Acceptance of bitcoin as payment!

[arpon11]

I have not read bitcoin's whitepaper but from the little understanding I have I think bitcoin was developed to be use as a mode of payment for goods and services? It was for a transactionary purposes and not as the way we are using it now as a way of making profits by buy them and hold or sell Them whenever we think it has appreciated in pricing!
I believe for bitcoin to grow it purposes must be well explain to the populace as they are the one that needs it in transactions and that is why the more people that know about it an it primarily uses of p2p the better bitcoin become.  We must promote it with the aim of bringing more people especially business people to start adopting bitcoin for they business.  Bitcoin should also be stable in pricing because it will be very difficult for retailers and wholesalers business to use it if it is unstable.
Finally I will like to get your opinion on this as this will help the mind of many of us here about this great technologies.

[1715217202]

1715217202

[BitBustah]

The truth is bitcoin is nowhere close to being a standard payment method in commerce.  It currently can't scale to any meaningful level and the price is much too volatile for any retailer to hold it.  It has become more of digital gold at this point.  How many stores accept gold? Very few but it still has value.

[MakeMoneyBtc]

Bitcoin is used more as investment because that's how people are promoting it. When I hear someone talking about bitcoin, there are always words like investment, profit, fast money involved in their conversation. So there is no surprise bitcoin is seen more as a tool to make profit rather than being promoted as a payment method that you can use to send money and pay everywhere.

[St4yInTh3D4rk]

People find more benefits from bitcoin by using it as an investments so they were keep doing that,the problem of bitcoin is its volatile price so it is not accepted by many shop holders so how can we make pay using bitcoin when we don't have an option to that yet.But everything will change,the adoption will occurs first and then people will adopt to the right way of using the bitcoins.

[joeperry]

I look at the bitcoin as a flexible coin... satoshi might intended to create it for an anonymous transaction but right now bitcoin is also a mode of investment and can earn through trading or by holding it.

Yes it would be hard for retailers to accept bitcoin for its volatility and the retailers won't be take risk to accept bitcoin as a mode of payment if they know that there's a high chance that they will lose a big amount because of its volatility and you can't make the bitcoin stable because of the volatile decentralize market the price will depends on the demands on the market and the people itself will decide its price.... not just a number of people but a community itself.

[Peashooter]

At this current day we can see big development in the acceptance of bitcoin especially in the field of businesses simply because some companies, store and mall start to accept it as a mode of payment. Maybe in the coming future all of us bitcoin to pay all our bills.

[ginobitcoiner]

nowadays it is very good for some people to have bitcoin to be used as investments or they trade, bitcoi is not yet fully used as a currency for global financial transactions, because of the constraints of regulations in each country. but the development of bitcoin is getting better. although difficult this will be the beginning of bitcoin becoming a global currency that can be accepted by all humanity in the universe

[sheenshane]

Frankly speaking, people who engaged in Bitcoin is having only one purpose, to gain profit.
Practically and logically most of them must be preferred to hold there Bitcoin as an asset rather than spending it, they don't want to spend especially when the market is painted red they think that they can earn a profit if they patiently wait at the right time when bitcoin will grow the price. However, I believed in more demand and less supply of bitcoin will make expensive itself.

I have not read bitcoin's whitepaper ......

Then, you can read it now
https://bitcoin.org/bitcoin.pdf

[stompix]

 We must promote it with the aim of bringing more people especially business people to start adopting bitcoin for they business.

Unfortunately the whole what should we do plan has changed radically.

We are seeing more and more shops and business claiming to accept cryptos but overall even if we consider the maximum claims of LN transactions the number of people actually using it to buy stuff has barely doubled in the last years.

A new dilemma is taking shape, as at first you had nothing to buy with BTC and now people are not willing to buy stuff with BTC since holding will earn them infinite fiat gains . So, we want merchants to accept BTC but merchants are reluctant to accept bitcoins because of lack of customers since most bitcoins are unwilling to buy via BTC and prefer fiat.

[dothebeats]

This is one thing that will never be a part of bitcoin for long. Due to the highly-fluctuating value of bitcoin every now and then, retailers and merchants are afraid to accept bitcoin as is and tend to use a third-party payment processor to ensure that they keep profits as is, and we all know that these payment processors also ask something from the services they work on. With bitcoin and cryptocurrencies in general being used mostly on investment schemes and not really for payments, I think it will be long before we see a boost in usability for bitcoin in what it is really intended for: fast, secure and cheap payments.

