With an increasing number of institutions investing in Bitcoin, the hype surrounding cryptocurrency is going to increase and more and more people will start using Bitcoin. As a result, the number of transactions will increase. But here the problem is that, with limited block size, users can expect lengthy delays. And that makes Bitcoin unsuitable for usage as a currency.
I wouldn't consider it a currency either, even if there is a mass adoption it is not like everything will just change in a flash, there will still be users of fiat money and some governments will be banning cryptocurrency. As @bryant.coleman mentioned in the quote above, the transaction will be difficult and in this world where time is a precious item, I think that it will flop real hard if they forcibly enforce adoption. 
Topic: Will bitcoin ever succeed as a currency - page 2. (Read 984 times)
With an increasing number of institutions investing in Bitcoin, the hype surrounding cryptocurrency is going to increase and more and more people will start using Bitcoin. As a result, the number of transactions will increase. But here the problem is that, with limited block size, users can expect lengthy delays. And that makes Bitcoin unsuitable for usage as a currency.
As a currency that would be used regularly or as a payment I think it would be hard to achieve it,
Because of it's volatility people see it as an opportunity to gain profit so instead of using it as a currency they would use it like an investment tool,
Just look at the guy who bought pizza with Bitcoin it is still being talk even if the event has happened so long ago,
People keeps on using it as a way to make people think that it is better to use it as investment tool rather than being a currency.
Because of it's volatility people see it as an opportunity to gain profit so instead of using it as a currency they would use it like an investment tool,
Just look at the guy who bought pizza with Bitcoin it is still being talk even if the event has happened so long ago,
People keeps on using it as a way to make people think that it is better to use it as investment tool rather than being a currency.
Bitcoin journey to gotten to be a cash, it ought to gotten to be an alternative to begin with. The starting stage of person to person cash for bitcoin was purely intentional driven by wants and standards of a specialty gather of individuals. What is driving the current development and acknowledgment is something that everybody is likely still figuring out. According SoV use case has captured the creative energy for most individuals, particularly due to the instability of these times. Now that it has esteem, it is slowly becoming an choice versus money.
I believe that today the main task is not only to rise in price, but also to stabilize the value of bitcoin, since only in this case can Bitcoin be considered a reliable storage, such as gold. One way or another, the superiority of Bitcoin lies in the fact that no one can control it, which means that each user is his own master. Of course, you can't do without problems, such as scalability, but this issue is in the process of being solved.
Bitcoin has already succeeds as a currency if you ask me, what happens is that people are very slow to adapt to the new technology, they do not see a need for bitcoin and that is why they ignore it but now that institutional investors are coming the price should be more stable than what it was in the past, this will eventually begin to bring more people and as the fiat currencies begin to show their weaknesses more people will come to this market seeking for a safe haven and that is when this market will really take off.
I believe that today the main task is not only to rise in price, but also to stabilize the value of bitcoin, since only in this case can Bitcoin be considered a reliable storage, such as gold. One way or another, the superiority of Bitcoin lies in the fact that no one can control it, which means that each user is his own master. Of course, you can't do without problems, such as scalability, but this issue is in the process of being solved.
Bitcoin will continue to operate as a peer to peer digital currency to all users in the world. The founder of bitcoin which is Satoshi Nakamoto created bitcoin for the purpose of storing money and easy payment without third party involve in any transaction.
Bitcoin is already succeeding as a digital currency in the world since 2008,when it was published on whitepaper for the world to use it to reduce stress from our traditional transaction.
Bitcoin is already succeeding as a digital currency in the world since 2008,when it was published on whitepaper for the world to use it to reduce stress from our traditional transaction.
There are several issues that make Bitcoin unsuitable for usage as a currency. It is not just the high transaction fee, but also the delays in getting confirmations. A few days back, I had to wait for almost 75 minutes to get a single confirmation. I put the transaction fee at a very high level, but unfortunately there were no blocks mined during a period of 1 hour 15 minutes. Such scenarios are very rare, but I was unlucky that it happened when I made the transaction.
Those are technical stuff and not ideological stuff and that is where the problem lies. We are now using fiat money, if we are using cash we just give some paper and get some coins back, and that's it which is very fast, if we are using debit/credit card we are just swiping something and we are done, it is very fast. However that is still fiat money and that's still unfair. You want to look at unfairness at fiat world?Recently USA passed a stimulus bill, the bill was for a total of 900 billion dollars, they gave everyone 600 dollars, there is 328 million, who will get it, 328 million times 600 makes 196 billion dollars.
Do you know where the other 704 billion dollars went? It went to already rich people so they can keep being richer than everyone else. Fiat money will keep producing more slaves, whereas crypto is here to free you, so it is not about waiting times or fee's, if you wait 75 minutes instead of doing it instantly, you are getting your freedom.
