Will Bitcoin ever become a widely adopted global payment solution? - page 2.

conected

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Quote from: Sled on June 16, 2021, 04:11:56 AM

Big YES for that but to know when, it is really hard to answer and nobody could tell neither.

Well, the adoption is in the process and continuous improvement. It can't be done so quickly depending on how the people/user will adapt to it. A lot of factors that could affect this and one of these things is because of its volatility. Many establishments are still doubts and they are also afraid of losing their money once the market will dump.

- Well, first bitcoin will need to be recognized and become an experimental product, that will give implications for future adoption, current use case is not optimistic for this when people's actions are not following government rules, it shows that bitcoin is not qualified to be applied for payment. I also heard about a few countries that have adopted bitcoin but the numbers are too small and the numbers are not public, the effectiveness and importance of the problem is relatively low, perhaps bitcoin is in need of a more stable and improved process to cause global attention

semobo

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Probably yes, but there are some disadvantages on the Bitcoin side which is confirmation time when the Mempool gets congested. If Bitcoin transactions reaches 200K or more the transaction fee hikes upto 50 dollars which makes bitcoin to be used in day to day life more difficult but the adoption is happening slowly as a form of investment but only time will tell that will be going to be used as a form of payment in the future.

mikelalonde

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The time it takes for transactions to go through confirmations makes it a non-feasible payment method right now. I mean for darkweb perhaps and web hosting, but for day to day business transactions like paying for your meal, forget it. It's just my opinion that BTC will fall to the wayside while Ethereum becomes the currency for crypto in the real world.

Alert31

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I think so, it will happen. Only time can tell us but actually it was already started although in just limited payment transaction because its recipients are still limited like stores and other business establishment. Another factor that can affect the slow adoption in bitcoin as payment is the volatility nature of it and a higher transaction fee. It's just better if you have a big amount of bitcoin transactions,. What it's just a small fraction of bitcoin? It's not worth to make it as payment because of the high transaction fees.

dmamigo

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Quote from: Sled on June 16, 2021, 04:11:56 AM

Big YES for that but to know when, it is really hard to answer and nobody could tell neither.

Well, the adoption is in the process and continuous improvement. It can't be done so quickly depending on how the people/user will adapt to it. A lot of factors could affect this and one of these things is because of its volatility. Many establishments are still doubts and they are also afraid of losing their money once the market will dump.

I highly doubt that Bitcoin specifically can be a global payment solution alone because the only thing that bothers me nowadays to transact using Bitcoin is its fees. I still consider the time to be fair enough.
Recently I did search for alternate options to make transactions if the other party accepts or agrees on it. Tron is now one of my priorities to transact as its fees are quite less and the transaction completion speed is faster than Bitcoin as of now.
Hence, I don't know if Bitcoin will be able to make it acceptable as a global payment solution but I believe that surely atleast one crypto apart from BTC will be accepted globally.
I prefer Bitcoin as an asset now more than a mode of the transaction if I have the option.
And as you said volatility is another primary reason that can prevent this from happening.

Sled

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Big YES for that but to know when, it is really hard to answer and nobody could tell neither.

Well, the adoption is in the process and continuous improvement. It can't be done so quickly depending on how the people/user will adapt to it. A lot of factors that could affect this and one of these things is because of its volatility. Many establishments are still doubts and they are also afraid of losing their money once the market will dump.

peter0425

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Quote from: swiftbits on June 16, 2021, 03:11:41 AM

Quote from: Rikafip on June 01, 2021, 06:11:03 AM

Quote from: nutildah on May 31, 2021, 11:51:20 PM

I don't mind if Bitcoin never reaches true "mass adoption" and am not waiting for it to become the one-world currency. It's already been successful beyond anyone's imagination.

Couldn't agree more. People often think that 10-12 years is very long period of time and that Bitcoin somehow failed because its use didn't reach mass adoption yet, while in reality this is extremely short period of time for something as complex and I think that not even Satoshi thought that Bitcoin will spread as much as it did.

Right! We might lack mainstream adoption, but we are thriving; the community has grown much in the past years.
Cryptocurrency is almost synonymous with Bitcoin since it pioneered blockchain technology.

Yeah and countries are now considering to adopt Bitcoin like IRAN here

>>>>>>>>>>>>>>>>> https://bitcointalksearch.org/topic/m.57241858

it looks like in the next years there will be a digits of countries to use Bitcoin as legal tender.

swiftbits

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Quote from: Rikafip on June 01, 2021, 06:11:03 AM

Quote from: nutildah on May 31, 2021, 11:51:20 PM

I don't mind if Bitcoin never reaches true "mass adoption" and am not waiting for it to become the one-world currency. It's already been successful beyond anyone's imagination.

Couldn't agree more. People often think that 10-12 years is very long period of time and that Bitcoin somehow failed because its use didn't reach mass adoption yet, while in reality this is extremely short period of time for something as complex and I think that not even Satoshi thought that Bitcoin will spread as much as it did.

