Bitcoin Forum

I have not read bitcoin's whitepaper but from the little understanding I have I think bitcoin was developed to be use as a mode of payment for goods and services? It was for a transactionary purposes and not as the way we are using it now as a way of making profits by buy them and hold or sell Them whenever we think it has appreciated in pricing!
I believe for bitcoin to grow it purposes must be well explain to the populace as they are the one that needs it in transactions and that is why the more people that know about it an it primarily uses of p2p the better bitcoin become.  We must promote it with the aim of bringing more people especially business people to start adopting bitcoin for they business.  Bitcoin should also be stable in pricing because it will be very difficult for retailers and wholesalers business to use it if it is unstable.
Finally I will like to get your opinion on this as this will help the mind of many of us here about this great technologies.

The truth is bitcoin is nowhere close to being a standard payment method in commerce.  It currently can't scale to any meaningful level and the price is much too volatile for any retailer to hold it.  It has become more of digital gold at this point.  How many stores accept gold? Very few but it still has value.

Bitcoin is used more as investment because that's how people are promoting it. When I hear someone talking about bitcoin, there are always words like investment, profit, fast money involved in their conversation. So there is no surprise bitcoin is seen more as a tool to make profit rather than being promoted as a payment method that you can use to send money and pay everywhere.

People find more benefits from bitcoin by using it as an investments so they were keep doing that,the problem of bitcoin is its volatile price so it is not accepted by many shop holders so how can we make pay using bitcoin when we don't have an option to that yet.But everything will change,the adoption will occurs first and then people will adopt to the right way of using the bitcoins.

I look at the bitcoin as a flexible coin... satoshi might intended to create it for an anonymous transaction but right now bitcoin is also a mode of investment and can earn through trading or by holding it.

Yes it would be hard for retailers to accept bitcoin for its volatility and the retailers won't be take risk to accept bitcoin as a mode of payment if they know that there's a high chance that they will lose a big amount because of its volatility and you can't make the bitcoin stable because of the volatile decentralize market the price will depends on the demands on the market and the people itself will decide its price.... not just a number of people but a community itself.

At this current day we can see big development in the acceptance of bitcoin especially in the field of businesses simply because some companies, store and mall start to accept it as a mode of payment. Maybe in the coming future all of us bitcoin to pay all our bills.

nowadays it is very good for some people to have bitcoin to be used as investments or they trade, bitcoi is not yet fully used as a currency for global financial transactions, because of the constraints of regulations in each country. but the development of bitcoin is getting better. although difficult this will be the beginning of bitcoin becoming a global currency that can be accepted by all humanity in the universe

Frankly speaking, people who engaged in Bitcoin is having only one purpose, to gain profit.
Practically and logically most of them must be preferred to hold there Bitcoin as an asset rather than spending it, they don't want to spend especially when the market is painted red they think that they can earn a profit if they patiently wait at the right time when bitcoin will grow the price. However, I believed in more demand and less supply of bitcoin will make expensive itself.

Then, you can read it now :D
https://bitcoin.org/bitcoin.pdf

Unfortunately the whole what should we do plan has changed radically.

We are seeing more and more shops and business claiming to accept cryptos but overall even if we consider the maximum claims of LN transactions the number of people actually using it to buy stuff has barely doubled in the last years.

A new dilemma is taking shape, as at first you had nothing to buy with BTC and now people are not willing to buy stuff with BTC since holding will earn them infinite fiat gains ;D. So, we want merchants to accept BTC but merchants are reluctant to accept bitcoins because of lack of customers since most bitcoins are unwilling to buy via BTC and prefer fiat.

This is one thing that will never be a part of bitcoin for long. Due to the highly-fluctuating value of bitcoin every now and then, retailers and merchants are afraid to accept bitcoin as is and tend to use a third-party payment processor to ensure that they keep profits as is, and we all know that these payment processors also ask something from the services they work on. With bitcoin and cryptocurrencies in general being used mostly on investment schemes and not really for payments, I think it will be long before we see a boost in usability for bitcoin in what it is really intended for: fast, secure and cheap payments.

by the way yeah the emergence of bitcoin to create prosperity without being burdened by taxes, makes it easier to manage by transacting without a card or an item that is very impressive even without the interference of other parties. now this function is still the same, except the thoughts of different people

We’ve commented on the topic a couple of times on my local board, and as it seems, acceptance of BTC as a means of payment at stores seems to be more in recession than the opposite (at least in Spain).

There was a moment when a sign indicating that a store was accepting BTC as a means of payment was bold and trendy to a point. Back in 2014, Madrid had what was then considered the longest street in the world of shops that accepted Bitcoin, with over 20 shops accepting the cryptocurrency in what is one of the most famous and exclusive shopping areas there. That soon withered, and now we see local news on a hardware store accepting BTC more as a publicity stunt that anything else.

Although coinmap.org shows 14.419 venues accepting BTC world-wide, in practice the user cases are small and far from being on road to it being a commodity.

Due to it’s technological profile, and the age range that is most familiar with it, I’d say it should probably pick-up traction first on online stores than offline ones. There are business that have integrated BTC as a payment method in their platform, although many are bridged by thirt party software that peg the price to FIAT in order to stabilize article prices, and eventually end-up reimbursing the retailer in FIAT. That probably help a bit on the tax front, but being legit about BTC payments opens up another area for keeping ibuprofen handy in large amounts.

It’s a start, but with a long road ahead.

We still have a divided opinion by now.
Some wants stability and others dont.
There will be not much profits if that happens. Trading is the most common to do now since holding takes a lot of time and is boring.
While waiting for merchants to adopt bitcoin, this is all we can do. Also, while spreading the news we can hoard more of it so that when the time comes we are the ones who have a good number of it.

