What to make bitcoin a popular payment method? - page 12.

victorski

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Quote from: daoquanghuan on July 12, 2018, 02:13:44 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 the first thing that must be done in order to make bitcoin payments more popular is to make it more comfortable, because it will never become popular if you will need to spend 30 minutes to pay for the pack of milk.

Stromspirit

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Because using bitcoin is too easy so they use bitcoin as their primary payment method and maybe because bitcoin is popular so they use bitcoin as their payment method or because many people use bitcoin as the main method for their pay system

ritiktakyan01

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Bitcoin is famous in the whole world and has become a great currency and a populist payment method can be made, but for this, governments will have to come forward and adopt Bitcoin's transaction.

ParveZ219

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Quote from: daoquanghuan on July 12, 2018, 02:13:44 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 is available from a lot of time but no body got interested into bitcoins...At a time bitcoin's value was 250$ and now it is 6900$...People got rich who had done long term investment...After seeing this not only men but women also got interested in bitcoins and now Bitcoin is accepted almost in many sites...But then also everyone is accepting it for trading only...No body is taking it as currency.

npolie

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Bitcoin transactions are increasing day by day. At present, bitcoin transactions popular payment method. Bitcoin is less risk of transaction. Paper money transactions are not always beneficial, paper money is risky if you keep a lot of money. Bitcoin trading is not such a risk. Bitcoin transactions will increase, more popular.

esprit man

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Yes
I think bitcoin transactions are the most popular payment method. Bitcoin transactions are increasing day by day. Bitcoin transactions are much safer and faster. Bitcoin transaction costs are very low. Paper money can not be kept with all the time, it has many risks. The robbers are afraid of it. Bitcoin can be kept as much as you want. So bitcoin transactions are becoming popular day by day.

bitcoineverything

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InvestnTrade. Latest from the crypto space.

Bitcoin's very low transaction fees is what I think will make it popular as a payment method. Bitcoin transaction fees are definitely lower than banks. Since a few months ago, BTC transfer fees are at a major low.

befriendmywater

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Quote from: daoquanghuan on July 12, 2018, 02:13:44 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 has all three elements but it is currently not recognized worldwide. Besides, it is a very good tool for whales to manipulate the market. Because the market will fluctuate at the price of Bitcoin.
I think Cryptocurrency needs to be protected and kept stable for Bitcoin. From then on it can be accepted by the whole world and become a popular payment method.

IndigoRed

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Quote from: yazher on July 15, 2018, 12:20:36 PM

And it needs to be popularized too, lack of knowledge about bitcoin will never make it to become a payment method on some countries because they will not see any used of it if it is become unstable and volatile, so they need to be educated about it first then they will decide later.

I agree. Education is key for mass adoption. And I think the technology will speak for itself too. Once people get tired of slow transactions, of banks ripping them off and the hassle of overseas wire transfers, they'll definitely embrace the concept of a digital currency.

muhammedb

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I think the bitcoin can work on it transaction speed many company will be glad to used it as a means of payment, because it decentralized which mean the ceo as full access to it money any time without third party, unlike bank that he will to consult the bank manager or cashas before payment can be made or withdraw fund. but many company are afraid of the transaction delay.

artichandra

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Quote from: daoquanghuan on July 12, 2018, 02:13:44 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.

For me, bitcoin only need stabilize their prices. For merchant unstable just make they sometime lose their money, maybe they can gain money too from hodl, but i don't think they want it.

nick_nick

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Quote from: daoquanghuan on July 12, 2018, 02:13:44 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 believe Bitcoin bears the aforementioned qualities and hence qualifies to be a popular payment medium. Bitcoin is now one the most preferred medium of exchange covering across varied facets of business;supermarkets, shops, financial institutions etc. Its also a store of value because it enhances trade and investment. As a matter of fact Bitcoin is more beneficial when kept for a long period of time

tranduc2101

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Quote from: Sijan677 on July 13, 2018, 02:02:12 PM

Bitcoin should become more stable in order to be a popular method of payment.Bitcoin or Altcoins have the potential to compete with fiat currency. they can be treated as a method of payment and a safe storage of value.

I do not think the price of Bitcoin will be stable. This is because the issue has led the government to suspect that Bitcoin is a dangerous cryptocurrency and could harm the economies of these countries.

jackky

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Bitcoin is considered a form of payment in 2010. It is a true story, and one person bought pizza for 10,000 BTC. From then on, everyone thought Bitcoin was the online payment method

Ozero

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Quote from: Sijan677 on July 13, 2018, 02:02:12 PM

Bitcoin should become more stable in order to be a popular method of payment.Bitcoin or Altcoins have the potential to compete with fiat currency. they can be treated as a method of payment and a safe storage of value.

Correctly. In order for bitcoin to be used more as a method of payment for goods and services, it should be more stable, that is, to have less volatility. And will bitcoin ever be more stable? Not yet. To do this, it is necessary to change its decentralized nature, something to provide and regulate it. And since this can not be done, bitcoin will hardly ever be widely used as a method of payment.

Alns

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My personal point is Independence. When you invest into bitcoin you are independent from all government's in all over the world. You know in what you invest and what year what can you get in the future. It is the best benefits for bitcoin to be a currency in the future.

pixie85

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Quote from: justtara on July 15, 2018, 12:25:04 PM

You can make it popular by :

1) Using it as a payment medium.

2) Sharing resources about it on social media.

It's not that easy. How can you use it to pay for a service is nobody offers to sell that service for Bitcoin? I'd be willing to spend some of my coins in local stores if they were accepting it. We can't say that spending is the way to it being used for payments. It's like saying that we need to buy houses so that companies start building them.

Joe103

newbie

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The only area I think Bitcoin may have challenge is its inability to be used as a store of value. This is because of the high volatility and price fluctuation that is associated with it. This has been the major debate and argument of those who are not willing to accept it.

maldini

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bitcoin is one of the main pioneers of the cryptocurrency world it makes some people choose to use bitcoin as a method of payment in transactions they do, but for now bitcoin has a rival that is ethereum that might beat bitcoin as a method of payment.

Cult

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Enter the future of gaming

I think the best way is enlightenment. We should try to educate others on economics and money theory so they can understand why bitcoin is not any kind of bubble. Also, we shouldn't hold it to the very last satoshi, but should instead try to pay others in crypto instead of fiat so they can also have some crypto and start using it.

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