Bitcoin users: Will bitcoin ever be used and fully adapted as a currency?

[tmamin]

Hey!

Does bitcoin have a promising future?

Or will government intervention and regulation restrict bitcoin to perform as we know it?

I’m currently completing research on the current use of bitcoin. What I hope to prophesise is bitcoin’s future as a currency by asking participants their views on the current competencies of bitcoin through a few questions via a 10 minute online questionnaire.

The UK government’s response to the increasing use of cryptocurrency (AKA digital currency), is a positive one as it ‘increases banking competition in the interests of all customers. Encouraging greater innovation in payments’ (HM Treasury, 2015).

The study will gather global perspectives to answer:
- Does bitcoin has the ability to be fully adapted and used in the economy compared to other payment systems?  
- Do certain attributes of bitcoin (such as security, safe guards and lack of regulation) hinder its potential to be used as a payment system or as a facilitator of investment?

Please click the link below if you wish to complete the questionnaire: [/b]

https://www.surveymonkey.com/s/bitcoinresearch1

Thank you!

[manselr]

Yes it will, specially among the internet related services. All those twitch.tv, youtube, adsense type services that move millions, will all run under BTC.
Slowly society will see how physical cash gets erradicated, and BTC will be the leading way to move money.

[eyeknock]

Yes it will, specially among the internet related services. All those twitch.tv, youtube, adsense type services that move millions, will all run under BTC.
Slowly society will see how physical cash gets erradicated, and BTC will be the leading way to move money.

agree, i think thats the key, when more companys start to adapt it we will see how this grow up like hell

[tmamin]

Slowly society will see how physical cash gets erradicated, and BTC will be the leading way to move money.

I agree! physical wallets with cash in them will be a thing of the past!

Yes as the world becomes and more global and the ease of making transactions between nations a single payment form without a processor is king and especially when decentralized. These strengths will lead the charge and then it will seep into all transactions.

do you think payment intermediaries/third parties such as visa/mastercard will vanish? maybe big corporations and banks won't let bitcoin be accepted!

[eerygarden]

It really could do. People currently exchange their hard earned money for it so it means something to a lot of people already. I think when it is at 2% inflation will be interesting. Although I am not sure when its value will stabilise.

[dollarneed]

Yes it will, specially among the internet related services. All those twitch.tv, youtube, adsense type services that move millions, will all run under BTC.
Slowly society will see how physical cash gets erradicated, and BTC will be the leading way to move money.

Yup i agree bitcoin is a future,its like hard book transformed in to the  ebook and now this time for money that bitcoin did it as long as netizen using bitcoin for transaction i believe bitcoin's gonna be used and fully adapated as a curency

[Lauda]

Well we can't really know. You can just get personal opinions. Just as Andreas Antonopoulos said at a conference, we shouldn't really try to predict the future as most of the time we're going to get it wrong.
In this case we have a 50% chance of it happening, because it either is going to happen or it won't.
Looking at the current state of the network it can't happen yet. Bitcoin can't handle mainstream adoption at the moment.

If the protocol gets adjusted properly so that we it can handle this, it just might.

[coinableS]

The government can't ban code. They can try to restrict it but anyone can use it who wants to. Just like before when they wanted and tried to ban file sharing they failed. Close down one site and another pops up, and then torrents came along. Now they rely on ISPs to report people who appear to be torrenting but it's all something that can be circumvented.
Yes I think there will be a bright future for bitcoin, it's still young and misunderstood.

[tmamin]

In this case we have a 50% chance of it happening, because it either is going to happen or it won't.
Looking at the current state of the network it can't happen yet. Bitcoin can't handle mainstream adoption at the moment.

If the protocol gets adjusted properly so that we it can handle this, it just might.

how long do you think it will take for bitcoin to be adjusted properly, have a stronger network and be used in its rightful way as a currency?

[tmamin]

The government can't ban code. They can try to restrict it but anyone can use it who wants to. Just like before when they wanted and tried to ban file sharing they failed. Close down one site and another pops up, and then torrents came along. Now they rely on ISPs to report people who appear to be torrenting but it's all something that can be circumvented.
Yes I think there will be a bright future for bitcoin, it's still young and misunderstood.

