What if Bitcoin is used in direct value.

[TIDOVEE]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

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[TryNinja]

Why is this on Meta? These megathreads are usually done on the Bitcoin Discussion board.

Many people already use BTC as a payment unit and many websites and companies already accept it.

[btc_angela]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

This is already happening, especially that Lightning Network has somewhat gaining popularity. You can simply go to a coffee shop buy and transact using LN. You can also checked this link: https://lightningnetworkstores.com/

[Darker45]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

Bitcoin is already in use as a currency. As such, users won't have to convert them into USD or other fiat first before spending them. However, at this point in time when the USD is still the main global currency, Bitcoin's value is still very much influenced or even based in USD. While some goods and services are assigned prices in terms Bitcoin or Satoshis, it is still basically based on how much Bitcoin is in terms of USD. I don't think sticking to a price in terms of Bitcoin or Satoshis is practical considering that its fiat value is rising and falling. So, at least for now, we cannot just argue that 1 BTC is always 1 BTC in terms of goods and services.

[joinfree]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

That's the goal with which Satoshi Nakamoto created bitcoin but right now some people use it as payment while others see it as an asset of investment. I have used bitcoin in both ways but mostly the latter because there not much places in my home country where I can spend it in my daily activities.

[Jating]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

That's the goal with which Satoshi Nakamoto created bitcoin but right now some people use it as payment while others see it as an asset of investment. I have used bitcoin in both ways but mostly the latter because there not much places in my home country where I can spend it in my daily activities.

Exactly, he visioned bitcoin to be used fas micro-payments scheme specially online.

But since it became an investment platform and the price continue to soar, maybe some merchants are not accepting it directly because of its volatility. However, we have seen that it is slowly being adopted by small to mid online stores because of LN, so that's a good start.

[mk4]

Look at it this way. Bitcoin is a currency that is mostly being used online. Hence, if you'd want to use it in brick and mortar stores, chances are, you'd need to convert it to USD/EUR/or whatever currency you use. Though it'd be more preferable if we could use BTC straight-off everywhere without converting it, is there something wrong with that? I personally don't think so. You can't use USD on most brick and mortar stores in the Philippines and most non-US countries but that doesn't mean that the USD is a bad currency.

[Wexnident]

Uhh, I'm pretty sure most would like this? Just that the "most" I'm talking about are those that belong to the cryptoscene. Like dude, if you think about it in the perspective of various companies, Why would you implement a system that only a minority of your customers would use? If the amount probably went around above 30% or so, companies would start implementing crypto payments ( and I mean, some already have), but if there's less than that, the funds used to manage the system would just probably go to waste tbh.

Sides, if you also compare it to other currencies, hell I'm much more bent on using my country's own currency. If we did do as what you'd like, it'd still turn into a conversion matter no? Like from local currency to BTC, or maybe even local currency to USD to BTC kinda issue. Why bother adding additional procedures when you can just straight up use what you have right?

[pawanjain]

The goal actually is to use BTC as a payment method itself and there are few places on the internet where BTC is used directly as a currency.
You don't need to convert it into fiat to pay for things. As time passes by, many more stores will start accepting BTC as a currency and may be some day it will be globally accepted since many fiat currencies are failing their governments these days. I feel bitcoin is more trusted than fiat currencies.
I feel like bitcoin is my money and I can freely use it whenever I want.

[Ozero]

Look at it this way. Bitcoin is a currency that is mostly being used online. Hence, if you'd want to use it in brick and mortar stores, chances are, you'd need to convert it to USD/EUR/or whatever currency you use. Though it'd be more preferable if we could use BTC straight-off everywhere without converting it, is there something wrong with that? I personally don't think so. You can't use USD on most brick and mortar stores in the Philippines and most non-US countries but that doesn't mean that the USD is a bad currency.

Some payment cards provide for the possibility of crediting funds in bitcoins along with the usual currency. It can then be used to purchase goods or provide services at the exchange rate for the duration of the transaction, and it is quite convenient. True, it is already impossible to withdraw bitcoin from such a card. In fact, it is immediately withdrawn by the bank to its account, and only its equivalent remains on the card. However, it is still convenient, since along with the increase in the price of bitcoin, the same increase is reflected in the card.

[KrisAlex18]

Well, if that thing will happen I don't think that it will be good for us, it is so hard for the government to implement in their country, it will be significant changes if that thing will happen, but actually, I was thinking that way before. Still, I already concluded that it is not possible to happen because all of the countries has its currency in their land, and the bitcoin has such a significant amount which is volatile or a price that is not fixed because it changes day by day, US Dollars also changes its price, but it is only a small amount of changes unlike to bitcoin which can be so high and so low.

