Bitcoin Forum

It's been a decade since Bitcoin emerged as a decentralized digital currency for the people. While it's no secret that Bitcoin and other cryptocurrrencies have some drawbacks, they're still a great alternative to Fiat when it comes to making payments without a centralized entity in charge of our funds.

With latest advancements such as DAGs, smart contracts, Layer-Two scaling solutions, Dandelion Protocol, Zero Knowledge Proofs, and more, it's becoming more evident that crypto will someday replace traditional payment processors like PayPal, Apple Pay, and Android Pay. Yet, Blockchain technology is still struggling with user adoption and regulatory compliance.

Nonetheless, do you believe that there's hope for Bitcoin to beat traditional payment processors or will those same payment processors adapt to the Blockchain in the future? ???

Adoption. All we need is the receiver to accept directly bitcoin, then we can make the transaction directly without all those intermediaries taking extra fees along the way. Regulation is an obstacle because governments could go after merchants and employers, but this tends to work better across borders where they have little control.

If i'm given the choice, i pick Bitcoin vs all the aforementioned. Perhaps we could add LN for certain types of micro-transactions (the infamous coffee).

Another kind of offchain transaction would be Litecoin, as this also has segwit which allows direct exchange between peers.

I think that there's a chance that Bitcoin (and cryptos in general) have a high chance of replacing traditional forms of payment provided that they become as fast as traditional payment methods currently and have a strong community push coupled with a large-scale societal adoption, for whatever reason. I think that, while everything else can basically be up in the air for whether or not it will be useful, the blockchain technology will probably be the biggest thing to come out of the entire crypto community. I don't know if I can hope that cryptos overwhelm traditional payment mediums, but it would be a good shakeup for the economy at large. It might finally get us past the fiat system we have now and get people earning money which won't be inflated away.

bitcoin will replace all these traditional online payment processors such as Paypal, Apple pay,... soon and it won't matter if they adopt blockchain technology themselves. for example even if Paypal turned into a token it still wouldn't change anything about its replacement by bitcoin because bitcoin is decentralized and it also doesn't have the huge disadvantage of them which is charge back ability.

Bitcoin is still never perfect and there are many things that need improvement especially in the face of many challenges of the modern financial system. One, the transaction time is still not on par with the best of the world can offer but continuous research and testing on this aspect is ongoing. I guess we should always consider Bitcoin as a work in progress. There will always be obstacles and setbacks along the way but there is no question that the future belongs to cryptocurrency. Soon even traditional institutions will be coming up with their own pseudo-cryptocurrency and this can be the big testament of the effectiveness of Bitcoin. One major concern I have with Bitcoin is the power needed for its mining and confirming operation...maybe there must be ways to lessen this electric demand because remember we are supposed to be in the age where environmental concerns are valid issues the global village has to address heads-on.

In large transactions, yes, bitcoin could be useful and viable to move funds around easily, but if we're talking about instant and fast payments, other cryptocurrencies might be useful and sort of preferable in those situations. Of course, current payment processors would surely adapt the technology embedded on different blockchains and better themselves, creating a payment ecosystem with wider options and safe alternatives for the consumers to use.

These three are actually quite different. Apple Pay and Google/Android Pay are only systems to deal with credit and debit cards using smartphones and NFC.  PayPal, on the other hand, is - in addition to offer a credit card interface - a kind of "online bank". So it's actually a bit more similar to what Bitcoin offers.

Can Bitcoin replace these credit-card-based systems? It is certainly a challenge. For example, for merchants like hotel owners credit cards have many benefits which Bitcoin can only offer in a very limited way. You can reserve payments without actually making the payment, or offer automatic refunds - that would, if implemented in Bitcoin, need at least, a pretty complicated contract.

NFC-based processors whose only purpose is to not having to carry the debit/credit card with you are more simpler to replace. NFC-based wallet and Point-of-sale systems would, however, be needed (it would actually be easiest if Apple and Google incorporate BTC to their payment processors). And then there is Bitcoin's notorious volatility, which is limiting "direct adoption" by merchants because they have to take the risk of losses when the price goes down.

I think volatility is the biggest obstacle right now, the other ones are solvable with technical innovations, most of them are already possible but lack adoption.

Yes, this will happen as people are much aware about the third-party services that control the money of the users. With bitcoin we're eliminating the third party involved. Traditional payments have come up with better accessibility than what we have with cryptocurrency transaction services. When the adoption of cryptocurrency goes high people will surely prefer bitcoin for every needs, and until then traditional fiat and traditional payment processors will serve the common people.

I am looking forward to the time when consumers will have wider choices as far as moving funds and similar services are concerned. I am also thinking that big payment processors which command the biggest shares of the market will one day introduce their own "Bitcoin-like platform" and see how people will be reacting into it. Definitely, these platforms can never be decentralized and can never be like Bitcoin but with their financial muscles intact these firms can market their offerings to the global market effectively. Bitcoin has no such marketing strategy as of press time.

Wondering why there was no mention of fee-less cryptos? They are instant and fee-less, they are much better suitable for adoption.

The development and pace of the Lightning Network will dictate if it becomes a viable alternative to current payment processors. If the Lightning Network makes very big progress over the next few months and perhaps years, I could see some countries embracing it instead of their unstable fiat currencies. It could also drive down costs for online merchants.

The relationship between Bitcoin and traditional currencies is a complex one. Bitcoin seeks to undermine the traditional way of dealing with money, so Bitcoin versus traditional money is a natural opposition. Over the history of humanity, money took many forms. There was barter, physical objects like rocks or shells, precious metals, bank notes, paper bills, digital money, and finally decentralized digital currencies like Bitcoin. Many people call Bitcoin the next step in the evolution of money. Because we have never had money like Bitcoin before, it's natural to question concepts and compare them to traditional currencies.

I'd rather say that those traditional payment processors would love to adopt bitcoin. They can't beat bitcoin but people can jump to bitcoin rather than choosing their service if its more convenient to most.

In that case, they had to do the best choice that they can and that is to retain their customers and adopt bitcoin itself. Service fees for traditional payment are much higher than the miners fee that you had to pay when paying someone w/ bitcoin.

Well if it comes to having a battle  between bitcoin vs traditional payment processor in terms of payments and transactions bitcoin would surly come out on top
Bitcoin offers more customer friendly advantages over the  traditional means and it's not controlled by the government

Until people fully understand the risks involved with "centralized" payment processors, it would not mean anything to them to switch over to other new payment methods like Bitcoin. It only becomes evident when these centralized processors drop the ball by misusing their powers and/or forcing people to abide by their rules.

We saw what happened when some payment options used their "centralized" power to push political agendas with the banning of payments to Wikileaks and how these people were forced to look for other alternatives like Bitcoin. <Same thing happened with Backpage".  ;)

If we are talking about future, sure. With technology and it's non-stop development cryptocurrency will fit to replace or become fully adapted as an alternative to fiat. If we compare bitcoin against traditional payment process, bitcoin has a lot of advamtage over traditional payment since it removes the need of mifdle-man, making the process quicker, convenient, and with lesser fees.

I think it's not about beating traditional payment processors or not, but I guess that bitcoin will work together with the traditional payment processors so people can have more payment processors option.
So far, people need to pay a bigger fee when they make a transaction especially if they make a transaction with their bank.
The existing of bitcoin cover the fee problem and I think bitcoin will be used as the next payment processors in the future and it will help the traditional payment processors that we already know.

Hilarious. Why in the world do you people think that BTC will effectively replace FIAT completely? Over optimism and silliness at its finest. Everyone need to understand that BTC was meant to serve as an alternate payment option to FIAT, gold etc and nothing more at the end of the day.

it is already happening!
the only difference is that since bitcoin is a completely new and different technology it takes much longer to reach mass adoption. also since there is a lot of FUD against bitcoin, it makes the mass adoption that much harder to happen. so the process has become very slow but it is still happening because it can not be stopped.

Of course I am sure it will happen. I am sire that even youtuber will prefer like to be paid using cryptochrrency because there is no limitation or freezing account and itis faster too. I heard many people complain about paypal restrictness rule. I am sure that blpckchain technology is a great problem solver for our digital transactions.

as compared to Traditional Payment Processing payment methods bitcoin sure has a lot of potentials to overcome those but it won't. bitcoin was not made for anything like these nor it was made to compete. so why are we even comparing it with other payment methods and why not just join every payment companies to accept bitcoins too. virtual currencies are not just some payment methods they are more than that and big companies can really see the potential but we can't.

And why is it so bad to buy a can of beer for money, that are not controlled by central bank? There is absolutely no difference from user's point of view.

Once again, why do I need to use smart contracts when I need to buy a can of beer? Smart contracts are not even needed in those ships where I pay with Apple Pay. All this scaling stuff and other super cool solutions are relevant only to crypto world. They are simply not needed in our everyday payments.

I think it can, but not now, it is still early for that.

With the price of Bitcoin being volatile, making sudden changes every time, people will be doubting to use it as a payment method but use it or hold it as an investment, for now. With the past changes in the past, I can see that the price also becomes stable hence it is not impossible for Bitcoin to be that stable in order to be used as a payment method.

In the future, the world will greatly migrate to cryptocurrency payment option, and because of the sophisticated software and technology upon which the bitcoin is built upon currently using version 0.17.1, they may adopt bitcoin as the major currency, others can take some percentage. For the people that prefer full blown anonymity, they will have to use a good privacy coin. Traditional system of payment will still exist at the local level, but will be very scare in cross border transactions.

People say by 2020 we will all be using bitcoin as a payment system. Really? In my opinion, it is doubtful. bitcoin is good for trading them, but as a serving coin there are more successful altcoin units. What do you think?

I would not dismiss large service companies that run their token. for example, paypal, instagram, microsoft. I had a little time to earn extra money when writing forecasts on the taklimakan. and I do not plan to sell tokens just for bitcoin. trader's portfolio must be balanced

f we talk only about payment systems, maybe I will believe that bitcoin will be faster than classic visa transactions. if we say that it alone will command the market, I doubt it.

