HOW CAN BITCOIN BE ACCEPTED TO BE USED AS A PAYMENT METHOD GLOBALLY?

[Kelvinikke]

In as much as we all wish to help fulfill the dream of Satoshi Nakamoto in using BTC to make transactions in our daily lives we must look critically at the high volatility of BTC. Come to think of it people, how many of us in here would wish to purchase an item worth $500 US right now when this same amount of BTC was worth over $1000 US last year. If we are able to solve volatility issues with BTC then trust me the acceptance of BTC will go viral. I just wish there were some real holders in the cryptospace!

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[MadGamer]

I think it has more to do with the confirmation time, so for now, without the lightning network, it's not really that convenient. I don't think people want to wait for anything above 15 minutes to get their food for example.

Besides that, the price is more stable than it ever was. We're in the 6200-6400$ range since a few weeks now. These are businesses, they take risks all the time so I honestly don't buy it If they say that they're not accepting bitcoin because of the volatility. If you take Overstock for example, they're keeping 50% of the bitcoins while selling the other half for fiat to limit their losses If any.

[bitvalak]

the main problem with bitcoin has been transaction problems, I think if the problem can be resolved maybe bitcoin will be easier for people to use it as a payment tool.
High volatility can still be controlled, because basically every market can always manipulate it.

[muslol67]

This question frequently asking from someones. We have time for this. Bitcoin has to gets over some issues like mining, energy and trust. It price should be stable first.

[KingScorpio]

In as much as we all wish to help fulfill the dream of Satoshi Nakamoto in using BTC to make transactions in our daily lives we must look critically at the high volatility of BTC. Come to think of it people, how many of us in here would wish to purchase an item worth $500 US right now when this same amount of BTC was worth over $1000 US last year. If we are able to solve volatility issues with BTC then trust me the acceptance of BTC will go viral. I just wish there were some real holders in the cryptospace!

fulfilling the dream of satoshi nakamoto?

as far as i know nakamoto wanted to just reduce influence of the national banks,

and i think that has been accomplished, it doesnt even matter weather bitcoin survives or not, the nimbus has been broken.

[charlotte04]

In as much as we all wish to help fulfill the dream of Satoshi Nakamoto in using BTC to make transactions in our daily lives we must look critically at the high volatility of BTC. Come to think of it people, how many of us in here would wish to purchase an item worth $500 US right now when this same amount of BTC was worth over $1000 US last year. If we are able to solve volatility issues with BTC then trust me the acceptance of BTC will go viral. I just wish there were some real holders in the cryptospace!

As for now, we still can't use Bitcoin as a payment method because its price is still not stable. Would you like to accept something expensive that would become cheap later on without you knowing when?

[AutoBlockX]

I think it will still take a long time for Bitcoin to be a part of the mainstream buying and selling process. The entire world first has to accept Bitcoin as  transaction unit before anything like this can be possible

[clrpod]

Bitcoin will only begin to be accepted globally when enough people demand it. Right now too many people still trust in FIAT currency and see little or no reason to use bitcoin. When that time changes and people start wanting to spend BTC then businesses will adapt to their needs or be left behind.

[kram31]

Everything should be regulated and merchant will be in the community.
Transfer rate must be faster and cheaper for the people can afford to send the payment even it is low amount.
The problem with bitcoin is the price of transfer, it is cheap if you will send big amount but not if we are talking about hundred dollars or below.

[1Referee]

I think it will still take a long time for Bitcoin to be a part of the mainstream buying and selling process. The entire world first has to accept Bitcoin as  transaction unit before anything like this can be possible

I think the 'world' (i.e. the people) need to calm down and not expect the price to moon before the end of the week so they can sell. If your only incentive to be here is to swing trade your way through the ups and downs, you'll never appreciate Bitcoin for what it is and won't ever contribute to anything of positive nature.

The sole reason ETF's have been blown up lately is because people want to sell the news. They don't care about what happens afterwards. It's just another sell the news event.

Back to the basics we have to go. Exchanging goods. We're in the process of shifting from people buying Bitcoin, to people earning it in whatever form or shape. If you're earning it as an income form, you are more likely going to spend it rather than to keep it for speculative purposes. I think that's a great shift to focus on in the forthcoming years.

[eternalgloom]

First of all, you don't need to write the title in caps, it's quite annoying frankly.

The volatility 'problem' will solve itself automatically in the future, it's been going down every year, just look at these charts:



Yeah, there's been an increase in 2018, but nowhere near the levels that we saw in the beginning.
People will still use Bitcoin for payments, just because it gives them an alternative for cashing out via exchanges.

