The solution to using Bitcoin as an everyday currency

[RockBell]

In the European countries, it will be and we will see Bitcoin at good hype because in last few years, we are watching more people who will take interest in BTC . More people will will mine BTC and it will be famous cryptocurrency all over the World but BTC could not take place of currency because currency had its own place and government want to handle the pockets of public and if BTC will be currency then government will get nothing and government will be against BTC but Trump could take action about that but he is also politician.So, it is looking very hard that BTC will be International currency all over the World but I think it will be more strong.

The issue of accepting bitcoin is not a thing about countries because its a personal decision anyone can make if you are comfortable with adding it to your payment list then its not a problem because the lightning network that bitcoin uses is fast and reliable to any time any day is just for the receiver to put every important thing in place. And it as the potential to play the role of a currency the only thing that is remaining is for the government to give it recognition that's all.

But because of the decentralized nature of bitcoin the government will find it very hard to want to fully recognize it as a legal tender but I even prefer it as an asset than a legal tender because I don't think I will want to spend bitcoin on anything I will rather spend fiat than spend bitcoin because of the value to increase does are qualities that fiat does not have to they should both know there roles.

[Ever-young]

A whole lot of people would prefer hodling their bitcoin than spending it as a result of the growing value bitcoin possesses, the reality is that we all prefer to accumulate than transact with it because in the future your one bitcoin today has the the potential to do times 2 or more in value.

What about in a situation where you only have bitcoin as the only money as of the time you want to make purchase, will your prefer to covert of your bitcoin into fiat before paying for what ever you are buying or you will prefer to send directly to seller if they accept bitcoin payment, in cases like that I see buying and paying directly with bitcoin as the fastest way.

[beerlover]

* What's your excuse for not using Bitcoin to pay your bills currently?

1. Almost not service is adopting crypto.  So difficult to pay may bills with crypto, except using crypto debit card.

2. Volatility as always, you can imagine when i'm preparing like a 300 dollars to pay monthly bill, when i wanna pay it, the price of crypto decreased, then i can't pay my bill caused by impermanent lose.  

I am sure that people are not really spending their bill money into crypto, or if they are doing that it is not going to be all that important at all. I would guess that we are going to have some people who will spend money they shouldn't, we should be looking at this in a way where we are going to see those people end up with mistakes as well and they can't do that.

If it becomes an everyday currency however, then we would have a crypto price, not dollar price, and that could maybe change. Of course it is tough and of course things aren't always that easy but if we could make this work one way or another, then we would have something much better on the long run. We are going to get a lot better results for sure.

[retreat]

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* What is your excuse for not adopting Bitcoin in your startup or thriving business?
* What's your excuse for not using Bitcoin to pay your bills currently?

Regulation. That is what usually limits someone from using bitcoin for their payments. For example, in my country here bitcoin can only be used for investment/trading, but when you use it as payment then you will not be able to, because there is a law that prohibits that other than fiat, then someone cannot use anything else for payment. And because of that I and other bitcoin holders here cannot use bitcoin for our payments, even though if it was allowed I would probably use it to pay bills or buy things once in a while.

[Hewlet]

* What is your excuse for not adopting Bitcoin in your startup or thriving business?

if i owned a business, adding bitcoin as one of my payment option is not going to be an issue but we have to face the reality that the knowledge gap between the people that knows about bitcoin and others that don't is really high. apart from knowledge gap, the other bitcoin holders would prefer to transact with the fiat rather than spending there bitcoin coupled with the fact that the volatile nature of bitcoin can make it a bit difficult to keep it for your routine spending. in the end, the way the whole financial system is connected is in such a way that the fiat has it advantage when it comes to making simple transaction like buying from small business while bitcoin comes in in areas that requires holding an asset or savings for a long period of time.

What's your excuse for not using Bitcoin to pay your bills currently?

what are the basic bills i even pay? for power, transportation or gas? most of them don't have the option of paying with bitcoin so even if you want to pay through bitcoin they would not accept it.

[BALIK]

-snip-

* What is your excuse for not adopting Bitcoin in your startup or thriving business?
* What's your excuse for not using Bitcoin to pay your bills currently?

