Bitcoin Forum

The GENIUS act bill that was passed yesterday by Trump has everything to do with USDT and other stable coins, I get it but at least now things are looking more smoother for crypto payment? I believe that using the likes of stable coins and Bitcoin to pay online will now be more possible?

What do you think? Or am I getting way ahead of myself? I so much look forward for BTC payment option on large online stores like Amazon, because I can't find anything else that's easier for payment online than this.

I am not in the United states, I am way far away from America and in my country to use Fiat as payment is even limited, imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

Using Bitcoin for everyday payments isn’t really about laws or politicians like Trump. The real problem is that most people still don’t understand Bitcoin. Many still think it’s just gambling or speculation and don’t realize that it’s solid money that will continue to increase in value compared to regular dollars and other fiat and crypto currencies. Once people start realizing that Bitcoin’s purchasing power keeps growing, they’ll be much more willing to use it because who wouldn’t want money that actually gains value?

It has always been possible even now without that law being passed (yesterday news is about stablecoins anyway nothing to do with BTC).

It is about desire and willingness more than anything else. And an understanding that using it is what gives it value.

This forum shows the true colors and explains this perfectly. We can all pay each other in BTC now if we wanted. But how many posters actually engage in using BTC as payment with each other? Nothing stopping them or you ;)

There will still be the reluctance to use it for such payments by most holders and this is because many of them consider it more as an investment than a currency, and before this mental bias is going to be overcome, it is going to require both time, and a conscious effort. Another view on it is that a limitless spending daily limit can encourage reckless spending too, and the daily limit set by banks may actually be a tool that has helped most persons control their daily spending.  From your example with $10,000, imagine you spend that like three times in a week because you have a limitless transaction limit. If you continue like that, it will not take long before its effect is shown on your investment. You will also be indirectly learning a new habit of high daily spending without concern.

In every country, there is an available bank that you can send more $50,000 in one transaction. Just say, you never had that amount in your account or you have not upgraded your account. Currently, I can spend $25,000 in a day using fiat. And I will send through my local bank app, even though I dont have such amount in my account, I have a large transaction limit.

If BTC payment gets approved by the government the tax will be way higher and the regulations governing it even more strict compared to that of our regular fiat. The issue will be people might not understand much about DEX and non-custodian wallet where they have full control of their coin, many will still want to give out sell out the control over their assets to CEX thereby making the whole agitation of bitcoin getting full adoption by the government a thing of joke and mockery.

I agree with this.

A few days ago, I asked my barber whether or not they would accept Bitcoin as payment and I would even give a 20% extra. Imagine what they said? They said : No. Does this make sense? I mean, money is money and with 20% extra they definitely do not have to worry about short term price volatility before they take the Bitcoin and exchange it for fiat. But it really does seem like people misunderstand it and are therefore afraid of using Bitcoin. Even when offered a nice deal.

So the question should really be: how do we get people who are afraid to move away from the old money system (fiat) to adopt Bitcoin?

When asked why they are so skittish around Bitcoin, I noticed many have the same answer: too many scammers in the crypto space. This and the complexity for newbies seems to be the likely biggest problem

Which bank is that? From your username, I guess you are from Nigeria. No local bank can let you spend up to $25000 a month. Although, maybe you might be able to do that with Fintech like the unrecommended Chipper Cash. The recent one that I know is that you can only spend up to $1000 in a month or so quarterly but it also varies from customers to customers. Before, the naira master card can not be used for international payments since 2022.

It is no coincidence that the US Congress was able to easily pass the GENIUS act so quickly when it received the support of a majority of members of both parties. The main purpose of the GENIUS act is to strengthen the position of the USD because according to this bill, all stablecoins must be backed by USD or US bonds. This not only helps the USD strengthen its position in international trade but also increases the USD's dominance as a reserve currency as companies need USD to back their stablecoins. Meanwhile, using bitcoin or altcoins offers almost no benefit over the USD. So I don't think bitcoin will benefit from this bill and it will be added as an alternative payment method soon.

In the signing of land mark crypto bill, Trump commended stable coins as the cryptocurrency that'll be used in stores across the US. No way it'll begin to have shape immediately, the government would first of all structure plans and options for merchants to merge into the decentralized digital payment system. It'll help the dollar dominance, so the act will take effect soon, but when the already existing crypto geeks begin to lead by example, other stores will add up.

