|
Title: Is Bitcoin Dying as a Payment Option? Post by: hugeblack on January 12, 2018, 12:20:30 PM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Jet Cash on January 12, 2018, 12:25:37 PM Quote Hypothetically, bitcoin could succeed as real money, but in practice it will be an uphill battle due to countless obstacles standing in cryptocurrency’s way, said Goldman Sachs in a report. That is a quote from an article posted today on Kitcohttp://www.kitco.com/news/2018-01-11/Could-Bitcoin-Succeed-As-A-Form-Of-Money-Goldman-Weighs-In.html Title: Re: Is Bitcoin Dying as a Payment Option? Post by: newfix on January 12, 2018, 12:30:12 PM Why do you think that?
I think that Bitcoin is already a payment option for all, and in the future will be more and more And with digital gold what do you mean? Title: Re: Is Bitcoin Dying as a Payment Option? Post by: kueyen on January 12, 2018, 12:33:04 PM Until lightning network gets implemented, I'm thinking yes. The transactions cost way too much and are way too slow at the moment for bitcoin to be considered a legitimate payment method. At this stage, bitcoin can only be regarded as an investment method.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: ViciousWarlock29 on January 12, 2018, 12:33:21 PM Yes sad to say but it is true. Bitcoin is merely a coin that should be kept and not for daily transactions. The fees are very high and not practical anymore.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: humanvelocity on January 12, 2018, 12:41:07 PM Bitcoin is not dying don't worry,stop reading some faules news and think its true, Don't get fooled by them. Many members in here they see some untrue and faulse news and panic. You can buy a tesla car with bitcoin, Bitcoin is as strong as ever when it comes payment options and it will spread more by end of 2018.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: chuckblocker on January 12, 2018, 12:45:27 PM When sending 10$ whilst paying 0.3-0.8$ (10-30sat/byte) is possible again, with quick confirmation, maybe.
Just an asset to trade at this point. No point paying anything below 100. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: 13abyknight on January 12, 2018, 12:47:57 PM A major difference between six months ago and now is that there was not much of a network congestion then, but now we are witnessing a huge surge in number of transactions. This has direct influenced the the transaction fees to shoot up as everyone wants faster confirmations.
Taking the above things into consideration, it becomes very difficult to accept Bitcoin as a payment option, which generally involves smaller transactions (<$100) as accepting transactions with less fees becomes a problem and also moving funds becomes all the more costlier. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Lorna t on February 19, 2018, 09:34:04 AM Now there is a host of company before returning from his return of bitcoin or make a full you turn and Microsoft really wishes that after almost years have passes it would have stopped receiving bitcoin how ever it was reserved at a position after taking its own step to ensure the bitcoin down to the amount it would redeem be able from a customers things change dramatically .why people is thinking about that and for me that bitcoin already has to pay option for all and for their tomorrow or meaning have all the benefits and its sad to say that there really is a real incident about dying o people in shuck happening .just because of low value comes with bitcoin someday .sometime does not think that bitcoin is just a coin that should be kept and does not always or the day transfers that are also increases and the prices drops .or so be practical anymore.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: vintages on February 19, 2018, 09:43:30 AM I soley prefer bitcoin been used as a form of investment than to been used as a payment option. This is because it might loss it value and most certainly, having a high transaction fee. I don't know why those companies opt-out from using it but something tells me that it is because of the high transaction fee then. If we can have a low or stable TRX fee, then probably a lot of companies might opt in.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Kingigolo on February 19, 2018, 09:44:32 AM In my opinion, bitcoin has become some sort of a crypto store of wealth, some kind of crypto-gold. With the increase in transaction cost due to the scalability issue, bitcoin will be a bad means of payment for the exchange of goods and services.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Catch-22 on February 19, 2018, 10:01:04 AM Due to the volatily of the price , companies are having second thoughts on bitcoin as a payment options. Since companies cannot predict the profit and loss due to the constant increase and decrease of the price, it is not a good option now. It might be possible once bitcoin is regulated but I doubt it will be in the near future.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: kpcian on February 19, 2018, 10:13:51 AM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) If this news would come from an authentic source then it's really alarming news for this platform. people expect that Bitcoin should be accepted on many online platforms and they will spend it as a payment system. But I think Bitcoin will come back very soon and it will recover the lost face value. So it's a matter of time that for this issue. Hopefully, Bitcoin will dominate in the virtual world. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: bitfocus on February 19, 2018, 10:30:57 AM Just the opposite, Bitcoin acceptance is growing, there are several new and good Bitcoin Payment Processing services to serve businesses and also, there are Bitcoin/Crypto Debit Cards at your disposal - okay?
