daoquanghuan (OP)
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July 12, 2018, 07:13:44 AM |
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For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.
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Related
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July 12, 2018, 07:48:14 AM |
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Each country has its own rules, and if bitcoin meets the requirements of a country, then bitcoin is worthy of currency, this has happened in some countries, call it russia and nigeria.
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Direwolve735
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July 12, 2018, 07:57:51 AM |
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Bitcoin should become more stable in order to be a popular method of payment. Technically, crypto-currencies are not money, but information blocks. Their value isn`t tied to any economy of the world, and the trade and support of digital cash is carried out constantly and doesn`t depend on standard world trading sessions. Such independence has advantages, but this also frightens, since the price of bitcoin remains unpredictable.
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passioncrypto
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July 13, 2018, 06:56:42 PM |
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Bitcoin or Altcoins have the potential to compete with fiat currency. they can be treated as a method of payment and a safe storage of value. But before that the prices of the coin must remain stable, large fluctuation will not let crypto be a Safe storage of value. Also the government needs to approve the crypto in the country to be used as an alternative to fiat
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Sijan677
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July 13, 2018, 07:02:12 PM |
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Bitcoin should become more stable in order to be a popular method of payment.Bitcoin or Altcoins have the potential to compete with fiat currency. they can be treated as a method of payment and a safe storage of value.
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zxrcoin
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July 13, 2018, 07:16:06 PM |
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In order for bitcoin to become an actual method of payment bitcoin needs to be more stable. The huge fluctuation in price will actually discourage people to use it as a method of payment. Also the government needs to accept it and use the crypto currency as an aid to their economy.
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malekbaba
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July 13, 2018, 07:16:44 PM |
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Bitcoin should become more stable in order to be a popular method of payment.Bitcoin or Altcoins have the potential to compete with fiat currency. they can be treated as a method of payment and a safe storage of value.
We are talking about decentralized money and still we want to regulate it ? It is like we are standing under open sky on a shiny day and want to dry up our sweat ! Bitcoin is getting popularity and it is safest if you know how to deal with it. And if you talk about potential, Both fiat and crypto have potentials. They will not replace each other. rather they will be side by side. The more you will educate your community about crypto, the better. And Crypto will become popular globally |
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veleten
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July 13, 2018, 08:10:25 PM
Last edit: July 14, 2018, 10:51:55 AM by veleten |
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well,Bitcoin need operations per second more than anything at the moment
you cannot compete with VISA or Mastercard or any other payment system if you can only manage 3-7 transactions per second
while your future competitors do 3000 per second already and capable of > 56.000 per second
Lightning network is here to alleviate this bottleneck,but it is more on paper rather real life implemented
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dothebeats
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July 13, 2018, 08:45:03 PM |
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In specifications, yes, bitcoin fulfills all three of these. However, due to the fact that there aren't enough places to spend bitcoins and use them as currency, it cannot display how good and effective it will be as such. Due to this, people outside the ecosystem think that bitcoin isn't an effective means of payment because there aren't sufficient data existing about the reliability of the coin. Most retailers and services who removed bitcoin on their method of payment feel that it's tanking because it's not wante, but that's not the case in actuality.
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sakahayang
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July 13, 2018, 09:10:23 PM |
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For something that can become a popular means of payment, you need the following:
Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system.
Do you think the bitcoin has all three of these elements? I am looking forward to the bitcoin will become a popular payment method in the future.
If we look at the criteria given then Bitcoin has entered into the three criteria tersebut.namun if we see the third criterion, Bitcoin will be difficult to measure value in the economic system, because the price can change in seconds. if we want Bitcoin to be a measure of value in the economic system then the bitcoin value must remain constant, just like its Gold. |
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Fishthatgirl3
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July 13, 2018, 09:22:02 PM |
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Many factors.
We need a stabler price for bitcoin. It fluctuates too much that I dont think anyone dont check the price to see if he or she should sell bitcoin before even send a bitcoin payment.
We need the goverments to accept bitcoin being used.
We need banks to accept their customers to deposit and send money to buy bitcoin.
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tunapa
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July 13, 2018, 09:26:18 PM |
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I believe Bitcoin has this and many more still needed. But I think a important factor that can rapidly make Bitcoin a popular payment method is if the ruling/government bodies can control and be in charge of it such that they make rules and modalities that others follow just like the fiat system, then Bitcoin will surely be a popular method of payment.
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darkangel11
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Don't let others control your BTC -> self custody
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July 13, 2018, 09:38:58 PM |
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I think that the main problems used to be popularity, availability, transaction cost and transaction price. Transaction price has been mostly fixed by segwit, transaction time will be fixed by the lightning network, I believe we are doing good as far as popularity is concerned, but the availability is still slacking. IN many countries you just can't easily buy your coins due to various bans and restrictions, Internet and power shortages, lack of safe exchanges. It will take more time, but it should happen eventually.
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batang_bitcoin
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July 13, 2018, 10:44:52 PM |
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Do you think the bitcoin has all three of these elements?
Not only those three criteria but even more such as fast, reliable and has a cheaper fee than the usual payment method. I am looking forward to the bitcoin will become a popular payment method in the future.
Today it's one of the most popular alternative payment method that online stores are adopting, not all but more of them are getting into it right now. This is just the start of bitcoin's popularity not only as a payment method but also as an asset. |
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charlzyeby
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July 13, 2018, 11:18:14 PM |
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Bitcoin being a currency depends on how many people actually get to buy and sell with the bitcoin in their possession. People in the bitcoin market have to accept bitcoin as a form of payment for their services. We don't have to look at governments to give permissions for bitcoin to be legal tender. It is the money of the internet; no one can stop bitcoin from being used as a currency.
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gobingo
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July 13, 2018, 11:31:01 PM |
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I think that makes bitcoin a very useful and very necessary payment and can be done anytime with a place that can connect in the internet network.
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Catmony
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July 13, 2018, 11:32:43 PM |
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Store of Value : YES
Medium of exchange : YES
Unit of Account : YES
Bitcoin has much more than above features like anonymity, personal privacy, financial freedom etc to make it perfect payment method.
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thepers0n
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July 13, 2018, 11:33:18 PM |
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I believe that the payments using Bitcoin and other altcoins is much easier and I don't have to convert local currencies into another and I can send them all around the world. But governments have their own interests and they want to see local money more stable and stronger
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bedulook
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July 13, 2018, 11:53:36 PM |
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Bitcoins has fulfilled all the properties you mentioned to make it a popular payment method, the only obstacle is government full acceptance of it as a mainstream currency.
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Indrawan77
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July 14, 2018, 12:58:55 AM |
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Bitcoin is a great currency and suitable to become a top payment method, but for now the government still hesitate to used it because of the anonymity, the local shop still hesitate because of the fluctuative price, and some of us still hesitate because the speed and the transaction fee, there are still many things that need to be solved before bitcoin could become payment currency, but with further development and support I believe one day it could become the number one payment method
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