Look at Japan for example, since cryptocurrency has been regulated it's actually been used quite a lot as a payment method.

https://99bitcoins.com/thousands-japanese-merchants-accept-bitcoin/
https://cointelegraph.com/news/bitcoin-its-big-in-japan

[dreamax25]

Western Union, the financial services company, could have a role in the cryptocurrency space in the future.

https://coincodex.com/article/2782/western-union-executive-discusses-cryptocurrency-says-company-is-open-to-crypto/

[Screamshot]

Well once the two parties are OK in making there business transcation through bitcoin then it's OK.
Payment can be made from the sender wallet to the receivers wallet

[Peashooter]

the main problem with bitcoin has been transaction problems, I think if the problem can be resolved maybe bitcoin will be easier for people to use it as a payment tool.
High volatility can still be controlled, because basically every market can always manipulate it.

There is nothing wrong with the transaction of bitcoin because the transaction with bitcoin very fast and secure. But, the big problem that we need to resolve in order to be used it in a payment method is the high volatility of price. Another problem is it is not supported by other government so I do not know if this will be implemented.

[Coyster]

I just wish there were some real holders in the cryptospace!

I feel this contributes a bit to the issue here,imagine if everyone is a hodler and no one uses the bitcoin to carry out any financial transactions whatsoever,then I think the bitcoin will totally become a store of value,something we just buy to keep for future purposes.
I think the less we hodl,the more adoption we could be getting

[Jamjamz30]

Bitcoin is on its way for global payment. However, the 11-month bearish market might had an impact towards thia direction. A lot of issues and doubt lingered in some governments leading to not accept bitcoin. Acceptance of government is really one factor to consider in bitcoin globally.

[franky1]

In as much as we all wish to help fulfill the dream of Satoshi Nakamoto in using BTC to make transactions in our daily lives we must look critically at the high volatility of BTC. Come to think of it people, how many of us in here would wish to purchase an item worth $500 US right now when this same amount of BTC was worth over $1000 US last year. If we are able to solve volatility issues with BTC then trust me the acceptance of BTC will go viral. I just wish there were some real holders in the cryptospace!

ive been around since 2012 and i got a nice hold of coins. i buy stuff all the time.
the way i see it is that say one coin in 2012 worth 6 loaves of bread. today can buy me 3500 loaves of bread so im happy to spend bitcoin buying bread with my bitcoin.

from a merchants perspective when they sell a loaf of bread for say $1. they in seconds display a btc price and in minutes that amount arrives. they can automate the sell of the btc to fiat in that time too.
if they know the cost of the dough, cooking and labour came to 30cents. tax 20cents. they can convert half of the sell back to fiat to cover costs. and keep half as bitcoin for the shop owners own retirement fund
knowing at some point that $0.50 of btc will probably be able to at a later date be able to create more than just another loaf, but the $0.50 of fiat will only make them one loaf.

its all about finding the needs of the merchant. displaying the benefits to the merchant and also showing how easy it is to accept bitcoin.
you will be surprised how many merchants take up and start accepting btc when they see how easy it can be, by actually doing a demo/dry run purchase with them when you mention bitcoin to them

[jcmansah7]

Well if we are able to fix all issues of volatility then i believe most platforms would come to the acceptance of accepting bitcoin being used as a payment method. Look at the current price of bitcoin as compared to ending of last year you can see that if someone paid for an item in bitcoin that year that same value of bitcoin has now decreased way significantly to a less value.

[Willitivity]

Fir Bitcoin to be accepted as global means of payment, certain things needs to be fixed and put in place. The issue of having the enabling technology to accept bitcoins has to be put out, people need to be educated on what Bitcoin is and how it actually works and also, the issues of volatility which is a very difficult one or almost impossible needs to be fixed to a certain extent.

[andrei56]

In as much as we all wish to help fulfill the dream of Satoshi Nakamoto in using BTC to make transactions in our daily lives we must look critically at the high volatility of BTC. Come to think of it people, how many of us in here would wish to purchase an item worth $500 US right now when this same amount of BTC was worth over $1000 US last year. If we are able to solve volatility issues with BTC then trust me the acceptance of BTC will go viral. I just wish there were some real holders in the cryptospace!

You are only looking at only one side of the volatility, in this case the negative side, if you buy bitcoin at 4000 and in a few years it is worth 20000 again now you can buy 5 times more stuff with the same amount of bitcoin that you bought, so while the volatility can go against you it can also be favorable to you and it is precisely at those moments when you should spend your bitcoin.