Worried about global bitcoin acceptance

[Gloria A. Ogilvie]

Hi Guys,

You may call me crazy, but i am worried about the fact that more companies are accepting bitcoins. I brainstormed about a possible doom scenario. I am happy to see that bitcoin is growing. But i still don't trust the banking system and the governments. I think when more and more companies accept bitcoins, they are going to sell the bitcoins to the government or banking systems. And the banking system and government wont bring those bitcoins back in the community. They will all save those bitcoins so they will control the whole system. And even worse if they have plenty of bitcoin they can sell them all at the same time to destroy it. What do you think of it?

The use of Bitcoin worldwide is becoming more and more popular and many are using digital currency for everyday transactions. Because Bitcoin is gradually accepted by many businesses for online payment. Adding Bitcoin as a payment for services and goods will open up the broader business market than ever before. In addition, digital currency has a much smaller transaction fee than traditional credit cards and is a decentralized currency for people rather than funds owned by governments or corporations.

[bitart]

Bitcoin acceptance will definitely happen in most parts of the world, if not all. There are some countries that considered bitcoin as legal, you know.

The mass adoption won't happen from a day to another, so bitcoin still have time (and that time is really needed) to come up with the developments to cut the fees and speed up the transactions. This is why most of the people are waiting for the lightning network to go live, and that needs time because despite of that tests on the testnet was done and was successfull, it needs further testing before using it on the main net... There's no sense to start something when it's only half-done, so we have time to wait until tests are done and we can start using it.

[removebeforeflight]

Most of us just have a hesitation on bitcoin acceptance worldwide, but I'm sure in another one or two years bitcoin would definitely accepted worldwide for all the transactions and it is going in the right track towards that. Always there's a negativity created for a good transformation and the good thing would burn all the negativity once it comes live beating the blues. We need to just wait for a while to transact in bitcoin for all purpose.

[choppork]

Most of us just have a hesitation on bitcoin acceptance worldwide, but I'm sure in another one or two years bitcoin would definitely accepted worldwide for all the transactions and it is going in the right track towards that. Always there's a negativity created for a good transformation and the good thing would burn all the negativity once it comes live beating the blues. We need to just wait for a while to transact in bitcoin for all purpose.

I think you are being too optimistic about the acceptance of bitcoin. Yes, bitcoin is booming today but does that chance the fact that there will be countries that are against it? ICOs are banned in US and China and those are very powerful countries. One to two years is such a small span for this big growth. We are just around a million users and that's nowhere near 1% of the total population. How can you expect that to blow up enough that the whole world is going to accept bitcoin and all the countries not accepting it will start to embrace it, in a span of one or two years? Bitcoin is definitely accepted worldwide by now since there are users in different places but not everyone and definitely not for all the transactions that we are having. Fiat money is still covering 99% of our transactions and that's going to continue for a long time.

Bitcoin acceptance will definitely happen in most parts of the world, if not all. There are some countries that considered bitcoin as legal, you know.

The mass adoption won't happen from a day to another, so bitcoin still have time (and that time is really needed) to come up with the developments to cut the fees and speed up the transactions. This is why most of the people are waiting for the lightning network to go live, and that needs time because despite of that tests on the testnet was done and was successfull, it needs further testing before using it on the main net... There's no sense to start something when it's only half-done, so we have time to wait until tests are done and we can start using it.

People are starting to think that lightning network is a vaporware. Vaporware are just ideas that people can think about and it seems achievable but our current technology are just not yet enough to develop such.

[Happydd]

It's would possible only in one country but not everywhere. Bitcoin currently looks like inthernet 20 years ago his banned, his is tried to controle countries with dictators.

I agree with you. At present, bitcoin is not well known and some countries have not accepted bitcoin payment in lieu of cash. It is not easy to get bitcoin into use in everyday life. When a bank accepts payment by BTC, that can happen. Currently it is only worth the digital network world.

[rodel caling]

Hi Guys,

You may call me crazy, but i am worried about the fact that more companies are accepting bitcoins. I brainstormed about a possible doom scenario. I am happy to see that bitcoin is growing. But i still don't trust the banking system and the governments. I think when more and more companies accept bitcoins, they are going to sell the bitcoins to the government or banking systems. And the banking system and government wont bring those bitcoins back in the community. They will all save those bitcoins so they will control the whole system. And even worse if they have plenty of bitcoin they can sell them all at the same time to destroy it. What do you think of it?

theres nothing to worries accept global in this scenario this a big acheviement for bitcoin become global accetance.
do not worries about government control the cryptocurrency all of that have an solution and i think only taxes government want to get from cryptocurrency because the reason bitcoin as virtual currency hard to control of any institution.
about the banking system surely in this scenario, the banking industries ca not control also the cryptos because the crypto no need to use banking system all crypto user have an automatic banking system using the online wallet and can get good interest if cryptos increase the price in the market.

