Bitcoin Forum

As a long-time Bitcoin hodler, I welcome the current development of Bitcoin and find the increasing acceptance great. But the question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.

Why? I try to pay with Bitcoin wherever possible. Fortunately, more and more merchants and services are accepting Bitcoin. Whether directly or through third-party providers. Here are my experiences over the past few weeks.

I wanted to take out a subscription to my favorite streamer. $4.99 payable with Bitcoin. Timely Confirmation Fees, $ 6.71. 134% of the purchase price. Even with an annual subscription, the fees would still be around 20-23%.

Paying my web hosting costs of around $30, Bitcon fees also around $5, which would be 16-17% fees.

The fees may be acceptable for buying a Tesla for $ 40-50k, but certainly not for daily payments.

I think you already have your answer from your experiences.

It is impractical to use BTC for small and immediate payments. You can still use it as a currency for larger transaction where $5 transaction fees can be considered as minimal. Fees over the weekend are still cheaper so it can also be used for advanced payments ^{[your payment is due next Tuesday? send on Saturday]} or in situations where the merchant is willing to accept late confirmations.

why you always compare it to another investment. in the past you were said (https://bitcointalk.org/index.php?topic=5308117.msg56063234#msg56063234) Bitcoin had more than half of all existing silver market cap and now you compare it ethereum either. you were inconsistent. you don't calculating bitcoin and ethereum before, while you campare eth into gold either, you must see on coinmarketcap, bitcoin on top bruh, so it will more than gold.

You are a legendary member registered in 2013, so why are you asking the question that was asked hundreds of times already, I'm sure you saw and maybe even participated in some of the scaling debate threads.
High fees isn't exactly new thing, a quick confirmation fee over $1 has been a thing from time to time since 2017.

Onchain fees will only be getting higher in the long run, because blockspace is limited, there's no other way around it, increasing it would compromise decentralization. Wait for Lightning Network, or even start using it right now if you want free transactions.

2009 -14 : eCash
2014-17  : Transition state: eCash --> SoV
2017-21  : SoV
Future?   :  Back to eCash if BTC reaches stable $1m range OR if decentralised scability is truely solved. I think the elephant in the room is that no project has truely solved decentralised scalability that Satoshi r&d back in 2009. When that breakthru happens a shift back to eCash is very probable as microtransactions are part of the original Bitcoin blueprint.

Use a Bitcoin wallet that supports SegWit address and also has a feature of Lightning Network, your problem might be solved regarding the fees.

Yesterday, I made a small transaction and that was $60 and the fee is almost $2 with an option of a lower fee, I think that is reasonable enough because I'm in hurry to receive my Bitcoin to my custodial wallet.  If there's someone who tends to use Bitcoin as payment, it might be good if he knows how it works to avoid being frustrated with transaction speed and the fees.

Probably it might be failed as money as of now because Bitcoin enthusiasts who held Bitcoin treated this as a valuable asset, not a daily form of payment, just because of the volatility value that makes the price fluctuate every now and then.

There's a reason why developers are working on layer-2 solutions such as the Lightning Network, and I'm pretty sure you know this already. Yes, they're not totally there yet, but not because it's currently not ready it doesn't mean it won't be ready sometime in the future. Take note that they're developing software for Bitcoin here, a totally unconventional protocol. They're not developing some kind of bootleg PayPal or Cash App.

Also, I mostly agree with Murad Mahmudov's Lindy Effect chart:


^take note that this was posted in 2018, so the "We are here" part might be outdated.

Can't agree more! Bitcoin has indeed become an investment rather than a currency. Probably it's for greater good but still it's not a currency anymore. The only way to use bitcoin in your daily life is by using a prepaid card. Where you will fund your account using cryptocurrency and pay transaction fees only once and then continue to use the card for your daily purchases like you do with your other bank cards. That's one way out! However, if you want to do small or micro payment using bitcoin, that's not practical anymore! So the people within the network, it taking it as an investment because historically it has given a lot of profit to its investors. Also the big corporates joining the investment bandwagon, is sending another signal to the investors to invest. As of now, investment is more practical than using it as a currency system!

Due to the scarcity of Bitcoin, it can never be used as money or currency. Whoever has even small portion of it, prefer to hold it till it's value appreciate to a level where he has made huge profit.
Bitcoin is seen by many as store of value. New adopters are buying it because they know it's price will shoot up and they find it as good investment.

I believe the network fee issue will be solved in time as the crypto mining industry matures. Probably they are making some nice gains. Presently, the cost of mining is probably significantly lower than the current market price. There are current solutions like Lightning Network that people can use, but implementation of technology will surely come.

Bitcoin's fees are ridiculous when it comes to small purchases, I couldn't agree more and the implementation of the Lightning Network has, to some extent, alleviated those fees as well as built a framework enabling instantaneous transactions. Even with this solution, Bitcoin's biggest hurdle to mass merchant adoption is scalability, along with it the atrociously high fees. Bitcoin hasn't failed, at least, yet. It is simply in the process of maturation, and I firmly believe it will overcome this as the developers behind it come up with solutions to this equation.

As others have already pointed out, transacting on the weekends is a good way to reduce fees.

Fee spikes can be annoying at times but when it comes to that,  timing matters when you are going to make a transaction to avoid spending lots in fees (yes, that what we are left with right now). I made a transaction early yesterday and spent less than a dollar in fiat value.

One of the major contributors to the very high fees is the price of Bitcoin today, many early Bitcoin developers and users probably never thought Bitcoin would worth $50K each today

I feel it hasn't yet failed as money because when you look at the other side of the situation where you are making transactions of large value like $10,000 or $100,000 not many services will charge you a fee of $2 for that like Bitcoin.

I think we all have experienced recently what you are talking about, but I do not think that this means that bitcoin has failed as money, this is just the way bitcoin was designed from the very beginning, satoshi knew that bitcoin will either have no value or will have a very high one and if bitcoin got to the point in which it was very valuable then it will not be possible to use it for your everyday transactions, this is something that in fact happened to gold, the most widely used precious metal among gold and silver was silver and gold was reserved for larger transactions, what we do not know is which coin will become the silver of this market, for a long time many people thought that litecoin could be a candidate but that doesn't seem viable anymore.

It is also not only an issue about the fees. Bitcoin’s distribution is also a problem because the early adopters who have gotten very rich have more influence on the economy. Bitcoin has become a digital asset for hoarding. It might be good for the price, however, this is not good as a medium of exchange. Its own monetary policy has failed it.

Its quite crippling to see that this fees are also getting higher and higher as time passes by but its something that really comes with Cryptocurrencies imo but I still believe that it did not really fail as a type of money. Bitcoin can really be useful because we can really use it digitally without even worrying our physical money. It is still can be used with digital transactions and as long as it is usable in that way, I will continue and earn Bitcoin to use it in my own way.

