Why Is Getting Bitcoin "Accepted" As A Form Of Payment So Important???

[gigabytecoin]

That seems to be the general consensus around here at least, is it not? That we need to focus on making bitcoin an accepted form of payment at as many institutions as possible. And ASAP.

Gold is the world standard in terms of holding a value.

But nobody can take their bar of gold to a store and buy a pack of gum.

Most everybody's gold is held in a vault. You rarely get to touch it. But you don't have to. You know you can't take a bar and go buy a car. But you don't care.

These qualities of gold are quite similar to bitcoin and it's intangibility.

I think we need to start thinking about catering to a more... swiss-bank-account-holder-type so to speak.

Let the world know that you can securely store your net worth and access it at anytime, for the cost of an average banking transaction fee and I would assume that investment into the bitcoin platform would skyrocket.

Why try to change bitcoin from what it already is? A store of value.

I think it would be a much easier and saner a goal to achieve first (making bitcoin an accepted store of value), before we strain the community too much in trying to tackle an incredibly competitive payments market. I mean... those companies work on margins of fractions of a percent. They have ties with big banks and government, most of whom most likely won't want to deal with us - at first at least.

Besides, we need people to have money invested in bitcoin in order to spend it first, right?!

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[gigabytecoin]

Another major hurdle I foresee as plaguing bitcoin is it's irreversibility of transactions.

I was just imagining an ebay-like auction site for example... that promoted/accepted bitcoins as a form of payment.

Anyone buying from an ebay seller (or craigslist/etc) is told to never send payment via western union. Mainly because it is irreversible.

What can bitcoin do to avoid this payment pitfall?

Nevermind unscrupulous ebay sellers... I can picture many a "businessman" in the brick and mortar setting that when confronted about a refund might respond "what payment?"...

[freetx]

(1) Gold is store of value without being a currency because the commodity exchanges are very liquid. Currently BTC exchanges are fairly liquid (given its small size), yet that may not hold if it doesn't find a large transactional base. Its true that BTC *could* become just a speculative investment mechanism, but stocks have that market fairly saturated.

(2) Irreversibility. This is the same topic that comes up every 3 weeks on this board as new members join. The short version response is: "So what?". BTC is electronic cash, and as such its exactly like cash....if you meet someone off craigslist and give him $20 USD, its gone. Same here.

Having said that, if the market desires such features the equivalent bitcoin-visa, bitcoin-paypal services will eventually spring up....just as these meta-currency services appeared as a way to add new features to plain old cash.

[db]

Why try to change the steam engine from what it already is? A water pump. Taking the pumping market first is a much saner goal than trying to tackle the incredibly competitive motive power market. I mean, those horse breeders and stables work on margins of fractions of a percent. They have ties with big canal operators, stagecoach companies and government, most of whom most likely won't want to deal with us - at first at least.

[SmokeTooMuch]

Why try to change the steam engine from what it already is? A water pump. Taking the pumping market first is a much saner goal than trying to tackle the incredibly competitive motive power market. I mean, those horse breeders and stables work on margins of fractions of a percent. They have ties with big canal operators, stagecoach companies and government, most of whom most likely won't want to deal with us - at first at least.

hahaha, well played, sir, well played

[rebuilder]

Gold has a long history of use as a store of value. Sheer cognitive dissonance will help it keep its value. Bitcoin doesn't have such a history and must therefore earn its place if it's to be seen as a long-term investment. Being able to actually use it for something is a big help.

[comboy]

I think it would be a much easier and saner a goal to achieve first (making bitcoin an accepted store of value), before we strain the community too much in trying to tackle an incredibly competitive payments market. I mean... those companies work on margins of fractions of a percent. They have ties with big banks and government, most of whom most likely won't want to deal with us - at first at least.

In general, I share some parts of your view but...
Competitiveness? I don't know about your country, but in mine, I have to pay more than 20% to government if I sell something. I think we can do better.

[casascius]

Most everybody's gold is held in a vault. You rarely get to touch it. But you don't have to. You know you can't take a bar and go buy a car. But you don't care.

