Topic: Will Bitcoin ever become a widely adopted global payment solution? - page 4. (Read 957 times)
June 05, 2021, 06:29:55 PM
Its adoption will go higher and higher in time surely. But I don't think that Bitcoin will be global payment solution. I assume that no government would be willing to accept it as its main currency.
June 05, 2021, 06:15:29 PM
Probably someday, as the first goal of creating Bitcoin.
However, can it be? It will depend on how the future generation views Bitcoin and how the government will be. Many issues are spreading about Bitcoin and many countries still don't accept BTC as a currency.
That is still an obstacle. Although right now, BTC has a high market cap, it doesn't seem that all countries can really accept BTC as a currency. that is why it may be only a digital currency.
However, can it be? It will depend on how the future generation views Bitcoin and how the government will be. Many issues are spreading about Bitcoin and many countries still don't accept BTC as a currency.
That is still an obstacle. Although right now, BTC has a high market cap, it doesn't seem that all countries can really accept BTC as a currency. that is why it may be only a digital currency.
June 05, 2021, 02:56:41 PM
If Bitcoin could have a great break through with their transactions fees and the speed, it would be the best global financial/payment and receipt solution in the world. Only with these Bitcoin could become the solution to digital transactions.
But for now technically, Bitcoin doesn't have all that it has to take to become one. It became an investment vehicle which people invest with, diversify their portfolio and also move their assets into it so the value of their wealth will grow or preserved.
There is a lot of cryptocurrencies there that could be the solution. BNB is an example of it. But still, we will never know what would happen in the next years.
If Bitcoin evolves, good luck the fiat!
But for now technically, Bitcoin doesn't have all that it has to take to become one. It became an investment vehicle which people invest with, diversify their portfolio and also move their assets into it so the value of their wealth will grow or preserved.
There is a lot of cryptocurrencies there that could be the solution. BNB is an example of it. But still, we will never know what would happen in the next years.
If Bitcoin evolves, good luck the fiat!
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
June 03, 2021, 09:04:53 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.
But who cares about Paypal? Did you read that one of the contributers to Tor project suddenly had his Paypal frozen? And the company did not give him a single explanation about it.
You can read a thread about it here. https://bitcointalksearch.org/topic/m.57146715
Not your keys not your coins no matter who the person accepting BTC is.
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.
June 02, 2021, 07:07:06 AM
It was never a collectible,,, totally disagree there.
Bitcoin can be a collectible, but it should in physical form or known as Casascius Physical Bitcoin.I see that as something very different though,,, People were collecting the physical casing for it, the coins or wallets or whatever those things were. Many of those things did not even have funded wallets (zero Bitcoins).
There is otherwise no collectible value for a Bitcoin or satoshi, otherwise it is not fungible:)
June 02, 2021, 03:51:00 AM
One of the biggest problems of bitcoin become widely adopted global payment solution is the scalability. The Bitcoin Blockchain can process something between 3 and 7 transactions per second while some credit cards companies as VISA can process thousands of transactions per second. To increase how many transactions bitcoin can process, some people defends increasing the block size, which is 1mb nowadays. However, when you increase the block size, the bitcoin become more centralized.
This is the biggest problem: scalability vs descentralization.
In 2017, people begin a discussion about increase the block size from 1 mb to 8 mb. However, it would become bitcoin more centralized. People didn't reach a consensus and it caused a hard folk, creating Bitcoin Cash (CSH), another crypto very similar to bitcoin, but it has bigger blocks and is more centralized.
This is the biggest problem: scalability vs descentralization.
In 2017, people begin a discussion about increase the block size from 1 mb to 8 mb. However, it would become bitcoin more centralized. People didn't reach a consensus and it caused a hard folk, creating Bitcoin Cash (CSH), another crypto very similar to bitcoin, but it has bigger blocks and is more centralized.
We can use Bitcoin more widely if the means of payment agreed to wrap Bitcoin on another blockchain. That will reduce costs and faster confirmation times. Nowadays, there are many successful wrapped blockchains, the most important issue is whether people in the world will accept Bitcoin in a wrapper or not?!?
June 02, 2021, 01:33:58 AM
One of the biggest problems of bitcoin become widely adopted global payment solution is the scalability. The Bitcoin Blockchain can process something between 3 and 7 transactions per second while some credit cards companies as VISA can process thousands of transactions per second. To increase how many transactions bitcoin can process, some people defends increasing the block size, which is 1mb nowadays. However, when you increase the block size, the bitcoin become more centralized.
This is the biggest problem: scalability vs descentralization.
In 2017, people begin a discussion about increase the block size from 1 mb to 8 mb. However, it would become bitcoin more centralized. People didn't reach a consensus and it caused a hard folk, creating Bitcoin Cash (CSH), another crypto very similar to bitcoin, but it has bigger blocks and is more centralized.
