Bitcoin Forum

In as much as we all wish to help fulfill the dream of Satoshi Nakamoto in using BTC to make transactions in our daily lives we must look critically at the high volatility of BTC. Come to think of it people, how many of us in here would wish to purchase an item worth $500 US right now when this same amount of BTC was worth over $1000 US last year. If we are able to solve volatility issues with BTC then trust me the acceptance of BTC will go viral. I just wish there were some real holders in the cryptospace!

I think it has more to do with the confirmation time, so for now, without the lightning network, it's not really that convenient. I don't think people want to wait for anything above 15 minutes to get their food for example.

Besides that, the price is more stable than it ever was. We're in the 6200-6400$ range since a few weeks now. These are businesses, they take risks all the time so I honestly don't buy it If they say that they're not accepting bitcoin because of the volatility. If you take Overstock for example, they're keeping 50% of the bitcoins while selling the other half for fiat to limit their losses If any.

the main problem with bitcoin has been transaction problems, I think if the problem can be resolved maybe bitcoin will be easier for people to use it as a payment tool.
High volatility can still be controlled, because basically every market can always manipulate it.

This question frequently asking from someones. We have time for this. Bitcoin has to gets over some issues like mining, energy and trust. It price should be stable first.

fulfilling the dream of satoshi nakamoto?

as far as i know nakamoto wanted to just reduce influence of the national banks,

and i think that has been accomplished, it doesnt even matter weather bitcoin survives or not, the nimbus has been broken.

As for now, we still can't use Bitcoin as a payment method because its price is still not stable. Would you like to accept something expensive that would become cheap later on without you knowing when?

I think it will still take a long time for Bitcoin to be a part of the mainstream buying and selling process. The entire world first has to accept Bitcoin as  transaction unit before anything like this can be possible

Bitcoin will only begin to be accepted globally when enough people demand it. Right now too many people still trust in FIAT currency and see little or no reason to use bitcoin. When that time changes and people start wanting to spend BTC then businesses will adapt to their needs or be left behind.

Everything should be regulated and merchant will be in the community.
Transfer rate must be faster and cheaper for the people can afford to send the payment even it is low amount.
The problem with bitcoin is the price of transfer, it is cheap if you will send big amount but not if we are talking about hundred dollars or below.

I think the 'world' (i.e. the people) need to calm down and not expect the price to moon before the end of the week so they can sell. If your only incentive to be here is to swing trade your way through the ups and downs, you'll never appreciate Bitcoin for what it is and won't ever contribute to anything of positive nature.

The sole reason ETF's have been blown up lately is because people want to sell the news. They don't care about what happens afterwards. It's just another sell the news event.

Back to the basics we have to go. Exchanging goods. We're in the process of shifting from people buying Bitcoin, to people earning it in whatever form or shape. If you're earning it as an income form, you are more likely going to spend it rather than to keep it for speculative purposes. I think that's a great shift to focus on in the forthcoming years.

First of all, you don't need to write the title in caps, it's quite annoying frankly.

The volatility 'problem' will solve itself automatically in the future, it's been going down every year, just look at these charts:

https://i.imgur.com/yX7FYF3.png

Yeah, there's been an increase in 2018, but nowhere near the levels that we saw in the beginning.
People will still use Bitcoin for payments, just because it gives them an alternative for cashing out via exchanges.

Look at Japan for example, since cryptocurrency has been regulated it's actually been used quite a lot as a payment method.

https://99bitcoins.com/thousands-japanese-merchants-accept-bitcoin/
https://cointelegraph.com/news/bitcoin-its-big-in-japan

Western Union, the financial services company, could have a role in the cryptocurrency space in the future.

https://coincodex.com/article/2782/western-union-executive-discusses-cryptocurrency-says-company-is-open-to-crypto/

Well once the two parties are OK in making there business transcation through bitcoin then it's OK.
Payment can be made from the sender wallet to the receivers wallet

There is nothing wrong with the transaction of bitcoin because the transaction with bitcoin very fast and secure. But, the big problem that we need to resolve in order to be used it in a payment method is the high volatility of price. Another problem is it is not supported by other government so I do not know if this will be implemented.

I feel this contributes a bit to the issue here,imagine if everyone is a hodler and no one uses the bitcoin to carry out any financial transactions whatsoever,then I think the bitcoin will totally become a store of value,something we just buy to keep for future purposes.
I think the less we hodl,the more adoption we could be getting

Bitcoin is on its way for global payment. However, the 11-month bearish market might had an impact towards thia direction. A lot of issues and doubt lingered in some governments leading to not accept bitcoin. Acceptance of government is really one factor to consider in bitcoin globally.

ive been around since 2012 and i got a nice hold of coins. i buy stuff all the time.
the way i see it is that say one coin in 2012 worth 6 loaves of bread. today can buy me 3500 loaves of bread so im happy to spend bitcoin buying bread with my bitcoin.