The main draw back is to attract new users who are familiar with the traditional payment processors but they are not interested in the crypto market because of the difficulty to store or purchase bitcoin is a hurdle for any new user and if that can be sorted out then we will see more users using it as a payment processor, a few months back one of my clients did have a problem with his traditional payment processor and he was looking for an alternative and he was not even remotely not even thinking about using bitcoin as a mode of payment as he claims it is a big hurdle to explain that to his clients to pay through bitcoin because the hurdle to purchase a bitcoin for a new user is rather big and none of clients will be happy to spend time to learn about a new process.

I think people still often use paypal, and others. we know that the payment processor is very trusted since a long time ago, even business people also use it to do business on the internet. well, nowadays there are many who use bitcoin, but for some reasons, I think payment processors like paypal also compete with bitcoin.

Yes. Volatility is the main issue that Bitcoin is facing, since it emerged on the market. On the other hand, technical innovations will solve various issues related to cost-efficiency, speed, and privacy. One of the big improvements for Bitcoin, is known to be The Lightning Network itself. If successful, then large payment processors like PayPal, Western Union, and MoneyGram could become threatened by Bitcoin. The pioneer cryptocurrency will be able to retain its decentralization and security, while at the same time being instant and dirt cheap. Only then, merchants will prefer to deal with Bitcoin than centralized alternatives.

Despite this, the uncertain price of Bitcoin each day, would make merchants want to exchange it to Fiat quickly. While stablecoins provide a better option than Bitcoin and most cryptocurrencies out there on the market, they're still largely unproven.

Nonetheless, I believe that payment processors will be here to stay for a long time. There's a possibility that they will adapt to Blockchain technology in the future. And if this happens, then the hopes of Bitcoin beating centralized payment processors will become distant like never before. Just my thoughts ;D

there are still a lot of payment processing processors, of course, they are decentralized and none of them have been able to beat fiat. In fact, the end product of all of them is always in fiat. Meaning that they all end up being converted to fiat currency. I do not think bitcoin or any other payment processor will overtake fiat because we still have millions of people who do not know how to use the coin not to talk of the level of IT literacy

I cannot say that the traditional payment processors can lose bitcoin for bitcoin or the same payment processor will adapt to the blockchain in the future. Because of the current Bitcoin application, the direct cash flow is going down. As a result, there is a security but it's always going on. As a result, the privacy of all the bitcoin transactions is being protected.

Thank You

Other traditional payment systems are centralized, and bitcoin is totally different from them. Since world is developing day by day hope traditional payment system would be upgraded with blockchain technology or crypto-currency would be use as a most popular payment system. It's just matter of time because of volatility of price. Volatility is preventing bitcoin for worldwide official payments. However, we just need another revulsion for that.

Bitcoin like digital payment media at the moment has many advantages compared to traditional payments. There are so many benefits that can be obtained when we use Bitcoin in various financial transactions. Now the number of places that accept payments via Bitcoin has increased and this is an indicator that Bitcoin will be increasingly easy to use and apply to the various financial systems that already exist today.

Feel the same way here, It will be eventually as easy as implementing any other payment service. It will boil down to, will you pay visa the fees or the blockchain.

Bitcoin and another decentralized cryptocurrency was created only as an alternative means of payment to all existing payment systems. In our world there is a well-established system of financial relations, which has developed over thousands of years and is fixed and protected by states.
So far, various international financial organizations do not see in the cryptocurrency a serious threat to the existing payment system. I think that cryptocurrency will simply become one of the forms of non-cash payments in a society that will exist along with all other types of means of payment. It will not and is not able to replace fiat or non-cash forms of payment.
Even if it is assumed that the cryptocurrency will force out national cash and non-cash money, the states will quickly unite and adopt such rules of its circulation, that the very existence of a decentralized cryptocurrency will become problematic.

in the future payments using bitcoin will be more instant, I'm sure of that. for now I also recognize that payments with old methods like cash are much simpler and instant. but it's true what you say that payments like large transactions or transactions with people outside the country, of course bitcoin is much better

Yes i think it could be and also not only bitcoin many tokens there could be replace the traditional payment that you put here in your post,as you can see bitcoin was getting broad now so the chance that it could be replace the traditional payment system is high.

Unfortunately, the rates of adoption are currently not promising. It will take decades for Bitcoin to reach the number of users payment systems like Apple Pay have today. Surely, thus can change it people start to believe in New technology more. However, I don't think Blockchain is suitable for a big amount of payments. DAG, on the other hand, seems very promising in this regard, but has struggles on initial stages of adoption, being very centralised.
I think that cryptocurrencies will win sooner or later, but maybe not in the ways we imagine today.

Bitcoin as a mode of payment has a long way to go especially in terms of its speed. Traditional payments such as paypal, visa and master card beats cryptocurrencies but i hope in the future we can all access the use of lightining services when making any bitcoin transactions.

Bitcoin and traditional payment processors are two different payment systems. Bitcoin is an online payment system that is now popular online, whereas the traditional payment system is offline or cash exchange payment system. The traditional payment system is now the most widely used in the whole world because bitcoin has not been so popular in the offline exchange system that the traditional payment system will be surpassed. But in the future, I think Bitcoin will surpass it.

definitely there a big chance to replace traditional payment, the new technology to continue to progress and bitcoin is part of the new technology so is very possible  by the help of support and continue mass adoption is proven bitcoin is become successful and strongly  currency use for the fast network payment without hassle.

Bitcoin can provide more advantages more than traditional payment processors and i believe to replace them it's only a matter of time but i used to often to use traditional payment processors such as paypal and perfectmoney but when i know bitcoin i was decide to switch it and i think if people more likely comfortable use bitcoin than other traditional payment method then eventually they will also use bitcoin such as me so there will be a chance to bitcoin to beat them someday

Traditional payment systems use currencies issued by individual states or unions of states, like the European Union. States are responsible for their currency with their gold and currency reserves. Therefore, other countries use these currencies. The current payment system is fairly well regulated and hardly fails at all.
Cryptocurrency has completely different mechanisms of its existence. It is inherently not replace the current methods and types of financial payments. In addition, determining the type of circulation of money is an exclusive function of the state. If the cryptocurrency in the future poses a threat to the current traditional means of payment, the state will be forced to take the most stringent and decisive steps to eliminate the threat. Therefore, cryptocurrency has no chance to oust the current traditional methods of cash and non-cash payments from circulation.

I dont think paypal, perfectmoney or other digital payments are traditional payment methods. while bitcoin is still as same era with them? I think the traditional payment processor is cash.

if cash I'm sure we will replace it in the future. and comparing it with bitcoin is certainly not going to be comparable, the function of bitcoin is far more than cash, it's just that bitcoin is still not too much accepted, so its use is still limited

Bitcoin is a peer-to-peer electronic cash system where transactions are directly sent to the Bitcoin network without third-party involvement and it is done with the help of anonymous alphanumeric or QR code which can access through mobile devices. Traditional payment processes have security flaws which can be easily overcome with the Bitcoin.

Bitcoin is the most popular medium of online exchange. On the other hand, traditional payment processors are the most popular and accessible medium for cash transactions. Now Bitcoin is being used offline through many cases. Like online exchange media, Bitcoin usage is increasing day by day. I think future Bitcoin payment processors will become very popular. I think Bitcoin will surpass the traditional payment processor in the future.

traditional means something that is old . the digital payment listed above are not old but cash is  . so cash is the only one that can be consider as a tradtional currency  .


we are already in the future and cash is still the one that is being used even if we already have alot of payment methods out there . i have a feeling that cash wont be extinct because cash is the only one that can be easily used anytime or anywhere  .

Anything can be possible, with the right amount of support from the government and financial institution, we can change what we are currently utilizing. It is never been this good in terms of payments, anyone could be shopping online, without even bank accounts, anyone even kids with enough amount of knowledge. They manage their own money with a single move, isn't that easy? It is clearly stating that Blockchain can manage to revolutionize traditional payments and boost economy growth, with such speed of transactions and minimal downtime we can do what we want to our money anytime anywhere with full control.

I think there is big probability that bitcoin will be the number one choice for this. As payment processors, bitcoin give a lot of advantage for us. I think it is not wise to keep use traditional payment processors that not suitable for us anymore. But it seems that bitcoin will only become alternative currency for digital transaction. I guess even google will use bitcoin to pay their adsense users. Maybe be youtuber and blogger don't need to use paypal or other such things anymore to recieve google adsense payment.

there is still a long way for bitcoin. many governments still do not have laws on bitcoin and still do not know anything about bitcoin. something decentralized and many governments want to have control of their citizens, bitcoin becomes a big obstacle for certain government. I would say that it will be a long way to persuade governments to create laws that are beneficial to bitcoin and that allow bitcoin to be used as a means of payments in many countries of the world

Bitcoin is still far off from what it wants to be interns if worldwide acceptance and general usage. So many government still don't believe in it and some still see it as scam and as such, it's illegal in those places. Traditional payment will continue working no matter how much of bitcoin technology that we all know. Regulations, AMA, and general usage will help bitcoin but now now.

Bitcoin can be an alternative for the few years due to lack of development on the BTC network. It is hard to wait for the first confirmation on the LC Waikiki after buying trousers. Other methods suit better this purpose and some projects have achieved to this goal on local marketplaces. For beating, the traditional payment gateways crypto payment processors should be accepted by the big companies and banks.

Crypto adoption is not really that much and people still have doubts about this.
People will still be comfortable with a traditional process especially those areas where there are unstable internet connections. This is how the internet becomes a vital tool for crypto and it sad that it has some limitations.

The both payment method are different. Bitcoin is an online payment which have be evolving and now been adopted by some online stores and the traditional payment processors have been here with man and have been adopted world-wide, so, Bitcoin shouldn't be compare with the long existing traditional payment processor.

yes bitcoin is a revolutionary change in the world financial system. it is indeed too naive to compare it with traditional payments. this is because bitcoin and traditional payments clearly have different times and targets. Bitcoin is designed as a financial system that is used and applied in the future. technological progress is the reason why bitcoin is very necessary. so let's continue to support all efforts related to the development of digital currencies globally.

Completely agree on that, crypto was born for more than one reason and it fixes the main problems that are present now. Of course we should expect in the future new problems to arise but they should be solved faster than ever.

I believe bitcoin will replace the faint paper and traditional financial system in the future and its a fact but when that will be is unknown since bitcoin need development and adoption by the general public but for now bitcoin is the secondary currency of the people because it offer's more freedom from third party involvement.

