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NorrisK
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July 08, 2017, 12:21:46 PM
 #21

I don't think bitcoin will stay usable as a currency, but rather a store of wealth.

You don't go about trading gold at a local supermarket either.

There are coins out there that are better suited for this than bitcoin.

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July 08, 2017, 12:23:22 PM
 #22

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

Bitcoin is not meant to be a regular payment currency so it will be better if you don't use it for buying your daily groceries and daily expenses. The current technology is not suitable for it and a single transaction can take up to 2 hours of time to get confirmed. So you can understand why it is not a good fit for a regular currency.

My recommendation is that you use bitcoin as an investment. Try earning bitcoin from various sources and try to save them in a secure location. The value of bitcoin will appreciate a lot for sure and sell the bitcoin when your goal price reaches.

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July 08, 2017, 12:35:21 PM
 #23

I don't think bitcoin will stay usable as a currency, but rather a store of wealth.

You don't go about trading gold at a local supermarket either.

There are coins out there that are better suited for this than bitcoin.

So far none of the alt coins appear to have solved the scaling issue either? Please correct me if I'm mistaken.

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July 08, 2017, 01:07:33 PM
 #24

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?
So I have something in my mind that could happen:
- Developers do something that can decrease Bitcoin fees.
- Developers develop a wallet that everyone uses it and they can send Bitcoin instantly (like any other online wallet but more security)

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July 08, 2017, 02:15:34 PM
 #25

Regular bitcoin transactions are digitally signed for high security and sent to other wallets. We can securely record each and every transaction of bitcoins. Using bitcoin address and individual private key, we can send bitcoins.
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July 08, 2017, 04:09:06 PM
 #26

Bitcoin will only come to fruition when the scaling solutions are in place. The Lightning Network are supposed to enable much cheaper tx's

and this will make micro transactions more viable and/or practical. A lot of people seem to think this is a pipe dream and we should rather use

Bitcoin as a Store of Value, but I disagree with them. Bitcoin cannot survive with only limited tx's and no growth. {miners fees will have to replace

the Block reward in the future and a decline in tx's will not sustain mining.}  Sad

skorupi17
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July 08, 2017, 04:11:50 PM
 #27

I don't think bitcoin will stay usable as a currency, but rather a store of wealth.

You don't go about trading gold at a local supermarket either.

There are coins out there that are better suited for this than bitcoin.

Bitcoin has always been behaving as an asset, an investment or as a "store of wealth" rather than a currency. And due to its volatility, Bitcoin is far from being a practical currency to be used on a regular basis.

I also believe that alts are better than Bitcoin in the sense that they behave like a currency. Low fees, almost instant transactions, stable prices. These characteristics is a must for an ideal currency.

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July 08, 2017, 04:16:18 PM
 #28

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

The biggest problem is what merchants want to accept a currency they can't reasonably predict the value of in a few days? In a few days, Bitcoin can - and regularly does - lose 20% of its value. That makes conducting business denominated in bitcoins impossible. Even the merchants currently accepting Bitcoin use a third party to immediately process the transaction to fiat. That's the only way they can be sure to retain the profit of the goods they sold.

20% is a big number, i can't really remember bitcoin price falling that much in one day. you must be thinking in $ terms and saying it in % terms. for example $100 drop has happened but it was about 3% drop for example.
Many unpredictable situations, Bitcoin currency that is not regulated by any government policy. Great risk if one day there will be restrictions on the use of Bitcoin or Bitcoin considered harmful.
This is very scary, Bitcoin lost the trust of its users.
Hope this does not happen.

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July 08, 2017, 04:28:39 PM
 #29

Bitcoin transactions are divisible. A satoshi is one hundred millionth of a bitcoin, and it is possible to send a transaction of a smallest value of satoshi on the bitcoin network. so we can use bitcoins for regular transactions form any country irrespective of the currency value of that particular country.
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July 08, 2017, 04:37:42 PM
 #30

I really hope btc will be used extensively in many services but with a fee of nearly $ 3 per transaction it is really difficult to deal with dozens of transactions everyday of us. And more importantly, it is the government's acceptance of the btc deal and the fact that btc users know btc as a trading method or not.

Bitcoin does have a proper system in transaction. The thing is you actually need to find a suitable wallet for your chosen transaction thought this you might balance and regulated you transaction within your needs and wants. In a part that you might handle it with ease in the part of transaction through local wallet.

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July 08, 2017, 06:16:09 PM
 #31

Good discussions. Some of the takeaways I have is that if someone has a clos relationship to the merchant than this can work easily. An example is that my friend owns a produce company. I could preorder merchandise from him and pickup anytime after the transaction is successful. A contract could be used or the trust of the merchant.

Another example would be at our local farmers market they already have a card that you can use to store value in to make purchases with the vendors. If we were able to preorder the card with a certain agreed upon exchange rate of bitcoin to credits then that would be a way to not fully depend on bitcoins but to adapt it to a localized agreed upon currency.

