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Author Topic: Bitcoin vs Traditional Payment Processors  (Read 1769 times)
BitHodler
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July 23, 2019, 09:55:39 AM
 #101

there are cryptos that are less volatile  . eth , xrp  ,ltc to name a few and there were also cryptos that are stable like for exampe tether but all of these are seem to be weak against the traditional payment methods and they are also weak against btc  .
Eth, Xrp, Ltc Less volatile than Bitcoin? Not sure what you have been smoking, but every single altcoin (ignoring stablecoins for obvious reasons) is more volatile than Bitcoin because there simply is less liquidity.

cryptos in general still lacks of offline support , i mean they cant work without internet but tradtional payment methods can work on both worlds  .
By far, digital payments are the dominant force when it comes to payments, and there is no end in sight. Also, PayPal, Visa, debit cards, etc-- these won't work either without an internet connection.

People are too overly negative about Bitcoin not working as payment option because you at all times need an internet connection. The actual problems are volatility, lack of scalability, and lack of will to spend something so scarce.

BSV is not the real Bcash. Bcash is the real Bcash.
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July 23, 2019, 10:05:45 AM
 #102

as famous as bitcoin in this world, it cant move traditional payment. maybe it really useful for every single person, but im sure if they still use traditional payment. i hope if people use bitcoin as transaction, and they can solve the problem about something that troubling in future with bitcoin
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July 26, 2019, 04:32:20 AM
 #103

It's been a decade since Bitcoin emerged as a decentralized digital currency for the people. While it's no secret that Bitcoin and other cryptocurrrencies have some drawbacks, they're still a great alternative to Fiat when it comes to making payments without a centralized entity in charge of our funds.

With latest advancements such as DAGs, smart contracts, Layer-Two scaling solutions, Dandelion Protocol, Zero Knowledge Proofs, and more, it's becoming more evident that crypto will someday replace traditional payment processors like PayPal, Apple Pay, and Android Pay. Yet, Blockchain technology is still struggling with user adoption and regulatory compliance.

Nonetheless, do you believe that there's hope for Bitcoin to beat traditional payment processors or will those same payment processors adapt to the Blockchain in the future? Huh

Bitcoin is software, and like other software in general, Bitcoin must be approved with its Environment and the integration of new features because more functions are expected of it.
The crypto ecosystem is very dynamic and fast-growing, making every cryptocurrency meet quickly to meet demands. Bitcoin, being a cryptocurrency "Register and" more mature ", which relies on one of the most experienced and knowledgeable" team development "that supports it. The monetary system that is decentralized like Bitcoin, does not require a central authority that needs a supply of currency. The currency created by the network itself, an approved algorithm that addresses the currency will be made and at what level. Bitcoin cannot be faked, forged or duplicated. All of these prove a reliable and reliable currency. many people prefer to pay using bitcoin because it is practical, efficient and can be used in several countries.

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July 26, 2019, 05:43:42 AM
 #104

as famous as bitcoin in this world, it cant move traditional payment. maybe it really useful for every single person, but im sure if they still use traditional payment. i hope if people use bitcoin as transaction, and they can solve the problem about something that troubling in future with bitcoin
traditional payment is the habit of every person to make transactions at this time. it is very difficult to separate, even when the bitcoin exists. however, currently support for traditional transactions is still very large compared to bitcoin. but, sooner or later, this technology will definitely be accepted, and will be equivalent to that.

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July 26, 2019, 07:03:05 AM
 #105

I think that, bitcoin and altcoin will slowly but surely shift the current payment system. 
The way the government now is concern about crypto, that's the statement that soon crypto will be a big part in the digital world.

And I believe, it will happen someday
Definitely, and it will take time due to some regulatory rules, having a standard regulation would help to fast track its adoption.

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July 26, 2019, 04:53:52 PM
 #106

I agree that cryptocurrencies do have some drawbacks but its just a matter of time and who doesn't want to be freed from those governing bodies. Traditional Payment Processors are good but they do limit us on numerous things are controlled by humans. Humans make mistakes and humans do have limits but cryptos are governed by machines and we can adjust their limits and they do not make mistakes. It completely fills all the checklist to become a global digital currency like universal currency.
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July 26, 2019, 05:09:04 PM
 #107

The second seems to be more true , the big companies are going strong to utilize block-chain and make their transactions faster.
There are huge lobby to be considered, VISA and MC are humongous companies with extremely high income and they can push around a lot of regulation. Not to mention other hurdles to overcome traditional finance, the tipping point could be another economic crysis.

