Bitcoin as a Mainstream payment method

[vv181]

Given that OP posted a vague context like what kind of barriers prevent people from using it, and what kind of the idea of bitcoin is perceived by the people. Generally speaking, it varies from country to country. It is indeed at the end of the day, it comes down to preferences, but if we dig deeper into the root causes, we should seek what kind of barriers people face and the idea they comprehend.

I believe that some people are still getting affected by FUD about bitcoin, so those kinds of people are the ones that need to be educated thus they could get the whole idea of bitcoin. As for barriers, I certainly comprehend that one of the few issues is lack of conveniences, I know that some just won't bother to do a complicated process of managing their own bitcoin. I believe user experiences need to be improved in iteration either for the application itself or the way to store the bitcoins.

[Tabani Pierson]

I think, Bitcoin's volatility presents a major obstacle to its widespread adoption as a payment system. The unpredictable fluctuations in its value can make it difficult for merchants to price goods and services in Bitcoin, and can discourage consumers from spending their Bitcoin.

Additionally, concerns about the potential for illegal activities to be conducted using Bitcoin can create a negative perception of the currency.

Despite these challenges, there are several areas in which Bitcoin could improve to become more user-friendly. Security and scalability are both important areas of focus.

So, improving security measures can help build trust in the currency, while enhancing the network's ability to handle more transactions would make it more practical for everyday use. By addressing these issues, Bitcoin may be able to overcome its current obstacles and become a more mainstream payment system.

[Kakmakr]

You have a major problem if the governments of the world does not want to allow Bitcoin as legal tender or a so-called currency. So, you have a choice... 1. People start using Bitcoin without the government consent and face going to jail or getting a huge fine .... OR 2. People start using their votes to get rid of a government that does not want to allow Bitcoin as a currency.

How many people do you know that will vote for such a government and are there any political parties that will support that? 

[ancafe]

"What does BTCitcoin needed in order to become a mainstream payment system? "

The most basic reason is because of the rules that limit bitcoin as a legal means of payment, so that people try not to get involved in these legal issues and other reasons because products that accept payments using bitcoin have not yet become widespread and the considerations of producers, product sellers and service sellers are the same, namely the problem of "law" applied in their country.

It is very difficult for governments to provide access to bitcoin as legal tender and it is certain that this will not happen globally. Security and Scalability are two things that must be prepared by the user, but basically bitcoin is much safer than any other method that has ever existed.

[karmamiu]

Given that OP posted a vague context like what kind of barriers prevent people from using it, and what kind of the idea of bitcoin is perceived by the people. Generally speaking, it varies from country to country. It is indeed at the end of the day, it comes down to preferences, but if we dig deeper into the root causes, we should seek what kind of barriers people face and the idea they comprehend.

I believe that some people are still getting affected by FUD about bitcoin, so those kinds of people are the ones that need to be educated thus they could get the whole idea of bitcoin. As for barriers, I certainly comprehend that one of the few issues is lack of conveniences, I know that some just won't bother to do a complicated process of managing their own bitcoin. I believe user experiences need to be improved in iteration either for the application itself or the way to store the bitcoins.

Exactly! As of now people are still lazy when it comes to managing their own property, just like some traditional assets we have that most rich people either use it as a tool to earn more or just store it all away managed by other people. I've got a feeling that those rich people that wants others to manage their own assets would think this way "why would I manage when I have the money to hire people to do that? Besides my time is precious, instead of watching my own backyard I can use that time to be more productive."

I think it's along those lines but that's just my assumption.

Regarding the topic, yes. I asked it vaguely knowing that there will be differing opinions from various countries, and I want to learn what is you country's current stance regarding this topic. Our country doesn't have any clear statements regarding crypto, so for us it is still an open option whether we use it as a tool, but when it comes to investment, they'll just say invest what you can afford to lose.

[bosede1]

One of the things needed is Government involvement and acceptability, for instance, if the Nigerian government give recognition to bitcoin to be used together with fiat as a mean of payment many people who have seen bitcoin as nothing will be interested.

[teosanru]

As the title implies, we all know that, almost the whole world knows about the existence of bitcoin and cryptocurrency, the problem is although more and more people are becoming aware of it, there're still barriers preventing them on using crypto. I have been into this social app called MEEFF(recommended by a friend of mine), and some of the people there dislike the idea of bitcoin and crypto. So, I was wondering why, but didn't bother to ask them since it's their own preference, and so it cross into my mind that "What does BTCitcoin needed in order to become a mainstream payment system? "


I know some of you would say improvements of Security, Scalability, and User Experience, but aside from that, What is the most needed for BTCitcoin right now?

Scalability obviously is the biggest improvement and if this issue will be solved we'll be able to solve most of the other problems in bitcoin. Quicker block times will also be another one because after doing a payments it's not that easy to wait for 10 mins to get a clear confirmation of the transaction being made. So block time is also one of the major issues other than this I think most of the problem aren't that big which  could affect it's usage as a payment system.

[crypticj]

Personally, I don't think it's gonna become a mainstream payment method. People will still be using fiat because you don't need to pay for every transaction when you use it and it's less volatile.

But despite that, it's obvious that payments with bitcoins are getting popular nowadays and a lot of people want anonymity or don't trust banks with their money. But I don't think everyone will be like this in the future.

So I think bitcoin will just become another method to transfer/hold/withdraw and invest money. It would be somewhere in the middle of all those things.

[Vaskiy]

Bitcoin as the mainstream payment method could take place, and rhe same needs lots of support. Not only from the government, but from the consumer side. People haven't prepared to consider bitcoin as a mainstream payment method than investment. So, when people start using bitcoin little by little we were able to gain support, without that this is going to be completely an impossible task.