Bitcoin as payment system

[tikaka]

Investing in bitcoin really brings a lot of profit, but for bitcoin to become a popular payment method. I think the bitcoin needs to be modified. Many bitcoin deals are suitable for large transactions that are not suitable for small transactions. In the future I think there should be bitcoin tags. People can use it for their small payments

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[aleksandra_kickcity]

Investing in bitcoin really brings a lot of profit, but for bitcoin to become a popular payment method. I think the bitcoin needs to be modified. Many bitcoin deals are suitable for large transactions that are not suitable for small transactions. In the future I think there should be bitcoin tags. People can use it for their small payments

would you use Bitcoin as a payment tool if transactions would be faster?

[Granxis]

Most people who use Bitcoin certainly have not used Bitcoin as their payment method. I did most of the payment work with Bitcoin, even paying for mobile phone look with Bitcoin. But I ended this habit because the price of Bitcoin was so volatile.

[Fredomago]

Investing in bitcoin really brings a lot of profit, but for bitcoin to become a popular payment method. I think the bitcoin needs to be modified. Many bitcoin deals are suitable for large transactions that are not suitable for small transactions. In the future I think there should be bitcoin tags. People can use it for their small payments

would you use Bitcoin as a payment tool if transactions would be faster?

For me OP I will use it because I still wanted to pursue what the real intention behind creating bitcoin, though for now we are really seeing it as a tool for investing money and gaining bigger profits, but in the long run if core will enhance the service and the fast network will be applied I think many people
will also start using bitcoin as a payment tools, we really just need for the right time.

[Lancusters]

In order for bitcoin to be used as a means of payment need to solve the problem with the speed of transaction confirmation and the price of small transactions. But I think that even it will have the desired effect. The people themselves keep the coins as a Deposit and don't want to part with them. In such circumstances, you can trade for bitcoins?

[aestrum]

... because the price of Bitcoin was so volatile.

or price of dollar is volatile, depending how you look at it

[otandelapaz]

We all know that Bitcoin is one of the best ways to invest your money. However, we know that Satoshi wanted to change money as we know it rather than new investment model.

How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?  

And how do you see it's future?

If bitcoin's value always rise up like what's happening now, I think it will become more of an investment model rather than as a currency.  It will be hard to let go of it knowing that its value will rise up anytime.

[mOgliE]

It is quite hard to try to reinvent the concept of money.

A money is a thing that can be exchanged to get goods or services. In order for a money to be effective, it must be shared by a community and it must display a value quite stable. This means that you should be able to say "a table is worth 1 bitcoin, a computer 10" (of course, if you consider the current rate, the example taken here is just to give a general idea of the concept).

Bitcoin is already a payment system, it is exchanged through many people... But it is quite impossible to use only bitcoin in our everyday life. Will it become possible one day? Why not, if we consider technology, it is possible to imagine a world with 100% digitalized money.

[aleksej996]

Of course Bitcoin isn't perfect yet, perhaps still best for international payments, but still not what it can be and that is currency.
Many people here claim it is not good as currency because the price is not stable or the fees are too high, but neither of these things are here to stay.
Some here say that no one will spend bitcoins, because their value rises, which makes no sense at all, even if it was true forever.

Lightning network is being tested so soon fees will be almost non-existent and transactions will be instant.

Price is not stable because it grows due to higher adoption and then it has correction. Once it reaches high worldwide adoption, there will be no increase in the value as the demand would stay the same. Fiat will be less stable then Bitcoin, because it has higher inflation and it depends on politics, Bitcoin is preprogrammed about it's monetary policy and highly predictable supply.

Once people adopt it and most of people use it, there will be no increase in price so it would be useless as a store of value, but it will still be the best system out there to be used as a payment method.

[Aura]

At this moment Bitcoin is not really suited as a payment system. When I want to do a micro-payment for example when I buy groceries at the local supermarket, I have to pay at least $5 to get my payment through. So if I buy groceries for $30, I actually pay $35 which is 17% more than is stated on the bill. However it's not really the fault of Bitcoin, there is a solution called Segwit. But nobody seems to care, because Bitcoin is seen as an asset instead of what it was intended for. If we really want to use it as a payment system again, then more wallet developers have to implement Segwit in their software and users should switch to wallets supporting Segwit addresses.

