Will Bitcoin ever become a widely adopted global payment solution?

[peter0425]

I don't mind if Bitcoin never reaches true "mass adoption" and am not waiting for it to become the one-world currency. It's already been successful beyond anyone's imagination.

Couldn't agree more. People often think that 10-12 years is very long period of time and that Bitcoin somehow failed because its use didn't reach mass adoption yet, while in reality this is extremely short period of time for something as complex and I think that not even Satoshi thought that Bitcoin will spread as much as it did.

Right! We might lack mainstream adoption, but we are thriving; the community has grown much in the past years.
Cryptocurrency is almost synonymous with Bitcoin since it pioneered blockchain technology.

Yeah and countries are now considering to adopt Bitcoin like IRAN here


>>>>>>>>>>>>>>>>> https://bitcointalk.org/index.php?topic=5343240.msg57241858#msg57241858


it looks like in the next years there will be a digits of countries to use Bitcoin as legal tender.

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[Sled]

Big YES for that but to know when, it is really hard to answer and nobody could tell neither.

Well, the adoption is in the process and continuous improvement. It can't be done so quickly depending on how the people/user will adapt to it. A lot of factors that could affect this and one of these things is because of its volatility. Many establishments are still doubts and they are also afraid of losing their money once the market will dump.   

[dmamigo]

Big YES for that but to know when, it is really hard to answer and nobody could tell neither.

Well, the adoption is in the process and continuous improvement. It can't be done so quickly depending on how the people/user will adapt to it. A lot of factors could affect this and one of these things is because of its volatility. Many establishments are still doubts and they are also afraid of losing their money once the market will dump.   

I highly doubt that Bitcoin specifically can be a global payment solution alone because the only thing that bothers me nowadays to transact using Bitcoin is its fees. I still consider the time to be fair enough.
Recently I did search for alternate options to make transactions if the other party accepts or agrees on it. Tron is now one of my priorities to transact as its fees are quite less and the transaction completion speed is faster than Bitcoin as of now.
Hence, I don't know if Bitcoin will be able to make it acceptable as a global payment solution but I believe that surely atleast one crypto apart from BTC will be accepted globally.
I prefer Bitcoin as an asset now more than a mode of the transaction if I have the option.
And as you said volatility is another primary reason that can prevent this from happening.

[Alert31]

I think so, it will happen. Only time can tell us but actually it was already started although in just limited payment transaction because its recipients are still limited like stores and other business establishment. Another factor that can affect the slow adoption in bitcoin as payment is the volatility nature of it and a higher transaction fee. It's just better if you have a big amount of bitcoin transactions,. What it's just a small fraction of bitcoin? It's not worth to make it as payment because of the high transaction fees.

[mikelalonde]

The time it takes for transactions to go through confirmations makes it a non-feasible payment method right now. I mean for darkweb perhaps and web hosting, but for day to day business transactions like paying for your meal, forget it. It's just my opinion that BTC will fall to the wayside while Ethereum becomes the currency for crypto in the real world.

[semobo]

Probably yes, but there are some disadvantages on the Bitcoin side which is confirmation time when the Mempool gets congested. If Bitcoin transactions reaches 200K or more the transaction fee hikes upto 50 dollars which makes bitcoin to be used in day to day life more difficult but the adoption is happening slowly as a form of investment but only time will tell that will be going to be used as a form of payment in the future.

[conected]

Big YES for that but to know when, it is really hard to answer and nobody could tell neither.

Well, the adoption is in the process and continuous improvement. It can't be done so quickly depending on how the people/user will adapt to it. A lot of factors that could affect this and one of these things is because of its volatility. Many establishments are still doubts and they are also afraid of losing their money once the market will dump.   

- Well, first bitcoin will need to be recognized and become an experimental product, that will give implications for future adoption, current use case is not optimistic for this when people's actions are not following government rules, it shows that bitcoin is not qualified to be applied for payment. I also heard about a few countries that have adopted bitcoin but the numbers are too small and the numbers are not public, the effectiveness and importance of the problem is relatively low, perhaps bitcoin is in need of a more stable and improved process to cause global attention

[Gamerholic]

I think it's obvious that yes, although not as soon as we all would like. The problem is that no one wants to part with the power of money that is printed by the central banks of the countries of the world. Although it has long been clear that such a financial system is in a deep crisis, these countries are in no hurry to part with such levers of influence on society and the economy. Competition is only intensifying and the multipolar world is pushing these players against each other even more strongly and actively. It would seem that this is the solution - but I do not see a serious consideration of this issue, perhaps nowhere.

[Lanatsa]

Probably yes, but there are some disadvantages on the Bitcoin side which is confirmation time when the Mempool gets congested. If Bitcoin transactions reaches 200K or more the transaction fee hikes upto 50 dollars which makes bitcoin to be used in day to day life more difficult but the adoption is happening slowly as a form of investment but only time will tell that will be going to be used as a form of payment in the future.

