Can Bitcoin Ever Be Everyday Money?

[Sioni]

Yesterday, I posted a topic about btc adoption and how I bought coffee with my btc, here:https://bitcointalk.org/index.php?topic=5562891.0 , I also tried posting on another forum and a user replied me with this:
 
'' They DON'T accept $BTC, they actually refuse $BTC !!

They just calculate the product price in USD into BTC, take your BTC and sell it instantly into USD...

Could do the same with Iranian Rubel or North Korean coins or videogame points stuff as well...''

It got me thinking, If this actually true, and I sensed it, then are we getting adoption?

If most businesses don’t actually keep Bitcoin, they’re not really using it in trade and they just convert it to fiat instantly. That means Bitcoin isn’t yet serving as a true day-to-day currency, even though some web3 media outlets and payment apps make it look like it is.

In essence Bitcoin has matured into a global store of value, something people save, invest, and hedge with but not yet a fully adopted medium of exchange if the businesses that accepts it don't hold it but immediately convert it to fiat. So really btc is not dual purpose as proposed but leaning more to a single purpose.

Question: Do you think there will ever come a time where we wont have as much volatility as we have with btc now and btc can finally serve its spending purpose truly?

Is it true adoption if the ones adopting don't truly use or hold btc!!!

[Darker45]

I guess that's adoption enough, at least for now. If you can actually pay with your Bitcoin from your non-custodial wallet, that's good enough. At the very least, it means Bitcoin is an acceptable payment. Whatever businesses do with their Bitcoin, that's up to them. Whether they keep it or sell it right away, that's their decision. The point is that you can buy food, book a hotel, grab a cup of coffee with your Bitcoin.

In a place labeled as Bitcoin Island in my country, the issue isn't what businesses do with their Bitcoin; it's the fact that there's almost none who pays in Bitcoin. Discussions on Bitcoin adoption are often centered on business establishments accepting Bitcoin as payment. They seldom question, will there ever be a customer who actually pays in Bitcoin. Tesla once accepted Bitcoin, but how many units were bought using Bitcoin? You can probably count it with one hand.

[Aanuoluwatofunmi]

Is it true adoption if the ones adopting don't truly use or hold btc!!!

Or maybe the right question to be asked is wether you're the same person that does not understand how he can use Bitcoin in serving different purpose, because for us to be lacking behind doesn't affect others who are not, it doesn't even take an inch from them, just try as much as possible to see that you understand Bitcoin and apply it the way it best suit you.

To convince your doubt, try to check on the daily transactions volume of bitcoin transactions, the statistics are there, see the numbers of organization and industries accepting bitcoin for making payments and see how some are holding and some are trading it and discover where you're being found or not.

[ancafe]

In essence Bitcoin has matured into a global store of value, something people save, invest, and hedge with but not yet a fully adopted medium of exchange if the businesses that accepts it don't hold it but immediately convert it to fiat. So really btc is not dual purpose as proposed but leaning more to a single purpose.

Question: Do you think there will ever come a time where we wont have as much volatility as we have with btc now and btc can finally serve its spending purpose truly?

Some people may use Bitcoin as a medium of exchange to purchase goods or products, but this is not yet fully used so we cannot be sure that the time will come to fulfill their spending goals. Bitcoin is still used as an investment asset because it talks about hedging and maybe that's why people don't use bitcoin as a medium of exchange to buy things. If the question is in the future will bitcoin fulfill the purpose of spending on everyday currency?

So my answer is no because maybe bitcoin has limitations in the amount of supply and the higher its value, the more difficult it will be for people to use bitcoin as a transaction tool like the fiat currency that we use. People will choose to save it rather than spend something using bitcoin, not to mention talking about regulations in a country that prohibit the use of bitcoin as a legal transaction tool.

[Yaunfitda]

Question: Do you think there will ever come a time where we wont have as much volatility as we have with btc now and btc can finally serve its spending purpose truly?

Is it true adoption if the ones adopting don't truly use or hold btc!!!

I think most of us could have been using Bitcoin already as a mode of payment, but perhaps it's not a direct P2P as others might wanted because of it's volatility. So take it or leave it, no one is going to force a store to accept Bitcoin. At least for some of us like in my case, I can used it in my country against to a payment processor. So it's not like I can't used it as sound money. It have evolved so much though that we think that it's not going to be adopted around the world. But here we are, every 4 years we hear something different and maybe in the next cycle, we will have a good number as how well it is being adopted not just by holding it, but people using Bitcoin as sound money.

[Free Market Capitalist]

Question: Do you think there will ever come a time where we wont have as much volatility as we have with btc now and btc can finally serve its spending purpose truly?

That's not the only problem. Every time you pay with Bitcoin, you create a taxable event, which complicates things greatly because if you pay with fiat currency, you don't have to declare anything. This could be easily solved with a minimum exemption per transaction below which you don't have to declare anything, but not many governments are willing to do so. On the other hand, what do you do, pay for coffee with Bitcoin and save fiat currency? It doesn't make sense. Bitcoin serves much more as a store of value than for paying for coffee.

