Is Bitcoin Dying as a Payment Option?

[hugeblack]

six months ago companies were looking to integrate Bitcoin as a payment system,  in the fast-paced cryptocurrency ecosystem, things have changed dramatically.

Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.”

Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1]

Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment?

Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option

[Jet Cash]

Hypothetically, bitcoin could succeed as real money, but in practice it will be an uphill battle due to countless obstacles standing in cryptocurrency’s way, said Goldman Sachs in a report.

That is a quote from an article posted today on Kitco
http://www.kitco.com/news/2018-01-11/Could-Bitcoin-Succeed-As-A-Form-Of-Money-Goldman-Weighs-In.html

[newfix]

Why do you think that?
I think that Bitcoin is already a payment option for all, and in the future will be more and more
And with digital gold what do you mean?

[kueyen]

Until lightning network gets implemented, I'm thinking yes. The transactions cost way too much and are way too slow at the moment for bitcoin to be considered a legitimate payment method. At this stage, bitcoin can only be regarded as an investment method.

[ViciousWarlock29]

Yes sad to say but it is true. Bitcoin is merely a coin that should be kept and not for daily transactions. The fees are very high and not practical anymore.

[humanvelocity]

Bitcoin is not dying don't worry,stop reading some faules news and think its true, Don't get fooled by them. Many members in here they see some untrue and faulse news and panic. You can buy a tesla car with bitcoin, Bitcoin is as strong as ever when it comes payment options and it will spread more by end of 2018.

[chuckblocker]

When sending 10$ whilst paying 0.3-0.8$ (10-30sat/byte) is possible again, with quick confirmation, maybe.

Just an asset to trade at this point. No point paying anything below 100.

[13abyknight]

A major difference between six months ago and now is that there was not much of a network congestion then, but now we are witnessing a huge surge in number of transactions. This has direct influenced the the transaction fees to shoot up as everyone wants faster confirmations.
Taking the above things into consideration, it becomes very difficult to accept Bitcoin as a payment option, which generally involves smaller transactions (<$100) as accepting transactions with less fees becomes a problem and also moving funds becomes all the more costlier.

[Lorna t]

Now there is a host of company before returning from his return of bitcoin or make a full you turn and Microsoft really wishes that after almost years have passes it would have stopped receiving bitcoin how ever it was reserved at a position after taking its own step to ensure the bitcoin down to the amount it would redeem be able from a customers things change dramatically .why people is thinking about that and for me that bitcoin already has to pay option for all and for their tomorrow or meaning have all the benefits and its sad to say that there really is a real incident about dying o people in shuck happening .just because of low value comes with bitcoin someday .sometime does not think that bitcoin is just a coin that should be kept and does not always or the day transfers that are also increases and the prices drops .or so be practical anymore.

[vintages]

I soley prefer bitcoin been used as a form of investment than to been used as a payment option. This is because it might loss it value  and most certainly, having a high transaction fee. I don't know why those companies opt-out from using it but something tells me that it is because of the high transaction fee then. If we can have a low or stable TRX fee, then probably a lot of companies might opt in.

[Kingigolo]

In my opinion, bitcoin has become some sort of a crypto store of wealth, some kind of crypto-gold. With the increase in transaction cost due to the scalability issue, bitcoin will be a bad means of payment for the exchange of goods and services.

[Catch-22]

Due to the volatily of the price , companies are having second thoughts on bitcoin as a payment options.  Since companies cannot predict the profit and loss due to the constant increase and decrease of the price, it is not a good option now.  It might be possible once bitcoin is regulated but I doubt it will be in the near future.

[kpcian]

six months ago companies were looking to integrate Bitcoin as a payment system,  in the fast-paced cryptocurrency ecosystem, things have changed dramatically.

Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.”

Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.[1]

Do you think bitcoin will back to be used as Payment Option or digital gold will be used as an investment?

Source : https://cointelegraph.com/news/is-bitcoin-dying-as-a-payment-option

If this news would come from an authentic source then it's really alarming news for this platform. people expect that Bitcoin should be accepted on many online platforms and they will spend it as a payment system. But I think Bitcoin will come back very soon and it will recover the lost face value. So it's a matter of time that for this issue. Hopefully, Bitcoin will dominate in the virtual world.

[bitfocus]

Just the opposite, Bitcoin acceptance is growing, there are several new and good Bitcoin Payment Processing services to serve businesses and also, there are Bitcoin/Crypto Debit Cards at your disposal - okay?

[mOgliE]

Hi,

As long as the volatility is so high, it is indeed difficult to integrate bitcoin as a payment option. One the one hand because it may cause problems to customers and on the other hand (and I guess this is the real reason why no company wants to be paid in bitcoin), the firm allowing such a payment option may face high challenges due to the many and erratic ups and downs..

Actually, I think these companies were not ready anyway to deal with bictoin on a daily basis. They made statements about it, hoping to use the announcement effect as a free ad, but they currently couldn't handle it.

For the moment, bitcoin is... well not a daily currency. This doesn't mean, it has no potential!

[zenrol28]

Bitcoin may have been going through obstacles but definitely it's not dying as a payment solution. Last friday i just paid an online service in bitcoin, it went smooth and no problems at all. Maybe right now we can't use bitcoin for daily use but it doesn't mean that it fails. We need a little more time for the improvements to come.

[bajigur894784]

well, can not be denied, Bitcoin introduced in 2009 as a global digital payment tool without geographic boundaries, is now beginning to turn into goods or commodities used as investment assets.
currently the use of Bitcoin at most not for the means of payment, but for saving assets.

[Pan Troglodytes]

I think that if bitcoin fails as a currency (=medium of exchange) than its value will collapse towards zero eventually. In other words, it cannot be a store of value only, in a long run.

So if bitcoin is going to survive in a long run, it must regain its properties as a currency. And developers' attention must be focused on this goal.

[Lucius]

It should be noted that this article was written more than a month ago when the situation was pretty bad in terms of high fees and slow transaction.Also some info say that owner of Cointelegraph is Roger Ver,one of the people who does not want good to BTC.

As we can see, the situation turned completely and now you can send BTC for ridiculously small amounts,for example 0.27$ will get transaction confirmed in next 6 blocks.SegWit and Lightning Network will make transactions more faster and cheaper,and it's just a matter of time when we can pay with BTC everywhere.And when that happens BTC will become one of your favorite method of payment.

[wndrbr3d]

Bitcoin is poorly suited as a means of payment because of high commissions. Better to use other cryptocurrencies with low (or even without) commission.