Do you think that Bitcoin could become a popular payment method?

[joaco]

Today I was reading on The Wall Street Journal an interview to John Rainey, CFO of Paypal. He said that Bitcoin will probably become a popular payment method in the future, but right now it's too volatile to use it as a currency.

My opinion is the same about volatility. Right now we can't use it as a currency because of its price changes, but I don't know if Bitcoin will ever have the stability needed.

There are lots of agents manipulating its price all the time, so I don't know if it will be ever possible to use it one day as a payment method. It's like trying to use gold to pay for something. As long as we compare BTC with USD it will never be a currency.

What do you think?

[mk4]

Let's be realistic here. It's definitely possible for bitcoin to be a widely used payment method; it's just not guaranteed. Don't get me wrong, I'm extremely bullish on bitcoin for a lot of reasons, but who knows? It might just be a different cryptocurrency that could have a better tech.

In terms of volatility though, it's to be expected as bitcoin is decentralized. It will definitely take time to stabilize in price, probably after all the regulation fiasco. For now, we can just hope.

[BrewMaster]

Right now we can't use it as a currency because of its price changes,

"Can't" is not the right word to use here. it is more like "won't". because we can use it as a currency and many of us are using it, but also many choose not to because of volatility and the greed that creates.

It's like trying to use gold to pay for something.

no it is nothing like gold. because you can never use gold dust to buy something even if it is valuable since the other party can not easily verify the authenticity of  the gold dust. it may be rust for all he knows. but with bitcoin he can easily verify it and never get scammed and you can use a small amount of bitcoin

[joaco]

Let's be realistic here. It's definitely possible for bitcoin to be a widely used payment method; it's just not guaranteed. Don't get me wrong, I'm extremely bullish on bitcoin for a lot of reasons, but who knows? It might just be a different cryptocurrency that could have a better tech.

In terms of volatility though, it's to be expected as bitcoin is decentralized. It will definitely take time to stabilize in price, probably after all the regulation fiasco. For now, we can just hope.

How would you solve volatility problems in new currencies? Backing it with something?

[alyssa85]

How would you solve volatility problems in new currencies? Backing it with something?

Volatility decreases the more people who use it. You can see it clearly in the fiat world - the small no-name currencies can move wildly (which is why most of their govts opt to peg them to the dollar). The huge liquid currencies move by perhaps 1% a day, it's a big event when it moves by double digits

After Brexit the pound moved by 10% and the entire planet was having hysterics about it, because it was such a rare event.

[joaco]

no it is nothing like gold. because you can never use gold dust to buy something even if it is valuable since the other party can not easily verify the authenticity of  the gold dust. it may be rust for all he knows. but with bitcoin he can easily verify it and never get scammed and you can use a small amount of bitcoin

I was referring to its value. Of course Bitcoin is better than gold thanks to blockchain technology.

I can see that you like giving answers looking for irrelevant details... What do you think about my question?

[carter34]

How would you solve volatility problems in new currencies? Backing it with something?

The volatility can be looked from the angle of regulation or control. This is one thing that will help to stable the coin. And when it goes up , it would still be within reach.

[joaco]

How would you solve volatility problems in new currencies? Backing it with something?

Volatility decreases the more people who use it. You can see it clearly in the fiat world - the small no-name currencies can move wildly (which is why most of their govts opt to peg them to the dollar). The huge liquid currencies move by perhaps 1% a day, it's a big event when it moves by double digits

After Brexit the pound moved by 10% and the entire planet was having hysterics about it, because it was such a rare event.

In that case we'd need Bitcoin to become as used as USD in order to become stable? As it's decentralized it can't be stabilized by any institution like governments...

[Afnan_faizah]

No, its too volatile. Sellers need stable currency so their profit will not loss. May be USDT /tether can be popular. Bitcoin today is popular as an investment. People are prefer like to use it in exchange site to gain profit. Volatile currency is not so appropriate for sellers.

[Reid]

Yes, ICO's are using it now to buy coins from them. That can be called a payment method already.
But there is also one problem with a big percentage of those who knew bitcoin.
It became an investment, an asset and that doesnt say what its real purpose is.
Just like many merchants says, it is hard to have a business when one payment method changes its value into fiat.
But take that out to the picture. Let us say one merchant made a lot of capital into using bitcoin as a payment method. No withdrawal needed and it will just bitcoin that will circulate. Even if bitcoin is valued into millions of dollars still one candy will be priced at 10 satoshis. Something like that.
But I bet no one thinks like that anymore. They will just keep on converting it into fiat.
Diminishing the fiat method will be the answer.

