocurrencies are not money, but information blocks. Their value isn`t tied to any economy of the world, and the trade and support of digital cash are carried out constantly.

livingfree

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Quote from: muslol67 on July 22, 2018, 05:23:32 PM

Bitcoin can not make it happen easily.

Why would bitcoin won't make it happen easily as a popular payment method? isn't bitcoin has been used nowadays as that?

Quote from: muslol67 on July 22, 2018, 05:23:32 PM

Because of so many people believe in BTC price will go to moon. So this expectation getting harder this payment tools thing.

It may be one of the best assets now and people are holding it until now but it doesn't mean that it's not going to happen. There are many businesses and casino's that are using it as a payment method so how it cannot happen easily?

farosa

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Quote from: daoquanghuan on July 12, 2018, 03:13:44 AM

For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.

When Bitcoin will be stable, then we can talk about it. Well, you can not afford a house price which has a stable price with Bitcoin. The price of the houses is not always the same, right. But, the price of houses may change once in 1 year, if we compare both of them.

AleSergio

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Bitcoin is just to yound to become a popular payment method, it is at the moment a way to earn money and also you can by somethings for it already in some markets, but still it is not legalized everywhere.

tanjiran

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Quote from: anilsaini0327 on July 21, 2018, 08:45:49 AM

Large scale adoption will only come if the crypto prices are stable over a longer period of time. They can be treated as a method of payment and a safe storage of value. But before that the prices of the coin must remain stable, large fluctuation will not let crypto be a Safe storage of value.

Decentralized systems are also very influential. The decentralization system broke the centralization system that has been implemented for quite some time, although it has many shortcomings, the system tends to be in demand because there is no third party interference.

moonami

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Quote from: daoquanghuan on July 12, 2018, 03:13:44 AM

For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.

I think bitcoin have that three elements, but it depends on the country or on the store where bitcoin is available or accepted. Not all places have the same elements that we need to achieve.

muslol67

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Bitcoin can not make it happen easily. Because of so many people believe in BTC price will go to moon. So this expectation getting harder this payment tools thing.

necromastery

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Quote from: anilsaini0327 on July 21, 2018, 08:45:49 AM

Large scale adoption will only come if the crypto prices are stable over a longer period of time. They can be treated as a method of payment and a safe storage of value. But before that the prices of the coin must remain stable, large fluctuation will not let crypto be a Safe storage of value.

For that reason, many people or company are not able to accommodate bitcoin as a payment method, because of the possibility of losses to be suffered by the second party. Ex, 5 minutes after the transaction ends, the price suddenly falls without a second party to sell it into money.

jak3

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Yes, Bitcoin does fulfill all these rules and even more, it has a lot of characteristics which are necessary for every business out there. Even need the transparency of the transactions and security of the payment. Everyone needs all the stuff but without losing any time on the transaction so Bitcoin is fulfilling all these features and it is perfect for our future alternatives as our old age currency system is too much slow on us.

flatnose101

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Quote from: joinfree on July 22, 2018, 04:44:24 PM

Most of the people need to understand that bitcoin is here to revolutionate the way that merchandise works and how the commerces are accepting the money that they are getting paid, but they just do not understand that this is a very attractive idea.

because of some news about bitcoin that are popular to get out of the media and this is what they can actually have to believe also that bitcoin are some of the bad idea to make an effort to take this.

ratatat bangbang

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In my own opinion, bitcoin will be popular in payment method when there are companies, schools and other accepted bitcoin as mode of payment because the transaction is easy, good and fast but it needs internet connection doing it.

joinfree

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Most of the people need to understand that bitcoin is here to revolutionate the way that merchandise works and how the commerces are accepting the money that they are getting paid, but they just do not understand that this is a very attractive idea.

acheampong64

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In summary, I can say it should be rather called getting the use case for it. If a time comes that while people invest in Bitcoins they also use some for purchasing goods and services, it'll progressively become an acceptable mode of payment.

jgaspar

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Quote from: daoquanghuan on July 12, 2018, 03:13:44 AM

For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.

I think bitcoin has the three requirements but the thing that is hampering it from being a popular method is its price inconsistency and time for transactions. If it can bring the price to a consistent level and it may help in the mass adoption of crypto.

gabmen

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Quote from: TheAndy500 on July 21, 2018, 08:55:42 AM

Quote from: faith400 on July 21, 2018, 08:23:13 AM

Is because Bitcoin offers some advantages over other payment methods for you and your customers. The transaction fees are much lower than they are with credit cards, typically only a few cents for each purchase, and those transactions process very quickly because there is no financial institution acting as a middleman.

For me it is just a matter of time when bitcoin will become as usefull as money and than price of it will be going up and up, this could come in 2/3/4 years and we will be just "better" than a typical people cause they haven't got any knowledge how to use it.

Well it'll take a lot more than that i think. Until btc becomes a little more steady and less volatile, it will always be seen as an asset that rises and falls in value. Honestly right now, i'm content with it that way.

TheAndy500

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Quote from: faith400 on July 21, 2018, 08:23:13 AM

Is because Bitcoin offers some advantages over other payment methods for you and your customers. The transaction fees are much lower than they are with credit cards, typically only a few cents for each purchase, and those transactions process very quickly because there is no financial institution acting as a middleman.

For me it is just a matter of time when bitcoin will become as usefull as money and than price of it will be going up and up, this could come in 2/3/4 years and we will be just "better" than a typical people cause they haven't got any knowledge how to use it.

anilsaini0327

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Large scale adoption will only come if the crypto prices are stable over a longer period of time. They can be treated as a method of payment and a safe storage of value. But before that the prices of the coin must remain stable, large fluctuation will not let crypto be a Safe storage of value.

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