Bitcoin Forum

As we know today globally currently is greatly lossing it value as a means of exchange. There by the world are gradually using cryptocurrency as a means of exchange both investors and trader. Am also opurtune to use Bitcoin as a means of exchange. I buy goods and pay with Bitcoin. So like I say in a little time cryptocurrency will be the only currency in digital market. So I urge every one of us to key into cryptocurrency as a means of exchange in any businesses we deal with.

I don't mean to break your ambition in using bitcoin as a medium of exchange or a means of payment that you will use, because in the future I also want something like that. But you have to consider everything about what you are going to do. It depends on where you live, because now those who accept payments with bitcoin are not comprehensive, even in some countries they are still considered illegal and are still prohibited from existing. Also one has to consider whether you will actually make payments with bitcoins during a bear market like this, because it will eat up a lot of bitcoins that you will spend.

Yeh,  But it seems to me that due to technical problems in some countries, it is not possible to use Bitcoin in all cases, because there are many countries that are still not able to do everything through Bitcoin, but they are trying, maybe it will be possible in the future. In order for Bitcoin to be accepted as a form of payment across the board, all the countries in the world that govern the world need to work together. If they all work together it is possible to make Bitcoin the only currency, At the same time, payment for everything is possible with Bitcoin.

But in any case it is my personal opinion that most countries will start exchanging Bitcoin within the next few years.

This part of the OP made me stressing to comprehend. You might want to rephrase what you've got there although, the theme is quite clear.

With adoption still the goal and increasing popularity, I think people are using bitcoin for day to day transactions when opportuned. For most, its for the fun of it as it is something rare and as such, you tend to take the chance when provided but, a time would come when it won't be uncommon in our world. The rudiments isn't a norm yet and so, one has still got to tread carefully, not to lose all them profits to market volatility.

Actually this thread has been right on the Bitcoin Discussion board because it concerns your business for a medium of exchange to buy things with bitcoins.

It's not easy to buy goods using crypto exchange because each country has its own regulations, there are legal and illegal ones, so not everyone can do that, although we have pushed for the future and this returns to the existing regulations in their respective countries, if that remain in force while it is illegal then you will be dealing with local government law.

But there are some people on this forum in business who already accept bitcoin as a means of payment in their business.

[1] I now accept bitcoin payments in my Beauty shop (https://bitcointalk.org/index.php?topic=5432493.msg61522271#msg61522271)
[2] One Month of Accepting Bitcoin for Payment (https://bitcointalk.org/index.php?topic=5425961.0)
[3] Advantage of accepting bitcoin in business (https://bitcointalk.org/index.php?topic=5431962.0)

Yeah, it will just be a matter of time before many stores will be having their acceptance of bitcoin. But for the past two to three years, I think that acceptance has increased a lot compared to the past years under that. Bitcoin is growing and it's on a straight line that its acceptance rate will increase together with the demand too. It is that, many still don't understand what it is and how it works and there are people that still doubt it because they lack information all about it.

It's actually a great idea to adopt Bitcoin as a payment method in our business but before we do that there are certain factors that we must consider before the implementation of it.
It's same thing as opening a wheelchair shop in a community that has zero amount of crippled people. If you want to introduce Bitcoin payment into your business the most important question you should ask your self is; the people that are going to patronize me, do they have any idea of what Bitcoin is? Or do they even understand how the whole Bitcoin transaction work? If the answer is NEGATIVE then you can consider organizing a lecture on how to get started with Bitcoin you can teach them things like; how to buy Bitcoin, how to keep your Bitcoin safe ( things to consider when choosing a Bitcoin wallet) etcetera etcetera etcetera.

And in the process of all these you'll will end up building a relationship with them that will definitely affect your business positivity.

Bitcoin/cryptocurrencies being the only currency in whatever market is a pipe dream. While I think bitcoin will gain market share over currencies in general, governments around the globe would definitely not allow their local currencies to die.

Bitcoin price didn't grow in a straight line and won't ever be as it's a volatile crypto but if it's only about the adoption rate or acceptance then I think yes. I am sceptical a bit when I say that because I realized that banning can also happen.

There are who continuously allow BTC but it was the people who got scared and refrain from using it by the time they hear a negative news, FUDs and then when they witness that it's value is sometimes dumping a lot. Learning is still essential so that it helps people to stay calm in the hard times but I don't think this will be effective to the government. Greed and wanting to control bitcoin is a different story anymore.

