Bitcoin Forum

once business start accepting it then its really going to decline in usage

and we could see a spike in btc vs fiat,

Alot of people will still use fiat. It's going to be a generational thing there will be people over a certain age that will never use bitcoin however for the rest of us it will give us choice. We will more than likely see a spike when more and more places accept bitcoin and have more and more atms.

It's not that simple as it looks, businesses starting to accept it is one thing and people using it while purchasing from those businesses is another thing so the impact would be a lot slower that you might think since most businesses have a lot of other methods of payments and only few people use Bitcoin and the other still use the older methods and it going to take time before they try to change their payment style so if ever it happens for every single business out there to accept Bitcoin then the effect would be within the next 10 years before fiat goes down and Bitcoin climbs up to a level of notice.

The problem is getting businesses to accept Bitcoin. Adding Bitcoin would require getting new equipment for Bitcoin and training all the employees to use those machines which costs a lot of time and money.

Another problem is payment processors since those processors are not really using Bitcoin as a currency but rather as a payment method. Thus Bitcoin is a method of transferring fiat instead of Bitcoin being a currency.

your joking right? for a business to accept BTC they just need a QR code

and then they just need to refresh their wallet address on a smartphone to see the transaction

Fiat and Bitcoin serve two different purposes, and can (and should) exist cooperatively, not competitively.

Fiat is for small transactions and for making quick transactions, something that Bitcoin will never be able to do due to the nature of the protocol. That's something we have to live with.

Bitcoin is an appreciating store of value, that is simply transact-able across long distances with minimal fees, and technically has more value than fiat does.

No I am not joking. Not every employee may have a cell phone and be able to check the transaction. Ideally each transaction would have its own address so some device would be needed to generate or lookup the addresses to display for each transaction. That device costs money. The employees need to be trained to be able to know which transactions are very likely to be confirmed and which aren't so that they can accept unconfirmed transactions. Otherwise people would need to wait ten minutes.

It would be an exaggeration and wishful thinking to say that btc will completely replace fiat.

Fiat still runs , in the local commodity and labor market, fiat still rules

some business are not accepting bitcoin, because of one thing only, regulation

they will never accept it until in that cuntry it's regulated in some way, otherwise why you think there are more business in USA and not too much in euro?(microsoft newegg etc..) because IRS regulated somehow bitcoin already

Fiat will never die and it will be high hope to think bitcoin can replace fiat by all mean. There are lots of business that exist in this world and are also big for which accepting bitcoin is not possible due to its irreversible, anonymous and decentralized nature.