Will Bitcoin ever become a widely adopted global payment solution?

[leea-1334]

It was never a collectible,,, totally disagree there.

Bitcoin can be a collectible, but it should in physical form or known as Casascius Physical Bitcoin.

I see that as something very different though,,, People were collecting the physical casing for it, the coins or wallets or whatever those things were. Many of those things did not even have funded wallets (zero Bitcoins).

There is otherwise no collectible value for a Bitcoin or satoshi, otherwise it is not fungible:)

[Vishnu.Reang]

PayPal has already integrated it to its platform. Visa and Master are exploring the possibility. So I would say that we are on the right track. The cryptocurrency puritans are not going to be happy, because PayPal is probably aiming for a hybrid approach between Crypto and Fiat. For payments, cryptocurrency will be first converted to fiat before it is transferred to the merchant. I am perfectly fine with this, but some of the oldies here would be horrified at such a possibility.

[leea-1334]

PayPal has already integrated it to its platform. Visa and Master are exploring the possibility. So I would say that we are on the right track. The cryptocurrency puritans are not going to be happy, because PayPal is probably aiming for a hybrid approach between Crypto and Fiat. For payments, cryptocurrency will be first converted to fiat before it is transferred to the merchant. I am perfectly fine with this, but some of the oldies here would be horrified at such a possibility.

But who cares about Paypal? Did you read that one of the contributers to Tor project suddenly had his Paypal frozen? And the company did not give him a single explanation about it.

You can read a thread about it here. https://bitcointalk.org/index.php?topic=5341553.msg57146715#msg57146715

Not your keys not your coins no matter who the person accepting BTC is.

[enawati]

This is according regulation of each country, in my country Bitcoin and others crypto only possible to trade or use for intrument of investment, but does not allow to use for payment goods and services. Some country was legally accept Bitcoin and others crypto for payment and they build Bitcoin ATM in many public location, hopely more country will do it so adoption of crypto is growing rapidly

[Weawant]

If Bitcoin could have a great break through with their transactions fees and the speed, it would be the best global financial/payment and receipt solution in the world. Only with these Bitcoin could become the solution to digital transactions.

But for now technically, Bitcoin doesn't have all that it has to take to become one. It became an investment vehicle which people invest with, diversify their portfolio and also move their assets into it so the value of their wealth will grow or preserved.

There is a lot of cryptocurrencies there that could be the solution. BNB is an example of it. But still, we will never know what would happen in the next years.

If Bitcoin evolves, good luck the fiat!

[Luqman]

Probably someday, as the first goal of creating Bitcoin.
However, can it be? It will depend on how the future generation views Bitcoin and how the government will be. Many issues are spreading about Bitcoin and many countries still don't accept BTC as a currency.
That is still an obstacle. Although right now, BTC has a high market cap, it doesn't seem that all countries can really accept BTC as a currency. that is why it may be only a digital currency.

[ILuckyGuyI]

Its adoption will go higher and higher in time surely. But I don't think that Bitcoin will be global payment solution. I assume that no government would be willing to accept it as its main currency.

[MCobian]

This is according regulation of each country, in my country Bitcoin and others crypto only possible to trade or use for intrument of investment, but does not allow to use for payment goods and services. Some country was legally accept Bitcoin and others crypto for payment and they build Bitcoin ATM in many public location, hopely more country will do it so adoption of crypto is growing rapidly

In the end it depends on the rules of each country, because for now there are not many countries that legalize Bitcoin as payment. Bitcoin is still
considered a digital asset for investment only, therefore the spread of Bitcoin ATM machines is not evenly distributed in all countries. But Bitcoin is
only 11 years old, so there's still a lot of possibilities in the future. I still believe in the end Bitcoin can become a global payment solution in the future,
but don't know how many years it will take for that to become a reality. What is certain is that we must be grateful for the current conditions,
Bitcoin can be a reliable source of income. Sometimes it takes a long time to advance to the next level.

[Obito]

Hopefully, all the electronic payment platforms integrate bitcoin because that would be one of the way to make it become a global payment solution since they are already an established platform but the problem is it is a centralized one meaning that they will probably work on a not your keys not your coins.

[aprilnot]

It won't, because people use bitcoins only for investment. no one wants to use it to make payments, because the fees are quite high. but the future of payments remains crypto. maybe in the future people will use stablecoins or coins like doge or tron which have cheaper fees. this makes more sense than thinking bitcoin is used for everyday payments like to pay for pizza.

[Vaskiy]

When we think of bitcoin to be the global payment solution, there is a need of support from each and every country. This isn't possible at the moment, because slowly countries are into regulating the usage of bitcoin. Right now we've got more and more number of payment service providers. Bitcoin gives the freedom of transaction, because every other forms of transaction has got limitations and big process involved. Only badge against bitcoin transaction is the fee.