I expect if I walked into a car dealership able to pay for a car in gold they would gladly accept it if it meant a sale.

[Mike Hearn]

Another major hurdle I foresee as plaguing bitcoin is it's irreversibility of transactions.

You're only looking at it from the buyers side. What about the seller?

You can add escrow on top of BitCoin but it's hard to add irreversibility on top of credit cards.

There are several ways to do escrow. Look at ClearCoin for one example where you place your money in the trust of a third party until both sides agree the sale has gone OK.

But you can also set up BitCoin to support a form of escrow without needing a third party to hold your coins in the meantime. They only get involved if there's a dispute.

Chargebacks provide something a bit like escrow or mediation, except the CC companies always side with the buyer and not the seller - so it's not a very high quality mediation.

The reason people are told to never send via Western Union is because that form of payment is overwhelmingly used by scammers, partly because it's irreversible but partly because it's one of the few forms of payment that work in the parts of the world where the scammers live.

[gigabytecoin]

Why try to change the steam engine from what it already is? A water pump. Taking the pumping market first is a much saner goal than trying to tackle the incredibly competitive motive power market. I mean, those horse breeders and stables work on margins of fractions of a percent. They have ties with big canal operators, stagecoach companies and government, most of whom most likely won't want to deal with us - at first at least.

I like your quip, but.... That's all it is, a quip.

Horse breeders did not work on fractions of a percent.

And...

This isn't the 1800s.

[gigabytecoin]

I think it would be a much easier and saner a goal to achieve first (making bitcoin an accepted store of value), before we strain the community too much in trying to tackle an incredibly competitive payments market. I mean... those companies work on margins of fractions of a percent. They have ties with big banks and government, most of whom most likely won't want to deal with us - at first at least.

In general, I share some parts of your view but...
Competitiveness? I don't know about your country, but in mine, I have to pay more than 20% to government if I sell something. I think we can do better.

Sorry for the double posts guys... But I am no good with multi-quote.

I don't believe that circumventing government taxes is going to help our cause at all. In fact I think it will be our downfall.

If your government charges too high of a tax bracket or other ridiculous fees there are already ways around this.

[gigabytecoin]

Most everybody's gold is held in a vault. You rarely get to touch it. But you don't have to. You know you can't take a bar and go buy a car. But you don't care.

I expect if I walked into a car dealership able to pay for a car in gold they would gladly accept it if it meant a sale.

Try it. Unless it's obviously 10x the car's value or something... they'll tell you to take it to a bank first.

Even if it was 10x the car's value. How would a car dealership know it was real 24k gold?

[gigabytecoin]

Another major hurdle I foresee as plaguing bitcoin is it's irreversibility of transactions.

You're only looking at it from the buyers side. What about the seller?

You can add escrow on top of BitCoin but it's hard to add irreversibility on top of credit cards.

There are several ways to do escrow. Look at ClearCoin for one example where you place your money in the trust of a third party until both sides agree the sale has gone OK.

But you can also set up BitCoin to support a form of escrow without needing a third party to hold your coins in the meantime. They only get involved if there's a dispute.

Chargebacks provide something a bit like escrow or mediation, except the CC companies always side with the buyer and not the seller - so it's not a very high quality mediation.

The reason people are told to never send via Western Union is because that form of payment is overwhelmingly used by scammers, partly because it's irreversible but partly because it's one of the few forms of payment that work in the parts of the world where the scammers live.

CC Companies do not always side with the seller in my experience. I have fond memories of a few hours spent on the phone to my company which confirm this.

Look, guys, I'm not trying to ruin your spirits or bash bitcoin in any way. I simply thought it would make more sense to add some value to the currency first, before we both with trying to get anybody to spend it.

Yes, you're right. We could try to create our own banks, our own bitcoin credit cards, we could integrate bitcoin with visa, mastercard and all of the local debit cards in the world... but I think we will die trying. Without any real value in the system at least... why would visa/banks/anybody even look at us when the average value of the entire currency is only a few million bucks?