There is a hope but as of now crypto couldn't really take over the traditional payment processor,
Because most of the people is already comfortable using it and trust it.
But when it comes to crypto there is still some who doesn't trust it because of those negative feed backs that they are hearing.

This will only happen if the government will adopt bitcoin as another payment system so that we can have other option aside from fiat currency. Once the government allows it already then for sure a lot of people will shift to bitcoin knowing it's more convenient to use and its transactions are fast and efficient.

Never doubted bitcoin.
It will happen.

It might be slow but with patience we might be seeing a better future rather than this newly created kind of payments.

Issues are also getting lower and so is Fudders.
They seems to get bored with what they do and just go on with their life.
Bitcoin which doesnt have a company behind it will sure emerge when trust issues pops out to those payment options companies you said.

A merchant can't afford to accept crypto only when everyone below them wants paying in fiat. You need manufacturers, suppliers and the creators of raw materials to accept it too.

As for users there is no incentive to buy any in the first place just to shop. When you have it it's the last thing you want to spend.

You are wrong thinking that way... ::)
I would rather prefer to use PayPal for example for my direct payments with fiat. Without the need on converting my fiat into bitcoin (let's say make a deposit into BTC) and then use it for my payments as BTC.
These transacations cost me extra fee rather than using my Debit Card on Pay Pal for online payments where i have 0 fees associated with that transaction.

Even with the rising fees as of late 2017, Bitcoin is still cheaper than traditional payment processors. Now, it's even cheaper than before because prices are cheaper, there isn't any high activity on the Blockchain, and SegWit is being used more than ever. Of course, the pioneer cryptocurrency is not scalable yet. But, with the Lightning Network, this problem is about to be solved.

Still though, Bitcoin needs adoption in order to rival common payment providers. PayPal, Western Union, MoneyGram, and VISA/Mastercard are still in the lead because they're trusted among people in the mainstream world. We've seen how convenient Android Pay and Apple Pay have been for daily payments by linking credit cards to a smartphone app. Bitcoin is this and much more, but its limitations regarding scalability and volatility is what has made many people refrain from it.

Nonetheless, I believe that Bitcoin and traditional payments will part their separate ways for years to come. They'll serve their unique purposes within the financial world, allowing people to choose from one or the other. Just my opinion :)

That isn't true from the customer's point of view, unfortunately.

From the merchant's point of view, yes, Bitcoin in most >$20 purchases is cheaper than credit cards (with or without Apple Pay and friends) and PayPal and the like. But the merchant, in this case, has to deal with the risk of price crashes, or use a payment processor like BitPay, which results in additional fees. The traditional way to deal with these issues is ... rise the prices. So the customer often does pay a "fee", even if it's an indirect one.

Where Bitcoin excels is for international payments. It's far cheaper than Western Union and the like, and I guess that is it's main use case (outside of trading and black markets, where Monero and other privacy coins already are leading).

Good point. I guess that I was seeing it the wrong way, instead of focusing on merchant's needs. In that case, traditional payment processors like PayPal and Western Union will still be the lead of most merchants worldwide. I believe that what is killing crypto is its volatility, as its unsuitable for business use. The only way I see this would work would be via stablecoins like Tether and USDCoin. They provide all the convenience of crypto, but they also provide the stability of traditional Fiat currencies like the USD and EUR.

Nonetheless, the final choice lies on the individual himself whenever he decides to choose Bitcoin or centralized payment processors like PayPal.  Which means, that both ends will survive alongside each other for a very long time. Just my opinion :)

Bitcoin cannot replace traditional payment processors if you wonder why, it's because there is a very little chance that all the countries will adapt and legalize crypto currencies in the future. Maybe around 85% is the highest percentage that other countries will legalize and start using crypto currencies in any form of payment.

Remaining 15% will be the countries who will consider crypto currrency as illegal. Though there are many countries already who supported in using blockchain but replacing the traditional payment processors will surely take time to achieve this goal.

That's certainly true, mate. Unfortunately, Fiat currency is still the norm of many countries worldwide. Bitcoin can become popular as an alternative form of payment, but it can never replace Fiat. Because of this, I believe that traditional payment processors will survive in the future. Perhaps, they would adapt to Blockchain technology in order to gain the benefits of faster and cheaper transactions. Not to mention, payment processors would gain the ability to allow/deny transactions in a Blockchain of their own.

Once this happens, then they'll remain the norm of mainstream payments for a long time. Bitcoin and other cryptocurrencies would simply be used as an alternative form of money in times of emergency or desperate situations. Not even with DAG technology, has crypto been able to obtain the level of mainstream adoption as VISA or MasterCard. This could mean that it's nearly impossible to take down or replace traditional payment processors anytime soon.

Nonetheless, even if Bitcoin loses in this regard, it's still the perfect cryptocurrency for the people by the people. Just my opinion :)

Why should a cryptocurrency replace existing payment systems? This will not happen anyway. The states' cash may still decrease in volume, but is unlikely to disappear in the near or even distant future. However, non-cash forms of payment are now very convenient and will simply improve in the course of competition with cryptocurrency. In general, it is expected that the cryptocurrency and non-cash money of the states will exist in parallel and, most likely, in the future we will see their combined forms of circulation.

Absolutely agree with you. It is unlikely that cryptocurrency should oppose the traditional methods of cashless payments. This will not be good for the cryptoaallute. Non-cash forms of payment are forms of settlement of banking systems, and they are fully under state protection. Indeed, it would be very nice if cryptocurrency and non-cash forms of cash payments of various forms of ownership went in parallel, complementing each other’s functionality, and even better, would have a single shell.

There's a possibility that both crypto and Fiat will co-exist for a long time. However, with the rising popularity of Bitcoin, it's widely possible that crypto will render traditional payment processors obsolete. Of course, Fiat will always be there as it's backed by the government. But in the case of traditional payment processors like PayPal and Western Union, they may not survive in the future if they don't adapt to Blockchain technology.

People would rather stick to a system that's virtually free and speedy at the same time. Bitcoin compared to other payment systems, it's still the cheapest and fastest one in existence. While it's still facing scalability issues, the Lightning Network is being developed behind the scenes. Once it's finished, people can enjoy instant and near-free transactions around the world. In effect, this would allow many people to switch from traditional payment systems back into cryptocurrency.

Despite this, there will be many forms of payment (as you've said earlier). This means, that aside from Bitcoin, we'll continue to experience a world where people deal with Fiat, Gold, and other means. Hence, Bitcoin or crypto cannot be the only solution to everything in the world of finance. Just my thoughts ;D

I dont think there will be any replacement, I think both of  the payment system will exist in the future, the government won't allowed centralised payment being replaced, but the government will need to adapt with the newest technology so I believe one day they will adopt crypto payment as an option

Having a strong community pushing up bitcoin isnt enough at all,the government always win.If we want bitcon to replace traditional payment system we need to surrender our bitcoin technology to the government and get regulated and centralized.Or if one of the members of the government ( the high rank ones) will push through adopting bitcoin on their financial system without regulating it,

First in line is adoption then we have regulation as our biggest drawbacks. Surprisingly is that despite cryptos being unregulated they are still influenced by political influence, which is something I would expect to see with fiat but looks like all forms of money follow the same rules.

Because the people in charge today have their Power in the money(fiat) and if it happens that people lose their grip off fiat and cryptocurrencies come in , this means there will be a change of power....which is why they try to block this digital currency at all cost!

I am absolutely sure that in the future we will see a merger of cryptocurrency and various types of bank non-cash payment systems, since it will be very convenient in their use. Sharing them will provide an opportunity to eliminate cryptocurrency volatility when using it as a means of payment, since it will be possible to remove cryptocurrency at the rate on the day of payment, but in fact it will be possible to make calculations in fiat, which in most cases will be convenient for merchants.

Of course, in the future, the cryptocurrency and the common currency of the states will exist together. Cryptocurrency is generally not able to replace cash or non-cash money, so I would say that the cryptocurrency will adapt to the joint circulation with the national money of the states, and not vice versa. Non-cash forms of payment in ordinary currency will always exist, because they are protected and protected by states. Moreover, the conditions of cryptocurrency circulation in society will be determined by the states all the same.

The more payment options people have tho choose from, the more freedom they enjoy and the less likely it is that they can be excluded from participation in an economy.

I'm perfectly fine with Bitcoin being just an alternative to fiat. In the end, you don't want Bitcoin at this stage to be a fierce competitor to fiat, and as long as Bitcoin isn't that, governments won't consider it a threat and therefore not go in full ban mode. People can say that you can't ban Bitcoin, but it's better to not have governments ban Bitcoin to begin with, because it does significantly slow down adoption if it happens on a larger scale.

Let Bitcoin enjoy this easy ride and gain ground on a daily basis. What more can we wish for?  :)

Bitcoin already solved lots of problem with traditional payment system  It reduced time of transaction , processing effort also Fees while coming to cross border or remittance industry payment . Where paypal , applepay everything has to go with countries regulation policy . But bitcoin is not having any regulation . Thats the beauty of bitcoin.

Bitcoin is convenient and more comfortable to use than traditional forms of payment. But if there is a large number of transactions done in a while, it will cause Bitcoin's Blockchain network to be blocked and make frozen transactions unconfirmed. This is one of Bitcoin's most significant drawbacks compared to traditional forms of payment.

Good point. If Bitcoin tends to overcome traditional payment processors, then without a doubt, governments will target it at all costs. It's best to leave Bitcoin and Fiat aside, for the sake of crypto's longevity within the mainstream world. Still though, Bitcoin can prove to become a viable alternative against traditional payment processors by providing a cheaper and more efficient way to transact in the real world.

I guess that the Lightning Network will have an impact over how micropayments are made, greatly disrupting our economy in many ways. While this is true, traditional payment processors will always be in the lead because they're regulated whereas crypto is not. People will have a choice whenever they want to rely on Fiat for mainstream payments or simply Bitcoin as a store of value. Given how Fiat's ecosystem hasn't gone yet, it seems that it'll co-exist with Bitcoin and many other cryptocurrencies for a long time.

