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Author Topic: After all these years  (Read 783 times)
Outhue (OP)
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August 28, 2023, 07:47:01 AM
 #1

After all these years Bitcoin still remains an investment rather than a daily payment system, will there ever come a day where Bitcoin will be use generally as a paying system instead of what we are seeing right now?

XRP for example and few others are partnering with banks for international transactions, if seems that these projects are 100 times closer to been a daily payment system than Bitcoin and this saddens me.

I am feeling like the majority of people are still going to prefer to spend more money on transaction fee through payment solutions that involves banks, locally and internationally, I seems like Bitcoin transaction are going to keep happening around Bitcoin OGs and those who are into Bitcoin only.

Do you think that Bitcoin been decentralised will draw it back from becoming something like what XRP and Chain Link are achieving right now? Should we just for once shut up about Bitcoin becoming a well acknowledged payment solution and focus on it becoming only asset?

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August 28, 2023, 07:58:03 AM
 #2

This seems like groundhog day, because of the number of threads or comments I see every day in the forum.

I do not believe that it is a global payment method for all payments first because there is the problem of scalability, second because Bitcoin is valuable and it does not make sense to spend Bitcoin and keep alternative payment methods, such as fiat currencies or shitcoins and third because the trend that leads the history of Bitcoin tells us that it is not so. It was created as a P2P payment method but it is succeeding more as a store of value than as a means of exchange and I have no reason to think that this will change in the future, on the contrary, what I think is that as the price continues to rise and there is more and more scarcity of Bitcoin will consolidate even more as a store of value.

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Spaceman1000$
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August 28, 2023, 08:11:52 AM
 #3

After all these years Bitcoin still remains an investment rather than a daily payment system, will there ever come a day where Bitcoin will be use generally as a paying system instead of what we are seeing right now?

XRP for example and few others are partnering with banks for international transactions, if seems that these projects are 100 times closer to been a daily payment system than Bitcoin and this saddens me.

I am feeling like the majority of people are still going to prefer to spend more money on transaction fee through payment solutions that involves banks, locally and internationally, I seems like Bitcoin transaction are going to keep happening around Bitcoin OGs and those who are into Bitcoin only.

Do you think that Bitcoin been decentralised will draw it back from becoming something like what XRP and Chain Link are achieving right now? Should we just for once shut up about Bitcoin becoming a well acknowledged payment solution and focus on it becoming only asset?

Bitcoin is an asset already, it has all the valuables therein as an asset. In terms of daily usage as a payment system, there are lots of firms across the globe that accept bitcoin as payment. Don't also forget that it is also international valuable, because you can send bitcoin to anybody in any part of world. Over the years, you should understand that bitcoin has really penetrated significantly into the international market, so it will also take time before some of the wish your asking for to come into fruition, as there has been restrictions of bitcoin in some countries across the world, but that isn't going to stop the growth of bitcoin.

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August 28, 2023, 08:13:16 AM
 #4

You can already get debit cards that use crypto accounts, you just have to swap the crypto into fiat for the card. We are closer than you think my friend.
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August 28, 2023, 08:21:57 AM
 #5

Do you really think Bitcoin can work as a payment system. There are too many limitations with Bitcoin and that is why Bitcoin LN was created. I am happy the way it is now, I happy that people think Bitcoin as a investment opportunity. Since it is now considered as an Investment that is the reason Institutional investors & big financial institution are going after it. Bitcoin is the only investment through which anyone can gain financial freedom.
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August 28, 2023, 08:30:46 AM
 #6

Due to the volatile nature of bitcoin, it has been used more as an investment rather than a payment method and I wouldn't blame investors for this,after they have understand the value in it and the price movement. Nobody will love to use a valuable assest for payment when there is fiat currency or some valueless altcoins. It means that you are not aware about the potential of bitcoin and how it can be used to hedge against inflation. Fiat is depreciating and it is more better to use fiat for daily spending than bitcoin. It is only some companies that pay their workers with bitcoin, because they are rich and have enough of it or better still they are promoting bitcoin to be used as a payment method. As time passes,bitcoin becomes more scarce and every bitcoin holder will appreciates their bitcoin to use as an investment and a store of value rather than using it as an alternative payment method.