It is not yet time. It is really difficult to predict when it will be.

nowadays there are many bitcoin users who benefit, in addition to providing bitcoin benefits it can also be used for easy payment by its users. Because it's easy to pay with bitcoin is very acceptable to the public.

How can we use bitcoin as payment for various transactions if bitcoin has no price? The price owned by bitcoin is a reference to determine the amount in a transaction. related to trade, why do many disagree that bitcoin is traded even said to be just for profit. not only bitcoin is traded, even official money such as USD, Euro, Yuan, etc are also traded.

Checking up with the characteristics of money, bitcoin is not close to it. Although, it is also used as payment because people want a means to be free in their financial transactions. Bitcoin is not a legal tender, not generally accepted, it is also not stable. It just has a dual purpose. For payment and also investment.

Due to its decentralized system, bitcoin cannot have a stable price and this will also defeat the purpose if it being as an investment mechanism. Investors prefer to acquire bitcoin (whether for short or long-term) due to its high volatility that can yield large amounts of income in a shorter amount of time compared to conventional investing. In addition, supply and demand play a significant role on the fluctuation of its price, primarily due to whales.


My colleague had the opportunity to interview one of the representing lawyers of our central bank (BSP) and they view bitcoin as something that cannot be accepted for legal tender. Although it can be converted to cash depending, the country has yet to implement rules regarding its validity and legality due to taxation.
Just to add, bitcoin can also be a store of value asset since it can be traded to various products/services.

 the acceptance of Bitcoin like a normal currency will be possible but it takes some times and it will be a good idea for the development of our economic resources and economic society will need something like that to improve very faster like we are expecting

It was intended to be an escape for those who are averse to the control and monopoly of banks and governments. By eliminating double spending and putting control in the hands of the actual asset hodlers.

For any of this to happen it has to have a value and it's decentralized, so it's value can not be regulated. Satoshi must have anticipated a situation like these when designing the network.

People could use it to pay but most of the crypto user would rather hold their crypto than using it to pay for something,
We are using crypto for investment not for a payment option and I think most of us would agree to this.
If we could pay with Fiat and we have cash why would we even bother paying with crypto?

 Many large companies accepts Bitcoin in the market place Bitcoin is the first and famous digital currency .  Not accepting Bitcoin it will be a big mistake, with a fluctuating value it may bring profit or sometimes hurt the company ..One of biggest risk in online shopping that  fraud can take place, this can  be recovered by applying different type of skills .Bitcoin market is volatile so the price will go up and down within an hours time .. Buyers in this market have a higher sense of security and they prefer anonymous transactions .if we decide to add Bitcoin as payment we need a developer once Bitcoin is included in payment automatically is convert them into local currency .

Satoshi underestimated the level of usage for bitcoin and didn't scale it well, or perhaps he intended for it to only used as an alternative to gold rather than a payment method

a very good step and progress in the development of crypto currencies, maybe I am sure that in the future crypto currencies will be more developed in my country, it cannot happen because the government prohibits direct transactions with crypto currencies so that payments with bitcoin cannot

as long as bitcoin is in the hands of whales as long as they are traded on CBOE and leveraged trading sites Unfortunately, it cannot be used as a payment method. Of course you can shop with bitcoin. but the price is too wavy and unreliable. so it's hard work.

I guess the reason why bitcoin and other cryptocurrency is still not being accepted as a mode of exchange worldwide is because of its unstable price. Maybe they are still studying how can this thing works. The result maybe too bad or too good because if the market falls, the seller looses too but if the market lands on moon, the seller double or triple its interest.

Bitcoin will never have it's stable value, as you can see from the charts the price varies everyday. There's always an option to directly convert it into USD if the receiver is too careful enough for the fluctuations, retailers can do this if they have a lot of bitcoin paying customers.

We're already promoting it but those people that we're reaching out aren't even willing to adopt it. We are doing our part and it's up to them if they will catch up because most of those people that I've talk to, they were scared now because they were just looking at the price fall last bull run.

Newcomers usually do that mate. They are not paying attention to whatever it should be because what they need is profit that is why we can see Bitcoin most of the time as an investment. Reality is that Bitcoin is a much better investment than fiat so in my own case I prefer Bitcoin to be used in two ways either in investment or as a payment method as I use it for paying goods and services online.

That's the common thing happen right now, people are thinking  Bitcoin as an investment cause in the first place it is not fully accepted as a mode of payment at the start. But as the days move, bitcoin were now welcome to the community and even small companies where started to accept this, may it could be a way that people will think cryptos are not just for investment but also a currency.

actually bitcoin can be an alternative payment tool, if we are in a country that has hyper-inflation or a country that is experiencing chaos and the country's currency is very unstable, entrepreneurs can use bitcoin as an alternative payment tool. but bitcoin may not be enough to be an official payment instrument for paper currencies because there are various kinds of obstacles that still make bitcoin unable to be distributed throughout the world.

I have been using it for like every month and I can say it is all worth it for I dont need to line up paying bills. Everything is an online transaction by now.
Deliveries and also shopping could be done online, it is just lacking with options.

I hate to say it but it hurts me when I am offering it to people just so to give them ease with bills payment method.
They still prefer the traditional one. Credit cards or cash basis only.

Maybe that should be the question. When are we going to be set free with traditional things.

I got the point, although bitcoin was made to become medium of exchange but since people need paper money to own it then supply and demand rule make it price fluctuates, people see opportunity in it so now people consider it as asset, actually people also trade fuat money to get profit. Even we never see fiat money price stable so bitcoin price will never stable, but it is also accepted as payment methode in some companies, so no worries.

Yes, people felt good to use bitcoin similar to fiat until it was given importance as a store of value. As days passed the potential growth made it more as an investment that gains good return on holding. Now as in the above quote people prefer to hold bitcoin rather than spending on stores with bitcoin acceptance. Possibly good sign of growth is being expected with this kind of market acceptance even though it hasn't got lot of customers.