Nonetheless, the emergence of DAGs, the Lightning Network, and decentralized exchanges should make crypto better than ever before. Which means, that it could greatly rival Fiat payment systems as we know it. Just my thoughts ;D

Therefore, the cryptocurrency is still very poorly used as a means of payment. In many cases, non-cash forms of payment in ordinary currency is much more convenient to use than Bitcoin or another cryptocurrency. In addition, it is still difficult for ordinary citizens to understand, especially for those for whom English is not their first language.
However, the cryptocurrency continues to evolve and many difficulties gradually disappear, although this process will be lengthy.

Bitcoin is explained literally in thousands of languages, not even talking about the local TVs, it's not a valid argument.

Some countries are still resistants to any digital form of payment, Germany is a good example, as a country that still uses banknotes a lot more than payments cards. (It's maybe a reason they still have the 500€ banknotes while others countries don't or are any process to remove it).
Not a valid point everywhere.

Anyway, folks don't need to understand how Bitcoin works up to become a dev themselves. There are so many solutions offered easy to use, Coinbase is an example. So again, not a valid argument.

In my understanding bitcoin is much better from the traditional payment processors because it's not only a payment system. First and foremost it's a decentralized store of value. It may not be able to process as many transactions as traditional processors but they depend on fiat money and fiat money can inflate and be gone. Bitcoin allows you to do much more.

That's certainly true, mate. While Bitcoin allows you to do more than traditional payment processors, it lacks regulation and stability in prices. In this sense, it cannot be used as a daily currency unlike Fiat. In the bright side, Bitcoin proves to be a censorship-resistant payment system that's available 24/7 no matter what happens in the real world. People can confidently send/receive transactions in a safe and secure way without downtime or limitations. Also, Bitcoin can be used as a store of value in the same way as Gold, because of its limited and deflationary supply.

Over time, the pioneer cryptocurrency will improve until it becomes comparable enough towards traditional payment processors. The Lightning Network, Schnorr Signatures, and some privacy features will make this happen in the long term. By bringing instant and almost-free transactions to the world, people will have a viable choice against centralized payment processors.

Nonetheless, I believe that both Bitcoin and traditional payment processors like PayPal and Western Union will survive for a long time. Just my opinion :)

Let us the time dictates what will happen to our economy. Maybe, as of now the people cannot imagine to live without any fiat or banking system. But logically speaking, the era for technology was already started and anytime, we will go to the transition where fiat may gone and cryptocurrency will reign to our society.

Bitcoin for now doesnt recognize by the people.only few know about bitcoin.but if bitcoin recognize all over the world by many people we can replace the traditional payment process.for now traditional payment process is can easily make because this is what we all know how to pay to pay.but for me that I know how to process and used bitcoin I can make an easily paying mode.I can say using bitcoin is can easy use than the traditional payment process

Traditional payment may not change but there is only an upgrade payment system that we can call the bitcoin we know all bitcoin is a decentralized one. People in society can easily manipulate a government paying tax or whatever. If we give attention to bitcoin we can see the future system here that people society will change in the payment method.

Well, most people are afraid of change as it brings many risks. Traditional paper money has been in use for a substantial number of years unlike crypto. People tend to trust Fiat because it's widely backed by the government and central banks. Changing from one form of money to another takes time as it's not an easy task. First, there needs to be confidence within crypto for people to adopt it at a large scale. And second, crypto needs to be stable enough to be used as real money like Fiat. The fact is that, it's still the wild west within Bitcoin and most cryptocurrencies. Not to mention, prices are highly unstable making crypto terrible as a currency.

Still though, issues are being discovered and solved over time. Also, governments are becoming more friendly towards Bitcoin and other well-known cryptocurrencies. This means that in the future, crypto would become stable and regulated enough for the whole world to use. In effect, Fiat money would become obsolete and unreliable enough (due to inflation) that people will resort to Bitcoin as their main form of payment. Of course, there's nothing stopping Fiat from becoming "digital" in the future with the adoption of Blockchain technology.

But, Bitcoin will prove to be a better choice because of its censorship-resistance and decentralized nature. All in all, both Bitcoin and traditional payment processors could very well survive alongside each other for many years to come. It would be surprising if PayPal, Western Union, and other popular payment processors start adopting Blockchain technology at a large scale. Just my thoughts ;D

Correct, adoption is the keyword, but why, after 10 years, adoption of btc as a means of payment is as good as zero, both at retail as much as at institutional level?

In the past 10 years , bitcoin is already adapted by most people or countries around the world and btc is already being used for paying other than in investments .  btc vs traditional payment method is  a close fight because as of now btc can almost do what traditional payments do  , btc isnt only workable online but it can also work offline . in the future i think btc do have a chance to surpass traditional payment methods 

I wonder in the next 10 years traditional payment processing will be eliminated by 80% although there's some institutions remained using old methods, but most of the modern ways will be much appreciated. Bitcoin's payment transactions can be done in a convenient way, that's why online transactions diverted to another options which can expedite their mode of payments and have bigger returns of investments. Traditional payment is trusted to have sustainable profit, but with modern ways using digital currency; it has no barriers to consider with respect to delays compared with old system.

fiat money has inflation, while bitcoin has fluctuations, I think it's an equal risk. traditional payments such as cash cannot be compared to the payment of a sophisticated future such as bitcoin, because in terms of innovation, technology and so on bitcoin will win, but for adoption and acceptance, bitcoin is still less attractive. traditional payment in some aspects is more widely used because of acceptance problems

it is clear that bitcoin has become an alternative transaction and the speed of the process has overtaken the traditional payment process. I agree that in the future Fiat will begin to adapt using the blockchain.

As far as I know:
Bitcoin's transaction speed has overtaken the traditional payment processes only if the sender has already Btc in the wallet and the recipient has a wallet and is willing to accept Btc.
Under normal circumstances, with the sender having fiat and the recipient wanting fiat, using Bitcoin is not faster than the legacy methods.

In future fiat won't get adopted to the blockchain technology, but the wallets that function traditionally will get used on blockchain. As a beginning even now we've got more applications that are developed over the smart contract, maybe when years pass things will get much advanced making a big change over the usage of fiat for Payments.

In my city you can pay with Bitcoin only in 0,0x% of the shops.
I'm sure in yours too.
The percentage of institutionals using Bitcoin as a means of transfering value is even lower

That's certainly true, mate. Fiat will adapt to the Blockchain eventually, as Banks and governments explore the technology more thoroughly. For this very reason, neither Bitcoin or traditional payment processors will overcome each other. They will grow their separate ways in the future via the use of Blockchain technology. Of course, there will always be a difference among the same, especially in the way they're used within the mainstream world. Bitcoin will always be a decentralized payment processor and store of value, while traditional payment processors like PayPal and Western Union will always be centralized providing a gateway towards Fiat currency.

Still though, I believe that Bitcoin will become extremely popular and more actively used in the future with the upcoming improvements for the Blockchain. The Lightning Network, and some privacy features will make Bitcoin more attractive for people in the mainstream world. In this case, some people will prefer to use Bitcoin for their day-to-day transactions, while others will prefer traditional payment processors to interact with their national currency.

Nonetheless, the future holds many exciting things for both Bitcoin and traditional finance. Blockchain technology is the key towards improving our economy for the better, which will be widely used by Banks and governments within a couple of years from now. Just my opinion :)

Hey. It seems to me that if Bitcoin were less volatile, it would have surpassed all payment systems in the near future! But this is my opinion!

The second seems to be more true , the big companies are going strong to utilize block-chain and make their transactions faster.
There are huge lobby to be considered, VISA and MC are humongous companies with extremely high income and they can push around a lot of regulation. Not to mention other hurdles to overcome traditional finance, the tipping point could be another economic crysis.

there are cryptos that are less volatile  . eth , xrp  ,ltc to name a few and there were also cryptos that are stable like for exampe tether but all of these are seem to be weak against the traditional payment methods and they are also weak against btc  .

cryptos in general still lacks of offline support , i mean they cant work without internet but tradtional payment methods can work on both worlds  .

i guess that is also one of the reason on why btc/cryptos cant won the battle  .

Eth, Xrp, Ltc Less volatile than Bitcoin? Not sure what you have been smoking, but every single altcoin (ignoring stablecoins for obvious reasons) is more volatile than Bitcoin because there simply is less liquidity.

By far, digital payments are the dominant force when it comes to payments, and there is no end in sight. Also, PayPal, Visa, debit cards, etc-- these won't work either without an internet connection.

People are too overly negative about Bitcoin not working as payment option because you at all times need an internet connection. The actual problems are volatility, lack of scalability, and lack of will to spend something so scarce.

as famous as bitcoin in this world, it cant move traditional payment. maybe it really useful for every single person, but im sure if they still use traditional payment. i hope if people use bitcoin as transaction, and they can solve the problem about something that troubling in future with bitcoin

Bitcoin is software, and like other software in general, Bitcoin must be approved with its Environment and the integration of new features because more functions are expected of it.
The crypto ecosystem is very dynamic and fast-growing, making every cryptocurrency meet quickly to meet demands. Bitcoin, being a cryptocurrency "Register and" more mature ", which relies on one of the most experienced and knowledgeable" team development "that supports it. The monetary system that is decentralized like Bitcoin, does not require a central authority that needs a supply of currency. The currency created by the network itself, an approved algorithm that addresses the currency will be made and at what level. Bitcoin cannot be faked, forged or duplicated. All of these prove a reliable and reliable currency. many people prefer to pay using bitcoin because it is practical, efficient and can be used in several countries.

traditional payment is the habit of every person to make transactions at this time. it is very difficult to separate, even when the bitcoin exists. however, currently support for traditional transactions is still very large compared to bitcoin. but, sooner or later, this technology will definitely be accepted, and will be equivalent to that.

The way the government now is concern about crypto, that's the statement that soon crypto will be a big part in the digital world.

Definitely, and it will take time due to some regulatory rules, having a standard regulation would help to fast track its adoption.

I agree that cryptocurrencies do have some drawbacks but its just a matter of time and who doesn't want to be freed from those governing bodies. Traditional Payment Processors are good but they do limit us on numerous things are controlled by humans. Humans make mistakes and humans do have limits but cryptos are governed by machines and we can adjust their limits and they do not make mistakes. It completely fills all the checklist to become a global digital currency like universal currency.