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August 28, 2023, 08:32:29 AM
 #7

Like it or not and many people do not accept this fact but I do not believe that bitcoin can become a legitimate payment method in the world due to its decentralized nature. Personally, I see bitcoin as an asset and will likely be a store of wealth in the future if it becomes more and more popular.
While bitcoin has not been able to become a P2P payment method for the purposes Satoshi created it, I don't see anything too bad about bitcoin as an asset. It still brings many use cases, many utilities for us.

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August 28, 2023, 08:33:28 AM
 #8

XRP and other shitcoins are centralized, it's why the banks don't have any problem to create a partnership with them. Bitcoin is different, when the government want to regulate it as a commodity or legal tender, there's a drawback about decentralization and pseudonym for them, so they need to think carefully.

You need to know digital fiat was exist since few years ago, you don't have to pay any fee.

Comparing digital fiat/cash/credit card where you need to pay fee every month with Bitcoin where you need to pay fee for every transaction you make is really not make sense.
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August 28, 2023, 08:46:52 AM
Merited by libert19 (1)
 #9

After all these years Bitcoin still remains an investment rather than a daily payment system, will there ever come a day where Bitcoin will be use generally as a paying system instead of what we are seeing right now?

XRP for example and few others are partnering with banks for international transactions, if seems that these projects are 100 times closer to been a daily payment system than Bitcoin and this saddens me.

Investments and means of payment are not necessarily mutually exclusive. Bitcoin (even including the lightning network)  is not ready to act as a global payment system.
The major reason for people not using Bitcoin (or any other crypto) for everyday transactions is that they're not earning in crypto but in fiat. Nobody will be purchasing crypto for fiat just to pay for their groceries with crypto. That simply wouldn't make sense.
There's also the "bad money drives out good" principle:

Quote
In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation.

Ripple's bank partnership also doesn't mean that the world will turn to using XRP. As far as I know, it's not clear if the XRP would be utilised at all in such systems.

Do you think that Bitcoin been decentralised will draw it back from becoming something like what XRP and Chain Link are achieving right now? Should we just for once shut up about Bitcoin becoming a well acknowledged payment solution and focus on it becoming only asset?

Nah. To succeed as an investment asset, Bitcoin must have the abilities of a payment system. It doesn't have to be the best but has to be good enough to be used for transacting if/when you need to.

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August 28, 2023, 08:57:28 AM
 #10

After all these years Bitcoin still remains an investment rather than a daily payment system, will there ever come a day where Bitcoin will be use generally as a paying system instead of what we are seeing right now?

XRP for example and few others are partnering with banks for international transactions, if seems that these projects are 100 times closer to been a daily payment system than Bitcoin and this saddens me.

I am feeling like the majority of people are still going to prefer to spend more money on transaction fee through payment solutions that involves banks, locally and internationally, I seems like Bitcoin transaction are going to keep happening around Bitcoin OGs and those who are into Bitcoin only.

Do you think that Bitcoin been decentralised will draw it back from becoming something like what XRP and Chain Link are achieving right now? Should we just for once shut up about Bitcoin becoming a well acknowledged payment solution and focus on it becoming only asset?
Comparing bitcoin with centralized altcoins like XRP is not ideal. Bitcoin is not competing with them because they have different purposes and targets. The people who know the advantages of bitcoin will always use it and its usage keeps growing over the years, not just among the old timers but newcomers. I don't also think that we should compare a centralized payment system with bitcoin. Bitcoin was not created to partner with any intermediary but for P2P transactions.

However, volatility and government regulation are all barriers to the adoption of bitcoin as a currency. People will not be willing to hold a currency whose worth fluctuates easily. Except the currency gains stability in the future, it might not be suitable to be used as a currency by most people. Also, I am sure that more people will be willing to use bitcoin if the government doesn't restrict its usage. Decentralization is not a weakness of the currency, in fact it is what makes Bitcoin unique.

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August 28, 2023, 09:11:12 AM
 #11

After all these years Bitcoin still remains an investment rather than a daily payment system, will there ever come a day where Bitcoin will be use generally as a paying system instead of what we are seeing right now?

XRP for example and few others are partnering with banks for international transactions, if seems that these projects are 100 times closer to been a daily payment system than Bitcoin and this saddens me.

I am feeling like the majority of people are still going to prefer to spend more money on transaction fee through payment solutions that involves banks, locally and internationally, I seems like Bitcoin transaction are going to keep happening around Bitcoin OGs and those who are into Bitcoin only.