In my understanding, the main purpose of Bitcoin is for online payment, it's a decentralized payment system with an advantage for the users to enjoy a very cheap transaction fee and instant transaction. That is suppose to be, but for now, it's not happening yet because most people are seeing bitcoin as an investment, hence it resulted to price volatility but these problem will have a solution as the market matured.

Bitcoin nowadays can be used as a payment method especially on online shops. Many people uses bitcoin as a payment because the transactions are smooth and can be payed quicker then fiat currency. In some restaurants here in our country they accept bitcoin as a payment as like as bitcoin atm. Using it as a payment method can save our time and efforts when paying. We can also have a service or have an own shop and accepts bitcoin as a payment.

Crypto currency payments may be possible if the crypto currency has been inaugurated by the government as the applicable currency for payments and transactions because in my country crypto currencies are still prohibited by the government for direct transactions but at some time it will be possible

Well right now the development is quite good from cryptocurrency, some companies actually make their own coins for their payments. and this is indeed very good for current developments

I don't think the price of BTC should be stable. I think it needs a lot of volatility to increase the attractiveness of businesses' investments. But anyway, investing in BTC will never be loss. why? because the halving event always takes place after 4 years and the price of the BTC soars up a lot.
If BTC is available at this bad time, businesses will have huge profits in the future.

Yes, investing in BTC actually provides many benefits besides material matters. Knowledge and insight will be obtained easily and more innovated. One business that has a future is bitcoin payments, so don't doubt the development of bitcoin.

at this time it may not be maximal bitcoin as a means of payment, because it relates to its legality in every country. but many bitcoiners use it as an investment tool because it is profitable, and we hope that bitcoin will soon be accepted as a means of payment

There are already a number of companies that has accepted Bitcoin as payment. Though, This is quite a breakthrough last 2017 or 2018 but despite of this event, There are still some issues in terms of the legality of Bitcoin. Yes, Bitcoin is already known worldwide but not all legally accepts Bitcoin as form a currency or payment. Well again despite of the limitation set by these Laws, Bitcoin (Users of Bitcoin) still managed to move forward and to innovate on it's own. Let's not expect for the rates to stabilize the way we wanted, as it will continuously or forever be in a volatile state.

Crypto isn't just fully established and yet it still on the developing stage.  Since we are still on the process of legalization, we don't expect for its fully acceptance as a mode of payment. It takes times to have that, maybe a year's but we do hope that people will oversee bitcoin as another form of currency and not just for investment.

In the Netherlands and more and more online companies allow bitcoin as payment. Possibly other countries also.
Bitcoin is processed through 3rd part processors but yes it is a valid payment option.

We also need to take into account that there are elderly people who have never used a computer (or internet) and don't want to use digital currency in any form.
The technology is far ahead and it will take a generation or two for it to become the default method and considered "normal".

And gold has been the standard for a long time (way before cash was invented).

Agree that they are companies or retailers online that accept bitcoin as payment or any crypto at all. This should represent future in all aspect of money trade and transfer, but from some point it will take look of time for this to be a reality. Every country have reserves of cash that are back up with gold, and many dont see crypto as reliable asset to invest cuz its not constant in price, or more they cannot control it at all.

There’s a growth everyday in cryptomarket and bitcoin improves a lot compare before. In my country, you can use it as mode of payment though it is still limited but eventually when regulations happen mode businesses will also use cryptocurrency. A market like this will stay for good and bitcoin will be more valuable in time.

yes it's good for you in a country where the government has legalized bitcoin so it's possible to make transactions. the problem is that in the country the government doesn't want to legalize bitcoin

I agree.Bitcoin is really intended as a mode of payment and not more of an investment like most of the people now are thinking.But knowing that most of the governments in different countries are not yet ready to adopt and legalize bitcoin so people prefer to make it as an investment wherein they can make good profits out from those potential bitcoins.But hopefully in the next years ahead,bitcoin will be used already as a tool for payment system.

The government is still in learning and it must be able to enter the government list to continue to be considered, or approved for the future of its people. Bitcoin is able to provide many benefits and very practical tools for payments in any business. Surely many countries will use it for the country's economic progress and future.

but some countries still do not accept and do not give legality to the use of bitcoin and I think this is really very unfortunate because the country cannot accept cryptocurrency-based digital currency technology that has very high security compared to the use of other currencies.

I think it might remain this way until Bitcoin on its own has a stable price and have now been well adopted worldwide as a payment method.

Lots of people actually started bitcoin because they see it as an investment that would increase in value, many believed solely in it because they’ve witnessed the great value increase their early Bitcoin brought and convincing those ones to rather see it as a payment method at a stable price alone without any other benefit might be difficult.

Yes, the wish of everyone that it becomes generally accepted because that it the time the ones hoarded will really add much value.

This is basically what will make adoption go up, the more places that accept bitcoin as payment the more common bitcoin will get and the higher price will get. People will keep on buying bitcoin and less people will sell bitcoin since instead of selling bitcoin you can just spend it and the person who receives it could potentially sell it but can opt for keeping it as well which is better than the current version.

I have been accepting bitcoin as a payment for over 5 years now and I can assure you I will continue to do so because I am the type of person who would prefer to get paid in bitcoin than fiat, fiat seems illogical to me and seems too much controlled whereas bitcoin looks like it could be the way out of this financial doom we are getting closer and closer everyday.

You should surely go through the Whitepaper of bitcoin. Bitcoins are been meant for a number of online activities which includes trading, mining, gambling, etc. Purchasing commodities with bitcoins was not expected for the long run as we all know the centralized systems are always an obstacles for decentralized currencies.

Yet, there are some stores who do accept bitcoins as a mean of payment. Bitcoins are been utilized fully as we are doing them now. We can surely expect a better valuation ahead but the use might remain constant.