This is the biggest problem: scalability vs descentralization.
In 2017, people begin a discussion about increase the block size from 1 mb to 8 mb. However, it would become bitcoin more centralized. People didn't reach a consensus and it caused a hard folk, creating Bitcoin Cash (CSH), another crypto very similar to bitcoin, but it has bigger blocks and is more centralized.
June 02, 2021, 01:04:56 AM
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?
Bitcoin adoption had started growing, it takes time to finally accepted by all people, not this time but could be happening in the future. Perhaps, we are seeing that many establishments are accepting Bitcoin's payment now. It was just an indication that in the coming years, the majority of the business globally will able to cope with the new technology as we know that we are more on the online payments system. 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?
June 02, 2021, 12:49:54 AM
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?
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?
Bitcoin will become widely adopted only if the BTC price becomes more stable and the governments/central banks allow BTC to be widely adopted.
We have to face the truth.Bitcoin cannot become a truly global currency,if:
1.Governments don't like BTC,because of tax evasion,money laundering,energy consumption,any other FUD,etc..
2.Small business owners don't like BTC,because it's highly volatile.
3.The transaction fees and confirmation time can increase a lot sometimes.
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June 02, 2021, 12:39:27 AM
I vote for yes because bitcoin can be accepted as a global payment that can help fiat transactions and people do not have to convert their local fiat money when they travel to other countries. People will have other solutions to pay and they can carry bitcoin in their wallet on their mobile phone, so they do not have to use a bag with many cards or physical money. It helps people use bitcoin anywhere they want, as long as a store accepts bitcoin for the payment transaction.
June 01, 2021, 10:41:54 PM
yes, it can happen, the problem is how about the true price is unstable, expensive costs, these two factors make bitcoin difficult to become a payment method because every time the forecast is always changing, but bitcoin is still considered a new financial technology.
June 01, 2021, 10:26:30 PM
First of all when in 2011-2017, I really believe that it can happen. because the transaction is very fast with a very cheap fee. how can something like that not be accepted for better payment right? 
but getting here after price reach 10k+ transcation confirmation so slow and also the fee for each single transaction so high, im still hoping there is will coming new wallet more than segwit address that will giving lowest fee. honestly if i make online payment transaction with crypto i choose some coin that will have lowest fee and also fastest confirmed transaction.
but getting here after price reach 10k+ transcation confirmation so slow and also the fee for each single transaction so high, im still hoping there is will coming new wallet more than segwit address that will giving lowest fee. honestly if i make online payment transaction with crypto i choose some coin that will have lowest fee and also fastest confirmed transaction. 
June 01, 2021, 10:05:16 PM
As an additional option for payment I most certainly think yes but as an adopted global payment it is highly unlikely, however, the future remains the future, it is impossible to know what will happen but certain things that are happening now can help us imagine what the future may look like, right now the majority who owns btc only have it as an asset for investment to make money more than as a payment means.
June 01, 2021, 10:01:18 PM
can, but its users will be limited. one of the reasons is because the fee is quite large compared to other methods. but there are many other crypto coins that can be used for this. stablecoins, privacy coins or cheap coins like doge could be alternatives. although not bitcoin, but the future of payments will still be held by cypto.
June 01, 2021, 09:53:18 PM
BTC is widely adopted globally as a payment solution already, it's just that we in crypto are the ones using it. Some people are still using the remittance companies but basically, BTC can be used along with these remittances which unknowingly those guys are still connected to the financial system that one day may start using BTC as well. The government now regulating crypto market is just the start of massive adoption.
June 01, 2021, 09:44:44 PM
It was never a collectible,,, totally disagree there.
I guess we can assume that there might've been some people that considered bitcoin to be a collectible back in the early days, knowing that it was initially worth nothing. Just some magic internet tokens that are freely transferable.
June 01, 2021, 03:44:10 PM
It is not surprising to see such a poll result, because in fact we are already seeing it. Yes, in some parts there is a struggle between those who oppose bitcoin and want to replace it with their own digital financial solutions like China, for example. But most other countries cannot do this, and they probably don’t want to. I think we will see a world where there is bitcoin, digital yuan, and ordinary money for a long time to come.
June 01, 2021, 03:10:26 PM
Maybe it could but would we use it as a payment option when we have cash?
Let's just say that you could use it without a fee or the transaction time is instant, Would you really use it as a payment ?
Are you willing to use it knowing that the price fluctuates and you could use it to earn more?
Let's just say that you could use it without a fee or the transaction time is instant, Would you really use it as a payment ?
Are you willing to use it knowing that the price fluctuates and you could use it to earn more?
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