from a merchants perspective when they sell a loaf of bread for say $1. they in seconds display a btc price and in minutes that amount arrives. they can automate the sell of the btc to fiat in that time too.
if they know the cost of the dough, cooking and labour came to 30cents. tax 20cents. they can convert half of the sell back to fiat to cover costs. and keep half as bitcoin for the shop owners own retirement fund
knowing at some point that $0.50 of btc will probably be able to at a later date be able to create more than just another loaf, but the $0.50 of fiat will only make them one loaf.

its all about finding the needs of the merchant. displaying the benefits to the merchant and also showing how easy it is to accept bitcoin.
you will be surprised how many merchants take up and start accepting btc when they see how easy it can be, by actually doing a demo/dry run purchase with them when you mention bitcoin to them

Well if we are able to fix all issues of volatility then i believe most platforms would come to the acceptance of accepting bitcoin being used as a payment method. Look at the current price of bitcoin as compared to ending of last year you can see that if someone paid for an item in bitcoin that year that same value of bitcoin has now decreased way significantly to a less value.

Fir Bitcoin to be accepted as global means of payment, certain things needs to be fixed and put in place. The issue of having the enabling technology to accept bitcoins has to be put out, people need to be educated on what Bitcoin is and how it actually works and also, the issues of volatility which is a very difficult one or almost impossible needs to be fixed to a certain extent.

You are only looking at only one side of the volatility, in this case the negative side, if you buy bitcoin at 4000 and in a few years it is worth 20000 again now you can buy 5 times more stuff with the same amount of bitcoin that you bought, so while the volatility can go against you it can also be favorable to you and it is precisely at those moments when you should spend your bitcoin.

certain. it takes a long time. because the process is not easy. In my opinion. we have to spread crypto first to the public. when many publics are enthusiastic about the crypto world. then the government will make a decision. at least the government will not ban crypto use for transactions.

In this case I think many circumstances need to look up before we used bitcoin as a payment globally although many merchants use bitcoin as payment some of need more ideas about bitcoin and they manage it as payment method.

I think bitcoin will go there, but we have to go through several processes first. In its function, bitcoin has been used as a payment tool, such as in developed countries like Japan, even Japan gives a bold step because some of the companies there pay every employee with bitcoin. Surely, this will give a positive assessment as each company can take the same method.

High volatility is not the only problem of bitcoin, but it is one of the main ones. If we manage to solve them, the use of bitcoin everywhere will be very soon, it's true. I hope to live up to this moment and see a new digital future.

In fact, it's unlikely I want BTC to be used worldwide. It was a good point that it would be better to use it between "real" holders. I mean that I'm very concerned about privacy, again(

I thought the same thing too. Because honestly, I want Bitcoin crypto currency to be accepted to be used as a payment method globally. I want Bitcoin because it is very convenient, fast and easy to use for some of my daily financial transactions.

             There are many countries where Bitcoin is not accepted as a payment method. The main reason is that Bitcoin and other cryptocurrency have a very high volatility, which is not necessarily convenient for chain stores. I think that when the Bitcoin volatility issue is solved, the currency can be accepted as a payment method.

Bitcoin can only be generally accepted as a payment medium when all the various key technologies of the blockchain are improved on to enable it bring down value to everyday activities of the general public while supporting increased adoption rate.

The volatility of bitcoin won't end anytime, I think we have to give more  time for more people to appreciate bitcoin and use in daily business transactions. At the moment, I believe some form of regulations can help make things pretty much stable than we have at the moment otherwise we shall experience more issues with the volatility.

Bitcoin should lessen its volatility first to become a global method of payment. Rapid fluctuation of prjce will prevent government and business sector from totally using it. I doubt if government can control's bitcoin volatility by means of regulation because it is a decentralized currency. Government or the central bank can only regulate the cryptocurrency exchanges where bitcoin is bought or sold because it is centralized.

Volatile can't be main problem if bitcoin want to adopted as payment. If seller want, he can immediately sell his coin after get payment from buyer. Main problem is people who still not familiar with crypto.

I think bitcoin can only be accepted as a payment medium when and if all various key technologies of blockchain are improved on .
That way the public could be able to derive valuin their everyday activities from blockchain which could spike up mass adoption.

We do not know if bitcoin will be accepted as currency so its hard to know if bitcoin can also use as payment method. As long the developers of blockchain keep on improving bitcoin and other cryptocurrencies there is chance that it might come true in the future.

Volatility is definitely an issue and a bottleneck for mass adoption. However, the bigger issue is the government regulation. In majority of the countries, crypto currency is not a legal tender or there is no legal framework available for cryptos in those countries. That is the reason why a lot of merchants are not comfortable to accept cryptos as a mehtod of payment. The same situation will not change until the respective governments come up with a regulation plan. If we want to see mass adoption, regulation is the first thing that needs to be taken care of.

I think the first step to making bitcoin acceptable as a means of payment globally is if government all over the world legalizes its use. this will give confidence to traders, individuals and companies as they will openly without fear use it for payment everywhere they find themselves

It's still about choices ,some will still prefer fiat over digital currency for a very long time but bitcoin and some other altcoins are just making sense in terms of wiping poverty off face of the earth ,easier means of payment ,marriage on blockchain , airports own coin ,atms all over ,its making sense ,still have long way to go but its has been successful so far