The main issue is scalability and adaptability. Bitcoin is still too slow to be used for ubiquitous calculations in everyday life.
However, it is already fast enough that any person in the world could invest in it as an investment. In addition, it is too volatile for people to use it as the main tool for keeping money.
However, it is already fast enough that any person in the world could invest in it as an investment. In addition, it is too volatile for people to use it as the main tool for keeping money.
But as the price changes, doesn't it become better? The more people use it might've make it more volatile but that also means that the amount of bitcoin they will be using is not that much. Fees might be a problem but there are mobile wallets that could accept and send transactions almost instantaneously without fees. If that would be used by stores or merchants, that would be really great.
A couple of years ago, when I bought my first Bitcoin, I used to believe that Bitcoin would become the world currency like the US dollar right now. But trying to be more realistic I understood that because of numerous disadvantages Bitcoin couldn't succeed as the currency. Well, it's great as a store of wealth (especially in long terms), but its volatility, high transaction fees and so on are here to stay.
It's one of the best digital currency one can hedge against inflation and I think it satisfy some aspect of money but ability to scale it's network has been a major problem. We have see different new projects with a layer 2.0 protocol but it's not as trusted as bitcoin it's self that's why many whales and investors don't go to them.
Bitcoin cant be use as a currency and the reasons are obvious such transactions fee though lightening network is good for micro business but not decentralized as people think.
Is it not already a currency?
Not really. It has never fulfilled the most important aspect of a useable currency and that’s price stability. An inability to hold a consistent value makes bitcoin a poor currency. Store of value and speculative assets aren’t the same thing as a currency and that’s primarily how we see bitcoin being used.
Bitcoin is already a currency, a currency that everyworld is using for exchanges of goods and services, so asking a question that if bitcoin will succeed as a currency is very astonished because looking at the world currently, all most half of the world has adopted the use of cryptocurrency especially bitcoin to their countries so provided that bitcoin has been legalized there it's obvious that bitcoin is existing as a currency irrespective that theirs fiat currency that is already in existence and which we know that cryptocurrency can't eliminate existing currency of a country, but its obvious worldwide that bitcoin is a currency which is generally accepted for a vital exchanges.
I guess the idea of "currency" asked here is not that "could it be considered as a currency" because it is a currency, we all know that, it is even named crypto currency so we all know that much. However it is more about "will you be able to buy your groceries with it?" because let's face it crypto is not used in the regular life.If you were to decide that you are going to pay everything in bitcoin, your life would be very limited, for starters I can't even pay for my bills in bitcoin, I have to pay for my electricity, gas, water, mobile line and all those things and none of those companies accept bitcoin and that is just the first of the month, the market I go to doesn't take bitcoin so I can't get regular life stuff there like apples, veggies, meat or whatever because they do not accept it, so basically could crypto ever reach to those levels to be able to pay everything in crypto? I am not sure, maybe one day in the future but not right now.
Before the weakness of Bitcoin there was no solution, don't expect Bitcoin to succeed as a currency. And another thing that makes it difficult for
Bitcoin to become a currency is permission from the government. Because as we know, many countries accept Bitcoin, but only as a digital asset.
So Bitcoin has not been accepted as payment in some countries that already accept Bitcoin, this happens because many governments are worried
that their national currency will be replaced by Bitcoin. So the conclusion is that if you look at the obstacles faced by Bitcoin to become a currency,
there are still many, like Bitcoin may not be successful in currency.
Bitcoin to become a currency is permission from the government. Because as we know, many countries accept Bitcoin, but only as a digital asset.
So Bitcoin has not been accepted as payment in some countries that already accept Bitcoin, this happens because many governments are worried
that their national currency will be replaced by Bitcoin. So the conclusion is that if you look at the obstacles faced by Bitcoin to become a currency,
there are still many, like Bitcoin may not be successful in currency.
A couple of years ago, when I bought my first Bitcoin, I used to believe that Bitcoin would become the world currency like the US dollar right now. But trying to be more realistic I understood that because of numerous disadvantages Bitcoin couldn't succeed as the currency. Well, it's great as a store of wealth (especially in long terms), but its volatility, high transaction fees and so on are here to stay.
Bitcoin is now more of a "digital" gold than a currency, people buying it just to keep it and afraid to use it for transaction because the fee is kinda high I guess? the fee might looks cheaper than it was around 2017-2018 but the expensive price of bitcoin really drives up the fee cost in duller like by hundreds percent compared it was in the past making it kinda unsuitable for "real" currency thats used for transaction or daily activities. Bitcoin need to sort it out before becoming a real currency thats used for daily life.
The cost issue may be the reason why bitcoin is still reluctant to be adopted as a currency by various companies. This scalability is still one of the things that developers keep thinking about so that bitcoin is really used efficiently as a currency. If this problem can be handled properly, then there is a possibility that large companies in countries that legalize the use of bitcoin as a mean of payment will be interested in adopting this system. But I firmly believe it will take some time and require support from the community. As an asset that has value, bitcoin has become the asset of choice for traders, investors, whales to reap the profit of trading and investment.