Bolivia and Kyrgyzstan are the only two countries that seem to actually prosecute users of bitcoin, and there are other countries who claim they have a ban on bitcoin. But you're absolutely right, no one can actually stop the alternative routes of using bitcoin

[melody82]

Yes it will absolutely be adopted fully as a currency.  There are just too many advantages over the traditional banking system for it to not be more widely used.  Some regions are already seeing an attempt from governments to prevent its widespread adoption, but due to its semi-anonymous nature it will be difficult to control this.  Even in areas where it is outright banned it can still be used if people want to use it.  All it takes is time and it will spread like wildfire across the globe.

[jbrnt]

Bitcoin is going to be used as an internet currency. People are going the buy things in foreign countries and pay in bitcoin. It is fast, easy to use, low fees which takes out all messy work of exchange rates. It is not going to be a hit in local shops because fiat and credit cards are more convenient for the shop owner.

Will help with your survey later on.

[Lauda]

how long do you think it will take for bitcoin to be adjusted properly, have a stronger network and be used in its rightful way as a currency?

That is a tough question. If you are familiar with the recent events in regards to the block size limit being raised and Bitcoin XT you probably know why.
Bitcoin has too many people that are closed-minded. The problem is that Bitcoin can't handle the needed amount of transactions for it to become mainstream.
20 MB blocks would be useless if we got anywhere near mainstream.

I guess it is going to take a combination of block size and other technologies (e.g. Side chains; Lightning network) before the network is ready.
I think that it is going to take us a few more years. I'm not going to mention a specific number as I will probably be wrong.

[Buttknuckle]

I think that at this point it is doubtful bitcoin will be used as a currency.  Pretty much everyone in cryptos is here to make money it seems.  We treat it like an investment, not a currency.  If you get money from the bank, how many people hold on to that hoping the price will increase by multiples?  My guess is nobody.  Plus governments don't seem to like it so they will put pressure with regulations to prevent it from being popular.

[tmamin]

Bitcoin is going to be used as an internet currency. People are going the buy things in foreign countries and pay in bitcoin. It is fast, easy to use, low fees which takes out all messy work of exchange rates. It is not going to be a hit in local shops because fiat and credit cards are more convenient for the shop owner.

Will help with your survey later on.

thank you for your interest in the survey and response

I agree, but there is a growing use of bitcoin in shops. in 2013 there were only 10,000 merchants using bitcoin worldwide. today, there are over 100,000 bitcoin accepting merchants!
in recent research (that i conducted), it has been opinionated that the credit/debit card system in place is much more convenient. Some business owners completely abandoned bitcoin due to this.

[tmamin]

I think that at this point it is doubtful bitcoin will be used as a currency.  Pretty much everyone in cryptos is here to make money it seems.  We treat it like an investment, not a currency.  If you get money from the bank, how many people hold on to that hoping the price will increase by multiples?  My guess is nobody.  Plus governments don't seem to like it so they will put pressure with regulations to prevent it from being popular.

what about the anonymous, decentralised nature, low transaction cost and fast payment - of bitcoin being used as a currency; there are so many other benefits? surely it's more than just an investment

not gonna lie, i wish i bought into bitcoin 4/5 years ago just for investment purposes

[jeannemadrigal2]

Eventually bitcoins will replace the dollar as the international currency   Everything is online now, amazon wants to deliver groceries to your front door with drones!  Things are changing and I can see a future where most transactions for goods and services are done online using bitcoins.  International commerce in particular will be interesting for bitcoins.

[--Encrypted--]

Did you make this thread in every sub-forum, or just all the ones I happen to visit? Ridiculous.

reported all 7 (seven, dammit) of 'em for spam.. looks like most of the mods are offline atm, though.

[SpanishSoldier]

Eventually bitcoins will replace the dollar as the international electronic currency  Everything is online now, amazon wants to deliver groceries to your front door with drones!  Things are changing and I can see a future where most transactions for goods and services are done online using bitcoins.  International commerce in particular will be interesting for bitcoins.

FTFY... paper money will still be required.

[tmamin]

Did you make this thread in every sub-forum, or just all the ones I happen to visit? Ridiculous.

sorry if it looks like spamming, i'm trying to gain exposure and opinions for some research im carrying out. bitcoin forums seem to be a great place for it, and im attaining some fab feedback

Did you make this thread in every sub-forum, or just all the ones I happen to visit? Ridiculous.

reported all 7 (seven, dammit) of 'em for spam.

:/ oh no...