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Author Topic: Why would people want to adopt Bitcoin as a payment option?  (Read 2019 times)
Kakmakr
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October 30, 2018, 05:28:14 AM
 #1

We live in a world where we are bombarded with choices and the same goes for payment methods. We currently have a veriety of different payment methods, like : Credit Cards / Debit Cards / PayPal / Payment processors /  Charge cards / Prepaid cards / Phone and mobile payments / Money orders / Online Banking ePayments (OBeP) / Cheque and Crypto currencies.

looking at the wide selection of options on the table, would you be able to motivate people to adopt Bitcoin, over any of the other options?

What sets Bitcoin apart from these other options and how would you differentiate between these payment methods and Bitcoin? What makes Bitcoin better?

Let's discuss.  Wink

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October 30, 2018, 05:36:10 AM
Last edit: October 30, 2018, 05:49:51 AM by Coyster
 #2

It's volatile nature puts it at a huge advantage,due to the fact that the seller(merchant) could be in for far more than the actual price based on a rise in the price

But that's a two way dilemma and the actual reason why merchants accept payments through a processor(which converts to Fiat),due to the instability in the price of the bitcoin

But notwithstanding I'll encourage people to accept payments in the bitcoin firstly because of its safety,every transactions carried out would be recorded in the blockchain technology,so in case of any mishap whatsoever,the technology could serve as a reference,as this recorded information is unalterable..

It's security is another reason why I'll endorse the currency,its digital,so huge sums do not have to be carried physically to avoid theft
Every payment is made online, and in any case of unfriendly transactions a third party trusted escrow service could be added in the transaction...

It's an asset/investment:Merchants and anyone really who wishes to accept the bitcoin can look at it as a currency whose value is not stable and whose price could rise astronomically considering the demand/supply of the currency
So storing up bitcoins as a merchant or seller/dealer automatically makes you a bitcoin investor
And if patient,you could make huge profits

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October 30, 2018, 05:49:06 AM
 #3

We live in a world where we are bombarded with choices and the same goes for payment methods. We currently have a veriety of different payment methods, like : Credit Cards / Debit Cards / PayPal / Payment processors /  Charge cards / Prepaid cards / Phone and mobile payments / Money orders / Online Banking ePayments (OBeP) / Cheque and Crypto currencies.

looking at the wide selection of options on the table, would you be able to motivate people to adopt Bitcoin, over any of the other options?

What sets Bitcoin apart from these other options and how would you differentiate between these payment methods and Bitcoin? What makes Bitcoin better?

Let's discuss.  Wink
People still use these payment methods as a habit. It has the advantage of being easy to use, with more people using the same payment and transaction will be easier.
Bitcoin is better because it is a great value currency, in addition its trading methods have the necessary advantages compared to the remaining trading methods such as tax, decentralization, anonymity.

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October 30, 2018, 05:49:48 AM
 #4

4 of the biggest reasons in my opinion are:
- decentralization
which means there is no need for third parties and their fees. also there wounld't be any kind of restrictions in your usage.
- privacy
you don't have to provide your identity to the vendor just to buy a small item!
- global
obvious
- no charge back
this is great for merchant protection against all the frauds that take place with traditional payment systems.

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October 30, 2018, 05:52:19 AM
 #5

The blockchain technology is transparent and open source, meaning the buyer and seller are both in charge of the transaction and do not have to depend on any other factor to effect the payment - decentralization.
This makes daily payments very easy to monitor and record.
It's also cheap with low transaction fees.

Also it is borderless and not restricted to any nation or region.
Hence, you can buy pizza for someone living in Europe from Africa.

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October 30, 2018, 06:21:06 AM
 #6

4 of the biggest reasons in my opinion are:
- decentralization
which means there is no need for third parties and their fees. also there wounld't be any kind of restrictions in your usage.
- privacy
you don't have to provide your identity to the vendor just to buy a small item!
- global
obvious
- no charge back
this is great for merchant protection against all the frauds that take place with traditional payment systems.