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: mOgliE on February 19, 2018, 10:34:15 AM Hi,
As long as the volatility is so high, it is indeed difficult to integrate bitcoin as a payment option. One the one hand because it may cause problems to customers and on the other hand (and I guess this is the real reason why no company wants to be paid in bitcoin), the firm allowing such a payment option may face high challenges due to the many and erratic ups and downs.. Actually, I think these companies were not ready anyway to deal with bictoin on a daily basis. They made statements about it, hoping to use the announcement effect as a free ad, but they currently couldn't handle it. For the moment, bitcoin is... well not a daily currency. This doesn't mean, it has no potential! Title: Re: Is Bitcoin Dying as a Payment Option? Post by: zenrol28 on February 19, 2018, 10:41:28 AM Bitcoin may have been going through obstacles but definitely it's not dying as a payment solution. Last friday i just paid an online service in bitcoin, it went smooth and no problems at all. Maybe right now we can't use bitcoin for daily use but it doesn't mean that it fails. We need a little more time for the improvements to come.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: bajigur894784 on February 19, 2018, 10:44:23 AM well, can not be denied, Bitcoin introduced in 2009 as a global digital payment tool without geographic boundaries, is now beginning to turn into goods or commodities used as investment assets.
currently the use of Bitcoin at most not for the means of payment, but for saving assets. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Pan Troglodytes on February 19, 2018, 10:50:20 AM I think that if bitcoin fails as a currency (=medium of exchange) than its value will collapse towards zero eventually. In other words, it cannot be a store of value only, in a long run.
So if bitcoin is going to survive in a long run, it must regain its properties as a currency. And developers' attention must be focused on this goal. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Lucius on February 19, 2018, 10:55:01 AM It should be noted that this article was written more than a month ago when the situation was pretty bad in terms of high fees and slow transaction.Also some info say that owner of Cointelegraph is Roger Ver,one of the people who does not want good to BTC.
As we can see, the situation turned completely and now you can send BTC for ridiculously small amounts,for example 0.27$ will get transaction confirmed in next 6 blocks.SegWit and Lightning Network will make transactions more faster and cheaper,and it's just a matter of time when we can pay with BTC everywhere.And when that happens BTC will become one of your favorite method of payment. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: wndrbr3d on February 19, 2018, 10:57:21 AM Bitcoin is poorly suited as a means of payment because of high commissions. Better to use other cryptocurrencies with low (or even without) commission.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: TrusteD_KZ on February 19, 2018, 11:05:00 AM I think bitcoin is really will die as a payment method. These transaction fees is inadmissibly, people now using it like a coin for investment. I don't know who is using it for daily transactions, if we have a lot of alternative coins (ethereum, litecoin for example).
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Md Saad on February 19, 2018, 11:19:37 AM I don't think so. day by day Bitcoin is becoming a popular and profitable currency and people around the world is getting involved in this platform. So that it's not dying as a payment option rather than it will be an important option for payment system in the future. But the commission is a matter of fact for using it as a payment method.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: A1exander on February 19, 2018, 11:22:27 AM I think unless Lightning network is implemented, it will. Actually, it has already (mostly) died as a payment option in 2017, when fees became huge. Bitcoin network capacity is too low for a full-fledged payment system, even with SegWit, and transaction times are too large. A second layer solution is needed, and it may appear soon after all.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Netnox on February 19, 2018, 11:27:02 AM A lot of the sites have stopped accepting Bitcoin as a payment method, citing the extreme volatility. Actually the transaction fee is quite low now (I paid $0.05 yesterday to move my coins). But the high fee in December made a lot of the businesses and ordinary users hostile to using Bitcoin.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Altcoindealer on February 19, 2018, 11:30:49 AM Bitcoin died long time ago as a payment option. Its to much volatil, the transaction cost a are to high and the network is permanantly overloaded. So nobody want to use a cryptocurrency with such much bad attitudes. In future when the community and miners cand handle all those problems, it will be attractive for store to accept bitcoin, but not before. But before this will happen, there will be acceptet another cryptocurrency who already can handle all this.