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Author Topic: It is possible that bitcoin will use nowadays in cash less transaction?  (Read 836 times)
AicecreaME
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September 12, 2020, 11:13:07 AM
 #21

Here in our country (Philippines) some of the places here are already using cashless payment method using gcash or credit cards mostly, but I've never heard bitcoin is being used in public markets or even in malls. An online shop here (shopee) is already accepting bitcoin as a payment method which is a good sign already.

In my perspective, using Bitcoin in cashless society is still needs a lot of support by the Government for it to be use by the majority of people in the community, just like other countries (Japan, Indonesia, and Venezuela),. without the fully support of the Government, this dream is still way out of reach.

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September 12, 2020, 11:28:46 AM
 #22

It is right that many countries are imposing the system of cashless, but it isn't easy to see bitcoin will be used because that would need an agreement from the government. The government suggests people use credit/debit cards or install apps in people's mobile phones that will accommodate people to pay using their mobile phones.

Bitcoin is not yet become the most popular digital currency in the world because, in many countries, they already have their digital currency, which is converted from physical money to digital money. But there is a chance for bitcoin to be adopted in many countries as an alternative form payment, so people will have more options to pay what they buy.

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September 12, 2020, 11:33:57 AM
 #23

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?
It is good that the governments have started to think that using a cashless transaction would help their citizens to prevent COVID-19 from spreading. But I don't believe that bitcoin could be used as a payment method in public markets and malls because it takes a long time to confirm a bitcoin transaction, and bitcoin transaction fee is high. It is why people can't use bitcoin as a payment method; even the government would support it.

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September 12, 2020, 12:02:21 PM
 #24

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?
This is depend In which country you are talking mate,Just like in mine the government is asking people to at least try cashless living,
But the problem is Crypto is not that Popular in here so Only limited people are using this and also there are limited use of Bitcoin here.
though i believe that there are some more People had use Google to check what is Bitcoin yet the transaction did not increase that much.
Lets hope that our government will accept and adopt Bitcoin as a currency for more useful way of cryptocurrencies.

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September 12, 2020, 01:37:26 PM
 #25

When you mean cashless payment, there are other options other than bitcoins. In our local, we have electronic wallets that we may cash in fiat money and use to pay our bills and in online shops. However, bitcoin as digital payments are also been used recently. If government wanted cashless, this options is also advantageous for future adoption and awareness. But, each government has different views and perspective about cryptocurrency being used as cashless payment.
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September 12, 2020, 04:32:42 PM
 #26

It could be possible to make use of Bitcoin in doing cashless transactions nowadays that we are mostly relying on seamlessly fast transactions by using digital currencies due to certain reasons. Using Bitcoin as a cashless payment option could be possibly adapted into such countries where it is already legalized and massively adapted. But as for those countries that still do not get into legalization of using Bitcoin, there are other cashless options like mobile/online banking, using of credit/debit cards and wallet applications where bank accounts are linked to access funds to do cashless transactions. There is still a possibility to use Bitcoin to conduct cashless transactions but those were most likely possible for certain countries that allow such thing but for the others, it is quite impossible because they must first undergo certain legalization and adaption to do such.





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September 12, 2020, 05:50:17 PM
 #27

If you can really survive for a month, or even a week by just using bitcoin in your country then its possible, what I mean is without hassle. I'm sure it will be hard for you to find a restaurant or a fast food chain that will accept bitcoin. Bitcoin needs to be massively adapted for it to to be use in a less hassle cashless transaction/ Its not possible in my country, and I think it will still impossible in yours too.

And the cashless transaction the government is talking about doesn't even mean bitcoin. It's the credit card, debit card, e-wallet and etc. There are also other reasons why they are requiring it, not just because of this virus.

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September 12, 2020, 07:23:20 PM
 #28

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?
Government doesn't made bitcoin or cryptos as an alternative to the fiat money, they never want it to be because this is decentralized means there is no central body to control it.And not many places we have to spend our bitcoins even in developed countries.

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September 12, 2020, 07:35:00 PM
 #29

Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?
A cashless society does not mean that it will be using cryptocurrency, netbanking and other forms of digital payments are cashless.
Suppose a government wants to adopt bitcoin as a form of payment, do you think the network can handle all the transactions in the present situation, so think again before coming out with age old dreams of the world transacting using a decentralized currency. The cryptocurrency market is always an alternative method of transaction and in the future we might see rapid changes if we have a better scaling solution that could sort all the present issues.
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September 12, 2020, 07:47:27 PM
Merited by GeorgeJohn (1)
 #30

Bitcoin needs to be massively adapted for it to to be use in a less hassle cashless transaction/ Its not possible in my country, and I think it will still impossible in yours too.
There are some countries where living solely on Bitcoin is possible. It's on a case by case basis.

Bitcoin will probably never become the right replacement for USD. Even if you wanted to be a rebel and completely stop using fiat, you'd get exhausted easily by the fees. These bucks you pay every 2-3 txs will sum up into a quite horrible amount. A lot of people would reject BTC as a daily-used currency specifically for this reason. For the average person, it's quite expensive to use.

You can use cash right now to purchase a $1 coffee without having to pay anything except time and patience. If you had to pay with BTC, you'll likely pay at least $0.5 more. Times 60 (as in two daily coffees), there goes $30 a month. Unnecessary spendings.
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September 12, 2020, 07:49:43 PM
 #31

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?