Imagine you can spend as much as you want from your account without any restriction to the maximum limit of what you can send or receive into your account, id said it before now that the entire process in the use of fiat currency in the economy is very centralized and censorship is one of the serious challenges we have been battling with over the time.

In situations whereby you have a unit of account which you cant control or determine to what extent you want to make use of the fund you have, this laterally means the funds in the banks are not ours, but the governments hold them, since there are levels of restriction they share the authority with us and even override us in some aspect.

In my opinion, Bitcoin will never become a widespread and generally accepted means of payment. Why do I think so? There are technological limits on the number of daily transactions in the Bitcoin network. And what will happen when Schnorr signatures (a cryptographic solution that will protect the Bitcoin network from new quantum computers) are implemented in the network of the first cryptocurrency? The number of possible daily transactions will decrease even more👾

In practice, 8 billion people will never be able to use Bitcoin for current daily payments. Bitcoin technology does not provide for such an opportunity🦾

Thus, Bitcoin will most likely never become a widespread and popular means of payment (it will not be used to buy relatively inexpensive goods and services)🤷

At the same time, the law on stablecoins has nothing to do with the payment function of Bitcoin. The US government wants to support demand for US Treasury bonds.  And it will achieve these goals because (by law) stablecoins must be backed by US dollars, commercial bank deposits, or US Treasury bonds. So, we can conclude that the main goal of the US government is to strengthen the role of the US dollar. This, in my opinion, serves as further evidence that Bitcoin is unlikely to become a widespread means of payment for goods and services🤳

At the same time, some local solutions are possible on this issue. I do not exclude that individual online stores will begin to accept Bitcoin as a means of payment. At the same time, most people will still use either fiat money or stablecoins to buy goods and services. And the US government is also interested in everything being exactly like that.👮

Most of them still afraid to accept a new thing and that is normal if people don't want to accept Bitcoin as a payment. They don't see the physical but only the number in their wallet so that make them feel not confident. They also doubt if Bitcoin can be additional payment system like fiat so they refuse to accept Bitcoin. It need more education to them so they can accept the new thing as a payment method.

Too many scammers in the crypto space could be another reason why they don't want to accept Bitcoin. It also need declaration from the government that their people can accept Bitcoin as a payment so their people will not doubt or afraid using Bitcoin. That is the important thing but I am not sure when the government want to do that.

Even today, you can spend as much as you want in BTC if you pay someone directly to their wallet. But if you think that an online store will allow you to spend as much BTC as you want without requiring KYC or without adapting to the laws of your country, then you are mistaken.

I have the opportunity to buy almost anything I can think of with cryptocurrencies, but for any amount greater than EUR 1000, KYC is required, regardless of what you use as payment currency.

In addition, we have already been in a situation where many companies allowed payment with BTC, but gave up because there was simply no interest from clients. I don't think anything has changed even today - most people think like "why should I spend $1000 in BTC today when in a few months that same BTC can be worth $1500 or more?"

It’s just a stablecoin. That law was made to protect users by requiring that USDT has enough reserves backed by actual dollars. Bitcoin is different. Just by that distinction alone, USDT is centralized while Bitcoin is decentralized, that law can’t be used as a basis to say Bitcoin will become a payment method like USDT in the future. It simply doesn’t work that way.

I don’t think bitcoin can handle such high load unless people use lightning network. Is it possible? Yes, but so far businesses aren’t showing LN any love.

Stable coin payment gates on the other hand are not different than credit cards so I don’t understand the big deal tbh. Since all stable coins are centralized, I don’t see any difference between USDC/USDT and credit card payments. It is the same thing, packaged in a different color. Why all the fuss? Do we celebrate whenever a new centralized payment company emerges?

I don’t care about the stable coin part of the new bill as it makes no sense.

Trump remains a businessman, once a hater of cryptocurrency and now come fully into cryptocurrency as a businessman that he is and not in any way to support cryptocurrency, he has not given much support for bitcoin, showing his only focus on coins that would in one way or the other favour him in his business endeavors, it is good to know that he has ties with crypto companies like World Liberty Financial.

Source (https://en.wikipedia.org/wiki/World_Liberty_Financial#:~:text=The%20company%20has%20been%20noted,all%20revenue%20from%20coin%20sales.)

