What if Bitcoin never becomes everyday money?

[Gozie51]

A few days ago, I went to purchase some stuffs from a shopping mall, and when it was my turn to make payment I calmly asked the seller, why are you guys not accepting Bitcoin? Her reply was my boss said she don't want to under receive, likewise the buyers they don't want to overspend. Should it be the reason why Bitcoin is still finding it difficult to function as everyday money, at least for now?

To a greater extent, this seem as the challenge that is discouraging people from daily usage. The unstable value of bitcoin is what people who desire daily use of bitcoin look at but for me, I believe it is not necessary that we must depend on using bitcoin daily. Bitcoin has greater advantage than that. For example, if you look at the long term investment of bitcoin, then you will realize that the daily intention of using bitcoin will be wasting of your coin. If you invest $100 in bitcoin for a year at least, you are likely to double that amount and again benefit from hedge against inflation, that same profit gives you more valuable purchasing power more than if you had used it on a daily basis.

So I prefer not to use bitcoin as daily money but an asset for investment to have better valuation for purchasing power.

[dansus021]

What if Bitcoin never becomes everyday money? In my opinion with current bitcoin network bitcoin is not meant to becomes everyday money because the nature of bitcoin itself

1 MB and 10 Minute per block isnt ideal for everyday transaction, most of Exchange and other started to accept bitcoin after 1 confirmation the only viable option is through lightning network which is fast or another form of Layer 2 in my opinion.

Tho Bitcoin is best at other like transferring between one country to another or transferring big money or heck you can made a bitcoin as a whole asset.

Bank charges fee a lot when you try transfer from one country to another and have multiple security measure with bitcoin you already know where is going and dirt cheap so bitcoin can be act as settlement money too

[SquirrelJulietGarden]

What if Bitcoin never becomes everyday money? In my opinion with current bitcoin network bitcoin is not meant to becomes everyday money because the nature of bitcoin itself

1 MB and 10 Minute per block isnt ideal for everyday transaction, most of Exchange and other started to accept bitcoin after 1 confirmation the only viable option is through lightning network which is fast or another form of Layer 2 in my opinion.

Block size issue will possibly be resolved in the future as if Bitcoin Cash can have bigger block size, why Bitcoin can not have it. I know the Blockchain Trilemma but it does not mean Bitcoin blockchain will never be able to increase its block size in the future. There are pros and cons but when bigger blocksize is really necessary, developers and community will support such BIP.

https://www.coinbase.com/learn/crypto-glossary/what-is-the-blockchain-trilemma

Tho Bitcoin is best at other like transferring between one country to another or transferring big money or heck you can made a bitcoin as a whole asset.

Bank charges fee a lot when you try transfer from one country to another and have multiple security measure with bitcoin you already know where is going and dirt cheap so bitcoin can be act as settlement money too

With Bitcoin and its decentralized blockchain and network, transactions are secure, decentralized and irreversible while it is possible to move fund in bitcoins cross borders easily. The fee might be expensive or cheap, depends on Bitcoin mempools, transaction sizes (related to inputs, outputs) and fee rates used by users. Basically, transaction fee looks to be cheaper when people move bigger fund as Bitcoin transaction fee only depends on transaction size and fee rate used, while it does not depend on transaction value.

With Bitcoin blockchain, the best thing to have for transactions is security and irreversibility.
https://blog.lopp.net/how-many-bitcoin-confirmations-is-enough/
https://howmanyconfs.com/

[Satofan44]

We can't say it ended back in the day but the fact is  the idea of it's application was relatively at its peak back then. Now everyone's first view of bitcoin is an asset and P2P appears to look like a shadow of it instead of the opposite.

Wrong. If you see it for this kind of thing and other idiots do it too, don't apply your views to other people. There are thriving communities that do P2P, and those that do not consider or use Bitcoin as they should are not aware of them.  

Do you know that before bitcoin cant be used for buying of items and paying of bills in a country without been legalise as a legal tender, without bitcoin been legalise as a legal tender, it can't be use generally as a payment option in a country, so that's why it will be difficult for bitcoin to be use as legal tender...

Complete nonsense, the whole purpose of P2P cash is that it does not require legal tender to be used. Therefore, utilizing this argument is wrong and completely misplaced. Bitcoin does not need to become legal tender to function in any relevant way.

You can't solely conclude it. The statement of a single seller can't reflect the whole reasons. In some countries, Bitcoin can't be a payment tool because the regulation doesn't allow it. So, there will be no sellers who want accept it because they don't want to have a problem with the authorities. If the governments allow it, I am sure most sellers will accept the Bitcoin as a payment tool. Well, I'm sure this is still the main reason.

