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Author Topic: How can we get people to use bitcoin as a currency?  (Read 50779 times)
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November 09, 2019, 04:42:34 PM
 #921

The major stuff why people don't use bitcoin as real currency - not stability in price and it makes people scared to start to use cryptocurrencies in a daily way. In addition in some countries using cryptocurrencies prohibited.
People lack basic knowledge regarding the benefits of this technology otherwise the instability is not an issue at all. People are highly interested in huge profits and bitcoin is making this true for them. Sacred people shall read success stories of bitcoin users and if they don’t want to use it as a currency, they can like most of the world use it as mode of investment. We just need to spread knowledge about bitcoin.

 
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November 09, 2019, 04:51:33 PM
 #922

The major problem is that there aren't much vendors or merchants around the world that accept bitcoin as a mode of payment. Moreover, there are countries where crypto aren't even legal tender. Such things limit Bitcoin use as a currency. Moreover, the ROI that Bitcoin gives exceeds the returns from any other asset. So, people instead of using Bitcoin as a mode of payment, believe in holding it. I think, if there are enough merchants in the city who accept Bitcoin, there would be a boost in people using Bitcoin as a currency.

 
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November 09, 2019, 04:54:05 PM
 #923

The major problem is that there aren't much vendors or merchants around the world that accept bitcoin as a mode of payment.

There are not more because people dont spend enough Bitcoin. As soon as people will massively spend Bitcoin there will be tons of merchants accepting Bitcoin.  I personally used Bitcoin a lot in 2017. Right now I avoid that and rather buy more. But that is my strategy.

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November 09, 2019, 09:27:50 PM
 #924

I figured out myself, I was interested in cryptocurrencies from the first day I saw it. I tried to pass the word among people I know, but they didn't want to follow me. At that time Bitcoin price was $500, more or less, like you know the price fluctuates all the time. Now they regret, some of them openly, some hide it, but I can notice that.
People who like cryptocurrencies and understands them will join the community and they will find a way to earn and use cryptocurrencies. Others will accept it when the time comes and when they stay out of choice.

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November 10, 2019, 05:21:01 AM
 #925

I can see that the discussion got diverted from the original topic. The OP was asking how to encourage Bitcoin users to treat BTC as a currency, rather than as an investment asset. First of all, the transaction fee needs to be reduced to a sustainable level, if we want BTC to be used for payment purposes. With Paypal having a minimum fee of $0.30, do you think that a lot of people would be willing to pay $3 per transaction for using Bitcoin?
Many reply have give opinion out from what the OP ask with his topic, bitcointalk member want give opinion but have out from what writer want, bitcoin can use as currency if get allowed from government and people have use bitcoin with higher population, if still less people use bitcoin maybe not available if make bitcoin become as currency.

 
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November 10, 2019, 06:21:29 AM
 #926

I can see that the discussion got diverted from the original topic. The OP was asking how to encourage Bitcoin users to treat BTC as a currency, rather than as an investment asset. First of all, the transaction fee needs to be reduced to a sustainable level, if we want BTC to be used for payment purposes. With Paypal having a minimum fee of $0.30, do you think that a lot of people would be willing to pay $3 per transaction for using Bitcoin?
Many reply have give opinion out from what the OP ask with his topic, bitcointalk member want give opinion but have out from what writer want, bitcoin can use as currency if get allowed from government and people have use bitcoin with higher population, if still less people use bitcoin maybe not available if make bitcoin become as currency.

The governments will never allow Bitcoin to be used as a currency, because it represents a real threat to the respective national currencies and government's control over the population. They are tolerating the usage of cryptocurrency now, because it is mostly being used as an investment asset. If the usage pattern changes, then the attitude of the government may also change.

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November 10, 2019, 04:28:50 PM
 #927

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 are right in that if bitcoin does not function well as a medium of exchange it is doomed to be a pure greater fool game, as gold and other things are now. but something can only be a medium of exchange if all parties making a transaction agree bitcoin has some value. since the value must be present first, i’d argue the value is primary.

In my opinion Bitcoin can be, if not crippled by developers, the BEST medium of exchange ever created. i think that in itself can greatly magnify the size and resiliency of the user base and therefore the value of a bitcoin. making bitcoin the best medium of exchange it can be should be the top priority of the developers and we can say that while acknowledging that it's primary purpose is a store of value not backed by debt and bank bailouts.
Let me just say this then, bitcoin is already being used as a medium of exchange by some smart companies. It is just a matter of time. Before bitcoin really goes mainstream. At moment, it is more important to save people from financial crisis so bitcoin is doing that. In order to use money, we first need to hold it and for that bitcoin is serving the purpose of an investment. Everything happens at its right time.
Even those who are not using bitcoin have high hopes from this currency and the technology it uses. On daily basis there is news of multinational brands or companies using bitcoin for making payments or as means of investments which clearly depicts that bitcoin has acceptance by people. As you said, it is going to be used as both investment and mainstream mode of payments in the coming years.
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November 10, 2019, 05:37:01 PM
 #928

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.