He is endorsing stable coins so crypto holders have a more legal way to move funds across coins. Dude is indirectly paving way for the success of the coins which his family promotes and the company he holds a high percentage, he is more business minded in his support for crypto currencies rather than open minded.

Reason he is not directly supporting bitcoin? Simple, it's decentralization and the main fact that he cannot manipulate it to his own advantage.

Knowledge is lacking that's why this thing is not happening. If it happens that many people knows how to deal Bitcoin for sure that they won't have any doubts upon inserting it as one of good payment options on their shops.

But what bother's them is those uncertain things and volatility that's why lots of merchants got discourage to accept this. But since now there are so many good laws created and Bitcoin gain positive exposure then maybe we could able to see those skeptical merchants accepting Bitcoin. What good thing about is year by year the number of businesses accept Bitcoin is growing.

So far, this looks like the best solution to make Bitcoin more acceptable as a payment method. But there's still one big issue, volatility. Some people might still be discouraged to use it because of that. Unlike USDT, which is a stablecoin, you don’t have to worry about price swings. That basically removes the risk. So yeah, with that in mind, I don’t really see Bitcoin being feasible for wider daily use.

They say the GENIUS act was created with the main goal of protecting users, but in reality they are trying to strengthen the position of the USD and manage the money flow more tightly. This GENIUS not only requires stablecoin issuers to be pegged to the USD, but also requires organizations to comply with the statutory withdrawal, freezing, and burning of stablecoins.


OP is a bit naive to think when they pass a bill regarding crypto that bitcoin and other cryptocurrencies will benefit and be treated the same. But unfortunately, they have their own goals. They only do what benefits them, so don't expect them to do the same with bitcoin, a currency that is beyond their control.

I don't think we need to do anything about it, simply because they don't know Bitcoin makes it unacceptable for them to use. People use or adopt something because they have good knowledge about what they are using. It is not in our power to get people to move away, there needs to be a thorough understanding of the system before they can practically advance into a new payment system.

Tell me why your barber will reject BTC payment, not minding an additional 20%, probably he has no clue about Bitcoin.

In my estimation, it is up to these large stores and e-commerce businesses to decide to implement a Bitcoin payment option. They can develop their own Bitcoin payment gateway app for that. They don't need to wait for the government to do that. Revenue-wise, it may not be profitable for the business because of extra charges.

Even if this were the case, there would likely be a cap on transactions per day just as we have with transactions on centralized exchanges.

It's not everyone that will adopt bitcoin which will make it impossible for everyone to use bitcoin to pay for goods and service online. Bitcoin blockchain is not designed to carry to big load of transactions and that will become a problem if everyone start paying with bitcoin.

High transaction fee have discouraged a lot of people who planned to add bitcoin as payment method to their businesses because if the blockchain is congested, payment with bitcoin becomes fucking expensive. Lastly, if businesses start accepting bitcoin as payment option, many bitcoin hodlers wouldn't want to spend their bitcoin, because they want profits from it.

If we want to adopt Bitcoin as payment option then issues like transaction speed and fee can be fixed with Layer 2 solutions like Lightning network. As long as government regulations are not in favour of bitcoin, it's difficult to use Bitcoin as payment option. The countries which have legalised the use of Bitcoin have done that after introducing pro-government regulations which make Bitcoin or other crypto very much same like fiat. This is main reason why people are mostly using bitcoin as an asset of investment.

It's a gradual process where we will have unlimited payment process with Bitcoin. Today we are talking about stablecoins been signed into law to be used as payment options, this wasn't the discussion years back, this new development is a stepping stone,  I've read in different news where countries of the world are bringing up their own stablecoins, as against the usual sanctions that we use to witness or hear about. All this executive orders Donald Trump have signed into law especially when it comes to cryptocurrency, they are all driving towards bitcoin gradually as that is their main am, they are just dilly-dallying the main purpose.

Setting up a LN is not free, you have to pay for it which makes me feel that cash is the best to use when paying for little amount of stuffs. Government does not need to legalize bitcoin as a legal tender first before you can use it for payment, as long as crypto is not illegal in your country, anyone can accept bitcoin as a payment option.

Currently, my country hasn't been too supportive in cryptocurrency adoption in the country, but it's not illegal and one can use bitcoin for payment here but you will hardly see someone who will accept it, because they prefer fiat to bitcoin since they don't trust you.

