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Author Topic: How can we get people to use bitcoin as a currency?  (Read 24384 times)
ZoranLOP
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October 17, 2018, 05:55:05 PM
 #41

I don't see this happening anytime soon. Bitcoin's volatility does not allow this to happen. To become a literal currency, bitcoin must be stable.
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October 17, 2018, 05:59:34 PM
 #42

If I'm not wrong, payment processors like Bitpay convert to Fiat instantly so that there's no exchange rate risk for the Marchant to deal with. I think volatility in doing business entails a very big risk, so there should be price stability for Bitcoin.
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October 17, 2018, 06:43:01 PM
 #43

in my opinion, bitcoin cannot be a dollar like a dollar or general money. bitcoin is more of a different kind of exchange. if this equations can be messed up because the price is fluctuating. it's possible that bitcoin can be better known as a good medium of exchange compared to money in general.

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October 17, 2018, 06:44:47 PM
 #44

If I'm not wrong, payment processors like Bitpay convert to Fiat instantly so that there's no exchange rate risk for the Marchant to deal with. I think volatility in doing business entails a very big risk, so there should be price stability for Bitcoin.
You definitely took those words right out of my mouth. The risk is very high without price stability and instant conversion to fiat. Assuming I sold my goods at a higher bitcoin value and in the process of stocking back my store, the value has already dropped. Surely it will affect my purchasing power which can lead to less stocking of my goods. It is just simple economics, I will in no time end up in loss. Merchants need price stability, instant conversion to fiat and adequate knowledge of market behaviour.
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October 17, 2018, 08:04:51 PM
 #45

It has just began. People now are beginning to recognize and get into Bitcoin day by day  and in several countries it has been recognized as currency that Bitcoin is becoming means of transaction for purchasing and others. Of course it is need time to be have wider spread of the usage of bitcoin.
It began back when Silk Road was still operating, and ended shortly after that. We never managed to regain the share of actual currency use, and after so many years that's quite a disappointment in my opinion.

We need the lightning network up and running and people to shift their focus more towards Bitcoin being a currency instead of an investment tool. I am confident that our patience will pay off, but it could take a couple of years.

People in third world countries are the first to adapt to the change with how they really need it, and for that reason I expect most of the growth to happen on that front. Bitcoin is there to 'bank' the unbanked.

there are legit use cases for the unbanked, remittance, cross-border transactions where censorship is an issue, etc

but when it comes to being a general medium of exchange, we may still have to contend with gresham's law---and i think that's relevant in the case of consumer spending. if people can pay with fiat currency, that drives BTC out of circulation because "bad money drives out good". that is, people will want to save their BTC and spend their devaluing fiat currencies. i think that's the biggest obstacle to bitcoin being a ubiquitous medium of exchange.

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October 17, 2018, 08:58:11 PM
 #46

How can we get people to use bitcoin as a real currency and not just a quick way to get cash as a lot of people seem to do? When I say currency, I mean the literal definition of currency as something that is used as a medium of exchange.
Even online, there are only a few stores who are accepting it as payment.
I think it will be hard for us to get people to use bitcoin. I think if governments will intorduce bitcoin to its people. And there will be more and more companies, businesses and stores  accept bitcoin. Then thats the time more people will use bitcoin.

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October 18, 2018, 10:23:21 AM
 #47

As long as everybody has an access to the internet, then there's a possibility that BTC can be used by everyone. It is obviously a digital currency wherein internet is the basic and needed way.
Unfortunately, it is not everyone all over the world that would have access to the internet as some would be limited. Nonetheless, looking at the population with access to internet worldwide, it is huge and possibly we will get to see things developing further when it comes to adoption by these factions of people.

Bitcoin is still a working progress and there is no need to rush things, development has been ongoing, lightening network is believed would save the day in terms of scalability in the long run, and for sure, we will most definitely get to see a lot of improvement regarding adoption and usage as time goes by. Just a matter of time and patience!

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October 18, 2018, 02:36:01 PM
 #48

I think that tightening the state policy on citizens will lead to the widespread use of cryptocurrencies.
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October 18, 2018, 03:19:35 PM
 #49

I think that tightening the state policy on citizens will lead to the widespread use of cryptocurrencies.

Whiles it was initially being used as currency, most people have saw that there were lots of money to be made by simply buying and holding their bitcoins and because of that people less and less people are using bitcoins as the currency it was meant to be.