And this is why Lightning Network is on the works or still under development when it comes to patching up the flaws of bitcoin in terms of block times and cheaper fees and faster confirmations.

But honestly the network isn't always clogged up for us to mind off about that manner.IF we do look back the fees were cheap almost a week now since the mempool is almost empty.

Why would make out questions if Bitcoin would be a global payment solution if the adoption of it is gradually increasing?

[xiboothrezi]

We are not really in that phase yet where digital money can be used as a payment tool in most of the transactions, but soon, we will.

Hoping that people will see the advantages and importance of bitcoin in our daily lives especially that it has really a value in the market.
~

like evolution. This process takes time and stages that are long enough for the community to really adapt to the changes. lately more and more payment-related companies are opening up access to crypto, which is a good sign. although it is undeniable that there are many pros and cons, bitcoin is full of controversy, but it really provides a solution to today's financial problems. unlimited freedom, without complicated administrative processes, we can send money in crypto quickly anywhere. it's only a matter of time.

[Ziskinberg]

Widely adopted? maybe we wait for another decade to see where it was because for now, we are just about to start.

Slowly, Bitcoin becomes widely accepted ( that is very hopeful), it surely will come once the banking system and the government are voluntarily giving their support. The community just to wait for it, I believe they are. Only we need to wait for the legalization of Bitcoin as a currency and that was a stepping stone for faster adoption.

[nurilham]

I think it is already adopted as a payment tool globaly. Although Bitcoin cannot be used as a payment tool in some countries, there are many countries that allowed it. It needs a process and takes time to make other countries considering to use Bitcoin as a payment tool as well. With some good news about Bitcoin, I am sure the adoption of Bitcoin as a currency will be better in the future.

[clint25n]

Of course we can't say for sure whether bitcoin will become a very broad payment, but this is not impossible considering the increasing demand for bitcoin. With many companies investing in bitcoin

[target]

The lightning network is playing a big role in the adoption of BTC.  South America is leading the adoption this time although there are several countries before them, their declaration seems to be covered by the media. It may not really be adopted widely due to some countries developing their CBDC.  Even if its just half of the world population are going to be using BTC, its a big success already.

[Renampun]

Satoshi envisioned Bitcoin as a Peer-to-Peer Electronic Cash System. While it can and has been used for payments, its use as a medium of exchange has so far been very limited.

It has moved from being a collectible to a store of value. Will it ever move to being a widely adopted medium of exchange and global payment solution?

everything has the potential to happen and in the future Bitcoin maybe adopted as a global payment en masse...

the number of people entering the crypto world is increasing every day and this shows how many people are interested in Bitcoin and Altcoins. the government can do nothing when it is done en masse by the public, Bitcoin is the best solution for our current bad financial system.

[Kez1817]

There is  a possibility that bitcoin will be widely adopted as global payment solution but it will takes time to happen. Maybe 5 to 10 years from now because the problem is that, not all people are using or know how to use modern technology to access bitcoin. Another problem is the volatility of bitcoin. Although bitcoin has an advantage and disadvantage, I still agree for it to become a global payment solution.

[Freezingel]

If things remain like what it is now, i guess it's less likely that bitcoin will be used as a global payment or global currency used for transaction. Let's see that now, there are still few that accepts bitcoin as payment, and there are still issues such as high transaction fee, and long time too. Bitcoin is still inconvenient as a payment method, however bitcoin is going loud and strong as an investment. People are saying keep hodling, and most people do not want to use their bitcoin, so bitcoin will just remain as investment or asset for now, not as a currency that will be used as a payment.

[Caldear]

There are many new users using Bitcoin, and more people around the world will use it in the future. The traditional payment system has been developed for a long time, and Bitcoin can successfully compete with it in just a dozen years. Bitcoin's transaction volume and liquidity continue to increase. It is decentralized and can be traded freely all over the world, the large international transaction costs are low, and its development trend is increasing exponentially. Bitcoin’s Lightning Network technology will also increase its appreciation potential, it will take a long time for Bitcoin become a widely adopted global payment solution.

[Hypnosis00]

Okay, let's take a look at how the market changes from $0 to $30k price. From a single user to now at millions of who adopts the market.
We are apparently moving continuously, it wasn't so fast to see the increase of Bitcoin users but as we can see, we are improving little by little and from that number, we possibly multiply it several times in the future.

And to be considered as a global payment system, not too far from possibility as the chance is not 0%. We can't tell when nor we can say it won't. We can just find it out in the future.

[randegibran]

Of course this will be a question of something like that will happen, we can only hope because at a time when.there are many rejections from various countries.against bitcoin, the adoption.process that they will do is very unlikely.to happen instantly.like we turn the palm of the hand, All of this, of course, requires.a very long.process for that