[HONDACD125]

Question: Do you think there will ever come a time where we wont have as much volatility as we have with btc now and btc can finally serve its spending purpose truly?

No, I don't think there will be a time when Bitcoin will have less volatility because it has a limited supply and its price will always fluctuate based on the increasing demand. You could say it might get slower after having a higher price value and when almost the whole world will know about it and there won't be any more possible adoption, but that's surely going to take a lot of time.

Is it true adoption if the ones adopting don't truly use or hold btc!!!

It is adoption if the customers of a business are using Bitcoin for paying for their goods and services, the business doesn't necessarily have to hold the funds because they have to use the same funds for the business again, so they can't take the risk of holding Bitcoin because Bitcoin could lose value, and if that happens, they will be at a loss, and they can't risk their business by doing this. So, there is nothing wrong with a business accepting Bitcoin and then instantly converting it into USD or any other currency because they are at least providing their customers with the opportunity to use Bitcoin, and that's enough, imo.

[adaseb]

You need to understand that business are at risk if they accept bitcoin and keep bitcoin. Even for a short while. Lets say a business generated $1M of sales in 1 month, and bitcoin dropped 10%, they would be out $100,000. It doesn't seem like much from $1,000,000 but the issue is that revenue might be that high but the net profit is much lower. So they might actually generate a loss.

So this is why most just sell for fiat because they cant accept that risk. Why they accept Bitcoin is because they want to boost says. If someone only has bitcoin to spend and no other funds, they will get business if they are the only business which is accepting bitcoin at the moment. It is adoption because it utilizes the network for the user who already owns the bitcoin and wants to spend it.

[aoluain]

so if a merchant or whomever takes your Bitcoin in a trade and immediately sells
it for FIAT it doesnt matter, it's all useage. That Bitcoin will most likely find its
way into a HODL'er anyway.

IMO I think its a bit like utopian thinking that the whole world will be using Bitcoin
to buy coffee and cars. I just cant see it happening. HODL will always be the priority.

maybe my post will be quoted in years to come to point out how wrong i was - idk

Anyway adoption is happening and its not all going to be about buying coffee with it.

[SilverCryptoBullet]

'' They DON'T accept $BTC, they actually refuse $BTC !!

They just calculate the product price in USD into BTC, take your BTC and sell it instantly into USD...

Is it true adoption if the ones adopting don't truly use or hold btc!!!

Is it your problem at all if they accept bitcoin and you are able to use your bitcoin as your payment for their products or services?
In my opinion, it's not your issue, it's their business management and whether it is good or bad for their business, it's none of your business and concern.

I believe that there is difference between accepting bitcoins as payments from customers and are able to hold these bitcoins in long term as a company treasury. It's not easy if their company does not have deep financial budget and they need to rotate their company finance flow quickly. However, it's a good idea for their company to consider further in the future, by managing their finance better, well organized and assign a part of their company revenue and profit to Bitcoin investment indirectly by holding part of bitcoins paid by customers.

[ColdLava40]

That is still Bitcoin adoption. The act of a business accepting BTC for a service or purchase is adoption, regardless of what they do with it later.

Adoption in businesses is simply offering Bitcoin as a payment option. But, due to Bitcoin's volatility, many businesses don't want to risk their profits. They often convert the Bitcoin to stablecoins right away so they have the stable funds needed to restock.

Avoiding losses is good business practice, as successful companies must both attract customers and manage costs effectively.

[rat03gopoh]

If all basic business activities were still pegged to fiat, then Bitcoin adoption, in your historical perspective (say, the flat price of a basket of coffee beans for 0.01BTC) would never have happened, and Satoshi probably wouldn't have aspired to that extent. Bitcoin only helps users with technical issues, such as when your banking app suddenly doing maintenance in front of the cashier; Bitcoin saves you from the nagging of the people behind you in line. In a general perspective, this is truly adoption.

[FortuneFollower]

Eventually, yeah.

As of now - it's still adoption, as others said, being able to use BTC as an alternative is still a way of great progress toward bigger deeds 

[Charles-Tim]

El Salvador is enough as an experiment. Bitcoin used for remittance, also bitcoin was accepted as a legal tender, but most people living in El Salvador withdraw the bitcoin sent to them in United States dollar while most merchants were immediately converting bitcoin to United States dollar after their citizens paid in bitcoin.

[ABCbits]

I also tried posting on another forum and a user replied me with this:
 
'' They DON'T accept $BTC, they actually refuse $BTC !!

They just calculate the product price in USD into BTC, take your BTC and sell it instantly into USD...

Could do the same with Iranian Rubel or North Korean coins or videogame points stuff as well...''

FWIW, some payment processor giving the merchant choice between keep the Bitcoin, sell the Bitcoin immediately or even partially keep the Bitcoin.