It would not be better in the country if they will have that kind of currency in their land. Only those fixed price is a suitable currency to be in the real world.

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

This is already happening, especially that Lightning Network has somewhat gaining popularity. You can simply go to a coffee shop buy and transact using LN. You can also checked this link: https://lightningnetworkstores.com/

Well said, but there are still some countries that do not accept it in their country, and I do not know why bitcoin has so many advantages especially if they acquire it in their land, it will be more prominent in the future for sure, so they should accept it as soon as possible, so it wouldn't be so hard for them to follow the emerging cryptocurrency in the future.

[pakhitheboss]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

It has already started many individuals and companies are now accepting Bitcoin as a payment. There are few users here who are also converting a part of their salaries into Bitcoin. It is steadily growing and with Lightening network it khas become more convenient.

[Kakmakr]

Satoshi Nakamoto's vision was for Bitcoin to be a global alternative payment option (P2P) and nothing has changed since then. The only thing that might have changed a little, was that some speculators entered the scene and they started to use Bitcoin as a commodity. This was also as a direct result of the US Government and also some other countries, defining Bitcoin as a Commodity and not as a currency. 

The big shift came after 2017, when Bitcoin reached a ATH price of over $18 000 and it peaked the interest of commodity traders. The old school Bitcoiners still promote Bitcoin as a currency and I have personally applied a strategy to use 20% of all the coins that I acquire to support this. 

[Ucy]

I think one of the solutions to this is decentralized usage. You don't prevent people from centralized usage though... you only inform them about the long-term consequences.
Whatever necessary societal law that needs to be adhered to, should be transfered to or built in a real decentralized system.
 I believe Decentralizion/Blockchain should regulate centralized authorities and not the other way around.

We could have decentralized marketplace, Insurances, real estate, etc without breaking the government laws that govern them.

[Thekool1s]

Won't be happening time soon tbh. For things to be pegged against Bitcoin, it needs to become the global reserve currency of sorts and that would mean rewriting the economic books as we know them. A lot of people will lose a shit ton of power if this is to happen and unfortunately we can't do much about it at this point besides spreading the word. The main challenge at this point is the adoption as governments won't do shit till they are forced to make the change and this change can only be forced when bitcoin is being used by everyone. Just to give you a perspective, only around 55% of world population has access to the internet and the internet has been around for almost 3 decades while bitcoin has been around for around a decade. we have a long way to go before things are pegged against bitcoin directly without needing to exchange it to FIAT at the end of the day...

[White Christmas]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

Actually we are not converting it into another currency but what are we doing is that we are just converting it into a fiat currency because some stores still prefer fiat money and they are not accepting cryptocurrency as a mode of payment, the idea of yours is good but the thing is the traders will be the one who will suffer because this will probably will become a hard time if this happens because it is likely a direct contact and that would affect usually the traders on their trading.

[TimeTeller]

Won't be happening time soon tbh. For things to be pegged against Bitcoin, it needs to become the global reserve currency of sorts and that would mean rewriting the economic books as we know them. A lot of people will lose a shit ton of power if this is to happen and unfortunately we can't do much about it at this point besides spreading the word. The main challenge at this point is the adoption as governments won't do shit till they are forced to make the change and this change can only be forced when bitcoin is being used by everyone. Just to give you a perspective, only around 55% of world population has access to the internet and the internet has been around for almost 3 decades while bitcoin has been around for around a decade. we have a long way to go before things are pegged against bitcoin directly without needing to exchange it to FIAT at the end of the day...

Yes, not happening anytime soon.
But the current situation that we can convert our crypto to fiat is already great.
There are merchants or shops that are already directly accepting bitcoin as well.
So far, I can't complain about what we have right now.
So many exchanges already that you can convert your crypto to fiat.

[alexsandria]

I think one of the solutions to this is decentralized usage. You don't prevent people from centralized usage though... you only inform them about the long-term consequences.
Whatever necessary societal law that needs to be adhered to, should be transfered to or built in a real decentralized system.
 I believe Decentralizion/Blockchain should regulate centralized authorities and not the other way around.

We could have decentralized marketplace, Insurances, real estate, etc without breaking the government laws that govern them.

How can we have a decentralized marketplace if the cryptocurrency currency itself is not? What I am trying to say is that we are informing the people into a long term consequences with what they can get after they do some risk things or compulsive doings.
If blockchain will be regulate to be centralized then the authorities will be not care on us but the thing is blockchain itself denies it and even the people don't wants it to be happen.

[rijaljun]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

Without converting to fiat or pegged in fiat when paying for something could be happen IF the fiat currencies are dead. Another problem to make this true is that there are so many speculators and more people to believe that Bitcoin will have more value in the future that hinder Bitcoin from getting spent.

