Will Bitcoin Gain Traction as a Currency?

[jamesndungu1]

In the current quirky world of Crypto, We believe and hope Bitcoin will become a global currency, one that we can spend on "Pizza" the same way we use Visa or MasterCard. What do you think needs to be done to make BlockChain technology a success ?

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[Bitmore1]

In the current quirky world of Crypto, We believe and hope Bitcoin will become a global currency, one that we can spend on "Pizza" the same way we use Visa or MasterCard. What do you think needs to be done to make BlockChain technology a success ?

As I understand this article and attached document (however I do not speak or read German), this is huge;

https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

This in effect, if I am correct, makes Germany a crypto-capital gains tax free zone for purchasing things in crypto.  Every other country and currency will have to adopt similar capital gains tax free status, or they will not be used for transactions in crypto.  Long term of course, as this fact is discovered.  Until then it could be a huge boost to the German economy and the euro in Germany since people will want to do all their crypto business there. 

It also simplifies the use of Bitcoin as a currency since you won't have to document every Bitcoin you ever purchased for capital gains tax purposes.

Am I correct here?  Am I reading the article correctly?

[Bitmore1]

To go further, as crypto currency grows and is adopted, it will force governments to make a crypto friendly environment within their borders in order to compete.  And that means making a minimum tax environment which is the only control a government has to compete with.

[Alone055]

In the current quirky world of Crypto, We believe and hope Bitcoin will become a global currency, one that we can spend on "Pizza" the same way we use Visa or MasterCard. What do you think needs to be done to make BlockChain technology a success ?

That doesn't seem to be happening if Bitcoin keeps dumping like this. No business can be stable if a currency backing it up is not stable itself. So I don't think anyone would risk adopting a currency for their business that can turn their $20m to $10m over a night. Though it can go up to $40m as well, but that still doesn't vanish the risk it carries.

https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

.....it could be a huge boost to the German economy and the euro in Germany since people will want to do all their crypto business there.  

That rule doesn't apply for business operators I guess, and doing a cryptocurrency business without being taxed is not what Germany allows, but it is just that if a person uses cryptocurrencies as a mode of payment is not taxed for doing so. As, the article says that if an individual is trading cryptocurrencies in their own name will receive a tax exemption, while the exchange where the trades are being done won't receive any.
So, maybe someone would want to go for a shopping trip to Germany, but to start a business there, I don't think that is good idea, as doing it in your own country and doing it there makes it no different.

[svetochka.yakovleva.93]

I think that will be because in 2018 it is just gaining momentum all analysts say that right now will be the peak of purchases and sales.

[mOgliE]

Hi,

I think there are several things to do:

1- Make people understand that bitcoin is not particularly dangerous.

2- Get rid of the link that is often made between bitcoin and illegal transactions.

3- Development the technical and technological environment to allow people using bitcoin, not only on dedicated online platforms.

4- Get bitcoin to be less volatile. Somehow.

5- Stop enhancing the "miracle" of bitcoin and how it can turn you into a millionaire.

Once all this is done, we may be able to start using bitcoin for daily uses... Not for today, right? But maybe tomorrow! 

[Xester]

In the current quirky world of Crypto, We believe and hope Bitcoin will become a global currency, one that we can spend on "Pizza" the same way we use Visa or MasterCard. What do you think needs to be done to make BlockChain technology a success ?

The only way for that to happen is if all country will have a local application on its own that people can just exchange bitcoin without suffering from delays and a high fees. Since the transactions are done internally within the application there will be no more problems of delays and fees. In the Philippine we have the app called coins.ph, it allows us to exchange btc to fiat currecy and vice versa. Also we can transfer our btc to other wallets of people using the same app when we purchase goods online to merchants without suffering from higher fees. If all countries will have that kind of app then the problem on bitcoin will be solved.

[Ailmand]

In the current quirky world of Crypto, We believe and hope Bitcoin will become a global currency, one that we can spend on "Pizza" the same way we use Visa or MasterCard. What do you think needs to be done to make BlockChain technology a success ?

