Can Bitcoin Ever Be Everyday Money?

[Johnlomape]

The price of Bitcoin is always fluctuating and its value can increase or decrease significantly in a single day. No one would want to make daily transactions with such a volatile currency. Bitcoin can be used for transactions, but for this, its price stability must be achieved. In addition, various institutions or ordinary people must trust Bitcoin. Moreover, Bitcoin must be given legal recognition so that people can use it for daily transactions as a business. If acceptance gradually increases like this, then it is likely that it can be used for daily transactions.

Because of the volatility of Bitcoin, it will be very hard for people to use it as everyday money spending alternative. The volatile aspect of Bitcoin has one good reason which is seen as investment. People are investing hugely on Bitcoin because they know that it's volatile price will help it to grow stronger and have more adopters that will be buying it for investment purposes. Buying Bitcoin for day to day spending will not make a good sense because of the up and down movement that could depreciate when you hold it too soon so that you can trade it with the next person.

[DiMarxist]

Because of the volatility of Bitcoin, it will be very hard for people to use it as everyday money spending alternative. The volatile aspect of Bitcoin has one good reason which is seen as investment. People are investing hugely on Bitcoin because they know that it's volatile price will help it to grow stronger and have more adopters that will be buying it for investment purposes. Buying Bitcoin for day to day spending will not make a good sense because of the up and down movement that could depreciate when you hold it too soon so that you can trade it with the next person.

I ageee with this point of yours, Bitcoin’s volatility makes it less practical for everyday spending. Imagine buying something today only for the price to drop down drastically tomorrow, it creates uncertainty for both buyers and sellers. That is actually why most people prefer to hold Bitcoin as an investment rather than use it for daily transactions. Until its price becomes more stable or widely adopted as a medium of exchange, using it like regular money will remain a challenge.

[VivaMan]

I totally agree that Bitcoin can be everyday money but in some extent I discovered that along the lines there might be some problems which I figured out,
Problem like:
Bad Network experience it can really affect the delay of transactions not to proceed immediately due to many poor networking systems.
Price may not be stable making it challenging for daily transfers.

[Fivestar4everMVP]

Question: Do you think there will ever come a time where we wont have as much volatility as we have with btc now and btc can finally serve its spending purpose truly?

Is it true adoption if the ones adopting don't truly use or hold btc!!!

Definitely I still believe that a time is coming when the price of Bitcoin will stop being so unstable, because just as I said in another post, the major reason why it's looking as if businesses, especially offline businesses are shunning bitcoin as a medium of payment is majorly due to the risk involved with its price instability, some business are too busy and don't have the time of accepting a bitcoin payment and immediately converting to fiat, they are better off not accepting it at all..

And we all have to agree that currently, accepting bitcoin payment as someone running a type of business that is very sensitive to money isn't the best choice, the chances of running into loses is very high because the price of Bitcoin flauntuates alot, and where a major supply or manufacturer of goods isn't accepting bitcoin payment yet, retailers accepting bitcoin payment won't find it easy because they will have to always convert back to fiat before they can get new supplies from manufacturers, and imagine if the price of Bitcoin is very down from the price they bought it from customers by the time they are supposed to order for new supplies, that's a big problem..

[@nn@_pen9]

I totally agree that Bitcoin can be everyday money but in some extent I discovered that along the lines there might be some problems which I figured out,
Problem like:
Bad Network experience it can really affect the delay of transactions not to proceed immediately due to many poor networking systems.
Price may not be stable making it challenging for daily transfers.

If bitcoin is used daily or transacted with bitcoin, entrepreneurs must prepare themselves for all the risks of fluctuations that occur every day, of course this will make the profits they get shrink with fluctuations that occur every day or occurred in the last month, of course, most small retailers do not like it because the profits they get are unstable if they use Bitcoin, not to mention having to think about employee salaries or other needs.

[senadip]

No, it will never happen because sellers are not traders. Sellers may accept BTC or Crypto because customer is ready to pay with them (In business mind). Plus, they have already made the profit from the sale.