[kojektea]

I don't think it will be possible or even impossible, bitcoin being used as a means of payment has many loopholes or drawbacks, such as unstable fees, prices, and much more. But the benefits of bitcoin as an investment are quite good, because bitcoin is a testament to the advancement of financial technology.

[Erdogan]

Bitcoin due to its high fee (specially in bullish market) and scalability are too prime reasons why bitcoin till date wasn't able to made it to global payment system which was its main goal. Like its already said in this thread, that Lightning network solution is there to overcome this shortcoming. We have to wait to see whether it becomes successful or not.

[pinggoki]

Today that covid and pandemic is here on us many people are using cashless transactions especially those persons who are getting care of themselves. Cashless transactions are being essential nowadays due to the safety protocols that the world government is practicing, due to that reason many people are adopting those cashless that's why there's a huge possibility that the bitcoin will be adopted globally as a payment solution for everything that we are buying especially when it comes to online transactions due to that bitcoin has the fastest transaction and also less hassle to manage.

[adzino]

PayPal has already integrated it to its platform. Visa and Master are exploring the possibility. So I would say that we are on the right track. The cryptocurrency puritans are not going to be happy, because PayPal is probably aiming for a hybrid approach between Crypto and Fiat. For payments, cryptocurrency will be first converted to fiat before it is transferred to the merchant. I am perfectly fine with this, but some of the oldies here would be horrified at such a possibility.

That's the exact opposite thing people wants. In fact, it makes no sense at all. Why do you need paypal, visa or master to process your transaction? Bitcoin becomes useless when you integrate it with these payment providers. I mean if these centralized payment providers integrate, then there is no difference between bitcoin and the digital fiat (paypal balance or funds in your cards). We need bitcoin so that we have freedom. Imagine spending bitcoin from your paypal account and then paypal freezing all your coins because they are suspicious of your activity. How frustrating would that be!

[Issa56]

Yes bitcoin will definitely be become a widely adopted payment solution, some countries have started legalizing bitcoin already and lot's of companies have started accepting bitcoin as there payment methods and lot's of financial institutions have been adopting bitcoin and more people are beginning to know more about bitcoin which is very good I believe is just matter of time bitcoin will become widely accepted global payment solution.

[tippytoes]

Yes bitcoin will definitely be become a widely adopted payment solution, some countries have started legalizing bitcoin already and lot's of companies have started accepting bitcoin as there payment methods and lot's of financial institutions have been adopting bitcoin and more people are beginning to know more about bitcoin which is very good I believe is just matter of time bitcoin will become widely accepted global payment solution.

Maybe, at the moment, a lot of crypto users are treating bitcoin as a store of value but once the volatility of its price calms down or stabilized in the market, many people will use this in the payment system. As we are avoiding the handling of cash as much as possible owed to this pandemic, bitcoin, is also a very good alternative option for payment. This is the reason why some merchants started to include this in their system. It will take time to adopt it in massive scale but we are already heading into that direction.

[BIT-BENDER]

This news isn't coming now, but El Salvador has shown that government around the world can make it official, by including Bitcoin for their citizens option of payment.
Also the adoption is surpassing phases as I saw at a POS -point of sale stand- and I saw the attendant told me they receive bitcoin as an option for payment, I felt excited and happy, even though I was with Fiat to pay for what I got I choose to use bitcoin.
I think adoption of Bitcoin won't heal broken economy, If the government don't add logistics that can work to it, regardless for a citizen like I am, I should freely have options to make payment with bitcoin if I so desire anywhere at anytime, if that can happen then it's the climax of adoption of Bitcoin.

[verita1]

Yes, of course.
Bitcoin as a means of payment through the Lightning Network and other solutions that are being created in other networks. This is the beginning and there will be user friendly dapps that will provide low fees and fast transactions with this we have already achieved.
The latest events will take that important step so that more people benefit from the financial inclusion that bitcoin offers.

[DoublerHunter]

This news isn't coming now, but El Salvador has shown that government around the world can make it official, by including Bitcoin for their citizens option of payment.
Also the adoption is surpassing phases as I saw at a POS -point of sale stand- and I saw the attendant told me they receive bitcoin as an option for payment, I felt excited and happy, even though I was with Fiat to pay for what I got I choose to use bitcoin.
I think adoption of Bitcoin won't heal broken economy, If the government don't add logistics that can work to it, regardless for a citizen like I am, I should freely have options to make payment with bitcoin if I so desire anywhere at anytime, if that can happen then it's the climax of adoption of Bitcoin.

^ Probably when other countries will follow what is the decision of El Salvador, is probably a good sign that they are right of what they decided. Because they realized that BTC is always good for transferring your asset worldwide and the president of El Salvador was saw this vision of usage of BTC because he saw that there are too many abroad that suffering to making transaction that you need a third-party service in order your money will move into other countries whereas using BTC you can do it alone in yourself. Nevertheless, I appreciate the proposal of the El Salvador president to make BTC legal and tender.