Maybe Bitcoin is just really costly because there are a lot of ways to earn them and having to face this consequences using them is just fine for me.

What about paypal or fiat money in digital form in your countries? So, it doesn't make sense if you only talking about the "form" because fiat money can be used in digital.

There's no correlation between many ways to earn Bitcoin and the Bitcoin fees, it's determined based on the inputs and outputs of the transaction.

It's a great question because it seems that many shifted easily from seeing Bitcoin as money to seeing it as a store of value. I, however, still wait till I can buy food in BTC in a local supermarket. The fees are very high, especially when the price is changing rapidly and people suddenly become more active. I think the idea of accepting zero-confirmation transactions which was discussed on the forum is worthy of attention because it's a simple solution that might at lest work in the meantime. I hope that the idea of Bitcoin as money is not outdated, and we'll see it being implemented within our lifetimes.

While bitcoin will grow in value relatively quickly, there is no point in using it as a means of payment. Why buy goods or services for bitcoin, if its holder knows that after a while its price will rise and he will be able to buy even more goods for the same amount in bitcoins?
Therefore, the initial plans of Satoshi Nakamoto to use bitcoin mainly as an alternative means of payment can be considered to have successfully failed.

It’s still early to talk about bitcoin as money. The biggest minus in using BTC for daily small payments is huge fees and long time you spent for transactions. These destroy plans and hopes of all traders to see BTC as means of payment for goods, taxi etc. We definitely need someone to invent App that will “outflank” somehow these minuses. Then everyone will have an opportunity to use crypto just like you use credit cards.

Well, bitcoin sending as money never been failed but I won't say, this is not a perfect currency that can replace fiat.
And that's it, because of the transaction high fees many bitcoin holders are preferred to hold their coin rather than using this daily. For me, this is not a perfect time, there is a Lightning network that could possibly not accepted because many of us did not know how to use it. It is too early to say bitcoin, bitcoin isn't good for daily payment.

It is too soon to make that conclusion, if bitcoin really becomes as valuable as we think then bitcoin is not going to be used for your everyday transactions but for really big ones, I know this is not what most people want but that could be the path that bitcoin could take, what we need to figure out is which coin will be the one that will be used for our everyday transactions, litecoin does not seem like a good option and ethereum has the same problem of bitcoin with the fees, so the door is still open for a coin to take that spot in the case bitcoin is unable to fulfil that role.

I don't fully understand how Bitcoin can replace FIAT as payment due to the volatility.

What if Bitcoin shot up in price the second you paid for something? It would either put you off doing it again, or simply make you feel that it's a game of roulette.

The only way I imagine it happening is if there is a way of hedging against the volatility for both the trader and the customer using some sort of short term option or something to cover it.

Bitcoin isn't really suited for small payments due to how high fees can be, especially if you're not really paying attention to the network. It's also been one of the issues that Bitcoin has faced when being used as a mode of payment though the community has been trying to fix it, especially with the recent development of the lightning network. Though give it more time, we've been only here for a decade, and I'd think that it's only starting to spread on how it's used for transactions, and not immediately for adoption. It's like letting people see a trailer, only for the exact game to be released 2-3 years later kind of thing.

This topic is essentially another "scaling bitcoin" topic and I have to say I don't consider bitcoin a failure as money yet. We've just fallen behind from scaling bitcoin.
Keep in mind scaling is not something we do once and get it over with. It has to be improved again and again to keep up with the demand and the hardware improvement. We already implemented a solution 4 years ago but I feel like the scaling debate was forgotten by many and now we are behind.

Not just in development but also in adoption. For example we still see people and businesses who refuse to use SegWit because of some FUD they heard years ago and believed it. The result is that we see blocks that are 1.1MB to 1.5MB instead of being 2.5MB to 3MB.

Same with LN. Why hasn't more major exchanges adopted LN? (I only know Bitfinex that has done it!). Keep in mind that one of the main reasons we keep seeing these fee spikes is the price rise and "traders" making a lot of on chain transactions to and from exchanges.

From the onset, i don't think  the primary aim behind btc was to completely eliminate fiat, its entire idea due to innovative thinking is to create an alternative digital currency accepted globally. Fiat and cryptocurrencies can exist hand in hand and an individual can decide to make payment for any commodity with the appropriate currency (btc or fiat) as he sees fit. Because money is anything that can be accepted for transactions, and Tesla accepts btc for transactions, it is obvious thay btc is money. So btc is actually winning as money (soon we will have widespread acceptance).

Although all of that is true but I think it's still okay. Maybe most of us are considering bitcoin as investment but there are some people who use bitcoin as money to purchase something. I buy bitcoin and other cryptocurrencies for investment because I know that there are a lot of advantage of becoming early adopters but sometimes I also use some of my cryptocurrency to purchase something online. It's not often but atleast I used it as medium of payment. I am sure when bitcoin get mass adoption then more percentage of bitcoin users will use it as money.

I think this is the key factor here.


I am not so sure about that. No matter how big the market cap is, or how low the fees are with LN developments, I think if Bitcoin is perceived as more valuable than other currencies (fiat and shitcoins) people will tend to store it instead of keeping it. That's what Gresham's law states. But it doesn't matter what Gresham said or not. Just think about it: if I can use fiat currencies that constantly lose value of Bitcoin that it's the best at keeping it, which one am I going to use?

Assuming the day comes sometime in the future that people worldwide can and have chosen be paid with bitcoin for their wages/sales— would you prefer selling the bitcoin for fiat then spend it? Or just straight off spend the bitcoin instead?

Well, I think if market cap increases, Bitcoin becomes a unit of account and people worldwide can be paid with it, there won't be that option. Fiat will have disappeared by then, or it won't be long.

As long as there is coexistence of a crappy currency and one that is worth a lot, people will spend the crappy currency. And if there comes a time when the shitty currencies lose so much value that they collapse, the only option will be to spend Bitcoin.

Although this is very hypothetical about the future and we don't know if by then a decent cryptocurrency may have appeared and/or taken an important role in our economy. One that is not as good as a store of value as bitcoin and is better for everyday payments.

Most merchants convert the coins they receive to fiat right away so they don't have any concerns about the direction the value will go to. They don't store bitcoins and other cryptocurrencies because they need fiat to pay their workers, bills, taxes... Your concern is only valid from the point of view of the payer or the buyer who might be speculating how the price will move after he sends his transaction.

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Maybe bitcoin was never meant to be used for micropayments or as an everyday currency. Even in the old days, it wasn't considered suitable. Take a look at what satoshi said on that subject back in 2010:

What was true in 2010 is true even today. It's even more less suitable for micropayments considering the fees right now. We can only hope that LN catches on.