It's becoming evident that large companies will make use of Blockchain technology within the not-so-distant future. By doing this, they'll be able leverage the speed and low costs obtained by many well-known cryptocurrencies today. Still, their services will remain extremely centralized which takes away people's ability of controlling their own money. With Bitcoin and Ethereum, that's not the case, as there is censorship-resistance and decentralization.

I believe that most people will choose decentralized cryptos on top of traditional payment processors because of this. Freedom and privacy is what really matters in order to improve our economy and society for the better. Bitcoin has quite an advantage over traditional payment processors in this regard. Fees may sometimes rise towards exponential levels, but they're still lower than credit card fees.

Nonetheless, it has been quite challenging to implement regulations for Bitcoin in every way. Unlike traditional payment processors, there's no way to resolve disputes, insurance of our money, or even instant transactions. Comparing both sides (Bitcoin vs traditional payment processors) I'd say that one cannot replace the other. Fiat will always exist no matter what, and companies will provide their services with it. With the respective advantages/disadvantages of both Bitcoin and Fiat, you should choose the one that meets your specific needs. Just my thoughts ;D

Bitcoin will not replace fiat, but it can do it partly. Simply for a large part of people, cryptocurrency will be the most convenient way for transactions (not only for investing money). However, many countries, where the level of life is low, will probably never accept crypto: simply most people there cannot even read and write, and crypto is not needed for them.

While comparing Bitcoin and Traditional Payment processors we firstly have to understand that, these are completely inverse in proportion. Because Bitcoin is still like a dream and has many limitations to access it, as still, many developing countries don't have proper internet access.

So in such conditions trust will not only the factor which can be considered tentatively but also the traditional system will also get collapse. Which can be lead to a major impact on economic and ultimately living of human being.

It seems to me that bitcoin in the future will be very actively used as a means of payment. Many companies are already accepting it as payment and the further it goes, the more it will spread.

There are already some businesses that uses Cryptocurrency as their mode of payment and the results were great. It reduced long lines and P2P transactions that sometimes lead to misunderstandings. Blockchain Technology is still being learned in most countries and they will have a hard time on how to integrate it into their systems. Bitcoin may beat traditional payment methods IF it is able in every country that has access to Internet. Learning about Bitcoin and Blockchain Technology was worth it because of the fact that it can be future developed if studied well.

Agree. While Bitcoin may won't be able to replace the USD in its entirety, it could prove to become a solid alternative towards people looking for freedom like never before. The benefits Bitcoin's Blockchain technology provides are numerous, which far surpasses those of traditional Fiat currencies like the USD and the EUR. Of course, there are some limitations existent within Blockchain tech which prevent Bitcoin from handling a large transaction capacity. But with good timing, and hard work from the development team, Bitcoin could become a fierce rival against well-known traditional payment processors like PayPal and MoneyGram.

Even with such payment processors adopting Blockchain technology for their own benefit (which looks very likely to happen soon), they won't be able to obtain true censorship-resistance and reliability unlike Bitcoin itself. In times where there's crisis, Bitcoin serves well as an alternative payments system that's available 24/7 without interruptions. Still though, traditional payment processors' use of Blockchain tech will allow them to stay head-to-head against popular cryptocurrencies for many years to come.

Nonetheless, we all know that Bitcoin can't be used anywhere especially within countries which lack the required technological infrastructure for Bitcoin to work properly. Not to mention, people need to have some level of knowledge before transacting with the pioneer cryptocurrency. Which is why, I believe that traditional payment processors will always exist because of their ease of use, and high-regulatory compliance. Just my thoughts ;D

We have seen how many of this kind mate?almost everyday there are articles created to boost bitcoin but together with that hundreds are creating fud to full bitcoin down .it means still all is for speculative and not for the reality

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What I think now is spread positive approach for more people might realize what crypto can be and why crypto can give

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About OP?indeed Bitcoin is more functional and reliable in terms of payments but ofcourse we need adoption first before we find the success over traditional payment process

Indeed. Adoption is necessary in order for crypto to succeed within the mainstream world. So far, traditional payment processors have been in the lead because they use Fiat as their backbone. National currencies (or Fiat) have obtained the trust of people for a very long time. Bitcoin would need to show the world that it's capable of delivering massive transaction speeds and low fees, without compromising its stability nor security. With the Lightning Network in the works, slow transactions and expensive fees will be a thing of the past.

Still though, Bitcoin would need to deal with price volatility across the market. This situation will need to be addressed by governments worldwide as they regulate the entire crypto market. After that, prices will stabilize allowing people to use Bitcoin and other cryptocurrencies more thoroughly. Even if Bitcoin doesn't manage to replace traditional payment processors, centralized alternatives like XRP and Libra might compete directly with such services.

Nonetheless, the prominence of USD and other Fiat currencies will prevent traditional payment processors from being replaced anytime soon. They might as well adopt Blockchain technology, making them similar to most well-known cryptocurrencies on the market today. People will decide if they support one side from another, or both at the same time. Given that money exists in different forms (physical cash, precious metals, etc) it seems very unlikely that either side will prevail within the future. Just my thoughts ;D

Adoption is weak precisely because, at least as of the moment, there are more than a handful of problems that hinder it. Adoption basically follows convenience. It is actually enough that a single user will find it the most convenient payment method that it will soon explode and get the interest of the majority. However, it still cannot move forward for now. For example, scalability is still much of a problem. It therefore cannot compete with the likes of Visa and paypal. The fees are also not as low as the competitors. And the confirmation time is the same. So basically it is not that the competitors are fiat-backed but because the competitors are more convenient to use.

But in terms of cross-border remittance especially involving a huge amount of money, BTC is preferable. And most especially if you prefer to keep the transaction anonymous to a certain extent.

I would be glad if both of these things (traditional payment and bitcoin or other currency) work together to make a better payment system. Because in my opinion, if you can knock each other down you will never be able to. Because it has advantages and strengths in each system.

I think that many people refer to Bitcoin as the next step in the evolution of money, because the relationship between Bitcoin and traditional currencies is very complex. During humanity's history, money has many forms and like the current bitcoin is the adoption of a currency of the past. I think for sure crypto will be able to replace traditional payments and in any form.

I believe and believe bitcoin will be able to compete and even defeat the traditional payment process that you said. we can see for yourself that there are currently more and more bitcoin hunters, it is not impossible that in the next few years bitcoin will master it.

Agree. Basically Bitcoin's adoption has been hindered by its own limitations in scalability. Even worse, its prices across the market are not stable unlike Fiat. Despite this, Bitcoin's speeds and fees are much superior than most traditional payment processors known today. Still though, Bitcoin is not as easy to use as a traditional payment processor. There are some features that require a certain level of knowledge to be used thoroughly. A good example of this is multi-signature addresses and segwit. But this could be easily solved if developers come up with a user-friendly wallet which allows an average Joe to make use of said features in the simplest way possible.

One thing for sure, is that Bitcoin is unmatched when it comes to transferring large amounts of money at the lowest costs possible. Things will get better once the Lightning Network becomes stable enough for the whole mainstream world to use. With many different improvements available within the Blockchain sector, Bitcoin could outpace traditional payment processors within the not-so-distant future.

Nonetheless, it's good to have both traditional payment processors and Bitcoin as they have a lot to offer one from the other. For people who prefer to deal with Fiat, they'll go for payment processors such as PayPal and Western Union. But for others, they'll prefer Bitcoin because of its censorship-resistance and decentralized nature. Just my opinion :)

Although cryptocurrencies are aiming traditional payments methods, it has yet not managed to take over the old system. While the digital currencies have generated significant interest, its adoption rate is low, and government support for them is nonexistent.
And, not until the government recognizes BTC as the legitimate currency, it might take a while before we see its adoption. Also, there are many factors that need to be changed in bitcoin for it to take over the traditional system.   
 

That could happen if all countries decide to accept bitcoin and the other coins as the new payment system method so their people can make a transaction using cryptocurrency. So far, only a few countries which accepting bitcoin and another coin for another option of the transaction but soon, I believe that we will have more countries that will approve cryptocurrency. Cryptocurrency itself still grow until now, and we are seeing many new people who will adopt cryptocurrency, and they will use cryptocurrency in their daily life.

Traditional payment certainly loses because we already know that it is traditional, which means it still uses the old ways to transact. Digital payment or modern payment using Bitcoin is one of the best ways to make fast and easy transactions. It's just that the existence of Bitcoin is not widely known by people.

I think soon the time of cryptocurrency transactions will not be different from the same processes in the usual payment system

Countries will think twice to let people use cryptocurrencies instead of fiat (government can influence the fiat system, but just can't influence bitcoin system, which is not acceptable for the governments....)
What governments can do is to rule the exchange between crypto and fiat. There won't be a magic moment, when most of the people in the world will enlighten in a second and will know bitcoin and will turn to bitcoin. There will be a long period when people will learn about bitcoin, will try it and in the end they will get accustomed to it...
But while this period lasts, people just don't have the chance to use bitcoin everywhere, they will have to exchange some bitcoin to fiat, to pay bills, taxes, etc...
And this is where governments can influence bitcoin (not the system, but the acceptance, the adoption of bitcoin). If they make it hard to exchange bitcoin to fiat (KYC, searching for the origin of the bitcoins and maybe force people to pay tax when they exchange bitcoin to fiat), so if they want, the governments can slow down the adoption, because it's not their interest to let people choose something else then fiat...

Yes, Bitcoin will soon replace these traditional payment processors in the future.

What the countries need to develop and adopt is a revolutionary payment method. The adoption of the Blockchain technology to this aspect may actually change on how people transact their payments. Like what other people mentioned, they may formulate their own blockchain or any related technology BUT nothing will ever compare or even come close to what Bitcoin has offered in the past few years.


Adoption of this technology will inevitably happen in the future but we cannot force it if countries are not capable of adapting to this technology. The first step to adoption is being widely recognized in the world. Second step would be slowly implementing the technology and acceptance; and third would be the wild-scale production and application.

In practicality Bitcoin is easier to use. Even when we register and make a wallet, everything is very simple.
When compared with traditional payments such as PayPal which is quite complicated in registration. And in its use, Bitcoin is easier to send to anyone's wallet as long as each user fills in the address correctly or with a QR code.