I think the volatile nature of Bitcoin itself is what makes it more interesting to have; it’s the termed the digital gold and merchant/investors like to have something that can be sure of increasing in value.

If Bitcoin price becomes stable, there will not be much profit and this might really not be so encouraging. While some need the price to be stable, others want it fluctuating because aside buying to keep so it increases in value, others are still trading and doing other businesses with it. So, it’s true that the mass adoption is a pressing need but having it to be stable at a price is not what is required.

Merchants will chose best way for them to sell the products.  Most secure, cheapest and with least problems.  They will and are on the head of adoptions. Not people. Not buyers. People use it as an investment right now since it is also useful.   Chinese owners of hydro plants used Bitcoin as a store of energy.  Bitcoin is just so cool to have many use cases. That is why it is so valuable.

Only few countries and their governments were still restricting the use of crypto but majority of them are now already legalizing and supporting crypto .   besides , the government is not the one that decides on whether a merchant and the people ( costumer ) will use bitcoin or not because a government does not hodl the entire bitcoin  .   we can still transact feely online and no can track us there  compare to when using bitcoin in offline markets  .

They misinterpret the real purpose of having a bitcoin, I agree that it's being used in some transactions and also for the development of advanced technology.


That's why some countries require the participants to perform KYC because they needed the information of all the people who uses or having a transaction in the blockchain. I salute to those countries that still supporting cryptocurrency as one of the payment because it's more reliable that you're walking around your device, and in that device, you have all of your profit. Decentralization is the best factor/advantage that let people be more innovative on creating other assets.

Bitcoin is really important for our furture because of many reason. Accepting bitcoin in many merchants are now happening around the world, its getting easier to own and use bitcoin so I’m very confident on the future price of bitcoin, it will be big for sure.

I am prefer believe bitcoin will become store of value or digital asset like gold in our real world. It could used in merchant but with i am believe banks will oppose this and central banks must be want to create their own cryptocurrency or digital money

Other bitcoin or crypto are indeed worthy to be used as assets for the long term, if there is still a lot of payments to receive payments, this is easily controlled by the government. Crypto is very suitable for personal assets for peer-to-peer systems for individuals and only a few companies accept it.

big company start to accept bitcoin as their payment system.and mass adoption moment i think will be no longer again realized , since much government start to test and analize blockchain technology.

We should not expect the stability of price of bitcoin and other cryptocurrency due to every different individual there are different purposes some are trading some are selling and buying therefore every moment that it happens the price will move. It is not like fiat currency that is why they cant see bitcoin and other crypto will help the payment method of everyday transaction.

with the news that you submit it is a very good and advanced development but in my country the crypto currency cannot be used directly because of that transaction to make payments cannot yet occur because of the ban

Lets just admit that majority of people are engaging themselves in bitcoin because of the fact its a good investment, the opportunity to earn is the reason why we take advantage the high volatility of its price.

We cant coerce the investors to use it as a means of payment for goods or services because we have our own way of thinking and we have our own will what do we want to do with our bitcoin.

We might not in the right path of how bitcoin is created but that's how it is, its up to us how we're going to use or spend it.

It was designed to be used for buying, selling and investment (holding or saving) purposes. I don't see why it should not be used for both purposes.
Did the recent stability increase the adoption/usage of Bitcoin for buying and selling?
I guess there are good reasons why the deflation is allowed in the first place.

To make the payment of Bitcoin is possible in all field it needs support from the both side like buyer and the seller also need to accepted as a legal currency to buy and sell if it possible making the Bitcoin for payment we will be more easier and also the online shopping will definitely need to accept Bitcoin as a payment way it will be the first step for getting more stronger payment.

yes it needed to accept legally in every place for making the payments and it also had some benefits with it if we had to make the Bitcoin as a payment then the economy also been developed with the development of the payment method so I think it will be acceptable one

Bitcoin will accept in any place and any merchant and the obstacle is on government regulation. Many country ban bitcoin if used as currency in merchant because afraid if used for money laundering. Beside that, internet infrastructure important if want to mass adoption

it is the most awaited thing for everyone, especially bitcoin users around the world. imagine being able to buy food, drinks, and cigarettes using bitcoin in a simple way is the most awaited.

I don't think Satoshi designed bitcoin for holding purpose,the main reason why he invented bitcoin is for making transactions on our own without third party between the sender and receiver so it not meant for saving hope,but it is decentralized so no chance for inflation so we can hold it as well if we want but it is risky though.

Bitcoins will hardly be considered as a liable asset because the governments from most of the countries are running behind banning bitcoins and all related altcoins. Bitcoins are used online onto various exchanges, websites, etc which keeps them a bit away from centralized currencies.

The day bitcoins will expect to rule the globe, the centralized systems have to stand on their knees in front of bitcoins and it won’t happen that easily. Bitcoins do not posses the qualities of a liable asset unlike gold, etc.

it is an advantage that is obtained by using crypto currencies and maybe crypto currencies are created to keep up with the development of the economy by using the development of time and technology

Maybe just a year won’t be enough for bitcoins to establish their legalization. Bitcoins were been launched in the late 2009 which now makes them 10 years old but yet we may call them in the developing stage as even not all of the bitcoins are been mined until now. There is time yet for bitcoins to get fully developed and perhaps after they are fully developed, they might be legalised and then we can use bitcoins in nearly each purchase.

Stable BTC? sounds terrible.. you mean stable like 'stable coin'?

If that will happen now, I guess it will be really bad.

I am not saying that I am not looking forward to it but the idea of paying or buying food, drinks, and cigarette or maybe a chewing gum then paying for the fee of using or transacting Bitcoin, that is really bad. Why would you use Bitcoin just to pay those, you will spend more than paying in fiat with some spare change. If that will happen, they should remove the transaction fees that are really impossible to happen.