[casascius]

Most everybody's gold is held in a vault. You rarely get to touch it. But you don't have to. You know you can't take a bar and go buy a car. But you don't care.

I expect if I walked into a car dealership able to pay for a car in gold they would gladly accept it if it meant a sale.

Try it. Unless it's obviously 10x the car's value or something... they'll tell you to take it to a bank first.

Even if it was 10x the car's value. How would a car dealership know it was real 24k gold?

If it was recognized gold bullion coins and I walked in there and had a plausible reason for why I wanted to do the transaction that way, why should they say no and lose a sale?  They would do a thousand jumping jacks on the showroom floor upon request, or bring in a masseuse to rub you down while you signed the papers, if you seriously convinced them that's what it took for you to buy the car from them, as silly as it sounds.

How would the car dealership know it was 24K gold?  How do they know that when they hand me the keys for a test drive, I'm not going to just drive off and never return?  I'm sure they'd make sure they had some sort of recourse before accepting such a deal (after rolling their eyes etc.)

[mndrix]

Why try to change bitcoin from what it already is? A store of value.

Personally, I'm not looking for a store of value.  I want a low-cost, non-reversible, resilient means of Internet payment.  Bitcoin does that better than gold or silver, so that's why I work towards its success.

[Pieter Wuille]

Before something can be a store of value, it needs to have value. Gold gained this initially through being wanted for use in jewelry. The only way bitcoin can gain value, is by proving its worth as a useful (or even best) means of electronic payment.

[casascius]

Before something can be a store of value, it needs to have value. Gold gained this initially through being wanted for use in jewelry. The only way bitcoin can gain value, is by proving its worth as a useful (or even best) means of electronic payment.

Gold is useful for lots of other things, like plumbing, ductwork, electrical wire, and as a general anti corrosive coating.  It is useful for lots of things just like any other metal.  Only because of its high price does it not make sense to use gold for everyday things, and that high price is due to its rarity and value as money.

[MoonShadow]

Why try to change bitcoin from what it already is? A store of value.

Personally, I'm not looking for a store of value.  I want a low-cost, non-reversible, resilient means of Internet payment.  Bitcoin does that better than gold or silver, so that's why I work towards its success.

Indeed.  Currencies, in general, make for poor forms of savings.  That's not why they exist.  Bitcoin exists as an Internet cash equivalent, and if performs that function very well.  If you are looking for a store of value, there are much better choices.

[gohan]

Before something can be a store of value, it needs to have value. Gold gained this initially through being wanted for use in jewelry. The only way bitcoin can gain value, is by proving its worth as a useful (or even best) means of electronic payment.

This is a good point. Can bitcoin be a reliable store of value (as it currently is) without being supported by its use as a highly convenient electronic payment method? Can something be established solely as a store of value? Where does the value come from? I'm guessing it being a highly convenient store of value... But I can't wrap my head around it to be convinced that it can be enough...

[MoonShadow]

Before something can be a store of value, it needs to have value. Gold gained this initially through being wanted for use in jewelry. The only way bitcoin can gain value, is by proving its worth as a useful (or even best) means of electronic payment.

This is a good point. Can bitcoin be a reliable store of value (as it currently is) without being supported by its use as a highly convenient electronic payment method? Can something be established solely as a store of value? Where does the value come from? I'm guessing it being a highly convenient store of value... But I can't wrap my head around it to be convinced that it can be enough...

Bitcoin can be a reliable store of value, as can gold, silver, US Savings Bonds, or many other things.  There are investment vehicles that exist specificly as a store of value, such as US Savings Bonds, but even that isn't a certainty, and I can think of no such intentional structures that do not have counter party risk.  Commodities do not have counterparty risk if one takes delivery, but there are storage risks.

[db]

Horse breeders did not work on fractions of a percent.

And...

This isn't the 1800s.

So? Their margins don't matter if their costs are orders of magnitude higher and their services unreliable.

[gigabytecoin]

Most everybody's gold is held in a vault. You rarely get to touch it. But you don't have to. You know you can't take a bar and go buy a car. But you don't care.

