Will Bitcoin ever become a widely adopted global payment solution? - page 3.

livingfree

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Quote from: nightxglow on June 12, 2021, 06:40:13 PM

For the moment, no. But in the future, the probability is really high that it will. Now, not many places supported bitcoin, so using it is still difficult, there are not many options that we can use bitcoin as a method of payment. Now, it's just a speculation tool, and not many people use bitcoin as a method of payment since they are afraid that it will be such a waste. Bitcoin price will be higher and higher in the future, so instead of using it they keep hodling. If this remains, i think it will be hard and a long way for bitcoin to be used as global payment solution.

It has started already. El Salvador proclaimed it as a legal tender, next is likely Tonga and Paraguay. There will be more of them in the future. And with such announcement and support from governments.

Bitcoin being a global payment is inevitable. It only takes time until we see majority of the countries have made a law about it.

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Quote from: Issa56 on June 12, 2021, 03:38:25 PM

Yes bitcoin will definitely be become a widely adopted payment solution, some countries have started legalizing bitcoin already and lot's of companies have started accepting bitcoin as there payment methods and lot's of financial institutions have been adopting bitcoin and more people are beginning to know more about bitcoin which is very good I believe is just matter of time bitcoin will become widely accepted global payment solution.

this can happen but you have to think in advance about the adjustments that exist because a transition like this of course takes time and risks that must be taken and will certainly have greater potential than this.
because there are definitely many people who are not used to this, of course it will feel like a hassle and have to get used to it first

DeathAngel

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Bitcoin has only been in existence since 09 & we already see it accepted as legal tender by one country. No doubt soon many more will follow. Bitcoin is mentioned in mainstream media all the time & many people use it now, I have no doubt that in 10-15 years it will be used by nearly everybody.

john_nautica

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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.

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?

Slowly, yes. One of the previous one that accepts Bitcoin is the Tesla but they dropped it eventually I think some of the companies still planning to accept cryptocurrency to use their service. I am still thinking what can be the problems in accepting cryptocurrency. Probably slow transaction? Transaction fee? Quick price change?

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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.

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?

Now a days Bitcoin is only considered as a Digital Asset.
People only invest in BTC to increase their source of income.
There are many online stores that is accepting BTC widely but again there are some aspects which is restricting other stored to accept it.
The first thing BTC can’t be accepted as a global payment method because of it’s volatile nature.
I guess this is enough for OP to gain some enough knowledge.

Yatsan

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There is a high possibility that it can happen in the future but for now, it seems to be far beyond to happen due to the current problem the world is facing right now. But we have already seen people are starting to get to know about Bitcoin slowly but surely because of the pandemic wherein many have switched from stock market to crypto market on which many have realized its importance and usage and have realized of having engagement with it. We still cannot ensure as of now the wide adaption due to the common reason not all are yet aware and not all can cater accepting Bitcoin as a mode of payment for now. But if those problems will be resolved, then maybe we are getting near to that idea.

nightxglow

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For the moment, no. But in the future, the probability is really high that it will. Now, not many places supported bitcoin, so using it is still difficult, there are not many options that we can use bitcoin as a method of payment. Now, it's just a speculation tool, and not many people use bitcoin as a method of payment since they are afraid that it will be such a waste. Bitcoin price will be higher and higher in the future, so instead of using it they keep hodling. If this remains, i think it will be hard and a long way for bitcoin to be used as global payment solution.

DoublerHunter

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Quote from: BIT-BENDER on June 12, 2021, 04:26:52 PM

This news isn't coming now, but El Salvador has shown that government around the world can make it official, by including Bitcoin for their citizens option of payment.
Also the adoption is surpassing phases as I saw at a POS -point of sale stand- and I saw the attendant told me they receive bitcoin as an option for payment, I felt excited and happy, even though I was with Fiat to pay for what I got I choose to use bitcoin.
I think adoption of Bitcoin won't heal broken economy, If the government don't add logistics that can work to it, regardless for a citizen like I am, I should freely have options to make payment with bitcoin if I so desire anywhere at anytime, if that can happen then it's the climax of adoption of Bitcoin.

^ Probably when other countries will follow what is the decision of El Salvador, is probably a good sign that they are right of what they decided. Because they realized that BTC is always good for transferring your asset worldwide and the president of El Salvador was saw this vision of usage of BTC because he saw that there are too many abroad that suffering to making transaction that you need a third-party service in order your money will move into other countries whereas using BTC you can do it alone in yourself. Nevertheless, I appreciate the proposal of the El Salvador president to make BTC legal and tender.

verita1

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Yes, of course.
Bitcoin as a means of payment through the Lightning Network and other solutions that are being created in other networks. This is the beginning and there will be user friendly dapps that will provide low fees and fast transactions with this we have already achieved.
The latest events will take that important step so that more people benefit from the financial inclusion that bitcoin offers.