[fikrett]

No, it will never happen because sellers are not traders. Sellers may accept BTC or Crypto because customer is ready to pay with them (In business mind). Plus, they have already made the profit from the sale.

I don't see it that way..BTC can be an everyday option if it's accepted and infrastructure is there. It's another question would people use it as such or not.

[Just Say]

The price of Bitcoin is always fluctuating and its value can increase or decrease significantly in a single day. No one would want to make daily transactions with such a volatile currency. Bitcoin can be used for transactions, but for this, its price stability must be achieved. In addition, various institutions or ordinary people must trust Bitcoin. Moreover, Bitcoin must be given legal recognition so that people can use it for daily transactions as a business. If acceptance gradually increases like this, then it is likely that it can be used for daily transactions.

The bottom line is that there is less tendency to make daily transactions with Bitcoin because we see that this currency is more volatile and the fees are higher to pay for essential goods. Even then, the acceptability of this digital gold has not decreased, many still consider it as an alternative to fiat currency for daily transactions. In addition, various institutions or ordinary people are trusting in Bitcoin, moreover, some institutions are now accepting this asset in such a way that it seems that it can be everyday money because businesses in America, i.e. restaurants, are accepting Bitcoin, as a result of which if we buy any product there, we can pay with this asset.
One of the notable restaurants is Steak n Shake, who are trying to do something big with Bitcoin because they now have a strategic reserve.

[CryptoBuds]

Because of the volatility of Bitcoin, it will be very hard for people to use it as everyday money spending alternative. The volatile aspect of Bitcoin has one good reason which is seen as investment. People are investing hugely on Bitcoin because they know that it's volatile price will help it to grow stronger and have more adopters that will be buying it for investment purposes. Buying Bitcoin for day to day spending will not make a good sense because of the up and down movement that could depreciate when you hold it too soon so that you can trade it with the next person.

I ageee with this point of yours, Bitcoin’s volatility makes it less practical for everyday spending. Imagine buying something today only for the price to drop down drastically tomorrow, it creates uncertainty for both buyers and sellers. That is actually why most people prefer to hold Bitcoin as an investment rather than use it for daily transactions. Until its price becomes more stable or widely adopted as a medium of exchange, using it like regular money will remain a challenge.

Volatility can be considered the biggest challenge today when using bitcoin as a currency. But even as it becomes more stable, we still have other challenges to solve, namely fees and transaction speed. If bitcoin is stable but transaction fees are high and congestion is still frequent. People also won't want to use it as an alternative to fiat money in their day-to-day transactions.

Another obstacle is whether bitcoin investors would be willing to use their bitcoins to spend even if it solved those problems? Because most people have gotten into the habit of using it as an investment, a store of value and don't want to spend it.

[betswift]

^ People would need to see why they should use BTC.. Or just know it enough to see why they should have it in the first place, and so on. Incentive is not as big now as it should be or will be, but I do think the further we go, the more BTC will shine.

[Mahanton]

Because of the volatility of Bitcoin, it will be very hard for people to use it as everyday money spending alternative. The volatile aspect of Bitcoin has one good reason which is seen as investment. People are investing hugely on Bitcoin because they know that it's volatile price will help it to grow stronger and have more adopters that will be buying it for investment purposes. Buying Bitcoin for day to day spending will not make a good sense because of the up and down movement that could depreciate when you hold it too soon so that you can trade it with the next person.

I ageee with this point of yours, Bitcoin’s volatility makes it less practical for everyday spending. Imagine buying something today only for the price to drop down drastically tomorrow, it creates uncertainty for both buyers and sellers. That is actually why most people prefer to hold Bitcoin as an investment rather than use it for daily transactions. Until its price becomes more stable or widely adopted as a medium of exchange, using it like regular money will remain a challenge.

Volatility can be considered the biggest challenge today when using bitcoin as a currency. But even as it becomes more stable, we still have other challenges to solve, namely fees and transaction speed. If bitcoin is stable but transaction fees are high and congestion is still frequent. People also won't want to use it as an alternative to fiat money in their day-to-day transactions.

Another obstacle is whether bitcoin investors would be willing to use their bitcoins to spend even if it solved those problems? Because most people have gotten into the habit of using it as an investment, a store of value and don't want to spend it.