Bitcoin continuous use as investment is first because of bitcoin adoption rate, the number of its users are not realistically up like that and this has affected the use of it as payment method. If you go to some developing countries you will definitely see that it’s only the learned that are into bitcoin but once the adoption continues to grow and people see the effortlessness of using bitcoin as payment method, they will begin to see it as such.

Secondly, Government continuous restrictions is actually stopping people from using bitcoin as physical payment. The use of it in countries where there is restriction it will certainly be a barrier to how freely people use bitcoin, so a more lessen restrictions about it from the government will definitely help.

Thirdly, Bitcoin is still seeing as a precious asset and using it for just payment purposes most especially little transactions is seen as wasting one’s precious assets just like how the Gold is viewed. Yes bitcoin primary aim is to be use as payment method but with the advantages like it been a good hedge against inflation and also a perfect ROI has made investors to hold on to it rather than using it. Many still believe it is still at an early stage and it should be hold on to and not spend just anyhow.

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August 28, 2023, 09:15:44 AM
 #12

This seems like groundhog day, because of the number of threads or comments I see every day in the forum.

Similarly have read close related threads with similar responses.

After all these years Bitcoin still remains an investment rather than a daily payment system, will there ever come a day where Bitcoin will be use generally as a paying system instead of what we are seeing right now?

Satoshi's plan for BTC is unique from what bitcoin users think of BTC. Trend followers invest to gain extra profits because of the constant increase in the price of bitcoin. People also hold Fiat in the face of inflation, which means that anything with value will have to be held by people. Not only bitcoin. Calling bitcoin an investment scheme, wasn't the initial idea of its creation. Since, people made profits out of bitcoin, everyone else wants to partake in the profits that follow bitcoin trend.
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August 28, 2023, 09:26:44 AM
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... Decentralization is not a weakness of the currency, in fact it is what makes Bitcoin unique.

Decentralization has made bitcoin unique and different from all other currencies. But it is also because of the decentralized nature that the government cannot control it and that is also the reason why they are not friendly with it. So it's very unlikely that they accept bitcoin as a currency, the government controls the economy, controls us with fiat. If they accept bitcoin as currency and let us use it, they are destroying themselves. So decentralization is unique to us, but it would be a bad thing in the eyes of the government.

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August 28, 2023, 09:36:44 AM
 #14

That is a question others also asked. Bitcoin was created to pay goods and services online but that aspect of it is not utilized as of the investment part. People also make an assumption that it is because of the transaction fee they could not used and accept it. And if bitcoin is inculcated as one of the payment method in the international market then people will using not to transact frequently and that will also make the adoption very high.
Yes people are using banks for online transaction Instead of bitcoin because banks transactions are free but bitcoin transactions are not. It is only when you have coins in exchange and you send it to another person that, the exchange platform do not charge and not all exchange are free. Some of the exchanges even per to per is charged. So for bitcoin to be use as international payment method is not yet realized.

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August 28, 2023, 09:41:58 AM
 #15

After all these years Bitcoin still remains an investment rather than a daily payment system, will there ever come a day where Bitcoin will be use generally as a paying system instead of what we are seeing right now?
People use bitcoin as an investment asset, a payment mean, a trading mean, a gambing mean or a collateral and whatever else.

I am unsure that the majority use it as an investment or payment mean or trading mean. How did you the majority are using it as an investment but not as one of others?

Is it your guess only and you don't base on anything to write this?

With many transactions daily, Bitcoin network fullfils its peer to peer payment function.

408,959 transactions last 24 hours.

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August 28, 2023, 10:31:46 AM
 #16

Like it or not and many people do not accept this fact but I do not believe that bitcoin can become a legitimate payment method in the world due to its decentralized nature. Personally, I see bitcoin as an asset and will likely be a store of wealth in the future if it becomes more and more popular.

Isn't there already companies that accept Bitcoin as legitimate payment?  I can buy items with Bitcoin on the internet.  I can pay my bills through Bitcoin.  If you can't consider that legitimate payment method then explain to me why it is not?

While bitcoin has not been able to become a P2P payment method for the purposes Satoshi created it, I don't see anything too bad about bitcoin as an asset. It still brings many use cases, many utilities for us.