BIT-BENDER

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This news isn't coming now, but El Salvador has shown that government around the world can make it official, by including Bitcoin for their citizens option of payment.
Also the adoption is surpassing phases as I saw at a POS -point of sale stand- and I saw the attendant told me they receive bitcoin as an option for payment, I felt excited and happy, even though I was with Fiat to pay for what I got I choose to use bitcoin.
I think adoption of Bitcoin won't heal broken economy, If the government don't add logistics that can work to it, regardless for a citizen like I am, I should freely have options to make payment with bitcoin if I so desire anywhere at anytime, if that can happen then it's the climax of adoption of Bitcoin.

tippytoes

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Quote from: Issa56 on June 12, 2021, 03:38:25 PM

Yes bitcoin will definitely be become a widely adopted payment solution, some countries have started legalizing bitcoin already and lot's of companies have started accepting bitcoin as there payment methods and lot's of financial institutions have been adopting bitcoin and more people are beginning to know more about bitcoin which is very good I believe is just matter of time bitcoin will become widely accepted global payment solution.

Maybe, at the moment, a lot of crypto users are treating bitcoin as a store of value but once the volatility of its price calms down or stabilized in the market, many people will use this in the payment system. As we are avoiding the handling of cash as much as possible owed to this pandemic, bitcoin, is also a very good alternative option for payment. This is the reason why some merchants started to include this in their system. It will take time to adopt it in massive scale but we are already heading into that direction.

Issa56

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Yes bitcoin will definitely be become a widely adopted payment solution, some countries have started legalizing bitcoin already and lot's of companies have started accepting bitcoin as there payment methods and lot's of financial institutions have been adopting bitcoin and more people are beginning to know more about bitcoin which is very good I believe is just matter of time bitcoin will become widely accepted global payment solution.

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Quote from: Vishnu.Reang on June 02, 2021, 08:38:42 AM

PayPal has already integrated it to its platform. Visa and Master are exploring the possibility. So I would say that we are on the right track. The cryptocurrency puritans are not going to be happy, because PayPal is probably aiming for a hybrid approach between Crypto and Fiat. For payments, cryptocurrency will be first converted to fiat before it is transferred to the merchant. I am perfectly fine with this, but some of the oldies here would be horrified at such a possibility.

That's the exact opposite thing people wants. In fact, it makes no sense at all. Why do you need paypal, visa or master to process your transaction? Bitcoin becomes useless when you integrate it with these payment providers. I mean if these centralized payment providers integrate, then there is no difference between bitcoin and the digital fiat (paypal balance or funds in your cards). We need bitcoin so that we have freedom. Imagine spending bitcoin from your paypal account and then paypal freezing all your coins because they are suspicious of your activity. How frustrating would that be!

pinggoki

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Today that covid and pandemic is here on us many people are using cashless transactions especially those persons who are getting care of themselves. Cashless transactions are being essential nowadays due to the safety protocols that the world government is practicing, due to that reason many people are adopting those cashless that's why there's a huge possibility that the bitcoin will be adopted globally as a payment solution for everything that we are buying especially when it comes to online transactions due to that bitcoin has the fastest transaction and also less hassle to manage.

Erdogan

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Bitcoin due to its high fee (specially in bullish market) and scalability are too prime reasons why bitcoin till date wasn't able to made it to global payment system which was its main goal. Like its already said in this thread, that Lightning network solution is there to overcome this shortcoming. We have to wait to see whether it becomes successful or not.

kojektea

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I don't think it will be possible or even impossible, bitcoin being used as a means of payment has many loopholes or drawbacks, such as unstable fees, prices, and much more. But the benefits of bitcoin as an investment are quite good, because bitcoin is a testament to the advancement of financial technology.

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When we think of bitcoin to be the global payment solution, there is a need of support from each and every country. This isn't possible at the moment, because slowly countries are into regulating the usage of bitcoin. Right now we've got more and more number of payment service providers. Bitcoin gives the freedom of transaction, because every other forms of transaction has got limitations and big process involved. Only badge against bitcoin transaction is the fee.

aprilnot

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It won't, because people use bitcoins only for investment. no one wants to use it to make payments, because the fees are quite high. but the future of payments remains crypto. maybe in the future people will use stablecoins or coins like doge or tron which have cheaper fees. this makes more sense than thinking bitcoin is used for everyday payments like to pay for pizza.

Obito

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Hopefully, all the electronic payment platforms integrate bitcoin because that would be one of the way to make it become a global payment solution since they are already an established platform but the problem is it is a centralized one meaning that they will probably work on a not your keys not your coins.

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Quote from: enawati on June 05, 2021, 06:01:54 AM

This is according regulation of each country, in my country Bitcoin and others crypto only possible to trade or use for intrument of investment, but does not allow to use for payment goods and services. Some country was legally accept Bitcoin and others crypto for payment and they build Bitcoin ATM in many public location, hopely more country will do it so adoption of crypto is growing rapidly

In the end it depends on the rules of each country, because for now there are not many countries that legalize Bitcoin as payment. Bitcoin is still
considered a digital asset for investment only, therefore the spread of Bitcoin ATM machines is not evenly distributed in all countries. But Bitcoin is
only 11 years old, so there's still a lot of possibilities in the future. I still believe in the end Bitcoin can become a global payment solution in the future,
but don't know how many years it will take for that to become a reality. What is certain is that we must be grateful for the current conditions,
Bitcoin can be a reliable source of income. Sometimes it takes a long time to advance to the next level.

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