[kaya11]

I don't know what is the definition of popular to you. But when you say use it as a "payment method", sure why not by the way I am already using it as a payment method. My electricity bills, my cellular loads, sometimes hotels and even plane tickets. Who people on earth don't want to use it? Despite the fact that we can pay stuffs via online and other shops that accepts bitcoin and almost for free of charge, at the same time we are also having an investment out here and in a long terminal way.

[mk4]

Let's be realistic here. It's definitely possible for bitcoin to be a widely used payment method; it's just not guaranteed. Don't get me wrong, I'm extremely bullish on bitcoin for a lot of reasons, but who knows? It might just be a different cryptocurrency that could have a better tech.

In terms of volatility though, it's to be expected as bitcoin is decentralized. It will definitely take time to stabilize in price, probably after all the regulation fiasco. For now, we can just hope.

How would you solve volatility problems in new currencies? Backing it with something?

Erm. I don't exactly know for sure what it would take to make it stable in price, but prooobably after the government(s) decide if they will ban cryptocurrencies or not, and when bitcoin has a decent number of stores/shops that accepts it as a payment method. I'm really not sure, but what I know is that it will definitely take time.

[pharaon]

Today I was reading on The Wall Street Journal an interview to John Rainey, CFO of Paypal. He said that Bitcoin will probably become a popular payment method in the future, but right now it's too volatile to use it as a currency.

My opinion is the same about volatility. Right now we can't use it as a currency because of its price changes, but I don't know if Bitcoin will ever have the stability needed.

There are lots of agents manipulating its price all the time, so I don't know if it will be ever possible to use it one day as a payment method. It's like trying to use gold to pay for something. As long as we compare BTC with USD it will never be a currency.

What do you think?

It is difficult to predict whether bitcoin will have a stable value and whether it will become a payment method. The fact that bitcoin and blockchain technology have a great future - there is no doubt, but at the moment it is difficult to imagine that most people will want to take bitcoin as a means of payment.

[Heyyyrenz]

Quick fact: Bitcoin is a popular payment method.

You can observe or see it here just in this forum, bitcoin is the only currency that's accepted by everyone like buying domains, buying gadgets online, buying accounts (Social media), etc. you can buy anything with bitcoin the problem is who sells the item that you need.

I don't agree with your statement that bitcoin can't be used as a mode of payment because of its volatility because there's a wallet (For our country only) that provides service where in you can buy load, pay bills (Any kind of bills including internet, cable and water), buy games credit and pay tuition fees (School) with Bitcoin. Also they have a service where in you can directly cash out your bitcoin to fiat through banks and remittance.

So I think bitcoin can be used as a mode of payment because first the transaction will be done in just a second, you can do transactions with just your gadget and you can do it whenever you are (just make sure you have internet connection)

[merrillolive]

Yes. This was much anticipated. According to the development trend of bitcoin. Young people today know bitcoin more and more. Some markets have accepted bitcoin in payment as Japan. This is a sign that in the future will develop more applications to meet the needs of consumers in bitcoin. I hope this happens as soon as possible.

[Johnny Lgz]

Yes, especially for bigger purchased online, like bulk of cooking equipment, since sending cash or check on the bank is a hassle, why not make transaction with cryptos?

[orangetax]

In the far future it may, considering the bubble doesn't pop. CFO of paypal did say recently that its might become a payment method.
In the coming years, at-least in next 5 years, i don't see this happening! Its not even legal in most of the countries yet and community owning BTC or alt coins is very less compared to the huge 7 billion population. So it will definitely take some time.

[BrewMaster]

no it is nothing like gold. because you can never use gold dust to buy something even if it is valuable since the other party can not easily verify the authenticity of  the gold dust. it may be rust for all he knows. but with bitcoin he can easily verify it and never get scammed and you can use a small amount of bitcoin

I was referring to its value. Of course Bitcoin is better than gold thanks to blockchain technology.

I can see that you like giving answers looking for irrelevant details... What do you think about my question?

if it is irrelevant why did you say it
and i already voted, i forgot to also mention it in my comment. .... i think it will be a popular payment method in a couple of years. specially with Lightning Network active and possibility of fast and cheap micro payments. and as bitcoin grows more, its price becomes more stable and that helps with the first part of my last comment, it removes part of the greed so people are more willing to spend it.

[LFC_Bitcoin]

Do you think that Bitcoin could become a popular payment method?

That’s the hope young padawan, it’s going to take a while until we gain mass mainstream adoption. It’s the one hope we all have though.

[derdgzmn30]

Yes, it will become popular as a payment method because it is well known in the different countries like here in the Philippines. It is easy to use in online transactions, that's why it would become more popular