What if Bitcoin never becomes everyday money?

[Smack That Ace]

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.

So what do you think about adopting Bitcoin in El Salvador?
President Bukele has made Bitcoin legal tender, but according to several surveys, 92% of Salvadorans do not use Bitcoin for daily transactions. Only about 7-8% of people use Bitcoin for payments instead of traditional currency. So, is it true to say that the government is the main enemy of bitcoin?

It can be said that government is one of the obstacles preventing Bitcoin from becoming a method of payment. But they are not the only obstacle, and we are contributing to it as well. We also do not want to use our Bitcoin, and most people prefer to hold it for the long term.

[X-ray]

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.

Bitcoin doesn't need to be accepted everywhere but it needs to be accepted in major economy like in the US. Can't please everyone so it is predictable that some countries will refuse to accept bitcoin.

If bitcoin could be accepted widely in the Europe and the US alone, that's already such a big economy to be accepted in and even if bitcoin got banned in asia or china on the other hand, we're already in good position so that wouldn't do much harm to the bitcoin ecosystem.

[SuperBitMan]

it is left to people to use it for either as investment, store of value or for P2P.

I think a lot of people are using bitcoin for investment more than other things, let take for instance in this forum majority of people here are only using bitcoin for investment, they accumulate and then hold for long term so they can get profit from it, if you check threads in this forum you will discover this, and I believe this are one of the things making bitcoin more valuable, when majority of people are accumulating a particular cryptocurrency and then holding it for a very long period of time, the value and price of the coin will be increasing, and this also goes to using it as a store of value since you will be accumulating and holding For longer periods than those who are using it as an investment.

[Majestic-milf]

 It was created for the use of payment of goods and services. So if those services aren't done daily that doesn't mean Bitcoin has fallen short of what it was created for. You said it yourself that it's a hedge against inflation. So this alone is doing something that wasn't stated in the White paper, after all we know it's just meant to be free of outside interference so there you have your answer. However people want to make use of Bitcoin is their choice. It's better than not making use of it, isn't it?

[cryptoaddictchie]

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

Maybe in thr future we can achieved it that bitcoin is totally being used instead considering it as investment. But for now I can say majority are holding it than spending and using it for payment system. Maybe a fraction of users are already doing it but not in the scale that Satoshi's probably dreamt or goal. Will get there somehow.

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.

What you meant tax on every transactions of bitcoin? You mean fees? Cause thats likely a different term since there are some countries using bitcoin as investment and I imagine theres a tax ( government fee) deducted if they have capital gains on it. Different from the fees rendered on blockchain.

[Big Dirams]

it is left to people to use it for either as investment, store of value or for P2P.

I think a lot of people are using bitcoin for investment more than other things, let take for instance in this forum majority of people here are only using bitcoin for investment, they accumulate and then hold for long term so they can get profit from it, if you check threads in this forum you will discover this, and I believe this are one of the things making bitcoin more valuable, when majority of people are accumulating a particular cryptocurrency and then holding it for a very long period of time, the value and price of the coin will be increasing, and this also goes to using it as a store of value since you will be accumulating and holding For longer periods than those who are using it as an investment.

That right though majority of bitcoin accumulation is for investment. Many people buy bitcoin or make use of it just for investment and hoping for massive profits after some increase of it, bitcoin values increase when a lot of people understands the process of bitcoin growing over period of time when hold so that just one of the main reasons why bitcoin gains more popularity and becomes a real asset.
 Bitcoin accumulation for future purposes and profits is way more higher than the main reason why bitcoin was bring into existence and I can beat my chest that only few people does practice in the main purpose of bitcoin existence.

[rat03gopoh]

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?

No, it can be used for weekly or monthly payments or also premium payments. Bitcoin is an alternative; if someone must use it daily, they might need to consider the transaction scale. Network speed and fees are barriers to using it as fully as fiat. However, if you're a daily importer worth thousands of dollars, Bitcoin is a great alternative, and some of its advantages are even better than fiat.

[Nathrixxx]

It is impossible that we see bitcoin not being a daily digital currency that everyone can make use of in making payment of goods and services, people appreciate and make use of this digital currency for their daily news because it is a decentralized currency that can give them the maximum privacy and protection they want to control their financial assets.

Bitcoin has all it takes to be able to provide a solution needed in terms like this, when inflation is taking over the order of the day in our daily financial economy, since the value does not depreciate and the network is not attacked, Bitcoin will remain the most interesting and amazing digital currency trusted for our profitability.

[Woodie]

Bitcoin is a jack of all trades and not that it failed at being the best substitute for peer 2peer transactions and all that, I also think  because Bitcoin has a diverse pool of users its nearly impossible to serve one purpose and that is why it can serve several purposes while succeeding at being a digital currency and that won't change!!

Btw if we look at the demographics of Bitcoin users, the picture that has been painted is that the general usage points in the direction of gambling, trading , and most of the other holdings is in investments.. so for everyday money not necessarily the case.

[KiaKia]

Don't expect Bitcoin to die because it can't become everyday money.