Ok, this is the first response that adds a lot of value to the discussion. Decentralization is only beneficial, if people know the advantages of using a decentralized network. <We should educate people, so that they can see the advantages>

Privacy only becomes an issue, when it is taken away from you and if you are aware of that.

The "No Charge Back" feature is a huge bonus for merchants, but it is also a huge bonus for scammers. <If you transfer bitcoins to a scammer, you have no way to get it back.>  Roll Eyes

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October 30, 2018, 06:30:42 AM
 #7

What about time? if i do a bank wire , it will arrive in couple days, and not working sat and sunday. with bitcoin it takes 30 mins, and with LN will takes 5 seconds.
What about fees? if i do a bank wire from usa to china i will pay a lot. with bitcoin i will pay couple cents.
What about security? bitcoin are mine, usd/eur/punds not, absolutely not. you borrow them to bank.
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October 30, 2018, 06:39:58 AM
 #8

As of the moment people are not using bitcoin as a mode of payment but an investment vehicle. There are only a few who truly uses bitcoin as a mode of payment.

Aside from the fact that bitcoin will eliminate cross border fees, it is really convenient using bitcoin as mode of payment for it has no other paper works involved. All you need to do is just have the bitcoin address and then your good to go sending and receiving money anywhere in the world. The convenience of the transaction is the main reason why people should adapt to this technology as a mode of payment.

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October 30, 2018, 06:40:54 AM
 #9

looking at the wide selection of options on the table, would you be able to motivate people to adopt Bitcoin, over any of the other options?

What sets Bitcoin apart from these other options and how would you differentiate between these payment methods and Bitcoin? What makes Bitcoin better?

Let's discuss.  Wink

What makes Bitcoin better is that it's actual money. It has a complete economic design that incentivizes strong security and therefore encourages transaction/network liquidity without trusted intermediaries. It's probably a better place to store your money -- Bitcoin isn't subject to bail-ins or bailouts. In fact, that's why it makes sense to use fiat payment options sometimes so you can save your bitcoins. Wink

For any given transaction, Bitcoin isn't necessarily a better "payment option." For merchants, irreversibility is great! For consumers, less so.

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October 30, 2018, 06:58:18 AM
 #10

I think that two things make bitcoin not very user-friendly for the average Joe,who is completely new to the crypto world.
1.All those 0.001btc type of transactions and payments are confusing for people that use $5,$12 or $250 payments.
2.The 34-characters bitcoin addresses can be confusing as well.It's way simpler to just use your Paypal email.
Anyway,we can't change this.

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October 30, 2018, 07:07:07 AM
 #11

That is Utopia.
Nobody is ready to pay 5$+ fees for small purchases: a cup of coffee or hamburger. For these purposes - other cryptocurrencies should be invented (low fees, fast transactions and where your crypto wallet tied to the usual card).



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October 30, 2018, 07:12:29 AM
 #12

What about time? if i do a bank wire , it will arrive in couple days, and not working sat and sunday. with bitcoin it takes 30 mins, and with LN will takes 5 seconds.
What about fees? if i do a bank wire from usa to china i will pay a lot. with bitcoin i will pay couple cents.
What about security? bitcoin are mine, usd/eur/punds not, absolutely not. you borrow them to bank.
I agree. Bitcoin can exchange with different currency easily and transact anytime when it suits you. Using bitcoin as payment makes you transfer easily without any hassle and you do not need to go outside to pay. Though it is very volatile but if it is the only money where you can depend, you can transfer it more faster.