The way I see it, soon Bitcoin fees won't be acceptable even for buying a Tesla. It could be thousands of dollars in fees, since Bitcoin will be used for ways to secure wealth of nations and not just individuals. Fees is the way for Bitcoin to scale and miners select only the highest fees. In a scenario where international trade is settled in Bitcoin, it will mean at least a thousand dollar fees for each transaction.

It is now striving to become a money for many transactions but unfortunately there are still businesses or company which are against it .

Bitcoin succeed as an asset because there are a lot of investors who invested on it and believed on its existence in the market.

But I hope that bitcoin should become more into a mainstream and become utilized as a payment method in many transactions especially even in a small transactions.

I also agree with this. Bitcoin won't replace fiat but it would be world's digital cryptocurrency which we can use for online transactions just like how we pay things online today. Bitcoin should be accepted as a helping hand and not a threat for any fiat currency just because it is a digital "currency".

Bitcoin will never fail below money / fiat levels.  That is not exactly what bitcoin is aiming for.  Bitcoin will go hand in hand and interspersed with utility options intended to be used for free - an absolutely free financial space that Money / fiat, by all means, is not a rival to bitcoin.  
Right now, you can see how bitcoin is different from the standpoint of a core asset, what it means, and how important it is to reach $ 57k.
Bitcoin has always won over fiat, but it's not a successor and a replacement for fiat.

Success or failure depends on observation of a long period. It can't be said to see a slight only. In my opinion, BTC never failed yet because it survives a long period and reaches the position that's it deserves. Indeed, it's never stable but once was a time when people were afraid of using BTC but now time it's a favorable time who are connected with BTC.

Personally and only my opinion, I think so. It has now become a trading commodity, but unlike Gold it has no intrinsic value, therefore while there will always be some transactions able to be done with Bitcoin it will become more confined to high value items and less relevant for general everyday use.

I don't really have any suggestions how it could be more acceptable as a money alternative as the price per coin is so high. Perhaps if something along the likes of a rights issue for company shares, where 1 bitcoin was replaced by say 100 New Bitcoin. this would do two things: firstly reduce the unit value to about $58 at todays price this makes it more affordable to the mainstream and secondly it still limits the total available coins.

I have no idea as to the practicality of this, but I would imagine as Bitcoin is "Decentralised" it would be very difficult.

Perhaps other posters could give me their thoughts?       

Well, we can't do a lot of things with bitcoin if we will be considering the fees especially if we will be talking about payment methods. There are a lot of exchanges that offer free transaction fees but I don't think all of us would be so happy to transact their bitcoin into exchanges. Right now, it is more of an investment asset rather than money.

Maybe we could work something out in the future. A future where we usually use bitcoin without having a problem with it.

In my opinion, Bitcoin is not intended to be used as a currency from the very beginning. Even its limited number of coins is indicative of this. Rather, Bitcoin is an asset that bases its value on interest in it. And it is the basis of the crypto market.

You've got be wrong man. Satoshi created Bitcoin with the intent to use it as digital currency, an alternative way of sending and spending money but it was not is a good start, most people consider this as an investment up to now.

I can't say it was the failure of Bitcoin because we don't consider it as money and only a few establishments are accepting this. It can't be an instant adoption and people don't make use of it if they don't about it. Well, of course, it takes time to finally reach the stage where Bitcoin is fully adopted and that can acceptable globally. Let us see how it changes 10 years from now, I think it was long enough to expect huge adoption.

One of the problems of Bitcoin if we can call it that is that there's not enough of it for the whole planet. It's inevitable that Bitcoin is going to become the rare and safe money that people will use to store value and perform the most important and biggest transactions. Company takeovers, project funding, real estate purchases, overseas transfers... this is where Bitcoin is going to excel. Many people have a wrong understanding of money. They think Bitcoin is not money because you can't buy coffee or a burger, but money is not only groceries. When you think that people are buying planes, factories, whole islands, you'll see that Bitcoin is money, just not the one you'd use every day.

I pay my bills through Bitcoin honestly, through the use of third party apps of course. There isn't that "direct" adoption of Bitcoin lately like personal transaction or somewhere around the lines of using hardware wallets and such.
It didn't for me, OP. I am in both sides of utilizing it, as money and as an investment. Fees aren't that quite a problem for me.

We cant really remove that kind of treatment on where people do really see it on other way rather than on focusing into the main purpose of its existence.
They have seen that this is much more worth of an investment rather than on being a currency which i cant really blame them off because both things
can be indeed experience on dealing with bitcoin. It wasnt just right for you say that bitcoin supply isnt really enough for the entire global adoption.Hence,
we can deal with it with fractional and not necessarily for you to own a whole coin to make out casual transactions.The main issue here is only
about fees which would really be a big blockage for such adoption.

Bitcoin was created by Satoshi as a currency, its bases to made such kind was a currency, but he had already formulated to made a currency that will be transacted via online processes. Its an alternative way of paying bills and such with these currency, with these money. And i think Bitcoin hadn't failed here as money, it is a now a trending way of investment and asset but as of now we are being concerned by the transaction fees which very alarming because of high transaction fee of bitcoin.

I am not concerned that I cannot use bitcoin for small transactions. So I could hold bitcoin for longer. Now I think of bitcoin as a long-term investment because I have used it for the education of my nephews. While I'm using a low-fee altcoin for my daily needs. We are in our prime and I would like to see what developers are building for the bitcoin community.
For the future it would be nice to pay with bitcoin with low fees and fast is what we are always looking for.

That's exactly the problem with bitcoin because of the high fees, I guess if bitcoin has a fee even the higher fee is $1, it could be a leading payment system all over the world, and the transaction speed even 5 mins for the fastest one. But bitcoin was failed, it took too long for your transaction to be confirmed, it's just a matter of days before it will be sent successfully to the recipient.

However, this is considered a good asset to everyone. Because you can keep this and wait until the value will increase and that is now the practice of most of us. Accumulating rather than using as a payment.

I don't know whether I should consider it as "failed" or "not yet".
IN my country itself, Bitcoin is still not legal as a payment method, so it is no legal as "money".
It is only one of the examples and probably many countries also do the same.
However here, we may still have hope to make Bitcoin "real money" in the future, moreover, if there are many more companies or institutions that use Bitcoin as a payment method.

I don't think Bitcoin is failing as money, because Bitcoin is still in development now. And also Bitcoin users are still very few compared to
the population around the world. So it's too early to conclude Bitcoin is failing as money. If you see a lot of data spread on the internet,
the increase in merchants accepting Bitcoin payments continues to grow. So to see Bitcoin actually functioning completely as a payment,
may take a while. But the slow process, can't call it a failure. So we have to be patient in order to see Bitcoin succeed as money.

