What if Bitcoin never becomes everyday money?

[Danica22]

I believe bitcoin will get more better as time goes on in the future, the purpose which bitcoin was created is being achieved gradually and as time goes on, it will be fully achieved. It’s a matter of time one thing I have come to understand about bitcoin over the year is that as time goes on, it keeps becoming better a lot of people have not started using bitcoin and as time goes on more people will start using bitcoin, a time will come when bitcoin will be used in daily transactions however it is still impossible now because a lot of people see bitcoin as an investment for me I cannot use bitcoin for daily transactions because I use bitcoin for investment, I accumulate and hold for long-term in order to take profit, and I’m sure that a lot of people are doing the same thing. People usually don’t like touching their bitcoin and they do everything possible to make sure they don’t touch it.

As you said, most people now consider it an investment, including you and me, and we are all happy with that. On what basis do you believe this will change in the future and that people will use bitcoin for everyday payments?
Even you yourself would not want to use and spend your bitcoin. Do not expect everyone to do that.

Honestly, I do not see any chance that Bitcoin will be used as a currency or an everyday method of payment in the future. There are too many obstacles to make that a reality.

[YOSHIE]

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.

Unfortunately Satoshi Nakamoto had already disappeared without a word and left no trace, that's the problem, maybe I'm sure that Satoshi Nakamoto is still here today, I'm sure Bitcoin wasn't what it is today, the concept he built of a peer-to-peer electronic money system which like you said might come true.

That's the basis that currently no one controls Bitcoin permanently, so Bitcoin will run according to the mainstream of its users, if they take Bitcoin into investment, trading and so on Bitcoin will run according to the wishes of users, but if the user takes it to the path of a daily currency system it will also work, unfortunately this is difficult to happen, in general humans are greedy, the desire for profit and the desire to have excess wealth cannot be stopped.

[SeriouslyGiveaway]

Unfortunately Satoshi Nakamoto had already disappeared without a word and left no trace, that's the problem

Satoshi Nakamoto actually announced that before he disappeared.
https://riski.wiki/wiki/User:Gavinandresen/Blog/2022-04-26_Eleven_years_ago_today%E2%80%A6
https://www.bitcoin.com/satoshi-archive/emails/gavin-andresen/

Subject: alert key
Satoshi Nakamoto satoshin@gmx.com
26 Apr 2011, 10:29

I wish you wouldn’t keep talking about me as a mysterious shadowy
figure, the press just turns that into a pirate currency angle. Maybe
instead make it about the open source project and give more credit to
your dev contributors; it helps motivate them.

I’ve moved on to other things and will probably be unavailable. Here’s
the CAlert key and broadcast code in case you need it. You should
probably give it to at least one or two other people. There are a few
long time users who are always around all the time.

Trace, there is but likely deleted by Satoshi Nakamoto

1, 2, and 4 exist in the staff forum. 3 was permanently deleted at some point (it must have contained Satoshi's real name and address).

[Rustam Meraj]

Points that you made about change of Bitcoin as form of cash to form of digital gold truly show situation in business. You are correct in that it is hard to use high price swings which rise 10 percent in week in shop without fearing yearly value loss. Although I agree with your point that people would rather keep it, I would like to tell that it is not your fault but it is the natural money reaction in holding on to item that is increasing in value and paying bills using weaker normal money. I think that bitcoin has not been fail, it just went through growth path of gold, which used to be ordinary coin but nowadays it is strong way to see family rich in future.

[Satofan44]

I dont know what country you are from or what problems you have been having with the bank. But honestly, neither I nor my friend and family have ever encountered any problem throughout our years of using the bank. Even the transaction fees are not as high as you say. They charge an annual service fee, but in return, most domestic transactions are completely free, even if you make thousands of transactions every day. Are Bitcoin transactions free?

Nonsense, nothing with the bank is free. If you don't see where the costs come from, that is an issue with your intellect and knowledge and not proof of absence of fees. You are the product. Everything is fine until one day it is not, then you will whine and cry and complain to everyone from your friends, over to the government and lastly to God when it is your own idiocy that got you in trouble. Countless people have lost a lot of money this way. You must be one of those people that would prefer not to do maintenance on your car, because everything seems fine so what could possibly go wrong?  

We need to be realistic that we are attracted to Bitcoin because of its profit potential, not because of free storage, fast transaction,...

Nonsense, that is your greed and false understanding of Bitcoin. The profit potential of Bitcoin is one of the least interesting aspects of it.

