How can we get people to use bitcoin as a currency?

[SnowAugustine]

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.

[Dukjila]

Bitcoin BTC can be a currency only if its price is stable.

[The Sceptical Chymist]

Bitcoin BTC can be a currency only if its price is stable.

Not necessarily.  If I'm not mistaken, payment processors like Bitpay convert to fiat instantly so that there's no exchange rate risk for the merchant to deal with.  But volatility certainly does prevent businesses from actually accepting bitcoin (as opposed to bitcoin that's converted to fiat by the payment processor).  It obviously wouldn't be good for any merchant if they got a payment in bitcoin and then the price crashed shortly thereafter. 

As far as what we can do to promote bitcoin as a currency, I'm not sure there is much the average person can do aside from lobbying businesses (especially the big ones like Amazon) to do so, and my guess is that a lot of them don't want to be associated with an anonymous currency that's frequently linked in the media to criminal operations like Silk Road and whatnot.

Also, there are a lot of us bitcoin enthusiasts who don't want to spend it on mundane items or services where fiat will do just fine.  Why run the risk of missing out on making a profit if bitcoin starts to take off just because you wanted to spend it on computer equipment at Newegg or something like that?  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.  Thus I'm not concerned that most businesses don't accept bitcoin.  If it stays that way, I'd be totally fine with it.

[Dukjila]

Bitcoin BTC can be a currency only if its price is stable.

Not necessarily.  If I'm not mistaken, payment processors like Bitpay convert to fiat instantly so that there's no exchange rate risk for the merchant to deal with.  But volatility certainly does prevent businesses from actually accepting bitcoin (as opposed to bitcoin that's converted to fiat by the payment processor).  It obviously wouldn't be good for any merchant if they got a payment in bitcoin and then the price crashed shortly thereafter. 

As far as what we can do to promote bitcoin as a currency, I'm not sure there is much the average person can do aside from lobbying businesses (especially the big ones like Amazon) to do so, and my guess is that a lot of them don't want to be associated with an anonymous currency that's frequently linked in the media to criminal operations like Silk Road and whatnot.

Also, there are a lot of us bitcoin enthusiasts who don't want to spend it on mundane items or services where fiat will do just fine.  Why run the risk of missing out on making a profit if bitcoin starts to take off just because you wanted to spend it on computer equipment at Newegg or something like that?  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.  Thus I'm not concerned that most businesses don't accept bitcoin.  If it stays that way, I'd be totally fine with it.

I think that volatility in doing business entails a very big risk, so there should be price stability for Bitcoin.

Volatility is a profitable tool in the hands of a talented trader.

[virendarnagpal]

  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. 
 

[pawel7777]

<snip>

I think that volatility in doing business entails a very big risk, so there should be price stability for Bitcoin.
...

It's like you don't even read the posts you're replying to...

...Why run the risk of missing out on making a profit if bitcoin starts to take off just because you wanted to spend it on computer equipment at Newegg or something like that?

IIRC during the first big pump of 2013 to above $1,000 number of bitcoin purchases went up as well. It make sense, people tend to cash-out at least partially, when they think pump might have reached its peak, and buying stuff with bitcoin is just another way of cashing out. ie. when you plan on buying specific item with your gains, instead of going BTC-->USD-->item, you could go directly BTC-->item (and save up on trading fees).

The biggest (by far) reason people don't use bitcoin as a currency, is lack of people earning regular (or any) income in bitcoins, and no one seems willing to go through the hustle of buying bitcoins just to spend it - there would have to be solid incentive for that.

[Zackgeno96]

People will only consider using Bitcoin as a mainstream currency when it is completely accepted in the financial market. Currently, the coin is banned from so many countries which is not great for being a currency.
Also, the coin is currently too volatile to be a mainstream currency and hence is not a trustworthy exchange means. The coin has to be more stable for the people to do so.
Right now, the coin is a great investment asset to earn good profit returns but is not fit to be a currency.

[DaftAjax]

People will only consider using Bitcoin as a mainstream currency when it is completely accepted in the financial market.

I think it is already accepted in the financial market as there are transactions that are like 'BTC > item' directly, but in specific countries only (imk). So being accepted in the financial market is not the only thing to be considered for it to be available as a mainstream currency.

Also, the coin is currently too volatile to be a mainstream currency and hence is not a trustworthy exchange means. The coin has to be more stable for the people to do so.

I don't think trustworthy is right word to describe it, it is as if you're saying that BTC is a scam. True, stability is the right way for a lot of people to be confidently use it. But the thing is, its volatile given that its decentralized - achieving that goal is gonna be bumpy road.

Right now, the coin is a great investment asset to earn good profit returns but is not fit to be a currency.

Its volatility is a great perk to any skilled traders. Though its a cryptocurrency, I don't think it would want to be the same exact purpose or meaning as a 'currency'

[Thanasis]

Stop talking about bitcoin as investment start saying bitcoin as currency is the first the step all have to do if we want the bitcoin to be used as currency because we all are using bitcoin for making money in short or longer term then how it will be a currency in mainstream.More people have to spend their crypto rather than holding it will paves way for bitcoin currency.