I think it already has mate; however, for more people, instead of using it that way, like any traditional currency used as payment for products and services, they would better use it to something more profitable like investing it or trading it. That's the beauty of cryptocurrencies, it can be use in so many ways and in different facets of business that although it is sometimes unreliable and is volatile at best, many people still see it as a good and legit means of business because it has the capacity to give good profit.

[avikz]

In the current quirky world of Crypto, We believe and hope Bitcoin will become a global currency, one that we can spend on "Pizza" the same way we use Visa or MasterCard. What do you think needs to be done to make BlockChain technology a success ?

We certainly hope that bitcoin will eventually become a global currency, but in reality it is hard to happen. Till date only a handful of governments have adopted bitcoin to be mixed with their economy and majority of the governments are still unsure about what to be done.

The mass adoption is only possible with government regulation. It may sound wired because you may say that cryptocurrency must be staying decentralized as it is now, but believe me, government regulation will bring in a horde of money into crypto market and open up new areas of payment facilitation business.

To see bitcoin is being accepted by the small traders, we need to simplify it and it is only possible with government support. If the majority of the governments deny to adopt bitcoin, it will remain as an internet currency for the rest of its life.

[Silentsweeper]

You can use Bitcoin to send money around the world. Merchants can accept bitcoin payments.The blockchain can be used to create digital assets such as stocks, bonds, land titles, and frequent flyer miles. These assets are created using protocols on top of the Bitcoin blockchain. Bitcoin transactions are made with no middle men so meaning, no banks. Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. Bitcoin can become a valuable leading currency.

[BrewMaster]

bitcoin is a currency, it just needs more adoption.

and until that day when we reach mass adoption, people are going to be less willing to spend their bitcoin because mainly the price will continue to rise in long term (until mass adoption) and also remain pretty volatile.

so in short the question is not about will it but it should be about when and that would be a tough question to answer. it may be between 5 to 10 years in my opinion.

[Kprawn]

Bitcoin is ready for pizza, just ask Lazlo.   --> https://en.bitcoin.it/wiki/Laszlo_Hanyecz

Ok, all jokes aside.... People are already buying pizza with bitcoins : https://pizzaforcoins.com/ or you could use eGift cards

at https://www.egifter.com/bitcoin/dominos-pizza-gift-card-bitcoin  ....There are not a lot you cannot buy with Bitcoin these

days, you just have to search the web a bit.  

[hodlftw]

Knock down all the lies and myths that are now revolving around blockchains. Get rid of those and we can start getting people on the right track, but among the people who already have it, it already has become currency. I have bought a few things with it already, and have no plans to stop in the future.

[bozo333]

In the current quirky world of Crypto, We believe and hope Bitcoin will become a global currency, one that we can spend on "Pizza" the same way we use Visa or MasterCard. What do you think needs to be done to make BlockChain technology a success ?

Blockchain technology is tax free transaction in all over world. But we can use Visa or MasterCard they collect some taxes it depends the country. So peoples are looking to easy transaction but currently hard to used in all over the world. Once Bitcoin is reached in global currency peoples are happy to use in all over the world. At the same time it make profit in long term holding. So blockchain technology is best for future world.

[Minnie1928]

In the current quirky world of Crypto, We believe and hope Bitcoin will become a global currency, one that we can spend on "Pizza" the same way we use Visa or MasterCard. What do you think needs to be done to make BlockChain technology a success ?

Some of the investors have desires for that specific situation of the day transaction to happen but it is not possible that will ever happen.
Wealthier investors are supporting the current fluctuations and volatility because they can make a big amount of profit because of that instability.
Current transaction cost and high fees are still obstructing the Bitcoin realization to the currency which will happen unlikely.

[paul00]

I am hoping that this will work someday but I don’t know what else does blockchain needs to be done since so far Bitcoin transactions are already fast enough even in transferring of coins. But then, being faster is always better nowadays and I wish that it will have lower fees than it is today.