That's certainly true, mate. Bitcoin and the whole crypto ecosystem is within its early days. There's a lot of work to be done, especially in the area of scalability. Right now, the Lightning Network aims to bring a solution towards high fees and slow transaction confirmation times, but it's not ready yet for the world. Because of this, traditional payment processors will be the number one preference among individuals and businesses alike. Once the LN becomes tested enough for real-world use, then Bitcoin could take the world of payments by storm.

Still though, traditional payment processors have a greater advantage over crypto since they rely on Fiat currencies which are stable in price. That's not the case with Bitcoin and other altcoins, as prices are extremely volatile across the market. This makes them a terrible choice for daily payments, as they cannot be used as a real currency with a stable value. Which is why, we need more regulation across crypto exchanges in order to control the volatility in price for Bitcoin and other alternatives (aside from gaining more liquidity, of course).

Nonetheless, Bitcoin might never replace traditional payment processors or vice versa. The success of Bitcoin will be determined by how many people use it, and how many governments are willing to accept it as a legal payment method. Right now, traditional payment processors have been regulatory-compliant since the start, but Bitcoin is still facing issues with its legitimacy. Which is why, I believe that it may take a long time before Bitcoin becomes a real contender against traditional payment processors such as PayPal or Western Union. Just my opinion :)

Compared to other payment methods, Bitcoin comes with lower transaction fees but actually  accepted by a very small group of users. Many people are still not aware of the existence of digital currencies also the price of bitcoin changes daily and don’t have a physical form that means it can’t be used in physical stores.

While Bitcoin doesn't have a physical form (intangible), it's still a valuable cryptocurrency for the whole world to use. The main issue here is the lack of scalability within the BTC blockchain which makes transactions slow and fees highly expensive. Even with these limitations, Bitcoin is still a lot cheaper and faster than traditional payment processors. It may not be known across the whole world yet, but it will as soon as governments legitimize its usage.

Right now, Bitcoin has all the odds of winning the battle against traditional payment processors like PayPal and Western Union. With the right amount of development and innovation, it could soar to new heights in terms of pricing and user adoption. We already have the Lightning Network underway, which promises to provide instant transactions and dirt cheap fees. While it's bound to become stable soon, we can enjoy other cryptocurrencies that provide such benefits (like XRP and XLM). I'm sure that people will prefer Bitcoin and other crypto on top of traditional payment processors because of their resilience, and most of all, anonymous nature (sort of).

Nonetheless, Bitcoin might never end up replacing traditional payment processors in the future, as they adapt to Blockchain technology. Considering how stable Fiat currencies have been a long time, there's no reason why people should avoid using centralized payment processors in the future. Just my thoughts ;D

Bitcoin or another decentralized cryptocurrency cannot replace traditional payment systems. They will closely cooperate and develop together, complementing each other with their special capabilities. Moreover, most likely, the cryptocurrency will develop and transform further, since today it has a lot of shortcomings and is far from perfect. Traditional payment systems will not disappear anywhere, together with cryptocurrency they will provide us with additional opportunities.

My mere opinion about this is that Bitcoin and other cryptocurrency will not replace these payment processors you've mentioned, they are going to adopt Bitcoin and all of the crpytocurrencies I think since soon they will realize that they could make more profits out of it. We are not yet sure when this huge mass adoptation would happen, but it will happen, we all know that.

Cryptocurrencies are the evolution we need to change this world's perspective about making this society more developed and advanced, fiats are too slow and taking to much time to process, while it is just a blink of an eye when we use cryptocurrencies.

For wire-transfer or sending money across borders, its already a winner. As a payment alternative it covers most scenarios. Something you buy online and go pick up later (or is sent to you) is already working perfectly well.

You talk about regulation, but that only covers the coins (money). Blockchain as a separate element can be used in any project without requesting authorization. But you are talking about payments, and that is an specific use which is heavily regulated (especially when it involves fiat, which most processors do).

Fiat is, after all, outside the realm of Bitcoin. Its State money.

Future depends on merchant willingness. Often, you can talk directly to a seller and ask if he/she would accept bitcoin, and chances are getting better and better everyday that in fact they do. Its often their trading platforms that won't, due to "fear" or regulation.

At present, Bitcoin is the digital currency as the medium of exchange. On the other hand, the currency of the traditional exchange is currency. I think the present-day digital age. So everyone will accept the digital system. Because it takes less time and labor.

For me, yes, bitcoin can beat the traditional payment system incomes to a new era or using modern technology. Yes, blockchain is struggling in the adoption, regulation of some state/companies and legality. But in the future or maybe in the next 5-8 years this is now very possible. I'm our state you can now buy bitcoin in some selected stores and vice versa.  :)

It can be a winner for international money transfer between individuals. When a company wants to send money to another foreign company (e.g. company A wants to buy a specific car from company B, where company B is in a different country).
Company A wants to check that car physically before buying it, so they will travel to the foreign country. They inspect the car and found out that is's fine for them. So they want to pay for the car, before anyone else pops in and buy the car by cash before their payment arrives, which means e.g. 2 working days outside SEPA (in the SEPA area it's 'only' 1 working day)... I know that there's earnest money which you pay to hold that car for you but that's only good against the other buyers, but you still have to camp there in a hotel or in your car to wait for the payment to get finalized via the SWIFT or SEPA system...
So bitcoin seems to be a winner when a company wants to pay for another company...
But there's regulation, and in most of the countries, companies don't have a clear guideline where to put bitcoins when it's about book keeping. Also they don't really know  how is it possible to prove that there was a real payment (in bitcoins) and it's not something in connection with money laundry...
So companies will mostly wait for a fiat wire transfer instead of using the quick bitcoin network for international payments now... But if the countries will implement permissive regulations in connection with bitcoin (e.g. Germany in the EU), this situation can become better for the companies, not only for the individuals

With the modern technology nowadays, I will choose bitcoin as my payment processor. Internet is growing fast, and it is very likely for bitcoin to grow more in the next years, so for we can be adaptive with the changes if we choose to use it as a mode of payment.

Most online shops don't accept international shopping because their credit card payment processors don't allow but with Bitcoins, I believe that it has paved the way for international shoppers to be able to buy things online just like any person and the lack of fraud there of makes the entire process smooth for both the retailer and the consumer.

Don't forget Bitcoin confirmation times are still low. Even though Bitcoin would make international shopping easier and allows for almost anybody to be able to have access, There are still some downsides to it. But I think with time, Things will get improved. Because today,  more and more people are making the shift to using digital medium of payment aka Bitcoin.

Bitcoin is way more advance compared to our traditional payment processor,faster and more reliable.You just need an internet access and you can freely send and process an transaction using bitcoin unlike our old traditional payment processor which will take a lot of time

Of course I am looking forward to have an opportunity to use bitcoin in as much spheres of life as possible. But I don't think it will totally replace traditional payment systems in near future. I am sure more and more countries, services, companies will adopt bitcoin, but it is too early to speak about replacement of general payment systems.

Bitcoin will be one of them in the near future as for beating the payment processors will not be possible because of the traditional payment processors has been preferred by most of the people rather they will make an update without changing these traditional payment processors
they will use some blockchain technology to be able to catch on our fast-changing future.

This is the like of those Country who make their own Stable coin to adopt on the technology and perhaps to let their people aware of what's are the new method will be used by the blockchain technology in the next generation.

I don't see Bitcoins or any crypto to be easily accepted at offline stores especially as you always need to be connected to the internet plus wait for confirmations. In addition to this, most websites that accept bitcoin now take a premium as bitcoin prices are flexible. They also don't want to risk their payment and we all know how expensive it has become to use crypto debit cards with fees that never end (currency exchange, annual fee, transaction fee etc.). Trading is the only thing that's more profitable compared to traditional payment methods which have a stable rate.

Bitcoin is intended for digital payment and digital services. because payments that pass between countries are simple and low fees, crypto is the best choice. and I think traditional payment will also continue to grow. because not everyone has a digital transaction and there are still many people who need cash for the day.

In Comparison of the two, bitcoin is more likely useful now by many people because of the good opportunities that we get here and then the earnings and profit. Digital wallet and more digital services are now famous to many country. We should acknowldege the old payment way which is traditional. In traditional, we use paper transaction. In bitcoin, there is digital wallet and digital transaction but in this case, we need an internet connection.

Maybe. But when? People are comfortable with their systems, and Bitcoin still holds a mystique that is difficult for both merchants and consumers to fully grasp. And change comes slowly. Bitcoin will have to rely on traditional processors that have the ability to lock in exchange rates and to ensure that both merchants and consumers are afforded the protections they need. So, I would choose adoption.

Perhaps, moreover keep that in mind that earning fiat is more easy to earn for the most of the population all over the world than earning cryptocurrency. The only way to earn or to have crytocurrency for them is to inves their fiat on it, and the other problem is that not all those people are aware on how Trading works. By saying that, the favor is still on fiat.


this is also a another disadvantage of bitcoin or other cryptocurrencies if it is going to replace fiat as a real currency, not all of the place we are going have WIFIs, not all of the countries have free WIFI access on public, so my opinion for this, bitcoin has still a long way to go.

Since we are in the information age, we are using more of technology and as of now it is used worldwide and it is innovating time by time. Bitcoin is a virtual money which you can use without any physical coin or paper, instead it is stored on your web wallet or application. I prefer bitcoin as a payment process in terms of any transaction that you are initiating. Because it is way faster than paying physically and lesser error or failed transaction since it is done by a wallet that is programmed to send or to claim. You just need to secure your information for you to protect your own money in a specific wallet that you are using.

That's certainly true, mate. Bitcoin is already a winner for sending money worldwide at lower costs than traditional payment processors. It may not be useful for sending micropayments yet (due to high fees), but it's improving every step of the way. Right now, there's no reason why merchants should avoid Bitcoin in the first place since there are many regulated exchanges available within the mainstream world. Of course, there's the issue of price volatility. But, merchants could easily gain the stability of Fiat by choosing a stablecoin such as Tether or USD Coin. I believe that as more people join the Bitcoin cause, the more it'll become accepted by merchants worldwide. The main advantage traditional payment processors have on top of Bitcoin is scalability. Once Bitcoin gains the ability to process millions of transactions per second at faster speeds and lower costs than before, it'll gain a massive boost in merchant acceptance like never before.