I expect if I walked into a car dealership able to pay for a car in gold they would gladly accept it if it meant a sale.

Try it. Unless it's obviously 10x the car's value or something... they'll tell you to take it to a bank first.

Even if it was 10x the car's value. How would a car dealership know it was real 24k gold?

If it was recognized gold bullion coins and I walked in there and had a plausible reason for why I wanted to do the transaction that way, why should they say no and lose a sale?  They would do a thousand jumping jacks on the showroom floor upon request, or bring in a masseuse to rub you down while you signed the papers, if you seriously convinced them that's what it took for you to buy the car from them, as silly as it sounds.

How would the car dealership know it was 24K gold?  How do they know that when they hand me the keys for a test drive, I'm not going to just drive off and never return?  I'm sure they'd make sure they had some sort of recourse before accepting such a deal (after rolling their eyes etc.)

You're talking about minted gold coins there. Not gold bullion. Yes, a minted gold coin is legal tender. But that is not what I was referring to. I meant gold in terms of bullion/bars/what most of it is held in.

[gigabytecoin]

Why try to change bitcoin from what it already is? A store of value.

Personally, I'm not looking for a store of value.  I want a low-cost, non-reversible, resilient means of Internet payment.  Bitcoin does that better than gold or silver, so that's why I work towards its success.

I want all of this as well. I'm just saying I think it would be easier to tackle a simpler problem first (getting investment in this great idea) and more beneficial to all of our overall goals.

I guess this is one of those "what came first" conundrums... there are solid arguments for both sides.

[gigabytecoin]

Why try to change bitcoin from what it already is? A store of value.

Personally, I'm not looking for a store of value.  I want a low-cost, non-reversible, resilient means of Internet payment.  Bitcoin does that better than gold or silver, so that's why I work towards its success.

Indeed.  Currencies, in general, make for poor forms of savings.  That's not why they exist.  Bitcoin exists as an Internet cash equivalent, and if performs that function very well.  If you are looking for a store of value, there are much better choices.

Gold is not currency. Not typically at least. I'm talking about gold bullion. What most gold investors purchase and deal in. Nobody is seriously investing billions of dollars buying $500 gold coins...

[gigabytecoin]

Before something can be a store of value, it needs to have value. Gold gained this initially through being wanted for use in jewelry. The only way bitcoin can gain value, is by proving its worth as a useful (or even best) means of electronic payment.

This is a good point. Can bitcoin be a reliable store of value (as it currently is) without being supported by its use as a highly convenient electronic payment method? Can something be established solely as a store of value? Where does the value come from? I'm guessing it being a highly convenient store of value... But I can't wrap my head around it to be convinced that it can be enough...

What do billionaires pay bankers in Switzerland million dollar fees for? To store value for them, secretly.

So yes, simply being a safe way to store a value seems to be enough to sustain bitcoin alone.

And I'm not saying we should totally forget getting bitcoin accepted as a form of payment... but it will be much much easier a task once bitcoins are worth $10 to $100 each.

[Dobry Den]

Before something can be a store of value, it needs to have value. Gold gained this initially through being wanted for use in jewelry. The only way bitcoin can gain value, is by proving its worth as a useful (or even best) means of electronic payment.

This is a good point. Can bitcoin be a reliable store of value (as it currently is) without being supported by its use as a highly convenient electronic payment method? Can something be established solely as a store of value? Where does the value come from? I'm guessing it being a highly convenient store of value... But I can't wrap my head around it to be convinced that it can be enough...

The answer to this actually answers the OP question of why it's important that Bitcoin gains prevalence as an accepted method of payment.

What gives currency value is the existence and high-availability (currency liquidity) of transaction counterparties -- that somebody always wants to be at the other end of your transactions. The second you can't find a buyer for your Bitcoins or a seller that will let you buy into the Bitcoin system, Bitcoin no longer has value. After all, the value of a Bitcoin (like the USD->BTC conversion rate) is a direct measure of how many people want Bitcoin.