[figmentofmyass]

People are starting to think that lightning network is a vaporware.

maybe a year ago, but that line is getting tired now. the network specs have been established, there are multiple interoperable LN implementations, and the testnet has thousands of nodes! not only that, but real LN transactions have occurred on the mainnet. there is even a vendor (TORguard) who is accepting mainnet lightning payments today: https://twitter.com/torguard/status/950383059735646209

Even though bitcoins are accepted by banks and the government in mainstream , it would still take a lot to bring it down. Many are holding to their btc.

i think people are getting a bit too comfortable. the major powers haven't gone the route of legal recognition like japan. and particularly of note in the US: the futures markets were self-certified. i think it's very possible that we see some clampdowns on the industry. i wouldn't be surprised to see an exchange or two shut down by the US government. and everything feels rosy now, but in the long run, i won't be surprised to see an about-face from major governments on mining and crypto payments.

[Aveatrex]

Hi Guys,

You may call me crazy, but i am worried about the fact that more companies are accepting bitcoins. I brainstormed about a possible doom scenario. I am happy to see that bitcoin is growing. But i still don't trust the banking system and the governments. I think when more and more companies accept bitcoins, they are going to sell the bitcoins to the government or banking systems. And the banking system and government wont bring those bitcoins back in the community. They will all save those bitcoins so they will control the whole system. And even worse if they have plenty of bitcoin they can sell them all at the same time to destroy it. What do you think of it?

Banks are the biggest enemy to Bitcoin.
In my country,a well-known company started accepting Bitcoin as a payment, and the governement in response to that just banned everysingle cryptocurrency and consider holding cryptos a crime.
I'm worried too about this.Your scenario is possible too.Imagine if banks own a big part of the bitcoin circulating? That would be really aweful

[bisnisali01]

Maybe your opinion is too cruel , Is there a party who is willing to destroy a thing where it is a favorable thing for that party. If that happens, it can be said that the bank is a destroyer of the country's economy.

[change7]

Have you asked yourself why the Government and those banking systems will want to purchase btc?  For profit!
Then, why will they hold it

[iMark]

It's would possible only in one country but not everywhere. Bitcoin currently looks like inthernet 20 years ago his banned, his is tried to controle countries with dictators.

I agree with you. At present, bitcoin is not well known and some countries have not accepted bitcoin payment in lieu of cash. It is not easy to get bitcoin into use in everyday life. When a bank accepts payment by BTC, that can happen. Currently it is only worth the digital network world.

I think the main problem now is how to make governments in different countries not banned bitcoin, I see the Indonesian government is currently incessantly prohibit the use of bitcoin even for people who openly use bitcoin will be given a criminal, of course it will make the development of bitcoin ne worse to be accepted by many parties,,

[jseverson]

It's would possible only in one country but not everywhere. Bitcoin currently looks like inthernet 20 years ago his banned, his is tried to controle countries with dictators.

I agree with you. At present, bitcoin is not well known and some countries have not accepted bitcoin payment in lieu of cash. It is not easy to get bitcoin into use in everyday life. When a bank accepts payment by BTC, that can happen. Currently it is only worth the digital network world.

I think the main problem now is how to make governments in different countries not banned bitcoin, I see the Indonesian government is currently incessantly prohibit the use of bitcoin even for people who openly use bitcoin will be given a criminal, of course it will make the development of bitcoin ne worse to be accepted by many parties,,

There's nothing regular users can realistically do about that, unless you're living in the said countries and are willing and able to start a petition of sorts. Even then, I don't see anything anyone can do to make a difference. These countries banned Bitcoin precisely because they're closed-minded.

If Bitcoin does start getting international recognition as a currency though, with global merchant acceptance and support, they're likely to rethink their stance. Most are afraid of the theoretical damage it can do, but once other countries show that using the technology is beneficial, there's no reason for them to skip the party.

[Lemer]

Yes, I am also very worried about this problem, if a country is strong enough, so can completely control the BTC price, you can through the destruction of the BTC or other ways to control the BTC.

[CryptoStallion22]

You're not crazy at all. But I'd rather give it a shot and explore the possibility of living in a completely decentralized system before judging. I think its all about making sure that companies have an incentive to accept bitcoin and to trade themselves buying good in Bitcoin.

There is nothing better than having complete control of your financial situation without having the Govt and Banks interfering. 

I'm actually looking forward to the day when Bitcoin will be finally accepted as a payment method in the vast majority of retail and e-commerce locations. I think it only takes one big (Amazon type) company and the rest will follow. We are still in the midst of a big change and while the technology itself is improving, the transaction-action is still very complicated clunky..

I'm Hodling and dreaming of a crypto future!

[wojiaohahaha]

The price of bitcoin and its instability, and the global acceptance of it, are unrealistic, and many countries now do not accept bitcoin as a hoax.