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Granslam on February 19, 2018, 11:31:22 AM Bitcoin will not die as a payment option. We know people do not want hassle or a hard way for a thing to fulfill and satisfy them and this what bitcoin is suppose to do to make a hassle free transaction, maybe there are many appearing altcoins now but the popularity and usage of bitcoin will never replace by it. Many companies now are adopting the bitcoin's payment system which is a great news for us and everyone.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: shi07 on February 19, 2018, 11:32:17 AM I don't think bitcoin payment system would die or vanish this early. Bitcoin have only been starting to be widely known and industries is starting to explore its potential as payment system.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: mx667 on February 19, 2018, 11:39:34 AM Bitcoin is poorly suited as a means of payment because of high commissions. Better to use other cryptocurrencies with low (or even without) commission. I guess it can happen because the fee of Bitcoin is getting higher and the transactions of Bitcoin is getting more and more crowd. Maybe in the future there will be a technology that can save Bitcoin. But Bitcoin is still growing in term of price and that is very good. It is mean that we still can take profit from Bitcoin. Crypto like Bitcoin and some other Altcoins may go bigger and higher and the fee will get higher too but that just how it is. But there are actually crypto that is unique and the price does not change much. That is Dogecoin who I think will be very good if we use it as transaction tool.Title: Re: Is Bitcoin Dying as a Payment Option? Post by: vv181 on February 19, 2018, 11:39:55 AM We can't deny the last network congestion where the network is too tight and the fees rose so high is a bad time for Bitcoin, and that is at the same time with the Bitcoin correction going on, and I believe there's a lot of FUD too. That moment is when the competition with Bitcoin Cash still hot. I'm sure that time is when many merchants saw BItcoin as the inconvenient way for a Payment option. So, they are all abandoned the Bitcoin option. I believe the only thing for them/merchant to have a look to use Bitcoin yet again, is when the segwit adoption is widely spread and the lightning network already been implemented, i believe the positive sentiment will come to Bitcoin.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Harpawan on February 19, 2018, 11:41:45 AM No, as a cripto currency, btc is getting liked and in search by the community. So, btc as a means of payment electrically will not die.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: zais on February 19, 2018, 11:42:18 AM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) The Indonesian government strictly prohibits bitcoin or altcoin from using an option for payment .... because a country has its own currency as a legal means of payment Title: Re: Is Bitcoin Dying as a Payment Option? Post by: RamBahadur.Gurung on February 19, 2018, 11:49:47 AM If you feel so, then you should blame the price rise. Who in their normal minds would want to spend an asset, which gave more than 1,000% returns during the past 12-months? Another thing is that a lot of nations have specified that Bitcoin can't be used as a legal tender.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: sstephan on February 19, 2018, 11:51:13 AM for me , its already dead .
the only purpose of its existence today is to feed the various exchanges (along with other 1000+ shitcoins). once it will be fully regulated -the game is over . people buying bitcoin today do not care about tech and future , they care about making easy profits (thats what they think anyways) its a virtual stock , not a means of payment . Title: Re: Is Bitcoin Dying as a Payment Option? Post by: loragean03 on February 19, 2018, 12:08:23 PM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. as of now, bitcoin cannot recover yet from the long run correction, maybe the reasons why do some company had to U-turn because of high fees and slow confirmation which has to affects their payment system. but if bitcoin had to return its original transactions fee and lightning speed transactions confirmation, I think they will (company) back to bitcoin again if they had too.Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Title: Re: Is Bitcoin Dying as a Payment Option? Post by: SaiWAFU on February 19, 2018, 12:14:46 PM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Maybe because of high transaction fees, which I think is one of the disadvantages. Some would say make big transactions so fees will be worth it, but it won't always be like that. One more is that processing transactions take a lot longer, where some businesses can't afford to wait that long. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Asuspawer09 on February 19, 2018, 12:16:30 PM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) I do not see bitcoin dying even in a sense of using it as a payment. As far as I know bitcoi is used by so many people who are in this generation that prefer using some sorts of technology. And as time goes by, many people was added unto this population, nog subtracted or divided. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Javanewstar on February 19, 2018, 12:17:05 PM Many big companies have stopped bitcoin simply because it is volatile and is slow to transfer money.