The government does not need to know, you are too much of an obedient sheep like most people.  

Bitcoin use as everyday purchase would be more appropriate during the early days of bitcoin invention as we all know back then many people had a lot to purchase using bitcoin as a means of payment.

Is this true? I dont think so. Because in the early days, very few people knew about bitcoin, it wasnt trusted or popular. How could it have been widely used as a means of payment at that time?

You don't understand the way the wording widely has been used. Widely does not necessarily have to mean everyone around the globe. It can also be used to refer to the situation within a group. So yes, back in the old days Bitcoin was widely used as a means of payment among the circle of adoption that it had. This has significantly changed because many idiots now have Bitcoin and are involved in speculating on it for dirty fiat. Many people are here, but they have not learnt a single lesson that Bitcoin has brought.

[btcwoot]

simple answer : the ones who have btc will be in a better situation then anyone with USD

[TheUltraElite]

The implication of certain things change over time.

For buying stuff Fiat is good enough, or you can always buy gift cards with bitcoin and then spend the gift card cash. If bitcoin becomes adopted into POS machines and companies start using them, I would gladly spend it for daily necessities but I feel that fiat is better suited for this and bitcoin for long term investment.

Even then quite a good number of merchants are now having gift cards and they are available to be bought for most countries in the world.

[Tmoonz]

There’s no explanation stating that Bitcoin has to be everyday money... it’s just explained that Bitcoin serves as an alternative payment. So even if it doesn’t become everyday money, like for buying coffee or other everyday items, that’s not a major issue, because it remains an alternative that people can use for other purposes, such as cross-border payments, long-term investments, and so on. So Bitcoin doesn’t need to be everyday money, but if someone decides to accept Bitcoin and treat it as a means of daily payment, that is entirely their decision.

By utility based Bitcoin has got a lot to give which are numerous to mention and the reason why it is called an alternative payment system simply implies that it is a personal choice and decisions to use it daily just as you have said and that doesn't in any way make Bitcoin a failure when it is successfully serving others purposes infact I don't think Bitcoin will ever satisfy such curiosity of becoming a daily or every day money it can be dream that may never come to pass and I believe that is not also the reason or idea behind it's invention.

[Awaklara]

This particular question has been on my mind to ask long time ago. if Bitcoin never becomes everyday money, does that mean it failed or did it simply evolve into something better?

The source of rejection against the implementation of the system brought by Bitcoin is the current banking system, which we know has long been used and trusted by everyone. Certainly, displacing this system is not easy; the use of Bitcoin as digital money will face a lot of rejection. But we can still use it.
 
What causes the shift in understanding related to Bitcoin might also be related to the development of the crypto market. We see how exchanges also become places that not only swap fiat for crypto assets for use purposes. They promote the trading of crypto assets. Indirectly, the understanding that exists now is that Bitcoin and other crypto assets are traded and invested in to generate money. 

Now we are talking about the value of Bitcoin; who knows, in a few years, everyone might use that value for everyday transactions.

[vanesha]

The main enemy of cryptocurrency itself now is simply regulations from all governments that oppose its full adoption. Bitcoin will never reach its ultimate goal if it fails to overcome regulations in several countries that prohibit it from being used as a medium of exchange. Some of these countries, including my own, limit Bitcoin adoption by treating it as a commodity asset and strictly prohibiting its use as a means of transaction to avoid eliminating the national currency itself.

[Adams0001]

I really don’t think that bitcoin was just made for only one purpose which is sending money to someone and transferring money to someone, well you should know that bitcoin can’t be used as savings, else you might end up loosing all your money which would be a very difficult situation for you at some point, instead I think you can always buy bitcoin as well as you can be investing in bitcoin as well, bitcoin wasn’t just made for transferring money and making payments for commodities, Bitcoin was created for more better purposes than what you have just mentioned.

Is just view people that are using bitcoin for purchase most are investing for long term so that they can be profitable in the future. Many people turn it as a way of generating money and bitcoin is a good investment that can probably change your life when he works for you but you need to be patient in it very well before you can become successful in the coin,  if you're just using bitcoin for transactions along you won't see the advantage but by holding it for long periods of time you will see the Value.

Bitcoin is volatile and you can't think of saving money in bitcoin is just that you can invest and get profit, but if you think you will save money in bitcoin anytime you need the money I don't think you can get it in the exactly price you kept it. To save money is better you used bank then saving in bitcoin. But if you want to invest then go for bitcoin and you will get the benefit in a long term.

[serjent05]

For me Satoshi's goal achieved it mission for bitcoin. Well not in the way he like its but adoption is kicking on global scale.

