Sorry guys.. Bitcoin is not for our day-to-day transactions.

[pokeronlinestatus]

If you are holding your bitcoins with the expectation of bitcoin will be hitting main stream adoption one day so that you will easily buy groceries for direct BTC payments and pay your gas bill with BTC, your dream will get fulfilled one day but after that you may regret for spending bitcoins for lesser value or for silly things.

I mean we are holding something technically advanced one but with old-fashioned expectations.

We will be able to buy our dream house for less than half of 1 bitcoin or we may able to acquire a profitably running business for one bitcoin but most of us are focusing on a day where we will be able to pay a cup of coffee with bitcoin.

I have 3 reasons why bitcoin is not for everyday spending but for our life changing transactions.

1. Countries may start having bitcoin as another reserve.

Many experts are speculating bitcoin will replace gold as a nation's central bank's reserve.
If that will not be happening, at least countries will prefer to have another form of reserve which is suitable for digital age along with all the properties of gold.

Here we should not assume like countries will first declare bitcoin as legal tender. They may collect as much as bitcoins first and then unveil their stand on bitcoins later.

So, we must save what our countries will start saving today or tomorrow. Else, regretting will be the final thing.

2. Governments will prefer bitcoin as a digital asset rather than a payment system.

An asset is something that we do not transact daily. When people are not spending bitcoins for their daily needs, it would be easier for governments to track BTC transactions for taxation.

When BTC value in multi-millions, people will not spend it for daily needs as they value it as an asset and may spend only for buying a Ferrari or for Apple 12 pro. (I mean I am sure no one will buy an Apple phone everyday).

3. Technically bitcoin is designed to be having huge value.

Limited supply and halving are explicit characteristics of bitcoins to assume it is designed to have huge value. When one satoshi is valuing 1 dollar or 10 dollar then you will not transact BTCs multiple time a day. Maybe you spend bitcoins monthly once or twice. Because you are going to use bitcoins only for your life's big things and you will have other income stream due to those big things which has happened with BTC payments.

This way I assume 1MB blocks are enough for bitcoins forever. Because people will save bitcoins and may spend it once in year or decade .

The current bull run is triggered by institutional fund mangers and this wave may get intensified by other corporate and by governments. So, save bitcoins as much as possible before governments start competing against us.

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[Oshosondy]

Bitcoin is an asset and the transaction fee is high, the transaction fee will also be getting higher as the price will be increasing as people are adopting it more and more. The transaction fee can be a problem that will not make people to use bitcoin as a means of transaction, but onchain transactions. That is why lightning network has been developed, as the onchain transaction fee will be increasing, there will be increase in lightning network adoption. The purpose of lightning network is to provided bitcoin users the opportunity to be able to send bitcoin, even small amount of bitcoin with low transaction fee, and the added advantage is the increase in transaction time which means the transactions are even fast and completed within a second or less.

People will be able to still send bitcoin with low transaction fee as people are adopting lightning network, the increase in onchian transaction fee will let people to be moving to be using lightning network for bitcoin transactions. This will have a possitive effect that will make the onchain transaction not to be as high as it should be in the future but although still will be getting higher, more people will also later be depending on lightning network for bitcoin transactions.

[buwaytress]

Sorry but the majority of my transactions are for day-to-day transactions. Top of the list is food delivery (which is getting more frequent in these times), but I'm also now already able to get a lot of credit (paid for with Bitcoin) at almost all the stores I shop at. Cashback rocks.

That's not even counting the payments I make to people or to deposit for the things I do every day (sportsbetting for example). All in Bitcoin.

Sure, I still have to sell for the cash to pay most bills and other expenses. And granted, it'll continue to be the case for a while. But sorry, Bitcoin really is for my day-to-day.

[romero121]

Bitcoin has got high Transaction fee. This is the reason why Bitcoin hasn't gained importance on daily transaction. Maybe this scenario will change when bitcoin becomes a supportive platform for micropayments. Right now the increased usage is on gambling, trading and large volume transactions to eliminate the usage of banking procedures.

[GideonGono]

I don't really think that Bitcoin would be something like that specially because of the transaction fee and the confirmation of transaction takes too much time.
I would just continue to use Fiat since it is more convenient for us we would just hand it over and the transaction is done and also if we would use crypto it would add up another fee along with the tax.

[AicecreaME]

That's why we cannot have the fully cashless society yet, we still need fiat for our payment option. Your point indeed was correct, that spending Bitcoin, even in a small way, for example buying a $2-$3 product while the transaction fee is $7-$10, then it is not financially wise to do. However, not spending your Bitcoin will not help, it needs to be circulated in the market to continue rising.