So when the lightning network is deployed, these problems will be solved, and I think it's still possible to use bitcoin as a means of payment. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: budi691 on February 19, 2018, 12:28:04 PM In my opinion, bitcoin has become some sort of a crypto store of wealth, some kind of crypto-gold. With the increase in transaction cost due to the scalability issue, bitcoin will be a bad means of payment for the exchange of goods and services. if demand is getting more and more, I think reasonable if transaction fee will go up. If the comparison is not far from the previous cost, I think that's normal. ;DTitle: Re: Is Bitcoin Dying as a Payment Option? Post by: richminded on February 19, 2018, 12:30:26 PM I don't think bitcoin payment system would die or vanish this early. Bitcoin have only been starting to be widely known and industries is starting to explore its potential as payment system. Its true and I believe if bitcoin die, cryptomarket will collapse. We should support this great technology so we can still see bitcoin and the future and can enjoy this innovation. Bitcoin are just started to introduced himself and I believe more time will come with the cryptomarket and bitcoin will make our life more convenient. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: krungpuge03 on February 19, 2018, 12:34:23 PM I think its not dying just because some payment method or transaction stop it but bitcoin is very popular now so that in near future bitcoin will be use as a payment option in worlwide
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Sexie on February 19, 2018, 12:51:42 PM Quote Hypothetically, bitcoin could succeed as real money, but in practice it will be an uphill battle due to countless obstacles standing in cryptocurrency’s way, said Goldman Sachs in a report. That is a quote from an article posted today on Kitcohttp://www.kitco.com/news/2018-01-11/Could-Bitcoin-Succeed-As-A-Form-Of-Money-Goldman-Weighs-In.html It is been Very true that Bitcoin is some kind of currency used as a new way of payments in any online transaction. It is not dying as what you are fearing of. As a matter of fact it is a has been using by so many big companies in advertising and campaign through social media. It is continously growing as big companies starting to like and give support to Bitcoin. Most people then get benefits on it. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: megynacuna on February 19, 2018, 01:16:02 PM Quote Hypothetically, bitcoin could succeed as real money, but in practice it will be an uphill battle due to countless obstacles standing in cryptocurrency’s way, said Goldman Sachs in a report. That is a quote from an article posted today on Kitcohttp://www.kitco.com/news/2018-01-11/Could-Bitcoin-Succeed-As-A-Form-Of-Money-Goldman-Weighs-In.html It is been Very true that Bitcoin is some kind of currency used as a new way of payments in any online transaction. It is not dying as what you are fearing of. As a matter of fact it is a has been using by so many big companies in advertising and campaign through social media. It is continously growing as big companies starting to like and give support to Bitcoin. Most people then get benefits on it. I think the dynamics have changed since the first time the OP posted this thread and many will be having a different view right now because the price has significantly improved over the time and it seems to be gaining more strength in recent times and who knows the investor confidence is gradually coming back and many more people around the world will invest hereafters and have this recent growth sustained for a long time. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Aryadwipanggah on February 19, 2018, 01:25:29 PM bitcoin for legitimate payment options is very difficult to remember not all places accept payment with bitcoin, because bitcoin prices are unstable makes bitcoin difficult to accept as a payment option
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: alyssa85 on February 19, 2018, 01:27:31 PM I think the dynamics have changed since the first time the OP posted this thread and many will be having a different view right now because the price has significantly improved over the time and it seems to be gaining more strength in recent times and who knows the investor confidence is gradually coming back and many more people around the world will invest hereafters and have this recent growth sustained for a long time. The dynamics haven't changed at all. None of the merchants who dropped bitcoin as a payment option have changed their minds. But a few have enabled Ethereum and Litecoin... Title: Re: Is Bitcoin Dying as a Payment Option? Post by: chidrawarster on February 19, 2018, 01:29:51 PM Its very difficult to say this at this juncture, we are still in the midway and lots more is yet to come from btc.Many countries governments are exploring the usage of btc as well in all the scenarios and most probably we may see some good results in the future as well. All is i can say is the usage when made regulated would actually bring the currency in force and ensure the payment option hopes is still alive. Lets see what we can expect in the near future, i m not losing my hopes instead would wait patiently and watch out for the performances.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: shadowdio on February 19, 2018, 01:49:29 PM bitcoin will be back as a payment option if the bitcoin price go lower, but now its not recommend for bitcoin as payment option because of the high fee I think they should add dogecoin as a payment option its very low fee.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Xzhyte on February 19, 2018, 02:19:13 PM It's not dying as payment option just because those companies don't accept bitcoin anymore. There's a lot more people using bitcoins nowadays. The volatility may be bad for big companies because bitcoins price drop would be a great loss to their earnings.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Byatt on February 19, 2018, 02:27:09 PM For now other merchants used it as payments but when we consider bitcoin to be in the mainstream it should progress though the quickness of the transaction. The fee is too much high and it will discourage to some. Its better to consider to lower the fees so there would be more and more people would like to use it as payment.