Has Bitcoin Failed as Money?

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try to read this one https://www.marketwatch.com/story/should-i-buy-bitcoin-why-the-cryptocurrency-is-on-the-verge-of-a-bear-market-11614105003

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[Kong Hey Pakboy]

You know that it can be used for large transactions and of course to the merchants and companies who accept it as a payment. We are practically in the beginning of a long journey of bitcoin; we should understand that it is still unaccessible for countries who ban the use of it, and also those people who merely just can't access it due to their status. We can't conclude to the statement that it failed as a money.

[chaoscoinz]

Disclaimer: "This is my opinion and not financial advice"

That's a really good question, is it a failed implementation of a alternative currency, in comparison to fiat monetary instruments? Sure, Bitcoin isn't pegged to overtake fiat anytime soon. In fact, it might be the exact opposite to be honest. If Fiat weren't a conversion vehicle for crypto, I strongly believe crypto would probably deflate. Now, has Bitcoin failed as money, absolutely not. We are at the Fulcrum of a brand new financial industry, one that challenges the traditional systems currently in place. I think that the adoption will continue to be slow until the governments play ball and go all in, within the regulatory space.

Just my two cents though  

[yazher]

You know that it can be used for large transactions and of course to the merchants and companies who accept it as a payment. We are practically in the beginning of a long journey of bitcoin; we should understand that it is still unaccessible for countries who ban the use of it, and also those people who merely just can't access it due to their status. We can't conclude to the statement that it failed as a money.

To make it as money will take a long journey since the lightning network is not yet fully develop. But certain things like local exchanges are beginning to make it possible because if you trade some BTC using their platforms, the payment you made is automatic than if the receiver is also using the same exchanges. Now if some crypto exchange will be used around the world as a universal crypto exchange then Bitcoin as money will likely become possible. I think what Paypal wants is to create such universal crypto payment as well.

[cr1776]

I think you already have your answer from your experiences.

It is impractical to use BTC for small and immediate payments. You can still use it as a currency for larger transaction where $5 transaction fees can be considered as minimal. Fees over the weekend are still cheaper so it can also be used for advanced payments ^{[your payment is due next Tuesday? send on Saturday]} or in situations where the merchant is willing to accept late confirmations.

I would say that answer is a "for now."  With lightning, taproot etc, small, immediate payments are (or will be) possible.  

Likewise, as bitcoin appreciates in fiat terms, at some point it will hit equilibrium.  Whether that is one or two orders of magnitude (or more) from now is an open question.  At that point, it will be much more stable, and will be more cost effective to use.

[serjent05]

I think Bitcoin is still in the process of improving and it is very early to say that it failed as money.  The problem had been known and developers are doing their best to solve this.  Unless the development of Bitcoin stop, we can never conclude that Bitcoin failed as money because once the transaction fee is trimmed down to its minimum (solved) then the belief of Bitcoin being a failed money will be completely debunked.

[Silberman]

Well, the latter part of your statement already answered your question. Which is, it's hard to use Bitcoin for smaller payments or transactions.

Even if we hate to hear it, its still the truth: we have shifted from using Bitcoin as an online means of transactions to assets. When one wants to spend Bitcoin for simple or small online purchase, the pizza guy event always come to mind.

I think that what is happening is that we are kind of delayed when it comes to the scaling issue, some issues were addressed but it is still not enough, many people are still using legacy addresses when segwit addresses produce smaller transactions and you can fit more of them on the same block, obviously that is not going to be enough but it could help now and it also does not seem like there are many exchanges or businesses that had adopted the lightning network either which is causing that bitcoin cannot be used at the moment for small transactions.

[CryptopreneurBrainboss]

As a long-time Bitcoin hodler, I welcome the current development of Bitcoin and find the increasing acceptance great. But the question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.

Generally yes it has failed as the assets side of the technology is been priorities over the currency side which is why it seems the fees aspect of the currency isn't been worked on as much as our features that new development are been deployed often. The true is, the institutional investors and whale moving millions of dollars with just few cents or dollar won't care much about what the fees are, the fees has already been covered in their profits.

But then when you consider the lifespan of bitcoin, you'll understand why it's currently in the state it is, give it time as we're just a century into the existence of bitcoin. There's every certainty that this won't be the story in other centuries to come. The fiats system had thousands of years to it side, just give bitcoin some years and it'll catch up to the fiat system and even be a better money than the fiat system in regards to their utility.

[best123]

It depends your definition of failure. As far as I am concerned bitcoin has not failed in anyway. It has changed the faces of the world economy.

[Silberman]

It depends your definition of failure. As far as I am concerned bitcoin has not failed in anyway. It has changed the faces of the world economy.

Besides it is way too early to declare that bitcoin has failed, bitcoin is not a project that is not updated anymore and that will remain in its current state forever, bitcoin is still being improved by the developers and it is to be expected they keep working on it and finding new solutions to old problems, the problem with scaling is not new and in fact it was brought up as soon as the software was published, so the developers have been working on this problem for that long and this problem will eventually be solved leading to an explosion on the use of bitcoin as a currency.

[ololajulo]

Bitcoin has one of the strongest teams in the space, which are able sustain and improve the techicallties of use and security. Since the security is assured the next concern which is tokenomics had been taken care of, as SOV with stronger support and acquisition, the price pump so well that everyone is having huge profit from miners to daily traders. It has assumed an asset class that can't be contested when it cross the 1 trillion dollar marketcap, the question now is no more the currency use but the safety as an asset.