Here in my country, banks charge card maintenance fee monthly, they charge service fee monthly and they also charge a small fee at every transaction made whether locally or internationally and they also charge stamp duty fee when you exceed a specified amount. It's so terrible because if you sum up those charges together, it can reach a reasonable amount annually. Of course, bitcoin transactions are not free but it's only when you perform a transaction that you get charged unlike the bank. Fine, you said that your bank charges service fee annually, does bitcoin charge you a service fee annually for holding? understand the point am trying to make.

The other guy is an idiot, on top of the examples that you have mentioned there are all kinds of hidden fees and risky money making activities. They are investing and lending out your money in all sorts of things, and if it blows up really bad you will be the one losing out in the end. You have to pay monthly to keep an account open in which your money is no longer your own (it is an IOU, which is not the same as ownership of money) and they make money using your own money on top of that. It is a ridiculously stupid scam for the most laziest and dumbest humans to be happy that they can tap fucking cards on a terminal.  

Not working. Your quote times out before the payment goes through.

Never happened, except where the implementation of the software was terrible or the user was an idiot.

Digibyte does it faster. You try ETC with 3000 confirmations required? Kitchen duty.. Making pancakes vanilla style.

Digibyte is an useless and failed shitcoin, keep deluding yourself that your shitcoin scam will make you rich one day.

[Joy- maker]

if Bitcoin never becomes everyday money, does that mean it failed or did it simply evolve into something better?

Satoshi never meant to create bitcoin as everyday money as the fiats are. It is an alternative means of payment. You have the freedom to choose between using the banks for your transactions and face endless complains, glitches, frauds, manipulations and unnecessary charges or you choose bitcoin and have your money at your own custody without suffering any of those experiences that the fiat currency suffers. Have you ever been charged any fee for storing your bitcoin in a self-custody wallet? NO right?
Keep using the fiat currency and continue to be charged unnecessarily, even when you didn't perform any transaction.

How sure are you that Satoshi never meant this? Have you ever take your time to do some research on what led to the creation of Bitcoin? If no please embark on researching more about Bitcoin and what led to it creation in 2009. However, we all are free to chose between Bitcoin and Fiat, but I will advice you chose Bitcoin for your savings, because it is decentralize and a big hedge against inflation. And just as you said earlier no wallet would change you for storing your Bitcoin with them, but banks would almost finish your savings with changers if time is not taking.

[Cryptoprincess101]

if Bitcoin never becomes everyday money, does that mean it failed or did it simply evolve into something better?

Satoshi never meant to create bitcoin as everyday money as the fiats are. It is an alternative means of payment. You have the freedom to choose between using the banks for your transactions and face endless complains, glitches, frauds, manipulations and unnecessary charges or you choose bitcoin and have your money at your own custody without suffering any of those experiences that the fiat currency suffers. Have you ever been charged any fee for storing your bitcoin in a self-custody wallet? NO right?
Keep using the fiat currency and continue to be charged unnecessarily, even when you didn't perform any transaction.

How sure are you that Satoshi never meant this? Have you ever take your time to do some research on what led to the creation of Bitcoin? If no please embark on researching more about Bitcoin and what led to it creation in 2009. However, we all are free to chose between Bitcoin and Fiat, but I will advice you chose Bitcoin for your savings, because it is decentralize and a big hedge against inflation. And just as you said earlier no wallet would change you for storing your Bitcoin with them, but banks would almost finish your savings with changers if time is not taking.

Listen, the reason behind Satoshi creating bitcoin was as a result of the financial crisis that strike in 2008. Satoshi wanted a monetary system where there will be no intermediaries in order to avoid stories that banks do tell its customers. Banks suffer fraudulent transactions and theft of customers personal information through KYC but with bitcoin, you don't need KYC to perform peer-to-peer transactions, and no one can know about your information except they are being revealed by you, those are part of the reasons why bitcoin was created. Though i retract my statement that Satoshi never meant to create bitcoin as everyday money because when something is an alternative, it can still be used all the time (everyday). But that notwithstanding, never think that there will come a day when there will be no fiats and bitcoin becomes the only means of everyday money.

[Outhue]

I believe bitcoin will get more better as time goes on in the future, the purpose which bitcoin was created is being achieved gradually and as time goes on, it will be fully achieved. It’s a matter of time one thing I have come to understand about bitcoin over the year is that as time goes on, it keeps becoming better a lot of people have not started using bitcoin and as time goes on more people will start using bitcoin, a time will come when bitcoin will be used in daily transactions however it is still impossible now because a lot of people see bitcoin as an investment for me I cannot use bitcoin for daily transactions because I use bitcoin for investment, I accumulate and hold for long-term in order to take profit, and I’m sure that a lot of people are doing the same thing. People usually don’t like touching their bitcoin and they do everything possible to make sure they don’t touch it.