I don't know where you live, but for sure you can try to accept Bitcoin in your business. Maybe after a month, you should came back and give an update about your business, compare the profit between people who pay you with Bitcoin and fiat, so we will know does everyone are prefer to use Bitcoin or fiat to pay in real life. Because not all people want to reveal themselves if they're Bitcoin enthusiasts.

I think trying to accept Bitcoin in business is not as easy as we imagine,
almost everyone seems to still use fiat as a means of payment,
for now people use Bitcoin only as an investment or trade.

Its adoption and use is going more viral as days pass by and we’re looking forward to its global use and adoption by all nations. Using it for paying in business or accepting from customers helps in its use and adoption.
One fact again is that, it’s here as a means of payment and saving money but not to compete with the fiat currencies or kill its existence totally. Their only and most significant difference is the centralised and decentralised form that they independently exist.

Bitcoin is now quite popular as a cryptocurrency payment method. But there are still various restrictions on the use of Bitcoin around the world. But it is true that people are quite comfortable to transact through Bitcoin whenever they get the chance. It is expanding day by day. In spite of various hurdles, the interest of people towards Bitcoin will undoubtedly keep it at the top. Governments of different countries are researching it in various ways, but if we get government support then this will be the only medium where we can accept it as a reliable payment method to easily make payments from all over the world.

From my view op is trying to call it "inflation" but he missed the line, so as a reader you should try to comprehend most words used by beginners. Other thing again I sense there is that, bitcoin is more cheaper and faster, smarter for transactions compared to buying USD from bank. I.e, buying USD with their local currency then trade to btc before using it for payment of goods is more cheaper than buying USD from bank and use it as a payment the charges are much unlike bitcoin.

It depends

If you live in where Bitcoin accepted as legal tender, you can just show your wallet address's QR code and there's no need to make any report.

But if you're live in where Bitcoin isn't become legal tender, your business are big and need to follow regulations on your country e.g. accounting laws, tax etc, you need to spend more time to adjust that and of course it's hard.

I don't worry about banning because they've been there years ago and then bitcoin was still able to overcome it. And the news of negativity and FUD that it spreads, they'll remain to be there.
But everyone who has an idea of what bitcoin is will have the thought that it's nothing wrong to have it and it's an actual piece of thing and technology that has a real value.

That time might never come. The highest Crypto will achieve in years to come is more adoption and preference and by then both Crypto and fiat will co-e-exist with everyone choosing their own preference. Many will prefer to use CryptoCurrency to fiat as fiat value keep depreciating and the more adoption Crypto get the more it value appreciates.

You don't even need to test it. It's pretty much 99.9999% guaranteed that fiat will be the winner. And it's definitely not because of people not wanting to affiliate themselves with Bitcoin — it's simply just the fact that most people simply prefer a stable currency.

I applaud your receptiveness of cryptocurrency as your means of doing business in both buying and selling, and am sure this liberty for such decision is based on the part of the world you find yourself. It's no bad idea though, but don't forget that there are countries that  the cryptocurrency industry is highly prohibited by their government, while others don't have the technological wherewithal or are not technologically mateured yet to adopt crypto as general means of exchange in dealing with businesses. So  OP let's not rush issues yet, one step at a time.

Maybe people could adopt crypto stablecoins, then? Although they probably think their governments are more reliable than centralized third party companies issuing a digital currency pegged to dollar, which can fail and scam everyone at anytime. On the other hand, if there were trust, it would be a decent solution against the devaluing native currencies of most poor countries which can't give stability to citizens' lives.

It's true that people are accepting Bitcoin and others crypto currency as their payment methods and on other purposes. But we can't say that banking system and other options will be closed for this new era. Everything has some prons and cons in the transaction system. People will consider safety of their money, trustworthiness and others factors too.

The only?
I don't think so.
This seems easy to say but hard to do. Our hope to increasingly make Bitcoin a global currency is real and reasonable. But to be the only digital currency? This may be difficult, because most countries are also developing digital currency. moreover, many countries still reject Bitcoin as a legal tender. so if we fight it means we are acting illegally. Not that we are super law-abiding people, but if we do it explicitly, this will actually hurt us. But on the other hand if it's legal in your country, this is fine and campaigning for the use of Bitcoin as a medium of exchange is better than just watching. The hope is that more and more people will be more familiar with Bitcoin with all the positive sides, not just the negatives.

