Has Bitcoin Failed as Money?

[Fatunad]

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

We arent still on that global scale adoption knowing that awareness of bitcoin or crypto existence isnt still known yet globally but sooner or later we would really be going into that part.
Bitcoin failed as Money? if we do talk about being same valued as fiat in terms of adoption and characteristics then it cant really be considered as one and who the heck do talk
about bitcoin as a money? its a new way payment system but wont really be going into that scale on where it could replaced the traditional fiat itself.
I might be bullish or positive towards bitcoin but i dont still see the possibilities.

[7788bitcoin]

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 fees of ETH is a different story altogether as they are allocating spam transactions and spam projects it is difficult for them to overcome those, when it comes to bitcoin if a store starts accepting lightning network transactions then we could sort the issues of higher fees even though we need to see massive improvement in the technology and we will see those change in the near future.

[MCobian]

If we look at the current reality with all the shortcomings that Bitcoin has, we can say Bitcoin has indeed failed as money. But that doesn't mean
there isn't a chance for Bitcoin to succeed as money, maybe we just give it time for Bitcoin to develop again. It is possible that in the future someone
will be able to find a solution so that Bitcoin can be successful as a payment, for now we have to admit Bitcoin is more suitable as an asset and
we should be grateful for that.

[ven7net]

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question arises as to whether Bitcoin can still be considered as money for everyday transactions or whether the idea is outdated and Bitcoin is more of a store of value option like gold than a means of payment.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.

I agree with your statement that Bitcoin at the moment is not very good as a means of payment, that is, money, since everything depends on high fees, and I would also add the transaction speed here. However, I have heard such information that, if necessary, these two problems, namely high fees and slow transactions, will be resolved quickly. Perhaps if there are such solutions, then their implementation changed everything, but at the moment Bitcoin is good as a means of saving and increasing your wealth.

[geegaw]

If we look at the current reality with all the shortcomings that Bitcoin has, we can say Bitcoin has indeed failed as money. But that doesn't mean
there isn't a chance for Bitcoin to succeed as money, maybe we just give it time for Bitcoin to develop again. It is possible that in the future someone
will be able to find a solution so that Bitcoin can be successful as a payment, for now we have to admit Bitcoin is more suitable as an asset and
we should be grateful for that.

We think of bitcoin as money is simply a way we want to talk about the value and benefits that bitcoin can achieve, many people even say that bitcoin is virtual gold, a lot of different words about bitcoin and the ultimate goal is just to increase the value and influence of bitcoin in this world. Honestly to say, nobody here considers bitcoin to be money and likes to transfer money every day in bitcoin, we already have money in the bank to complete this problem, Bitcoin's primary role is investment, failure in the form of money has never been an issue with bitcoin

[tyz]

Not yet. Give bitcoin a little more time. Just a little more.

Do you have inside information that something will be changed in the Bitcoin protocol so that it will be much more scalable or did you just not read my opening post? 

[uneng]

Not yet. Give bitcoin a little more time. Just a little more.

Do you have inside information that something will be changed in the Bitcoin protocol so that it will be much more scalable or did you just not read my opening post? 

As technology is developed new ideas and possible protocol upgrades will appear futurely. At some point fees will decrease and we will be able to make micro transactions with bitcoin paying fair fees.

But so far, the main issue in my opinion is that the stores and services we need for daily purchases don't accept bitcoin as payment, that is why bitcoin has been failing as money, although it's not entirely its fault.

I would like to pay for electricity, water services and supermarket products with btc, but it's not possible. If it were, even the currently high fees would be acceptable, as I could buy many things in a bunch, saving on fees. And bitcoin could be used as money this way if adoption from sellers increased.

[bryant.coleman]

Not yet. Give bitcoin a little more time. Just a little more.

How much more? We are in to 13th year or existence. Are you proposing to wait for another 10-15 years? BTW, there is another side to this argument as well. Bitcoin was never supposed to be used for instant payments. If that was the case, then there would not be average 10 minutes interval between the blocks. So we can say that from the beginning onwards, Bitcoin was used only for those transactions that are confirmed after some waiting period.

