Can Bitcoin Ever Be Everyday Money?

[Danica22]

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.

The decentralized nature of bitcoin is a solution for us but a threat to governments. That is the reality and we need to look at it that way.

So we cannot expect them to make it the official currency, the unit of measurement and replace fiat. If they do, it's like shooting themselves in the foot and destroying themselves. Therefore, the prospect of bitcoin becoming an official currency will never happen.

The government's legalization and recognition, allowing us to invest there, was an unexpected success. We should be happy with that and what bitcoin has achieved. We should not demand too much that bitcoin needs to become a global currency, replacing fiat, banks...

[Fiasem20]

Individually, Bitcoin's adoption can be defined in diverse ways, enthusiasts prefer holding onto their Bitcoin rather than using it to purchase a cup of coffee or buy pizzas.Currently, Bitcoin is viewed more as an investment vehicle than a means of payment, personally I prefer purchasing whatever I want with fiat currency,my bitcoins are meant for the long term and not a method of payment.Anyways,everyone has different preferences. Many Bitcoin enthusiasts believe promoting adoption goes beyond just holding,some think using Bitcoin for purchases is key in promoting it's adoption.Whatever your approach,use your Bitcoin wisely.

[Judith87403]

For me I feel that there's no way that bitcoin will be used as first option in terms of buying and selling of goods and services, yes bitcoin can be use for everyday money that's in the aspect of making online purchase but if it's in face to face purchase i think that is almost impossible because some people would want to make Fiat thier first option. Because I know that those countries that make bitcoin a legal tender also make use of Fiat which some people can decide to focus in holding Fiat over bitcoin due to it's volatile nature. Bitcoin can only be every day money if citizens is ban from making use of Fiat and of which you and I know that this is almost impossible.

[Youngrebel]

I bought something in local last year and I told the person that I would pay with BTC and he said I should sell the coins in USDT and give him the Fiat so I did that. This accepting of bitcoin is depends on the country policy. Like my country we don't use bitcoin publicly and only use or sell and buy in exchanges. From the way I see it the day Bitcoin is use as the daily transaction in all the countries and the international market then Fiat will disappear. And government will not allow that to happen because they are embezzling the Fiat money through over printing.

[Rockstarguy]

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!!!

Bitcoin has always being volatile and it is always volatile. The reason why bitcoin cant always be spent as fiat is because of it volatility,  this doesn't mean bitcoin is not yet adopted. As a business, if I'm opportune for my customers to pay me in Bitcoin I'll accept it and convert it to fiat because the money can be used at anytime, if I still keep it in Bitcoin and the price falls and I'll need money at anytime due to the volatility of Bitcoin i may end up being at lose. Most business people will be willing to earn bitcoin especially when they have in mind d to hodl but if this is not in the plan i doubt money will be in Bitcoin when it can be used anytime.

[Antotena]

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.

People that accept Bitcoin don't accept Bitcoin so they can keep them, they accept Bitcoin so they can get a wider reach customers that doesn't want to sell their Bitcoin for fiat but this only happen on countries that doesn't tax people when they accept Bitcoin as payment. If there is tax involved, majority do not engage because guy are going to report your tax after sale and since some government doesn't like see them with Bitcoin, then it becomes a big problem.

What I have also observed is that anytime you see people accept Bitcoin as means of payment from clients, it's because they know Bitcoin payment clients are usually generous when they want to pay with Bitcoin. They usually get more than what is been bargain so it's a win win for them as business or the person in change. What I have also observed is that people accept Bitcoin more during the bull run since Bitcoin do pump, they make money on short period but they don't keep the Bitcoin for long.

[Findingnemo]

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.

This doesn't make bitcoin irrelevant in this matter. Someone who wants to purchase something from a different country and now imagine they use fiat currency which may take hours to days to arrive at the seller of the product but with bitcoin they almost get the money in their hands instantly whether as fiat or just bitcoin itself.

[beveryu778]

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.

Those who like Bitcoin and think about the future of Bitcoin and know how much benefit holding Bitcoin can provide will never be interested in buying anything through Bitcoin. Because where Bitcoin is kept for holding, those Bitcoins should not be used to buy food or book hotels. For these, we have separate money with which we meet our daily expenses and all other needs. So why should we purchase anything with Bitcoin.