Well, Satoshi talked about it in the past that he knows that there will be a lot of transactions that would happen in the future, in this future, if not then there will be none. But we have right now and the problem lies there the transaction fees. Maybe Satoshi has his own solution to it but when he disappeared there goes that solution too.

We never know what will happen if Satoshi is here all we know is this is what we have and for now, it is a great investment.

I think on-chain Bitcoin as everyday's spendings money is becoming farther and farther. Thinking about 2000 satoshis per tx where 1 BTC is 100 000$ is just impossible.

Now I think that everyday's crytomoney should be one of these two cases :
- A feeless crypto that's tightly bound to Bitcoin. With a verifiable method. Here Maybe, every BTC Holder will have the possibility to initiate a coin which have a total Market Cap equal to its BTC holdings. But here the problem is about interoperability.

- Offchain transactions will be become the rule. So biggest holders will begin implementing offchain cryptopayment gateway and BTC blockchain itself will become a big compensation system. Here I think about big names such as Binance or Coinbase which *may* issue the coin that is spendable in everyday's use.


But on chain Bitcoin itself, I don't think it will be used for everyday's need.
For example, no one will give a lingot d'or to the supermarket to buy milk and pasta.

I sincerely don't know what will happen next, but yes Bitcoin as is, is not suitable for spending. But it should and will be used as a universal reference for all spendings.


I think this is just the continuity of "be your own bank". First, you have control of your own account (your wallet), afterwards everybody play the role and act as a (central?) bank.

Indeed, bitcoin sending as cash never been bombed however I will not say, this is definitely not ideal money that can supplant fiat.
Also, that is it, due to the exchange high charges numerous bitcoin holders are liked to hold their coin as opposed to utilizing this every day. As far as I might be concerned, this is certainly not an ideal time, there is a Lightning network that might actually not acknowledged in light of the fact that a large number of us didn't have a clue how to utilize it. It is too soon to say bitcoin, bitcoin isn't useful for everyday installment.

100% agree. If I would send today my BTC at reasonable fees, I will have to pay roughly 25% of the amount in fees. (due to accumulated dust)
Sincerely I prefer watch them stay there whatever it happens to its price than spending 25% of them in fees.

There are two ways to look in to this. For instant payments, Bitcoin is not preferred right now as a result of high transaction fee and delays in getting confirmation. But rather than direct payments with Bitcoin, on such occasions, you can go for third party payments (i.e using Bitpay or Coinbase). And the second thing is that for paying bills and all, the delay in confirmation doesn't matter much. So you can set the transaction fee to a very low level (10 Sat or 20 Sat per Byte) and make the payment.

That is the thing, only the most optimistic think that bitcoin can replace fiat currencies, for the rest of us which are more realistic about what bitcoin can achieve the only thing that we need is that bitcoin becomes a real alternative to pay for most products and services, right now it is kind of rare to see an online business accepting bitcoin, what we need is to turn this around and that the rare thing is to not accept bitcoin, if we come to that point I do not care if fiat keeps existing or not as I will be able to use my bitcoin to purchase whatever I want.

Recently i started to think about bitcoin as an investment since the price last big pump bitcoin became more valuable than just a currency.

Maybe with your experience and analysis those who are shouting for btc to replace fiat will beginning to see things from a different perspective and understand more what it will take to use btc as everyday payment, I like to hold btc only for investment purposes but never for everyday transaction or any transaction at all, fiat works fine   ;D

Well, the latter part of your statement already answered your question. Which is, it's hard to use Bitcoin for smaller payments or transactions.

Even if we hate to hear it, its still the truth: we have shifted from using Bitcoin as an online means of transactions to assets. When one wants to spend Bitcoin for simple or small online purchase, the pizza guy event always come to mind.

That is also one of the factors that restrict bitcoin from being the standard currency in a country and bitcoin would never replace fiat currency because of such things like that, before you have confirmed the transaction, you have to wait first for some hour before it was finished unlike on paying in fiat currency in a convenience store wherein when you pay fiat currency then transaction completed has finished.

In my own experience bitcoin never been failed as money or digital currency since I use it as other form of money, I pay my bill and cellphone load using it, and I never experience any problem using it.

As of now, many establishment accept bitcoin as way of payment so, in my opinion there's no possibilities that bitcoin will failed as money.

I think, Bitcoin is now being widely being perceived as a good investment option rather than being used as payment for everyday transactions. We can argue that many would prefer buying Bitcoin and then just hold it until they can sell it back for a profit, but many people also using it for payment for a certain product or service. It really is depending on the person how he tries to utilize Bitcoin, but frankly less and less are considering it as payment for now. Because a product worth 10000 satoshi then might not be 10000 satoshi now.

Bitcoin was created around 12 years ago, and that's a very long time for anything tech related, the only solution to the fee problem for anyone that wants lower fees is using lightning network and sending your Bitcoins to one of the wallets that do have lightning network support like BlueWallet, bitcoin lightning network transactions could have really low fees and even if bitcoin price rises to above $100k or so it still would be considered cheap in today's standard.

So you just either use lightning network or just move to some altcoin with lower fees for small payments like for subscriptions and such, since many online services that accept Bitcoin as payment also support payment with Litecoin or other lower fee coins as well.

try to read this one https://www.marketwatch.com/story/should-i-buy-bitcoin-why-the-cryptocurrency-is-on-the-verge-of-a-bear-market-11614105003

You know that it can be used for large transactions and of course to the merchants and companies who accept it as a payment. We are practically in the beginning of a long journey of bitcoin; we should understand that it is still unaccessible for countries who ban the use of it, and also those people who merely just can't access it due to their status. We can't conclude to the statement that it failed as a money.

Disclaimer: "This is my opinion and not financial advice"

That's a really good question, is it a failed implementation of a alternative currency, in comparison to fiat monetary instruments? Sure, Bitcoin isn't pegged to overtake fiat anytime soon. In fact, it might be the exact opposite to be honest. If Fiat weren't a conversion vehicle for crypto, I strongly believe crypto would probably deflate. Now, has Bitcoin failed as money, absolutely not. We are at the Fulcrum of a brand new financial industry, one that challenges the traditional systems currently in place. I think that the adoption will continue to be slow until the governments play ball and go all in, within the regulatory space.

Just my two cents though  ;)

To make it as money will take a long journey since the lightning network is not yet fully develop. But certain things like local exchanges are beginning to make it possible because if you trade some BTC using their platforms, the payment you made is automatic than if the receiver is also using the same exchanges. Now if some crypto exchange will be used around the world as a universal crypto exchange then Bitcoin as money will likely become possible. I think what Paypal wants is to create such universal crypto payment as well.