[TribalBob]

good for the price, but not great as a medium of exchange. but Bitcoin still has its Downsides, the biggest drawbacks of using BTC for small daily payments are the huge fees and long time you spend on transactions. This could destroy the plans and hopes of all merchants to see BTC as a means of payment for goods, taxis, etc. here we need someone to create an application that will "surround" this minus. so that everyone will have the opportunity to use crypto like you use a credit card.

[qwertyup23]

Avoid spending your bitcoins into small transactions. Convert them to cash only if you have a hefty amount in order to save big amounts of btc due to the high transaction fees, which also significantly increased due to the value of bitcoin in the market.

With regard with the contention of "failed money", I doubt it. The blockchain technology is bigger than the transaction fees- it actually removes a third-party consensus with your transactions. The fact that the price of bitcoin steadily increases in the market in the recent years is a good indication that it may be the future of money and of transactions.

[bbc.reporter]

@ qwertyup23. Hehehe I am shaking my head. You say that bitcoin has not failed as money, however, you also tell everyone to avoid spending bitcoin and convert them to cash for spending. This is certainly why bitcoin is failing as money.

[verita1]

I stopped spending my bitcoin when I began to notice that the transaction fees were increasing. It has not worried me, in fact it also happened with ether and I also left trading with this coin. Now I use bnb it has cheaper fees to exchange Fiat. If the price of bitcoin stays at ATH that is fine because it is beneficial for the cryptocurrency market.
OP may have to pay for their services online with traditional payment methods to avoid paying high fees.

[Arrrvin]

Bitcoin is good to store value. But only as long as people unanimously agree about this. It cannot be used as a currency. It's too slow and too expensive for that. I think everyone knows this. The good thing about Bitcoin is that it has grown from an ideal. And the ideal was to escape centralized finance. Modern blockchains are better able to scale but they are run by companies that can block your wallet at any moment and that are fully regulated by authorities. I am waiting for that special ideological project that applies advanced blockchain scaling tech to a sound and fair idealism to escape centralism.

[Distinctin]

We are still far to a level that Bitcoin has been considered as MOney. Because instead of using it to pay bills, buying stuff, huge fees and delays give trouble, but people converting it to their local currency. A sad reality, right? I can't deny that because I'm doing the same.

As these small companies around us not accepting Bitcoin, we cannot enjoy Bitcoin as a currency but still considering this as a form of investment. I don't end up saying we failed already but the adoption isn't big enough to help it work. Maybe 10 years, 20 years, or even more.

[kolbalish]

This time is not for think of that because BTC already prove that it takes a position that other currencies can't and it reached a position that may be never dismissed. BTC makes it improved as a successful currency, we hope the day is near that BTC will legal money and people will use it publicly.

[wack slacker]

Bitcoin is a global currency and a store of value, so Bitcoin's value has global influence.  Although the cost of sending Bitcoins is large, we can send Bitcoin in wrapper form.  We have WBTC on ethereum and the future will have Bitcoin on Binance smart chain, Solana, tronix, ...
By doing so, we will send Bitcoin easily and quickly with lower transaction costs.

[AllGoodNamesAreTaken]

Tried to pay with bitcoin a couple of times, but always found the fees way too high.

[best123]

As far as I am concerned bitcoin is making big time progress. The level of acceptance so far is amazing. Many never saw this coming. Embrace yourself, with time more entities will be accepting it.

[dansus021]

Tried to pay with bitcoin a couple of times, but always found the fees way too high.

  it seems always happen i thinks many people adopt bitcoin and transact so high fee will be problem
but in my opinion "if" people considering bitcoin fail as money there so many people made assumption bitcoin as investment instrument like gold or other valuable things

[TedMosby]

the first time I knew about bitcoin, it was explained by comparing bitcoin with gold.
analogically, bitcoin is gold in digital form. so, at that point, I assume bitcoin is an asset.
the acceptance of bitcoin as a medium of exchange is just a plus point for me. It's not mandatory for bitcoin to be accepted as a medium of daily transactions. this is just my opinion.
I don't remember when the last time I paid something with bitcoin (except for gambling). however, I still got paid in bitcoin regularly from the signature campaign I joined or my other services. for microtransactions using cryptos, I prefer to use stable coins, Doge, or Tron. Bitcoin lightning network is good but I can't find where to spend it. A few days ago I tried a casino platform that accepts bitcoin lightning network. It was fast and fun to try. I hope I can see more platforms like that.