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: kinzey on February 19, 2018, 02:30:22 PM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) As of now i don't think bitcoin will be a viable source for payments. High fees and it takess time to confirm transfer of your bitcoin. If they can iron out these kinks then maybe it can be a new payment system worldwide Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Chikitita2004 on February 19, 2018, 06:43:27 PM Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) [/quote] Its sounds interesting to me why. Since December last year was the peak season for bitcoin price and Steam still exclude bitcoin? Anyway, can’t blame them maybe they already foresaw that is is going to decline dramatically after Chrsitmas season. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: mitchel_am on February 19, 2018, 07:06:01 PM Some beginnings are weak and people will not give them credit but it is not too late for the bitcoin payment methods. It will work
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Requim on February 19, 2018, 07:07:51 PM This can be true, I really think that bitcoin's main purpose is to serve as a payment option and to ease transactions without the hassle of using banks and remittance services. However, some people view bitcoin as a currency or an asset to hold for future income.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Bolt Brownie on February 19, 2018, 07:25:17 PM This can be true, I really think that bitcoin's main purpose is to serve as a payment option and to ease transactions without the hassle of using banks and remittance services. However, some people view bitcoin as a currency or an asset to hold for future income. I agree with you, and I also view bitcoin as the payment method of the future. But truth be told, I can't really blame people for just holding to their bitcoin. We can't neglect that bitcoin can rise in value over time. It will definitely happen if we have global adoption, so it's easy to just hold the coin waiting to see your economies increase. We don't have to many options to spend the coin right now, but even with the possibility of holding bitcoin just for value, I'm sure I will spend it as well, as soon as more option become available. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: spiker777 on February 19, 2018, 07:41:43 PM I would suggest quite the opposite, bitcoin is improving as a viable payment option. You may have noticed that fees have fallen sharply since their peak a couple of months ago, this was one of the major issues surrounding bitcoin, as the fees were sometimes higher than the actual payment (when the payment was very small). Now that fees are just a fraction of a dollar, bitcoin is much more of a competitor to visa than it once was.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: allthebitandbobs on February 19, 2018, 08:20:58 PM Yes i believe so .It more a store of value and use for speculation now .Other coins are just better at handling tranctions .Even with it flaws i like using dogecoin for small transactions it fast and very cheap
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: 1Referee on February 19, 2018, 08:22:57 PM High fees and it takess time to confirm transfer of your bitcoin. If they can iron out these kinks then maybe it can be a new payment system worldwide Segwit definitely helps already. I have played around with sending transactions back and forth, and managed to get first block confirmations with less than 1000 Satoshi's in fees per transaction. I even pushed it a bit further to see if that also works with sub 500 Satoshi fees, but that was a bit too much to ask for, but still they confirmed within 3 blocks on average. Granted, the number of unconfirmed transactions is pretty low recently which allows these fees to be viable, but that changes as soon as the market is going nuts and people become active again. The main focus right now is Lightning Network, which will allow people to spend funds with ridiculously low fees, and also avoid having to deal with confirmations. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: freshm4ker on February 19, 2018, 08:27:18 PM Day by day bitcoin is becoming a well-known and profitable currency for people around the world who are involved in this platform. Nowadays it does not cause dying as a payment option than it would be an important choice for the payment system in the future. With the commission can actually use it as a method of payment. 8)
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: newguy05 on February 19, 2018, 08:33:26 PM In the long run btc will sit its top ranking but this is a long run strategy, in the short term it can be fluctuate. It is not dying for sure but going down for today. Try to be a long term investor by buying step by step from different costs this will help you to decrease your average cost.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: dunfida on February 19, 2018, 08:36:54 PM High fees and it takess time to confirm transfer of your bitcoin. If they can iron out these kinks then maybe it can be a new payment system worldwide Segwit definitely helps already. I have played around with sending transactions back and forth, and managed to get first block confirmations with less than 1000 Satoshi's in fees per transaction. I even pushed it a bit further to see if that also works with sub 500 Satoshi fees, but that was a bit too much to ask for, but still they confirmed within 3 blocks on average. Granted, the number of unconfirmed transactions is pretty low recently which allows these fees to be viable, but that changes as soon as the market is going nuts and people become active again. The main focus right now is Lightning Network, which will allow people to spend funds with ridiculously low fees, and also avoid having to deal with confirmations. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Jahreer on February 19, 2018, 08:37:57 PM So what about the Lightning NET, guyz?? Will BTC payments finally resurrect because of it?