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October 18, 2018, 03:39:07 PM
 #50

Currently, Bitcoin does not fit the description of the reserve currency, although its popularity among a certain circle of investors is growing - many believe that Bitcoin will soon come out of the shadows and take its rightful place among other currencies.
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October 18, 2018, 03:45:22 PM
 #51

as long as there are merchants or stores providing the option to pay via bitcoin, the user or consumer who wants the payment option can make a transaction, but it can clash with government regulations.
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October 18, 2018, 03:56:47 PM
 #52

I don't think that we the consumers are the biggest problem here and I see that we are only partly the problem. We can only see Bitcoin as a regular means of payment when majority of the businesses starts accepting it like our credit cards too. After that we need to consider the fact that Bitcoin's volatility is more appealing to traders rather than to people who are really using BTC as a mode of payment. BTC being volatile will make a lot of people not comfortable using it as a daily payment because just by holding BTC they are subjecting themselves the possibility of currency losing its value in a fast pace.

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October 18, 2018, 05:27:59 PM
 #53

  I've always seen bitcoin more as an investment that has properties of a currency, but I've never been a big fan of actually using it as money. 

I think it is very honest and true statement I have seen from one of the senior most member of the forum.  Otherwise people do not dare being so honest accepting this truth.  And I think most of the people buy bitcoin with the intention of getting some profit when the price rise.  There may be rare cases when investor buying it for using as currency. 
 
Yes, while Bitcoin will grow in price, it will be loved, it will be popular and in demand. But one time they surveyed whether people would buy Bitcoin if they knew that it would not increase in price and a significant majority directly stated that they would not buy such Bitcoin, since it would not make sense, it would not be profitable.
Based on this, as soon as people understand that Bitcoin has stopped at its price and then it will no longer grow, its popularity and demand, and hence the price, will instantly fall.

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October 18, 2018, 06:20:31 PM
 #54

Currently, Bitcoin does not fit the description of the reserve currency, although its popularity among a certain circle of investors is growing - many believe that Bitcoin will soon come out of the shadows and take its rightful place among other currencies.
Yes.It will surely be a global currency in time.But for now,most of the people are treating bitcoin more of an investment rather than a currency.Since it is not totally adopted and legalized by most of the governments,it will be forever hold by the people and will only be spend when most of the merchants accept bitcoin already.

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October 18, 2018, 06:40:34 PM
 #55

I think bitcoin will not be suitable for businesses because of its volatility. Sad but it's true. I'd rather use bitcoin as an investment. I look on bitcoin like gold. The longer I hold the higher the price will be.
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October 18, 2018, 08:30:55 PM
 #56

How can we get people to use bitcoin as a real currency and not just a quick way to get cash as a lot of people seem to do? When I say currency, I mean the literal definition of currency as something that is used as a medium of exchange.
Even online, there are only a few stores who are accepting it as payment.

you should first pray for governments to regulate bitcoin because only with all governments regulating bitcoin it may be possible to use bitcoin as currency. Let's give an example, imagine if in my country bitcoin was regulated and I had the bitcoin debit card, I could buy many things using bitcoin, the markets could have machines that would allow me to buy things using bitcoin, the gas stations could have machines that allow me to pay for gasoline using bitcoin. but this is all possible if bitcoin is regulated by all countries.

I think bitcoin will not be suitable for businesses because of its volatility. Sad but it's true.

lack of regulations are the biggest problem we have today

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October 18, 2018, 09:09:09 PM
 #57

The first and most important thing is to educate peple, people should know the basic principles of Bitcoin. And i find it not very hard to explain, whenever i can , i try to expain people that it is not something which can be classified as scam or exclusively criminal.

The second thing is that venodrs should have crypto POS terminals for more convient purchases.

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October 19, 2018, 12:06:01 AM
 #58

How can we get people to use bitcoin as a real currency and not just a quick way to get cash as a lot of people seem to do? When I say currency, I mean the literal definition of currency as something that is used as a medium of exchange.
Even online, there are only a few stores who are accepting it as payment.

Its depend on mass adoption. If merchant accept cryptocurrency like bitcoin, i am believe we can use our bitcoin for payment but right now the obstacle in many country in on regulation. Many government still not issuing regulation for using bitcoin as payment

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October 19, 2018, 12:56:45 AM
 #59

How can we get people to use bitcoin as a real currency and not just a quick way to get cash as a lot of people seem to do? When I say currency, I mean the literal definition of currency as something that is used as a medium of exchange.
Even online, there are only a few stores who are accepting it as payment.

Its depend on mass adoption. If merchant accept cryptocurrency like bitcoin, i am believe we can use our bitcoin for payment but right now the obstacle in many country in on regulation. Many government still not issuing regulation for using bitcoin as payment
There are still many problems here that cause limited use of bitcoin for currencies so very few merchants accept it/ first is less adoption, so that merchants have not received many demand to accept payment with bitcoin. and second is regulation, regulation is needed, then merchants all over the world want to accept it, if that happens then it is very possible we use bitcoin like using fiat..
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October 19, 2018, 01:07:00 AM
 #60

Very little merchants are are accepting bitcoin
Bitcoin fee are to high still to use cards is cost less
yet another true is that bitcoiners are not likely to spend his bitcoins
Hold and trade is most popular
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