rishabh6115
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May 21, 2015, 11:27:38 AM |
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You are quite true and i also agree to you because everyone likes bitcoin because bitcoin is good and if not everyone will accept they will just stick it to other people whats your opinion
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Lauda
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Terminated.
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May 21, 2015, 11:37:28 AM |
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Those merchants would only appear if bitcoins are widely accepted throughout the globe. In the current times, merchants would be glad to convert their coins to fiat for some profit. That's why they're doing business in the first place. Also, what would they do with the bitcoins if it isn't generally accepted by the public if they start implementing it? Speculate just as what the day traders do? I don't think so. These businesses need some steady inflow of profits so that they could use it to expand. Bitcoins wouldn't help in that cause mainly because of the price volatility and it isn't that mainstream yet. In order to compensate with the implementation of bitcoins as a form of payment in their businesses, bitcoins must be a widely-accepted money around the globe so that these businesses could use bitcoins to expand without risking some percentage of their gains because of price volatility.
I was trying to point out that the majority of them do not have faith in Bitcoin. They're accepting it only for their sake, but that is okay. I'm saying that we should be trying to find merchants that won't use services like Bitpay. There was a decent list, but I can't find that thread. I'd spend mine there more likely than at those that instantly convert. You are quite true and i also agree to you because everyone likes bitcoin because bitcoin is good and if not everyone will accept they will just stick it to other people whats your opinion
This is wrong on so many levels. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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bryant.coleman
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May 21, 2015, 11:42:44 AM |
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it is gonna be such a wonderful life when every online retailer will accept btc. bitcoins and bitcoins everywhere. people will be mesmerized to use bitcoins. its about 5 years left for 2020 when i think the world will be bitcoin proven . where each person will be using bitcoins for every transaction.
I think you are a bit over-optimistic there. Do you really think Bitcoin will completely replace fiat cash, Paypal and credit cards by 2020? That is, in less than 5 years time? IMO, Bitcoin will be used by a great many people in 2020, but it will still be overshadowed by fiat currencies such as the US Dollar and Euro. |
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Q7
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May 21, 2015, 11:45:40 AM |
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At this point, anything is still possible especially when we are referring to bitcoin. Things are so dynamic that when we are talking about a year or two time period, that is already considered long. I definitely see things changing for the better in 10 years time.
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Slark
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May 21, 2015, 01:04:08 PM |
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If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
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micheline
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May 21, 2015, 01:11:19 PM |
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If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
I doubt it. You forget that retailers are people, too. So when more retailers accept Bitcoin, more retailers will be able to buy things form other retailers using Bitcoin. Apart from that, to spend Bitcoin, people need to buy it first. So the only reasonable expectation from increased Bitcoin acceptance is an increase in demand for Bitcoin which will in turn lead to higher prices. |
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umairsaleem
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May 21, 2015, 01:23:22 PM |
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Hmm.....I don't think so, at least it won happens in China, it likely in 5 or 10 years, most technology online retailer would accept Bitcoin, I don't think they all would accept.
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Krang
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May 21, 2015, 01:29:00 PM |
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it is gonna be such a wonderful life when every online retailer will accept btc. bitcoins and bitcoins everywhere. people will be mesmerized to use bitcoins. its about 5 years left for 2020 when i think the world will be bitcoin proven . where each person will be using bitcoins for every transaction.
Assuming every online retailer does accept it. Not ever online retailer accepts paypal so not everyone will accept bitcoin either (though bitcoin will have lower fees compared to PP). I think both the public and merchants need to have a reason to accept it. Merchants already do but there's not much reason for the general public to get involved with bitcoin at this moment in time. |
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NorrisK
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May 21, 2015, 01:43:04 PM |
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If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
I doubt it. You forget that retailers are people, too. So when more retailers accept Bitcoin, more retailers will be able to buy things form other retailers using Bitcoin. Apart from that, to spend Bitcoin, people need to buy it first. So the only reasonable expectation from increased Bitcoin acceptance is an increase in demand for Bitcoin which will in turn lead to higher prices. That would be true if the retailers did not directly convert the bitcoin to fiat as they currently do |
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MicroGuy
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Twitter @realmicroguy
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May 21, 2015, 04:07:47 PM |
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"In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen https://youtu.be/iQ2TOFIgvisAwesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. This proves that Gavin is 100% delusional. But I still trust him as my lord and savior for bitcoin core updates. |
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kalenjordan
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May 25, 2015, 03:07:07 PM |
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Been thinking it would be awesome to be a part of online retailer adoption of bitcoin. I have been quite involved in the magento community for several years and have been thinking of ways to outreach to merchants on magento to adopt it.