[tyz]

You are a legendary member registered in 2013, so why are you asking the question that was asked hundreds of times already, I'm sure you saw and maybe even participated in some of the scaling debate threads.
High fees isn't exactly new thing, a quick confirmation fee over $1 has been a thing from time to time since 2017.

Well, I have described the current state, but that does not mean that there is still hope. So far, Bitcoin has always been described as a fiat-money alternative. My intention was whether this is still the claim at all or whether it is already going in the direction of asset alternative a la gold.

[emmybd]

Unless it's regulated properly and gets the governments to support it. I don't think that it will be considered money. Many governments have banned bitcoin so it is difficult in those countries to deal with bitcoin. As it will be considered an illegal transaction and the law enforcement agencies will go after you. It will be impossible to consider it as money without getting the government's acceptance. But, the good news is bitcoin is gradually getting more and more acceptance, so who knows many governments will be forced to accept it in the future.

[imstillthebest]

this is why i spend my btc wisely whenever i spend it so that i can get the most of it and not to end up in regrets because i pay more for the fees than to the service that i am going to purchase but if i urgently feel the need of buying small service i dont use my btc but i always have my altcoins prepared with me and you should too op but it will only be a problem if the service that your going to use dont support an altcoins at the moment but your not doomed , you can request for support of other cryptos or find other simillar service that accept coins other than btc .

[Dutchyyy]

As a long-time Bitcoin hodler, I welcome the current development of Bitcoin and find the increasing acceptance great. But the question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.

Why? I try to pay with Bitcoin wherever possible. Fortunately, more and more merchants and services are accepting Bitcoin. Whether directly or through third-party providers. Here are my experiences over the past few weeks.

I wanted to take out a subscription to my favorite streamer. $4.99 payable with Bitcoin. Timely Confirmation Fees, $ 6.71. 134% of the purchase price. Even with an annual subscription, the fees would still be around 20-23%.

Paying my web hosting costs of around $30, Bitcon fees also around $5, which would be 16-17% fees.

The fees may be acceptable for buying a Tesla for $ 40-50k, but certainly not for daily payments.

Hello, in general, I do not think that anyone would hope that Bitcoin will become a payment currency, replacing USD for example for everyday household transactions and payments.
At first I don't think it can happen, because the best side of Bitcoin is being a long-term asset.

[famososMuertos]

Although the classic answers are the existing alternatives to process payments more quickly and wait for the lowest fee, in effect payments in bitcoin are currently subject to the value of what you want to acquire versus the fee to be paid.

But the above, far from distancing it to make it a payment option, strengthens it, it is part of the adjustment in its massive transformation as a means of payment, if one reviews the history of bitcoin transactions, it can be seen that it was used to pay for any asset or thing of value.

As long as there are users who want to pay for services or any asset with bitcoin, their goal of becoming a payment currency remains in force.

[bitzizzix]

Of course bitcoin cannot be a currency and it still takes a long process if that happens, but it's not that easy because there will be pros and cons and don't know what will happen next.
and for now bitcoin can only be an alternative payment and digital asset as a promising investment, and what is confusing at this time many large companies are starting to consider using bitcoin as a means of payment.
Like the electric car manufacturer Tesla, which last week announced its plans to use bitcoin as a means of buying and selling some of its products, and in addition, Mastercard will also support the use of several crypto assets on their network this year.
and other good news as a sign that it will be possible, but not necessarily and no one knows in the future.

[adzino]

As a long-time Bitcoin hodler, I welcome the current development of Bitcoin and find the increasing acceptance great. But the question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.

Why? I try to pay with Bitcoin wherever possible. Fortunately, more and more merchants and services are accepting Bitcoin. Whether directly or through third-party providers. Here are my experiences over the past few weeks.

I wanted to take out a subscription to my favorite streamer. $4.99 payable with Bitcoin. Timely Confirmation Fees, $ 6.71. 134% of the purchase price. Even with an annual subscription, the fees would still be around 20-23%.

Paying my web hosting costs of around $30, Bitcon fees also around $5, which would be 16-17% fees.

The fees may be acceptable for buying a Tesla for $ 40-50k, but certainly not for daily payments.

You are not wrong over here! What I find amusing is that people will still try to oppose your opinion. They are either blind or are just a huge fan of bitcoin that if anyone says anything against it, they will get aggressive. I don't hate bitcoin or anything (in fact I love bitcoin and is the only coin I hold along with other top two altcoins), but I do admit that there are many flaws over here. Flaws that is going to make bitcoin "unusable" as a regular currency. As long as people don't admit, there is no hope of fixing things.
But I do believe we all are smart enough to come up with a solution that won't break the main protocol. 

[scottsanderman12]

The world is on the verge of adopting BTC as digital gold. I think it’s already accepted even, but not communicated to the masses

[Twentyonepaylots]

It's true that bitcoin as of the moment is more well-known as a store of value, or an asset, sometimes even as a "get-rich-quick scheme" by the newbies. But if you consider how long it literally took bitcoin to reach this point, and to what it can be capable of in the future, one may argue that it is a better money than money itself, knowing that it appreciates over time unlike fiat that constantly inflates in volume but deflates in value. So no, bitcoin still has a good chance of becoming a currency widely accepted by everyone, and to say that it has failed is like saying your grade-school kid won't finish college just because he can't write properly.

After the rise in bitcoin price,both the fees for bitcoin and ethereum was raised.Some people are suffering to pay the gas fee for the transaction of the less value token.Who pay 10$ as a fee for the transaction of 50-60$.Nearly 1/5 as a fees for the transaction.This should be rectified soon.

The lightning network is there to solve this issue for bitcoin, I don't know why only a few people seek its aid but it's pretty much there.