[djselery]

Bitcoin is already a currency but it is not yet really used like the fiat currencies. The reason is that it is not yet supported everywhere as a payment method either online or offline. That is why people still considering Bitcoin mainly as an asset, they trade and hold it for making good profits.

[Fuhre]

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.

The initial principle attached to Bitcoin is that the currency that Satoshi Nakamoto launched to advance from fiat before and its usefulness made it very easy for users, what happens now is that there are still no deeper Bitcoin recognized by countries that have a big influence on the economy, legality it is still not clear that there are several marketplaces that use crypto as a payment tool but it is not known globally, maybe over time it can happen but does not replace Fiat just as an alternative to be easier, being a medium of exchange can be used by certain people so don't too worried about that, Bitcoin is very good as a profitable digital asset in the future.

[Tcpark]

It will be time, all people in next 10-15 years will turn out in to crypto users. Just buy pop corn and watch...

[figmentofmyass]

Bitcoin BTC can be a currency only if its price is stable.

Not necessarily.  If I'm not mistaken, payment processors like Bitpay convert to fiat instantly so that there's no exchange rate risk for the merchant to deal with.

but i guess that sidesteps the whole "medium of exchange" question. if you need a third party to convert it into an actual medium of exchange, we haven't answered the OP's question.

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.

merchants will only use it if consumers actually use it. that's why lots of merchants have waffled on accepting bitcoin over the years. there just isn't much consumer demand. people are happy to use credit cards or cash apps. in most cases, i personally prefer credit cards over bitcoin---i get cash back and i have consumer protection.

sometimes i wonder how much of bitpay's volume is just investors taking profits by spending. i can't imagine many people buy bitcoins just for the sake of spending them on consumer goods that are available anywhere.

[odolvlobo]

My expectation is that it will continue to grow as a currency. As its adoption grows, it will lose its potential as a speculative investment, which will make it even more attractive as a currency. Contrary to what many people might think, there must be a limit to its future value, and once it reaches that value, there will be little motivation to own it as an investment.

[LeGaulois]

Bitcoin is already a currency but it is not yet really used like the fiat currencies. The reason is that it is not yet supported everywhere as a payment method either online or offline. That is why people still considering Bitcoin mainly as an asset, they trade and hold it for making good profits.

What people do with a currency is another story. It won't change as long people have no advantage using it and/or no use of it. Why would a person moves to use 100% bitcoin if it doesn't give him something new (a low cost,...) and the same question if no shop accepts the crypto. It's all about getting an ecosystem to build around.

[Pinkris128]

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.

It came from you, currency is what you can used as a mode of payment but only few accepts it. The answer was when bitcoin become centralised and supported by the government you can easily used it as a payment of what you bought but for now its not because it was decentralised.

[1Referee]

What people do with a currency is another story. It won't change as long people have no advantage using it and/or no use of it. Why would a person moves to use 100% bitcoin if it doesn't give him something new (a low cost,...) and the same question if no shop accepts the crypto. It's all about getting an ecosystem to build around.

It is, but the problem with people here is that they are waiting for things to happen on their own, and it doesn't work that way. It's all about supply and demand; if the users (who represent the demand) aren't in the mood to spend their coins, why should merchants even bother accepting it?

I can guarantee you that Bitcoin (or basically any other crypto currency) causes more frustration for merchants than actual benefits. If a payment for whatever reason doesn't go through on time, people will contact the merchant in question, and what the heck is the merchant going to do? The merchant will then need to contact its payment gateway, etc. In other words, too much hassle for no reward at all.

The worst thing is that we haven't booked any progress throughout the last years in making Bitcoin become more of a currency.

[Fenderr]

I think the ease of getting bitcoin will actually help a lot in increasing the usage of Bitcoin as a currency and means of exchange. At present, the safest way of getting your hands on some Bitcoin is through exchanges, this is not ignoring or denigrating P2P arrangements in any way. If there are Bitcoin ATM in major cities, I understand there's a project called UniFox planning such, then it'll be easy to buy bitcoin and use them for transactions.

Secondly, another way to get people to use Bitcoin is to actually make people earn in Bitcoin (the attendant challenge with this being volatility/price fluctuations). But if people actually earn in Bitcoin, then they don't have to first convert their fiat to Bitcoin, before using them for payments and transactions or even investments needs.

[dothebeats]

This has been a rhetorical question for quite some time now, and as what I'm always saying, we need more places to spend, not the volatility to be gone. Bitpay and similar services exist, so there's really not enough reason for merchants to be scared of volatility if there are processors who handle those said issues. Most of the time, people use bitcoin for speculative purpose since the incentive is always present for them; opportunity to profit is never absent, but the places to spend those bitcoins are nonexistent, so they are only left with one economical and practical choice.

[PsylockReborn]

Volatility of bitcoin's value hinders it to become a currency. Bitcoin will never be deemed as a currency because of its fluctuating value. People are using bitcoin as an investment vehicle due to its unpredictable value that could potentially skyrocket in the near future due to its increasing mining difficulty and demand.

Bitcoin will forever be a great store of value and not a currency in the future. Maybe new crypto will become one but not bitcoin.