Also agree that incentives to end customers could be a critical part of the equation. 1% rebates for bitcoin usage as well as creative promotional elements within the checkout experience could be interesting to experiment with.
There are some downsides to accepting bitcoin for merchants. Any additional element added to the checkout has the potential to increase friction in the checkout and reduce sales. Especially for online retailers that have less tech savvy customers. That said this would be a great opportunity for a/b testing.
If anyone is interested in collaborating on this type of thing let me know.
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Bitware
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May 25, 2015, 03:32:02 PM |
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Paypal is good for buyers on eBay; Bitcoin may not be.
right. that why bitcoin is a perfect choice ... for food, supermarket ... and other face-to-face product (like in little market). The transaction time is actually a hindrance to that.The transaction fee also makes it unattractive for small purchases, especially when conversion favours the local currency(like in my case). No, it's not. Right now anyone can monitor the blockchain in real time using bitcoinj and listen for transactions, and within a few seconds can confirm a payment was made. While it is true that that there is an ever-so-slight chance of a double spend attempt, it would need to be expertly choreographed and/or synchronized with finding a block to succeed, which makes Bitcoin perfect for small item sales because the double-spend effort would not be worth the return on investment. Double-spend attempts for large purchases can be easily mitigated by identifying the purchaser at the time of sale. Like for a car there is a title, registration and such. For a house and land, there is a deed and title transfer. Online purchases have a period of time between the order and shipping for the confirmation process... etc. |
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Rishblitz
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I'm nothing without GOD
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May 25, 2015, 03:44:03 PM |
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The best decision for any retailer would be to have as many possible ways of accepting payment as possible.
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Chomsky
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May 25, 2015, 03:54:08 PM |
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I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin.
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JusticeForYou
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May 25, 2015, 04:21:39 PM |
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Let the math geeks go...
In 5 years what will the size of the block chain be? In 10 years?
Projections anyone?
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jjacob
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May 25, 2015, 04:41:14 PM |
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The best decision for any retailer would be to have as many possible ways of accepting payment as possible.
Yup. If he decides on passing any savings on transaction costs to bitcoin users, Bitcoin will be the most popular payment option. |
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Submotion
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May 25, 2015, 05:02:45 PM |
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The best decision for any retailer would be to have as many possible ways of accepting payment as possible.
Yup. If he decides on passing any savings on transaction costs to bitcoin users, Bitcoin will be the most popular payment option. Why would he need to do that? Bitcoin is already very cheap to send and it's the miners that need to be adequately rewarded to keep on mining. |
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psybits
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May 25, 2015, 05:06:44 PM |
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"In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen https://youtu.be/iQ2TOFIgvisAwesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. Music to my ears Colin. Thanks for that, when Gavin speaks people listen. If even 25% of online retailers accept bitcoin in 5-10 years we'll be laughing. Just going to have a quick look at the link now - thanks for sharing. Bitcoin usage by online merchants has been skyrocketing for well over a year now. Music to my ears as well, and most likely the truth too  |
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Amph
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May 25, 2015, 07:16:16 PM |
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I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin.
actually he is very pessimist, and very conservative on his words, if you look at bitcoin now, bitcoin can achieve such objective in a far less than 5 years, hell i could say the next year is perfect for achieving all the great aiming which bitcoin needs |
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shulio
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May 25, 2015, 07:47:22 PM |
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I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin.
actually he is very pessimist, and very conservative on his words, if you look at bitcoin now, bitcoin can achieve such objective in a far less than 5 years, hell i could say the next year is perfect for achieving all the great aiming which bitcoin needs Less than 5 years is impossible. The shortest amount will be atleast 5 years and Gavin is correct in this . As we can see, there are only small numbers of retailer that accepts bitcoin now. For the whole online retailer to accept bitcoin it will take a lot of years and also we can see that only a small number of people that know bitcoin now |
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