I respect your point OP but if this accepting or paying Bitcoin as means of money isn't favourable why are so many businesses still accepting Bitcoin from their customers?

The answer is " the world accepts it's Volatility nature too"

Just because the price can drop in the next minute doesn't mean it is the end, too many people and businesses understand this perfectly, one time I wanted to pay for a gadget on online store and I was to pay a certain amount of money via Bitpay.

Guess what happened? After Bitpay showed how much I had to pay and while I was still on it, the value of Bitcoin dropped massively, I thought that Bitpay would cancel, it's clearly a loss to them but I completed the payment then I got my item later.

It doesn't take a few days later, Bitcoin recovered again, it's part of the business you know, both customers and the business owners have to understand Bitcoin before they can use it as means of payment, and anything that's even a good store of value is always a good thing for a business on long term.

[MusaPk]

I think a lot of people are using bitcoin for investment more than other things, let take for instance in this forum majority of people here are only using bitcoin for investment, they accumulate and then hold for long term so they can get profit from it, if you check threads in this forum you will discover this, and I believe this are one of the things making bitcoin more valuable, when majority of people are accumulating a particular cryptocurrency and then holding it for a very long period of time, the value and price of the coin will be increasing, and this also goes to using it as a store of value since you will be accumulating and holding For longer periods than those who are using it as an investment.

This is a reality that majority of people are seeing Bitcoin as an asset of investment rather then using it as a digital currency for daily usage. The main reason for using Bitcoin as an asset of investment is that it gives huge return over passage of time. You just need to sensibly invest in Bitcoin to get good profit. Why Bitcoin is not widely used as currency of daily living is because of limitations like government regulations, Bitcoin scalability issues etc. Now not many are convinced to spend it but want to hold it for long term.

[Hardyrobust]

I think a lot of people are using bitcoin for investment more than other things, let take for instance in this forum majority of people here are only using bitcoin for investment, they accumulate and then hold for long term so they can get profit from it, if you check threads in this forum you will discover this, and I believe this are one of the things making bitcoin more valuable, when majority of people are accumulating a particular cryptocurrency and then holding it for a very long period of time, the value and price of the coin will be increasing, and this also goes to using it as a store of value since you will be accumulating and holding For longer periods than those who are using it as an investment.

This is a reality that majority of people are seeing Bitcoin as an asset of investment rather then using it as a digital currency for daily usage. The main reason for using Bitcoin as an asset of investment is that it gives huge return over passage of time. You just need to sensibly invest in Bitcoin to get good profit. Why Bitcoin is not widely used as currency of daily living is because of limitations like government regulations, Bitcoin scalability issues etc. Now not many are convinced to spend it but want to hold it for long term.

There are so many reasons why people do see bitcoin as an asset rather than a digital currency. It just because of profits as you think. There are people that are into bitcoin because they want to retain wealth and also because of the freedom that bitcoin offers. Bitcoin act as a hedge against inflation this also one thing that makes people to see bitcoin as an asset to invest in rather than just a digital currency.

[Zoomic]

Bitcoin is a jack of all trades and not that it failed at being the best substitute for peer 2peer transactions and all that, I also think  because Bitcoin has a diverse pool of users its nearly impossible to serve one purpose and that is why it can serve several purposes while succeeding at being a digital currency and that won't change!!

Btw if we look at the demographics of Bitcoin users, the picture that has been painted is that the general usage points in the direction of gambling, trading , and most of the other holdings is in investments.. so for everyday money not necessarily the case.

There was when I was thinking much about the future of bitcoin;
If Satoshi's original intention was defeated;
If bitcoin will ever return to be full currency;
Or it will turn fully an investment assets.

But when I realised that the essence of Bitcoin is liberty and freedom, I realized that bitcoin is accurately serving the purpose it was created. To Mr. Tom it might be for buying groceries, to Mr. Dick, for making online payments, to Mr. Harry for online gambling while Mr. Bob is holding it as an asset, don't forget that Mr. Joe is trading it. That is the freedom we all prayed for.

[RibbonRaptor]

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.

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?

Because, those of us who are using Bitcoin, treat it more like a store of value, instead of spending currency,  we prefer to hold Bitcoin for long term, rather than spending it on our daily needs. But are we to blame ourselves? I think the answer is no, but if yours is yes state your reasons. it is said that ones people discover an asset with a long term growth potential, they are likely not to spend it, because spending it feels like giving up future value.

Bitcoin was indeed created as a peer-to-peer electronic cash system for online payments that occur directly between a first party and a second party without the involvement of a third party (financial institution). This system encompasses transactions such as everyday payments, but this isn’t mandatory, as not all users can use Bitcoin for everyday payment needs; therefore, those who use Bitcoin as an asset—much like a long-term investment—are also not wrong. This is one of the remarkable things about Bitcoin: its users gain freedom.
In my opinion, you’ve already addressed this topic in the third paragraph.