Spending it three times a week is not bad to make people or small businesses owners aware that there are people who have Bitcoin and is willing to pay in Bitcoin, otherwise, they'll start to remove that payment option.

[fiulpro]

Hi
Actually I have been using something , considering the high fee ofc people won't use it like that. But I have seen people coupling their transactions together.
For example A and B have to send BTC to their account and then convert it into Local currency do what they do is they send in the same account together and the fee is 1/2. Now this works for any number of people that might be there. For me I have a small community , if my friends wish to send recieve we generally couple together. It really better and doesn't cause any problem but ofc depends on the situation and time.
But not always you have to do this you can just use segwit and put your fee to low or medium. It will take time for sure. But at the same time many sites are confirming the transactions after 1 confirmation. Which does help a lot and saves a lot of time and money.
I think we just need time to find something for LN , improve it and just modify it. It's good to go otherwise.
It actually depends on what you are paying for, sometimes the international transactions are way better when done in BTC.

[serjent05]

1. Countries may start having bitcoin as another reserve.

Many experts are speculating bitcoin will replace gold as a nation's central bank's reserve.
If that will not be happening, at least countries will prefer to have another form of reserve which is suitable for digital age along with all the properties of gold.

Here we should not assume like countries will first declare bitcoin as legal tender. They may collect as much as bitcoins first and then unveil their stand on bitcoins later.

So, we must save what our countries will start saving today or tomorrow. Else, regretting will be the final thing.

You are already wrong on this.  Some countries had already declared Bitcoin as legal tender even without accumulating a large quantity of it.  I think you are quite late on the news on this one.  Though I agree, with a high fees, it is currently not suited for the day-to-day transactions, only those who have no option but only BTC as a source of his fund can only do these things.  But to those who have fiat currency in hand, I am quite sure, they will hold BTC waiting for it to gain even more profit.

[Husires]

At some point, the price will stabilize, for example at the million dollars, and then we will begin to deal with the sat which will change as some currencies change as a result of inflation.
For example, a country like Turkey in which the currency has decreased by 30% and countries witnessing a change in the currency by 2%.

If the Bitcoin reaches enough of its market capacity, the satoshis will change by 10%.
Some will start laying the foundations for valuing bitcoins instead of relying on the dollar.

[error08]

Bitcoin has got high Transaction fee. This is the reason why Bitcoin hasn't gained importance on daily transaction. Maybe this scenario will change when bitcoin becomes a supportive platform for micropayments. Right now the increased usage is on gambling, trading and large volume transactions to eliminate the usage of banking procedures.

That has been an obstacle for years but not always the main problem as the transaction fee can be paid only 1 says/byte and will be confirmed within 10 minutes, but whenever the price increase and too many queues on mempool then the fee goes up like crazy. Nonetheless, whoever wants to spend bitcoin on daily basis can do it with the lightning network or check the mempool before transact.

[lifeforcepools]

So far, this is true, but I hope the situation will change. Maybe there are ways to make these transactions something everyday.

[NabonitaS]

It's great that you mentioned BTC bill payments (https://nowpayments.io/blog/pay-bills-with-bitcoin-btc) and groceries (https://nowpayments.io/blog/what-retailers-accept-bitcoin) - as more and more merchants do that.

You do have some interesting points!

Then what cryptocurrencies, in your opinion, are great for day-to-day transactions?

[acquafredda]

At some point, the price will stabilize, for example at the million dollars, and then we will begin to deal with the sat which will change as some currencies change as a result of inflation.
For example, a country like Turkey in which the currency has decreased by 30% and countries witnessing a change in the currency by 2%.

If the Bitcoin reaches enough of its market capacity, the satoshis will change by 10%.
Some will start laying the foundations for valuing bitcoins instead of relying on the dollar.

Bitcoin will never be stable until the mining goes on. Any different mining epoch will have to naturally adjust the price for miners to get their profit out and be able to pay for their bills, new equipment and so on. I believe this will avoid a stable price for a long time. Expect the ride to be bumpy and glorious at the same time.

[Smartprofit]

Yes, I agree with the author of this topic.  

Can Bitcoin be used as a means of payment?  Yes it is possible.  

How optimal is this?  Difficult question.  There are many other alternative payment methods.  

Can 7 billion people use Bitcoin as a means of payment?  No, this is technically impossible.  