I hate that this is happening. Chess.com used to accept bitcoin, after they stopped doing that, they have now started accepting bitcoin cast. I am not sure who convinced them, but that is just bad.

why its bad , is it good for bitcoin adoption.if more merchants start accepting bitcoin as their payment i am sure i will create new demand and effected on bitcoin price.

Actually this will be the choice of people whether they are interested or not to make the investment because until now it is also not a problem and the risk is indeed large and the price of the value of bitcoin that occurs at any time

in general and by using the times and crypto currency technology was created to facilitate its use but all that must be with the legality of the government in my country direct transactions with crypto currencies are prohibited by the government

it may still require a process and a long enough time to make crypto currencies will become more developed and it is true that the development of crypto currencies depends on the legality of the government that can make all payment transactions possible

We should have to wait for the right timing, cause we want to make it right. Crypto isn't fully recognized globally and yet, there are some places were crypto is still not known for them.
But the good thing happen with is that,  some companies where accepting this as a mode of payment and some countries never restrict using this one. This is one way to make others follow crypto development and it's acceptance.

The other day I read on reddit that some dude was capable of sending and receiving money with %1.5 total to his friend in another state of usa (he was also in usa state) but it cost him 3.5% total on commissions to get bitcoin and send him money.

We all love to talk about how cheap the adoption should be and how people are getting ripped off by master and visa cards and so forth but we forget one eternal truth, financial world is greedy and even tiny 0.1% of something that brings in billions of dollars is big.

If you have 5 dollars and want to send it to your friend you can do it without bitcoin quite cheaply right now, it costs a bit but nothing major, same goes for anything like 100 dollars or so. It is a challenge when its worldwide tough, so from one country to another its a deal breaker. Nevertheless, when it comes to bitcoin you need to first have a bank account, send your dollars to your bank, from bank to say coinbase than from coinbase you change it to bitcoin than you send that bitcoin to someone else, all combine costs a lot.

I think most people are used bitcoin as investments than payment because bitcoin is not accepted in most global transaction and there is a lot of regulation that make bitcoin hard to use as payment

With the price of bitcoin fluctuating, currently in my opinion bitcoin is not the right time to be used as a payment method for transaction tools, because the price of goods being promoted can change or be unstable because it will adjust the price of bitcoin.
and I think many online or offline stores find it difficult to provide a fixed price for now.

I think the reason why bitcoin can't be the standard mode of payment is it is too volatile. If we want to use it as a payment it has too be stable and that it is the difficult part, we don't have any control on it.

It seems to me that the faster large companies start using Bitcoin as a payment method, the better it will be for all of us. In fact, many companies, if they still do not accept Bitcoin as a payment method, then at least go in this direction.

indeed along with the times and fiat currency technology will change but the provisions remain in the hands of the government that regulates it

No thats not a requirement, I can send you Bitcoin right now and you can receive it in your own private wallet just fine and no real cost barrier.    All these websites are not bitcoin, they are 3rd party handlers and mostly centralised a weakness to the system.    Convenience is the reason why people take this route but its not an actual requirement.

I could send you bitcoin but why would I, we have to have to gain a reason to trade and that is possible for us to do without vast paperwork and hitches along the way.   I'd agree there isnt enough of that and too much of the website stuff

Exactly, there are many people investing Bitcoin and treating it as an investment because many countries still not accepted Bitcoin as a payment option. Until it is accepted it is better to hold and start trading Bitcoin in the market until Bitcoin is accepted as one of the payment options.

But it must be used bitcoin in the payment system to circulate the price and it takes more transactions that also contribute to gain profit on miners. However, this is now the instinct of people that they might keep their bitcoin and consider as an investment because they can earn more profit when the price goes up. I also believed that the more holders make the supply less, more demand and less supply that makes bitcoin expensive price.

Bitcoin is considered as a method of payment in some businesses, although it is not very common nowadays. Although popular companies around the world are not currently using this method of payment, I know that some mid-range businesses and many small businesses receive payment by this method of payment. I think that the main reason why big companies do not prefer this payment method is price change and speculation. Companies may experience accounting and financial difficulties due to continuously changing prices throughout the year. In the coming years, if the volatility in the price changes decreases and the price becomes more stable, it will certainly start to accept Bitcoin as a method of payment. Even if this technology is spreading faster than we expect, we can see that payment is accepted with other cryptocurrencies.

In your thinking you are right, but you are adding one more step when you describe the transaction that it made with bitcoins. And this is the conversion to fiat which makes it more expensive in your example.
With mass adoption you will not have the need to convert your crypto to any fiat because you can send-receive bitcoin instantly.

You also describe a transaction into the US federation. Have you considered the cost of transferring USD to AUSD and the costs for converting from the one to the other currency?

Apart from lack of acceptance, volatility and scalability are the biggest and boldest hinderance right now, we all want mass adoptions, means of purchasing, profits etc
But right now due to its volatility, profit through buying and holding looks the most feasible, it's no ones fault really.
If the bitcoin could be stable and carry out more transactions speedily then adoption would be easily integrated

Exactly! Bitcoin has different functionalities and serves with a unique purpose. Many counties in the world have already started to legalize bitcoin payments. It allows payments to be done internationally without having to worry of any conversions and aside from that its transaction fees are very low compared to credit and debit card purchases. It provides ease of transaction, no taxes on purchases, and lower risks for buyers. It may not be widely-adopted for now but I believe that in the long run more people will become fully-aware and educated of how beneficial Bitcoin is, realize its real value despite volatility, and regulations of Bitcoin in most of the countries will come into place.

Not sure why you haven't read the whitepaper. Even the abstract on page 1 is enough to tell you what it's all about, though your little understanding seems to be a lot closer to home than what most people know.

