We are not really in that phase yet where digital money can be used as a payment tool in most of the transactions, but soon, we will.
Hoping that people will see the advantages and importance of bitcoin in our daily lives especially that it has really a value in the market.
There is something more in bitcoin that we should explore not only using it as a store of value because that's not primarily made for that.
Topic: Will Bitcoin ever become a widely adopted global payment solution? - page 6. (Read 957 times)
June 01, 2021, 12:10:19 AM
June 01, 2021, 12:07:12 AM
Well, I personally hope it would. There's still a lot of stuff that kind of prevents it from developing that way, but there are also developments being made to make it a lot easier to adopt if it does ever start to happen. The current progress seems to be more like the development progress of Bitcoin as well as letting its name out in the world, and its adoption as a payment solution would only happen after maybe a few more decades. Just its high volatility is enough to keep most merchants away from it after all, and it'd only die down once the hype is out and the released supply has pretty much maxed out.
In some ways Bitcoin already is a global payment solution. There are quite a few remittance-type wallet services out there in blockchain-friendly countries that provide cheap on- and off-ramps to local fiat currencies, allowing individuals to bypass traditional services like Western Union. Same thing for cross-border commercial enterprise.
These are all great points.
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.
As for mass adoption I say a couple of things have to happen first which could take about 10 more years. First the bitcoin market has to grow bigger to the point where its price becomes more stable and we don't see 10000% rises in 4 years anymore. That requires a much higher price too. Also the scaling has to be improved more than the current state.
These are all great points.
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.
Satoshi envisioned Bitcoin as a Peer-to-Peer Electronic Cash System.
This vision was achieved from day one that bitcoin was created. Keep in mind that being a "currency" is not about how mass adopted bitcoin is, but it is about its capability to act as a currency.Think of it this way, you can go to a grocery store and ask if they accept bitcoin and pay with it if they do. You can also go to a grocery store (let's assume you live in US) and ask to pay with Yuan and if pay for it if they do. If the store refuses to accept Yuan it doesn't mean Yuan is not a currency.
As for mass adoption I say a couple of things have to happen first which could take about 10 more years. First the bitcoin market has to grow bigger to the point where its price becomes more stable and we don't see 10000% rises in 4 years anymore. That requires a much higher price too. Also the scaling has to be improved more than the current state.
No doubt about it. It will happen. It is starting to happen actually. Only time can tell when it will really become a big thing as a global payment system.
As mk4 said, layer-2 innovations are now being offered globally so Bitcoin could now be used in small-amount transactions. For larger transactions, Bitcoin is already in use, although it is still a factor that adoption is still in its peak. So the price is still rising very quickly causing Bitcoin owners to rather keep them rather than spend them.
As mk4 said, layer-2 innovations are now being offered globally so Bitcoin could now be used in small-amount transactions. For larger transactions, Bitcoin is already in use, although it is still a factor that adoption is still in its peak. So the price is still rising very quickly causing Bitcoin owners to rather keep them rather than spend them.
People are working on layer-2 solutions such as Lightning to make it quicker and cheaper to transact with bitcoin; and trust me when I say that there's progress even though the space is developing slower than what people want.
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?
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