Until there's a commercial market for Bitcoins, all Bitcoin counterparties are fellow speculators and investors and the Bitcoin exchange is fueled by fickle things like novelty rather than reliable things like food and the human desire to buy things that we don't really need. The intrinsic value of a currency isn't its ductility or conductivity (i.e. gold) -- they are flatly irrelevant --, but actually the reliability and ease of finding a counterparty to your transaction. A commercial market is what entrenches the transactional reliability of a currency. It creates cycles of exchange and networks of trade that entrench and distribute the investment of the currency across a lot of people, which increases the chance that there's always someone out there that wants to trade with you.

[MoonShadow]

Why try to change bitcoin from what it already is? A store of value.

Personally, I'm not looking for a store of value.  I want a low-cost, non-reversible, resilient means of Internet payment.  Bitcoin does that better than gold or silver, so that's why I work towards its success.

Indeed.  Currencies, in general, make for poor forms of savings.  That's not why they exist.  Bitcoin exists as an Internet cash equivalent, and if performs that function very well.  If you are looking for a store of value, there are much better choices.

Gold is not currency. Not typically at least. I'm talking about gold bullion. What most gold investors purchase and deal in. Nobody is seriously investing billions of dollars buying $500 gold coins...

Who are you talking to?  It looks like you are trying to respond to me, but I didn't even address gold as a currency.

[MoonShadow]

Yes, a minted gold coin is legal tender.

Not by any definition of that term that I have ever heard.  Even an American gold Eagle isn't legal tender because of the gold content of the coin, but because of the face value stamped into the side of it.

[Timo Y]

I think it would be a much easier and saner a goal to achieve first (making bitcoin an accepted store of value), before we strain the community too much in trying to tackle an incredibly competitive payments market. I mean... those companies work on margins of fractions of a percent. They have ties with big banks and government, most of whom most likely won't want to deal with us - at first at least.

The fact that companies such as Paypal work on such tiny margins and still need to charge 2-3% transaction fees suggests that the whole industry suffers from systemic inefficiencies, and that a shake up is long overdue.

Bitcoin doesn't have the costs that those companies have, so it can always out-compete them in terms of transaction fees.  No bonuses, no middle management, no legal departments, no call centers, no red tape, no marketing costs, no office buildings, no dispute resolution, no chargeback, no cost from chasing fraudsters.

Sure, Bitcoin suffers from scamming too but these costs are carried by the scammed individuals, not collectively by all users as with Paypal and credit cards.  Bitcoin users rely on a reputation system and  take personal responsibility for how much risk they are prepared to take.   That also removes the moral hazard and reduces system-wide fraud losses.  Bitcoin users can also optionally use escrow, but again then they have to pay for the incurred costs individually.

 

Besides, we need people to have money invested in bitcoin in order to spend it first, right?!

The bulk of Bitcoin purchases hass been from investors so far.

[gigabytecoin]

Yes, a minted gold coin is legal tender.

Not by any definition of that term that I have ever heard.  Even an American gold Eagle isn't legal tender because of the gold content of the coin, but because of the face value stamped into the side of it.

Boy we're getting technical here!

Yes, that is what I meant. I live in Canada. In Canada, our mint sells "$100", "$200", "$500" gold coins... etc... they are 24k gold. They are worth a shit load more than $500 each. And they are legal tender. Meaning you can spend them anywhere - because technically they are worth $500 at a bank - (ie. for a car, which was my original argument) but you would be a fool to do so. They're generally collectors items.

Sorry I didn't explain myself better the first time around my southern friend!

[Steve]

Before something can be a store of value, it needs to have value. Gold gained this initially through being wanted for use in jewelry. The only way bitcoin can gain value, is by proving its worth as a useful (or even best) means of electronic payment.

Gold was valuable as jewelry only because it was rare...if gold was scattered all over our yards like dirt, we'd have given it no more thought than that which we give mud when we wipe it off our shoes.

[Dobry Den]

Yes, a minted gold coin is legal tender.

Not by any definition of that term that I have ever heard.  Even an American gold Eagle isn't legal tender because of the gold content of the coin, but because of the face value stamped into the side of it.

