Is bitcoin a better payment system?

[Ronaldo Vu]

The answer is that it often is not, at least for most people, most of the time. Eventually it will be the best payment system, but it needs to develop further, gain more adoption, and get over the scaling obstacles. Even so, Bitcoin is already the best payment system for certain use-cases, such as sending money across borders, or receiving money from someone you don't trust (which helps further in cross-border transactions).

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[Bodik1710]

Better then real money? Of course yes.But the best in all cryptocurrency ? No.I think that better payment system is eth.

[Veterock]

Bitcoin is the best payment system? Of course not! With such a low transaction processing speed, this can not be.

[Ayaancool]

The current affairs says bitcoin is not a best payment system it have to improve in this area. I'm aggring its one of the top crypto but to make safe in this crypto field innovate bitcoin and its features is an important issue now. As per the results I could feel that etherium is the best in payment system.

[mk4]

Definitely one of the worst payment systems(as of now at least, without the lightning network). But it's one of the best currencies and store of value due to it's pseudo-anonymity, decentralization, and due to it requiring no KYC whatsoever.

[sisjow]

bitcoin transaction has advantages and disadvantages. for example, sometimes bitcoin transaction takes a lot of time even for a high fee, that obvious disadvantage for bitcoin, but it is still can be developed. for me, i really enjoy use bitcoin because i think bitcoin is easy to use it, especially for international transaction.

[tabas]

Let's all wait for lightning network and for sure bitcoin's going to be the best payment system of all or if most are using Segwit wallets, everyone would agree that it is.

[WaffleMaster]

The answer is that it often is not, at least for most people, most of the time. Eventually it will be the best payment system, but it needs to develop further, gain more adoption, and get over the scaling obstacles. Even so, Bitcoin is already the best payment system for certain use-cases, such as sending money across borders, or receiving money from someone you don't trust (which helps further in cross-border transactions).

Being trustless is nice, but how would I go about buying an online item if I can't trust that it won't arrive broken and that I can never get my money back? So then there will always have to be employees from whatever website to be able to handle claims and escrow reliably...which means if they go against you, you don't really have an option to go to a bank to get your money back (not that a bank is even helpful with that either).

[ss890]

The answer is that it often is not, at least for most people, most of the time. Eventually it will be the best payment system, but it needs to develop further, gain more adoption, and get over the scaling obstacles. Even so, Bitcoin is already the best payment system for certain use-cases, such as sending money across borders, or receiving money from someone you don't trust (which helps further in cross-border transactions).

To be honest im okay with whatever system we have got. I mean it is all right with me if I gotta stay a little longer to receive and send the payment. Which is even not much longer these days and just gets confirmed with ~10-30 min window and that is all right if bitcoin has got to offer so much valuable price tag for us. I mean we also earn at alarming rate from it and there is no worrying thing if we have to wait while we are transacting it. The developments will always take place in the bitcoin and other coins too but its all about the time. What we can do right now is to keep the hopes in it and keep pushing this tech ahead of the time as it has always been.

[dothebeats]

The answer is that it often is not, at least for most people, most of the time. Eventually it will be the best payment system, but it needs to develop further, gain more adoption, and get over the scaling obstacles. Even so, Bitcoin is already the best payment system for certain use-cases, such as sending money across borders, or receiving money from someone you don't trust (which helps further in cross-border transactions).

Being trustless is nice, but how would I go about buying an online item if I can't trust that it won't arrive broken and that I can never get my money back? So then there will always have to be employees from whatever website to be able to handle claims and escrow reliably...which means if they go against you, you don't really have an option to go to a bank to get your money back (not that a bank is even helpful with that either).

