What to make bitcoin a popular payment method?

[EVOS]

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.

True, if only the bitcoin price can be stable and the use is clearer then bitcoin can be for payment. I'm really looking forward to the bitcoin updates and breakthroughs of bitcoin.

[kulsuma]

I think bitcoin has the three requirements but the thing that is hampering it from being a popupal method is its price inconsistency. We can bring the price to a consistent level and it may help in mass adoption of crypto.

[Wendigo]

I think Bitcoin is not ready yet to be considered a popular payment method. In its current state Bitcoin is more suitable as an investment vehicle rather than a replacement for fiat money. My opinion about the 3 functions when related to Bitcoin:
medium of exchange - very limited as only few retailers online or offline accept Bitcoin as payment
store of value - the price of Bitcoin fluctuates wildly and it would be hard to use it for small daily purchases like bubblegum, coffee, cigarettes etc.
unit of account - because the supply of Bitcoin is limited to 21 million coins there might be shortages of available coins in the future if more people would like to deal in Bitcoin. I think Bitcoin might need to be denominated in new subunits smaller than a satoshi in order to accommodate the increase in demand and/or price.

[Kakmakr]

You left out one:

Government Approval - Now, some people might differ from me on this statement, but the reality is, no unregulated "currency" will survive for long, without some kind of regulation by government. Yes, people might use it as a barter system, if it is not regulated, but you need proper regulations for it to succeed in the formal sector of the financial sector.

These companies need to deal with tax issues and auditing and they cannot use a currency that are not regulated. 

[Lexurdania]

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.

As store of value, bitcoin proven as good investment and give big return last year. As medium of exchange, bitcoin dont have regulation in many country and ban if used as payment. But in many country, bitcoin regulated and can be used as payment.
As Units of account, i think 1 btc equal with 100mil satoshi. So bitcoin has all those elements

[apilpirman.bisnis]

Only one reason why bitcoin have popular payment method in the world, bitcoin have fluactive price where some time bitcoin at lower price, but another time bitcoin was grow up to highest price. if you are save your money in bitcoin your money will increase to higher or to dump if bitcoin drop price. but when bitcoin have grow up your money will increase more.

[Msile]

I think the biggest thing that will be needed for Bitcoin to become a popular payment method is worldwide adoption. Without adoption Bitcoin will never become popular. And once it starts getting adopted people are automatically going to start using it as a payment method which will in short make it popular.

[cryptojohnn7]

Though crypto currency is not fiat currency based on this you can do many things with it but it has no physical value like fiat currency based on this many people do transactions because it created value already like fiat currency many countries have different policy based on this.

[nickmiller]

bitcoin is already on a good position as a investment place but yes I agree that it does able to gain the trust as payment sector it is because it is online currency and it price is not stable as cash that is why many people don't trust this system for paying their bills so for gaining trust of the users the main method should be acknowledged the commoners about it protocol and working policy.

[fndsr]

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.

one day maybe bitcoin can meet the three elements of the terms of the currency you submit if the government has legalized and formalize bitcoin into the official and legitimate currency to be used as a currency

[montgolfier]

it is not all about what do you need to make it possible, we just need to make people realize the huge opportunity to be part of the future they are lossing at the moment, that is all what they need to understand so far. This is the only way

[aliusonjelly]

We need to make bitcoin more popular with the use of banks but banks are not support to bitcoin.  ATM machine should have been introduce but this is not place in my country. If this is done it could  be known for long time

[Pasaway2701]

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

People find more stable value of something they to used for payment and have to government accepted it in the market aside from fiat. Bitcoin volatility stops it to be used and become an asset instead which seems to be much profitable rather than to used it immediately which needs high volume to meet the amount to pay.

[pixie85]

I think that to reach such level of adoption we need favourable laws and stable prices. Those are the two main factors that scare people off. Uncertainty of upcoming regulations and volatility. If you manage to get these two things under control people will choose Bitcoin over visa in no time.

[criptogenious]

That's an interesting post. Although Bitcoin has some existing technical problems, Bitcoin has been the most reliable and trusted cryptocurrency till now. And its community is still growing.

[Shirley Monizz]

I think bitcoin does not have enough of these three elements. It is currently only a means of exchange. The price of bitcoin is not stable so it can not perform the other two functions

[Yurkov]

If bitcoin will become more stable in coming months/ years it will make itself more and more usefull and more and more people will make it easier to use it for payments or transfers for something, for me this is a matter of time only.

[Cryptocb]

That is a very good development, because the world has been in Era of technology, which bitcoin currency is centralised every where in the world, with one value that leads equal amount of payment.

[harimauagam]

Because in the presence of bitcoin all this can be easily transact named currency in gital for this which has been permitted through the wallet .

[dumiya]

No doubt bitcoin fulfills all those elements. Bitcoin has a good recognition as payment method. It will be a popular payment method gradually when each and every business starts to accept it as a payment method.
Significant price volatility is a key issue for bitcoin as it may go unfavorable for businesses. Furthermore, there is no legal framework for most of countries and businesses may be reluctant to use bitcoin as a result. If these issues are resolved, bitcoin will be a very popular payment method.