And businessmen never keep the money for the products they sell, they cycle them over and over again to create new products and sell them again to make a profit. So after they receive Bitcoin as payment, they quickly sell them and convert them into stable coins or convert them into fiat currency with which they can buy raw materials for their business again. So I'm not too excited about the fact that somewhere is accepting Bitcoin as payment because I don't want to pay in Bitcoin for something.

[Lida93]

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.

The fact that many bitcoin enthusiasts are not ready to spend the bitcoin they have is just another issue to be addressed which could be an impediment towards that vast use of bitcoin as everyday money, and am taking it in with the thought that even when government declares it a legal tender in their jurisdiction it still wouldn't change that much because almost every bitcoiner is bend on hodling due to the Intrinsic value than spending it.

[Donneski]

I think Bitcoin can eventually serve as everyday money but not until volatility reduces and there’s more clarity around how it can be used. Right now, it’s mainly valued as a store of value rather than a true medium of exchange.


I’m from a country where crypto was recently legalized but there’s still no proper legal framework backing it, so most businesses that accept Bitcoin don’t actually hold it, they convert it to fiat instantly to aide their trades. It’s still a form of adoption, just not full adoption yet.

[Odohu]

Due to the volatility of Bitcoin, many businesses will not want to hold it but will accept and immediately convert it to USDT to enable them balance their books. This is not the best for Bitcoin though but it is always better than not accepting Bitcoin. I know this may disappoint a lot of people who want Bitcoin to be used freely like we use fiat but unfortunately, we have to deal with the issues mentioned if we must integrate Bitcoin payment into our day-to-day activities.

[Royal Cap]

I think Bitcoin can eventually serve as everyday money but not until volatility reduces and there’s more clarity around how it can be used. Right now, it’s mainly valued as a store of value rather than a true medium of exchange.


I’m from a country where crypto was recently legalized but there’s still no proper legal framework backing it, so most businesses that accept Bitcoin don’t actually hold it, they convert it to fiat instantly to aide their trades. It’s still a form of adoption, just not full adoption yet.

I don't think Bitcoin's volatility will ever decrease. In fact, Bitcoin is still at a stage where people see it mainly as a means of investment, not as a currency for transactions. Another thing is that almost all countries know about Bitcoin. But Bitcoin is not legal in all countries. As a result local merchants in the country will not be able to accept Bitcoin payments even if they want to.

The same situation is in our country, almost most people know about Bitcoin but Bitcoin or crypto is illegal, which means that no transactions can be made legally. However I think it will be very difficult to accept it as a means of daily transactions.

[Cookdata]

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.

They see Bitcoin more of an appreciating assets than something they can use everyday. Search the purpose of Bitcoin on Google, the response you will get is everything about Bitcoin, a p2p digital payment been censorship resistance, has been around since 2009 and many more but we have more of people that hold Bitcoin every day than people that use it every for day to day transaction, most often Bitcoin are move for two purposes which is when buying and when selling.

Another is the underlying fear of dump, transacting with large amount of money that is going to be used the following day is a big problem. Have you try to make payment using Bitcoin before? The windows are usually ridiculous. There was a time I wanted to make a subscription on one website, Bitcoin and stable coin were among alternative to credit cards but what I noticed about the payment is anytime you initiate payment and don't complete it between the time given, the sats refresh as the price of Bitcoin changes, but stable coin remain the same which means the team were trying to avoid loss due to price variation, this is the main concern about day to day money with Bitcoin.

[bitzizzix]

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.

This doesn't make bitcoin irrelevant in this matter. Someone who wants to purchase something from a different country and now imagine they use fiat currency which may take hours to days to arrive at the seller of the product but with bitcoin they almost get the money in their hands instantly whether as fiat or just bitcoin itself.

You're right, and in this case, Bitcoin is indeed reliable for domestic transactions, as it can be a more convenient and faster alternative to fiat currencies for paying for products sold abroad.
However, for everyday transactions, I think people prefer using fiat currencies because they're faster, completing transactions in under a minute for things like paying for coffee and so on, compared to Bitcoin, which can take five or ten minutes and also incur transaction fees. Fees are also a major determinant of the length of a Bitcoin transfer.

[KiaKia]

Now that the United States of America has finally become the most friendly country to crypto I believe this will happen sooner rather than later, many payment options will start to implement Bitcoin as means of payment.

The option to either use Bitcoin as store of value or use as money will always be available, it is on we users to make a choice, I am looking forward to spend some Bitcoin as money and also keep stacking for future sake.

It is only a matter of time, even with the volatility of Bitcoin, it can't rule out the fact that Bitcoin can be used as a means of payment.