For me it's really as simple as it sounds. For Bitcoin to enjoy even more success (yeah I actually think it's already a success even though I still see it as an ongoing economic and social experiment), it's down to us to accept it and use it. Not only by accepting it as payment, which is easy enough, but to also want to use it to spend and pay. Make your desire to use Bitcoin to pay known and it's more likely to be accepted by others.

this problem has been around since the beginning of the year of bitcoin, and is very stale to talk about this problem right now,
many people have suggested that it doesn't matter when a new platform appears, all we need is acceptance from many stores

It is problem but now it is solved in several places as people are adopting this system of payment, I know when something new comes to the market it takes time for people to adopt it and to accept it, but gradually and with passage of time things get better, so in my city number of stores have crypto payment services.

Something can only be used as a mode of payment, if it has value. Nobody will let you pay in something if it is worth nothing...they want to exchange goods or services for something that has value.
Gold is something that had value, and that is why it is used as money. It too also has people trading it and making profits on the pricing.
The bitcoin price has become much more stable over the years, and will get more stable as time goes on, and it becomes more wide spread.

I am of the opinion that accepting Bitcoin as a payment option would facilitate it's price stability, and not the other way around. Yes, it has become more stable, but is still has speculative value and would remain volatile until it is pegged to real products and services.

Yes  it is mode for our own benefits and it is able to give us good result as currency and as investment too, bitcoin is best technology which is like great it made our life easy and it will give our country new time of development, it is good for long term holding so that it will increase in price which gives profit.

Indeed, Bitcoin should be used as a payment method, if viewed from all-tech developments it makes everyone not have to bring cash in transactions on the market, this is quite beneficial for all parties if done.
What else is there now a lot of criminals, robberies, etc. with the passage of the method of the pre-paid bitcoin system is safe enough for everyone on the trip or trading.

It should be used as a currency and not alone as an investment assets, this system can help the industry if being implemented and adopted everywhere, transactions can easily be done and every people around the world will benefits, it's a convenient way for such alternatives with bringing physical fiats or using cards, if bitcoin will be adopted it will bring new type of payment process,.

If bitcoin regulated in many country as currency and able for used in merchant, perhaps bitcoin can useful for tourist because its more secure and flexible. But i think bitcoin will become digital asset because government must be wont lose control on money supply

in several countries bitcoin already accepted as currency, they could spend their bitcoin in several place ,usually in tourist attraction.more place accept bitcoin it will bring new demand to bitcoin.

To back up all these claims Brazil had started using bitcoin as a means of payment in their movies industries definitely this will motivates other sister industries to follow the trend by making provision for digital payment in form of bitcoin, honestly with all these various positive adoption of bitcoin solidifies or reinforced the fact that bitcoin is gradually gaining ground and it will not take long before its fully adopted in many countries.

Eh, I've thought a lot about bitcoin and its utility as a currency, and while it certainly works (I've used it to buy things a number of times with little trouble), the general public really has no need for a cash substitute as long as that cash has value.  In addition, everyone gets paid in fiat; goods & services are priced in fiat; and unless you somehow end up with bitcoin in your lap, you have to go out of your way to buy it with fiat.  It therefore makes no sense for the average person to spend it.

I'd say for most bitcoin/crypto enthusiasts, bitcoin has more value as an investment due to its volatility, and you'll see that most members on this forum are always hoping it'll shoot to the moon, and less often you'll hear about how its used as money--though people here definitely do use it for buying things.

If and when we get a hyperinflation situation, it might be useful as money but more likely we'd just use another currency that wasn't devalued.  Venezuela is going through that right now, and I don't think the typical Venezuelan is using bitcoin for their grocery shopping.  I have heard stories about crypto being used there, but my impression is that it's not particularly prevalent.

But hey, keep at it trying to get people to use it.  The more people who do, the better it is for all of us.

We don't need to have regulations to use Bitcoin there is nothing stopping us (or merchants) and we don't need regulations to see mass adoption. It will come from people themselves, whatever because they're looking for an alternative payment system, financial privacy, or they're interested to save up on the fees, are unbanked, ...

Adoption is termed as a major necessity for the acceptance of bitcoin as payment by most people, but as stated in the above quote bitcoin as a payment acceptance needs to begin from each and every user who wish to make use of bitcoin on all their regular needs. In specific people who are using bitcoin as well having their own physical business needs to begin accepting bitcoin onto their services which will also contribute good.

Well let's face it, regulations will help get confidence from investors knowing that their money can be backed up. I know decentralization and anonymity are big factors for crypto but certain security risks come with it. And governments will always have a say whether we like it or not so might as well just find a common ground.

They are lucky who are holding it, because as time passing crypto currency is gaining value and importance so in shoes and markets digital money will be acceptable and real or fiat money will lose value, in several markets when you go for shopping they will first offer you to pay with digital money because it is our future, holding your money as crypto saves your future.

There could be means or methods to use for the acceptance of Bitcoin. The transactions you are talking about which is a difficult task for  a begginer or a common individual who does not have ideas about it can be a real hindrance for usage and acceptance . Exchanges can make this simple using third party softwares to make things even simpler.

I agree in particular with your submission.
I could remember when I was new to crypto....my friend that invited me to crypto spent considering amount of time getting me conversant with how to use blockchain and the rest.
I must confess that the task was daunting and frustrating to say the least because the whole thing looks foreign to me.
What I am saying in essence is that, for bitcoin to attain the position of a payment medium.
Theres the need for proper education .
I think there should be a course on blockchain in our colleges.
This I believe would drive adoption.

In my opinion it is indeed quite good and suitable when we see that bitcoin is used as a payment and also bitcoin as a preference or other payment option, but the risk is also quite large also because the decline in the value of bitcoin or increase is also quite large

Wasn't bitcoin used to close transactions you had in deep web?

I think when all countries have used it or legalized it, it is certainly not as volatile as it is today, because the volume has been spread and of course the price will be very expensive. and at that time of course bitcoin can be accepted as a means of payment.