[hatshepsut93]

Many merchants, especially big companies, don't want to accept Bitcoin directly for many reasons like volatility, security, implementation costs, they prefer to outsource it to middlemen. It would be hard to convince them to accept Bitcoin directly, they would probably rather not support it at all. What we should focus on is convincing smaller businesses to abandon their middlemen, because its easier for them to do so.

[FlightyPouch]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

It would be really great if this is happening though the problem is that it is not that widely accepted in our despite the fact that is legalized in our country. Well, we are just a third world country but still, a lot of people know about it but still not using it. Maybe because of the fact that a lot of scams are happening or maybe they are already comfortable with the exchange we are currently using since they thought they are paying bitcoin but they are not.

[Twentyonepaylots]

Many merchants, especially big companies, don't want to accept Bitcoin directly for many reasons like volatility, security, implementation costs, they prefer to outsource it to middlemen. It would be hard to convince them to accept Bitcoin directly, they would probably rather not support it at all. What we should focus on is convincing smaller businesses to abandon their middlemen, because its easier for them to do so.

Hell yeah, and these middle are being stuck on accepting or not accepting the bitcoin on which they are under pressure by these big companies. The very reason why most of the companies are not really into bitcoin directly is because of the volatility, not because it is not secured, of course it is secured due to blockchain tech. Volatility are very risky for these big companies to handle, on top of the market uncertainty and enters the question " Until when it is in demand?", it is hard to assume nor to predict.

[Coyster]

If you do not want to convert your bitcoins, then don't. There are a lot of people holding millions of dollars in bitcoins and are yet to convert it into another currency. Hodlers are another sect of people who hold bitcoins for a very long time in its digital form.

But then in the end is it wrong for one to convert bitcoins to their fiat currencies for spending? I don't think so, it's encouraging to deal with merchants who are receptive of the bitcoin, but right now in the world there are only about a handful of them, so converting your bitcoins to something else is somewhat the only option when you want to spend it, and for me it's not inimical to its(Bitcoins)development.

[LUCKMCFLY]

~snip~

It is not far from possible, financially if this handling occurs, Bitcoin will significantly increase demand, this will be reflected in the price, in fact, many countries that have inflationary problems in their economy are already considering it, but through of stable currencies created by themselves, the case of Venezuela is one that wants to implement it with the failed petro, however, if it happens in several countries, they will begin to know the scope of technology and Bitcoin, so this is not far Future is very close.

[ScamViruS]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

If it had, it would have been good. For example, if I have to buy something from a local store, they do not accept Bitcoin. So I have to convert my Bitcoin to my local currency first. If I could buy product directly from the store with Bitcoin, that would be great. However, there are many online websites that accept bitcoin.

[Reid]

It is good but the real question is when.

The financial industry is still clinging to the traditional way which is converting it to USD or whichever the strongest country is.
They say it was them but all they did was make wars to say they are the strong ones.
It will be difficult to make it happen.
Before they do it with silvers and gold.
A piece of bread for an example as 2 silver coins or however they want to price it.

We might not even see that happen anymore or in our lifetime. Maybe our children or grandchildren will have a chance though.

[minersday]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

First and foremost, you need to understand that there is no direct value of Bitcoin without converting it to US dollars. Bitcoin do not really have any commodity or actual product backing it. You just have to accept and understand that fiat currency like US dollar will always be used in identifying the value of the amount of Bitcoin owned by someone or you. As it stands now, Bitcoin can't actually have its own value without fiat currency.

[South Park]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

That is the goal, right now there is a bottleneck that governments are using to limit the adoption of bitcoin, if you want to pay for something in the real world or even the Internet chances are that you will need to pay with fiat and not with bitcoin, as such they are using KYC policies to limit bitcoin holders and their property but if this begins to change and we have the chance to use bitcoin directly then it is game over and the governments will have no way to stop people to use their bitcoin as they want.

[Mulann2]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

Yeah by the time this has happened means btc adoption has been generally accepted, which means people no longer have the need for fiat since they can buy directly using btc to buy,
As much as this may sound interesting still will take a long time to happen, many people are just getting to know btc.

[coolcoinz]

The shortest explanation is: lack of acceptance. Bitcoin can be used without being converted but there's no way to create a food chain that it would follow.
In a normal environment you spend money at a restaurant, the owner pays staff and buys products, the proucts are cooked and served. If any of these points fail and require conversion, we don't have a working chain. At this point, even things that are sold for Bitcoin like hardware wallets and miners are unable to function in a chain.