I think if you want to do good business in this market you must invest on good coins so you don't have to face losses. Bitcoin is the best coin in the market right now Bitcoin is in the best form right now. If Bitcoin is invested now and held for a long period of time, it will be possible to earn good quality profits in the future. We have seen Bitcoin grow a lot last year so expect Bitcoin to grow again in the next year. And it will be possible to consider yourself as a good businessman by investing in Bitcoin.

USDC and Circle is pretty reputable as far as I know — that while not impossible, chances of failure might be very slim. I'm actually surprised why the masses haven't resorted to using USDC through cheap blockchains(Solana, Tron, etc). Though in the end — it'll completely depend on how good/bad a country's government is.

I don't know how you guys get this revelation or inspiration of cryptocurrency being the only currency in digital market. What happens to fiat CBDC?
What is meant by only is that no other currency will exist across the whole world. Both US, China  and other countries will collapse their individual currencies and their purchasing power  and embrace cryptocurrency which does not have the backing of any government.

It is nice to accept bitcoin in your business and I also know that the adoption of crypto is increasing day to day.

Yes, I think fiat is also a means of payment that is relevant at any time because it is stable,
so it's no wonder that almost everyone is reluctant to be affiliated with Bitcoin,
even so we never know what will happen in the future.

I think this is nothing to do with how Bitcoin is being adopted like what OP said in the first post.
The issue here is the Bitcoin adaption because as we all know, now Bitcoin is still not popular in most the countries, and still few businesses accept and use Bitcoin. But I believe in the future, more businesses will use Bitcoin.
My suggest is start with small, accepting Bitcoin to our businesses even small, that is already good help to the Bitcoin community.

If you are buying with the use of the bitcoin does the price might varies ? because we know how does the bitcoin so volatile and there's a chance they lose with the profit like a same price in terms of USD just the payment change because its a bitcoin, just wondering with that point, still good thing adaptation with the bitcoin because of the fast transaction and being transparent of it.

Is bitcoin a medium of exchange?

Yes, it is and people can transfer it from one to another.

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Whole world is using bitcoin for global trades because the value of fiat is losing its value?

No, government didn't make any trade deals with considerable amount to conclude governments are changing so your wrong with that information.

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I can't really understand your context because its kind of messed up, are you saying everyone to use bitcoin or hold it because others are using it nowadays?

It will depend on how the regulations are in each country because for payments using bitcoin, there will be regulations from the government in your country.
So far, fiat has become a means of payment in each country and if you want to use crypto for your business, you must seek approval from your government.
But if your country accepts crypto, I don't think it will be difficult to start using crypto as a means of payment in your business.
But if crypto cannot be used as a payment instrument of choice, it will be okay if you still use crypto as a commodity tool in trading.

Good gesture but not gonna happen that quickly and with such random request. There are millions of challenges up front and very few are able to face the government in that way. I mean have you ever seen any movement that is being done against the government so that we can get freedom to choose our universal currency and transact without the taxes and stuff? Have you ever seen any news that will put a sweat on governments head where bitcoin is being adopted at alarming rate and fiat is getting decommissioned? I think it is not really the thing that can happen overnight.

We as crypto lovers need to be in the game of crypto adoption forever. Millions might accept it, the same millions may not be interested in it the following year. That's how the market is growing to be honest. I just hope we at least keep the steady growth all the way through.

You can't change everyone in an instant.  How do I motivate my family and neighbors who still have no idea about cryptocurrency?  The person who goes to your store to pick up the product but you cannot return it.  But what should you do if the customer doesn't have the cryptocurrency?

People who have stayed here in the forum are people from different countries.  Cryptocurrencies are emerging but not in everyone's homes.  So it takes a long time to spread its tendency among people.

You have a strong desire about Bitcoin, as a shopping currency or a means of exchange in the market, I think your thinking is normal, maybe many people in this world want and hope like you, but that will never happen to Bitcoin.

So that you don't think too much about Bitcoin in the future, maybe you should read one of the resources that I show you below, about Bitcoin.

Why Bitcoin is not a currency but a speculative real asset. (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3098765#:~:text=First%2C%20there%20currently%20exists%20no,which%20are%20key%20currency%20attributes.)

Well, if you understand the quote above, I'm sure you don't want to think too far, about Bitcoin being used as a currency for the exchange of goods globally, what is being done and happening right now to users and Bitcoin, that's much better than reality.