Making payments with BTC is not the main issue. I think what you really mean to say is the government making Bitcoin an alternative legal tender, where businesses are authorised to make Bitcoin a means of payment and are mandated to accept it should a customer or client offer it.

This will take time before the government implements it, if the government even has plans of doing so. Back to us bitcoiners: many still see Bitcoin more as a speculative asset than a currency. They would rather hodl it for profits than spend it.

I like bitcoin and love to use it to transact, but I much prefer to use it in other ways than while buying something from an online store or making payments online. It’s much easier and faster for me to pay an online service provider with LTC or Dogecoin than Bitcoin.

Don’t get me wrong; I’m saying this in terms of how much time it costs to confirm this deposit and actually release my order to me without so much delay for a second or third confirmation depending on the service policies.

To buttress your point more here is a report by watcher Guru about what the director of digital assets has to say about the so called Genius act. It is actually clear that their intention is nothing other than giving relevance to the dollar. I said this that the US government seem to be more inclined to the crypto adoption because they think having the title the crypto capital of the world can help them save the dollar too from this constant dedollarization threats how is what I don’t know.



As an alternative to legal tender I don’t think the government needs to actually make any announcement about that or pass any bill, for me; the government making cryptocurrency a legal is already ok to give the business enterprises the freedom to accept bitcoin as form of payment not that they have to make it any more announcement about that.

Using bitcoin for payment still doesn’t affect one investing into bitcoin and holding it. If you wish to actually use bitcoin to pay for anything you can simply use the fiat intended for this to change to bitcoin without having to touch your holdings. Someone would say why go through this route instead of using fiat straight up. This is because some cross boarder transactions are a problem with fiat due to difference of currency.

It's up to you what you want to use for financial transactions, I believe that's entirely your prerogative.
No one has ever pushed for the use of bitcoin as a means of payment, but due to its several advantages over other payment methods, it's being used. You can set your own fees with bitcoin and you can send it without country restrictions. Faster transactions require a higher fee, but bitcoin can also be transacted at the suggested fee, although it may require a slightly longer processing time.

It's not a problem at all if you use altcoins for transactions, but everyone who uses bitcoin probably has other reasons than just transaction fees and speed. Bitcoin's scalability has been cited as a reason why some people don't use bitcoin, but this is simply a matter of choice for each user as there are always alternative options if you still want to use bitcoin as a means of payment.

I completely agree with your view. I’ve always envisioned a time when Bitcoin and stablecoins would become normal payment methods online and with recent moves like the GENIUS Act, it feels like we’re closer than we've ever been.  Crypto simply offers a level of freedom and convenience that traditional banks can’t match especially in countries where spending limits are frustrating. Imagine being able to pay for anything online without worrying about restrictions, limitations or delays. I’m also eagerly waiting for big platforms like Amazon their likes to adopt BTC payments. Honestly, I think it’s just a matter of time before we see these things becoming a reality.

Do you think that it will be possible to be making payment with bitcoin, the reasons why many people is doubting bitcoin it's because it has never be legalised as a legal tender

Most at times you have to doubt bitcoin as a human being, because the price of bitcoin that' fluctuate it looks like gambling, do you know that many people has left bitcoin investment because they seems the price rotation as gambling, unless you have invest in Bitcoin twice before you will know that bitcoin investment is not all about gambling it differs from gambling

It’s definitely a good start. We can’t expect for bitcoin to be immediately used by everyone as everyone else will still need to get used to things but the good news is other countries might follow the US and we will soon have bitcoin mass adoption

Bitcoin is an excellent MOP. Debit/credit card payments require more work, time and risk from businesses. There's the batching, growing possibility of fraud and charge backs. Those events slow growth, innovation and bring solid migraines.  Compared to all cryptocurrencies Bitcoin is king. Any mention of an alt is typically followed up with "Is that like Bitcoin?" One drawback I hear with Bitcoin is the processing time. Even if it took a full day that is still much faster than card payments. What if rate of exchange is less at the end of the day? The value of our dollar is diminishing constantly. Other countries have it worse. And just like that we started talking about Lambos again.

If you take the time to learn about the GENIUS Act, you will see that its focus is to establish a complete legal framework for stablecoins. The goal is to make stablecoins more trustworthy and popular, the bill does not mention nor has any direct connection to bitcoin or altcoins. This means that if other countries follow the US lead, stablecoins will be more widely adopted and will be the top choice as a payment method. This also means that bitcoin's opportunity is shrinking, not expanding, because they have found an alternative and it is not bitcoin.