[Latviand]

IF you would clearly observe those countries to which Bitcoin and other cryptos are being widely accepted as a mode of payment, there's no need for convertion. You would be able to freely use Bitcoin just like the typical currency. And the reason to this is that, there are already companies who are accepting cryptocurrencies, they have recognized it as a digital currency being used by many people. But ofcourse, it does depend. Since there are still countries wherein it is not yet recognized, you would need to convert it first in order to fully make use of your Bitcoin.

The shortest explanation is: lack of acceptance. Bitcoin can be used without being converted but there's no way to create a food chain that it would follow.
In a normal environment you spend money at a restaurant, the owner pays staff and buys products, the proucts are cooked and served. If any of these points fail and require conversion, we don't have a working chain. At this point, even things that are sold for Bitcoin like hardware wallets and miners are unable to function in a chain.

Not to mention online healthcare services wherein cryptos are being used in every transactions. This simply means that there is progress with regards to blockchain technology adaptation. And if there will be no issues to be faced in the future, chances are high that it would eventually be accepted to more countries. And that is something worthy to anticipate.

[mk4]

IF you would clearly observe those countries to which Bitcoin and other cryptos are being widely accepted as a mode of payment, there's no need for convertion. You would be able to freely use Bitcoin just like the typical currency.

Though this is definitely preferable as it's less of a hassle for a bitcoiner, the only difference with this is that your bitcoin is converted to the local currency at the point of sale; compared to what most of us are doing currently-- manually selling bitcoin for the local currency. In both cases bitcoins are still being sold 99% of the time. Your typical merchant really won't be holding the bitcoin unless bitcoin becomes steady enough(sometime in the future).

[bhabygrim]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

This is already happening in some countries but the problem that we have is there aren't many crypto owners that would use it that way.
It would be great but look at Laszlo Hanyecz he had been a huge icon in crypto because of what he had done in the past,
And I think most of us wouldn't do what he had done.

[maydna]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

It's already happening but not in all countries. As long as you can find the merchant or local store which accepts bitcoin or another coin, you can use crypto to buy something. But if you cannot find it, then you should wait for some time until the local store is available near to you. We don't know when all countries use bitcoin or another coin for the payment method. Let us use this time to make more and more bitcoin as we can, so when the time comes, and we have many bitcoin, we can use it to be spent on buying something.

[South Park]

The shortest explanation is: lack of acceptance. Bitcoin can be used without being converted but there's no way to create a food chain that it would follow.
In a normal environment you spend money at a restaurant, the owner pays staff and buys products, the proucts are cooked and served. If any of these points fail and require conversion, we don't have a working chain. At this point, even things that are sold for Bitcoin like hardware wallets and miners are unable to function in a chain.

That is certainly a problem, this is why I have thought for a long time that the only way this is going to change is for a fiat currency crisis to happen, people simply have too much trust in the fiat system going on and it seems governments think they can keep deceiving people forever, but at some time that is going to end and when that happens bitcoin will be there to offer an alternative to the people and bitcoin will finally be used directly to buy all kinds of goods and services.

[ballerin and giroud]

Soon we will feel it, it is just a proccess. Bitcoin have been known by many people now and government has regulated it step by step although they are regulated it just for trading place only, hasn't been intention to use bitcoin as payment system but as I told it is just a proccess. But, there is some country who have done that, like japan and another country who have supported bitcoin. Like in my country, maybe bitcoin hasn't been used as payment system but there is some services who have used it although this service still in hide by the government but at least there always a demand foe bitcoin to be use as payment system.

[Krislaw]

I'm sure about you haven't known this as a ranked snr member of this forum
Bitcoin can be converted to and withdraw as fiat on Binance. Currencies like RUB, UAH, EUR, KZT and some others.
And you want to spend, then some shops in some countries are already accepting BTC as payment with the aid of the lightning network. More about bitcoin lightning network here:
https://bitcointalk.org/index.php?topic=4940536.0

[wozzek23]

I have always imagined how fine and pleasant it will be if we won't need to convert our Bitcoin into another currency, such that it will be spent directly in it value. At least you can spend US dollars any where within and outside the country , though this idea may not be in favour of some traders. But I feel it will bring bitcoin more universal and standing on it's direct value.whats your take about this.

The worth of any asset needs to be addressed in some form, I mean how would you know what is the worth of bitcoins if we are not going to know it's value in some standard currency. It's technically impossible for anyone to accept or buy bitcoins if they are unable to sell their bitcoins in any standard currency because ultimately any vendor would want to convert their bitcoins into fiat.

The best that can every happen is that, bitcoins could reach a position like tether where it remains the same value all the time but then it is nearly impossible to achieve that for a decentralized coin.