Thankfully, the Lightning Network will surely bring Bitcoin towards the mainstream adoption it deserves. It may not be a perfect solution for scaling Bitcoin, but it's the best thing there is in order to make sending micropayments a reality once more. Only then, Bitcoin will be able to directly compete with giants such as Visa, PayPal, and MasterCard. Time will tell us whenever Bitcoin will prevail over current traditional payment processors or simply remain as an alternative payment system for the world. Considering that Fiat is still largely dominant within the mainstream world, the last scenario is very likely to happen within the future. Just my opinion :)

Not taking sides so I think both bitcoin beating traditional payment processors and payment processors adapt blockchain technology has the potential of taking their places in the future. If people behind blockchain will make a move to trigger or enlighten people about bitcoin the massive adoption of using blockchain will happen and replacing traditional payment processors will be possible, if and only if a massive adoption will occur, as massive as fiat's widespread adoption and usage. Meanwhile, talking about payment processors adapt to the blockchain in the future is also depends on the people behind payment processors if they will let being traditional put them into bankruptcy.

Traditional payment have positive side self where seller and buyer have faced to faced and many instruction each other, but with higher technology we need payment faster could sent to other country by faster and easy, we need bitcoin become solution for seller and buyer to sell or buy some thing in other country.

Amongst all the tradable assets to watch for the past years, It has been bitcoin who stayed fascinating over any assets because of the heights it has been reaching making the cryptocurrency market sort off already knew what they will characterized with its volatility and ebb that's why questions like "Will bitcoin replace traditional assets in the future" is being raised, because it has been producing a very good reputation. But, despite of the growing number of crypto enthusiasts, the call for a massive and emerging adoption to bitcoin is still alive because its where the hard part is located. If the large adoption that enthusiasts, traders and investors will take place, the probability of replacing traditional assets will be high.

Bitcoin is already replacing traditional payment systems. I have many friends who use Bitcoin to lend or pay for goods / services. I think that in a few years the popularity of cryptocurrency will grow by 5-10 times. We hope for market regulators that they will not interfere with scientific and technical progress.

They can co-exist, merchants cater to all walks of people, there will always people who will prefer a credit card and paypal even though they have Bitcoin to pay, some buyers are not comfortable buying something online that they cannot demand a chargeback in case there is an in issue and they want to escalate it, something that Cryptocurrency can't offer, it's better all options are available to protect the buyers.

I think bitcoin and traditional payment processors should work hand in hand with each other due low level of bitcoin adoption by the masses. I recently launched a new website where people can buy digital products online. I implemented both PayPal and bitcoin for making payments but you know what? Up to now, I haven't received any bitcoin payment to date, only PayPal payments. 

Bitcoin unable to use as a traditional payment for the some countries which are not legalize in Bitcoin. Because they still can't use btc to buy anything from the international market which are accepted cryptocurrency. Also i am very unlucky because i will never use btc as a traditional money until adopt btc from my country government. Yeah, which countries are already adopt and legalized they using BTC like as traditional payment system.                        

Bitcoin maybe be fast in transactions but traditional method is still more reliable in terms of stability and widely accepted,  I don't at this stage it is appropriate to make this comparison because btc has very few coverage unlike fiat, there is no point for this now because not many people have ever make transactions with btc yet.

The gouverment sees the cryptocurrencies as a competitor, so think it won't permit the flat currency to adapt to cryptocurrencies like Bitcoin. But soon people will see how convenient is the payment with Bitcoin. The low fees, the security and the privacy are the key reasons why people would prefer the crypto transactions to the transactions between banks. The anonymity and the fact that blockchain transactions are irreversable are another reasons why gouverment wouldn't like to contribute to the cryptocurrencies. But I think that soon people will understand that the payments with Bitcoin or other cryptocurrency is much more beneficial and the banks will extinct.

Exactly. Depending on a specific person's needs, will be the form of payment to use. Because of this, it's very unlikely that either Bitcoin or traditional payment processors will dominate the world of finance. Aside from being two distinct things, they have their own unique advantages/disadvantages. People who prefer blazing fast transactions would choose traditional payment processors on top of Bitcoin. For other people, Bitcoin is an All-in-one solution for finance as it provides censorship-resistance unlike any other payment system to date. Of course, traditional payment processors still have the lead within the mainstream world because many merchants support them. But Bitcoin could also reach the same level of traditional payment processors in the future, if it continues to grow in development and innovation.

With the Lightning Network underway, Bitcoin could easily become comparable to the likes of Visa and even Mastercard. It's only a matter of time before this happens, as developers are working hard to make Bitcoin a better place. The only issue would be price volatility, but that could easily be solved via the use of a stablecoin like Tether or USD Coin.

Nonetheless, both Bitcoin and traditional payment processors will stay head-to-head for many years to come. I believe that there will be a diversity of blockchain networks, as well as, traditional payment processors that will cater through the needs of everyday users. The latter could easily adopt Blockchain technology for their own benefit if they desire. Once they make the switch, they'll be as good as Bitcoin and other cryptocurrencies within the mainstream world. Just my thoughts ;D

in my opinion it might be because the number of bitcoin users and those who accept bitcoin as a means of payment have also increased. and the bitcoin transaction process now also uses LN so the transaction process will be fast. and also increasingly corporate and industrial governments are adopting blockchain. so maybe 5 to 10 more years traditional payments will be replaced by cryptocurrency.

Yeah, it will happen no matter it will happen but one-day bitcoin will take the place of another payment processor. Bitcoin payment processor is easier than the traditional payment processor. Already some country uses bitcoin as a payment method now its time to move into the whole world.

There's a huge chance that this will happen, the day where we all use blockchain technology in every purchase we do in real life. Traditional payment processor and the use of blockchain will surely co-exist in the future and it will come for sure base on the development we are seeing in the blockchain technology, having them function at the same time will be a really great help.

blockchain developers have not stopped guys, they are still continuing to innovate, as you said ... still struggling to be accepted with appropriate regulations. I believe that one day Blockchain will replace the traditional payment system. it's just that at this time it hasn't reached a good agreement to be equal or higher than traditional payments. as soon as the blockchain found it. will be the number one best payment and online transaction in the world

Depending on where you are you might prefer cash or crypto. I still think keeping fiat is a vaiable option and can have its uses. Maybe even for nostalgia sake or to stay "old school".
You will probably want cash for places that need very fast transactions at events and fairs and markets where things are exchanged quickly. Though in the future when things pick up a little it will be easier to just simly point your camera at the qr code and add the payment like that. I say cash because most of these places like to deal with cash anyway. I use cash at these places to avoid banking fees incase I buy from various different stores. The transaction speeds will also need to be very fast then.

Yes, bitcoin will be comparable to bigger banking and credit companies. It will just be another option like any other. Already I see online stores with the bitcoin logo and payout option.

Most likely the stable coins that were pegged by USD or any other preferred fiat by the users? is this what you're trying to say? How can it be a difficult market if they will start adopting bitcoin as an option for their payment scheme?

I don't think that it will be difficult for these payment processors to jump on the bandwagon if the market for bitcoin is the highest. And if that kind of cryptocurrency will be launched base on your description, it will not be decentralize.

Of course, cryptocurrency cannot and will not resist the current payment systems. It will either integrate into current payment systems, or will be forgotten over time. It is most likely that cryptocurrency will supplement the list of existing payment systems and will work together with them. Cryptocurrency has many revolutionary advantages over other payment systems, but there are also disadvantages. Humanity must take advantage of all payment systems and create something one and the same.

I think one thing that makes user think again before adopting cryptocurrencies is the fact that it's too volatile. But in terms of payment only, not as an investment, I strongly believe that one point in time, crypto would be more widely used than these payment systems. However, I think bitcoin would lead the race, it's much lesser of a risk and has no signs of completely crashing down unlike some altcoins.

Various online shops are already accepting bitcoin as payment since it's relatively easier and fewer fees are paid.

Let's forget about coverage and just compare the reliability and trust between the two payment methods. Traditional Payment Processors are subservient to banks and controlled by centralized structures. This is not safe, I am sure that in an emergency we can become a victim of manipulation and lose our money. Bitcoin is as reliable as possible, therefore, despite less coverage and stability, I trust in the Bitcoin processor system than in the corrupt fiat one

I don't really think I agree with you on this. Considering the level of awareness with regards to the number of people who have heard of Bitcoin and are using it either investing in it or using it for their basic transactions, there is no way I see Bitcoin replacing traditional online payment processors. Out of the total population of the entire world, less than 1% know or have heard about Bitcoin. The remaining percentage have no idea of what bitcoin is and what it does. It might take a long period of time for Bitcoin to replace traditional online payment processors...

Without a doubt, traditional payment processors will be able to use the same technology as Bitcoin within the not-so-distant future. As Blockchain is tested thoroughly by central banks, and corporations, we'll see it integrated into our existing financial infrastructure at a slow and steady pace. Traditional payment processors like PayPal, Visa, and Mastercard would not want to lose their position in the market by Bitcoin or any other cryptocurrency. With Blockchain's fast transaction settlement times, and lower costs, there's no reason why companies should avoid it in the first place.

Once popular payment processors like PayPal and Visa adopt Blockchain tech for their own benefit, then you could expect them to stay head-to-head against Bitcoin and other major cryptocurrencies within the mainstream world. Bitcoin may be slow and expensive nowadays, but it's still much cheaper and faster than wire transfers. Things will become even better for the pioneer cryptocurrency with the inception of the Lightning Network. With cheap and instant transactions coming soon into the BTC blockchain, more people will join the crypto cause. Traditional payment processors will see crypto as a threat to their very existence, leaving them with no choice but to join the revolution or be left behind in the dust.