Right! We might lack mainstream adoption, but we are thriving; the community has grown much in the past years.
Cryptocurrency is almost synonymous with Bitcoin since it pioneered blockchain technology.

lightning0

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I am new to Bitcoin. I have doubts about the issue that Bitcoin can be used for daily payments. The price of Bitcoin is in a state of long-term fluctuations. If I buy goods now and pay with Bitcoin, after the transaction is completed, Bitcoin has risen sharply. At this time He will frustrate me for a long time. If there is a big drop, what will the store owner think? This will have a bad effect on Bitcoin.
Therefore, for daily Bitcoin payments, I prefer his store of value.

Lorence.xD

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Quote from: PIR on June 16, 2021, 01:39:35 AM

Yes I think so, this is possible with the kind of situation we have now, the era of electronic, and technology development, with lots of innovation being discovered today plus the fact that this is now the trend and so called safe mode when comes to nationwide and worldwide transaction. This pandemic become a tool to push through with these solution.. and soon enough it will become globally use by people in all over the world.

The only problem that we are facing is that not every person in this planet has an access to technology and to necessary channels to access bitcoin but it's possible for bitcoin to become a global payment solution.

bakasabo

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Slowly, Bitcoin is getting more and more used as a prime payment instrument. That is why I think global adoption is not far away. Maybe in 10 years it will be widely adopted. Some might say that 10 years is a very long period, but in general, in the worlds payment history this is nothing.
I'm worried more about other thing. Ok, Bitcoin gets global adoption. But people will still prefer to hold it instead of use it as a primary payment. It might turn that Bitcoin will be adopted, but not really used often.

Roy Asher

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If Bitcoin becomes a daily payment method, most transactions will occur on the second-tier network instead of the main network. The bit ratio on the second-tier network is a mapping of the main network bitcoin, which is the same as the mapping of gold to paper gold on paper. Paper gold is the paper currency of the gold standard, and the Bitcoin of the second-tier network is the token of the Bitcoin standard. Everyone knows the end of gold. In the end, gold was replaced by paper money. So in the same way, I think the final outcome of Bitcoin will be the same. So I don’t think Bitcoin will become a universal payment method.

PIR

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Yes I think so, this is possible with the kind of situation we have now, the era of electronic, and technology development, with lots of innovation being discovered today plus the fact that this is now the trend and so called safe mode when comes to nationwide and worldwide transaction. This pandemic become a tool to push through with these solution.. and soon enough it will become globally use by people in all over the world.

kotajikikox

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Quote from: brainactive on May 31, 2021, 08:47:42 PM

Satoshi envisioned Bitcoin as a Peer-to-Peer Electronic Cash System. While it can and has been used for payments, its use as a medium of exchange has so far been very limited.

Limited in terms of what? functionality or payments? both are being friendly .

so basically Bitcoin will be on top of every payments in the world.

Quote

It has moved from being a collectible to a store of value. Will it ever move to being a widely adopted medium of exchange and global payment solution?

The world now is considering this happening mate , look how many big businesses now that accept and uses Bitcoin ?

is this not enough for you to trust and believe it will coming?

AakZaki

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Quote from: TribalBob on June 14, 2021, 09:30:43 AM

I think bitcoin deserves to be adopted as a means of global payment, but from the point of view of its existence it is unlikely to be realized in the near future, only the Tesla company accepts bitcoin at this time
it takes step by step so that everything is realized and perfect

Still very difficult to be adopted by the global. Need various adaptations and need for further development. Bitcoin which tends to be more volatile certainly has a greater risk. Bitcoin is still the payment option after the use of FIAT. Tesla doesn't even accept Bitcoin as payment anymore, but that doesn't mean Tesla doesn't support bitcoin. Tesla still has Bitcoin to develop. Several other companies, of course, have accepted Bitcoin as a means of payment. Step by step bitcoin is able to become a profitable digital currency and with more advanced technology.

Dewi Aries

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Will, there is a chance for yes or no. But maybe need long time, to make it happen. Fiat is really strong, backed by government. If they think bitcoin can disrupt fiat, they can do anything because have power. Like when they made some regulation so people can't make bitcoin as payment and some company can't use it too because of it.

TribalBob

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I think bitcoin deserves to be adopted as a means of global payment, but from the point of view of its existence it is unlikely to be realized in the near future, only the Tesla company accepts bitcoin at this time
it takes step by step so that everything is realized and perfect

KaliLinux

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I believe that this will happen even though it will definitely take some more time. When satoshi developed Bitcoin even the first adopters never really thought it will get to this level. As we know, there are many things in the works to make Bitcoin a better version of what it is now and even though Bitcoin has been spent and accepted by some stores/businesses around the world, we will see an even bigger adoption in the future where more and more countries turn to Bitcoin as a Legal tender.

CryptoStar19

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No doubt it will... El Salvador just recognized bitcoin as legal tender...

Wide adoption of bitcoin for payments will take place in layer 2 solutions such as the Lightening Network and not on the base-layer.

dimox

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maybe. people will always find easy ways to do something. when there is easy thing like this, poeple will run and stay on that line, until they find another easy path.
its hard to say all people use it as payment solution, but people who know about it, between seller and buyer will adopt it as far as they know.

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