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: senin on February 19, 2018, 09:45:15 PM Now bitcoin really does not perform the full function of the payment facility. The time of its transactions is too large, and the fees are high. Because of this, many investors prefer to invest in various altcoyins now. which are easy to use and bring a good profit. Bitcoin, meanwhile, slowly loses its popularity and demand for it. This could be corrected by the introduction of a network of lightning, but it has been tested for a very long time and it is unclear how this will end at all.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Aveatrex on February 19, 2018, 10:03:26 PM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) It's true that fees and the fact that transactions are really slow makes Bitcoin die as a payment method,that's because Bitcoin infrastructure wasn't ready for the huge wave of people using Bitcoin December 2017 that what caused Bitcoin being slow/unfunctional. Campanies decision about canceling Bitcoin as a payment method is correct.But no worries,Bitcoin also evolves and they will be solutions to these obstacles.(Fees are already down to 0.22$) Title: Re: Is Bitcoin Dying as a Payment Option? Post by: faceoff97 on February 19, 2018, 10:09:59 PM Transaction fees is maybe the big factor why its happening, Im pretty sure that those companies would be using a new kind of coin or be transferring to another one having lower transaction fee. In my country, bitcoin is still usable as a form of payment. It was well integrated by tge local app which alloes as to buy goods or iether services.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: joan26 on February 19, 2018, 10:19:21 PM Bitcoin are doing things slow and steady so that they have a scalable, cheap, fast and.. most importantly.. decentralised solution that can really try to establish itself in the real world.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: 1bonobo1 on February 19, 2018, 10:31:23 PM Satoshis Nakamoto's white paper was clear, bitcoin is not a means of payment but a store of values like gold.
The currency of payment is not and will never be bitcoin! Yes we can pay with Bitcoin but it is not made for that and the future will let emerge a currency made for payments in general! Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Cryptohad on February 19, 2018, 10:37:55 PM In my opinion, bitcoin has become some sort of a crypto store of wealth, some kind of crypto-gold. With the increase in transaction cost due to the scalability issue, bitcoin will be a bad means of payment for the exchange of goods and services. yes, I agree with you, bitcoin is the best alternative to be used as a means of payment for goods and services, but not today.bitcoin must face FUD, many people expect bitcoin to be a tool of transactions, but some countries refuse. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Washball on February 19, 2018, 10:43:39 PM Bitcoin as a currency does have issues, lengthy waiting times and high fees. But this will be solved with Lightning Network or with Schnorr signatures. When these are implemented we'll have fast and secure transactions that will be almost for free.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Gabb on February 19, 2018, 10:53:33 PM No i do not think so. Simply the market is still too young to encourage stores to enter fully into the bitcoin ecosystem. Bitcoin is a cryptocurrency that is still in the process of development and that is evident in the volatility of its market, susceptible even more to the rumor mill than to fundamentals of the economy. Therefore it is understandable that for companies it is still difficult to match these rhythms of cryptocurrencies but I have no doubt that when the market consolidates and reduces its volatility, we will see a larger acceptance of bitcoin as a payment system.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: rehydrogenated on February 19, 2018, 11:00:25 PM I do not think bitcoin is dying as a payment option. I think at first it was more a publicity stunt. These companies, and some celebrities like 50 cent, never thought that bitcoin would have the incredible popularity is has had. So now there is increasing government oversight and it is making up a bigger proportion of their sales. The volatility doesn't much either as people had stopped bitcoin because they could double their money by holding bitcoin for a couple months. Meanwhile transfer fees were skyrocketing to $30+.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Indrawan77 on February 19, 2018, 11:03:05 PM I think it's not dying but still not too suitable for payment option yet, its not suitable for payment that need fast confirmation and also the fee that is too expensive, but I think there will be a solution in the future, the one that become concerned is the high volatility, the price of bitcoin need to be more stable before it can be used as daily transaction currency