Eh???  Maybe many of us here don't use Bitcoin as a payment system, but as a bitcoin holder, I have been paying my items through Bitcoin for years, others of my transaction may go through a third-party processor but still, it shows that we can use Bitcoin as a payment method.
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August 28, 2023, 10:35:41 AM
Last edit: August 28, 2023, 02:02:18 PM by Sayeds56
 #17

The role of Bitcoin as method of payment versus a tool of investment has been a subject of discussion with varying viewpoints. Nevertheless Bitcoin is gaining more acceptance as investment assert. The general public perceives it a precious asset with potential to significantly impact their future financial status, if held for long term. The historical track record of 15 years supports such anticipated future scenarios of Bitcoin.

As far as XRP is concerned, it is mostly used for faster and cheaper banking transactions. This is why it is getting more partnerships with institutions and it is not generally considered a threat to current fiat based monetary system.









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August 28, 2023, 10:42:51 AM
 #18

After all these years Bitcoin still remains an investment rather than a daily payment system
Didn't it remain as a payment system? It always has does.

will there ever come a day where Bitcoin will be use generally as a paying system instead of what we are seeing right now?
How about you getting paid for your campaign? That's one perfect example of it.

XRP for example and few others are partnering with banks for international transactions, if seems that these projects are 100 times closer to been a daily payment system than Bitcoin and this saddens me.
Whilst for Bitcoin, there's no need for any partnership or integration. It is already a payment system but with its use, that has made it another use of it which is an investment. The use of it as a payment system for P2P has never been gone.

I am feeling like the majority of people are still going to prefer to spend more money on transaction fee through payment solutions that involves banks, locally and internationally, I seems like Bitcoin transaction are going to keep happening around Bitcoin OGs and those who are into Bitcoin only.
It is because not all of the people in the world like Bitcoin. Even if it's accepted in almost every country, there will still be haters and bashers of it that prefer the traditional system and even us, we can't skip yet the usage of it.

Do you think that Bitcoin been decentralised will draw it back from becoming something like what XRP and Chain Link are achieving right now?
What's the achievement of XRP and Chain Link? Comparing it to Bitcoin is like comparing oranges and apples.

Should we just for once shut up about Bitcoin becoming a well acknowledged payment solution and focus on it becoming only asset?
No. Maybe it's just a few of you guys that are thinking like that. Bitcoin has never gone its purpose for being a payment solution and so if it's also a store of value, those altcoins you've mentioned are also playing the same thing.

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August 28, 2023, 10:58:25 AM
 #19

XRP for example and few others are partnering with banks for international transactions

Doesn't that somewhat defeat the whole point?  If Bitcoin began partnering with banks, I suspect a lot of users would start jumping ship.  It largely comes down to financial independence and self-determination.  If people want to use their bitcoins as a currency, they are free to do so.  If people want to save their funds for future and treat it like an investment, that's fine too.

What worries me is when some people believe they're in a position to judge what others should be doing with their money.  I very much doubt people get into Bitcoin just to fulfill your wishes about making Bitcoin primarily a currency.  Stop and ask yourself, what business is it of yours whether others are spending or hodling?

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August 28, 2023, 11:18:52 AM
 #20

Should we just for once shut up about Bitcoin becoming a well acknowledged payment solution and focus on it becoming only asset?

Initially Bitcoin was meant to work as a payment system because Satoshi introduced it as a p2p payment system but after sometime people realized that Bitcoin can be a great asset for investment purposes. The investors started investing money into it and as more money came into Bitcoin the value of it increased overtime. Now in current times it works as a store of value and also as a p2p payment solution, but it has lost some of its p2p nature due to intervention of centralized exchanges. However, it still works as a p2p payment solution without any doubt.

Bitcoin is still a well known payment solution and many people are using it for that purpose even till this day. If you carefully read the signature campaigns of our forum then almost all of the participants that are working for those campaigns are paid using Bitcoin and that shows us the importance of Bitcoin as a payment solution. The payments made with Bitcoin are still decentralized and transparent at the same time. I don't think that Bitcoin will ever lose its main purpose even if it's value goes above $120k per coin.

Bitcoin also works as a multipurpose solution these days, it's working as payment system as well as a store of value. The ones who invest in it consider it as a store of value while the ones that are being paid with it consider it as a payment system. We can find example of both of those approaches in this forum. The payment system example can be found on the signature campaign threads where participants are paid with Bitcoin, and the asset example can be found on speculation board also on WO thread where people consider it as an asset of investment.

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