Satoshi's vision about the use of Bitcoin is still being achieved.  I understand why the majority of people tend to hold Bitcoin, probably investors, rather than spending it is because of the current situation of the market.  Being highly volatile makes traders speculate on profit, so instead of using it as a payment, they tend to hold or trade it, capitalizing on the price fluctuation.

But I believe that people will eventually use Bitcoin as intended once the bitcoin market price becomes stable.

[mindrust]

We don't need no, no concern trolling. Dun dun dun dun dun. **guitar rhythm of another brick and shiet**

What if bitcoin doesn't become munney, what if bitcoin does that, what if bitcoin miners get a heart attack? What if USA banz bee-tee-see? What if this? What if that?

At worst?

Bitcoin will die.

Yes you heard that damn right. It will die.

Because on a time frame long enough, we are all ded.

[Cryptomultiplier]

For me Satoshi's goal achieved it mission for bitcoin. Well not in the way he like its but adoption is kicking on global scale.

Satoshi's vision about the use of Bitcoin is still being achieved.  I understand why the majority of people tend to hold Bitcoin, probably investors, rather than spending it is because of the current situation of the market.  Being highly volatile makes traders speculate on profit, so instead of using it as a payment, they tend to hold or trade it, capitalizing on the price fluctuation.

But I believe that people will eventually use Bitcoin as intended once the bitcoin market price becomes stable.

Right now Bitcoin is trying to gain structural stability in terms of balancing the spot ETF for institutional holders and those who DCA as a strategy of investment with small capital.
Besides the aforementioned, I think Bitcoin is performing just as designed that's the reason why it is called a digital gold asset rather than a digital currency for normal everyday transactions.

While volatility, taxation of every single Bitcoin transaction and for Bitcoin being a good money that is an asset that has prospects to appreciate in value overtime, all make up for the hurdles Bitcoin currently faces hence why it isn't a daily currency for use, one can still use it at anytime to make payments and taxes and also make remittances as what a normal fiat currency would do too.

[purple_sparkles]

The main enemy of cryptocurrency itself now is simply regulations from all governments that oppose its full adoption. Bitcoin will never reach its ultimate goal if it fails to overcome regulations in several countries that prohibit it from being used as a medium of exchange. Some of these countries, including my own, limit Bitcoin adoption by treating it as a commodity asset and strictly prohibiting its use as a means of transaction to avoid eliminating the national currency itself.

I completely agree that a lot depends on governments and how favorable they are toward bitcoin and cryptocurrencies in general. In fact, I think the economies of all countries need new ideas and opportunities for growth. We’ve seen that many politicians, at least a large portion of them, are more focused on their own enrichment rather than improving people’s quality of life, while economies have declined and wars have added further strain.That’s why bitcoin could be a good option as a way out of this situation. I don’t think governments will try to harm it right now. As for becoming an everyday means of payment, that’s more a matter of people’s habits and ease of use. People are gradually moving toward digital payments and getting used to the idea that money doesn’t have to be physical. At the same time, bitcoin may be less controllable compared to, for example, a state-issued digital currency. I think that over time, people will start using bitcoin more often as a payment method, but it will still remain less popular than fiat money.

[Swordsoffreedom]

The implication of certain things change over time.

For buying stuff Fiat is good enough, or you can always buy gift cards with bitcoin and then spend the gift card cash. If bitcoin becomes adopted into POS machines and companies start using them, I would gladly spend it for daily necessities but I feel that fiat is better suited for this and bitcoin for long term investment.

Even then quite a good number of merchants are now having gift cards and they are available to be bought for most countries in the world.

I feel the same way. Although Bitcoin was designed by Satoshi as an alternative currency, but we need to accept the reality of what it has become today. It is better suited to the role of an investment or store of value than as everyday currency. Bitcoin is too volatile and scarce, making its use as currency quite inconvenient and wasteful

Meanwhile, fiat certainly has its weaknesses, but it is still doing a very good job as a mean of everyday payment. Replacing it is actually unnecessary because it is still fulfilling its role

[Asuspawer09]

I mean it can be used in our everyday life even though it wasn't really something that we are going to do, adoptation in my opinion is already a huge thing and improve a lot through out the years of Bitcoin existance and I think it was already a long way compared to the past there are already a lot of merchants and stores that is going to accept Bitcoin as a payment, or even used Bitcoin as a payment or paysomeone on Bitcoin, and for sure there are also a lot of people that is going to accept Bitcoin as a payment of service or something. The point is it's already adopted to a lot of things, even though it still wasn't something that we are going to used daily as a currency or money.