It got me thinking, If this actually true, and I sensed it, then are we getting adoption?

If most businesses don’t actually keep Bitcoin, they’re not really using it in trade and they just convert it to fiat instantly. That means Bitcoin isn’t yet serving as a true day-to-day currency, even though some web3 media outlets and payment apps make it look like it is.

I get the concern, but it's still considered as Bitcoin adoption as currency/payment method. Besides, it's better than nothing when amount of merchant that accept Bitcoin is rather low compared with Bitcoin popularity.

[dunfida]

'' They DON'T accept $BTC, they actually refuse $BTC !!

They just calculate the product price in USD into BTC, take your BTC and sell it instantly into USD...

Is it true adoption if the ones adopting don't truly use or hold btc!!!

Is it your problem at all if they accept bitcoin and you are able to use your bitcoin as your payment for their products or services?
In my opinion, it's not your issue, it's their business management and whether it is good or bad for their business, it's none of your business and concern.

I believe that there is difference between accepting bitcoins as payments from customers and are able to hold these bitcoins in long term as a company treasury. It's not easy if their company does not have deep financial budget and they need to rotate their company finance flow quickly. However, it's a good idea for their company to consider further in the future, by managing their finance better, well organized and assign a part of their company revenue and profit to Bitcoin investment indirectly by holding part of bitcoins paid by customers.

What matters most is that you can use your Bitcoin to pay for things. whether the company keeps it or converts it immediately doesn’t really change the fact that Bitcoin is functioning as a medium of exchange. businesses have their own cash flow needs and risks to manage so it’s understandable if they prefer to hold fiat instead of a volatile asset like Bitcoin. Most companies simply aren’t in a position to hold large amounts of Bitcoin. they have employees to pay, rent to cover, and suppliers that probably don’t accept Bitcoin either. so converting to USD right after the transaction is just part of keeping their operations stable. it doesn’t mean they don’t support Bitcoin, it just means they’re being practical.

True adoption will happen over time as Bitcoin becomes more stable and widely used. right now, just the fact that businesses are willing to accept it at all, even through instant conversion, is already a big step forward compared to a few years ago. So instead of worrying about whether they’re holding it or not, it’s better to see this as a sign of progress. as more businesses and customers use Bitcoin for real-world transactions, the system grows stronger and the incentive to hold it will naturally increase in the future.

[Marvelockg]

If most businesses don’t actually keep Bitcoin, they’re not really using it in trade and they just convert it to fiat instantly. That means Bitcoin isn’t yet serving as a true day-to-day currency, even though some web3 media outlets and payment apps make it look like it is.

In terms of the usage of  bitcoin, accepting it as a payment option and still pushing it out in the form of converting it to the USDT is still is still one way bitcoin is being used. Of cause, depending on the duration the business plans holding their asset, it's going to determine if they will leave it in bitcoin or just convert it to fiat just to avoid negative impact of volatility on their asset.

Bitcoin is not going to completely replace the fiat for several reasons but at the same time, it usage as a meas of transacting in areas where it's complicated using fiat is one that's still relevance.

[Merit.s]

Whatever, a company that accepts bitcoin as an alternative payment does with their bitcoin isn't anyone concern because they're into business and every businessman will do whatever he thinks is more profitable for him.

If you buy bitcoin and hodli is still adoption. You mustn't spend the bitcoin that you bought because it3a currency, if you want to use it as an investment. Fiat depreciate overtime which is the main reason why people should keep their bitcoin and spend fiat. I love spending fiat and hodli my bitcoin does not mean that I am not part of those that adopted bitcoin. Keeping bitcoin in your noncustodial wallet should be prioritize.

[hero_the_bossman]

Whatever, a company that accepts bitcoin as an alternative payment does with their bitcoin isn't anyone concern because they're into business and every businessman will do whatever he thinks is more profitable for him.

If you buy bitcoin and hodli is still adoption. You mustn't spend the bitcoin that you bought because it3a currency, if you want to use it as an investment. Fiat depreciate overtime which is the main reason why people should keep their bitcoin and spend fiat. I love spending fiat and hodli my bitcoin does not mean that I am not part of those that adopted bitcoin. Keeping bitcoin in your noncustodial wallet should be prioritize.

It's adoption, but it's not the best adoption way, imo.

BTC was created to be used.. Not just hodl.

But each decides for themselves..

[PrivacyG]

I believe adoption does not have to mean they want to hold on to Bitcoin.  I do not care if they are taking my Bitcoin and exchanging it for the worst Currency alive.  I only care about more merchants accepting Bitcoin.  That is it and it is the most important part.  What they do after this is their business.

It takes a short sighted mind to accept Bitcoin as a business owner for years and not realize the mistake you made by not also including it in your portfolio of investments.  How can you look at a Bitcoin chart and think 'yes, not holding on to it was the best plan'?