You're right that bitcoin was originally meant to be a peer-to-peer cash system. But today, many people treat it more like digital gold, a store of value rather than something to spend every day. I don't think that means bitcoin has failed, though, it's just evolved. people still use it for payments, but a lot of us see it as an investment for the further because of it's long term potential.

As for not spending it, I don't think we're wrong for holding onto it. If anything, it shows that people believe bitcoin's value will grow. It's flexible, it can be both a store of value and a medium of exchange. So, just because it's not used for daily purchases everywhere yet doesn't mean it's not used daily purchases everywhere yet doesn't mean it's not fulfilling its purpose.

[rezakurnia66]

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.

I think this is the real purpose of bitcoin creating how to make transaction system most safety, transparence, fast payment way and we still get more privacy than using bank or fiat as payment way and we must depend on third party side. but nowadays the bitcoin purpose become the investment assets and I don't wrong regarding many people can earn much profit by holding bitcoin for long term.
I think bitcoin become most friendly digital payment transaction but several top countries won't give space for bitcoin to be top currency payment but we can use bitcoin for investment assets with sometime has any place support using bitcoin for currency transaction.

[Fiatless]

There was when I was thinking much about the future of bitcoin;
If Satoshi's original intention was defeated;
If bitcoin will ever return to be full currency;
Or it will turn fully an investment assets.

But when I realised that the essence of Bitcoin is liberty and freedom, I realized that bitcoin is accurately serving the purpose it was created. To Mr. Tom it might be for buying groceries, to Mr. Dick, for making online payments, to Mr. Harry for online gambling while Mr. Bob is holding it as an asset, don't forget that Mr. Joe is trading it. That is the freedom we all prayed for.

Solid explanation. Bitcoin is money that could be used for several purposes. People are free to use Bitcoin for any purpose. After all, some still hold dollars as an asset. These dollar holders are projecting to make a profit if their local currency loses value or if the dollar gains. Bitcoin is achieving its purpose. 

[Abiky]

Even in this there is a similarity between Bitcoin and gold. I mean that people initially used gold as currency or as a means of exchange, as all exchanges and trades were done in gold. But after a period of time, people discovered that gold was too valuable to be wasted in daily transactions, and therefore they no longer used it as currency but as a store of value, a hedge against inflation, and a safe haven.

The same thing is happening to Bitcoin. The basic idea behind the invention of Bitcoin is that it is a means of peer-to-peer payment, but as Bitcoin grew and its price rose dramatically, people discovered that it was a mistake to waste their precious Bitcoin on spending in daily transactions, and so it also turned, like gold, into a store of value, a hedge against inflation, and a safe haven.

Bitcoin is often compared to Gold due to its limited supply (scarcity) and decentralized design. But it can also be used as a currency. In fact, merchants these days accept BTC as payment method for goods and/or services. You don't see them accepting Gold directly as a sort of payment method. I mean, who pays in Gold these days? People pay in BTC whenever they feel the need to.

With L2 networks and sidechains aimed to address scaling issues, it's now possible to send satoshis (fractions of a Bitcoin) fast and cheaply. The only issue would be dealing with market price volatility. Stablecoins help solve this problem. We have many options to choose from. If you don't want to use BTC as a currency, there are plenty of alternatives that will get the job done. Just my two sats.

[PhilosopherKing]

If Bitcoin is not suitable for daily purchases, then saving Bitcoin for the future is absolutely suitable. Because if you use Bitcoin for daily purchases or buying food and clothing and fulfilling daily needs, then it can cause you a lot of losses as a suitable payment, because the price of Bitcoin fluctuates in a short time and it makes a lot of difference. .

it is the ignorance choice of people that is making bitcoin not everyday money. Hell yeah people in some part of countries who understands how important Bitcoin is is receiving bitcoin for payment.

The vaue of bitcoin always go, so fluntuation is not a right excuse why people should don't use Bitcoin from daily purchasing. Countries that accept Bitcoin as payment does that mean they are dumb or don't know that bitcoin is fluctuating.

[aylabadia05]

<snip>

You're right that bitcoin was originally meant to be a peer-to-peer cash system. But today, many people treat it more like digital gold, a store of value rather than something to spend every day. I don't think that means bitcoin has failed, though, it's just evolved. people still use it for payments, but a lot of us see it as an investment for the further because of it's long term potential.

Simply put, how you choose to use it is entirely up to you. You’re the master of your own money. You’re responsible for what you own.
That’s how I currently understand Bitcoin. You don’t have to become it because you remain yourself and not it.

If you use Bitcoin as a currency for payments, that’s already excellent, considering the Bitcoin whitepaper outlines everything related to the peer-to-peer electronic cash system—from the introduction, through transactions, all the way to point 12 on the conclusion.

[Findingnemo]

Bitcoin will still be the bitcoin, and who wants to use it for payments can use it that is the benefit that we have an alternative to the system that we consider as rigged. I am also agree that bitcoin will never become the currency that we use on daily basis like paying for coffee because the network is not designed to handle thousands of transaction per second so it will do the job that one who prioritize it.