I would say that answer is a "for now."  With lightning, taproot etc, small, immediate payments are (or will be) possible.  

Likewise, as bitcoin appreciates in fiat terms, at some point it will hit equilibrium.  Whether that is one or two orders of magnitude (or more) from now is an open question.  At that point, it will be much more stable, and will be more cost effective to use.

I think Bitcoin is still in the process of improving and it is very early to say that it failed as money.  The problem had been known and developers are doing their best to solve this.  Unless the development of Bitcoin stop, we can never conclude that Bitcoin failed as money because once the transaction fee is trimmed down to its minimum (solved) then the belief of Bitcoin being a failed money will be completely debunked.

I think that what is happening is that we are kind of delayed when it comes to the scaling issue, some issues were addressed but it is still not enough, many people are still using legacy addresses when segwit addresses produce smaller transactions and you can fit more of them on the same block, obviously that is not going to be enough but it could help now and it also does not seem like there are many exchanges or businesses that had adopted the lightning network either which is causing that bitcoin cannot be used at the moment for small transactions.

Generally yes it has failed as the assets side of the technology is been priorities over the currency side which is why it seems the fees aspect of the currency isn't been worked on as much as our features that new development are been deployed often. The true is, the institutional investors and whale moving millions of dollars with just few cents or dollar won't care much about what the fees are, the fees has already been covered in their profits.

But then when you consider the lifespan of bitcoin, you'll understand why it's currently in the state it is, give it time as we're just a century into the existence of bitcoin. There's every certainty that this won't be the story in other centuries to come. The fiats system had thousands of years to it side, just give bitcoin some years and it'll catch up to the fiat system and even be a better money than the fiat system in regards to their utility.

It depends your definition of failure. As far as I am concerned bitcoin has not failed in anyway. It has changed the faces of the world economy.

Besides it is way too early to declare that bitcoin has failed, bitcoin is not a project that is not updated anymore and that will remain in its current state forever, bitcoin is still being improved by the developers and it is to be expected they keep working on it and finding new solutions to old problems, the problem with scaling is not new and in fact it was brought up as soon as the software was published, so the developers have been working on this problem for that long and this problem will eventually be solved leading to an explosion on the use of bitcoin as a currency.

Bitcoin has one of the strongest teams in the space, which are able sustain and improve the techicallties of use and security. Since the security is assured the next concern which is tokenomics had been taken care of, as SOV with stronger support and acquisition, the price pump so well that everyone is having huge profit from miners to daily traders. It has assumed an asset class that can't be contested when it cross the 1 trillion dollar marketcap, the question now is no more the currency use but the safety as an asset.

Well, I have described the current state, but that does not mean that there is still hope. So far, Bitcoin has always been described as a fiat-money alternative. My intention was whether this is still the claim at all or whether it is already going in the direction of asset alternative a la gold.

Unless it's regulated properly and gets the governments to support it. I don't think that it will be considered money. Many governments have banned bitcoin so it is difficult in those countries to deal with bitcoin. As it will be considered an illegal transaction and the law enforcement agencies will go after you. It will be impossible to consider it as money without getting the government's acceptance. But, the good news is bitcoin is gradually getting more and more acceptance, so who knows many governments will be forced to accept it in the future.

this is why i spend my btc wisely whenever i spend it so that i can get the most of it and not to end up in regrets because i pay more for the fees than to the service that i am going to purchase but if i urgently feel the need of buying small service i dont use my btc but i always have my altcoins prepared with me and you should too op but it will only be a problem if the service that your going to use dont support an altcoins at the moment but your not doomed , you can request for support of other cryptos or find other simillar service that accept coins other than btc .

Hello, in general, I do not think that anyone would hope that Bitcoin will become a payment currency, replacing USD for example for everyday household transactions and payments.
At first I don't think it can happen, because the best side of Bitcoin is being a long-term asset.

Although the classic answers are the existing alternatives to process payments more quickly and wait for the lowest fee, in effect payments in bitcoin are currently subject to the value of what you want to acquire versus the fee to be paid.

But the above, far from distancing it to make it a payment option, strengthens it, it is part of the adjustment in its massive transformation as a means of payment, if one reviews the history of bitcoin transactions, it can be seen that it was used to pay for any asset or thing of value.

As long as there are users who want to pay for services or any asset with bitcoin, their goal of becoming a payment currency remains in force.

Of course bitcoin cannot be a currency and it still takes a long process if that happens, but it's not that easy because there will be pros and cons and don't know what will happen next.
and for now bitcoin can only be an alternative payment and digital asset as a promising investment, and what is confusing at this time many large companies are starting to consider using bitcoin as a means of payment.
Like the electric car manufacturer Tesla, which last week announced its plans to use bitcoin as a means of buying and selling some of its products, and in addition, Mastercard will also support the use of several crypto assets on their network this year.
and other good news as a sign that it will be possible, but not necessarily and no one knows in the future.

You are not wrong over here! What I find amusing is that people will still try to oppose your opinion. They are either blind or are just a huge fan of bitcoin that if anyone says anything against it, they will get aggressive. I don't hate bitcoin or anything (in fact I love bitcoin and is the only coin I hold along with other top two altcoins), but I do admit that there are many flaws over here. Flaws that is going to make bitcoin "unusable" as a regular currency. As long as people don't admit, there is no hope of fixing things.
But I do believe we all are smart enough to come up with a solution that won't break the main protocol. 

The world is on the verge of adopting BTC as digital gold. I think it’s already accepted even, but not communicated to the masses

It's true that bitcoin as of the moment is more well-known as a store of value, or an asset, sometimes even as a "get-rich-quick scheme" by the newbies. But if you consider how long it literally took bitcoin to reach this point, and to what it can be capable of in the future, one may argue that it is a better money than money itself, knowing that it appreciates over time unlike fiat that constantly inflates in volume but deflates in value. So no, bitcoin still has a good chance of becoming a currency widely accepted by everyone, and to say that it has failed is like saying your grade-school kid won't finish college just because he can't write properly. The lightning network is there to solve this issue for bitcoin, I don't know why only a few people seek its aid but it's pretty much there.

We arent still on that global scale adoption knowing that awareness of bitcoin or crypto existence isnt still known yet globally but sooner or later we would really be going into that part.
Bitcoin failed as Money? if we do talk about being same valued as fiat in terms of adoption and characteristics then it cant really be considered as one and who the heck do talk
about bitcoin as a money? its a new way payment system but wont really be going into that scale on where it could replaced the traditional fiat itself.
I might be bullish or positive towards bitcoin but i dont still see the possibilities.