Let's face it, the chances of bitcoin becoming a payment method are very low, and it has never been an option for governments.

Wait and see.

I'm not sure that payment for bitcoin will be possible. It seems inconvenient. I'll repeat the example that has been voiced here many times "it's like paying with a gold bar for a cup of coffee".

Something like USDT (stablecoins) would be better suited for these purposes.

Buy with cash. Why use banks that LIMIT your actions?

But this will not save you from explaining the origin of the funds. I believe that in the case of bitcoin these requirements will be even stricter in view of the "personification of bitcoin as a criminal instrument".

True, governments are not the cause why Bitcoin is not popular as a means of payment, most businesses are not willing to accept it likewise holders are not willing to spend it. The main reason being that is volatility, no business wants to receive Bitcoin as payment and it dumps the next minute when they need to use the capital to restock immediately. Also transactions fees can be a discouragement for means of payments and lightening network is not widely used.

I see stablecoins being used more in the future because they are stable, people don't like volatile currencies for everyday usage.

This is simply another step toward Bitcoin's progression as a global currency. We can't really foresee what happens next, but this law helps encourage others to use Bitcoin as a means of payment, keeping it away from being considered an asset. The more laws created regarding bitcoin and other cryptocurrencies, the more support they gain, especially for merchants. We can't see the immediate impact of this, but I believe it will make a positive contribution to the crypto market. Let us prove to the people who think it was impossible that they are wrong and change their minds.

If it was a global thing, then I am pretty sure it would be more like the normal banking transactions. I also can't sent million dollar to somewhere without getting approval from the bank. Yes the idea of "I can't send my money wherever I want even though it is my own money" makes sense.

But that was put in there for security reasons and if you do not agree, then you can personally go to your bank and increase it. Mine was just 3k dollars, I had a business to deal, not my own money obviously, but I had to move 500k in and 500k out in the same day, so I got that approval, and now I can spend 500k even though I would never have that lol. So yeah, bitcoin would become like that too, you would have a limit, but can go to bank and increase it.

Most countries have their limitations when it comes to cash and fiat transactions,  and such has to do with the account threshold for the day based on the tier or level of kyc as done by the owner of such account, and this is one of the problems Bitcoin is solving in the financial industry where owners or holders have the freedom to spending their money and holding it under their custody without any third-party like the bank. With Bitcoin, we are not bound by the fiat system, but rather, we are our bank, and we transact as much as we can without having to be limited by any third party.

Yeah, i would never touch my stack.

BUT, if it suddenly became commonplace to spend bitcoin, I might from time to time buy a little to specifically spend in a specific store, to sort of support the movement.

the days when tether would issue free money are long gone it seems

Wow, so the US leaders are trying to do something that benefits their own country and people.

We haven't seen that in America in a LOOOONG time.  Kinda refreshing.

Some people buy bitcoin for different purposes, not just for storing alone. If there are available common places where we can easily spend bitcoin, it’s also safer to get a separate spending wallet that can’t be linked to where you have all your stack for security reasons. In case the person attending to you tries to scan the sender's wallet, it’s only smaller amounts that will be inside, and you won’t have to use up something you are holding to give you profit.

I guess you haven't taken the time to research the GENIUS Act that was just passed in the US, it doesn't mention bitcoin or altcoins. The GENIUS Act is a specialized bill and focuses solely on stablecoins. So there will be no impact or push to turn bitcoin into a currency or payment method.

So far, bitcoin is only recognized as a commodity, asset or investment and I don't think they will change that anytime soon and encourage people to gradually use it as a currency. The simple reason is that governments will never accept a currency that they do not control.

I didn't know that some countries impose spending limits on people's bank accounts. This is weird.
Spending lots of BTC on expensive purchases doesn't make sense to me. You can spend altcoins or stablecoins on buying stuff(if the seller accepts altcoins and stablecoins as payment). Maybe you could gather more cash and spend cash on offline purchases.
The BTC price is going to increase even more, spending BTC seems like a bad move right now.
I don't believe that Amazon is ever going to accept BTC/crypto as a payment method. They are doing just fine with fiat payments.