It's becoming evident that large companies will make use of Blockchain technology within the not-so-distant future. By doing this, they'll be able leverage the speed and low costs obtained by many well-known cryptocurrencies today. Still, their services will remain extremely centralized which takes away people's ability of controlling their own money. With Bitcoin and Ethereum, that's not the case, as there is censorship-resistance and decentralization.

I believe that most people will choose decentralized cryptos on top of traditional payment processors because of this. Freedom and privacy is what really matters in order to improve our economy and society for the better. Bitcoin has quite an advantage over traditional payment processors in this regard. Fees may sometimes rise towards exponential levels, but they're still lower than credit card fees.

Nonetheless, it has been quite challenging to implement regulations for Bitcoin in every way. Unlike traditional payment processors, there's no way to resolve disputes, insurance of our money, or even instant transactions. Comparing both sides (Bitcoin vs traditional payment processors) I'd say that one cannot replace the other. Fiat will always exist no matter what, and companies will provide their services with it. With the respective advantages/disadvantages of both Bitcoin and Fiat, you should choose the one that meets your specific needs. Just my thoughts Grin

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July 27, 2019, 08:10:54 PM
Merited by Abiky (1)
 #108

as famous as bitcoin in this world, it cant move traditional payment. maybe it really useful for every single person, but im sure if they still use traditional payment. i hope if people use bitcoin as transaction, and they can solve the problem about something that troubling in future with bitcoin

Bitcoin will not replace fiat, but it can do it partly. Simply for a large part of people, cryptocurrency will be the most convenient way for transactions (not only for investing money). However, many countries, where the level of life is low, will probably never accept crypto: simply most people there cannot even read and write, and crypto is not needed for them.
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July 27, 2019, 08:21:05 PM
 #109

While comparing Bitcoin and Traditional Payment processors we firstly have to understand that, these are completely inverse in proportion. Because Bitcoin is still like a dream and has many limitations to access it, as still, many developing countries don't have proper internet access.

So in such conditions trust will not only the factor which can be considered tentatively but also the traditional system will also get collapse. Which can be lead to a major impact on economic and ultimately living of human being.
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July 27, 2019, 11:38:27 PM
 #110

It seems to me that bitcoin in the future will be very actively used as a means of payment. Many companies are already accepting it as payment and the further it goes, the more it will spread.

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July 28, 2019, 05:25:03 AM
 #111

It's been a decade since Bitcoin emerged as a decentralized digital currency for the people. While it's no secret that Bitcoin and other cryptocurrrencies have some drawbacks, they're still a great alternative to Fiat when it comes to making payments without a centralized entity in charge of our funds.

With latest advancements such as DAGs, smart contracts, Layer-Two scaling solutions, Dandelion Protocol, Zero Knowledge Proofs, and more, it's becoming more evident that crypto will someday replace traditional payment processors like PayPal, Apple Pay, and Android Pay. Yet, Blockchain technology is still struggling with user adoption and regulatory compliance.

Nonetheless, do you believe that there's hope for Bitcoin to beat traditional payment processors or will those same payment processors adapt to the Blockchain in the future? Huh

There are already some businesses that uses Cryptocurrency as their mode of payment and the results were great. It reduced long lines and P2P transactions that sometimes lead to misunderstandings. Blockchain Technology is still being learned in most countries and they will have a hard time on how to integrate it into their systems. Bitcoin may beat traditional payment methods IF it is able in every country that has access to Internet. Learning about Bitcoin and Blockchain Technology was worth it because of the fact that it can be future developed if studied well.
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July 29, 2019, 06:24:35 PM
 #112

Bitcoin will not replace fiat, but it can do it partly. Simply for a large part of people, cryptocurrency will be the most convenient way for transactions (not only for investing money). However, many countries, where the level of life is low, will probably never accept crypto: simply most people there cannot even read and write, and crypto is not needed for them.

