Can Bitcoin Ever Be Everyday Money?

[Danica22]

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?

Even if bitcoin becomes as stable as gold, don't expect it to be legalized and accepted as an official currency. The government will never let that happen.

If bitcoin is used as a currency and becomes a unit of measurement instead of fiat, people will use it instead of national currencies. That would affect purchasing power and threaten the status of the national currency, and worse, it would cause the economy to decline and collapse. Because the government will lose control of the currency, and they will also lose control of the economy.

Bitcoin can only become a popular alternative payment method, it will never be able to become and be used as an official currency, IMO.

[ThemePen]

Bitcoin could be used differently by businesses. Some business owners are accepting Bitcoin to attract crypto users to patronise them. Since they have no plan to keep it, they convert it to fiat immediately they receive it. But some businesses have set out funds allocated for Bitcoin accumulation. Any Bitcoin received is set aside and held for a long time.

I don't blame these businesses that sell off their coins immediately after it is received. Some of them might have to restock or pay staff and suppliers who might not accept Bitcoin as payment. The volatility of the coin is also forcing business owners to dispose of the coin to avoid losses.

Yes today, businesses use Bitcoin in two main ways first group sells it right away using regular money because they have to spend it on such things as salaries and supplies, and they do not want to lose money on Bitcoin as it is fast changing currency, so they use it to attract new, crypto loving customers without risking anything. Second group keeps Bitcoin they receive, which they consider long term investment since they think that its value will go up much over time, and it is more better way of holding value than cash. In simple terms, first group is interested in quick sales, and second one in long term growth.

[virasisog]

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!!!

We also needs to consider their situation they are running a business, they need income to pay for their rent, salary for their employee and ot course capital to keep their business running.
They couldn't risk their daily income to be shorten by the Bitcoin price movement.
Yes, they could earn more by holding their Bitcoin but would it be worth it for them to hold it? could they still run their business if they hold it.

[Dunamisx]

Bitcoin possed many investments opportunities if we look into it more clearly, but people are the ones limiting their own self to what they should have known in the network and choose to be not informed in crypto, I may not have to blame all of them, because sometimes things don't work for the same way they have been found with how others handles and understand Bitcoin.

[Smack That Ace]

Yes today, businesses use Bitcoin in two main ways first group sells it right away using regular money because they have to spend it on such things as salaries and supplies, and they do not want to lose money on Bitcoin as it is fast changing currency, so they use it to attract new, crypto loving customers without risking anything. Second group keeps Bitcoin they receive, which they consider long term investment since they think that its value will go up much over time, and it is more better way of holding value than cash. In simple terms, first group is interested in quick sales, and second one in long term growth.

Do you have any evidence that the second group exists? Because for businesses, if they want to invest in bitcoin, they just use their corporate budget and buy it, and that's it. They have no reason to accumulate bitcoins through customer payments. Because of the volatility of bitcoin prices and their inability to know when customers will use bitcoin to pay and when they won't...All of that just makes things more messy and harder to manage. I don't think any business would be stupid enough to make things difficult for itself.

That probably only applies to small scale and retail stores.

[SquirrelJulietGarden]

Bitcoin possed many investments opportunities if we look into it more clearly, but people are the ones limiting their own self to what they should have known in the network and choose to be not informed in crypto, I may not have to blame all of them, because sometimes things don't work for the same way they have been found with how others handles and understand Bitcoin.

Bitcoin is created in a way that everyone can use it differently and one person does not have to do exactly the same as the other people do with bitcoins. It is magic to have different use cases of bitcoin to choose which one is your favorite use case to do.

Everyday, many Bitcoin blocks are found and mined by Bitcoin miners and with them, many Bitcoin transactions are confirmed too. So it is right to say bitcoins are used everyday by thousands of times (transactions) and by many people.

Is Bitcoin considered as money or not? I don't care and who care if you can use bitcoins for exchanging or buying other things easily and legally.

[ndutndut]

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?

Even if bitcoin becomes as stable as gold, don't expect it to be legalized and accepted as an official currency. The government will never let that happen.

If bitcoin is used as a currency and becomes a unit of measurement instead of fiat, people will use it instead of national currencies. That would affect purchasing power and threaten the status of the national currency, and worse, it would cause the economy to decline and collapse. Because the government will lose control of the currency, and they will also lose control of the economy.

Bitcoin can only become a popular alternative payment method, it will never be able to become and be used as an official currency, IMO.

I agree with you. The government will not allow Bitcoin to become a means of transaction in every country because this would depreciate fiat currencies and even render them worthless, especially since Bitcoin cannot be controlled by anyone. Even if Bitcoin were legalized as an investment asset, the government would not allow it to become a means of transaction. Even though Bitcoin is currently growing, countries have their own laws regarding the currency used in each country, and these remain under state control.

Essentially since Bitcoin's inception, countries have been trying to kill it. It's no wonder there's always bad news about it. However, the more they try to kill it, the more it grows and develops more rapidly. Indirectly governments finally realize that fighting Bitcoin is futile. This is evident in the fact that many countries have adopted Bitcoin, and some have even invested in it, but it will never become the official currency of their countries.