When there is a legit reason to spend your coin, it is not out of place to do so even if you are not doing it just for the purpose of supporting the increasing need to advocate for the usage of bitcoin for the sake of making payment.

Factors like the stability of bitcoin price is going to be one strong determinant that will tell if people will be ready to spend there bitcoin, take that out and it will become really difficult for people to spend there bitcoin for making purchases in a time when the discussion is more about the price of bitcoin going higher and placing more people in great profit. the plan of many will tilt towards how to build a more robust stack rather than selling it out.

I also believe that the use of BTC and stablecoins on Amazon will not be implemented in the near future. In my opinion, the Guiding and Establishing National Innovation for U.S. Stablecoins Act is aimed at fully regulating the stablecoin sector and supporting the US dollar, as stablecoins must be backed by dollars or treasury securities. I don't think the US government will seek to expand the acceptance of stablecoins or Bitcoin as a means of payment within its territory. They want to bring the stablecoin sector out of the gray area by fully regulating it. I don't think ordinary crypto enthusiasts will derive any tangible benefit from this.

Hmm? ???

I'm sure every banks have limits on people's bank accounts, so it looks like you didn't make research or simply didn't care at all. But, I'm also like you, I have never spend more than my limit because the limit is way too big.

We also have an option to upgrade our account which will increase our limit, few people might have a lot money which could make them able to spend more than the limit. But, do they always spend a lot of money everyday? ???

This case is very rare, even Bitcoin can fix this, it's not fixing the problem of most people.

I am not entirely sure banks have limits on spending?

I know they have limits on how much the user can withdraw per day/month/year, they have limits on international spending, how much I can transfer to someone per day and also on the debit cards depends on the type of bank account, but it doesn't make sense to restrict from spending because more the user spend they make more money. ???

But it's the problem only the rich people will face, not me. :D

The usage of Bitcoin for payment for daily needs is one big breakthrough most persons who understand bitcoin so well is really looking forward to because that will eas so many persons certain trade barriers,  not like people do not use it already currently but the point is to so many, they are yet to accept it just yet as a means of payment at retail level mostly due to the amount of knowledge they have about Bitcoin at the time.

As time goes on more and more people will get to adopt bitcoin as more government and institutions are accepting it too, that will help increase the chances of its usage at those retail level some persons are yet to accept it just yet, it happens that now bitcoin transaction can be confirmed so fast much more than it used to be before now. As the adoption of Bitcoin increase so will the acceptance and the ease of its usage will grow and soon it will become even more widely accepted at every level.

To us, this may seem absurd, but banks do it for a reason. They won’t arbitrarily restrict our spending when doing so brings them no benefit. The reason they restrict spending or transferring/withdrawing money is because they are complying with government laws. They need to ensure that these are legitimate transactions, not fraud, money laundering or terrorist financing. Because before setting such limits, they have calculated very carefully so as not to affect the daily lives of customers. That is why they offer different types of cards and limits for different people's needs.

Honestly, I rarely see anyone complaining regularly about being restricted in their spending, even wealthy people.

i don't think we'll see bitcoin used as a regular payment method in the US just yet. because stablecoins are crypto assets fully backed by the US dollar, they prioritize their use because, whether it's usdt, usdc, or something else, they still use the us dollar as their backing. so, as long as they use the us dollar as their backing, the us government still benefits. and the US government just needs to refine its regulations so it can be used like other payments using the us dollar.

bitcoin, on the other hand, is a different matter because it's more decentralized, volatile, and it's not very profitable for the US government either, so it's not ideal for payments. therefore, the US government is only prioritizing stablecoins that use the US dollar as their backing not bitcoin or other altcoins.

Yes restrictions was done to help curtail the money laundering but sincerely speaking this isn’t only why the government placed spending limits on accounts most especially withdrawal of the physical cash. The other reason is to force people to abide to the cashless policy they set as policy, they will simply say that the policy is to ensure less fraudulent activities but yet banks still allow some certain types of people by just including higher transaction fee.

The compliance of the banks to having limit cap for withdrawal is simply to help the banks meet up with the withdrawal limits of all their customers, banks will tell you that if there is large withdrawal limit they can’t simply meet up with it for lots of customers this is to tell you that the banks doesn’t even have in possession half of the amount of customers funds reflecting on their account balance sheet. This is similar to centralized exchanges and that’s why bitcoin is here as Freedom for everyone

I don't think it's government intervene in the process, it's the central bank of a country put a cap limit but it's not like $5000 for sure. Bank allocate their limits based on the type of account and rich people hold the highest level possible account and platinum card that even allow them to spend in millions while the regular card will have a limit but it usually around the average credit limit based on our credit scores.

