Topic: What to make bitcoin a popular payment method? - page 15. (Read 2787 times)
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. But before that the prices of the coin must remain stable, large fluctuation will not let crypto be a Safe storage of value. Also the government needs to approve the crypto in the country to be used as an alternative to fiat
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.
Each country has its own rules, and if bitcoin meets the requirements of a country, then bitcoin is worthy of currency, this has happened in some countries, call it russia and nigeria.
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.
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