As you said, most people now consider it an investment, including you and me, and we are all happy with that. On what basis do you believe this will change in the future and that people will use bitcoin for everyday payments?
Even you yourself would not want to use and spend your bitcoin. Do not expect everyone to do that.

Honestly, I do not see any chance that Bitcoin will be used as a currency or an everyday method of payment in the future. There are too many obstacles to make that a reality.

It's good for cross border payment though, in my country it's hard to get dollar card and you are forced to use some online credit cards that sometimes work and sometimes not work, but when Bitcoin came and few stores are staring to accept it this brings peace to the mind of business runners that are buying and selling from foreign countries into their own country.

Bitcoin is the reason why I was able to purchase reliable equipment from the US instead of china, US items are more stronger and reliable than those in china, Bitcoin made it possible for me to get hands on better products, people who are in the same tight situation that I was willing find Bitcoin as a good way of settling payments, but yes it's true that others will prefer to hold heir Bitcoin, but to me it doesn't hurt to spend some and hold some.

[Danica22]

As you said, most people now consider it an investment, including you and me, and we are all happy with that. On what basis do you believe this will change in the future and that people will use bitcoin for everyday payments?
Even you yourself would not want to use and spend your bitcoin. Do not expect everyone to do that.

Honestly, I do not see any chance that Bitcoin will be used as a currency or an everyday method of payment in the future. There are too many obstacles to make that a reality.

It's good for cross border payment though, in my country it's hard to get dollar card and you are forced to use some online credit cards that sometimes work and sometimes not work, but when Bitcoin came and few stores are staring to accept it this brings peace to the mind of business runners that are buying and selling from foreign countries into their own country.

Bitcoin is the reason why I was able to purchase reliable equipment from the US instead of china, US items are more stronger and reliable than those in china, Bitcoin made it possible for me to get hands on better products, people who are in the same tight situation that I was willing find Bitcoin as a good way of settling payments, but yes it's true that others will prefer to hold heir Bitcoin, but to me it doesn't hurt to spend some and hold some.

Yes, Bitcoin is great for cross border payment with faster processing time and lower transaction fee. But I think cross border payment are different from everyday payment. What I'm saying is that Bitcoin is unlikely to become an everyday payment method to replace fiat and banks for small bills.

Furthermore, since the crypto industry emerged and developed, we have many options for international and cross border payment. Bitcoin is not the only crypto that can do that. Most other altcoin can do it too, and often faster and with lower fee

[The Cryptovator]

Please consider the current Bitcoin situation. Is that widely accepted? Are we using Bitcoin for our daily shopping? No, but Bitcoin is doing great even without daily use. It's true the goal of Bitcoin was to send money worldwide without a third party, and it's still serving this way, but not using it as everyday money. So I can't say Bitcoin failed to achieve the goal. But the use case becomes limited; instead of use it for everyday life.

It's true Bitcoin has become an investment asset lately rather than being considered a currency for everyday life. But we are responsible for that; it depends on us how we will use our assets. I admit there is a lack of acceptance of Bitcoin for everyday life, because merchants don't want to accept it or clients don't want to pay. Transaction fees and duration are the main reasons that discourage us from using Bitcoin for daily life.

Considering the current situation, even Bitcoin doesn't become everyday money, but Bitcoin is success it's purpose. It doesn't necessarily mean every shop in the world will accept Bitcoin; whoever accepts it could take advantage of Bitcoin. From retail to institutional investors investing in Bitcoin, countries are adapting as well. It doesn't matter if some stupid government like ours bans it; Bitcoin will move forward even without stupids.

[Hamza2424]

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.

Yep, that's right, but it does not mean we can't use Bitcoin for the same purpose it was created. You stated right that it was created so we could send money directly to anyone we want without the need of a central body. So we can still do it, we can send to anyone, we have tools to make it private even, if that's liked by the sender or receiver, but for day-to-day payments, it is not a reliable way.

Due to the fee and volatility, even if the volatility is not a big issue, the fee can be. Sometimes we have to pay a very low fee, but whenever congestion increases, the fee can increase drastically. But it is a rare moment, like ordinals did it the last time, so we definitely need something that big to increase the fee dramatically. Otherwise, the fee is also not a huge issue, we have ways to lower them as well.

[Josefjix]

It was used that way from the beginning if I can remember well, users were sending it across to their fellow friends who understands Bitcoin usage as of then, but what reduces Bitcoin to be used as a p2p system was the increase in Bitcoin transaction fee. There were times when congestion could cause increase in fee or another factors causing increased in fees to occur.

Some users who couldn't afford to pay for the fee stopped using it, those who could afford continue using it, and that's how it had been from then.

