Is Bitcoin Dying as a Payment Option?

[senin]

Now bitcoin really does not perform the full function of the payment facility. The time of its transactions is too large, and the fees are high. Because of this, many investors prefer to invest in various altcoyins now. which are easy to use and bring a good profit. Bitcoin, meanwhile, slowly loses its popularity and demand for it. This could be corrected by the introduction of a network of lightning, but it has been tested for a very long time and it is unclear how this will end at all.

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[Aveatrex]

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

It's true that fees and the fact that transactions are really slow makes Bitcoin die as a payment method,that's because Bitcoin infrastructure wasn't ready for the huge wave of people using Bitcoin December 2017 that what caused Bitcoin being slow/unfunctional.
Campanies decision about canceling Bitcoin as a payment method is correct.But no worries,Bitcoin also evolves and they will be solutions to these obstacles.(Fees are already down to 0.22$)

[faceoff97]

Transaction fees is maybe the big factor why its happening, Im pretty sure that those companies would be using a new kind of coin or be transferring to another one  having lower transaction fee. In my country, bitcoin is still usable as a form of payment. It was well integrated by tge local app which alloes as to buy goods or iether services.

[joan26]

Bitcoin are doing things slow and steady so that they have a scalable, cheap, fast and.. most importantly.. decentralised solution that can really try to establish itself in the real world.

[1bonobo1]

Satoshis Nakamoto's white paper was clear, bitcoin is not a means of payment but a store of values ​​like gold.
The currency of payment is not and will never be bitcoin!
Yes we can pay with Bitcoin but it is not made for that and the future will let emerge a currency made for payments in general!

[Cryptohad]

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.

yes, I agree with you, bitcoin is the best alternative to be used as a means of payment for goods and services, but not today.

bitcoin must face FUD, many people expect bitcoin to be a tool of transactions, but some countries refuse.

[Washball]

Bitcoin as a currency does have issues, lengthy waiting times and high fees. But this will be solved with Lightning Network or with Schnorr signatures. When these are implemented we'll have fast and secure transactions that will be almost for free.

[Gabb]

No i do not think so. Simply the market is still too young to encourage stores to enter fully into the bitcoin ecosystem. Bitcoin is a cryptocurrency that is still in the process of development and that is evident in the volatility of its market, susceptible even more to the rumor mill than to fundamentals of the economy. Therefore it is understandable that for companies it is still difficult to match these rhythms of cryptocurrencies but I have no doubt that when the market consolidates and reduces its volatility, we will see a larger acceptance of bitcoin as a payment system.

[rehydrogenated]

I do not think bitcoin is dying as a payment option. I think at first it was more a publicity stunt. These companies, and some celebrities like 50 cent, never thought that bitcoin would have the incredible popularity is has had. So now there is increasing government oversight and it is making up a bigger proportion of their sales. The volatility doesn't much either as people had stopped bitcoin because they could double their money by holding bitcoin for a couple months. Meanwhile transfer fees were skyrocketing to $30+.

[Indrawan77]

I think it's not dying but still not too suitable for payment option yet, its not suitable for payment that need fast confirmation and also the fee that is too expensive, but I think there will be a solution in the future, the one that become concerned is the high volatility, the price of bitcoin need to be more stable before it can be used as daily transaction currency

[Feuerbach]

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

Some refuse to accept cryptocurrency as payment, but some start to accept crypto. For example, ebay

[robotrobert]

I don't think bitcoin payment system would die or vanish this early. Bitcoin have only been starting to be widely known and industries is starting to explore its potential as payment system.

Well it has become easier and more popular to sue now as most of people prefer using bitcoin for payment and shopping instead of using money. For bitcoin payment system it has a lot of sites and systems that will pay all of your bills in few minutes, even now a lot of big markets and shopping malls accept bitcoin. In Germany restaurants are accepting bitcoin to provide online food and booking for the rooms so in this way you are right bitcoin payment will never die.

[jasonmattson]

Due to the volatily of the price , companies are having second thoughts on bitcoin as a payment options.  currently the use of Bitcoin at most not for the means of payment, but for saving assets.

[irukandji]

Satoshis Nakamoto's white paper was clear, bitcoin is not a means of payment but a store of values ​​like gold.

Correct. The heading to the bitcoin whitepaper is

Bitcoin: A Peer-to-Peer Electronic Cash System

Some people have misinterpreted this to mean that it was supposed to be "peer to peer electronic cash", but it clearly indicated a store of value like gold!

[keycellko]

Recently, bitcoin is not beneficial to merchants as payment knowing that their transactions takes too long to confirm. Not to mention the bitcoin transaction fees that are so huge that customers doesnt want to use it as a paynent option coz the pay higher than how much they're supposed to.

[btcrich2020]

due to fees and due to more subject to volatility Btc is nt much suited as payment processor it is asset class investment better to save for future growth

[Pan Troglodytes]

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.

actually it has happened in December because the bitcoin price increased, what greatly increased transaction volume, and all those transactions were not able to fit into the blockchain (the blockchain has limited capacity only) and only the fraction of transactions with highest fees were confirmed. That effectively increased the fees to the levels of 20-50 USD per transaction.

Steam must have concluded, that it doesn't make sense to accept payment option which has fees at those levels.

[DrYe5]

due to fees and due to more subject to volatility Btc is nt much suited as payment processor it is asset class investment better to save for future growth

Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away.

[Sithara007]

If you check the fee, then you can find that right now the tx fee is hovering at historic lows, with people paying as low as $0.05 or $0.10 for their transactions. But everyone is worried how long this is going to last. All of a sudden, it can shoot upward, just like what happened in December.

[bug.lady]

Satoshis Nakamoto's white paper was clear, bitcoin is not a means of payment but a store of values ​​like gold.

Correct. The heading to the bitcoin whitepaper is

Bitcoin: A Peer-to-Peer Electronic Cash System

Some people have misinterpreted this to mean that it was supposed to be "peer to peer electronic cash", but it clearly indicated a store of value like gold!

How come, when the WP says "Bitcoin: A Peer-to-Peer Electronic Cash System", you think that "peer to peer electronic cash" is misinterpretation and the correct interpretation would be "a store of value like gold". There is no need to interpret anything. It says it straight: "peer to peer electronic cash system"