Bitcoin is now more of a "digital" gold than a currency, people buying it just to keep it and afraid to use it for transaction because the fee is kinda high I guess? the fee might looks cheaper than it was around 2017-2018 but the expensive price of bitcoin really drives up the fee cost in duller like by hundreds percent compared it was in the past making it kinda unsuitable for "real" currency thats used for transaction or daily activities. Bitcoin need to sort it out before becoming a real currency thats used for daily life.
The cost issue may be the reason why bitcoin is still reluctant to be adopted as a currency by various companies. This scalability is still one of the things that developers keep thinking about so that bitcoin is really used efficiently as a currency. If this problem can be handled properly, then there is a possibility that large companies in countries that legalize the use of bitcoin as a mean of payment will be interested in adopting this system. But I firmly believe it will take some time and require support from the community. As an asset that has value, bitcoin has become the asset of choice for traders, investors, whales to reap the profit of trading and investment.
Bitcoin is already a currency, a currency that everyworld is using for exchanges of goods and services, so asking a question that if bitcoin will succeed as a currency is very astonished because looking at the world currently, all most half of the world has adopted the use of cryptocurrency especially bitcoin to their countries so provided that bitcoin has been legalized there it's obvious that bitcoin is existing as a currency irrespective that theirs fiat currency that is already in existence and which we know that cryptocurrency can't eliminate existing currency of a country, but its obvious worldwide that bitcoin is a currency which is generally accepted for a vital exchanges.
If we check this article https://99bitcoins.com/bitcoin/who-accepts/ its obvious that Major companies and stores who accept bitcoins as a payment option base on last year report, so for sure we can really see more adoption coming as bitcoin now is so trending due to the current bull run happening. We don't know on when this gonna happen but its good to see a great step happening and we can expect that the future is bright for bitcoin.
So far, I have seen the price of bitcoin which is already this expensive and has a very limited supply, making me believe that the demand for bitcoin is very high and it has been proven that until now bitcoin is in great demand and is widely used by various platforms in terms of technology and usage.
The demand as a speculative market is really high as we are already seeing companies converting their assets to bitcoin and some institutional investors having huge bitcoin portfolios and most of the exchange should cut down the transaction fees they levy if they are looking for new investors considering the price has rallied to exceptionally high levels but for bitcoin to succeed as a currency there is a very long way to go. 
It already succeeded as a currency a long time ago that can be used for transactions, many stores accept it and being used on different platforms. No matter what you call it, bitcoin is a currency, and the fact that many people are buying and using it, it's a success already. We can't even believe that this currency will be known by many people, the community growth and the development of other currency are now getting started because of bitcoin. It doesn't even matter if some people are just buying and selling, should I say an investment tool only because as long as people use it, not being a dead coin, then it's enough to be called as a successful currency.
As of the moment, AR is getting a ton of attention but few innovations to make it optimal for everyday use, but once it gets available to every household, more than just for entertainment purposes, this is where bitcoin may thrive the most. People may altogether use it which will significantly lower the price, but will make it viable as a currency.
I do not see how AR could make things a lot better for bitcoin? I do not know where you could use it. The technology of AR is great because in a future world we could literally have people wearing VR goggles, have AR tech to make it like we are anywhere we want, see ourselves anywhere, with the imaginary things seen there as well, hell this could be the best way to meet your friends, you can be sitting at home with AR and they will be sitting at home on their chairs, and we all would see each other on our own homes, everyone will be each other's homes.I am sure that in the future Bitcoin will be successful as a currency, but now there are still many shortcomings that Bitcoin has as a currency.
So there needs to be a fix regarding the shortage of Bitcoin, but of course it takes a long process and we do have to be patient through the process
for Bitcoin to be successful as a currency. If we look at the increasing every year the number of merchants who accept Bitcoin payments, this proves
to be progress in the good direction that Bitcoin has begun to be accepted as a currency. Once again I say we must be patient.
Yep. Fixing and optimisation in order to make it a viable currency. That being said, there are still a long way to go for bitcoin to reach these heights, and only time will tell if it's achievable or not. So there needs to be a fix regarding the shortage of Bitcoin, but of course it takes a long process and we do have to be patient through the process
for Bitcoin to be successful as a currency. If we look at the increasing every year the number of merchants who accept Bitcoin payments, this proves
to be progress in the good direction that Bitcoin has begun to be accepted as a currency. Once again I say we must be patient.
AR could be great, VR could be even better, these things will make the future so much better. But at that point I stop, I agree that they are great and have great future, but how about bitcoin? Where does bitcoin come into play there? I do not see how it would be used in new technology, why not just use regular fiat but digitally?
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