Can Bitcoin Ever Be Everyday Money?

[Johnlomape]

There is a high possibility of financial loss when accepting payments in Bitcoin because the price of Bitcoin increases greatly. In addition, volatility can be considered the biggest challenge when using Bitcoin. Although if the price of Bitcoin  stable, there are some challenges with fees and transaction speed. However, investors are attracted to Bitcoin because of the possibility of its price increasing. Most and long-term investors consider it as digital gold rather than currency, so I think people will prefer to hold it as an asset rather than a currency used every day.

Bitcoin is too volatile to be accepted as a everyday money. Many will lose money due to the heavy change in price of Bitcoin like what we have been seeing now. Bitcoin has been falling since the beginning of this month and we continue asking why this why that. That is the nature of Bitcoin, it was programmed to move in that way so for anyone to complain of price being too quick to change, they need to understand that volatility is what keeps investors coming, looking for opportunities to make money from their cryptocurrency investments.

[Outhue]

Yesterday, I posted a topic about btc adoption and how I bought coffee with my btc, here:https://bitcointalk.org/index.php?topic=5562891.0 , I also tried posting on another forum and a user replied me with this:
 
'' They DON'T accept $BTC, they actually refuse $BTC !!

They just calculate the product price in USD into BTC, take your BTC and sell it instantly into USD...

Could do the same with Iranian Rubel or North Korean coins or videogame points stuff as well...''

It got me thinking, If this actually true, and I sensed it, then are we getting adoption?

If most businesses don’t actually keep Bitcoin, they’re not really using it in trade and they just convert it to fiat instantly. That means Bitcoin isn’t yet serving as a true day-to-day currency, even though some web3 media outlets and payment apps make it look like it is.

In essence Bitcoin has matured into a global store of value, something people save, invest, and hedge with but not yet a fully adopted medium of exchange if the businesses that accepts it don't hold it but immediately convert it to fiat. So really btc is not dual purpose as proposed but leaning more to a single purpose.

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!!!

What they plan to use the BTC for is none of your business, if they like they can instaswap into Fiat or USD that's their problem, what you don't get is are you able to spend your Bitcoin for what you need? If yes then the work is done, why worry about them selling the Bitcoin for something else?

They accept Bitcoin, imagine Bitcoin is all you have on you, No Fiat at all and you travel to a place where you can spend your Bitcoin for anything, what else do you want? The work is done, you use your Bitcoin to get something that you need, period. Many people running businesses and accepting Bitcoin are protecting their business from volatility that's why they need to exchange their Bitcoin into Fiat as soon as possible.

I accept Bitcoin at work too, I don't instantly swap my Bitcoin into Fiat because I am a Bitcoin investor and holder myself, not all business owners or store runners will be like me, many just want more customers that's why they are accepting Bitcoin payment, they don't want to hold or store their money in Bitcoin for any reason and to be fair this is normal.

[betswift]

Bitcoin is too volatile to be accepted as a everyday money. Many will lose money due to the heavy change in price of Bitcoin like what we have been seeing now. Bitcoin has been falling since the beginning of this month and we continue asking why this why that. That is the nature of Bitcoin, it was programmed to move in that way so for anyone to complain of price being too quick to change, they need to understand that volatility is what keeps investors coming, looking for opportunities to make money from their cryptocurrency investments.

Volatility will become less and less relevant.

The cap of BTC will become bigger, and thus, pushing it will become a bigger task too. So that would be out of the question in the upcoming decades..

[PrivacyG]

Volatility will become less and less relevant.

The cap of BTC will become bigger, and thus, pushing it will become a bigger task too. So that would be out of the question in the upcoming decades..

Volatility will never become irrelevant in the context of Bitcoin becoming every day Money.  Being volatile, I seriously doubt many would feel safe holding it.  If you plan your shopping list for tomorrow and you are using Bitcoin, tomorrow you may have to cut some things off the list.  Or maybe you will have some change.  The thing is you would probably not like it.

I do not see how the Bitcoin Market Cap would become harder to push considering it has a Halving every four years.  It will become harder for a single entity to move the Market and particularly harder for people who will start to buy Bitcoin later, although if we look at the top holders you can see people like Michael Saylor who would definitely move the Market a LOT even if Bitcoin was a Million Dollars by now.  Holding so much of the Supply will shake the Market when it is dumped.  The Halving will in my opinion make Bitcoin Price stability almost impossible even decades from now.  It will be two times harder to Mine.  If it becomes stable then it will be unsustainable.

[Iamgoat]

Bitcoin is too volatile to be accepted as a everyday money. Many will lose money due to the heavy change in price of Bitcoin like what we have been seeing now. Bitcoin has been falling since the beginning of this month and we continue asking why this why that. That is the nature of Bitcoin, it was programmed to move in that way so for anyone to complain of price being too quick to change, they need to understand that volatility is what keeps investors coming, looking for opportunities to make money from their cryptocurrency investments.

