Bitcoin as payment system

[lunatics14]

Bitcoin can be used to pay bills or other online transaction because you can convert it to your currency.

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[Sasuke102001]

Many online websites accept Bitcoin as a method of payments but those are digital items. But when we talk about everyday payments like on general stores or other places Bitcoin is totally unsuitable for this situation. The reason I think it is unsuitable is the high transaction fees and it takes a good amount of time to complete the transaction, so just imagine you being in a store to buy something and you just have to wait for half an hour for just the transaction to be completed. People just prefer credit cards or debit cards for such things.

[God Fist]

I guess that bitcoin will be a part of the future of the whole world since it is the first real "global currency" . Bitcoin is now getting compared to gold and other high valued currencies and so much companies adopted it as a payment method so i'm pretty sure that it'll be much used in the future .

[neatworld]

 I can see Bitcoin as a store of value, but not as a viable payment system. Even on my small trading level now, if I want to move BTC from one exchange to another, I think twice because of how ridiculously high my fees are. And it's slow. So I do exchange my BTC for different cryptos before moving my money around. The same thing would apply to BTC as a payment system.

 I think of Bitcoin like a bar of gold - enormously valuable but you can't exactly lug one around to pay for your everyday purchases. That is where a different crypto can really shine. Now which altcoin that would be remains to be seen!

[tobson2]

Imho Bitcoin is too expensive and too slow to be a good everyday payment system. But you never know what the future will bring.

[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.

That's why I prefer to use Litecoin for micro-payments if the seller accepts it. Litecoin is identical to Bitcoin but it doesn't have the scaling problems yet. It's one of the only crypto-currencies besides Bitcoin that I really trust, also because it was created before the hype.

[A1exander]

I think of Bitcoin like a bar of gold - enormously valuable but you can't exactly lug one around to pay for your everyday purchases. That is where a different crypto can really shine. Now which altcoin that would be remains to be seen!

That's a good image I also start to see bitcoin as 'digital gold'. Maybe such division of roles is good. Bitcoin as an investment and store of value, some altcoins for payments.

[Silent26]

Not sure, but i think that BTC will not blow up near future. Guess, 2018 will bring us a huge growth of Bitcoin

Im also counting in that idea. Though its not a hundred percent sure that bitcoin will be use as a payment system. There is a possibility that it might happen in 2018.  But dont expect that it will have too many users, Cause here in our country, I think there is only 25% out of 100% who uses and knows bitcoin.

[Ilegendph]

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?

As long as the government of other nations try to control bitcoin, it would be an investment for most of us because the value will depend on the news that will dictate its price. Unlike if all of the nation will just adopt it, the price would become stable that is much suitable to be a currency.

[poliy1219]

In fact, a lot of people and companies have been doing this a few years ago, and some people buy arms and drugs directly in bitcoin. There is already a very mature trading website. In recent years, several governments have been slowly accepting bitcoin payments, and the Australian government has been working with HSR recently.

[Winner]

Bitcoin can be used to pay bills or other online transaction because you can convert it to your currency.

I would try to store the coins for a little while only because the coins can be worth more later down the road.

[arjunmujay]

I see the future bitcoin not only be an investment but  of payment. as is well known now that many developers are competing to make bitcoin into payment. and even also have met a marketplace that accept bitcoin as a means of payment. so of course the future bitcoin not only be an investment but also as a means of payment.

[olegna17]

Bitcoin used as payment system is not a bad idea because online transactions are very in demand today. Also bitcoin can be converted into cash if you need it too.

[Pamadar]

Bitcoin can be used to pay bills or other online transaction because you can convert it to your currency.

problem with that when converting it to local currency that the value will differentiate and business owners will not be convince that this
payment system will help them but the sooner that we see much faster and stable transactions maybe it can be use the way it should be
lets wait and see what progress bitcoin will bring in terms of payment options.

[Fulmand]

Bitcoin can be used to pay bills or other online transaction because you can convert it to your currency.

problem with that when converting it to local currency that the value will differentiate and business owners will not be convince that this
payment system will help them but the sooner that we see much faster and stable transactions maybe it can be use the way it should be
lets wait and see what progress bitcoin will bring in terms of payment options.

Well, it could be a nice opportunity for all of as her working to earned bitcoin. But for now few country have already accept bitcoin as legal payments. But many countries have undecided to accept it because bitcoin in the eyes human is a web crime and its hard to accept in the institution being a legal currency.

[krauzzer02]

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.

[blockman]

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.

Satoshi Nakamoto goals that way with bitcoin but people are just discovering new things on how to innovate it with such use and we all end up using bitcoin as an investment tool and being treated it now as an asset.

How do you think, will we be using bitcoin as payment system?

Bitcoin is already used a payment system by companies and merchants.

Or it will stay as it is and this bubble blow up one day?  

Remain as it is? I don't get it when it comes to these things where bitcoin is described as bubble.

And how do you see it's future?

Adoption will be pursue and more and more people will start to like bitcoin for helping them financially freed.

[dihari]

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?

This extreme fluctuations is the only reason why bitcoin cannot be a good payment system to replace fiat money. It's not really complex to implement bitcoin for just buy a coffee at Starbucks, but this volatility make it like "why would I bother if I could use an easier one?"

Sadly, I heard bad news from Indonesian government that they not recognize bitcoin as a legitimate payment system to save the local currency.
For me, now with this conditions it's better to use bitcoin as a legit investment instrument. So we can't ignore many issue regarding transaction like fees or confirmation time of transactions.

[UAE Seasider]

I think in its current state it would be really impractical to use Bitcoin as a payment system, the transaction rates are low and the fees are very high for using small amounts.

[Pursuer]

well my guess is that things will continue this way. meaning bitcoin stays an investment with a big backlog of unconfirmed transactions and high fees but rising price because of all the new investors and all the new money that keeps coming in.
then it can go only two ways:
- either the scaling issue is solved and bitcoin stays a currency or if you like a "payment system". and that means the price keeps on rising and the adoption grows a lot with it.
- or nothing will change with the scaling and the issue remains. that will simply kill bitcoin because some other cryptocurrency which doesn't have the same scaling issues or doesn't have worse scaling issues (like most top altcoins with horrible issues) will replace bitcoin and become the decentralized "payment system" that everyone wants.