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Author Topic: Bitcoin impracticable payment. What is the solution?  (Read 190 times)
goldencrypto7100
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August 15, 2018, 07:02:18 PM
 #41

Actually we should not use bitcoin in buying pizza and food items etc. as it has not so much popular now. This will take time to happen. Moreover you can use gift cards for buying presents etc.
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August 15, 2018, 07:30:40 PM
 #42

Actually we should not use bitcoin in buying pizza and food items etc. as it has not so much popular now. This will take time to happen. Moreover you can use gift cards for buying presents etc.

finance purpose of bitcoin is for mass adoption. including for paying retail merchant
the future you will understand what is  bitcoin lighting and why many poeople still believe in bitcoin Smiley
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August 15, 2018, 08:20:31 PM
 #43

You need to be very patient, all these practicality as a payment method, cheaper transfer and ease of sending Bitcoin will come with time. It is still in the developmental stage and slowly getting matured with time. All we need to do is wait for the right time when such technology will be there for Bitcoin to accept as a payment everywhere around the world.
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August 15, 2018, 08:59:55 PM
 #44

Bitcoin had a huge transaction cost back in 2017 and early 2018. This has been brought to a minimal amount after numerous development and updates. It will surely take time to develop new technology but new modes of payments are being introduced. Experts say that investing in bitcoin now is like investing in google and apple back in 2005. So have patience.
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August 15, 2018, 09:41:05 PM
 #45

Right now if you want to buy a pizza with Bitcoin, you will have some problems, the delay it will take and the fees will make it impossible.

https://lightning.network

This seems to be a solution. What is your though about this? Is this going to be as secured and anonymous? Where are the source of this technology?
Lightning network is a solution but how secure is it? To general people it might seem like a normal integration with blockchain, but do keep in mind that the transaction takes place off the blockchain! The lightning network does not have the same trust guarantee like the main bitcoin blockchain. And do keep in mind that the lightning network do need somewhat of central authority to work.


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cryptoVinc5599
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August 15, 2018, 09:54:55 PM
 #46

I cannot completely agree with you here as Bitcoin still has a cheaper transaction cost but yes, you need to purchase products or services in bulk for that. Small transactions might prove to be costly. But, hopefully, with time, all the features of Bitcoin will come to a favorable state for everyone to accept it as a ideal payment method.
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August 15, 2018, 09:58:59 PM
 #47

Well, if the SEC regulation continues or there will be another set of regulations of bitcoin, then that will solve your issue Smiley. What I meant from solve is that, they will create way for the tx will be faster.

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August 16, 2018, 01:48:42 AM
 #48

Right now if you want to buy a pizza with Bitcoin, you will have some problems, the delay it will take and the fees will make it impossible.

https://lightning.network

This seems to be a solution. What is your though about this? Is this going to be as secured and anonymous? Where are the source of this technology?

If bitcoin developer cannot reduce the blocktime and fees, then the solution is simple. Just use another coins with a fast speed and cheap fee.
Litecoin is one of them. With a same algorithm to mine, it is the Lite version of bitcoin.

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August 16, 2018, 02:28:04 AM
 #49

you're right, lightning network helps bitcoin transactions, becomes faster and fees become low.

You must understand that lightning has a basic element component, that is LND and BTCD.

I talked a little about lightning network daemons or LND. and LND functions as the main software that drives lightning network, and this is a basic component source.

LND functions to control data, create connections for each node, make and close transactions, and many other functions. and then the LND will need BTCD.

goldencrypto7100
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August 16, 2018, 10:44:26 AM
 #50

Bitcoin isn’t usable in every field till now. If you want to buy a pizza by bitcoin then it will create a problem because pizza companies don’t allow bitcoin as payment. For the regular purchase, you have to depend on the traditional payment system at least for now.
bitcoinhero777
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August 16, 2018, 11:13:27 AM
 #51

You should not buy a pizza by using bitcoin as payment method. It is not acceptable by many companies. You can use bitcoin where other party will take it without any hesitation and there would be no problem. Many businesses find it risky to accept bitcoin as payment.
Demonster
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August 16, 2018, 11:38:10 AM
 #52

If you find it problematic to pay for a pizza by bitcoin then you should not use it. Bitcoin hasn’t placed that position that a pizza maker will receive payment as bitcoin. You should look for the things that is directly associated with bitcoin.
Lionheart001
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August 16, 2018, 11:48:15 AM
 #53

It's not advisable using Bitcoin to make small payments. It's possible, but it is costly and slower. There has to be a way out though. I have not read much about lighting network. But is it ever going to be implemented? Only time will tell
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