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Feuerbach on February 19, 2018, 11:10:50 PM six months ago companies were looking to integrate Bitcoin as a payment system, in the fast-paced cryptocurrency ecosystem, things have changed dramatically. Some refuse to accept cryptocurrency as payment, but some start to accept crypto. For example, ebayNow, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.” Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1] (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment? Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option (https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option) Title: Re: Is Bitcoin Dying as a Payment Option? Post by: robotrobert on February 21, 2018, 07:09:20 AM I don't think bitcoin payment system would die or vanish this early. Bitcoin have only been starting to be widely known and industries is starting to explore its potential as payment system. Well it has become easier and more popular to sue now as most of people prefer using bitcoin for payment and shopping instead of using money. For bitcoin payment system it has a lot of sites and systems that will pay all of your bills in few minutes, even now a lot of big markets and shopping malls accept bitcoin. In Germany restaurants are accepting bitcoin to provide online food and booking for the rooms so in this way you are right bitcoin payment will never die.Title: Re: Is Bitcoin Dying as a Payment Option? Post by: jasonmattson on February 21, 2018, 07:22:56 AM Due to the volatily of the price , companies are having second thoughts on bitcoin as a payment options. currently the use of Bitcoin at most not for the means of payment, but for saving assets.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: irukandji on February 21, 2018, 07:38:58 AM Satoshis Nakamoto's white paper was clear, bitcoin is not a means of payment but a store of values like gold. Correct. The heading to the bitcoin whitepaper is Quote Bitcoin: A Peer-to-Peer Electronic Cash System Some people have misinterpreted this to mean that it was supposed to be "peer to peer electronic cash", but it clearly indicated a store of value like gold! Title: Re: Is Bitcoin Dying as a Payment Option? Post by: keycellko on February 21, 2018, 07:39:34 AM Recently, bitcoin is not beneficial to merchants as payment knowing that their transactions takes too long to confirm. Not to mention the bitcoin transaction fees that are so huge that customers doesnt want to use it as a paynent option coz the pay higher than how much they're supposed to.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: btcrich2020 on February 21, 2018, 07:49:38 AM due to fees and due to more subject to volatility Btc is nt much suited as payment processor it is asset class investment better to save for future growth
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Pan Troglodytes on February 21, 2018, 07:53:27 AM Its sounds interesting to me why. Since December last year was the peak season for bitcoin price and Steam still exclude bitcoin? Anyway, can’t blame them maybe they already foresaw that is is going to decline dramatically after Chrsitmas season. actually it has happened in December because the bitcoin price increased, what greatly increased transaction volume, and all those transactions were not able to fit into the blockchain (the blockchain has limited capacity only) and only the fraction of transactions with highest fees were confirmed. That effectively increased the fees to the levels of 20-50 USD per transaction. Steam must have concluded, that it doesn't make sense to accept payment option which has fees at those levels. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: DrYe5 on February 21, 2018, 07:55:08 AM due to fees and due to more subject to volatility Btc is nt much suited as payment processor it is asset class investment better to save for future growth Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away.Title: Re: Is Bitcoin Dying as a Payment Option? Post by: Sithara007 on February 21, 2018, 07:56:19 AM If you check the fee, then you can find that right now the tx fee is hovering at historic lows, with people paying as low as $0.05 or $0.10 for their transactions. But everyone is worried how long this is going to last. All of a sudden, it can shoot upward, just like what happened in December.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: bug.lady on February 21, 2018, 08:11:59 AM Satoshis Nakamoto's white paper was clear, bitcoin is not a means of payment but a store of values like gold. Correct. The heading to the bitcoin whitepaper is Quote Bitcoin: A Peer-to-Peer Electronic Cash System Some people have misinterpreted this to mean that it was supposed to be "peer to peer electronic cash", but it clearly indicated a store of value like gold! Title: Re: Is Bitcoin Dying as a Payment Option? Post by: adiimar on February 21, 2018, 08:15:07 AM That has happening mainly because it takes time for confirmations. I prefer to use PayPal where money is transferred instantly.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: abhishek273b on February 21, 2018, 01:18:27 PM :) Why do you think that?