It is possible to use bitcoin as a currency as some countries are pushing cashless transactions because of the coronavirus that continues to spread. But it might actually depend on the country since there is a lot of cashless currency that could be used and at some point, it is used a lot than bitcoin in a country. There is also some country that pushes its own cryptocurrency or cashless currency. The cashless transaction could easily be implemented as long as the country is already adopted the technology needed for it because their are still a lot of countries that cannot do cashless transactions because they are still into fiat.

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September 13, 2020, 04:27:02 AM
 #32

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society.

No, this is unlikely to be the case, the government haven't bought into the ideal that bitcoin is trying to sell. Sure they believe in cashless transaction but there are numerous ways to achieve that that would still give them (the government) control over our finances as that's only what they're after. They won't want to risk losing that control by making us be our own bank which can be easily achieved with bitcoin.

Centralized digital currency are the perfect currency for the government as they push towards a cashless society, that's the currency they'll be advocating for but then it's left for us citizens to choose which is best for us.

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pooya87
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September 13, 2020, 04:33:04 AM
 #33

ever since Satohi sent the first transaction to Hal Finney back in 2009 bitcoin has been used as a payment in what you may refer to as "cash less transactions". and ever since 2010 (or possibly sooner) when bitcoin was used in first publicly known transaction to buy something physical (a Pizza) Laszlo Hanyecz it also conquered the offline world too.
the only thing left is mass adoption which will not happen fast because it takes time for the people's mentality of always using something centralized and having 0 control over their money to change first before they think about using the alternative money which is bitcoin.

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September 13, 2020, 05:59:19 AM
 #34

Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?

Many countries have already adopted this and those who have not yet will soon adopt this seeing that cashless transaction is a big help in times of pandemic, one of the positive things about this pandemic is governments has come to realize that they need an alternative ways to transact, that can be used in times like this, because we never know if this things like this will never happen.

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September 13, 2020, 06:08:32 AM
 #35

There are some options for people to pay their expenses, cash, e-wallets, and crypto. With the pandemic, in my nation, people choose to use e-wallets more than before. The e-wallet growth is supported by lockdowns when people have to make their orders on online shopping sites, then shippers will buy and distribute goods for locals.

They can use cash to pay but as consequence of the fear of virus and pandemic, people try to use e-wallets more. It is a perfect chance for e-wallet providers to promote theirs and catch attention of people.

Bitcoin and crypto adoption are still low and the pandemic won't change much of the adoption. People have to be aware of bitcoin, crypto more before they can make acceptances and use cryptocurrency more. Another barrier is limited companies, services that accept bitcoin, and crypto. There are legal barriers too.

Fee and time to wait for confirmation (1 to 3 confirmations) are barriers. Lightning network off-chain can uplift the barrier but it has not yet been developed too good.

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September 13, 2020, 06:26:08 AM
 #36

The governments are coming up with plans on launching central bank digital currencies. Bitcoin is uncontrolled, that's why it can't be used as the world currency.
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September 13, 2020, 06:29:17 AM
 #37

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?

I believe this is a discussion that has been going on now for years and it's still results to what the government takes as legal tender. The issue about other cashless means of payment is that they are fiat and not a conversion to fiat which is why they are allowed to be used in the economy other means of payment like PayPal or company specifics like the gift cards etc. So unless there is amendment to law to recognise bitcoin as legal tender or under the existing provisions there is allowance for it, it's not happening just yet.
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September 13, 2020, 06:36:56 AM
 #38

ever since Satohi sent the first transaction to Hal Finney back in 2009 bitcoin has been used as a payment in what you may refer to as "cash less transactions". and ever since 2010 (or possibly sooner) when bitcoin was used in first publicly known transaction to buy something physical (a Pizza) Laszlo Hanyecz it also conquered the offline world too.

One could say that since Bitcoin is a peer-to-peer digital cash, its transactions aren't cashless payments in some sense. And I think it actually makes sense, because this cashless society is about controlling people, and Bitcoin was created as a reaction to that. We will never see governments and banks recommending and incentivizing the use of Bitcoin, when they say "digital payments" they will always mean bank payments.

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September 13, 2020, 09:44:15 AM
 #39

Use less cash and say that people use Bitcoin is unreasonable as there are many services from other money transfer apps. Bitcoin is just a form of money transfer, your reasoning is inconclusive.
And not all countries allow bitcoin as a means of payment. In our country, there is no regulation on bitcoin and nobody uses bitcoin for payment as it is banned. We can only negotiate with each other over Bitcoin.

Yeah, people who keep saying that obviously have never actually tried going out and using Bitcoin to do shit. I'm living in I guess what one might call first world now and it's hard enough getting some shops to accept a pin instead of cash, never mind whipping out my phone and asking if they accept Bitcoin!

Forget cashless first and focus on using it online instead. Then work your way up with LN in places that are already cashless.
In my country, bitcoin is still not considered a means of payment and people don't care much about bitcoin. But where they don't accept cash, they also require a bank's payment card rather than bitcoin. No one advertises for bitcoin so it's possible that people don't know bitcoin much in my place.

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September 13, 2020, 09:48:49 AM
 #40


I think it is possible, but it depends on them. Firstly, they need to have full knowledge on how bitcoin can affect their country if they will use it as their money. Though I think they will just create their own cryptocurrency backed up by their local currency.

Cashless society doesn't already mean that the society is bitcoin based.

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