And choosing electronic payment such as bank transfers to finance terrorism is really bad idea, they just ask for more trouble. ;D

As I said card limits will be based on the credit score, what is the net worth of the individual, and what kind of business account they own not really based on their social profile.

It's been a thing for so long and some small tokens are also being used for payments, the problem is that people don't about bitcoin and they should learn more about it. Actually, the bank thingy, it can be adjusted depends on how much you have in banks, if you are using it well then it can be increased. Sometimes you need to act on legal way, you need to spend and unlock the features, that's how traditional banks work. I agree that bitcoin offers all of those what we need, but it's just the same thing with traditional banks if you unlocked the features but yeah with crypto, you don’t always need to go through tons of paperwork just to use your own money. It’s more direct and borderless, which helps a lot in emergencies or if you're sending money abroad. But yah both systems have their own advantages, it really depends on what you value more, your free will to do anything on your own money or the ecosystem.

Yes that is true but with enough demand they will most likely just want to accept it and regulate it instead of ban it and have people secretly use it instead which would be worse for them. Not to mention that accepting bitcoin would mean tax for them aka more money:

100%!!

And we're not even talking about hard to use tools. 10 years ago people were able to sell things on their own. In 2017 I saw people who could not write good English know how to set up QR code for BTC payment on the roadside.

BTC was built for people who had problems with the existing systems. The laws and systems didn't help before why would we wait for them to help more now, right?

People all talk and do less. Start using it today, OP, and then you don't need to ask or wonder anymore.

Yep.

The future doesn't come by itself - we, the people, bring it to us and our own doors.

But if using bitcoin as currency is also taxed, do you think people will still continue to use it while with fiat money they don't need to pay extra taxes and transaction fees for any transaction?

Also, I also don’t believe the demand for using Bitcoin as a currency will increase over time. Many people still deny, but to me, the goal of turning bitcoin into a currency has long failed when 99% of people participating in bitcoin are for profit. All have only one purpose, which is to accumulate as many bitcoins as possible because that is the way to get the most profit. Or everyone advises each other to hold as long as possible, no one advises to use bitcoin as currency, payment method...How can bitcoin become a payment method when no one wants to spend it?

To put it bluntly, the barriers preventing Bitcoin from becoming a currency and payment method come not only from governments but also from us, the bitcoin investors. Those who only use it as a speculative asset to get rich, no one wants to spend it.

If big stores like Amazon will accept Bitcoin payments, that will be cool because I have most of my money collected in Bitcoins and I convert them in USD every time I need some cash to pay for things, so if I'm able to pay with Bitcoin, that will save me some fees and speed up the purchasing process. One of the biggest benefit of Bitcoin for me is that I can't shop on some websites because they require billing to match shipping and such a thing doesn't exist in the banking system of my country, so I'm unable to purchase from some popular websites and Bitcoin fixes this problem.

I'm not in the USA but I am a regular customer of Amazon and other US stores caues I can ship them from the USA to my country via freight forwarder companies. Btw you don't have to worry about the limit, you can call the bank, tell them your situation and you and your bank will find a solution. In my country, you can pay a more for special Visa card and then your limit will significantly increase.

As for now, it's totally true - most want to hodl, not to use their BTCs, and to get even more for the years to come, while not shaking out what's already on their bags.

To change this up is to give people more incentive to use BTC for what it really is, a currency, and an alternative.

Though I wonder what may bring such a big shift in perception..

Aside from other qualities of Bitcoin, the two major things that make it more attractive and unique than every other crypto and fiat currency out there are its security and scarcity.From the year 2024-2025, Bitcoin has taken a new direction in its level of adoption and recognition more than what we've ever had before, particularly from the institutional perspective.

Definitely we're going to see a move into a clearer phase of adoption where Bitcoin will likely be recognised as a currency for global payment system, where fiat currencies will only have its use on the local side and this is why we see the US is positioning itself before many other countries begin to follow suit.

I do think it will be a race between CBDCs and BTC, not even a race - but a coexistence of the two.

We would all know which one is better, of course  8)