Like every other currency, bitcoin is also a digital currency which can be used for day to day transactions and spending as it does not have any much differences with the normal fiat we are using in terms of its industry and the little differences between the fiat and bitcoin is bitcoin is built on cryptographic technology which brings about its decentralization and transparency and it major factor which now serves as its setback, making it tough towards being used as an everyday currency and it is the volatility nature of bitcoin. An example of its volatility was shown in this month and from what I see, btc started this month with around 93k to 95k dollars worth but now as of yesterday it came down to about 82k to 83k dollars or thereabout. It is like 8 to 10% drop in just less than a month. Several people are asking why is this serious inconsistency but like you said it is the nature of bitcoin. But even if the prices got stable somehow which is pretty difficult, the fees and slow transactions will still serve as another obstacle to many of us especially if you want to buy small items like food, stationeries and others. Even the volatility is at advantage to the traders who use it for their trades on daily or weeks long and investors who hold it for a very long term. So, this is the case.

[burungmalam]

I think the question isn’t whether Bitcoin can be everyday money, but rather whether people actually need it to be everyday money right now.

From a technical standpoint, Bitcoin has already solved the biggest obstacles for daily payments:
   •   Instant settlement via Lightning
   •   Low fees compared to traditional cross-border payments
   •   Uncensorable transactions
   •   Global accessibility without permission

But the real barrier is not technology — it’s incentives and human behavior.

Most people don’t want to spend an asset that historically appreciates, and at the same time, they don’t feel the pain of using fiat yet. Everyday money only emerges when people find it more costly to stay with the old system than to switch to the new one.

Bitcoin will become everyday money in stages:
   1.   Store of value → people hold it because it protects purchasing power.
   2.   Medium of exchange → people spend it once adoption and stability increase.
   3.   Unit of account → prices get denominated in sats once critical mass arrives.

We’re still somewhere between stage 1 and stage 2.

To me, the real question is:
Will hyperbitcoinization happen because Bitcoin gets better, or because fiat keeps getting worse?
Probably both — and that’s why the shift to everyday money is only a matter of time.

[Curious T]

Bitcoin has been falling since the beginning of this month and we continue asking why this why that. That is the nature of Bitcoin, it was programmed to move in that way so for anyone to complain of price being too quick to change, they need to understand that volatility is what keeps investors coming, looking for opportunities to make money from their cryptocurrency investments.

Uhmm, there are a couple of things I don't agree with here. I don't believe Bitcoin was programmed to be volatile. Volatility was not originally the reason that was set up to attract investors. It is what keeps investors coming, I agree, but it was not programmed that way. That part has nothing to do with the programming. It's just economics. Anything at all that the demand and supply volumes are constantly shifting will be volatile.

Volatility will become less and less relevant.

I don't see it; a time when there will be minimal volatility in bitcoin. People will always want to take profit, and people will always want to buy after speculating on the price. The reason why Bitcoin got to 87 thousand dollars today after hitting 84 was because people bought the dip. They speculated and saw that they could get more profit if they bought now, and that demand sent the price up. This will always be present in Bitcoin.

[Asuspawer09]

That's the thing because it is a volatile asset, Bitcoin for sure has value but its a complicated currency if you are going to accept it as a payment especially in a business because a business need some kind of liquidity if you are going to accept Bitcoin as a payment method, probably what that means is you are also investing in Bitcoin itself, I mean it wouldnt really going to make sense accepting Bitcoin then your just gonna convert it right away right? Yes, probably some people are going to prefer to pay in Bitcoin, but it just wasn't that convenient at this moment, so it wouldn't be a good experience.

You need to consider transaction speed, the fees, the volatility, etc. there might be some workaround on some issues but for me it wasn't worth it for now, for sure in the future in might be a currency that we can use daily, probably when all of the Bitcoin is mine, we can get a much stable value of Bitcoin. But for now, in my opinion, it is much better as an investment rather than a currency that you can use.

[Cryptmuster]

Bitcoin is too volatile to be accepted as a everyday money. Many will lose money due to the heavy change in price of Bitcoin like what we have been seeing now. Bitcoin has been falling since the beginning of this month and we continue asking why this why that. That is the nature of Bitcoin, it was programmed to move in that way so for anyone to complain of price being too quick to change, they need to understand that volatility is what keeps investors coming, looking for opportunities to make money from their cryptocurrency investments.

I think that bitcoin could be used as a means of payment for goods, but this would only be applicable if prices were set in satoshis. But the difficulty here is that stores would have to change their prices too often, because as we know bitcoin is very volatile. And the last few years have clearly shown that bitcoin attracts more interest from institutions, and for me this is a clear sign that bitcoin is seen more as an investment asset, than as a means of payment.