Bitcoin Forum

What are the factors limiting the general  acceptance of bitcoin as medium of payment.
What needs to be done to mitigate these factors and open opportunities for general acceptance of bitcoin?

 Limiting factors :-

* High transaction fee
* Non acceptance by some governments
* Uneven price
* No authority to regulate it during some downfalls and frauds.
* Lesser education about it and limited usage by the young generation.
* More than 50% ppl living without electricity thus have no idea about it therefore can't become universal


Things that can help :-
* Better education about Bitcoins
* A body to challenge governments about issues regarding Bitcoins.
*A limit on the selling and buying of Bitcoins.
* Transaction fee be made like 1-2% of each transaction so that not only rich but even middle class can afford to do transactions in it

IMHO, it is public awareness.

Well there are not that many investments made into bitcoin, there are no major projects or brands that are accept bitcoin as a payment method, and that goes to the fact that bitcoin is a unstable currency that has its value constantly changing, like you could to day pay for a product 10$ worth of bitcoin which in the next day will become worth 20$, and the same applies for the other way, and that is what i think has made most investors not willing to accept it.

All I can say about it that not totally all don't accept bitcoin as a payment because there are malls, schools and companies accepted bitcoin as a payment. This is simply says that bitcoin is growing and legit.

bitcoin is still growing. and many people still does not understand how it works. public awareness is much needed for this.

Sucks to say, but I doubt bitcoin would be used as it is intended. Bitcoin is far behind on transaction speed and fees compared to other cryptocurrencies, and that gets worse easily when the network clogs. And even with other cryptocurrencies, the constant and big changes in price makes it hard for users and markets to use it as regular payment method.

If using btc in the countries around the world is unequal or not the same, resulting in geographic isolation, btc become a means of payment of a country or a territory which won't bring any meaning. If btc or crypto is to become a means of payment, the first thing to do is to have no crypto banning in any country. The prohibition of crypto is the first major cause for the development of the crypto market.

Time and the lightning network should remedy this.

main issues are the lack of education and high transaction fees. Once these issues are taken care of, bitcoin offers the advantages no fiat will ever be able to. Let's help it sort then

firstly. EVERYONE needs to realise this:
1. bitcoin is code.
2. bitcoin has no arms, legs or a voice.
3. bitcoin does not attend business meetings

now most importantly
4. if YOU want to see bitcoin accepted at YOUR local stores then YOU all have to go ask YOUR stores to look into bitcoin

think about it
5. YOU can also try mentioning the code flaws to the devs, such as lack of fee control formulae and not expanding the base block.. i do say try but they are too deep in banker pockets and just want to invent paypal2.0(LN)

LN is to bitcoin what banks are to gold. their mindset...(facepalm)
"bitcoin cant scale as medium of exchange, its too slow to transact and to heavy(tx weight) to have everyone use it"
"gold cant scale as medium of exchange, its too slow to transact and to heavy to have everyone use it"

"we need to lock bitcoins into managed multisigs and then let people play around with unaudited transactions"
"we need to lock gold into bank vaults and then let people play around with unaudited paper receipts"

As Bitcoin is a cryptocurrency, the world is not that much conscious about it. Moreover, Many governments are reluctant to accept and make legal in their countries because of an illegal transaction. Not only that but also there is no specific rules and regulations for Bitcoin exchange. But the good news is people are being interested in it day by day. I think in near future we will get a sophisticated regulation about it.

Bitcoin is accepted as one of the payment in many countries. If the bitcoin is illegal in a country, bitcoin is used as an asset in that country.The transaction time of bitcoin is nearly 30 minutes.Some of the people will not accept the 30 minutes transaction .The advantages of bitcoin transaction is you can trade person and send payment to anyone in this world.

Since the popularity of bitcoin is not quite spread around the world and it has a 20% - 30% of Worlds population are already know bitcoin so it is quite difficult to become generally accepted as a medium of payment. One of the factor that effects bitcoin to become as a mode of payment because it has a unstable price and value. So it is very hard to regulate bitcoin transactions and payments without a stable price.

Transaction time on Bitcoin is actually closer to 10 mins, that's the average block time. I think it mainly had to do with the high transaction fees last year. A lot of companies stopped accepting Bitcoin because of it. I think there are a lot of people that use Bitcoin for commerce, but they are dwarfed by the number of people that use Bitcoin as a speculative investment vehicle instead. Certainly, if transaction fees stay low, and more businesses accept BTC, then more people will be using BTC for commerce.

Sorry , I want to ask you, you ask about the recognition of bitcoin, how? Like money? or as an Asset? this is a big problem in the States. They can't figure out what the right thing to do is. from what taxes to collect from storage or from profits under trade? There are a lot of questions, but no answers.

It's true that bitcoin is not accepted generally accepted as a medium of payment,alot has to be done for that to be achievable,the public needs to be enlightened about the advantages of bitcoin and cryptocurrecy as a whole.

The biggest issue with cryptocurrency is that it is not stable. And moreover government intends to dislike the theory of bitcoin that it is actually decentralized. Thats why it is not yet ready to become standers medium of payment. But there are some online marketplaces where they accepts bitcoin as a payment.

That is have a lot of reasons that prevent to be a payment method like that: high fee, price is not fixed, the government does not approve Bitcoin to be a payment method because of its anonymity,...
Besides, I think Bitcoin is a currency which must only use to make transaction in Blockchain Technologies Platform, that mean just use Bitcoin to develope the platform, and other project - which will solve problem of online payment method base on the platform of blockchain technologies to create a new better currency.
Summary, I think Bitcoin is not generally accepted as a medium of payment but the Coin which base on Blockchain Technologies Platform will be :)

The major limiting factor is government and there anti-cryptocurrency policies others such as price, awareness and internet are secondary.
Countries should fight to be democratic and then elect crypto-friendly candidates into political offices.