Regulation. That is what usually limits someone from using bitcoin for their payments. For example, in my country here bitcoin can only be used for investment/trading, but when you use it as payment then you will not be able to, because there is a law that prohibits that other than fiat, then someone cannot use anything else for payment. And because of that I and other bitcoin holders here cannot use bitcoin for our payments, even though if it was allowed I would probably use it to pay bills or buy things once in a while.

Currently, except for El Salvador, no other government allows its citizens to use bitcoin as a legal currency, so this is a good reason why we don't use bitcoin as a currency. But even if the government allows people to use bitcoin as currency, I don't think many people will switch to using it instead of fiat. There is a truth that not many people want to admit that most people consider it an investment, an asset that increases in value over time and no one wants to waste such a valuable asset.

Are you comfortable using 0.01BTC to buy a product that will depreciate over time when you are sure that the value of 0.01BTC will double or triple in the future? This is the common mentality of all of us so even if bitcoin is legalized as a currency, many people still do not use it. Additionally, bitcoin's volatility, transaction times, and fees are also barriers to its use as a currency. Honestly, I don't feel comfortable using bitcoin/crypto to pay my daily bills because I have to pay extra transaction fees while with fiat everything is free and instant. I feel comfortable and supportive of using bitcoins as an asset rather than using them for payments.

[WillyAp]

1. Almost not service is adopting crypto.  So difficult to pay may bills with crypto, except using crypto debit card.

2. Volatility as always, you can imagine when i'm preparing like a 300 dollars to pay monthly bill, when i wanna pay it, the price of crypto decreased, then i can't pay my bill caused by impermanent lose.  

Many hosting services take crypto.
Many things related to web do. BTC not so much as for Number 2.

[Synchronice]

* What is your excuse for not adopting Bitcoin in your startup or thriving business?

I don't have a business but if I had, I would adopt Bitcoin because even if no one use Bitcoin for buying things, it is still a very good addition to website for further marketing from media websites. Bitcoin adoption is a win for business anyway.

* What's your excuse for not using Bitcoin to pay your bills currently?

Why should anyone use it for paying bills? Seriously, it's very easy to use your local bank and pay with your card. Also, in many countries, it's impossible to pay your bills and for other services with Bitcoin but even if you have a chance to pay, you have to pay some fees in transactions (which sometimes can be very high) and you leave a room for lots of UTXOs.

[Bd officer]

* What is your excuse for not adopting Bitcoin in your startup or thriving business?
* What's your excuse for not using Bitcoin to pay your bills currently?

Bitcoin is illegal in my country, which is why Bitcoin is not accepted to pay bills. Very few people in my country know about Bitcoin and many have secretly invested in Bitcoin, this is also an excuse. We cannot discuss Bitcoin openly in our country, it has to be kept secret. Also some fees will be deducted for doing bitcoin transactions, which seems excessive to me. But if my country accepts bitcoins to pay bills, I would prefer to have a larger transaction. However, it is still far behind in our country, if the popularity of Bitcoin increases in the future, maybe our country's government will legalize Bitcoin and we can pay bills through Bitcoin.

[Lucius]

I sure don't use crypto as a currency, specially BTC. High fees, volatility, relatively slow blockchain - those are the reasons why BTC transactions are impractical in daily life. On other hand why would anyone use something that he knows will be few times more expensive in a few years?

High fees? Well, I don't remember the last time I paid more than $0.50 for a standard transaction (1 input/2 outputs) when it comes to BTC - and as for speed, keep in mind that it is a PoW protocol that is far more secure than most altcoins that may have fast confirmations, but when it comes to BTC you need max 2 confirmations to be sure that no one will succeed in "reversing" the transaction. In addition, there is LN, which offers instant transactions and fees that are literally so low that they are not even worth calling it that.

I'm not surprised that you think that BTC is not worth it as a currency (many think so), but there are those who think differently, from people like Laszlo Hanyecz to those who do not hesitate to spend BTC today.

[peter0425]

* What is your excuse for not adopting Bitcoin in your startup or thriving business?

Probably lack of enough customers willing to pay bitcoin.

