Is Bitcoin Dying as a Payment Option?

[Sexie]

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

It is been Very true that Bitcoin is some kind of currency used as a new  way of payments in any online transaction. It is not dying as what you are fearing of. As a matter of fact it  is a has been using by so many big companies   in advertising  and campaign through social media. It is continously growing as big companies starting to like and give support to Bitcoin. Most people then get benefits  on it.

[megynacuna]

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

It is been Very true that Bitcoin is some kind of currency used as a new  way of payments in any online transaction. It is not dying as what you are fearing of. As a matter of fact it  is a has been using by so many big companies   in advertising  and campaign through social media. It is continously growing as big companies starting to like and give support to Bitcoin. Most people then get benefits  on it.

I think the dynamics have changed since the first time the OP posted this thread and many will be having a different view right now because the price has significantly improved over the time and it seems to be gaining more strength in recent times and who knows the investor confidence is gradually coming back and many more people around the world will invest hereafters and have this recent growth sustained for a long time.

[Aryadwipanggah]

bitcoin for legitimate payment options is very difficult to remember not all places accept payment with bitcoin, because bitcoin prices are unstable makes bitcoin difficult to accept as a payment option

[alyssa85]

I think the dynamics have changed since the first time the OP posted this thread and many will be having a different view right now because the price has significantly improved over the time and it seems to be gaining more strength in recent times and who knows the investor confidence is gradually coming back and many more people around the world will invest hereafters and have this recent growth sustained for a long time.

The dynamics haven't changed at all. None of the merchants who dropped bitcoin as a payment option have changed their minds. But a few have enabled Ethereum and Litecoin...

[chidrawarster]

Its very difficult to say this at this juncture, we are still in the midway and lots more is yet to come from btc.Many countries governments are exploring the usage of btc as well in all the scenarios and most probably we may see some good results in the future as well. All is i can say is the usage when made regulated would actually bring the currency in force and ensure the payment option hopes is still alive. Lets see what we can expect in the near future, i m not losing my hopes instead would wait patiently and watch out for the performances.

[shadowdio]

bitcoin will be back as a payment option if the bitcoin price go lower, but now its not recommend for bitcoin as payment option because of the high fee I think they should add dogecoin as a payment option its very low fee.

[Xzhyte]

It's not dying as payment option just because those companies don't accept bitcoin anymore. There's a lot more people using bitcoins nowadays. The volatility may be bad for big companies because bitcoins price drop would be a great loss to their earnings.

[Byatt]

For now other merchants used it as payments but when we consider bitcoin to be in the mainstream it should progress though the quickness of the transaction.  The fee is too much high and it will discourage to some.  Its better to consider to lower the fees so there would be more and more people would like to use it as payment.

[kinzey]

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

As of now i don't think bitcoin will be a viable source for payments. High fees and it takess time to confirm transfer of your bitcoin. If they can iron out these kinks then maybe it can be a new payment system worldwide

[Chikitita2004]

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




[/quote]
Its sounds interesting to me why. Since December last year was the peak season for bitcoin price and Steam still exclude bitcoin? Anyway, can’t blame them maybe they already foresaw that is is going to decline dramatically after Chrsitmas season.

[mitchel_am]

Some beginnings are weak and people will not give them credit but it is not too late for the bitcoin payment methods. It will work

[Requim]

This can be true, I really think that bitcoin's main purpose is to serve as a payment option and to ease transactions without the hassle of using banks and remittance services. However, some people view bitcoin as a currency or an asset to hold for future income.

[Bolt Brownie]

This can be true, I really think that bitcoin's main purpose is to serve as a payment option and to ease transactions without the hassle of using banks and remittance services. However, some people view bitcoin as a currency or an asset to hold for future income.

I agree with you, and I also view bitcoin as the payment method of the future. But truth be told, I can't really blame people for just holding to their bitcoin. We can't neglect that bitcoin can rise in value over time. It will definitely happen if we have global adoption, so it's easy to just hold the coin waiting to see your economies increase. We don't have to many options to spend the coin right now, but even with the possibility of holding bitcoin just for value, I'm sure I will spend it as well, as soon as more option become available.

[spiker777]

I would suggest quite the opposite, bitcoin is improving as a viable payment option. You may have noticed that fees have fallen sharply since their peak a couple of months ago, this was one of the major issues surrounding bitcoin, as the fees were sometimes higher than the actual payment (when the payment was very small). Now that fees are just a fraction of a dollar, bitcoin is much more of a competitor to visa than it once was.

[allthebitandbobs]

Yes i believe so .It more a store of value and  use for speculation now .Other coins are just better at handling tranctions .Even with it flaws i like using dogecoin for small transactions it fast and very cheap

[1Referee]

High fees and it takess time to confirm transfer of your bitcoin. If they can iron out these kinks then maybe it can be a new payment system worldwide

Segwit definitely helps already. I have played around with sending transactions back and forth, and managed to get first block confirmations with less than 1000 Satoshi's in fees per transaction. I even pushed it a bit further to see if that also works with sub 500 Satoshi fees, but that was a bit too much to ask for, but still they confirmed within 3 blocks on average. Granted, the number of unconfirmed transactions is pretty low recently which allows these fees to be viable, but that changes as soon as the market is going nuts and people become active again. The main focus right now is Lightning Network, which will allow people to spend funds with ridiculously low fees, and also avoid having to deal with confirmations.

[freshm4ker]

Day by day bitcoin is becoming a well-known and profitable currency for people around the world who are involved in this platform. Nowadays it does not cause dying as a payment option than it would be an important choice for the payment system in the future. With the commission can actually use it as a method of payment.

[newguy05]

In the long run btc will sit its top ranking but this is a long run strategy, in the short term it can be fluctuate. It is not dying for sure but going down for today. Try to be a long term investor by buying step by step from different costs this will help you to decrease your average cost.

[dunfida]

High fees and it takess time to confirm transfer of your bitcoin. If they can iron out these kinks then maybe it can be a new payment system worldwide

Segwit definitely helps already. I have played around with sending transactions back and forth, and managed to get first block confirmations with less than 1000 Satoshi's in fees per transaction. I even pushed it a bit further to see if that also works with sub 500 Satoshi fees, but that was a bit too much to ask for, but still they confirmed within 3 blocks on average. Granted, the number of unconfirmed transactions is pretty low recently which allows these fees to be viable, but that changes as soon as the market is going nuts and people become active again. The main focus right now is Lightning Network, which will allow people to spend funds with ridiculously low fees, and also avoid having to deal with confirmations.

For now Segwit does really suit us specially for those people who do seek out less fees fast confirmations into our transactions but yet talking about on the current situation of network of core itself. We are going back into low fees but yet the problem or flaws isnt solve yet to itself which means anytime we can go back into that ridiculous fees and its not really surprising for companies on having this kind of view.

[Jahreer]

So what about the Lightning NET, guyz?? Will BTC payments finally resurrect because of it?