This is a good advice which I indeed support, but the fact still remains that cryptocurrency as payment system still have a long way to go, we are just at the very beginning and it is very normal if people are still skeptical about accepting bitcoin or any other form of crypto as payment for their goods or services...

I personally have spent bitcoin to buy valuable items, and also have accept and will still accept bitcoin for my goods if I find a customer who wants to pay in bitcoin, but I think the problem majority of businesses have right now is the manufacturers who are yet to start accepting crypto payments, it makes no sense accepting bitcoin for my goods, and still find a way to convert it to fiat so I could buy the good I sold back.
Bitcoin and cryptocurrency payments will become really massive if and when manufacturers and wholesalers begin accepting it as a means of payment from their customers.

Crypto definitely helps us to use our finances without any restrictions. It also helps us to remain anonymous while paying through cryptos. But if we talk about Bitcoins, then for me it’s not ideal decision to spend Bitcoins unnecessarily when there are other payment options available. The reason is simple. Bitcoins are limited therefore they are valuable in nature. A time will come when the demand for the coin will be more and so the price will immediately increase to maintain the demand. And hence if you collect Bitcoins and hold then definitely you will make great profits in future. This is just my observation.

Using it as a payment or not depends on how the original purpose was to buy bitcoin. If the initial goal is to be used for investment, it will be better to hold long-term, because there will be profits to be gained from long-term price increases.
But when the purpose of being a means of payment for some products and services that use bitcoin is also not a problem, it is a small adoption that is done, using bitcoin as a means of payment. But it also depends on how the regulation is applied, if it is prohibited then use it only for investment or as a commodity.

Although there are benefits to accepting cryptocurrency as payment, if you do so and keep it for a long time, you can make a lot of money from it, in some places people don't believe in bitcoin payments because they view them as a scam. Because in some places they don't know the value of accepting bitcoin and Keep for so long.

well, education is the key for these people who are up until now they are seeing btc or crypto as a scam. the people dealing or using it are the ones who make this market as a scam. but the currency itself is not. so the more people educate themselves, the more they understand the true nature of this market. and they will soon understand that its the people who create their own projects out of this market that make this market look as a scam as they use it as playing ground of fraudsters.

Many people hope that one day bitcoin will be accepted to be used as legal tender worldwide because bitcoin can make it easier for people when they want to make payments, especially when traveling abroad where we don't need to exchange the bitcoins we have if we want to make payments unlike fiat currency where we have to exchange it first with the original fiat money of the country we are visiting when we want to make a payment because every country has a different currency.
But unfortunately at this time not all governments agree that bitcoin is used as a legal means of payment in their country because there are those who consider bitcoin not good to be used as a payment method because it has wild price volatility.

 Yes, accepting Bitcoin as a payment in your business will really help you to grow higher in profits making than other business men around your environment, if Bitcoin or cryptocurrency is well legalized in your country. There are many Bitcoin users all over the world which they prefer to buy goods and pay with Bitcoin, because the transaction is faster and secure compare to centralized currency exchange that will make all eyes on you at the moment. I think, a time will come when many countries of the world will allow their citizens to buy goods of any kind in the country and pay with Bitcoin or cryptocurrency, which will really help those that are into that business in the country.

  In short what you are proposing is to encourage others to learn crypto trading so that they too can have an extra income in their lives by trading in the crypto space, right?

As far as I'm concerned, I've been in this career for a few years now and so far it's helping my state of life right now because it's able to make a profit and even cover the daily expenses of my life.

All this that you mentioned are going to reduce the excitement of OP because the points do not look to be in favour of bitcoin that he is promoting. But that is the truth you have said there. Countries after countries have continued to hate to support bitcoin and that maybe because they do not know how to control or tax it. People talk good of bitcoin when it is increasing in price but begin to make hate speeches about it during bear season. Will Op not eventually be like that when the wicked bear comes again and abandon using it as business currency?

In order to keep pace with the crypto industry for digital payment needs, global governments are still in the process of making their digital currencies pegged to local fiat, even allowing marketplace platforms to have their own digital "currency" option to buy goods. Your hope may not happen in the near future.

We recognize many real stories of payment through digital payment method. Seeing all those stories, it seemed very natural that Bitcoin or digital currency has no limits. It has now become a very popular medium for exchange. Although the government of most of the countries in the world is still in a strict position towards it. However, common people are very interested in paying Bitcoin payments despite various restrictions. Moreover, various organizations are now directly accepting crypto, so we can naturally say that digital currency is starting to make a significant contribution as the most popular medium for business.