[kodtycoon]

by the way yeah the emergence of bitcoin to create prosperity without being burdened by taxes, makes it easier to manage by transacting without a card or an item that is very impressive even without the interference of other parties. now this function is still the same, except the thoughts of different people

[DdmrDdmr]

We’ve commented on the topic a couple of times on my local board, and as it seems, acceptance of BTC as a means of payment at stores seems to be more in recession than the opposite (at least in Spain).

There was a moment when a sign indicating that a store was accepting BTC as a means of payment was bold and trendy to a point. Back in 2014, Madrid had what was then considered the longest street in the world of shops that accepted Bitcoin, with over 20 shops accepting the cryptocurrency in what is one of the most famous and exclusive shopping areas there. That soon withered, and now we see local news on a hardware store accepting BTC more as a publicity stunt that anything else.

Although coinmap.org shows 14.419 venues accepting BTC world-wide, in practice the user cases are small and far from being on road to it being a commodity.

Due to it’s technological profile, and the age range that is most familiar with it, I’d say it should probably pick-up traction first on online stores than offline ones. There are business that have integrated BTC as a payment method in their platform, although many are bridged by thirt party software that peg the price to FIAT in order to stabilize article prices, and eventually end-up reimbursing the retailer in FIAT. That probably help a bit on the tax front, but being legit about BTC payments opens up another area for keeping ibuprofen handy in large amounts.

It’s a start, but with a long road ahead.

[danherbias07]

We still have a divided opinion by now.
Some wants stability and others dont.
There will be not much profits if that happens. Trading is the most common to do now since holding takes a lot of time and is boring.
While waiting for merchants to adopt bitcoin, this is all we can do. Also, while spreading the news we can hoard more of it so that when the time comes we are the ones who have a good number of it.

It is not yet time. It is really difficult to predict when it will be.

[MTNAX]

nowadays there are many bitcoin users who benefit, in addition to providing bitcoin benefits it can also be used for easy payment by its users. Because it's easy to pay with bitcoin is very acceptable to the public.

[daarul50]

How can we use bitcoin as payment for various transactions if bitcoin has no price? The price owned by bitcoin is a reference to determine the amount in a transaction. related to trade, why do many disagree that bitcoin is traded even said to be just for profit. not only bitcoin is traded, even official money such as USD, Euro, Yuan, etc are also traded.

[palle11]

Checking up with the characteristics of money, bitcoin is not close to it. Although, it is also used as payment because people want a means to be free in their financial transactions. Bitcoin is not a legal tender, not generally accepted, it is also not stable. It just has a dual purpose. For payment and also investment.

[qwertyup23]

Bitcoin should also be stable in pricing because it will be very difficult for retailers and wholesalers business to use it if it is unstable.
Finally I will like to get your opinion on this as this will help the mind of many of us here about this great technologies.

Due to its decentralized system, bitcoin cannot have a stable price and this will also defeat the purpose if it being as an investment mechanism. Investors prefer to acquire bitcoin (whether for short or long-term) due to its high volatility that can yield large amounts of income in a shorter amount of time compared to conventional investing. In addition, supply and demand play a significant role on the fluctuation of its price, primarily due to whales.

Checking up with the characteristics of money, bitcoin is not close to it. Although, it is also used as payment because people want a means to be free in their financial transactions. Bitcoin is not a legal tender, not generally accepted, it is also not stable. It just has a dual purpose. For payment and also investment.

My colleague had the opportunity to interview one of the representing lawyers of our central bank (BSP) and they view bitcoin as something that cannot be accepted for legal tender. Although it can be converted to cash depending, the country has yet to implement rules regarding its validity and legality due to taxation.
Just to add, bitcoin can also be a store of value asset since it can be traded to various products/services.

[playboy654]

 the acceptance of Bitcoin like a normal currency will be possible but it takes some times and it will be a good idea for the development of our economic resources and economic society will need something like that to improve very faster like we are expecting

[Upgrade00]

It was intended to be an escape for those who are averse to the control and monopoly of banks and governments. By eliminating double spending and putting control in the hands of the actual asset hodlers.

For any of this to happen it has to have a value and it's decentralized, so it's value can not be regulated. Satoshi must have anticipated a situation like these when designing the network.

[xvids]

People could use it to pay but most of the crypto user would rather hold their crypto than using it to pay for something,
We are using crypto for investment not for a payment option and I think most of us would agree to this.
If we could pay with Fiat and we have cash why would we even bother paying with crypto?