Boy we're getting technical here!

Yes, that is what I meant. I live in Canada. In Canada, our mint sells "$100", "$200", "$500" gold coins... etc... they are 24k gold. They are worth a shit load more than $500 each. And they are legal tender. Meaning you can spend them anywhere - because technically they are worth $500 at a bank - (ie. for a car, which was my original argument) but you would be a fool to do so. They're generally collectors items.

Sorry I didn't explain myself better the first time around my southern friend!

Haha, yeah. That's like spending old American coins (like war dimes) that were made with silver. You can still slot them into vending machines, even. But you're slotting away something worth far more than 10 cents.

It's more accurate to say that government-mandated coins are legal tender, and some of them happen to be made with precious metal!

[LoupGaroux]

To point out, bitcoin is very easy to use as a payment method because there is no need for bank details to send money, all you need is the receiver's address.

[Ahimoth]

To point out, bitcoin is very easy to use as a payment method because there is no need for bank details to send money, all you need is the receiver's address.

Because it makes a big impact. It makes bitcoin more known to people. And we the possibility of that because bitcoin is a digital.currency and we are now in the digital world wherein almost everyone is interconnected through the internet. So there is really a potential for bitcoin to be part of our everyday transactions.

[KingScorpio]

That seems to be the general consensus around here at least, is it not? That we need to focus on making bitcoin an accepted form of payment at as many institutions as possible. And ASAP.

Gold is the world standard in terms of holding a value.

But nobody can take their bar of gold to a store and buy a pack of gum.

Most everybody's gold is held in a vault. You rarely get to touch it. But you don't have to. You know you can't take a bar and go buy a car. But you don't care.

These qualities of gold are quite similar to bitcoin and it's intangibility.

I think we need to start thinking about catering to a more... swiss-bank-account-holder-type so to speak.

Let the world know that you can securely store your net worth and access it at anytime, for the cost of an average banking transaction fee and I would assume that investment into the bitcoin platform would skyrocket.

Why try to change bitcoin from what it already is? A store of value.

I think it would be a much easier and saner a goal to achieve first (making bitcoin an accepted store of value), before we strain the community too much in trying to tackle an incredibly competitive payments market. I mean... those companies work on margins of fractions of a percent. They have ties with big banks and government, most of whom most likely won't want to deal with us - at first at least.

Besides, we need people to have money invested in bitcoin in order to spend it first, right?!

because then actual fiat has been created, only a small fraction of bitcoin then have to be publicly sold, the other vast part is just being "earned"

regards

[AquaVitae]

Without people accepting Btc, there will be no future for it.
The more people accept something, the more they will use it.

First when car came, people did not accept it. There were demands to outlaw car, because it scared horses and people. It was seen as menace and annoyance. But with acceptance came wider use.

[Crypdon]

You forgot to add the problems with transaction times. Bitcoincash has solved this problem, but it is confusing to have 2 currencies with the same name doing the same thing. If bitcoin becomes lightning fast then it can be accepted as a form of payment in stores as well.

[nara1892]

Yes it's so important, because a layman would think bitcoin is money if the bitcoin itself can be spent, and of course it will raise the price of bitcoin in society, and the price will continue to rise later, especially if there is a discount for payment with bitcoin.
Unfortunately my country forbade it.

[killat]

I am using btc for trading and increasing my finance. Maybe, bitcoin is hard to compare with fiat money in some ways, but it is still popular. More and more people continue investing in it. I believe, bitcoin is a future of currencies and in the following years it can be widely used as a payment method.
 
The problem is that everyone wants to get paid in btc but no one wants to pay using it.

[Dudeperfect]

Bitcoin is a payment system in its core and that's how we should treat it but unfortunately, most of us are busy in earning from speculation activities and that is a kind of obstacle in the growth of cryptocurrencies as a payment system. I am not against speculation but I am of the opinion that we should use it as a payment system in the first place itself. However, I am optimistic that we will see Bitcoin accepted here boards around the world within next decade.