Bitcoin is not the fastest nor cheapest cryptocurrency after all!


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Reference: https://twitter.com/APompliano/status/1105864295928291328

We only appreciate bitcoin as cheaper during market downfalls, and with it's faster transactions on blockchain I think acceptance is always possible in every country. Before it begins to happen, people need to be more educated with all it's advantages to human needs. To make this acceptable, government also should allow cryptocurrency activities to merge with fiat economy. When this will begin to be implemented, there's a lot of adjustments needed in order to fulfill this matter.

Yes.Once bitcoin will be fully legalized in all countries,its price will surely be stable already.Volatility will not be an issue anymore.With that,there will be more merchants who will accept bitcoin as a mode of payment knowing it has an expensive value.It is only today that bitcoin was made more of an investment since bitcoin is not yet adopted as a payment system.

Not only as a means of payment but it is also used as gambling money. Nowadays, Bitcoin has many usage through online transactions that's why it is very vital in cryptocurrencies success over the years.

Although some companies and businesses have set the pace in the integration of Bitcoin into their payment systems, others are scared to do so because it is not legalized in their country. The issue of Bitcoin being accepted as a currency must be tackled from the governmental perspective because people are ready to do and comply to whatever the governments bring onboard. I believe there are many in here who are in governmental positions and can advocate for Bitcoin on this. It is time to break the long silence and advocate tirelessly for Bitcoin and with this, most of the governments, if not all, will accept Bitcoin.

There are plenty of merchant who accepts crypto as a payment even a supermarket,
The big question is are you willing to pay with crypto?
Most of us are happy that more and more merchant are accepting it,But some of us aren't really going to pay with crypto some of us see's it as an investment not us a currency for such transactions.

Didn't you know that it is currently being used in various transactions in sites that accepts this kind of service such dark web, etc. Moreover it cannot be used in payment such as salary for employees. Bitcoin's price is too unstable the employee or the people at work will be disturbed that their money can change anytime with no guarantee whatsoever. But as payment for items or anything that can be bought by products is still acceptable.

Yeah it merchants are using bitcoin as payment so it is sure the receiver will accept it that’s why they are giving, I am good at using bitcoin for paying to buy things, here in my places it is being use even in local stores and internationally now bitcoin for value as source of payment, as it is good and safe way to pay for our needs.

Bitcoin has been widely used before since it was first being released by Satoshi, and we know where it is most often being used since there are no qualified regulations before it is being used as a payment in the black market due to its anonymity. But today it is being used as a payment for something and can be traded with fiat also and used in gambling too. Look how Bitcoin is being accepted around the world.

We would keep advocating for the adoption of Bitcoin as a payment method but for now it is best used as an investment /trading medium.

I think one of the reasons there’s still difficulty in some countries accepting it as a payment method is because of it high volatility and this cannot be changed. Like you have rightly said at the end of it all, irrespective of its volatility, people would still accept it for its value and would have the understanding that the volatile nature itself has a great role to determining the value.

The main idea behind bitcoin is a ro create  a decentralized mode of payment and shift the world economy from the rich and make it accessible to even thr poor and middle class. Bitcoin adoption will take time but its gradually happen and sooner before we know it will go mainstream

Didn't reach much adoption yet,we still not reached even 5% of total transactions happening all around the world so there is something wrong with the people who uses bitcoin currency which is that we call bitcoin as investment. :(

That has happened when this country receives crypto currency as a currency that is frozen and the legality of the crypto currency has been recognized by the government as the applicable currency in the future and can be carried out throughout the country.

less people use bitcoin as payment, and many people use bitcoin because it have unstable price that taken the advantages to make money. but, now, many country accept bitcoin as payment, it mean bitcoin trusted as payment. and that service available in store that make easy bitcoiner.
there are two group with different utilization to bitcoin.

You're right, that's the main reason bitcoin was created, that is as a medium for buying and selling transactions. However, along with the emergence of various bans made by the government, then a smart mindset was born in their minds specifically users and took the initiative to use bitcoin as a trading medium and investment assets.

I agree with you because P2P has been the most ideal and effective way to transact, in this way we will be safe and far from the reach of third parties and without being highlighted by the government. When viewed from the history of the formation of bitcoin prices that are independently fluctuating (only formed by the trust of its users), So, I think the value of bitcoin will not be stable.

yep , the 1st thing why bitcoin made is to make "new" payment method that secure and anonymous , but right now most people just buy it as assets and investment

Now this is the case, in the case of countries with high inflation, much more is applied.

Not only are they used for goods and services, many times in my profession they have offered me bitcoin and altcoins as a means of payment, which I like, because when analyzing the price of bitcoin today it is low compared in some years, which it can be achieved in terms of price.

And people often do not have cash, they prefer the convenience of doing it digitally and with a transaction that is quick and that in a matter of minutes they will have the funds in their wallet.

In some commercial stores where they sell clothes and household items, they also use Bitcoin as a payment option, little by little this culture will become generalized. In fact, the main reason of the whitepaper is to create a totally decentralized economy where governments or third parties can not intervene, and according to many books focused on cryptocurrency, they emphasize that the world economy will be heading little by little towards this trend.

Bitcoin is still far from its goal as a payment tool because most people involved in cryptocurrency apply Bitcoin as an investment medium. They prefer to take advantage of the fluctuating nature of Bitcoin rather than using it as a payment tool.

Yeah we know it, actually what many people want is to use bitcoin like using fiat, can be used in offline or shop around your house. Buy food with bitcoin, electronics, pay bills, and etc. I realize it will take a long process, but I really hope that happens

Correct, the real essence has been forgotten or not even learned by most of those who are playing inside, instead of using it as payment tools
most of investors use this venue to buy an assets and take advantage of this situations, shorting or even those who bought for long term goals
are only aiming for investment benefits and not to completely use the system for future development.