It's simple, like what you do with online shopping, you don't blindly buy an item to an online store that hasn't got any reviews. It's nice that you have money-back protection and all that stuff when you use your credit cards in buying an item but the amount of fees you'll be paying is somewhat crazy + the late fees you might incur if you don't get to pay your bills on time. Personally, I think that the straightforward nature of bitcoin alleviates the need for intermediaries; you only need legitimate merchants on the other end of the spectrum and bitcoin can act as a currency flawlessly. Unfortunately though, legit merchants are rare since they are scared of bitcoin's volatility and whatnot.

[AdoboCandies]

Bitcoin is easy to use and easy to buy, but making it as our payment system is a bad idea, first of all on its transaction you need to pay a high transaction fee for waiting a long of time to receive or send the transactions that one of advantage. even if bitcoin develops and upgrades its system it is impossible even now some of the countries ban it  just think if you make it a payment system not all will agree.

[dollarneed]

Better then real money? Of course yes.But the best in all cryptocurrency ? No.I think that better payment system is eth.

No i don't think so there are some altcoins out there that cheaper and faster than etherum but if you say etherum is better than bitcoin i might agree with you.

A good payment system should be faster and cheaper unfortunately you can't find those things on bitcoin. The highest fee and low confirmation are serious problems right now and this should be addressed immediately however if we compare bitcoin to other payment systems like PayPal or WU bitcoin is still the best.

[abarbaz]

its depend on purpose ... because its cant be refund able and its take time but its have advantages too

[1Referee]

its depend on purpose ... because its cant be refund able and its take time but its have advantages too

Refunds are perfectly possible with Bitcoin. In this case it doesn't depend on Bitcoin itself, but the applications being used as payment gateway. BitPay, which is the most popular payment gateway right now, allows refunds too. These applications can be tweaked to such extent, that merchants can have as much freedom to issue different sorts of refunds as possible.

People for some reason think that Bitcoin is an ancient piece of technology not being capable of much, that I definitely have noticed throughout the years. LN will be the next big thing, and possibly THE killer application people were desperately waiting for to show up. It doesn't only offer Bitcoin the currency centric features it needs to move further and stimulate usage, but it also allows for a more flexible form of scalability. Merchants at some point won't even need to use payment gateways anymore, especially if the price becomes a notch or two more stable; they are their own payment gateway.

[Anakcikal]

Using Bitcoin to pay and receive payments is easy and accessible to everyone and I think this bitcoin is a payment system that makes bitcoin users as a medium of exchange and does not rule out a better payment system

[Bonheur]

 It is not.But it does not have to be the best.It is a gate way for people to get to know about cryptocurrency.
İ also think eth is a better patent system for now.

[mk4]

Bitcoin is easy to use and easy to buy, but making it as our payment system is a bad idea, first of all on its transaction you need to pay a high transaction fee for waiting a long of time to receive or send the transactions that one of advantage. even if bitcoin develops and upgrades its system it is impossible even now some of the countries ban it  just think if you make it a payment system not all will agree.

Transaction fees and time are definitely longer than bank/PayPal transfers, but they're definitely not as expensive and as slow as you're implying. Bitcoin transactions has been cheap and fast for a few months already. Maybe try transacting with bitcoin once in a while.

[pekcoin01]

Definitely a better system!
It's costly to transfer money in my country. Banks cut too many commissions.
It's hard to transfer money on weekends.
It is very easy to transfer money thanks to Blockchain. Both cheap and good quality.

[iram1011]

Bitcoin is excessively being used for inter countries transactions because of less fees and instant trasfers. This helps in saving a lot on remittance fees. Also, Bitcoin is a major payment system in dark web. Bitcoin can actually be a good payment system but the adoption is quite low and is still dependent upon fiat currency. Bitcoin needs more acceptance by retails and merchants to increase it's utility. Also the high volatility is the major drawback that hinders its use as an effective payment system. People tend to avoid selling a deflationary currency and instead hoard it.

[chengyinoing]

The advantages of bitcoin relative to legal currency are more directly reflected in the payment technology level. As with the credit expansion level, the payment technology of the legal tender system can be adopted, while many of the technologies paid by bitcoin are not realized by fiat money.