I have already seen the payment of Bitken in Bitcake if you buy products in different markets. From there, much easily, Bitcoin payments are given the price of the product, currently being prepared by the global digital currency as a payment method. Bitcoin in the digital world has reached the highest level of products in different major shopping mills in the world. And this moment is possible to earn a lot of money by investing in Bitcon.

You're right that education is the key for these people, but in my country, bitcoin is not permitted in business, and those who do invest in it are viewed as fraudsters. The government even wants to outlaw some bank accounts linked to cryptocurrencies, so I wish they would understand sooner than later as you suggested.

Before Bitcoin came out, there are already several digital payment methods but it's crazy on how they are over taken by Bitcoin and other cryptocurrencies. I think that is the reason why they are inventing another new digital currency in order to compete and possibly beat Bitcoin but that won't be possible.

As for the marketplaces, I think it's not necessary to create their own digital currency because we already have tons lying around. They can just use these directly. That should save them time and money. Indeed, it's not possible if crypto is the only digital currency that will remain because there are people who don't know how to use it and then some governments won't just allow it.

Well, that's the problem. Let alone mastering the basics of bitcoin, compared to the rest of the world's population, I believe some of them are still untouched by the awareness of the benefits of decentralized currency. I saw that the people around me (who can be said to still adopt traditional financial methods) were quite surprising, they considered bitcoin the same as currency issued by companies, regardless I dismissed this assumption at length. So, if our government bans the use of bitcoin, it will only add to the skepticism and worse judgment that bitcoin is a bad entity.

   -  It's true what you say, mate, until now there are still other countries that do not accept the system that has bitcoin or cryptocurrency because of blockchain technology. And most people around the world are still not aware of digital currency in this industry.

And even when no one can beat bitcoin, that's why other countries have seen the potential of Bitcoin and they know that they can't control it either so they just adopted it instead of criticizing it so now they are also one of the holders of bitcoin and other cryptocurrencies.

Bitcoin acceptance should be an alternative payment method as I don't see how bitcoin can get rid of fiat currency in businesses, since the world is made up of so many countries with their various fiat currency. It is good when you accept both fiat and bitcoin in  your business, because you will have more advantage in having more customers than some in the same business love line with you. I only know that because of the decentralized system of bitcoin, makes it the best for transactions due to its safety, fastness and low charge rate. Therefore the adoption of using it as an alternative payment will be increasing gradually as time goes.

The most likely development of events will be the creation and use of digital currency issued by central banks (CBDC). The use of CBDC will allow the government to control all movements of digital currency, thus conducting financial monitoring, and also provide control over the payment of taxes.

It is true that for now accepting Bitcoin in business is not easy.
Actually OP put forward some great opinions and suggestions and I think that's visionary thinking.
And I think what the OP said might happen massively in the future but it can't fully happen now.
There is still a lot to consider regarding where we live, the regulations and several other important factors.

The thing that I think needs to be remembered for now is not all businesses can run by accepting Bitcoin.
There are businesses that require cash turnover and quick returns on the spot to return business capital.
In fact, at this time we will still need fiat money to keep our business running.
I hope OP and the people who have accepted Bitcoin as a means of exchange or payment in their business have thought about it carefully.
Not just joining in because they are tempted by the benefits that Bitcoin provides without thinking about the risks.

Adopting crypto stablecoins as a form of currency could be a potential solution for individuals looking for stability in their financial lives. However, some may be hesitant to trust decentralized third-party companies issuing digital currencies pegged to the dollar, as they may view their governments as more reliable. However, if trust in these companies can be established, crypto stablecoins could be a valuable solution for citizens of countries with unstable, devaluing native currencies.

I don't think only cryptocurrency will exist on the market as a digital currency. You're speaking from a place of feeling. However, this won't actually occur. Even when the government permits its usage, Bitcoin won't initiate massive adaptation very soon. Since it will be adopted by the central bank, CBDC would be the more widely used digital currency. However, we can always exchange or trade Bitcoin wherever it is accepted. Even though we can't ignore fiat, a lot of people around the world are unaware of cryptocurrencies.

Good for you.
Not everyone has the opportunity to invest and make transactions using bitcoins or other cryptocurrencies. Not because they do not want to but because there is no enabling or viable environment for it.
Personally, I cannot wait to start using bitcoin for 60% of my day-to-day activities. It will be so cool. Moving around with fiat seems like old school to me now.