Bitcoin will become popular:
+ Increase trading volume / Block
+ Stable value
+ Interested and used by large organizations
+ Community members and developers
Topic: What to make bitcoin a popular payment method? - page 3. (Read 2787 times)
I think the path of bitcoin should change first because it is known as a good investment asset in the world which has made huge number of millionaires during last period of time which is a significant amount comparing with other investment options. But in order to become a payment first it should be promote itself as a digital currency more than a investment asset so its options and facilities should be increase as a currency to the general public which can allow them to consider bitcoin as a great payment method
For bitcoin to become a popular payment method according to my understanding bitcoin it self should be improved and developed by targeting those objectives you have mentioned because to become a good payment method among payers they should have the confidence to trust bitcoin over other major fiat currencies or cryptocurrencies and so far dollar is know as the common currency to pay for any international payment so if bitcoin to take that place it should be improved and develop more than the dollar
Bitcoin is already being used as a payment method although using third party exchanges to convert the coin to fiat. Not very popular one but we're on the right path. Those 3 traits that you mentioned can apply to bitcoin but the main thing to talk about is if it would be acknowledged by the government.
In many countries there are also some of their beliefs in bitcoin and also the rules they make on bitcoin to use in their country. But here in the philippines they accept bitcoin here and we use bitcoin to be online payments as well as your items to buy.
Actually the bitcoin is ready for medium of exchanges in any sector, but one of the major set back is its scalability, up till now, the confirmation time for bitcoin payment can be very discouraging and the volatility is another case for concern.
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.
I agree because in order for customers to pay bitcoin and shop owners or other business to receive payments the currency price should be more stable during the payment and if it is unstable it might become a big disadvantage for some parties in situations so that is a major problem with bitcoin due to its huge price fluctuations in the past many have second thoughts when adding bitcoin as a payment options in there businesses
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 I know each country has its own legal method to use bitcoin payment to its users. Because cryptocurrency is not a money because he is an enonomy of the world and we need support for trading and market
The elements mentioned are very much obvious with Bitcoin in all ramification. The only hindrance I feel that could be A barrier is the Government Acceptability and support which shall however brings all these features to limelights as the payment method in such a country.
One astounding feature about the Bitcoin payment method is the total owner control over transactions. Due to the decentralized nature, Bitcoin offers its users the ability to perform transactions without any middle person interruptions. Also, Bitcoin offers low transaction cost, security and fast transactions.
Bitcoin is one of the main innovators of the cryptocurrency world that can make many people choose bitcoin like the payment approach in transactions made by these people.
Making bitcoin a popular payment method is the only way to make bitcoin more demanding in the among people and specially in trades and businesses and it can done by requesting payment options to implement from merchant sites like you have mentioned above and the other thing we can do is to make bitcoin more popular through social media in order to convince company owners and business community that there will be clear advantage they can gain by combining bitcoin as a payment method in there businesses
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.
Yes its true but also the bitcoin equipment around the world and in different countries their rules for bitcoin but bitcoin can not be changed its price because it is control of traders and investors.
Although Bitcoin is now widely known and has various functions including online payment systems and investment assets, the basic idea of Bitcoin itself is as a medium of exchange that can be used in transactions. Although the legality of Bitcoin is still attractive in some countries, the number of users of this digital currency continues to increase.
As an online payment system, Bitcoin can be clearly cultivated for several reasons such as exempting transaction fees and freedom from conventional currency risks. While as an investment asset, Bitcoin also has the privilege of experiencing tremendous impressive value growth, making it dubbed as digital gold.
As an online payment system, Bitcoin can be clearly cultivated for several reasons such as exempting transaction fees and freedom from conventional currency risks. While as an investment asset, Bitcoin also has the privilege of experiencing tremendous impressive value growth, making it dubbed as digital gold.
Yes, of course bitcoin has these three elements, even better than fiat currencies produced by the government. But as cryptocurrency regulations in each country are never the same, there may be some elements that you mention cannot function properly.
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.
That's right. As much as cryptocurrencies can provide such option to be an alternative payment method for good and services just like the humble beginnings of internet banking or credit cards, it depends on the country or the local if they want to allow that. It will be good for the people because having more options is always a good thing; however, if it can be exploited, especially in this case, with cryptocurrencies, by people who can hack the system, governments would have doubts on implementing it because of the risks. Maybe, that's why, not so many countries put cryptocurrencies up as an option.
personally i think bitcoin need to regulate itself and develop more stable. If so, bitcoin can become a popular payment method.
Of course the above facts are very important to make Bitcoin a popular payment method and for that to happen more and more businesses should combine Bitcoin with there systems for that to happen stake holders should know the value of doing that and the best way to do that is do more promotional campaigns and inform the public and mainly business communities regarding the importance and advantages that can gain with Bitcoin for the financial sector which is significant at this moment because many people only see the dark side of Bitcoin and many wants to let that happen too but if Btcoin becomes a popular payment method I believe many will use it over fiat currencies
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 can fullfill that three element. Bitcoin can use as store of value and at same time, bitcoin is secure payment cryptocurrency. Bitcoin is secure cryptocurrency and no one can duplicate the transaction. Maybe thats why bitcoin become popular cryptocurrency in market
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