Bitcoin Forum

Or will it one day be truthfully utilized for day-to-day life like paying for meals?

Definitely this is going to happen for sure people will use bitcoin as a payment system for every purpose, like buying everything for human needs and we are all set to go in couple of years the reason we are lacking behind is still many countries have not accepted BTC as a legal asset. Due to it's high popularity things will change in real quick time and the government should allow it's public to use btc with full freedom as a payment gateway, if things goes well we are going to see a new generation of technology.

I'd like it to be tbh. Well, it should happen in the long term since there should be a point where there wouldn't be really any point in investing to profit, but instead would turn into a safe asset instead. Still, spending it as day-to-day would only be a minority, and most of its usage would most likely be international transfers instead, since it's a lot more used that way, not that paying with daily expenses usiing Bitcoin wouldn't be used. It's clear that multiple payment methods would always be a thing, and wouldn't really be frowned upon since it's rather easy to see that it benefits everyone. So I doubt a payment where Bitcoin is solely used, or Bitcoin is solely banned would happen in anyway, hopefully that is.

For now since the volatility is so high then we can assume that this will be for investment purposes for now, but provably in future once the risk will be minimize due to this matter for sure we will see it listed as options on fast food chains and others. So let's hope that more good times especially with more good price projection in future so that we can see this happen.

I start to believe it'll remain primarily an investment vehicle.
LN should have made it a coin for everyday payments, but I think that its version "for everybody" will be available too late. And by too late I mean that since the institutional investors are also in, by the time it should be use for everyday payments it'll have quite a "lack of liquidity" (even knowing that it has 8 digits after the decimal point, this could be an issue, for example when banks will buy it to replace gold)

when it is generally accepted by all government of the countries in the world to use btc as a means of payment only then will people see btc as more than just an investment vehicle, for now even though some stores (both online and offline)  are accepting btc, the acceptance is still very limited, there should be mass acceptance of btc for day-to-day buying, this will change the perception of people to see btc as an investment purpose only.

Because of bitcoin's promising nature and volatility, I guess it will remain as an investment or "safe haven" for now. Many users rely on bitcoin's enticing value over a period of time, hence, majority are investing on it even those who talked bad about it before they knew its benefits. It will always be good form of investment compared to fiat currency because it is safe on inflation. However, it possesses risks as well because of varying price depending on season.

It can upgrade and be more than just an investment if majority would start using it and it would be widely-known and adapted over different countries and states. It can be an alternative currency if ever the countries would dive and take the risk of welcoming the bitcoin community in their place.

Like it or not, the largest part of bitcoin's popularity comes from it's investment prospectus. As an investment tool, trading comes hand in hand as for profiting from crypto investment, the general way is to sell them.
With occasional bearish and bullish trend and oscillation even when the price are sideways, bitcoin would always be a trading coin and this simply can make bitcoin live for ever.
With it's core techonology, I don't think it could compete with new tokens to act as a merchant payment coin for day to day transactions.

I only believe Bitcoin is such coin which one day will recover if it goes down for temporary period. Now Bitcoin price is volatile and should be cautious in new investment. It can either dump or pump from this point. But in future, it's popularity and demand will increase also. So investment isn't bad idea if you want it for long time but if you want for short time, i will suggest you to stay away from new investment for the next few days and keep it on your observation.

And I fully agree, this volatility of bitcoin makes it attractive to investors and new traders alike. Since it is easy also for bitcoin to liquidate, and becoming popular day by day, bitcoin become the number one choice to invest. You can check this in coinsmarketcap rankings, bitcoin is always the no. 1 cryptocurrency of choice with billions worth of market capitalization.

I think bitcoin were merely made as an investment vehicle and so far i didn't have any suspicious where else does this suitable for since we are been used bitcoin as an investment. So far nothing regrettable to those who have decided and didn't doubted to invest in bitcoin way back when this was in its starting point. And who would've thought that this might go this far a cryptocurrency hitting a $17k value.

Nah, the majority of btc users are hodlers, they choose this path because seeing your btc stash grow in value in the long-term outweighs the need of wanting to spend your precious btc in day-to-day stuff or any other .

unless there's some benefit for with BTC (like 30% off if u pay with crypto or earning some reward), the majority of people will not sell-off their coins.

You are like asking about "whether one day bitcoin will be legalized as a means of payment globally?".

Bitcoin legality needs to take precedence before discussing adoption and implementation. We do not want to take risks if the regulations are not fully supportive. Moreover, the Seller cannot expect much on bitcoin if the item to be sold is low(say <$50) and is also available for fiat payments. They will have difficulty determining income.