* What's your excuse for not using Bitcoin to pay your bills currently?

If they could afford bitcoin they do not want to spend bitcoin.

If they can’t afford bitcoin then that is the reason why they are not using bitcoin to pay your bills. Not that these are my reasons but these could be the reasons why other people don’t use bitcoin for daily transactions. It’s not surprising because these are not exactly subjective reasons anyway.

[Ishicryptic]

* What is your excuse for not adopting Bitcoin in your startup or thriving business?
* What's your excuse for not using Bitcoin to pay your bills currently?

The number one fact that is stopping me from spending my Bitcoin is the same thing that is stopping many other holders from spending theirs and that is investment, clearly Bitcoin is more profitable to hold as an investment than a digital cash for payments. Bitcoin holders will rather spend fiat than Bitcoin, they will even DCA to increase their stash. Another reason why people don't spend their Bitcoin for payments is because of adoption, many businesses don't accept Bitcoin, they prefer fiat so that they can easily use it to restock their goods. Almost every adult has a bank account compared to far fewer people that have wallet addresses. Most times bank transfers are cheaper and faster than Bitcoin which it's transaction fees can skyrocket during mempool congestions. These are some of the reasons why everybody is not using Bitcoin to pay bills but I hope that as the adoption increases in the future that the naretive will change.

[letteredhub]

A whole lot of people would prefer hodling their bitcoin than spending it as a result of the growing value bitcoin possesses, the reality is that we all prefer to accumulate than transact with it because in the future your one bitcoin today has the the potential to do times 2 or more in value.

What about in a situation where you only have bitcoin as the only money as of the time you want to make purchase, will your prefer to covert of your bitcoin into fiat before paying for what ever you are buying or you will prefer to send directly to seller if they accept bitcoin payment, in cases like that I see buying and paying directly with bitcoin as the fastest way.

You've asked an important question which i think it's something every bitcoiner should reflect on.  I think I would prefer to use bitcoin for the purchase but this would also depend on the seller if he would agree to accept payment in bitcoin.

In as much as what am buying is in bulk purchase I wouldn't mind paying in bitcoin as I know it's part of the ways we can have people grow interest in using bitcoin for  daily transactions even in societies when it has yet received a legal tender status.

[Rockstarguy]

16 years ago, Satoshi created Bitcoin with the sole purpose of turning it into a currency, a peer-to-peer payment method. But in the past 16 years, not too many people want to use bitcoin as a currency, instead, most just want to turn and use it as an investment .  And by now, it can be said that the world has considered it an asset, an investment and not many people are interested in its original concept and purpose anymore. What everyone cares about when it comes to bitcoin is how to get the most profit, including me and you .  So I think it's too late to talk about using bitcoin as a currency .

By the way, I would also like to know . Do you use bitcoin for everyday payments instead of fiat, and do you adopt bitcoin as a payment method for your business?

The reason why bitcoin is not use in purchasing often is because most business centres don't accept Bitcoin for payments, that is why people always prefer using fiat.

Bitcointalk widely considered as an asset to invest is not bad too, if people are not using it for purchase or accept it for payment it won't slow the adoption of bitcoin because bitcoin as investment is what people are alo interested in to gain financial value.

[HONDACD125]

If more businesses and merchant individuals were to make the use of Bitcoin for payments as basic and necessary as much as they also use Fiat currency for payments and transactions and trades, then the government may have no choice than to openly legalize it, while we are let alone to deal with the taxes.

I don't understand why an individual would opt to use Bitcoin through a service that will convert the Bitcoin to fiat for them to be able to spend it while paying the service fee they are going to charge because no such service will do it for free. People will prefer using fiat directly than doing this, and this is not going to bring any positive change because people will see the negative aspects and choose fiat over it without a second thought.

Normalizing Bitcoin transactions and spending cryptocurrencies is only possible if it becomes possible without having to use such converters or third-party services, and using these services won't make governments legalize Bitcoin or other cryptocurrencies but they will simply force the merchants to close their services.