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October 30, 2018, 07:15:51 AM
 #13

cards are based on cash economies which are controlled by governments and bankers. To get away from it we need to push for a decentralised economy based on something like bitcoin, which needs a payment method

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October 30, 2018, 07:16:03 AM
 #14

The "No Charge Back" feature is a huge bonus for merchants, but it is also a huge bonus for scammers. <If you transfer bitcoins to a scammer, you have no way to get it back.>  Roll Eyes

true, but usually how this works is that when you are making a purchase you are doing it from a merchant. the merchant is usually stationary like a shop, or a known person and there is a history. for instance it can be a website like those game selling ones, or bigger companies like Valve or Microsoft. so you as the customer have easier ways of avoiding scammers by doing a little research about the merchant but the merchant accepting payments is accepting from random people. so when there is no charge back that risk is eliminated.

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October 30, 2018, 07:18:01 AM
 #15

For me it is simple thing, Control of my own fund. I don't know why people are trying to promote these third party payment system when what Bitcoin offers is peer to peer transaction, for me as long as the transaction speed keep increasing we will likely see more adoption of this and a more secured wallet and user friendly would also help


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October 30, 2018, 09:16:06 AM
 #16

... snip...

Well, I believe that bitcoin payment is more preferable than any other payment option. BTC founder titled the process as Peer to Peer Electronic Cash System.Because of several reasons.

Payments with Bitcoin are practically equivalent to wire transfers or money exchanges, where payment or transaction is "pushed" specifically starting with one gathering then onto the next, without experiencing another budgetary organization. Payment handling is executed through a private system of PCs, and every exchange is recorded in a blockchain, or, in other words. Bitcoin depends on distributed innovation and depends on the blockchain and the cryptography anchoring it, with no outsider oversight.

By contrary, Visa transactions involve the purchaser adequately approving the vender to "pull" an installment from their record, going through a few financial mediators simultaneously. For instance, a common Visa transaction includes four gatherings: the merchant, the acquirer (the financial institution that empowers installments to the merchant), the guarantor (the card holder's bank), and the individual cardholder.

When making a bitcoin transaction, it isn't important to give individual recognizable proof data, for example, your name and address. Bitcoin transactions are made utilizing an unknown alphanumeric location that progressions with each transaction and a private key. Installments can likewise be made on cell phones by utilizing quick response (QR) codes.

While credits cards are put away physically in a wallet, bitcoin transactions are sent to and from electronic wallets, which can be put away on your PC, cell phone, or in the cloud.

Bitcoin transactions are irreversible and must be discounted by the accepting party – a key distinction from Mastercard transactions that can be dropped. This implies there are no charge-backs for merchants when taking installment through bitcoin. A charge-back is the interest by a Mastercard supplier for a retailer to cover the misfortune on a fake or debated transaction.

Bitcoin merchants likewise save money on charge card expenses that can go somewhere in the range of 0.5% to 5%, in addition to 20 to 30 pennies for every transaction made. Bitcoin installments can be sent and got requiring little to no effort or none by any stretch of the imagination, as bitcoin expenses depend on the measure of information sent.
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October 30, 2018, 09:30:05 AM
 #17

You should think about a grow perspective and at the same time to the possibility to keep your spending power.
Indeed Bitcoin is very instable but at the same time not depend by the local Country's law.

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October 30, 2018, 09:42:20 AM
 #18

Don't forget about gift cards/vouchers too, they are very much popular nowadays.
I motivated people to adopt bitcoin before but the interest isn't too serious for them so probably here in my locale I wouldn't do it anymore. I'm better to keep my mouth shut and just do my own business. Though with online friends, I've been sharing the word and its even welcoming than those people you would want to share and help by sharing bitcoin as payment option.

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Clinton R. Riggs
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October 30, 2018, 09:53:38 AM
 #19

I think people want to adopt bitcoin as a payment because bitcoin is a  different currency and easily execute anytime when it suits you.i really concept it is the only money where you can trust, and demise more then faster.
liuqi
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October 30, 2018, 10:48:48 AM
 #20

Peoples are ready to adopt new technology so all the peoples are accepting the Bitcoin. But reality it is not a centralised platform so government should not accepting the legalisation. May be all the government are expecting some regulation in Bitcoin then it it will accepting in entire world.
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