WILL BITCOIN BE ACCEPTED AS A MEANS OF TRANSACTION IN THE WORLD

[Pablo james]

   Bitcoin which is the most valuable crypto currency, like other crypto currencies are now perceived to be a better store of value by many. However, with the news making the rounds,of Bitcoin expected to be used and accepted for transactions purpose (payment for goods and services).
 CAN BITCOIN ACTUALLY MEET THE REQUIREMENTS FOR TRANSACTION PURPOSE?
AS  there are only 21 million Bitcoins that can be mined in total and currently, around 18.5 million Bitcoins have been mined.in contrast to legal tender of various countries which has no limit of the quantity that can be printed, I believe Bitcoin to be used for transactions purpose,has it's limits, in essence legal tender will still have upper hands for transactions purpose.
What's your take on this?

[mk4]

? ? ?

Bitcoin has been accepted as a means of payments for literally years and years now. It's just that bitcoin isn't accepted everywhere as much as your typical fiat currency, and mostly just not in physical stores.

[Jawhead999]

As long as the merchant/country accept Bitcoin payment, it can be used to transact for goods or services. It's old news since Bitcoin has been accepted since long time in some websites https://www.thestreet.com/investing/what-can-you-buy-with-bitcoin-14556706

But there's some disadvantages if Bitcoin is used for transaction purpose, such as:

1. Volatility
When you want to buy a clothes, the cost is $100 which valued 0,0022 BTC. After you send it, after 1 day the 0,0022 BTC is worth only for $80... which is you're in loss.
2. Fees
When the price in spike, the fees will following too. If the merchant want the Bitcoin confirmed ASAP, you need to pay more on the fees.

[joniboini]

AS  there are only 21 million Bitcoins that can be mined in total and currently, around 18.5 million Bitcoins have been mined.in contrast to legal tender of various countries which has no limit of the quantity that can be printed, I believe Bitcoin to be used for transactions purpose,has it's limits, in essence legal tender will still have upper hands for transactions purpose.

I don't really see the problem, especially when you can divide 1 BTC to 0.1, 0.001, 0.00001, or even 1 sats. Since there is no 'inflation', the purchasing power would theoretically be the same (or at least similar), unless we still peg the prices to fiat.

Anyway, even if we do get that problem (where 1 sats is worth more than 1$), we can simply find new solutions. Like 2nd layer with pegged tokens, for example.

[DdmrDdmr]

<...> if we do get that problem (where 1 sats is worth more than 1$), we can simply find new solutions. Like 2nd layer with pegged tokens, for example.

Theoretically, a smaller division than Sats could be implemented, if there is a concensus, which does not make it a trivial matter at all. Going over a thread on the matter ( Can bitcoin be divided beyond satoshis?), there’s a particular post that I like that highlights this:

As it is using an unsigned 64 bit integer to store the number of Satoshi's any extension to this would not at all be trivial (it would require quite a lot of code to be reworked and a huge amount of testing) so I can't see any such thing happening for many, many years (if ever).

Understand that it affects the entire system in regards to the txs (memory, protocol and storage). Perhaps people might recall the amount of work that was done to solve the Y2K problem?

(am guessing most here are too young to know about that - but it resulted in huge numbers of retired COBOL programmers coming out of retirement to earn huge amounts for a few years)

Those that say "Bitcoin's 8 decimal places can easily be extended" do not understand software engineering.

The lightning network does have further divisions (mSat -> 1/1000 of a Sat), which implies some considerations when closing the channels (read through The Lightning Network FAQ), but the solution should probably come from a concensus on the network protocol itself.

[Porfirii]

A few days ago I read that a Town Hall near my city started accepting BTCitcoin as a means of payment for municipal tax. It surprised me because it is not a big village, but I suppose that it means that little by little it is going mainstream. In all the world, who knows? I don't think so, there will be at least one country that will ban it, I guess, but in some places it is accepted years ago, as mk4 stated.

About the smaller fractions of a satoshi, I didn't know about it but it seems really interesting. At this pace, if price continues going parabolic, it is not any nonsense to start thinking about it seriously.

