What to make bitcoin a popular payment method? - page 14.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

You left out one:

Government Approval - Now, some people might differ from me on this statement, but the reality is, no unregulated "currency" will survive for long, without some kind of regulation by government. Yes, people might use it as a barter system, if it is not regulated, but you need proper regulations for it to succeed in the formal sector of the financial sector.

These companies need to deal with tax issues and auditing and they cannot use a currency that are not regulated. Roll Eyes

Wendigo

legendary

Activity: 2604

Merit: 1036

I think Bitcoin is not ready yet to be considered a popular payment method. In its current state Bitcoin is more suitable as an investment vehicle rather than a replacement for fiat money. My opinion about the 3 functions when related to Bitcoin:
medium of exchange - very limited as only few retailers online or offline accept Bitcoin as payment
store of value - the price of Bitcoin fluctuates wildly and it would be hard to use it for small daily purchases like bubblegum, coffee, cigarettes etc.
unit of account - because the supply of Bitcoin is limited to 21 million coins there might be shortages of available coins in the future if more people would like to deal in Bitcoin. I think Bitcoin might need to be denominated in new subunits smaller than a satoshi in order to accommodate the increase in demand and/or price.

kulsuma

newbie

Activity: 476

Merit: 0

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

EVOS

newbie

Activity: 141

Merit: 0

Quote from: Direwolve735 on July 12, 2018, 02:57:51 AM

Bitcoin should become more stable in order to be a popular method of payment. Technically, crypto-currencies 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 is carried out constantly and doesn`t depend on standard world trading sessions. Such independence has advantages, but this also frightens, since the price of bitcoin remains unpredictable.

True, if only the bitcoin price can be stable and the use is clearer then bitcoin can be for payment. I'm really looking forward to the bitcoin updates and breakthroughs of bitcoin.

Indrawan77

hero member

Activity: 1274

Merit: 516

Bitcoin is a great currency and suitable to become a top payment method, but for now the government still hesitate to used it because of the anonymity, the local shop still hesitate because of the fluctuative price, and some of us still hesitate because the speed and the transaction fee, there are still many things that need to be solved before bitcoin could become payment currency, but with further development and support I believe one day it could become the number one payment method

bedulook

newbie

Activity: 112

Merit: 0

Bitcoins has fulfilled all the properties you mentioned to make it a popular payment method, the only obstacle is government full acceptance of it as a mainstream currency.

thepers0n

newbie

Activity: 224

Merit: 0

I believe that the payments using Bitcoin and other altcoins is much easier and I don't have to convert local currencies into another and I can send them all around the world. But governments have their own interests and they want to see local money more stable and stronger

Catmony

hero member

Activity: 854

Merit: 500

Store of Value : YES
Medium of exchange : YES
Unit of Account : YES
Bitcoin has much more than above features like anonymity, personal privacy, financial freedom etc to make it perfect payment method.

gobingo

newbie

Activity: 78

Merit: 0

I think that makes bitcoin a very useful and very necessary payment and can be done anytime with a place that can connect in the internet network.

charlzyeby

jr. member

Activity: 182

Merit: 4

Bitcoin being a currency depends on how many people actually get to buy and sell with the bitcoin in their possession. People in the bitcoin market have to accept bitcoin as a form of payment for their services. We don't have to look at governments to give permissions for bitcoin to be legal tender. It is the money of the internet; no one can stop bitcoin from being used as a currency.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

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

Do you think the bitcoin has all three of these elements?

Not only those three criteria but even more such as fast, reliable and has a cheaper fee than the usual payment method.

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

I am looking forward to the bitcoin will become a popular payment method in the future.

Today it's one of the most popular alternative payment method that online stores are adopting, not all but more of them are getting into it right now. This is just the start of bitcoin's popularity not only as a payment method but also as an asset.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

I think that the main problems used to be popularity, availability, transaction cost and transaction price. Transaction price has been mostly fixed by segwit, transaction time will be fixed by the lightning network, I believe we are doing good as far as popularity is concerned, but the availability is still slacking. IN many countries you just can't easily buy your coins due to various bans and restrictions, Internet and power shortages, lack of safe exchanges. It will take more time, but it should happen eventually.

tunapa

jr. member

Activity: 667

Merit: 1

I believe Bitcoin has this and many more still needed. But I think a important factor that can rapidly make Bitcoin a popular payment method is if the ruling/government bodies can control and be in charge of it such that they make rules and modalities that others follow just like the fiat system, then Bitcoin will surely be a popular method of payment.

Fishthatgirl3

newbie

Activity: 68

Merit: 0

Many factors.
We need a stabler price for bitcoin. It fluctuates too much that I dont think anyone dont check the price to see if he or she should sell bitcoin before even send a bitcoin payment.
We need the goverments to accept bitcoin being used.
We need banks to accept their customers to deposit and send money to buy bitcoin.

sakahayang

full member

Activity: 414

Merit: 100

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.

If we look at the criteria given then Bitcoin has entered into the three criteria tersebut.namun if we see the third criterion, Bitcoin will be difficult to measure value in the economic system, because the price can change in seconds. if we want Bitcoin to be a measure of value in the economic system then the bitcoin value must remain constant, just like its Gold.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

In specifications, yes, bitcoin fulfills all three of these. However, due to the fact that there aren't enough places to spend bitcoins and use them as currency, it cannot display how good and effective it will be as such. Due to this, people outside the ecosystem think that bitcoin isn't an effective means of payment because there aren't sufficient data existing about the reliability of the coin. Most retailers and services who removed bitcoin on their method of payment feel that it's tanking because it's not wante, but that's not the case in actuality.

veleten

legendary

Activity: 2016

Merit: 1107

well,Bitcoin need operations per second more than anything at the moment
you cannot compete with VISA or Mastercard or any other payment system if you can only manage 3-7 transactions per second
while your future competitors do 3000 per second already and capable of > 56.000 per second
Lightning network is here to alleviate this bottleneck,but it is more on paper rather real life implemented

malekbaba

legendary

Activity: 1526

Merit: 1026

SellDefi.com | Earn by selling files

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.

We are talking about decentralized money and still we want to regulate it ? It is like we are standing under open sky on a shiny day and want to dry up our sweat ! Bitcoin is getting popularity and it is safest if you know how to deal with it. And if you talk about potential, Both fiat and crypto have potentials. They will not replace each other. rather they will be side by side.

The more you will educate your community about crypto, the better. And Crypto will become popular globally

zxrcoin

newbie

Activity: 252

Merit: 0

In order for bitcoin to become an actual method of payment bitcoin needs to be more stable. The huge fluctuation in price will actually discourage people to use it as a method of payment. Also the government needs to accept it and use the crypto currency as an aid to their economy.

Sijan677

newbie

Activity: 27

Merit: 0

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.

Topic: What to make bitcoin a popular payment method? - page 14. (Read 2787 times)