The fees of ETH is a different story altogether as they are allocating spam transactions and spam projects it is difficult for them to overcome those, when it comes to bitcoin if a store starts accepting lightning network transactions then we could sort the issues of higher fees even though we need to see massive improvement in the technology and we will see those change in the near future.

If we look at the current reality with all the shortcomings that Bitcoin has, we can say Bitcoin has indeed failed as money. But that doesn't mean
there isn't a chance for Bitcoin to succeed as money, maybe we just give it time for Bitcoin to develop again. It is possible that in the future someone
will be able to find a solution so that Bitcoin can be successful as a payment, for now we have to admit Bitcoin is more suitable as an asset and
we should be grateful for that.

I agree with your statement that Bitcoin at the moment is not very good as a means of payment, that is, money, since everything depends on high fees, and I would also add the transaction speed here. However, I have heard such information that, if necessary, these two problems, namely high fees and slow transactions, will be resolved quickly. Perhaps if there are such solutions, then their implementation changed everything, but at the moment Bitcoin is good as a means of saving and increasing your wealth.

We think of bitcoin as money is simply a way we want to talk about the value and benefits that bitcoin can achieve, many people even say that bitcoin is virtual gold, a lot of different words about bitcoin and the ultimate goal is just to increase the value and influence of bitcoin in this world. Honestly to say, nobody here considers bitcoin to be money and likes to transfer money every day in bitcoin, we already have money in the bank to complete this problem, Bitcoin's primary role is investment, failure in the form of money has never been an issue with bitcoin

Do you have inside information that something will be changed in the Bitcoin protocol so that it will be much more scalable or did you just not read my opening post?  ;)

As technology is developed new ideas and possible protocol upgrades will appear futurely. At some point fees will decrease and we will be able to make micro transactions with bitcoin paying fair fees.

But so far, the main issue in my opinion is that the stores and services we need for daily purchases don't accept bitcoin as payment, that is why bitcoin has been failing as money, although it's not entirely its fault.

I would like to pay for electricity, water services and supermarket products with btc, but it's not possible. If it were, even the currently high fees would be acceptable, as I could buy many things in a bunch, saving on fees. And bitcoin could be used as money this way if adoption from sellers increased.

How much more? We are in to 13th year or existence. Are you proposing to wait for another 10-15 years? BTW, there is another side to this argument as well. Bitcoin was never supposed to be used for instant payments. If that was the case, then there would not be average 10 minutes interval between the blocks. So we can say that from the beginning onwards, Bitcoin was used only for those transactions that are confirmed after some waiting period.

good for the price, but not great as a medium of exchange. but Bitcoin still has its Downsides, the biggest drawbacks of using BTC for small daily payments are the huge fees and long time you spend on transactions. This could destroy the plans and hopes of all merchants to see BTC as a means of payment for goods, taxis, etc. here we need someone to create an application that will "surround" this minus. so that everyone will have the opportunity to use crypto like you use a credit card.

Avoid spending your bitcoins into small transactions. Convert them to cash only if you have a hefty amount in order to save big amounts of btc due to the high transaction fees, which also significantly increased due to the value of bitcoin in the market.

With regard with the contention of "failed money", I doubt it. The blockchain technology is bigger than the transaction fees- it actually removes a third-party consensus with your transactions. The fact that the price of bitcoin steadily increases in the market in the recent years is a good indication that it may be the future of money and of transactions.

@ qwertyup23. Hehehe I am shaking my head. You say that bitcoin has not failed as money, however, you also tell everyone to avoid spending bitcoin and convert them to cash for spending. This is certainly why bitcoin is failing as money.

I stopped spending my bitcoin when I began to notice that the transaction fees were increasing. It has not worried me, in fact it also happened with ether and I also left trading with this coin. Now I use bnb it has cheaper fees to exchange Fiat. If the price of bitcoin stays at ATH that is fine because it is beneficial for the cryptocurrency market.
OP may have to pay for their services online with traditional payment methods to avoid paying high fees.

Bitcoin is good to store value. But only as long as people unanimously agree about this. It cannot be used as a currency. It's too slow and too expensive for that. I think everyone knows this. The good thing about Bitcoin is that it has grown from an ideal. And the ideal was to escape centralized finance. Modern blockchains are better able to scale but they are run by companies that can block your wallet at any moment and that are fully regulated by authorities. I am waiting for that special ideological project that applies advanced blockchain scaling tech to a sound and fair idealism to escape centralism.

We are still far to a level that Bitcoin has been considered as MOney. Because instead of using it to pay bills, buying stuff, huge fees and delays give trouble, but people converting it to their local currency. A sad reality, right? I can't deny that because I'm doing the same.

As these small companies around us not accepting Bitcoin, we cannot enjoy Bitcoin as a currency but still considering this as a form of investment. I don't end up saying we failed already but the adoption isn't big enough to help it work. Maybe 10 years, 20 years, or even more.

This time is not for think of that because BTC already prove that it takes a position that other currencies can't and it reached a position that may be never dismissed. BTC makes it improved as a successful currency, we hope the day is near that BTC will legal money and people will use it publicly.

Bitcoin is a global currency and a store of value, so Bitcoin's value has global influence.  Although the cost of sending Bitcoins is large, we can send Bitcoin in wrapper form.  We have WBTC on ethereum and the future will have Bitcoin on Binance smart chain, Solana, tronix, ...
By doing so, we will send Bitcoin easily and quickly with lower transaction costs.

Tried to pay with bitcoin a couple of times, but always found the fees way too high.

As far as I am concerned bitcoin is making big time progress. The level of acceptance so far is amazing. Many never saw this coming. Embrace yourself, with time more entities will be accepting it.

 ::) it seems always happen i thinks many people adopt bitcoin and transact so high fee will be problem

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but in my opinion "if" people considering bitcoin fail as money there so many people made assumption bitcoin as investment instrument like gold or other valuable things

the first time I knew about bitcoin, it was explained by comparing bitcoin with gold.
analogically, bitcoin is gold in digital form. so, at that point, I assume bitcoin is an asset.
the acceptance of bitcoin as a medium of exchange is just a plus point for me. It's not mandatory for bitcoin to be accepted as a medium of daily transactions. this is just my opinion.
I don't remember when the last time I paid something with bitcoin (except for gambling). however, I still got paid in bitcoin regularly from the signature campaign I joined or my other services. for microtransactions using cryptos, I prefer to use stable coins, Doge, or Tron. Bitcoin lightning network is good but I can't find where to spend it. A few days ago I tried a casino platform that accepts bitcoin lightning network. It was fast and fun to try. I hope I can see more platforms like that.

