BITCOIN AS A PAYMENT SYSTEM

[Maackayon1]

One of the major advantage of Bitcoin is the hope of it serving as a future payment system likewise a store of value with enough freedom and anonymity. Sometimes there is fluctuations in price to the uptrend and downtrend and also delay in transaction confirmation. This seems to be a major challenge for Bitcoin to be used as a payment system. Considering that I made a purchase and sent the value for it I'm BTC to the seller , it will likely take 30mins to 1hour before the transaction is fully confirmed. That means I will have to wait for the transaction to have at least 1 confirmation on the blockchain before leaving and sometimes to avoid some unusal cases of double spending or sending fake coins, the transaction will need to be confirmed fully. This scenario might take some while for completion which wi discourage people from using it. This might be a big challenge which can be improved on part of which is innovation like the lightning Network and others. I believe there will a better solution to perfect this scalability and fluctuations.

How best do you think this can be solved , please share your thoughts and views ;!

[bitmover]

One of the major advantage of Bitcoin is the hope of it serving as a future payment system likewise a store of value with enough freedom and anonymity. Sometimes there is fluctuations in price to the uptrend and downtrend and also delay in transaction confirmation. This seems to be a major challenge for Bitcoin to be used as a payment system. Considering that I made a purchase and sent the value for it I'm BTC to the seller , it will likely take 30mins to 1hour before the transaction is fully confirmed. That means I will have to wait for the transaction to have at least 1 confirmation on the blockchain before leaving and sometimes to avoid some unusal cases of double spending or sending fake coins, the transaction will need to be confirmed fully. This scenario might take some while for completion which wi discourage people from using it. This might be a big challenge which can be improved on part of which is innovation like the lightning Network and others. I believe there will a better solution to perfect this scalability and fluctuations.

How best do you think this can be solved , please share your thoughts and views ;!

No big deal. There are already vendors accepting zero confirmation transactions, which are instantaneous. Burger King in venezuela accepts zero confirmation transactions: https://es.cointelegraph.com/news/i-used-bitcoin-to-pay-for-a-burger-at-burger-king (sorry couldn't find english version)

It can also be used to buy stuff in the internet, even food, such as deliveries. There will be plenty of time to wait 30minutes for the first confirmation.

[avikz]

There are number of reasons why bitcoin has not yet been adoted by the mass as a payment method. Look below,

1. Price volatility
2. Time required for confirmation
3. Lack of clear regulations

While the 2nd issue mentioned above, can be taken care through innovation like LN. There are services like Bitpay and Polispay where ypu can get a prepaid Mastercard which can be used at any POS machine.

But fluctuation and lack of clear regulation remains a challenge till date.

[WalkerIVIV]

According from what you have writtena and i ask you now. Have you tried to use the lightning network? if you have not yet and just try to use it right now.

Sometimes the confirmation can be reached in less than 30 minutes when you were putting the reliable fees to make your tx to be placed on the priority by the block.

The problem is when you are sending it use the small amount of fees. This can be solved when we are running the lightning network node.

[Kaliecious]

every bitcoin transaction can be accelerated by adding shipping costs when making a transaction. in my country there are already several stores that accept bitcoin even though it has not been confirmed by the network.