Right now, For me Bitcoin is just better as a investment, even though the structure or the narrative is a digital currency, the volatile market price plus the limited supply of 21 million is just make it better to be a investment where we could expect a huge profit if the community just continue to adopt on it, Market price could just continue to increase just like other assets that we are invested into as well. Still we dont know what is going to happen in the future. The volatile market price is a huge factor why it wasn't something that is used daily, but maybe in the future, when all of the Bitcoin is mined, it can be involved as a currency that we are going to used.

[BlackHatCoiner]

You're perfectly rational to rather spend fiat than bitcoin, and thus utilize bitcoin more as a store-of-value than a currency.

Many people look on Satoshi's work, and think that the best use case for bitcoin is peer-to-peer payments that are outside of the banking system's supervision. While this is one of the use cases that allow freedom to move value across borders, the biggest use case for bitcoin is to protect your wealth from inflation.

As long as people who stick with fiat shitcoins become poorer and poorer, bitcoiners who hold bitcoin will enjoy the capital appreciation that comes from holding hard money. Once the Degenerate Fiat Standard is no longer bought, and fiat currencies start diminishing in value rapidly, people can start adopting bitcoin as currency and thrive, but until that universal realization, bitcoin holders will just get richer and richer.

[CryptoHeadlineNews]

Correct me if am wrong, the main idea behind Bitcoin creation was a clear peer to peer electronic cash system, a system where you and me could send money directly to ourselves, and use it for our everyday life, such as buying food, paying bills, and handling daily transactions without relying on on banks. but looking at it today, that vision has not fully played out. People still prefer to hold Bitcoin, instead of using it for their daily spending. I think Bitcoin has gradually shifted from digital money, to something more like a digital gold.

The purpose of Bitcoin indeed still hasn't changed a bit, but just that it's usage differs from one online and physical community to another,  because Bitcoin is literally been used daily for transactions just as it's white paper projected many years ago, and according to "bitinfocharts", over 602,319 Bitcoin transactions was made in the last 24 hours, and with such figure, you can't argue that people aren't using Bitcoin for daily transactions, because for the fact that in your country, due to unfavorable laws regarding Bitcoin, it's hard to spend Bitcoin on daily items like buying food and paying bills, it literally doesn't mean there aren't cities in the world that does that with Bitcoin, and a good example of such cities include "Lugano in Switzerland" and "Ljubljana in Slovenia", as this two cities are popularly known as Bitcoin cities, since you can literally walka into a restaurant or any store, eat and shop and pay with Bitcoin. And likewise pay your government tax in Bitcoin too.

[Faisal2202]

Although, some people argue that, Bitcoin didn't achieve it goal. while others argue otherwise, that Bitcoin adopted to what the world actually needed, feel free to give your two cents on this discussion.

That's a good discussion, I think businesses should consider it as a reserve, like payments they will get in btc will go to their long-term BTC strategic reserve for the longevity of their Business.

It can be hard for them to run it if most of the payments will be made in BTC but they can cap it if they want but it might be a bad move from customers pov.

So they can allow returning customers to buy as much as they want with btc but can set a limit for newcomers.

But this method should be considered only when the main problem is the money needed to run the business. If they can manage funds, then use them as a strategic reserve and sell when they are in profit.

[ndutndut]

There’s no explanation stating that Bitcoin has to be everyday money... it’s just explained that Bitcoin serves as an alternative payment. So even if it doesn’t become everyday money, like for buying coffee or other everyday items, that’s not a major issue, because it remains an alternative that people can use for other purposes, such as cross-border payments, long-term investments, and so on. So Bitcoin doesn’t need to be everyday money, but if someone decides to accept Bitcoin and treat it as a means of daily payment, that is entirely their decision.

Absolutely. Bitcoin doesn't have to be a daily currency but it offers an alternative to traditional money. Moreover, Bitcoin offers several advantages over fiat money, including peer to peer transactions without bank intermediaries, easy access and resistance to government censorship.

Bitcoin advantages as an alternative don't mean it can be used as a substitute for daily transactions, as it does have high volatility and some countries haven't yet legalized it as an official means of payment. However, if both parties agree Bitcoin transactions won't be a problem. Essentially, the difference between fiat money and Bitcoin is that fiat is controlled by the government, while Bitcoin is decentralized. Money can be printed continuously, while Bitcoin has a limited supply of 21 million. Money is vulnerable to inflation, while Bitcoin is designed to be inflation proof. So, I don't think Bitcoin has failed in its purpose, as it can be used for transactions, as well as for long-term investment and can combat inflation.