Can technical restrictions be lifted?  In theory, yes.  However, it is more likely that Bitcoin will be used as the world's reserve currency (reserve asset), not a means of payment.

Thus, Bitcoin does not need technical improvements.  

Developers can focus on solving other problems - creating sidechains, creating algorithms that are resistant to being hacked by quantum computers, etc.

[dimonstration]

Those who use BTC as Payment transaction for bills or for loading purposes regretted that they did that, they are more aware now that the price is able to increase if they will just hold or invest it. Those friends of mine who I know have BTC been monitoring the price and hopes they will able to buy again and will try not to use for simple transactions but just let it as their investment.

[itovault]

Absolutely, Bitcoin is more a store of value than a medium of exchange at this point.  The large fees, and even lack of L2 solution, is a large reason the medium of exchange function isn't working.

[0t3p0t]

If you are holding your bitcoins with the expectation of bitcoin will be hitting main stream adoption one day so that you will easily buy groceries for direct BTC payments and pay your gas bill with BTC, your dream will get fulfilled one day but after that you may regret for spending bitcoins for lesser value or for silly things.

I mean we are holding something technically advanced one but with old-fashioned expectations.

We will be able to buy our dream house for less than half of 1 bitcoin or we may able to acquire a profitably running business for one bitcoin but most of us are focusing on a day where we will be able to pay a cup of coffee with bitcoin.

I have 3 reasons why bitcoin is not for everyday spending but for our life changing transactions.

1. Countries may start having bitcoin as another reserve.

Many experts are speculating bitcoin will replace gold as a nation's central bank's reserve.
If that will not be happening, at least countries will prefer to have another form of reserve which is suitable for digital age along with all the properties of gold.

Here we should not assume like countries will first declare bitcoin as legal tender. They may collect as much as bitcoins first and then unveil their stand on bitcoins later.

So, we must save what our countries will start saving today or tomorrow. Else, regretting will be the final thing.

2. Governments will prefer bitcoin as a digital asset rather than a payment system.

An asset is something that we do not transact daily. When people are not spending bitcoins for their daily needs, it would be easier for governments to track BTC transactions for taxation.

When BTC value in multi-millions, people will not spend it for daily needs as they value it as an asset and may spend only for buying a Ferrari or for Apple 12 pro. (I mean I am sure no one will buy an Apple phone everyday).

3. Technically bitcoin is designed to be having huge value.

Limited supply and halving are explicit characteristics of bitcoins to assume it is designed to have huge value. When one satoshi is valuing 1 dollar or 10 dollar then you will not transact BTCs multiple time a day. Maybe you spend bitcoins monthly once or twice. Because you are going to use bitcoins only for your life's big things and you will have other income stream due to those big things which has happened with BTC payments.

This way I assume 1MB blocks are enough for bitcoins forever. Because people will save bitcoins and may spend it once in year or decade .

The current bull run is triggered by institutional fund mangers and this wave may get intensified by other corporate and by governments. So, save bitcoins as much as possible before governments start competing against us.

You are correct mate but it all depends on how we use Bitcoin in our daily lives. For us less fortunate we use it to buy or pay for something if we need to but for those living in the middle class and above they might use it for investment purposes.

[iTradeChips]

Well, for me I would never use Bitcoin for everyday transactions as I would prefer the other altcoins designed specifically to be a digital currency of some sorts. Bitcoin is too valuable to even be used as payment for everyday items. Satoshis perhaps but I would think others would also prefer to use Ethereum or Litecoin, or even Dogecoin for such matters. Anyway, good luck to those who have already bought their cafe latte's using Bitcoin.

[BrewMaster]

you are wrong.
the only reason why bitcoin value keeps going up is because so far bitcoin adoption has been small and until we reach mass adoption it will continue to rise exactly like this.
but when the mass adoption is reached the value becomes a lot more stable than today so it won't be like waking up tomorrow seeing price has gone up 50%.
the only thing that will rise in the future is the price and that is only because the fiat is constantly tanking otherwise the value will remain the same.

[mardaed]

Those who use BTC as Payment transaction for bills or for loading purposes regretted that they did that, they are more aware now that the price is able to increase if they will just hold or invest it. Those friends of mine who I know have BTC been monitoring the price and hopes they will able to buy again and will try not to use for simple transactions but just let it as their investment.

I have to agree with this statement here. Although I also use Bitcoin for my day to day transactions especially when emergency, by converting it first to my local currency, but as much as possible I do not wish to use my Bitcoin but to hold it instead. I have witnessed how much it can benefit me more if I would just hold and treat Bitcoin as my investment.