Agree. While Bitcoin may won't be able to replace the USD in its entirety, it could prove to become a solid alternative towards people looking for freedom like never before. The benefits Bitcoin's Blockchain technology provides are numerous, which far surpasses those of traditional Fiat currencies like the USD and the EUR. Of course, there are some limitations existent within Blockchain tech which prevent Bitcoin from handling a large transaction capacity. But with good timing, and hard work from the development team, Bitcoin could become a fierce rival against well-known traditional payment processors like PayPal and MoneyGram.

Even with such payment processors adopting Blockchain technology for their own benefit (which looks very likely to happen soon), they won't be able to obtain true censorship-resistance and reliability unlike Bitcoin itself. In times where there's crisis, Bitcoin serves well as an alternative payments system that's available 24/7 without interruptions. Still though, traditional payment processors' use of Blockchain tech will allow them to stay head-to-head against popular cryptocurrencies for many years to come.

Nonetheless, we all know that Bitcoin can't be used anywhere especially within countries which lack the required technological infrastructure for Bitcoin to work properly. Not to mention, people need to have some level of knowledge before transacting with the pioneer cryptocurrency. Which is why, I believe that traditional payment processors will always exist because of their ease of use, and high-regulatory compliance. Just my thoughts Grin

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July 29, 2019, 06:34:21 PM
 #113

Bitcoin is the future! Check out this article, explains very clearly why Smiley

https://coincodex.com/article/3984/the-perfect-storm-for-bitcoins-price-to-explode/
We have seen how many of this kind mate?almost everyday there are articles created to boost bitcoin but together with that hundreds are creating fud to full bitcoin down .it means still all is for speculative and not for the reality

What I think now is spread positive approach for more people might realize what crypto can be and why crypto can give

About OP?indeed Bitcoin is more functional and reliable in terms of payments but ofcourse we need adoption first before we find the success over traditional payment process









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August 03, 2019, 01:47:30 AM
 #114

About OP? Indeed Bitcoin is more functional and reliable in terms of payments but of course we need adoption first before we find the success over traditional payment process

Indeed. Adoption is necessary in order for crypto to succeed within the mainstream world. So far, traditional payment processors have been in the lead because they use Fiat as their backbone. National currencies (or Fiat) have obtained the trust of people for a very long time. Bitcoin would need to show the world that it's capable of delivering massive transaction speeds and low fees, without compromising its stability nor security. With the Lightning Network in the works, slow transactions and expensive fees will be a thing of the past.

Still though, Bitcoin would need to deal with price volatility across the market. This situation will need to be addressed by governments worldwide as they regulate the entire crypto market. After that, prices will stabilize allowing people to use Bitcoin and other cryptocurrencies more thoroughly. Even if Bitcoin doesn't manage to replace traditional payment processors, centralized alternatives like XRP and Libra might compete directly with such services.

Nonetheless, the prominence of USD and other Fiat currencies will prevent traditional payment processors from being replaced anytime soon. They might as well adopt Blockchain technology, making them similar to most well-known cryptocurrencies on the market today. People will decide if they support one side from another, or both at the same time. Given that money exists in different forms (physical cash, precious metals, etc) it seems very unlikely that either side will prevail within the future. Just my thoughts Grin

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Darker45
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August 03, 2019, 02:49:07 AM
 #115

About OP? Indeed Bitcoin is more functional and reliable in terms of payments but of course we need adoption first before we find the success over traditional payment process

Indeed. Adoption is necessary in order for crypto to succeed within the mainstream world. So far, traditional payment processors have been in the lead because they use Fiat as their backbone. National currencies (or Fiat) have obtained the trust of people for a very long time. Bitcoin would need to show the world that it's capable of delivering massive transaction speeds and low fees, without compromising its stability nor security. With the Lightning Network in the works, slow transactions and expensive fees will be a thing of the past.

Adoption is weak precisely because, at least as of the moment, there are more than a handful of problems that hinder it. Adoption basically follows convenience. It is actually enough that a single user will find it the most convenient payment method that it will soon explode and get the interest of the majority. However, it still cannot move forward for now. For example, scalability is still much of a problem. It therefore cannot compete with the likes of Visa and paypal. The fees are also not as low as the competitors. And the confirmation time is the same. So basically it is not that the competitors are fiat-backed but because the competitors are more convenient to use.