The last point is about how the government will regulate bitcoins. Bitcoin transactions can be easily made outside of government interference but the business can be leaned upon and regulated to avoid taking such transactions. So I guess there is a political need in allowing businesses to transact in bitcoins without negative government interference.
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July 08, 2017, 06:32:13 PM
 #32

I don't see what the problem is, The mechanism could be simplified as much as possible, For example, using a hardware wallet, Coins are automatically sent to a new generated address from checkout, This can even be automated, confirmation isn't that critical IMO considering how everyone accept CC payment that MIGHT be stolen and get reversed.
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July 08, 2017, 06:36:52 PM
 #33

Bitcoin transactions are divisible. A satoshi is one hundred millionth of a bitcoin, and it is possible to send a transaction of a smallest value of satoshi on the bitcoin network. so we can use bitcoins for regular transactions form any country irrespective of the currency value of that particular country.

Nope it is not possible due to send the satoshi level amount using any btc network. However, I noticed that transaction fees has been reduced somehow from past a week onwards. Still don't which wallet's fees is low in all the online btc wallet. If anyone knows you can please share it.

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July 08, 2017, 06:58:05 PM
 #34

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?
So I have something in my mind that could happen:
- Developers do something that can decrease Bitcoin fees.
- Developers develop a wallet that everyone uses it and they can send Bitcoin instantly (like any other online wallet but more security)

1. The proposed 2MB block size increase is a way of reducing the current transaction fee. Having a bigger block means that more transaction will be handled at a time, thus halving the current transaction fee will not affect the profit of the miners.

2. If ever a single type of wallet is to be used by everyone worldwide, the developers need to have the wallet patented so that no more wallet will exist. Also, the wallets  out there should be destroyed, all of them, whatever type of wallet they are. This type of scenario is not going to happen. Instead of having a uniform wallet, why not reduce the time in mining a block? that way there will be more blocks mined at a short period of time and will result to faster transactions.

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July 08, 2017, 11:49:26 PM
 #35

I don't think bitcoin will stay usable as a currency, but rather a store of wealth.
You don't go about trading gold at a local supermarket either.
There are coins out there that are better suited for this than bitcoin.
Bitcoin is a store of wealth ,no doubt about it, but there are new projects yet to be launched which would drastically change the front end of things,we need more innovation in that aspect,we could use them with the help of bitcoin based debit cards,we need to have more innovative and competitive products with lower fees and if someone could do that then we could change the scope of things,the cards we now have are charging more fees and it is not feasible for daily transactions,i really hope there will be a day when things changes.














 

 

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July 08, 2017, 11:59:31 PM
 #36

For now, bitcoin isn't suitable for regular transactions I guess, because people should pay high fees and wait for the transaction be confirmed. It is not make sense when you want to buy fruits and veggies but have to pay another $2, people will prefer use cash obviously. Micro transactions can be done (mainstream) if there is no fees and it confirmed instantly which seems impossible for bitcoin.

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July 09, 2017, 12:28:41 AM
 #37

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?

I think this will be a gradual development. A few stores will start to accept bitcoins as payment and eventually some larger stores will. Then it will catch on like credit cards and it will become a mainstream payment method.
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July 09, 2017, 12:54:51 AM
 #38

Slowly but surely more and more people are accepting Bitcoin, many daily shop already starting to accept Bitcoin, to asked more people to accepting Bitcoin is not that easy, we need to clean Bitcoin name and explained the positive side of Bitcoin, it surely takes time for everyone to accepting Bitcoin, but once they know the Bitcoin usage then more people will join

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July 09, 2017, 01:07:10 AM
 #39

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?
Well it is clear to most people that Bitcoin isn't suited for day to day transactions, and won't be for a while. The main problem is that the transaction fees are just too high and so are the transaction times. And no one in their right mind would be sending daily transactions, you would just be losing so much more money that you would if you were using a regular credit card. For example if you buy a coffee and it is like 3 dollars, and you pay with Bitcoin, you are gonna pay 3 dollars in fees so you are pretty much spending double the money than you would if you were using a credit card. However, I think that this will change a lot when the hard fork comes and Bitcoin improves. It should then be able to scale a lot better and just generally make it easier for people to make daily transactions. But this will only happen after a couple of months, after the hard fork, once the price has settled and people aren't so frantic about the whole thing.

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July 09, 2017, 01:54:17 AM
 #40

The biggest fear that many will have is how do we use this currency in regular transactions, like for some fruit, veggies, plumbing or a beer.

So far this seems like an easy issue to resolve. The technology is there, the apps are coming along and there are a few sites that offer auction style sales. The wallets are there and all that is needed are localized people to help local businesses.

The last step is the education. Anyone have good ideas on the best path of education on applicable purchases using bitcoin?
Why you need bitcoin to use it in regular activities when you can exchange it into fiat and use it more proficient? I think that is too impractical because the use of the bitcoin will be limited however, if you will exchange first with fiat the money will became more productive.

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