[2015-07-05] What Good is Bitcoin if People Don't Accept It?

[cryptocoiner]

Note: the following article was submitted as part of CoinTelegraph’s Super Writers Contest.

Bitcoin may be a fine example of decentralized engineering, an amazing technical tour de force, and even a possible solution to the world's money problems. But what good is all of that if people don't hear about bitcoin, embrace it, and learn to use it?
A story of alternative currencies

During America’s Revolutionary War the new alternative currency was the Continental Dollar, and when it failed, the people's confidence in paper money was deeply affected. As a result the US Constitution specifically prohibited any state from making anything but gold or silver legal tender in payment of debts. The US government didn't again issue paper money until 74 years after the signing of the Constitution, around the beginning of the Civil War.

Sometimes a new currency can meet its political demise. President Abraham Lincoln's unbacked Greenbacks, despite being debt free currency, or perhaps because of it, didn't get much of a chance to endure. It carried no interest payments to use it, and the president considered this his greatest gift to America. Lincoln declared:

more - http://cointelegraph.com/news/114753/what-good-is-bitcoin-if-people-dont-accept-it

[Kprawn]

America is a strange place. President Abraham Lincoln says this about the Banking sector :

"I have two great enemies, the Southern army in front of me and the bankers in the rear. And of the two, the bankers are my greatest foe."

Then this happens :

After successfully issuing over US$450 million in America's newest paper money, Lincoln was assassinated. The war was over, and the money was immediately recalled.

We all know the story about Kennedy...

It must be a scary job to be a president in the USA. No matter what you do, there will be people pissed off at you and looking for your head. The threat comes not only from the outside, but also from the inside.

Back to the topic... Yes, adoption has been slowed down by MtGox and Silkroad, but the NEW message going out, is more positive. Things has changed since interest has been shown from the bigger financial institutions. {Wall Street}

[M83]

Bitcoin wouldn't be very good as a currency if people don't accept it, but we cannot expect the whole world to get involved overnight and it will be a slow process. More and more merchants and users get involved every day so there are more places to spend bitcoin and more people willing to spend it and I think this will continue to slowly grow over the next few years but we'll get there eventualy.

[RustyNomad]

Sometimes it helps to force the use of it onto someone...

I had a small debt, only $150 that I needed to repay to a friend. Had $200 worth of bitcoins in my wallet so told him I can repay him BUT I could only do so in bitcoin. After arguing a bit he opened a Coinbase account and received his money from me in bitcoin.

He was impressed with how quickly the funds arrived and from what he said afterwards it's clear that this will not be the last time he will be using it.

I think there are many misperceptions about bitcoin still doing the rounds leading to people not wanting to use and or accept it but times are changing.

[Southampton]

Sometimes it helps to force the use of it onto someone...

I had a small debt, only $150 that I needed to repay to a friend. Had $200 worth of bitcoins in my wallet so told him I can repay him BUT I could only do so in bitcoin. After arguing a bit he opened a Coinbase account and received his money from me in bitcoin.

He was impressed with how quickly the funds arrived and from what he said afterwards it's clear that this will not be the last time he will be using it.

I think there are many misperceptions about bitcoin still doing the rounds leading to people not wanting to use and or accept it but times are changing.

Forcing someone to do something isn't a nice or good way. It's too pushy. I'm sure bitcoin wasn't the only way you could have repaid him either. I would be quite annoyed if someone owed me money and tried tp get me to accept some other obscure currency I didn't want.

[bryant.coleman]

Already more than 100,000 people are (actively) using it. It is a very good number, if you ask me. For sure, we can't compare Bitcoin to world currencies such as the United States Dollar, Euro, United Kingdom Pound, Russian Ruble and Chinese Yuan at this point of time. But at the same time, remember that Bitcoin is now bigger than some of the fiat currencies such as the São Tomé and Príncipe Dobra, Abkhazian Apsar and the Aruban Florin.