This is the dilemma everyone is having for the past few years when they have so many options to pay their meals i always wonder why would everyone be so adamant that they want to deal with bitcoin for day to day usage for micro transactions, yes you can do micro transactions with lightning network and ask your meal provider to start one lightning channel so that you could pay him using that  :P.

Bitcoin is considered one of the most valuable asset in the world and it does not even have a physical form. People currently believe that bitcoin can give them profit by investing their money in it. I cant predict exactly what bitcoin will become in the future. But it is indeed that bitcoin is hard to be used in our daily life. Low supply (moreover, many bitcoins are lost so they remain inactive forever) high fees, slow conformation are the reasons.

Though, bitcoin is trusted as digital gold. Therefore, it can be used as a bigger scale transaction which can be worth millions dollar. There are many advantages of bitcoin and as users, we habe to understand how to utilize it. But definitly i does not simply use my bitcoin in my daily life. It waste my time and money.

It is a process where the value of Bitcoin is high and its demand is also getting higher day by day. Bitcoin is also used to pay and if the government wants then it can be used in a payment gateway to pay publicly. Because it is not widely accepted for use with freedom. So the demand can be increased if it is accepted all over the world.

We can't know the future,but bitcoin had a potential.So we can expected the bitcoin will be the fiat as like a dollar.It was wish of many bitcoin traders.Many people buying bitcoin from 2017 pump.After 2017,lot of pump and dump in bitcoin price.We should use both pump and dump to inverse your money in bitcoin.

I think bitcoin will never be used for day to day payments. 

We see that states (for example, Iran) and large corporations are interested in bitcoin.  There are very few coins (18,000,000 coins). 

At the same time, the number of Bitcoin transactions is limited by the block size (hello, Bitcoin Cash!).  An increase in block size is detrimental to decentralization. 

Bitcoin is the perfect reserve currency.  Since Bitcoin allows smart contracts, Bitcoin tokens and digital assets can be created. 

The main use case for Bitcoin in the future is not money, but protocol.

I use bitcoin right now as a means of currency all of the time.  I buy and transact with both friends and businesses.  Yes Bitcoin has become an investment, but it's inherently not one.  It's harder for people to see this during bull runs like right now where it's expensive and slow to transact, but often this is not the case. So the answer is we are already there.

Until it gets used on large number of micropayments we can't prioritise bitcoin to be used on day to day needs. Upon the same it is true that bitcoin serves to be an investment vehicle. Maybe in the future things can change when people get awareness of eliminating third party and get the support of government making cryptocurrency usage legal.

Bitcoin is a cryptocurrency which slowly progresses over time and I'm sure that in the future there will be more and more applications of BTC. Paying for meal (as you stated in your original post OP) is something that already some food chains are doing. I'm pretty sure soon some of the biggest online marketplaces will start accepting Bitcoin as well just like PayPal added BTC.

Yes, many countries never still believe on bitcoin investment until during pandemic when the price of bitcoin was going up every day by day, that was causing other cryptocurrencies to decrease in the market.
Bitcoin will always remain an investment vehicle, that can lead people to achieve their goal in their businesse. Bitcoin price is still encouraging many investors who think the vehicle will stop, during the pandemic which is still increasing in the market, that is causing bitcoin investors a great profit from their investment. Despite the year is coming to an end soon, it will be difficult for bitcoin to dump since some cryptocurrencies are preparing to improve base on the loss many of their investors experienced where the price was decreasing in the market.

Main key I think is regulation of this technology which is still sketchy at this moment since its nature is decentralisation.
If I will view how future looks, third party networks will trigger regulation of this technology, but still not certain of such thing "+'coz development is a process. But if that' s the case, Bitcoin and other cryptos would more likely used like" normal" digital currencies being used nowadays across the globe. And if its market value will still be volatile, it could still be a form of investment, we just cannot be sure of as this early.

There are two main function of bitcoin as a very prominent decentralized currency and the first is as a payment system and the second as a tradable asset. I'm not going to go into detail about these two main uses of bitcoin as I think you're already aware of them in general.

There are several reason why bitcoin may no longer be valuable as an investment asset or tradeable asset in the future in my opinion.
1. Previous currency failure
2. Risk of technical failure
3. Political, and
4. Competition between currencies

From the four point above, you should probably realize that even though bitcoin has grown and survived over the years, we still don't know what the future will be like. But now you seem to realize that bitcoin is able to survive and grow during a pandemic and this can be used as evidence and consideration that bitcoin has the potential to last longer.