[Taskford]

   Bitcoin which is the most valuable crypto currency, like other crypto currencies are now perceived to be a better store of value by many. However, with the news making the rounds,of Bitcoin expected to be used and accepted for transactions purpose (payment for goods and services).
 CAN BITCOIN ACTUALLY MEET THE REQUIREMENTS FOR TRANSACTION PURPOSE?
AS  there are only 21 million Bitcoins that can be mined in total and currently, around 18.5 million Bitcoins have been mined.in contrast to legal tender of various countries which has no limit of the quantity that can be printed, I believe Bitcoin to be used for transactions purpose,has it's limits, in essence legal tender will still have upper hands for transactions purpose.
What's your take on this?

Why are you asking that? are you doubting about this? Lemme give you an example of companies which accept bitcoins as their payment option, here better check this since this one is big companies https://99bitcoins.com/bitcoin/who-accepts/ and it's updated list. Also if you need anything you can search all the information in google since for sure there are answers on your inquiry there.

[posi]

 However, with the news making the rounds,of Bitcoin expected to be used and accepted for transactions purpose (payment for goods and services).

If I could remember correctly Bitcoin has been used and accepted for transaction purposes ever since the year 2011 (which was the year I first heard about Bitcoin but ignore it cause I thought it will end just like e-gold which ban by the US government) and cryptocurrency exchange like Kraken, Zapo offer a crypto credit card in the year 2016 before the AML/KYC restriction by the US SEC.

[passwordnow]

Aren't we using it already as a means of payment for everything that the receiver and sender would agree to exchange? What makes it a store of value because it has a limited supply but that won't stop us for using it as a means of payment because it's made for it.
And if there are places that are not yet accepting bitcoin. We're aware of it that they don't understand it fully and not everyplace has internet accessibility.

[Theoboy]

Bitcoin is already accepted in so many parts of the world and soon to be adapted by all(I think so)
Even with the latest news that Elon musk bought over 1 billion dollars worth of BTC
And planing to accept bitcoin payment for his Tesla cars
https://www.google.com/url?q=https://finance.yahoo.com/news/elon-musk-is-serious-about-crypto-as-tesla-puts-15-billion-in-bitcoin-163633283.html&sa=U&ved=2ahUKEwjHyMTwpt3uAhULHOwKHWDVDO0QFjAEegQIChAB&usg=AOvVaw3QJr6qY5zB_6xEQ5dQ28Zu

[TalkStar]

I want to inform you that bitcoin is already using as a means of payment throughout the world. I don’t know you have enough knowledge about bitcoin payment system or not but you should research properly before creating a topic like that. You made a post on worlds largest crypto community Bitcointalk and asking a weird question. Anyways i am not discouraging you but we always suggest newbies to read forum posts to enrich their knowledge vault before creating a new topic.

If i am not wrong then most modern age people who use google, facebook, twitter and other platforms have already got information about bitcoin and other crypto currencies. Maybe you are little far from them.

[Harlot]

If you are referring to mass adoption I believe the key here is in 3 factors legislation, public acceptance, and business recognition. I believe the first two which is laws as well as public knowledge about Bitcoin is something that we came far along with and is enough for mass adoption, the only thing we are really missing is for businesses to start accepting Bitcoin as a mode of payment then we can see a big ripple effect on it down to local businesses accepting Bitcoin as a mode of payment. I know a lot of big businesses already know that a lot of people are holding Bitcoin and they will see this as a big market on which they can take advantage of so only time will tell before these big businesses will start accepting/implementing Bitcoin as a mode of payment.

[HabBear]

The market has had 10 years to decide the answer to this question...Bitcoin is an asset, a store of value. Bitcoin is not a currency. I mean it can be used as currency, but it's not going to be a widespread currency, the world is not going to turn into "Bitcoin Accepted Here!"

Why?

• Currency needs to be stable in value, e.g., a liter of milk needs to cost tomorrow what it cost today, and Bitcoin's value is way too volatile for that
• uhh...that's the only reason, really

There are other tokens that are designed to serve as currencies, properly. Ripple and Lumens are precisely designed for that purpose. Ripple and Lumens may go up in value - i hope they do! - but likely not in the extreme ways we've seen with Bitcoin.