The volatility of Bitcoin is both its biggest strength and its biggest weakness it’s what attracts investors who see potential for growth but it’s also what makes it hard to use as an everyday currency no one wants to spend Bitcoin on something today only to see its value rise tomorrow and feel regret and on the other side merchants don’t want to accept Bitcoin payments that might drop in value before they can convert them to fiat.
Even if volatility eventually reduces there are still technical challenges to face transaction speed and fees are two of the main reasons Bitcoin struggles as a payment method during network congestion fees can spike and confirmation times slow down which makes small or daily transactions inconvenient people expect fast and cheap payments like they get with credit cards or digital banking.

And even if all those issues are solved there’s another layer to it most Bitcoin holders already see it as a long term investment rather than a currency the mindset has shifted over the years from using Bitcoin to spending it wisely to protect its future value many holders treat it as digital gold something to hold not to spend. So for now Bitcoin works better as a store of value or hedge against inflation than as everyday money until stability adoption and infrastructure reach a much higher level it will remain an asset people prefer to hold rather than a currency they use daily.

[john_egbert]

I totally agree that Bitcoin can be everyday money but in some extent I discovered that along the lines there might be some problems which I figured out,
Problem like:
Bad Network experience it can really affect the delay of transactions not to proceed immediately due to many poor networking systems.
Price may not be stable making it challenging for daily transfers.

Yep, but without a connection, bank transfers can also be a problem, so I would consider the second problem only as the one true problem

And volatility is the problem that will become less and less of a factor..

[Patikno]

The price of Bitcoin is always fluctuating and its value can increase or decrease significantly in a single day. No one would want to make daily transactions with such a volatile currency. Bitcoin can be used for transactions, but for this, its price stability must be achieved. In addition, various institutions or ordinary people must trust Bitcoin. Moreover, Bitcoin must be given legal recognition so that people can use it for daily transactions as a business. If acceptance gradually increases like this, then it is likely that it can be used for daily transactions.

Because of the volatility of Bitcoin, it will be very hard for people to use it as everyday money spending alternative. The volatile aspect of Bitcoin has one good reason which is seen as investment. People are investing hugely on Bitcoin because they know that it's volatile price will help it to grow stronger and have more adopters that will be buying it for investment purposes. Buying Bitcoin for day to day spending will not make a good sense because of the up and down movement that could depreciate when you hold it too soon so that you can trade it with the next person.

Well, Bitcoin may be volatile, but that doesn't mean it will continue to fall. Bitcoin can easily recover its value, even rise again. And Bitcoin decline isn't that deep, actually. I see Bitcoin will not dropping more than 20% easily, as we know there is a lot of demand for it, which will cause its price to rise even further when it declines. So, for these reasons, I believe Bitcoin can become everyday money.

I believe there will come a day when it is approved in every country in the world, meaning Bitcoin is accepted everywhere without strict restrictions, or regulations that hinder its adoption. And I believe a sign of that is Bitcoin becoming legal tender (everyday money). However, Bitcoin becoming legal tender isn't easy in every country, it takes time, because government policies will influence it, and they will be very cautious about it. If they understand Bitcoin fundamentals, and the rest of the world begins to adopt it, then I am sure that will be a sign of its beginning.

By the way, I believe the price of Bitcoin will exceed $1 Million Dollars, nothing is impossible for Bitcoin to reach it, and I think the people who were previously involved in Bitcoin did not believe that the price of Bitcoin is currently this high. So, I believe Using Bitcoin is actually very beneficial for anyone who owns it, both in the long term and the short term. If we save Bitcoin now, we won't mind using it as everyday money when the price is very high. In essence, using Bitcoin as everyday money will be very possible someday, and I believe that, especially for true holders. What we need now is to save Bitcoin, make installments without burdening or forcing ourselves, we can use DCA, and one day we will make the most of it

[betswift]

^ As a result of the adoption in question, it won't fall even that much percentage-wise (speaking about price..)..So, yeah, I do think in some cases, BTC will be used on a broader scale.