The first boom in 2017, bitcoin emerged as a form of independent payment.  Some have realized the true potential of paying with bitcoin.  Through many periods of indifference of the market almost sunk, but now, after bitcoin has achieved "assets of 1 trillion" corresponding to reputable organizations such as Amazon, Microsoft ... It seems based on that,  I mistook Bitcoin for the ultimate purpose. where the need to use speculation invisibly made bitcoin an asset.  I have heard that "bitcoin is digital gold" and therefore, bitcoin is not going to replace fiat, but it still alternates between the purposes of using bitcoin.  An independent, unique type!

It seems that the fundamental problem of Bitcoin in fulfilling its function of money is the high volatility mentioned above. It not only makes custody impossible, but also undermines its function as a measure of value and discourages its use in payments - universal acceptability of BTC is not possible when the seller receives something for his goods or services whose value changes so fast and so hard.

The thing is, paying with Bitcoin is possible if there is no hype. In 2018/19 I paid a lot of bills by paying not more than 20 cents in fee. Indeed, this is still high if you have small transactions like $2 or $3, but okay when having $20 or $30 or even more. But each time Bitcoin is demanded and hyped then fees rise to the sky.

Actually that's the reason why it is called decentralized. Bitcoin value isn't that stable so it is true that it is risky to hold or to put your funds in bitcoin gor a long time. Making transactions using a bitcoin will give you fees that are depend on the bitcoin value and the price of what you need to pay to. Bitcoin might be have high fees but your money might get higher and earn some profit also, right? We need to be familliarize to the idea that bitcoin as well as the fee will always gonna be unstable because it is cryptocurrency. And crypto have high risks but also have high rewards.

bitcoin has remained what it was and used to be. money in all aspects. I see bitcoin also as a store of value even if it doesnt seem that way to the globe but a few financial analyst have confirmed this as it is used to store value even as they do gold.  bitcoin remains the most reliable money as of now.

Do you think that everyone knows about bitcoin and other crypto currency? People are still believing on fiat currency than crypto currency. If people know about the benefits of Bitcoin, then they will adopt it easily.

Right now very small percentage among the global population is aware of bitcoin. Possibly this will be around 4-5% of the population. In the upcoming year this percentage seems to increase as more common people are getting into cryptocurrency following the participation of large scale firms on buying of bitcoin.

Right now people prioritise bitcoin as an investment, and people won't easily move to bitcoin considering it same as currency. Even in the long run I expect bitcoin to serve as an alternate to traditional fiat.

On its own, Bitcoin is a paradox [1]. It has no grounded reality. When demand is positive and supply reaches 0, the price is undefined. Bitcoin's price can be infinite or 0. Bitcoin is 1/2 of money. It's the deflationary side. It's an extreme form of deflation. Its supply will reach 0. Gold has ~1% supply inflation.

Money has the inflationary side. I think an inflationary crypto is the key to unlock the transaction use-case. Most people in the space have not realized this. They despise fiat currencies, inflation and subscribe to hyperbitcoinization. Eventually, the number will stop going up. Surprise! People will come to terms with inflation. Until then, we're stuck with the volatility.

[1] https://bitflate.org/post/2021/02/05/the-bitcoin-price-paradox.html

If we conclude your thought then you mean that Bitcoin does not do the job as a payment option. No one wants a high transaction fee. Then BTC is closing to be digital gold rather than payment mean. There will be less fee in comparison if you transfer in significant amounts. If we want to use bitcoins for payment then the high transaction fee problem needs to be solved with another technology.

I also think that volatility is the problem hindering Bitcoin's adoption. It's a consequence of Bitcoin's scarcity. The way to address volatility is to have inflation. I have proposed an altcoin, a parallel blockchain, with 7% inflation. I haven't found many people who agree with me. People are very polarized these days. Bitcoiners stick with hyperbitcoinization. They talk like enlightened men and women. They occasionally descend to talk about the Lightning Network. :) They'll come back to their God-like visions when adoption stalls. Hey, the price is going up. Economists don't really care. They probably worry about their jobs. They prefer money printing. It's job security for them. Financial journalists are chasing clicks. They have no clue. :)

I'm not sure if there's any other way to address the volatility problem. Maybe, the magical hyperbitcoinization will happen one day. ::) Or people will wake up and start working on a crypto system with inflation. Until then, we're stuck with volatility.

Is it really that small? Back then I thought we already have the most awareness in Bitcoin, but then this. ???
Pretty sure that even media is aware of it now.
The only one-digit percentage we got is the adoption, maybe not awareness.
From Elon Musk's mentioning Dogecoin, I think that would actually get the awareness of many as he has millions of followers. It could be not Dogecoin, but I believe that people would think Bitcoin first before Dogecoin and even Ethereum.

4 to 5 percent is indeed pretty small and i also dont believe that we have that percent of population that know what btc is . specificaly on what year you think btc had the most awareness ? was that last year 2020 ? thats true anyway compare to 2019 down below but we already added another year , we are now in 2021 so expect that this current year is more better and next year is going to be more better and so on . adoption is better than awareness because its the adoption where people apply what they saw

There are numerous terms which make Bitcoin prevalent than fiat.But still got to aware people approximately BTC that embrace around the globe.It is additionally not as it were an issue around the expenses. Bitcoin’s dissemination is additionally a issue since the early adopters who have gotten very rich have more impact on the economy. Bitcoin has gotten to be a advanced resource for storing. It can be great for the cost, in any case, usually not great as a medium of trade.

Bitcoin is a form of financial refinement. If we think further bitcoin is driven by technology that is much more perfect than banknotes. If banknotes can record transactions manually, collecting data centrally, Bitcoin is precisely the opposite some of the shortcomings of bitcoin will be refined by fiat.

The problem is that Bitcoin is expected to continue to rise significantly in value. Because of this, it is simply impractical to use it as a means of payment, especially for small transactions due to the decent transaction fees. There is no point in using bitcoin as money if its price continues to rise. Only after it ceases to grow in value at its current rate, will it be used as money for large transactions. However, then the question arises: if he is left with a large transaction fee, what is the point of using bitcoin as money if there are thousands of altcoins at the same time, in which transaction fees will be very low or none at all?

For me it is like half successful and half failure because it would depend on us on how we would look at it.
It is successful because the number of merchant and companies are increasing.
It is a failure because most of us doesn't want to use it that way because of the transaction fee and also the chance of gaining profit,
Most of us see's it as an investment tool or store of value so they would rather hold it.
And I also think that they doesn't want to use it like money because they doesn't want to be the next Pizza Guy of Bitcoin.

However, money also means being able to pay any contribution with it under reasonable conditions. This is currently not the case with Bitcoin. If I want to buy a soda for a dollar, I have to pay around $5 for fees. So a basic condition for money is currently not met. That's one of the points of my first post. However, if I want to buy a Tesla for $60k, then $5 or $10 fees are irrelevant.