[Jubilee58]

The truth is that bitcoin is a digital currency and for somebody to accept Bitcoin for exchange of goods and services, that person must have the knowledge of how bitcoin works, and must have a secured wallet to store his or her own bitcoin. Besides, even though bitcoin is gaining adoption, it would not be made compulsory to be used by everyone, it can be used by any one who desire to use it, people who have the knowledge of bitcoin.

There are some people, stores, and even institutions that except bitcoin as a medium of exchange, those people have their purpose for accepting it, some people accept it as a store of value while some are accepting it in other to make profit when the price rises.

The bitcoin market is very volatile, using it as everyday money would be very challenging because the price can fluctuate rapidly within a short period of time, that is to say, somebody can send Bitcoin worth of $100 to your wallet, and within a short period of time that same $100 can drop to $70 and at this point you are already loosing $30 and is viceversa, so the volatility of bitcoin will not make it convenient to be used as everyday money.

[Adams0001]

Business is quite different from investment, so I do not expect any business man to hold onto BTC for long in order to prove that BTC can be used as currency. If you consider the volatility factor, you will understand that holding bitcoin is a bad idea for business people.

For you to have bought a coffee with bitcoin shows that bitcoin had fulfilled its obligation of being a currency. Then we should not bother much where bitcoin is evolving to. It is still a young technology, in the spirit of liberty, let's allow bitcoin to choose its path. We can see that it is leaning more towards an asset than a currency.

You are absolutely right, business and investment are two different things and if you think you will joy it together you will probably in a lose. Bitcoin is volatile and you can't keep it for short term and be profitable He will always be hard that to happen. So is better to keep money and hold for your business then thinking you will keep it Bitcoin and anytime you need you will get it. Bitcoin will always be volatile and when you keep business money in bitcoin you can be in lose or you get profit but the best thing is to invest to money you can't used for now you can keep that one on bitcoin investment for the long term and the business one you keep it in bank since is for short term purposes. We should always used funds to invest and for business too.

[Leahized]

At present, some business owners accept bitcoin payments mainly for customer convenience. I think it is extremely important that this remains a voluntary decision of the business owner, rather than a mandatory government requirement. If it becomes obligatory, various regulations and penalties will inevitably follow, which will negatively affect businesses as a whole.

Many states are already running transactions through Bitcoin and they can easily purchase everything through Bitcoin. That's why there are many benefits for the business owner as well as customer benefits. They are able to complete all transactions without any complications. If the government mandates the use of Bitcoin. So I think there will never be a negative impact. Since every citizen is taxed in every state. Hence they can complete the transaction and use all their entire bitcoins. Moreover, some people do corrupt things. It is natural that he should be fined. Besides, I never thought it could ever be complicated.

[Ojinga]

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!!!

What people choose to do with their bitcoin should not be your headache and if they accept your BTC and instantly swap to usd is also not your problem but what matters is that, payment was made with BTC and what the seller or vendor chooses to do with it afterwards shouldn’t have to bother you.

The volatile nature of bitcoin is one of the reason for the mass adoption because people now prefer to use it as a store of value rather than a currency for exchange but I think for now, we should be more focused on adoption and I believe with more adoption, payment and exchange will have to fall in.

I can not say for sure if there would be a time when we wouldn’t have much volatility for bitcoin but judging from how people treat bitcoin because of it’s volatility, don’t you think, without the volatility people will lose interest?

[Nwada001]

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 

We are already making use of it in many ways, not just as an alternative currency. It's not as popular as others might want it to be, but it's pretty much already in use as an alternative currency by many. The only thing that is blinding some from seeing it that way is that they are waiting for it to be made a legal tender in their jurisdiction before they can openly see it as an option.

[Scarlett_23]

Know one thing bitcoin is volatile in nature and perhaps businesses may not consider keeping it for a short time because of its volatile nature, they will probably convert to usdt or any other stable coin in order not to lose the profit they probably have made from the cup of coffee you bought, so I certainly do not agree that bitcoin is serving the other purpose apart from saving and investment purposes, but the fact that people use it as a medium of exchange, which it was meant for but of course it can be expanded beyond that. Bitcoin surely is doing well but not in as a currency which would replace fiat for now.

In our daily lives, we use fiat currency. Fiat currency is stable, fast and easy to transact with, and people from all walks of life accept it. From this perspective, Bitcoin is unstable in nature, it incurs network fees in exchange, and the general public does not know how to use it properly. Therefore, many merchants accept payments in Bitcoin but immediately convert it to USDT or fiat currency. If more institutions accept Bitcoin in the future and many countries accept it, its liquidity will increase, which will stabilize the price. But currently, people prefer to save it rather than transact with Bitcoin.