I think that Bitcoin is already a payment option for all, and in the future will be more and more And with digital gold what do you mean? :) Title: Re: Is Bitcoin Dying as a Payment Option? Post by: shesheboy on February 21, 2018, 01:23:39 PM :) Why do you think that? op wants to know if bitcoin can still be the best suitable payment option and he thinks that bitcoin is now dying because of its high transaction fee and slower network procesing when compared to other coins like etherium and litecoin. my thoughts about is bitcoin isnt dying yet because i still see that many online merchants and companies are still using bitcoin as their partner in terms of payment gateway.I think that Bitcoin is already a payment option for all, and in the future will be more and more And with digital gold what do you mean? :) Title: Re: Is Bitcoin Dying as a Payment Option? Post by: coinstalker23 on February 23, 2018, 09:20:03 AM :) Why do you think that? op wants to know if bitcoin can still be the best suitable payment option and he thinks that bitcoin is now dying because of its high transaction fee and slower network procesing when compared to other coins like etherium and litecoin. my thoughts about is bitcoin isnt dying yet because i still see that many online merchants and companies are still using bitcoin as their partner in terms of payment gateway.I think that Bitcoin is already a payment option for all, and in the future will be more and more And with digital gold what do you mean? :) Title: Re: Is Bitcoin Dying as a Payment Option? Post by: irukandji on February 23, 2018, 11:08:21 AM Satoshis Nakamoto's white paper was clear, bitcoin is not a means of payment but a store of values like gold. Correct. The heading to the bitcoin whitepaper is Quote Bitcoin: A Peer-to-Peer Electronic Cash System Some people have misinterpreted this to mean that it was supposed to be "peer to peer electronic cash", but it clearly indicated a store of value like gold! Title: Re: Is Bitcoin Dying as a Payment Option? Post by: siddu1 on February 23, 2018, 11:15:38 AM No Bitcoin is not dying as a payment option because it the most popular cryptocurrency all over the world and now it has became as a payment method in many countries and many online websites. Bitcoin popularity increasing day by day and I think that its popularity will finished never as well as it will not die as a payment option
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: bug.lady on February 23, 2018, 01:14:40 PM Satoshis Nakamoto's white paper was clear, bitcoin is not a means of payment but a store of values like gold. Correct. The heading to the bitcoin whitepaper is Quote Bitcoin: A Peer-to-Peer Electronic Cash System Some people have misinterpreted this to mean that it was supposed to be "peer to peer electronic cash", but it clearly indicated a store of value like gold! I am confused with your reasoning, to say the least. I thought you were referring to what Satoshi had to say on that matter in his White Paper. When you said 'misinterpret' it clearly indicated interpreting the WP. Now you are saying that I should disregard what Satoshi said entirely, because he didn't have all the facts. Satoshi said what he said and he clearly ment peer to peer electronic cash in his WP. What is that blockstream? Are you referring to the US corporation https://en.wikipedia.org/wiki/Blockstream ? If yes, well, probably they think of bitcoin what brings them most profit at that moment. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: readygoaw on February 23, 2018, 04:03:55 PM No i do not think so. Simply the market is still too young to encourage stores to enter fully into the bitcoin ecosystem. Bitcoin is a cryptocurrency that is still in the process of development and that is evident in the volatility of its market, susceptible even more to the rumor mill than to fundamentals of the economy. Therefore it is understandable that for companies it is still difficult to match these rhythms of cryptocurrencies but I have no doubt that when the market consolidates and reduces its volatility, we will see a larger acceptance of bitcoin as a payment system. I also think that Bitcoin is simply still too much young to be used as the wide-spread method of payment, as the system itself. With time, many people will take it and start using it more and more. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: zaytsevsasha654 on March 10, 2018, 08:59:43 PM About six months ago, the news was strewn with companies that wanted to integrate Bitcoin as a payment system. However, in the rapidly developing ecosystem of crypto currency, everything has changed dramatically.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: khaled0111 on March 10, 2018, 10:57:00 PM Bitcoin can't be used as a payment option while it still too volatil.
High fees is a disadvantage and an obstacle too, but volatility is the main reason why companies refuse to implement Bitcoin for payments. It was profitable when the price was rising, but now, the situation is completely different. Title: Re: Is Bitcoin Dying as a Payment Option? Post by: irinalevina456 on March 24, 2018, 03:05:16 PM For me, the best way to earn money on bitcoins is to invest especially for a beginner.
Title: Re: Is Bitcoin Dying as a Payment Option? Post by: cryptohacker29@ on March 24, 2018, 03:10:15 PM Yes there are lots of other coins which may be the best payment options in the future. Bitcoin is too energy consuming and take lots of fees as a exchange.
|