Agree, scaling issue. Bitcoin simply cannot process too many transactions at once, which ultimately defeat the purpose as a global currency. Imo Bitcoin is more like gold, an asset that has value and can withstands for a very long time. Right now they are too many political issues going around Bitcoin, and it has slowed down the entire evolution of Bitcoin, giving other cryptocurrency a chance to improve themself and become better than Bitcoin in terms of transaction speed.

Agreed with that, one of the biggest problems of bitcoin is the scaling issues, as well as the transfer speed, every day the number of users of bitcoin is exponentially expanding, the network is congested with transactions as well as the spammers, micropayments is really unproductive because the transaction fee is high, they need to upgrade the bitcoin's blockchain but the problem is when? Segwit2x hard fork that supposes to help the btc is called off, the same as the Lightning Network which is still in development phase, I hope we can see and experience the fix very soon.

I'm sure it's the main priority of the Bitcoin Core developers to find a solution, it's just a matter of time for them to find one. I personally don't think that Segwit2x is a permanent solution to the problem, it also brings other problems with it like centralization. It's just temporary, if the block-size increment will happen then we have to do it every year. It will only centralize the network further which is the opposite of what Bitcoin is created for.

[aleksandra_kickcity]

In its current state bitcoin is completely unsuitable for everyday payments. The capacity is low, transactions are slow and fees are very high. Waiting for half an hour and paying $5 commission to buy a cup of coffee or even an online game? I have my credit card, thank you. And I prefer to consider bitcoin as an investment. A sort of 'digital gold', much more convenient that gold bullion, however.

How do you think, will we ever use bitcoin for everyday life?

[Albertvadim]

bitcoin can be  good as payment system and payment gateway. there is no need for third party to transfer your money. It is a peer to peer, which is so safe.

[emberbekas]

We all know that Bitcoin is one of the best ways to invest your money. However, we know that Satoshi wanted to change money as we know it rather than new investment model.

How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?  

And how do you see it's future?

Some people already use it as a payment method but I am sure they don't use it for every stuffs they want. I mean, even though we can use it as a mean of payment but we can't use it to buy most of things we need in daily basis. Even more, some countries aren't allow the use of bitcoin or any other type of cryptos as a payment method. I am sure such countries have strong reasons.

[magicmeyk]

Some shops here in our country are already accepting bitcoin as payment and some places has an ATM machine for bitcoin too.

[inanilujimi]

In its current state bitcoin is completely unsuitable for everyday payments. The capacity is low, transactions are slow and fees are very high. Waiting for half an hour and paying $5 commission to buy a cup of coffee or even an online game? I have my credit card, thank you. And I prefer to consider bitcoin as an investment. A sort of 'digital gold', much more convenient that gold bullion, however.

How do you think, will we ever use bitcoin for everyday life?

we already use bitcoin in everyday life.
what do you mean by means of transaction or replacing money.
I think it will not be because the state has different rules.

[Reid]

I am sure that will be done. It will be a currency that will be used globally.
He might have just looked too far in the future or we just made the wrong choice of how it should it be used.
But after all the bitcoin will be mined and we will have nothing to do but make a use of it or else it will lose its value and webwill regret it.

[Aikidoka]

Having bitcoin as a payment system is extraordinary to be honest. As a matter of fact, if it is going to be that way, that means the country which made it possible would have already recognized bitcoin as well as it would have already put some regulations on it.

Added to that statement, Japan has a bitcoin payment system and it has already accepted it. Some other countries like China has banned bitcoin completely and I believe it was due to the massive use of the bitcoin which it made it dangerous for its economy.

[Firefox07]

I think it will be done in the future. Many establishment will accept bitcoin as payment. And bitcoin will grow bigger on 2018.

[PASHMAAL]

Some shops here in our country are already accepting bitcoin as payment and some places has an ATM machine for bitcoin too.

sounds really good i means when that system get started than the importance of bitcoin will increases because people all over the world doing that system and they will start liking bitcoin.

[close up]

it's just that there will be certain countries or places that will use bitcoin or satoshi as a popule payment instrument. and again a country that will not be able to do such a thing even if it can not apply ...