[squatz1]

Because once bitcoin is accepted as a means of payment this is when bitcoin is going to be able to be used as it was though to be, because Satoshi never wanted bitcoin to be an investment as it is now, he wanted it to be a global currency which was going to revolutionize the world.

At some point, this MAY happen -- but the world governments will make it hard. It's not going to be easy, and it's not going to be guranteed.

[singularity123]

what about Cardano? Does it envision it to be both store of value and payment currency?

[maxim4eg123]

Because Bitcoin has a big impact. This makes Bitcoin more familiar and helps in development. We know Bitcoin is the digital currency. We now live in a digital era where everything is connected to the Internet. There is a high likelihood of Bitcoin for each of our transactions, so it is important.

[ss890]

Why change it? From what it is today (A store value) thats the question you should ask Mr. Satoshi the creator of the bitcoin. It was never meant to be store value in the first place but human greed made it medium of earning huge bucks from it and letting the investment flood into it as means of earning more money.

Slowly people realised bitcoin always grow in value and thus if we just store it then we can make fortune out of it. Thats the thinking where everything went off the chart buddy. And it needs to be changed if we want devs to focus on real developments like making lightening network and making transactions free of cost.

[ajochems]

The purpose of bitcoin is created to be act as Global currency.But now in many countries bitcoin is used as asset.If the bitcoin is accepted one of the payment,their may be huge raise  in the price of bitcoin.But for this ,we don't have surety.If Bitcoin accepted as payment through out the world. It will be good news.

[nguyenhoven]

That seems to be the general consensus around here at least, is it not? That we need to focus on making bitcoin an accepted form of payment at as many institutions as possible. And ASAP.

Gold is the world standard in terms of holding a value.

But nobody can take their bar of gold to a store and buy a pack of gum.

Most everybody's gold is held in a vault. You rarely get to touch it. But you don't have to. You know you can't take a bar and go buy a car. But you don't care.

These qualities of gold are quite similar to bitcoin and it's intangibility.

I think we need to start thinking about catering to a more... swiss-bank-account-holder-type so to speak.

Let the world know that you can securely store your net worth and access it at anytime, for the cost of an average banking transaction fee and I would assume that investment into the bitcoin platform would skyrocket.

Why try to change bitcoin from what it already is? A store of value.

I think it would be a much easier and saner a goal to achieve first (making bitcoin an accepted store of value), before we strain the community too much in trying to tackle an incredibly competitive payments market. I mean... those companies work on margins of fractions of a percent. They have ties with big banks and government, most of whom most likely won't want to deal with us - at first at least.

Besides, we need people to have money invested in bitcoin in order to spend it first, right?!

Bitcoin is meant to be used for transactions, therefore it's absolutely crucial in long term that it starts being used as a currency. Right now it's used mostly for speculation purposes, which is not really that great

[BeGoods]

Because Bitcoin has a big impact. This makes Bitcoin more familiar and helps in development. We know Bitcoin is the digital currency. We now live in a digital era where everything is connected to the Internet. There is a high likelihood of Bitcoin for each of our transactions, so it is important.

Thats right dude, we live in a digital world even today to shop many people prefer to shop online because it is simpler and time-saving, but sometimes using bank payments will be difficult to do, if you buy online overseas. bitcoin is needed because any country accept it, so I really hope all online shop can accept payment with bitcoin..

[kangbasir]

Delivery of bitcoin is very fast and as the most important and profitable function that you will not get in other speculation instruments can take advantage of important access to financial services as a bridge out of poverty.

[Kprawn]

Who would have thought that OP posted this back in March 12, 2011 and that we would still be fighting over Bitcoin

being a Currency or Bitcoin being a Store of Value. Just imagine if we settled this argument back then and decided that it

should only be one of the two options. We would not have had such a vibrant Bitcoin Merchant network and a lot less trading

on exchanges, if we decided to only pursue one route. Why settle for ONE, if we can have our Bread buttered on both side?

Bitcoin is so much better than other Currencies and Commodities, because it can fit into both roles, without any troubles.