[Churchillvv]

Know one thing bitcoin is volatile in nature and perhaps businesses may not consider keeping it for a short time because of its volatile nature, they will probably convert to usdt or any other stable coin in order not to lose the profit they probably have made from the cup of coffee you bought, so I certainly do not agree that bitcoin is serving the other purpose apart from saving and investment purposes, but the fact that people use it as a medium of exchange, which it was meant for but of course it can be expanded beyond that. Bitcoin surely is doing well but not in as a currency which would replace fiat for now.

In our daily lives, we use fiat currency. Fiat currency is stable, fast and easy to transact with, and people from all walks of life accept it. From this perspective, Bitcoin is unstable in nature, it incurs network fees in exchange, and the general public does not know how to use it properly. Therefore, many merchants accept payments in Bitcoin but immediately convert it to USDT or fiat currency. If more institutions accept Bitcoin in the future and many countries accept it, its liquidity will increase, which will stabilize the price. But currently, people prefer to save it rather than transact with Bitcoin.

For some who wants to spend Bitcoin there is a very big tendency in my state right now that you can buy stuffs with bitcoin so it doesn’t really have to be in the future before that is possible but it’s based on people’s adoption but for a fact bitcoin buy and selling will only be limited to instant use and exchanged back to a stable coin because business that accept bitcoin still see it as a high volatility currency and hence pose a threat to profit making in the main time.

[Reatim]

I guess that's adoption enough, at least for now.

we must also remember that bitcoin has not been around a long time yet and steps to be taken forward may take a little more time but the fact that bitcoin is slowly becoming more and more accepted then it’s good enough for now then we will just slowly work our way up

[DanWalker]

It's already hugely used as everyday money and remittance in a country where the currency is unstable or have high rate of inflation besides stablecoin.
Just wait until there's company that willing to adopt bitcoin payment in their payment gateway to make it available for wider audience.

But since it's deflationary currency people prefer to just hold it which is completely fine in my book;.

Which country? In which country is Bitcoin widely used as a daily currency and remittance?
Because in another OP's thread, he also said even El Salvador is the first and only country to legalize bitcoin as legal tender. But up to 92% of the population does not like to use bitcoin for everyday transactions and only about 1.3% of remittances are transferred through BTC. You see, even country consider bitcoin as legal currency are not keen on the daily use of bitcoin.
https://bitcointalk.org/index.php?topic=5563231.msg65955848#msg65955848

We are all happy to hold bitcoins because that is what we want, no one wants to spend their bitcoins, no one wants to use it for its original purpose.

[ginsan]

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!!!

Being used as an alternative investment is one form of adoption. Although the BTC received by sellers isn't stored and then used to buy materials for future sales, it has become an expected medium of exchange for goods/services. Why should it be resold and not stored? Basically, traders are rotating their capital to grow it. Why exchange it for USD? Because not everyone accepts Bitcoin today. A business that accepts BTC when it needs more goods to sell, and when looking for raw materials, the seller may not necessarily accept BTC because they source from farmers who don't understand the concept, which presents a barrier to insisting on using BTC.

The bottom line is that the BTC acceptance ecosystem isn't yet widespread, unlike FIAT, which is widely accepted. It's important to understand that, unlike investments, people must store their BTC. Businesses don't need to, as they need the circulation of money and their BTC to generate profits.

[Rabata]

If we use Bitcoin for daily transactions, especially as a business accepting Bitcoin, then it is naturally not possible to hold Bitcoin. Because businessmen have to buy and sell goods constantly. If they only try to hold Bitcoin, then it is not possible for their business to survive. For this reason, businessmen will definitely sell Bitcoin. But the most significant thing here is that we are enjoying the convenience of buying things of interest according to my needs with Bitcoin. Those who consider Bitcoin as a store of value will benefit from Bitcoin. The use of Bitcoin in transactions can certainly be called a big achievement for the widespread adoption of Bitcoin.

[Ahli38]

'' 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...

It's difficult to replace a long-established fiat system. And Bitcoin will be easier to enter as a medium of exchange when fiat becomes untrustworthy or even unsuitable for holding. There will come a time when Bitcoin experiences the adoption as most people expect. And the collapse of trust in fiat will be a sign. We don't know when that will happen. But I'm confident it will happen if we do comparing the fiat to Bitcoin. Once that happens there will be no reason for people to exchange their Bitcoin holdings for fiat. El Salvador seemed to have such a vision before. But it seems they're under pressure from the fiat sector (Source). We must now support any adoption of Bitcoin. And make it a habit for people to know about Bitcoin or even use it. Over time people will become accustomed to it. And it's highly likely that widespread adoption will occur through this habit which we must support.

[@nn@_pen9]

Bitcoin possed many investments opportunities if we look into it more clearly, but people are the ones limiting their own self to what they should have known in the network and choose to be not informed in crypto, I may not have to blame all of them, because sometimes things don't work for the same way they have been found with how others handles and understand Bitcoin.

Yes, I can understand your opinion, Bitcoin is now quite large and growing rapidly not only as an investment asset but even as a means of daily payment in many places, even though your country prohibits it as a legal payment and only recognizes it as a commodity, we can freely use it according to the rules in force in that country, and also you can cash it out with exchanges to get fiat and spend it.