As a currency, bitcoin still has the potential to be used illegally or legally. As a payment system, I think bitcoin has been adopted in various countries as a mean of payment, but you need to know that not all countries have the same regulation regarding the use of bitcoin as currency. It all depend on the rule and you have to stick to them if you don't want to get into trouble with the law. So far, as an Indonesian citizen, I still can't use bitcoin as a legal mean of payment due to regulation, but I can trade it in commodity markets that have been approved by the government.

They come hand in hand and it is impossible to separate them, and let's look at the most obvious example the US dollar, the US dollar can be used all over the world to buy whatever you want and all currencies around the world including bitcoin would like to someday have that level of acceptance, and yet the market of the speculation of the US dollar is the biggest around the world, so while many would like to see bitcoin to be used to pay for whatever you want in your everyday life, and I think we will get to that point, it is impossible for people to stop speculating with it.

This is a wrong way to look at it, even now Bitcoin isn't just an investment, some people use it for their purchases, even if it's only occasionally. And there's no conflict here, the fact that the majority of users view it as investment in no way hinders the other people's ability to spend it as a currency. People should really stop worrying if Bitcoin is a currency or an investment or a store of value, it has many uses, and it's decentralized, so there's no way to force someone to use it only in particular way.

I think it is safe to assume that at least for the next 5 years or so BTC will mainly be a market for investment. This is because in my opinion even if BTC continues with the uptrend we are seeing now, people and institutions will see BTC as too risky and volatile to set a business as their mainstream finance pipe, but I do think that in a few years time the picture will look very different. In the sense that I do expect digital currency to be playing a much larger part in everyday purchases. And it may or may not be BTC, but the path for cryptocurrency is visible!

At least for the next decade or so, I am sure that Bitcoin will remain as an investment asset. However, being a digital asset I don't expect Bitcoin to survive for a very long time. After sometime, the advancement in digital technology will make Bitcoin obsolete. It may happen after one or two decades, or even later. But until then, Bitcoin will continue to grow in terms of userbase and acceptability.

Of course, the time will come when all countries will accept bitcoin as a payment method, even more so that now people are taking more account of bitcoin as a means of safe haven, some investors are considering bitcoin with a better eye than gold, of course this is an iconic discussion, but when considered a better investment by experts it is a very positive thing.

For now, I don’t think I can use bitcoin for every activity. Because bitcoin is still high in volatility, so most industries still think twice about using bitcoin
as an alternative to fiat money in all situations. This is reasonable because there are several downsides if used for alternative payments.
Bitcoin will have to wait for some confirmation that it will take a few minutes or seconds. Also, used the fee for every transaction made.
But likely that one day we will need bitcoin under any circumstances.

Depends on how people will see it.  Different people have different perspectives on things.  Even fiat currency is being seen by many people as an investment.  They tend to utilize its volatility against other currencies to take profit.  I think the same thing will happen to BTC.  In short, as long as there are people that take advantage of inter currency conversion, Bitcoin will always remain an investment vehicle.

it is but its also hard to resist the continous growth of btc , this is why people transform thier btc's into an investment vehicle . people already use thier btc for dining in but that use cant be every day because btc price moves upwards or downwards and this holds people for a while . i think if btc is only stable just like a fiat money , no one will hold people for using thier btc's .

they will treat it like a money and use on a daily basis but it was only sad that they cant use thier btc anymore as an investment . that is the fun part of btc and it will be missed badly

Talking for the buying of meal, that is small value stuffs, it is a problem because of fees but if it is gathered together in large quantity as for example bags of a particular raw food that the price value can be reasonable for btc transactions , it can be easily for that.

I think that in the near future bitcoin is still seen as an asset and people invest in bitcoin to make a profit.
Bitcoin has a lot of downsides, too few bitcoins, slow transaction speeds and high fees that make it difficult for bitcoin to be a good currency.

Use bitcoin as a regular currency right now? Don't think that is going to happen anytime soon. At least not right now. Bitcoin is still in its infant stage and has a lot of room for development. Remember, the community is still active and people are coming up with multiple solutions without bringing any major change to the bitcoin protocol. Just give it few more years and then we might have a perfect solution to all the drawbacks bitcoin currently faces.
As for now, people are going to use it as "investment vehicle".

Bitcoin can be freely used by everyone which means they do have different perceptions towards it neither they would make it as an investment or would make it as a day to day currency.
For now we know that adoption isnt really that in global scale of things yet government does have different inputs towards it some do ban but some there are already accepting it.
Anyone can decide if they held it up and if we do go back into its own Whitepaper then we can able to read on whats the sole reason on why it had been created
which is to create a decentralized peer to peer transaction without third party intervention.