Bitcoin Can Be Easily Lost (and Stolen!)
If you lose your debit card or credit card, you can order a replacement and still have access to your funds. The same cannot be said from a bitcoin wallet. If you completely lose access to your digital wallet ID, then the money is gone!

Bitcoin will not become a universal currency, but will become one of the terminator of the universal currency. All encrypted electronic currencies, together with the cross-chain lightning network, form a new multi-currency free competition mode, squeezing the universal currency. You said that Bitcoin deflation, as a universal currency, deflation is the big problem. You said that Bitcoin has an infinite bifurcation and therefore inflation. As a competing currency, the inflation after the bifurcation will be offset by the fall in exchange rates. Therefore, various encrypted electronic currencies just form a self-stable competitive relationship, coupled with smart contracts, form a perfect multi-currency model. Universal currency is the root of all evil and pain.

First, this technology, and current Internet technology, are not in the same dimension. Second, remember that it is very powerful. One of its simple applications, Bitcoin, has a market value of tens of billions of dollars, so it can definitely change the world. At least there is a consensus that blockchain technology will change the world. And all of this originated in Bitcoin and has changed part of the world. So, did Bitcoin fail? Do you really think so? Regardless of failure and success, history will come to the conclusion after all. In the trend of this era, we can be witnesses and participants.

The purpose of Bitcoin is an anarchist economic system. It is a social experiment. From a long-term perspective, Bitcoin is still very successful because Satoshi Nakamoto has nothing to rely on. Only a white paper and a technology are necessary. Subvert the entire world's economic system and this system has grown from zero to hundreds of billions of dollars in 9 years. Although the market value is not as good as Apple, the speed of transmission is already very alarming. Recently, the Turkish lira has plummeted and Bitcoin is traded in the country. The same thing happened in Venezuela, Zimbabwe, South Korea, and North Korea. . . The possibility of Bitcoin giving everyone another currency may succeed in subverting fiat currency. It may take decades of efforts to fail. If one day Bitcoin returns to zero, or it is only used in a small range of black market transactions, it may be regarded as a failure.

I do think so. Bitcoin is more suitable for investment and SOV, not convenient for payment in daily lives. Imagining that you know that Bitcoin's price in on the rise, they you might want to use it in payment coz it relatively costs less. But since its value is increasing, what's the point in spending it??? the best choice is to save it, right? Vice versa. so it's never preferred in payment unless a new technology is coined to make Bitcoin favored in payment. Musk did a good job in payment in that he invented paypal and I think he means to make doge a tool for payment since the volume of doge is unlimited compared to Bitcoin...BTW, Bitcoin is similar to gold, whoever uses gold in daily payment? Crazy!

It is too early to say that Bitcoin fails or succeeds. Even if Bitcoin fails, there will be more economically adapted electronic money. Some people who do not understand Bitcoin or have not studied Bitcoin should stop talking. Time will tell.
Nothing can stop the trend!

Bitcoin not only will not fail, but after so many years of impact, it has attracted the attention of major financial giants and has accelerated its entry into the market. Compared with the current domestic situation, it is completely backward.

When Bitcoin rose sharply in 2013, some people said that Bitcoin was too crazy. In the past year or so, the price of Bitcoin has dropped a bit. Some people came out and said that Bitcoin is dying, Bitcoin has failed, etc. In fact, Bitcoin has never There is no madness and no failure. Crazy and failure will only be those who do not believe in Bitcoin, because these people are so crazy that they do not believe that there are always people in this world who can change our lives.

Bitcoin will be the greatest store of value in the digital age and will eventually surpass gold.

1. The cost of early bitcoin holders is very low, if it is used as a daily means of circulation, it can make them profit at almost zero cost.

2. The total amount of Bitcoin is limited, and it is difficult to support the use of all mankind.

3. The vast majority of people regard Bitcoin as an investment choice, and the number of Bitcoins in circulation on the market is even lower.

4. The number of people participating in cryptocurrency is far below the standard of fiat currency

The total amount of BTC issuance is certain, and the service charge for small purchase is too high. Most people just regard BTC as a way to make money from investment, and do not use it in daily life. But it avoids the problem of inflation, has strong stability, and facilitates the currency conversion between countries. Bitcoin has not failed, it is just in the process of development.

Bitcoin did not fail as money but rather it is great news for crypto. The real field of use for bitcoin is the innovation that forces blockchain implementation to move forward the high price of Bitcoin will be supported by many countries in the world so the introduction of bitcoin as a currency along with fiat currency will start which will lead to further improvement in the crypto market. Blockchains and crypto were developed to be well known disruptive isolated or otherwise dismantled financially at the moment the democratization of access to financial resources and information was done after the financial crisis.

For me the real question at this point would be "When will the fees be affordable again?" We have seen how bitcoin was used before as medium of payment and many bitcoin entrepreneurs have managed to add that into their businesses, letting people pay with Bitcoin. Right now it is becoming more and more difficult for consumers to use Bitcoin because of the volatility. Entrepreneurs might not be able to catch up changing the prices of their goods and services. So right now we are simply storing our Bitcoins as an asset. But I do hope the fees will go down, that will answer the question whether Bitcoin failed to be used as medium of exchange or payment.

Bitcoin was never meant for instant payments involving small amounts. It is suitable for medium and large sized payments with a time gap. There are certain sectors which may prefer such type of payments - remittance, cross-border transactions.etc. And that is the reason why I get surprised every time when someone complains that he can't use his coins to pay for a coffee or a burger. For this purpose, either you need to use fiat, or some of the altcoins with a smaller gap between the blocks.

Bitcoin is for investment or big purchases. For everyday usage you can use altcoins. In my opinion BTC is for HODLing.

Bitcoin failed as a Money? Of course not mate. Bitcoin is a digital currency in which it hqs a real value that is volatile. Bitcoin is used for investing and also for something you want to buy via bitcoin or make transactions, but the thing is that are you really willing to used your bitcoin if you have some? Even though you know that it is the number 1 leading cryptocurrency all over the world? Of course not you will just hold it and make it as an investment rather than using it for a daily transaction or purposes. Just like what others says, you can use altcoin if you want to make transactions or buy things using cryptocurrency.

Actually you can if you use LN, but I personally don't like it. The growing adoption of bitcoin will have a positive impact on the usefulness of bitcoin itself as a currency. This will make it easier for bitcoin users to make payment without fiat but I'm sure not everyone will like this idea for different reasons.

OP, so far I don't think bitcoin has failed as a currency due to the fact that bitcoin adoption as a mean of payment is increasing and many countries nowadays have thought about bitcoin and other crypto friendly regulation. Currently, maybe many of us know that bitcoin is not fully used for daily purposes because its acceptance is still limited. We still need development and it will take a long time.