But in terms of cross-border remittance especially involving a huge amount of money, BTC is preferable. And most especially if you prefer to keep the transaction anonymous to a certain extent.

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nankers
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August 03, 2019, 09:06:31 AM
 #116

It's been a decade since Bitcoin emerged as a decentralized digital currency for the people. While it's no secret that Bitcoin and other cryptocurrrencies have some drawbacks, they're still a great alternative to Fiat when it comes to making payments without a centralized entity in charge of our funds.

With latest advancements such as DAGs, smart contracts, Layer-Two scaling solutions, Dandelion Protocol, Zero Knowledge Proofs, and more, it's becoming more evident that crypto will someday replace traditional payment processors like PayPal, Apple Pay, and Android Pay. Yet, Blockchain technology is still struggling with user adoption and regulatory compliance.

Nonetheless, do you believe that there's hope for Bitcoin to beat traditional payment processors or will those same payment processors adapt to the Blockchain in the future? Huh
I would be glad if both of these things (traditional payment and bitcoin or other currency) work together to make a better payment system. Because in my opinion, if you can knock each other down you will never be able to. Because it has advantages and strengths in each system.

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kogozer714
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August 04, 2019, 04:31:26 AM
 #117

I think that many people refer to Bitcoin as the next step in the evolution of money, because the relationship between Bitcoin and traditional currencies is very complex. During humanity's history, money has many forms and like the current bitcoin is the adoption of a currency of the past. I think for sure crypto will be able to replace traditional payments and in any form.
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August 04, 2019, 05:33:04 AM
 #118

I believe and believe bitcoin will be able to compete and even defeat the traditional payment process that you said. we can see for yourself that there are currently more and more bitcoin hunters, it is not impossible that in the next few years bitcoin will master it.
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August 08, 2019, 02:21:04 AM
 #119

Adoption is weak precisely because, at least as of the moment, there are more than a handful of problems that hinder it. Adoption basically follows convenience. It is actually enough that a single user will find it the most convenient payment method that it will soon explode and get the interest of the majority. However, it still cannot move forward for now. For example, scalability is still much of a problem. It therefore cannot compete with the likes of Visa and paypal. The fees are also not as low as the competitors. And the confirmation time is the same. So basically it is not that the competitors are fiat-backed but because the competitors are more convenient to use.

But in terms of cross-border remittance especially involving a huge amount of money, BTC is preferable. And most especially if you prefer to keep the transaction anonymous to a certain extent.

Agree. Basically Bitcoin's adoption has been hindered by its own limitations in scalability. Even worse, its prices across the market are not stable unlike Fiat. Despite this, Bitcoin's speeds and fees are much superior than most traditional payment processors known today. Still though, Bitcoin is not as easy to use as a traditional payment processor. There are some features that require a certain level of knowledge to be used thoroughly. A good example of this is multi-signature addresses and segwit. But this could be easily solved if developers come up with a user-friendly wallet which allows an average Joe to make use of said features in the simplest way possible.

One thing for sure, is that Bitcoin is unmatched when it comes to transferring large amounts of money at the lowest costs possible. Things will get better once the Lightning Network becomes stable enough for the whole mainstream world to use. With many different improvements available within the Blockchain sector, Bitcoin could outpace traditional payment processors within the not-so-distant future.

Nonetheless, it's good to have both traditional payment processors and Bitcoin as they have a lot to offer one from the other. For people who prefer to deal with Fiat, they'll go for payment processors such as PayPal and Western Union. But for others, they'll prefer Bitcoin because of its censorship-resistance and decentralized nature. Just my opinion Smiley

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August 09, 2019, 10:30:00 AM
 #120

Although cryptocurrencies are aiming traditional payments methods, it has yet not managed to take over the old system. While the digital currencies have generated significant interest, its adoption rate is low, and government support for them is nonexistent.
And, not until the government recognizes BTC as the legitimate currency, it might take a while before we see its adoption. Also, there are many factors that need to be changed in bitcoin for it to take over the traditional system.   
 
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