bitcoin is failing in replacing fiat in physical shops

[augustocroppo]

No one in his sane mind will devote "mining" for the sake of the Bitcoin network. It is a cost intensive operation and without a prospect of profit it is meaningless.

They will get the mining revenue. If you accept that some people will mine for profit, surely it makes sense that others will mine for profit and to help secure the network?

The only purpose of "mining" is to earn BTC. Help and secure the network is just a consequence of this purpose. Therefore you are right, everyone which "mine" could help the network. However, it is not the number of "miners" which have an impact on the security, but the hash rate which one controls to compete with each other. When business compete with each other, they will have to manage costs to operate the "mining" equipment. The whole operation is a liability and thus the need to be compensated with revenue. To increase revenue the "miner" will have to sell BTC in a volatile exchange market. However, as more "miners" compete with each other, more the liability increases. To increase the revenue, the "miner" will have to buy more equipment. But more equipment, more liability. The revenue generated by the equipment do not depend on the BTC obtained, but in how much it worth in the exchange markets. So as long the price of BTC in fiat money increases in proportion with the generated BTC, the liability could cover the revenue. If the liability is not compensated by the revenue, then game over. That is not good business.

Moreover, others are already in control of a big chunk of the network. So "mining" is not going to mitigate any risk because the final cost for the sellers are going to be higher than the expected benefit.

The more honest people mine, the harder it is for dishonest people to get a significant fraction of the network. I think (and hope) we'll return to the original vision of a large number of miners, each with a small fraction of the network; but instead of the myriad miners being fan boys early adopters running mining rigs in their bedrooms, they will be corporations and governments. And this will happen because as those corporations and governments increasingly depend on Bitcoin, they will also look into mining and see it as a strategic need as well as a potential profit centre and good public relations.

"Mining" has nothing to do with honesty but with money. The idea that people are "mining" because they are honest is ludicrous. Whatever entity decides to "mine" to secure the network will have to be ready to afford high levels of liability in their books.

[1714800233]

1714800233

[1714800233]

1714800233

[1714800233]

1714800233

[Raya]

The op has suggested that Bitcoin is "failing" and is not the same as failed already. Maybe the good question to ask is, how can we make it more successful? Run campaigns, marketing, intro classes? Anyone?

We can't Bitcoin has captured the eyes of millions and will only keep on spreading I just saw Bitcoin get mentioned on my local news.

[augustocroppo]

As an actual vendor who accepts bitcoins, this fiasco is tremendous fun.

Cash doesn't bring the drama like bitcoins

Good point. I think people generally like to pay for products/services without dramas.

[Lauda]

Bitcoin is used in Germany more than Zimbabwe dollars. I would say that makes Bitcoin bigger than a fiat currency in physical shops.

One should think about this more often.

[cbeast]

Bitcoin is used in Germany more than Zimbabwe dollars. I would say that makes Bitcoin bigger than a fiat currency in physical shops.

One should think about this more often.

"There can be only one." 

[Lauda]

Bitcoin is used in Germany more than Zimbabwe dollars. I would say that makes Bitcoin bigger than a fiat currency in physical shops.

One should think about this more often.

"There can be only one." 

"I'm the chosen one."

[Sniar]

theres still other altcoin around

[smooth]

Grocery stores solved this problem a long time ago, its called a check cashing card.

If you want to pay by check (at least in the days before automated check approval), you apply for a card, provide ID, address, possibly credit check, etc.  Once you have a card, you can pay with a check. If your check is no good, they know how to send to collections.

Likely to be the same thing for bitcoin, at least for purchases above some amount.

[RodeoX]

You are not more convincing when you use large type. In fact it looks foolish.

[cbeast]

Grocery stores solved this problem a long time ago, its called a check cashing card.

If you want to pay by check (at least in the days before automated check approval), you apply for a card, provide ID, address, possibly credit check, etc.  Once you have a card, you can pay with a check. If your check is no good, they know how to send to collections.

Likely to be the same thing for bitcoin, at least for purchases above some amount.

Both bitcoin and fiat are irreversible. They have nothing in common with checks. In fact, cash can be counterfeited while bitcoin cannot. You should require an ID card for cash as well. Bitcoin is the only money that doesn't have counterparty risk.

[smooth]

Grocery stores solved this problem a long time ago, its called a check cashing card.

If you want to pay by check (at least in the days before automated check approval), you apply for a card, provide ID, address, possibly credit check, etc.  Once you have a card, you can pay with a check. If your check is no good, they know how to send to collections.

Likely to be the same thing for bitcoin, at least for purchases above some amount.

Both bitcoin and fiat are irreversible. They have nothing in common with checks. In fact, cash can be counterfeited while bitcoin cannot. You should require an ID card for cash as well. Bitcoin is the only money that doesn't have counterparty risk.

Both check and bitcoin are reversible and subject to fraud risk for some period of time. For bitcoin that time is minutes for checks it may be days or weeks (or possibly even longer). But for the purposes of grocery store checkout the effect is the same.

[cbeast]

Grocery stores solved this problem a long time ago, its called a check cashing card.

If you want to pay by check (at least in the days before automated check approval), you apply for a card, provide ID, address, possibly credit check, etc.  Once you have a card, you can pay with a check. If your check is no good, they know how to send to collections.

Likely to be the same thing for bitcoin, at least for purchases above some amount.

Both bitcoin and fiat are irreversible. They have nothing in common with checks. In fact, cash can be counterfeited while bitcoin cannot. You should require an ID card for cash as well. Bitcoin is the only money that doesn't have counterparty risk.

Both check and bitcoin are reversible and subject to fraud risk for some period of time. For bitcoin that time is minutes for checks it may be days or weeks (or possibly even longer). But for the purposes of grocery store checkout the effect is the same.

In theory, perhaps. There have been many discussions about the possibilities of doubles spending, the costs to do so, and the risks of being caught. A business that had any volume would pay for their bitcoin processing that watches for double spend and finds them in a few seconds. Then again, there are always green listing services that some shops might require. It would be much easier to forge a check cashing card than double spending bitcoins.

[Jomppe]

Definetely I agree, the biggest disadvantage with bitcoin is the extremely slow confirmation.
There is always a risk of chargeback if you do not get even 1 confirmation.

Therefore, the merchants will not take bitcoin as their mean of payment (of course they take it if they are ignorant to this disadvantage or their business doesn't need fast ocnfirmation - for example buying a lamborgini - I can waite 5 hours in a shop if the seller wants enough confirmation but if I am buying groceries, there is no way I am willing to waite 10 minutes to get the first confirmation).

For these everyday transactions, the coin should have fast confirmations (not too fast though because too much speed causes orphan blocks).
WorldCoin is optimal - it can be seen as Bitcoin 2.0 and it is decentrilized (the difficulty is low enough for mining without large mining entities).
The money supply is fixed just like with bitcoin.
The transition from bitcoin to WorldCoin is extremely easy (however you need to prepare around 1 hour for this because it takes time to move bitcoins).
Just open an account to altcoin exchange (cryptsy, vircurex etc), transfer bitcoins, waite around 1 hour until bitcoins arrives and buy worldcoins and transfer them to your WorldCoin wallet - it will not take that long. 

[roslinpl]

Definetely I agree, the biggest disadvantage with bitcoin is the extremely slow confirmation.

extremely slow? sha256 is quite heavy. Number of transactions per minute is huge.
I think few minutes is not "extremly slow"