Nonetheless, while Bitcoin serves to be advantageous in some ways, it won't be able to take down traditional payment processors in their entirety. The same thing happens vice versa. There will be a strict division between both camps (centralized & decentralized) leaving people with a wide array of options to choose from. This diversity will help improve our economy for sure as time goes by. Just my opinion :)

I don't think that Bitcoin will oust traditional payment processors in the near future, especially as they're beginning to adapt and build blockchains of their own. With massive financial institutions like Paypal and JP Morgan making investments into blockchain start-ups and blockchain tech respectively, they're already trying to play catch up. I think it's possible that eventually traditional payment processors will fall by the wayside in favor of Bitcoin and other cryptocurrencies, but that feels like it's still a long way off. For example, using international bank transfers to buy crypto on marketplaces like Vertex (https://vertex.market), is still an incredibly popular choice - showing that traditional payment processors are often still king. 

There is no doubt that Bitcoin has all the qualities to easily replace the traditional online payment methods available currently but the problem most people who don't really understand how bitcoin operates and its nature is the volatility of its price. Due to this, majority are scared to adapt using it for their transactions. And others invest in it rather than using it to pay for their transactions online.

In addition, the Bitcoin network is very slow, it is not intended for micro payments now. Bitcon acts as gold in the cryptocurrency market. Payments in Bitcoins should be tangible.

It is true that there still a lot of people who don't understand how bitcoin works so it is impossible now to change traditional payment processors to bitcoin but I think it is only a matter of time for this to happen. Our technologies are advancing and people now are more open to new technology thus, it is not impossible that people will adopt bitcoin and that maybe in the future will use bitcoin as mode of payment.

I'm glad you used the word "Now". Thanks Blockstream!  >:(

Unfortunately banks have an enormous amount of power and privilege on the global stage and thus such regulation is necessary for Bitcoin, but it will beat traditional payment processors for below reasons:

1) It is more secure. No email/password combo, one time address that can basically not be traced. 2) It is faster and easier, no dealing with long forms or verification. One click, payment sent. Businesses like it because it's like getting cash instantly. I have to wait a week for CC charges to clear and 4 days for PayPal, but BTC is nearly instantaneous. 3) It is Decentralized. No worrying whether PP will lock your account and take your funds. What's yours is yours. In this vein, businesses have more say and control in how they receive their funds.

If bitcoin remains decentralized, it will never become stable in price, since supply and demand in the market cannot be stable.
Bitcoin will also not be able to surpass conventional payment systems, they will exist together and complement each other with their capabilities. I do not see another alternative yet.

Bitcoin may be slower than traditional payment processors, but it's bound to improve over time. With the Lightning Network on the way, micropayments will be possible again due to cheaper costs and faster transaction settlement speeds. The main advantage traditional payment processors have on top of Bitcoin (aside from depending on Fiat currency which is stable), is instant transaction settlement. Once Bitcoin's Lightning Network becomes stable enough for mainstream use, you could expect the pioneer cryptocurrency to rival even the most prominent payment processors known today.

With the advancement of technology, it seems that we're progressing towards the digital era. Tangible items will be no more, as everything will exist in the Blockchain. Bitcoin has been proven to be quite a successful cryptocurrency, despite the claims of many that it's made out of "thin air". With deflationary and censorship-resistant properties, Bitcoin is the revolutionary "digital gold" most people are still not aware of. It's hoped that the Lightning Network and several other solutions would bring more people into Bitcoin, to make it bigger and stronger than ever.

Nonetheless, while at some point Bitcoin will be able to rival traditional payment processors, it'll never be able to replace them. The same thing would happen vice versa. After all, Fiat currency will continue to dominate our financial system for years to come. Which is why both Bitcoin and traditional payment processors will co-exist for the foreseeable future. Just my thoughts ;D

the lightning network is not ready to handle the explosion of transactions from the use of more than half a million earth's population, will be very slow with costs rising dramatically. I am not skeptical, but the development still looks slow and takes a long time. Here the fiat payment model will continue to take a position because of the influence of the capital system that nobody wants to damage.

Actually traditional payment system and btc are nowhere in competition. Blockchain technology doesn't only provides a payment settlement system but also provides a modern solution of storing data over blockchain and transmit it using secure chain of blocks. It's not necessary that in future bitcoin replaces fiat but maybe fiat can get over blockchain too but just it's supply would be held by government.

I believe that there is hope for a good percentage of cryptocurrency use in a decentralized way for multiple goods and services, but there is still a long way to go and the legal aspect must also be worked on so that people and governments have full confidence in the use of cryptocurrencies.

But they can deny as well?

Anyway about the OP ,I’m sure that traditional payment method will remain while bitcoin dominates the market,we cannot take all the users because the other generation don’t really tend to adopt the technology we have now,but the next generation in which our siblings will surely use full technology and by that time maybe traditional payments will totally disappear from our system

in my opinion it could have happened, all traditional payments will be eliminated and replaced with the system used to use bitcoin, but it still has to go through several stages and processes, because it's not easy, even we have to wait for quite a long time ..

Every day we observe that more people use Bitcoin and other cryptocurrencies in a decentralized way, for example, to send money from one country to another, however, the percentage of users is minimal, because there is still not enough infrastructure to meet the high demand and Financial services require security and speed, so people opt for the safe and familiar.

Little by little, cryptocurrencies are gaining ground and I do believe that the day will come when they will no longer depend on intermediaries.

From the current value of bitcoin, I don't think bitcoin will replace traditional payment transactions. Blockchain adoption of technology I think it is likely, after a speech from Chinese president Xi Jinping, is the first step to the adoption of blockchain technology. Concepts like stable coins are more suitable in my opinion as a substitute for traditional payment transactions.

Bitcoin will not definitely replace the traditional way of payment especially for now because we are not ready yet due to the fact that there are still some country that has no facilities to access crypto. Besides, cryptocurrencies especially Bitcoin will is not that good for payment due to the reason of stability. This requires a massive adaption in order to implement this  way of transaction.

We're still far from that dream. Replacing the current traditional way of payment will be a huge adjustment. Bitcoin as a primary source of payment will not be supported by lots of countries. It can only be another option but not as the primary option. Its volatility is the biggest struggle we can face if this will happen.

I dont think that crypto can replace fiat. We need really friendly regulation for this and big countries are not ready

IMO, the biggest drawback with Bitcoin is the high transaction fee and delays in getting confirmation. For example, with PayPal the fee is fixed and can be as low as $0.30. However, the transaction fee for Bitcoin is very volatile and it can vary from anywhere between $1 and $20 per transaction (depending on the congestion in the Blockchain network).

Also, PayPal transactions get confirmed within a few seconds (the same with Visa or Mastercard as well), and they have the ability to handle millions of transactions every hour. On the other hand, with Bitcoin you need to wait 10 minutes to 60 minutes to get the first confirmation. And even with the recent increase in block size, it may not be able to handle more than 10,000 transactions per hour.

I completely agree with you that Bitcoin has very big problems with the speed of transactions and with the price for each transaction.  But you need to take into account the fact that Bitcoin can serve as the most global payment system in the world, which at the same time gives greater security for data and funds for each user.  In addition, studies of the financial services market showed that in 2018, the volume of transactions in the Bitcoin network exceeded $ 3.3 trillion, which is six times more than PayPal and 16.5 times more than Western Union.

Of course I believe that someday bitcoin will replace traditional payment processors, all we really need is adoption and full acceptance of bitcoin. But I know it's going to be a long time since it's been argued that bitcoin's volatile price will have a huge impact on stores. Hopefully this solution will be provided so that we can use our btc in other stores as well.

The Bitcoin volumes are inflated, due to a large number of reasons. If you want to get accurate measurement, then you should look at the number of transactions included within each of the blocks. On average, anywhere from 1,000 to 2,000 transactions are being included in each of the blocks and the median number of blocks per hour is 6. Therefore we can assume that there are 6,000-12,000 transactions per hour. The absolute volume is inflated, because the exchanges move their coins every now and then.

If we consider Bitcoin as a payment processor there are many issues that can make bitcoin more hard to use as currency. But at the same time some other altcoins offering seamless payment processes using blockchain technology.

According to the specification of Bitcoins, it takes up to 10 minutes to solve a block and verify the transaction and store it within the block. But while processing this transaction it requires fees to verify and store it within the blockchain node.

Bitcoin is still in testing phase, comparing to traditional payment processors it's bit complicated to common users to access and transact it.

There is no comparison with Bitcoin. However, Bitcoin is far ahead of popularity in terms of these payments. Because of the trading advantages here. Moreover, as prices rise and prices rise, popularity is increasing day by day.

Basically the advantage of bitcoin is its huge market price and adoption, but if we will going to consider other factors, we can see that there are altcoins that is way better in terms of transaction speed and fee. But most of the times, people do not consider this since the market price is much important and they are as well gaining profit through investing onto it and at the same time, their regular payment processor.

Although indeed progress has begun to be widely adopted to be able to do transactions with bitcoin. but it still needs more time to change people's habits with traditional payments. because many countries also do not fully support and recognize bitcoin as a legal payment.
it is possible that if everything is integrated there is a possibility that bitcoin can replace payments traditionally. when? still need time for that realization.

Exactly. In Bitcoin's current state, we'll experience the inconvenience of high transaction fees and slow confirmation times. Luckily, the Lightning Network is being heavily tested in order to make cheap, instant transactions a reality. Only then, Bitcoin will be able to compete with the likes of PayPal, Visa, and other traditional payment processors. Of course, the Lightning Network might not be the perfect solution for scaling (since it'll reach its peak capacity at some point) but it can be improved over time. The Lightning Network with a slight increase in block size would allow Bitcoin to remain scalable and secure enough for the mainstream world to use.

Still though, Bitcoin is still much cheaper and faster than wire transfers. While sending a payment through a Bank may take days, Bitcoin's transactions settles within a few hours (depending on network congestion). Despite this, Bitcoin and traditional payment processors will part their separate ways as they're distinct from one another. Bitcoin will continue to be prominent in the decentralized world, while traditional payment processors will be the norm in centralized finance. This is true, since payment processors use Fiat as their underlying currency. And Fiat is still largely dominant within the mainstream world.

Nonetheless, time will tell us how both camps (Bitcoin vs traditional payment processors) will advance within the mainstream world. As long as people continue to use them for daily payments, they'll be here to stay for a long time. Just my opinion :)

I agree with you, Bitcoin is integrating more and more into our real life every year, more and more Bitcoin ATMs are distributed all over the world. Bitcoin is gaining the community and improving its blockchain. Miners do not go anywhere and even improve their capacities and maintain the working capacity of the network.