Topic: Will bitcoin become a payment option?Was the initial design of bitcoin tobe paym - page 2. (Read 251 times)
March 18, 2024, 03:35:15 AM
To be honest, no one wants to treat bitcoins as a mode of payment. The reason for this is very simple. Bitcoins are limited in numbers and that is no more Bitcoins can be created or made, hence people will treat is as a digital asset only. People rather than giving it as a payment, will hold it and accumulate it. Yes, initially it might be developed to pay online, but now the meaning has completely changed.
March 18, 2024, 03:09:34 AM
You need to move to El Salvador to know if Bitcoin was been accepted as legal tender in there.
If you're wishing Bitcoin to be used as payment option in other countries, the most important thing the government need to declare it's fine to use Bitcoin as currency even though they didn't explicitly legalizing Bitcoin as legal tender.
Second is, the developer need to find a way to send Bitcoin for free (using L2 or sidechain make you need to spend for few cents, people are looking for free).
If you're wishing Bitcoin to be used as payment option in other countries, the most important thing the government need to declare it's fine to use Bitcoin as currency even though they didn't explicitly legalizing Bitcoin as legal tender.
Second is, the developer need to find a way to send Bitcoin for free (using L2 or sidechain make you need to spend for few cents, people are looking for free).
March 18, 2024, 03:01:32 AM
Thank you for the responses. I believe I have an answer in mind.
March 18, 2024, 02:53:04 AM
When will bitcoin become widely accepted as a payment option in real life?
Some would argue it already is widely accepted as a payment option. It is used in multiple countries both online and offline and is the legal tender of at least 1 country at this time. In the short time it has existed, that's a lot of progress.If you're asking when it would compete with VISA, PayPal and other payment options, no one can say for sure when that will happen.
Was the initial design of bitcoin intended for use as a form of payment?
Yes.The Bitcoin whitepaper starts off describing Bitcoin as;
"A purely peer-to-peer version of electronic cash [which] would allow online payments to be sent directly from one party to another without going through a financial institution".
What aspects contribute to making bitcoin a viable payment option? I know that currently, bitcoin is seen more as an investment rather than a means of payment. Is that correct?
• Scalability is the most important factor a viable payment option should have. Second on the list will be price volatility.• Yes, bitcoins are speculated on more than they are used for payments.
March 18, 2024, 02:47:28 AM
When will bitcoin become widely accepted as a payment option in real life?
Nobody knows.Quote
Was the initial design of bitcoin intended for use as a form of payment?
Yes. If you read this original bitcoin white paper Satoshi mentioned it there
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.
Quote
What aspects contribute to making bitcoin a viable payment option?
I refer you to the bitcoin white paper for your answer
Quote
...using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power.
Quote
bitcoin is seen more as an investment rather than a means of payment. Is that correct?
Not really, it depends on the user and their intent of holding bitcoin. Satoshi Nakamoto's original paper is still recommended reading for anyone studying how Bitcoin works - https://bitcoin.org/bitcoin.pdf
March 18, 2024, 02:42:31 AM
When I was searching about bitcoin, a question came to mind: When will bitcoin become widely accepted as a payment option in real life? Was the initial design of bitcoin intended for use as a form of payment? What aspects contribute to making bitcoin a viable payment option? I know that currently, bitcoin is seen more as an investment rather than a means of payment. Is that correct?
Bitcoin is widely accepted currently but partially as a means of payment.Bitcoin initial creation was to provide a sole purpose of a decentralized form of digital currency I.e free from any form influence from government or agencies unlike the fiat system which is centralised and controlled by the government and its agencies.
Bitcoin has been made a means of payment in some countries and I know sooner than later more countries will join the course.
March 18, 2024, 02:40:18 AM
When I was searching about bitcoin, a question came to mind: When will bitcoin become widely accepted as a payment option in real life? Was the initial design of bitcoin intended for use as a form of payment? What aspects contribute to making bitcoin a viable payment option? I know that currently, bitcoin is seen more as an investment rather than a means of payment. Is that correct?
As time passes on bitcoin keeps increasing in value, making investors to see it as more of an investment than a payment method. However, bitcoin is still used for an alternative payment method everyday by business owners wide world. This is because it is easy to transfer a huge amount of bitcoin easily than using a third party which might raise eye browns. Bitcoin as a payment option will keep on increasing because there are people who love privacy in their financial life. It is the rich business people that uses it more as a payment option as that is why you are seeing some businesses that accept bitcoin as an alternative payment method. Ferrari accepts payment in bitcoin. Everybody has a reason why they adopted bitcoin. I believe with time, it will be used more as an investment because of the high profit that it generates with time-line. This forum also uses bitcoin from payment, and also with some users here. Transaction fee is now becoming a barrier for small businesses using it as a payment option. 
March 18, 2024, 02:39:30 AM
When will bitcoin become widely accepted as a payment option in real life?
Nobody can give you an accurate answer about this. But you can still use bitcoin to pay on some websites. Also you can decide to settle some deals with someone that you know that knows about bitcoin with bitcoin. Bitcoin is frequently used for purchases and payinfor services in some countries. Some countries are very bitcoin friendly.Was the initial design of bitcoin intended for use as a form of payment?
That is what that was said but those that designed bitcoin design it to be an investment. What aspects contribute to making bitcoin a viable payment option?
Bitcoin is a viable payment option but the fee is getting high without going down as usual as it was before. Lightning network is one of the ways bitcoin payment can be better. I know that currently, bitcoin is seen more as an investment rather than a means of payment. Is that correct?
I will say that also. March 18, 2024, 02:31:56 AM
When I was searching about bitcoin, a question came to mind: When will bitcoin become widely accepted as a payment option in real life? Was the initial design of bitcoin intended for use as a form of payment? What aspects contribute to making bitcoin a viable payment option? I know that currently, bitcoin is seen more as an investment rather than a means of payment. Is that correct?
Jump to: