BTC as means of payment is a looking more possible than before?

[KiaKia]

The GENIUS act bill that was passed yesterday by Trump has everything to do with USDT and other stable coins, I get it but at least now things are looking more smoother for crypto payment? I believe that using the likes of stable coins and Bitcoin to pay online will now be more possible?

What do you think? Or am I getting way ahead of myself? I so much look forward for BTC payment option on large online stores like Amazon, because I can't find anything else that's easier for payment online than this.

I am not in the United states, I am way far away from America and in my country to use Fiat as payment is even limited, imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

[BitGoba]

The GENIUS act bill that was passed yesterday by Trump has everything to do with USDT and other stable coins, I get it but at least now things are looking more smoother for crypto payment? I believe that using the likes of stable coins and Bitcoin to pay online will now be more possible?

What do you think? Or am I getting way ahead of myself? I so much look forward for BTC payment option on large online stores like Amazon, because I can't find anything else that's easier for payment online than this.

I am not in the United states, I am way far away from America and in my country to use Fiat as payment is even limited, imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

Using Bitcoin for everyday payments isn’t really about laws or politicians like Trump. The real problem is that most people still don’t understand Bitcoin. Many still think it’s just gambling or speculation and don’t realize that it’s solid money that will continue to increase in value compared to regular dollars and other fiat and crypto currencies. Once people start realizing that Bitcoin’s purchasing power keeps growing, they’ll be much more willing to use it because who wouldn’t want money that actually gains value?

[slaman29]

It has always been possible even now without that law being passed (yesterday news is about stablecoins anyway nothing to do with BTC).

It is about desire and willingness more than anything else. And an understanding that using it is what gives it value.

This forum shows the true colors and explains this perfectly. We can all pay each other in BTC now if we wanted. But how many posters actually engage in using BTC as payment with each other? Nothing stopping them or you

[Stepstowealth]

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

There will still be the reluctance to use it for such payments by most holders and this is because many of them consider it more as an investment than a currency, and before this mental bias is going to be overcome, it is going to require both time, and a conscious effort. Another view on it is that a limitless spending daily limit can encourage reckless spending too, and the daily limit set by banks may actually be a tool that has helped most persons control their daily spending.  From your example with $10,000, imagine you spend that like three times in a week because you have a limitless transaction limit. If you continue like that, it will not take long before its effect is shown on your investment. You will also be indirectly learning a new habit of high daily spending without concern.

[9ja Amaka]

I am not in the United states, I am way far away from America and in my country to use Fiat as payment is even limited, imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.

In every country, there is an available bank that you can send more $50,000 in one transaction. Just say, you never had that amount in your account or you have not upgraded your account. Currently, I can spend $25,000 in a day using fiat. And I will send through my local bank app, even though I dont have such amount in my account, I have a large transaction limit.

[Pablo-wood]

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

If BTC payment gets approved by the government the tax will be way higher and the regulations governing it even more strict compared to that of our regular fiat. The issue will be people might not understand much about DEX and non-custodian wallet where they have full control of their coin, many will still want to give out sell out the control over their assets to CEX thereby making the whole agitation of bitcoin getting full adoption by the government a thing of joke and mockery.

[goldkingcoiner]

The GENIUS act bill that was passed yesterday by Trump has everything to do with USDT and other stable coins, I get it but at least now things are looking more smoother for crypto payment? I believe that using the likes of stable coins and Bitcoin to pay online will now be more possible?

What do you think? Or am I getting way ahead of myself? I so much look forward for BTC payment option on large online stores like Amazon, because I can't find anything else that's easier for payment online than this.

I am not in the United states, I am way far away from America and in my country to use Fiat as payment is even limited, imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

Using Bitcoin for everyday payments isn’t really about laws or politicians like Trump. The real problem is that most people still don’t understand Bitcoin. Many still think it’s just gambling or speculation and don’t realize that it’s solid money that will continue to increase in value compared to regular dollars and other fiat and crypto currencies. Once people start realizing that Bitcoin’s purchasing power keeps growing, they’ll be much more willing to use it because who wouldn’t want money that actually gains value?

I agree with this.

A few days ago, I asked my barber whether or not they would accept Bitcoin as payment and I would even give a 20% extra. Imagine what they said? They said : No. Does this make sense? I mean, money is money and with 20% extra they definitely do not have to worry about short term price volatility before they take the Bitcoin and exchange it for fiat. But it really does seem like people misunderstand it and are therefore afraid of using Bitcoin. Even when offered a nice deal.

So the question should really be: how do we get people who are afraid to move away from the old money system (fiat) to adopt Bitcoin?

When asked why they are so skittish around Bitcoin, I noticed many have the same answer: too many scammers in the crypto space. This and the complexity for newbies seems to be the likely biggest problem

[Charles-Tim]

In every country, there is an available bank that you can send more $50,000 in one transaction. Just say, you never had that amount in your account or you have not upgraded your account. Currently, I can spend $25,000 in a day using fiat. And I will send through my local bank app, even though I dont have such amount in my account, I have a large transaction limit.

Which bank is that? From your username, I guess you are from Nigeria. No local bank can let you spend up to $25000 a month. Although, maybe you might be able to do that with Fintech like the unrecommended Chipper Cash. The recent one that I know is that you can only spend up to $1000 in a month or so quarterly but it also varies from customers to customers. Before, the naira master card can not be used for international payments since 2022.

[Swordsoffreedom]

It is no coincidence that the US Congress was able to easily pass the GENIUS act so quickly when it received the support of a majority of members of both parties. The main purpose of the GENIUS act is to strengthen the position of the USD because according to this bill, all stablecoins must be backed by USD or US bonds. This not only helps the USD strengthen its position in international trade but also increases the USD's dominance as a reserve currency as companies need USD to back their stablecoins. Meanwhile, using bitcoin or altcoins offers almost no benefit over the USD. So I don't think bitcoin will benefit from this bill and it will be added as an alternative payment method soon.

[Accardo]

In the signing of land mark crypto bill, Trump commended stable coins as the cryptocurrency that'll be used in stores across the US. No way it'll begin to have shape immediately, the government would first of all structure plans and options for merchants to merge into the decentralized digital payment system. It'll help the dollar dominance, so the act will take effect soon, but when the already existing crypto geeks begin to lead by example, other stores will add up.

[Doan9269]

imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

Imagine you can spend as much as you want from your account without any restriction to the maximum limit of what you can send or receive into your account, id said it before now that the entire process in the use of fiat currency in the economy is very centralized and censorship is one of the serious challenges we have been battling with over the time.

In situations whereby you have a unit of account which you cant control or determine to what extent you want to make use of the fund you have, this laterally means the funds in the banks are not ours, but the governments hold them, since there are levels of restriction they share the authority with us and even override us in some aspect.

[Smartprofit]

The GENIUS act bill that was passed yesterday by Trump has everything to do with USDT and other stable coins, I get it but at least now things are looking more smoother for crypto payment? I believe that using the likes of stable coins and Bitcoin to pay online will now be more possible?

What do you think? Or am I getting way ahead of myself? I so much look forward for BTC payment option on large online stores like Amazon, because I can't find anything else that's easier for payment online than this.

I am not in the United states, I am way far away from America and in my country to use Fiat as payment is even limited, imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

In my opinion, Bitcoin will never become a widespread and generally accepted means of payment. Why do I think so? There are technological limits on the number of daily transactions in the Bitcoin network. And what will happen when Schnorr signatures (a cryptographic solution that will protect the Bitcoin network from new quantum computers) are implemented in the network of the first cryptocurrency? The number of possible daily transactions will decrease even more👾

In practice, 8 billion people will never be able to use Bitcoin for current daily payments. Bitcoin technology does not provide for such an opportunity🦾

Thus, Bitcoin will most likely never become a widespread and popular means of payment (it will not be used to buy relatively inexpensive goods and services)🤷

At the same time, the law on stablecoins has nothing to do with the payment function of Bitcoin. The US government wants to support demand for US Treasury bonds.  And it will achieve these goals because (by law) stablecoins must be backed by US dollars, commercial bank deposits, or US Treasury bonds. So, we can conclude that the main goal of the US government is to strengthen the role of the US dollar. This, in my opinion, serves as further evidence that Bitcoin is unlikely to become a widespread means of payment for goods and services🤳

At the same time, some local solutions are possible on this issue. I do not exclude that individual online stores will begin to accept Bitcoin as a means of payment. At the same time, most people will still use either fiat money or stablecoins to buy goods and services. And the US government is also interested in everything being exactly like that.👮

[michellee]

A few days ago, I asked my barber whether or not they would accept Bitcoin as payment and I would even give a 20% extra. Imagine what they said? They said : No. Does this make sense? I mean, money is money and with 20% extra they definitely do not have to worry about short term price volatility before they take the Bitcoin and exchange it for fiat. But it really does seem like people misunderstand it and are therefore afraid of using Bitcoin. Even when offered a nice deal.

So the question should really be: how do we get people who are afraid to move away from the old money system (fiat) to adopt Bitcoin?

When asked why they are so skittish around Bitcoin, I noticed many have the same answer: too many scammers in the crypto space. This and the complexity for newbies seems to be the likely biggest problem

Most of them still afraid to accept a new thing and that is normal if people don't want to accept Bitcoin as a payment. They don't see the physical but only the number in their wallet so that make them feel not confident. They also doubt if Bitcoin can be additional payment system like fiat so they refuse to accept Bitcoin. It need more education to them so they can accept the new thing as a payment method.

Too many scammers in the crypto space could be another reason why they don't want to accept Bitcoin. It also need declaration from the government that their people can accept Bitcoin as a payment so their people will not doubt or afraid using Bitcoin. That is the important thing but I am not sure when the government want to do that.

[Lucius]

~snip~
I am not in the United states, I am way far away from America and in my country to use Fiat as payment is even limited, imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.
If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

Even today, you can spend as much as you want in BTC if you pay someone directly to their wallet. But if you think that an online store will allow you to spend as much BTC as you want without requiring KYC or without adapting to the laws of your country, then you are mistaken.