The development regarding bitcoin as a mode of payment is quite slow in the outside world apart from those in crypto sector, because in crypto sector bitcoin is one of the most commonly used means of payment to buy other coin. So regarding the mode of payment, bitcoin is fighting to overcome the barrier of such, some merchandise outlet online are now accepting bitcoin as a mode of payment but I think more development needs to be done for those offline and with this institutional investors and governments are the major player to see this happening.

The questions is that can we change that?  It was not primarily establish to serve as a mode of investment and profits but keep third party out of financial transactions!  We the enthusiast has changed that in the mind of ordinary people by advising them to buy and hold and in the long run make good profits from their holding.  I think we can educate people on how to used bitcoin for transactionary purposes and how both the retail and wholesalers can accept bitcoin as a mode of payment on the sites and business premises.

Yes indeed it is good to use it for long term investment but if we need we can use it for long term, fluctuation of bitcoin is good at the moment because it gives us chance to buy at low price and sell high price, but payments are available at stores online and off line payments at market places. I recently have bought some domestic goods for my new home.

Although I want to believe that Satoshi created bitcoin for the purpose of making transactions with it as a payment medium.
But definitely not on a large scale .
If it we're to be on a large scale, he could have make available measures to see to it that the volatility of bitcoin is reduced in order to make it even more stable for use as a payment medium.

It is the aim,to be one of the mainline payments on the world, but that aim is no where near if you are looking into it.Bitcoin has a very very long way to go to achieve this kind of stuff,theres still alot missing to be qualified for it

Bitcoin is not used much often for payment of goods and services as it should because of the high volatility nature which is cannot be changed because the price is determined by the cumulative daily trading trend of traders on the market. Some of the governments are not accepting it because of the lack of regulations due to the decentralized nature of Bitcoin. This is why there has been a paradigm shift from the currency aspect to the investment aspect of Bitcoin because the volatility nature has made it more profitable if one holds Bitcoin for some period of time as the price rises.

Its peer to peer transaction and i think its different if we used in merchant. If we want merchant accept bitcoin as payment, i think government regulation needed because merchant must be wont againts law.

Bitcoin will never be used as a way of payment. It is a digital asset for storing value and many people have conceived it as this.
Imagine is people in the real economy was paying with gold for buying things. No one would ever do it as gold has bigger value and lower risk compared to the good that they buy. The same happens with bitcoin as it is the digital gold of our generation.

That is false, satoshi create a currency that was decentralized so it was impossible for any single person or institution to take control of it and impose their views, satoshi wanted bitcoin to scale and be used by as many people as possible but he wanted to avoid a centralized control because that will mean that eventually someone will abuse his power, if the volatility of bitcoin is big is because bitcoin is still a relatively new technology and the devs are still going through the process of figuring out how to make it scale, once that is solved and several decades pass the volatility will probably decrease to more manageable levels on its own.

Agreed, though the market is decentralized people when a certain number of users hold the majority volume it is possible to manipulate the market. Just through the same the network won't go centralized, but there will be some factors found on the network similar to the centralized system. Volatility, which is the key factor with decentralization. In my opinion when the markets volatility is getting to be stable it can be termed as bitcoin is losing its uniqueness.

there are still many shortcomings in bitcoin, but some people have accepted bitcoin as a means of payment. even though this is still not legal, I think people have started using it on the internet. I just think that bitcoin still does not meet the requirements to be used as a means of financing, but is very potential in this regard.

Look at that from a bright side, where bitcoin was 10 years ago? Where bitcoin is now? Would you sell something for bitcoins? Would you buy something with bitcoins? If you don`t have bitcoins and you want it you can sell something for it, if you are earning bitcoins you need to spend them somewhere, this circle is getting bigger with the time. Ask yourself would you participate in that circle, would you recommend it to a friend and family? If answer is yes, community will grow.

Yeah, I think the only problem is the high volatility of bitcoin price, but I guess isn't a big problem as bitcoin is so valuable crypto and also so good for long term investment. I think acceptance bitcoin as a method of payment is so good for the community and for bitcoin itself. I wish that the use of bitcoin will increase more in the next few months, so automatically we will see a high increase of bitcoin price.

The more bitcoin users who use it in the real world, at least used as payment in the shop, will certainly make bitcoin more often used not only as a place to invest. No need to doubt the price if Bitcoin is more applied in the real world and get positive feedback from people, of course, it also affects the value of bitcoin in a better direction.

Well when it comes to acceptance, i think within the community there won't be any problems. We all know that the value of the payment you receive today may be several times higher in the future. It's how we make those outside the community understand that.

Some level of manipulation will always exist since it is human nature to try to get any advantage they can, however in the case of the whales they have gained that right by holding huge amounts of bitcoin, so even if you do not like them they deserve the power they hold since they earned it in a fair market where everyone had the same opportunity to enter, however wall street will try to get that kind of power over the market without buying any bitcoin and that is the kind of manipulation we must resist.

I totally agree with your point but many of us has turn the system upside down and beginning to see it as a system created for profit making, we need to start embracing the main purpose for which it was created and I think that will be the only booster to its stability.
Honestly, I think another problem we might have in filling this missing gap is the whales, they really need to be flushed out of the market, they are affecting the stability of the coin with their manipulation and with this, the payment purpose of the coin will be defeated.

I believe that the answer to your first sentence is yes not withstanding some other factors that were part of primary objective for the creation of crypto currency (Bitcoin). In your second sentence, Bitcoin is not just only created just for transactional purpose because what ever serve as a means of exchange for good and services has value and value in finance is not meant to be stagnant.
Finally, Bitcoin stability depends on the adoption by the people and not something that one can manipulate it.

In your first submission you admitted that you have not red the white paper of Bitcoin but here you are so optimistic about the reason for which Bitcoin was created. Are you sure that was the main reason why Bitcoin was created?