[mvdheuvel1983]

A whole lot of people would prefer hodling their bitcoin than spending it as a result of the growing value bitcoin possesses, the reality is that we all prefer to accumulate than transact with it because in the future your one bitcoin today has the the potential to do times 2 or more in value.

What about in a situation where you only have bitcoin as the only money as of the time you want to make purchase, will your prefer to covert of your bitcoin into fiat before paying for what ever you are buying or you will prefer to send directly to seller if they accept bitcoin payment, in cases like that I see buying and paying directly with bitcoin as the fastest way.

I think in this case you only have to consider if you would have to make the transaction using Bitcoin since the seller accepts Bitcoin payment but you will have to consider the transaction fees because that's one of the things that affects the use of Bitcoin for payments as the transaction fees is way high in most cases. There's no way you will want to convert stress yourself to run p2p to get Fiat to make your payments when you have can conveniently do a stress-free Bitcoin transaction, I think minus the fees Bitcoin transactions as as a means of payment is actually the fastest and the best.

[mindrust]

* What is your excuse for not adopting Bitcoin in your startup or thriving business?
* What's your excuse for not using Bitcoin to pay your bills currently?

My excuse is pretty simple and legit.

It is banned in my country by the government. No business can accept crypto for their product and services here. The gov simply doesn’t acknowledge crypto as a currency.

I mean you can do that unofficially and illegally and nobody will care about it. However, if there is a police matter, like scamming, then it will become a very troublesome situation for the business owner.

The gov don’t want a competing currency.

[alani123]

Bitpay is actually a terrible way to spend BTC and we should avoid it all together because they implemented s proprietary method to send payments only through their own wallet... It's crazy that they would attempt something like this with a currency open as Bitcoin.

Actually I don't think the OP considers the real problems of spending Bitcoin for everyday purposes such as the confirmation times and transaction fees. Also a big issue is that there's limited block space. If we all start transacting on Bitcoin it will eventually become very expensive to pay fees because there's very limited supply for how many transactions can be in a block.

[Ever-young]

What about in a situation where you only have bitcoin as the only money as of the time you want to make purchase, will your prefer to covert of your bitcoin into fiat before paying for what ever you are buying or you will prefer to send directly to seller if they accept bitcoin payment, in cases like that I see buying and paying directly with bitcoin as the fastest way.

I think in this case you only have to consider if you would have to make the transaction using Bitcoin since the seller accepts Bitcoin payment but you will have to consider the transaction fees because that's one of the things that affects the use of Bitcoin for payments as the transaction fees is way high in most cases. There's no way you will want to convert stress yourself to run p2p to get Fiat to make your payments when you have can conveniently do a stress-free Bitcoin transaction, I think minus the fees Bitcoin transactions as as a means of payment is actually the fastest and the best.

In case where you need to consider the transaction fee, even in P2P the transaction fee is also not exempted unless in a rare case scenario where the funds are already been hold on a centralized exchange which you don’t need to pay a fee to move it if not you will still pay almost same amount of fee to send to where ever you will swap it or even higher since some exchange might charge you again for trading fee which won’t be included for direct bitcoin payment not to talk of banking charges.

[Cryptomultiplier]

-snip-

* What is your excuse for not adopting Bitcoin in your startup or thriving business?
* What's your excuse for not using Bitcoin to pay your bills currently?

Regulation. That is what usually limits someone from using bitcoin for their payments. For example, in my country here bitcoin can only be used for investment/trading, but when you use it as payment then you will not be able to, because there is a law that prohibits that other than fiat, then someone cannot use anything else for payment. And because of that I and other bitcoin holders here cannot use bitcoin for our payments, even though if it was allowed I would probably use it to pay bills or buy things once in a while.

Am sure then that it would be alright to see Bitcoin as a currency of convenience and for special purchases where there is mutual trust between seller and buyer, and that's because of the understanding of cryptocurrency that both have, to facilitate such a transaction using the right tools.

Well, am also sure that regulatory policies may have to change the status of not just Bitcoin but most cryptocurrencies in any country right now  and in any such place where Bitcoin or crypto currency use is regulated, then I doubt I can in my thoughts classify Bitcoin as a currency of convenience or only for special purchases type of buying and selling currency or as investment only choice.