If you want to encourage other from using bitcoin then you need to explain the advantage of bitcoin where you can help them from using it so at least they understand on why they need to use it.  There are a lot of advertisement of bitcoin that some of people do not know about this that's why some of they are don't interest on it because they not really know the idea on bitcoin.

 
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November 13, 2019, 08:26:11 PM
 #929

I can see that the discussion got diverted from the original topic. The OP was asking how to encourage Bitcoin users to treat BTC as a currency, rather than as an investment asset. First of all, the transaction fee needs to be reduced to a sustainable level, if we want BTC to be used for payment purposes. With Paypal having a minimum fee of $0.30, do you think that a lot of people would be willing to pay $3 per transaction for using Bitcoin?

Completely agree with you mate. Bitcoin cannot be used as a currency with exorbitant fees. It serves well as a store of value than anything else. Luckily, there are second-layer solutions in development with the purpose of reducing fees and increasing transaction speeds for enabling micropayments worldwide. If successful, you could expect Bitcoin to rival traditional payment processors as we know them. The main advantages of centralized payment systems are instant transactions and low fees. Once Bitcoin's Lightning Network becomes adopted massively by people in the mainstream world, it could stay in par with traditional payment processors.

But to drive mainstream adoption into Bitcoin, we need to do our part to promote it as much as possible. Talking about its benefits to other people is key towards long-term success. If we don't do anything about it, we can't expect mainstream adoption to come out of thin air. Right now, most people use Bitcoin for daily transactions on top of the Lightning Network. If we want micropayments within BTC to become viral, we should encourage other people into using the Lightning Network in the first place. Otherwise, people won't be aware that they can send instant transactions at a very low cost.

Nonetheless, as we spread the word about Bitcoin, people will become curious about how it works. Of course, governments and mainstream media have taken their part to talk about the negative aspects of the pioneer cryptocurrency. But that's where we come in as loyal supporters of the largest Blockchain in the world. As long as, devs focus on ease-of-use, people will be able to use Bitcoin as a currency more thoroughly. Just my thoughts Grin


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November 14, 2019, 09:26:18 AM
 #930

I can see that the discussion got diverted from the original topic. The OP was asking how to encourage Bitcoin users to treat BTC as a currency, rather than as an investment asset. First of all, the transaction fee needs to be reduced to a sustainable level, if we want BTC to be used for payment purposes. With Paypal having a minimum fee of $0.30, do you think that a lot of people would be willing to pay $3 per transaction for using Bitcoin?

Completely agree with you mate. Bitcoin cannot be used as a currency with exorbitant fees. It serves well as a store of value than anything else. Luckily, there are second-layer solutions in development with the purpose of reducing fees and increasing transaction speeds for enabling micropayments worldwide. If successful, you could expect Bitcoin to rival traditional payment processors as we know them. The main advantages of centralized payment systems are instant transactions and low fees. Once Bitcoin's Lightning Network becomes adopted massively by people in the mainstream world, it could stay in par with traditional payment processors.

But to drive mainstream adoption into Bitcoin, we need to do our part to promote it as much as possible. Talking about its benefits to other people is key towards long-term success. If we don't do anything about it, we can't expect mainstream adoption to come out of thin air. Right now, most people use Bitcoin for daily transactions on top of the Lightning Network. If we want micropayments within BTC to become viral, we should encourage other people into using the Lightning Network in the first place. Otherwise, people won't be aware that they can send instant transactions at a very low cost.

Nonetheless, as we spread the word about Bitcoin, people will become curious about how it works. Of course, governments and mainstream media have taken their part to talk about the negative aspects of the pioneer cryptocurrency. But that's where we come in as loyal supporters of the largest Blockchain in the world. As long as, devs focus on ease-of-use, people will be able to use Bitcoin as a currency more thoroughly. Just my thoughts Grin
Talking with bitcoin is not god as currency because higher fee I disagree with your ideas because only bitcoin have less payment fees with good service how faster payment using bitcoin as legal currency, just weakness of bitcoin is need time for confirmation transaction and stil illegal in many country for using bitcoin as currency payment.

 
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