Forever be hodling!

[Darker45]

Bitcoin is not a legal tender. But, as per many constitutional laws, what is not illegal is deemed legal. In other words, "everything which is not forbidden is allowed." Meaning to say, Bitcoin could be used as a currency provided both parties agree to its worth or value, or unless, in case of certain countries, it is explicitly pronounced that Bitcoin is illegal. Otherwise, there is no legal impediment in using Bitcoin as a form of currency. Therefore, individuals and business entities could make use of it for transaction purposes.

In terms of volatility, it is an open truth that Bitcoin's price is rising and falling, so it is up to the seller or buyer if they still prefer to use Bitcoin instead of fiat despite that.

The total supply of Bitcoin is not a problem at all. There are a total of 100 million Satoshis per Bitcoin.

[AniviaBtc]

? ? ?

Bitcoin has been accepted as a means of payments for literally years and years now. It's just that bitcoin isn't accepted everywhere as much as your typical fiat currency, and mostly just not in physical stores.

Soon, bitcoin will reach the mainstream so that we can pay any transaction using bitcoin and that's for sure.

Right now, bitcoin is doing so well and becomes more popular amidst this pandemic as people are looking for something profitable in the market.

Also most of the countries are already accepting cryptocurrency to be regulated in their country, and that's because of bitcoin who proved many governments that it is worth to invest.

[hatshepsut93]

You're looking at it wrong, there's enough units to not worry about it, and negative effects of fixed supply on the economy could only be observed if there's very high level of adoption, like when literally everyone hoards Bitcoin - we're so far from it right now that such time might never come.

The biggest challenge is scalability, because even with Lightning Network Bitcoin wouldn't be able to process all transactions in the world. But again, Bitcoin is still far from worrying about it, because it's rarely used for payments, projects like Openbazaar see very little traffic.

[Taskford]

? ? ?

Bitcoin has been accepted as a means of payments for literally years and years now. It's just that bitcoin isn't accepted everywhere as much as your typical fiat currency, and mostly just not in physical stores.

Soon, bitcoin will reach the mainstream so that we can pay any transaction using bitcoin and that's for sure.

Right now, bitcoin is doing so well and becomes more popular amidst this pandemic as people are looking for something profitable in the market.

Also most of the countries are already accepting cryptocurrency to be regulated in their country, and that's because of bitcoin who proved many governments that it is worth to invest.

For the current marketcap gotten by bitcoin this one should be added on merchants option all over the world but what really the major concern here is the transaction fee this one is the second biggest burden by bitcoins that's why other medium type merchant cannot add this since its a huge loss for some companies to deal with high transaction fees gotten by bitcoin.

[lovesmayfamilis]

It seems to me that the OP was asking something else . Difficulties in translation. As far as I understand, the OP is concerned that the amount of bitcoins is limited and there will not be enough bitcoins.  Recently, there have been many articles that bitcoin whales are buying up bitcoin, thereby causing the danger of its deficit on exchanges. Probably from this, the OP had questions.
So the OP was wondering if Bitcoin could become a means of payment entirely, or if fiat money still retains priority of use since it can be printed out without interruption.

[Pmalek]

1. Volatility
When you want to buy a clothes, the cost is $100 which valued 0,0022 BTC. After you send it, after 1 day the 0,0022 BTC is worth only for $80... which is you're in loss.

That is why most merchants don't keep bitcoin or other crypto assets. You pay with crypto, but they use a third party that automatically converts the coin into fiat. That way your $100 Bitcoin purchase stays the same (not taking into consideration the volatility and value of fiat currencies).

There are other tokens that are designed to serve as currencies, properly. Ripple and Lumens are precisely designed for that purpose. Ripple and Lumens may go up in value - i hope they do! - but likely not in the extreme ways we've seen with Bitcoin.

When you say Ripple, I assume you mean XRP. Ripple was worth $3-4 a few years ago and now it's valued between $0.40-0.50. I think that's an extreme sign of volatility as well. Not to mention that the Ripple foundation owns most of the coins, which makes the asset a centralized banking coin. I guess they are now selling their assets because of issues with the SEC.