I have the opportunity to buy almost anything I can think of with cryptocurrencies, but for any amount greater than EUR 1000, KYC is required, regardless of what you use as payment currency.

In addition, we have already been in a situation where many companies allowed payment with BTC, but gave up because there was simply no interest from clients. I don't think anything has changed even today - most people think like "why should I spend $1000 in BTC today when in a few months that same BTC can be worth $1500 or more?"

[Ziskinberg]

It’s just a stablecoin. That law was made to protect users by requiring that USDT has enough reserves backed by actual dollars. Bitcoin is different. Just by that distinction alone, USDT is centralized while Bitcoin is decentralized, that law can’t be used as a basis to say Bitcoin will become a payment method like USDT in the future. It simply doesn’t work that way.

[mindrust]

I don’t think bitcoin can handle such high load unless people use lightning network. Is it possible? Yes, but so far businesses aren’t showing LN any love.

Stable coin payment gates on the other hand are not different than credit cards so I don’t understand the big deal tbh. Since all stable coins are centralized, I don’t see any difference between USDC/USDT and credit card payments. It is the same thing, packaged in a different color. Why all the fuss? Do we celebrate whenever a new centralized payment company emerges?

I don’t care about the stable coin part of the new bill as it makes no sense.

[Sticky Bomb]

Trump remains a businessman, once a hater of cryptocurrency and now come fully into cryptocurrency as a businessman that he is and not in any way to support cryptocurrency, he has not given much support for bitcoin, showing his only focus on coins that would in one way or the other favour him in his business endeavors, it is good to know that he has ties with crypto companies like World Liberty Financial.

The company has been noted for its close connections to Donald Trump. A Trump business entity owns 60 percent of World Liberty, and is entitled to 75 percent of all revenue from coin sales. Eric Trump and Donald Trump Jr. are actively involved in the management of the company,

Source

He is endorsing stable coins so crypto holders have a more legal way to move funds across coins. Dude is indirectly paving way for the success of the coins which his family promotes and the company he holds a high percentage, he is more business minded in his support for crypto currencies rather than open minded.

Reason he is not directly supporting bitcoin? Simple, it's decentralization and the main fact that he cannot manipulate it to his own advantage.

[avp2306]

The GENIUS act bill that was passed yesterday by Trump has everything to do with USDT and other stable coins, I get it but at least now things are looking more smoother for crypto payment? I believe that using the likes of stable coins and Bitcoin to pay online will now be more possible?

What do you think? Or am I getting way ahead of myself? I so much look forward for BTC payment option on large online stores like Amazon, because I can't find anything else that's easier for payment online than this.

I am not in the United states, I am way far away from America and in my country to use Fiat as payment is even limited, imagine you want to buy an expensive gadget that worth $6000 and your spending limit on every bank account can't exceed $3000 per month.

If BTC payment become a thing then it will make a lot of sense, I can decide to spend $10,000 per day if I want or can.

Using Bitcoin for everyday payments isn’t really about laws or politicians like Trump. The real problem is that most people still don’t understand Bitcoin. Many still think it’s just gambling or speculation and don’t realize that it’s solid money that will continue to increase in value compared to regular dollars and other fiat and crypto currencies. Once people start realizing that Bitcoin’s purchasing power keeps growing, they’ll be much more willing to use it because who wouldn’t want money that actually gains value?

Knowledge is lacking that's why this thing is not happening. If it happens that many people knows how to deal Bitcoin for sure that they won't have any doubts upon inserting it as one of good payment options on their shops.

But what bother's them is those uncertain things and volatility that's why lots of merchants got discourage to accept this. But since now there are so many good laws created and Bitcoin gain positive exposure then maybe we could able to see those skeptical merchants accepting Bitcoin. What good thing about is year by year the number of businesses accept Bitcoin is growing.

[Russlenat]

I don’t think bitcoin can handle such high load unless people use lightning network. Is it possible? Yes, but so far businesses aren’t showing LN any love.

So far, this looks like the best solution to make Bitcoin more acceptable as a payment method. But there's still one big issue, volatility. Some people might still be discouraged to use it because of that. Unlike USDT, which is a stablecoin, you don’t have to worry about price swings. That basically removes the risk. So yeah, with that in mind, I don’t really see Bitcoin being feasible for wider daily use.

[Marvell1]

It’s just a stablecoin. That law was made to protect users by requiring that USDT has enough reserves backed by actual dollars.

They say the GENIUS act was created with the main goal of protecting users, but in reality they are trying to strengthen the position of the USD and manage the money flow more tightly. This GENIUS not only requires stablecoin issuers to be pegged to the USD, but also requires organizations to comply with the statutory withdrawal, freezing, and burning of stablecoins.

Bitcoin is different. Just by that distinction alone, USDT is centralized while Bitcoin is decentralized, that law can’t be used as a basis to say Bitcoin will become a payment method like USDT in the future. It simply doesn’t work that way.

OP is a bit naive to think when they pass a bill regarding crypto that bitcoin and other cryptocurrencies will benefit and be treated the same. But unfortunately, they have their own goals. They only do what benefits them, so don't expect them to do the same with bitcoin, a currency that is beyond their control.