The use of Bitcoin as hedge to inflation became popular as the price appreciates over time, the poor and rich could gain from it and so the story rewrote itself.

[Japinat]

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.

I have to agree with you. Bitcoin does not goal to be an everyday money, its created to serve as an alternative payment, so it should not be compared to like how fiat is used for daily basis. But the fact that bitcoin has already been practiced as a currency, not just for sole investment, for me that's already a big achievement for bitcoin.

And even if it will be adapted in the future as a daily currency, people will not grab that opportunity. Because that will only mean spending their bitcoin and lose the chances to make future profits, when they could have kept it for long and make it more valuable and profitable due to its highly increasing value from time to time.

[Kelvinid]

Its actually happening today, and so far that's never a big issue for bitcoiners. We don't buy and hold bitcoin just to spend it and lose its future value, but we do understand that we should also see bitcoin as a currency because its certainly the goal why it was created in the first place.

For now, its wiser to just focus on bitcoin as a long term investment while it still has the potentials to make the most of its value 10-20 years from now. And just spend some of our extra bitcoin sometimes so that the promotion with bitcoin as a currency will never go wasted, and to create more awareness on the people of course especially on rural areas.

[terrific]

Some users who couldn't afford to pay for the fee stopped using it, those who could afford continue using it, and that's how it had been from then.

I remember it when the network was congested due to the spams done by the brc20.
And it didn't took long until the network was free from that clog and then everyone is happy about it.
The past bull run is a good one because we haven't seen so much traffic in the network and that's why we've see 1sat per vb which is too cheap.
Those who are complaining about the fees have nothing to say anymore.

[Vaculin]

Fiat here is good to spend due to its depreciating value, while bitcoin price continue to appreciate, so I don't see any good reason to spend bitcoin especially if our goal is to invest in bitcoin and experience life-changing profits in the end.

However, since bitcoin aimed to be a currency, I guess that already performed as one, but not as a daily currency. Because obviously some government are still not open to bitcoin becoming a daily currency, no wonder why some merchants are still hesitant to accept bitcoin as a payment tool.

[Publictalk792]

Fiat here is good to spend due to its depreciating value, while bitcoin price continue to appreciate, so I don't see any good reason to spend bitcoin especially if our goal is to invest in bitcoin and experience life-changing profits in the end.

However, since bitcoin aimed to be a currency, I guess that already performed as one, but not as a daily currency. Because obviously some government are still not open to bitcoin becoming a daily currency, no wonder why some merchants are still hesitant to accept bitcoin as a payment tool.

Bitcoin remains mostly in its Digital Gold phase in which most people cannot afford to spend item whose value might go up more than 100 percent in one year, especially as many business owners continue to charge for their products in government money terms and have to deal with complicated tax rules on all crypto deals. Although it has technically worked as money in some places such as El Salvador or via fast Lightning Network, it has not become everyday cash choice due to mental wall that most governments consider it property, not money, and thus puts possible investors in position of getting life changing profits. So, to have common way of exchange, a money has to be trusted way to keep value, and as result, holding your Bitcoin as you spend your cash that loses its value is smart decision until market stays even and rules are made easier.

[TheUltraElite]

However, since bitcoin aimed to be a currency, I guess that already performed as one, but not as a daily currency. Because obviously some government are still not open to bitcoin becoming a daily currency, no wonder why some merchants are still hesitant to accept bitcoin as a payment tool.

Even if a government does not like bitcoin, to have the willingness to transact in bitcoin, the barriers can be broken. Once the merchant accepts bitcoin and the user is paying bitcoin the cycle is complete.

So we need to have good number of merchants first who are accepting bitcoin and that will take time. Maybe a catalyst in this process would be development of POS machines which can work with the blockchain directly.

Once people see that they will start bringing out their coins to spend. Once the government sees the surge, they will be forced to reverse the decisions.

[gwapako]

Bitcoin existed for years already and we may not buy a coffee using a bitcoin but the ownership of it is like having a gold.  Bitcoin has value and has a hedge for inflation unlike other assets.

[X-ray]

Some users who couldn't afford to pay for the fee stopped using it, those who could afford continue using it, and that's how it had been from then.

I remember it when the network was congested due to the spams done by the brc20.
And it didn't took long until the network was free from that clog and then everyone is happy about it.
The past bull run is a good one because we haven't seen so much traffic in the network and that's why we've see 1sat per vb which is too cheap.
Those who are complaining about the fees have nothing to say anymore.

It is actually has been feasible for daily transaction for quite a while after the brc20 and ordinal spamming is gone yet people keep saying it is expensive as if a transaction requires $10 to get processed.

In reality, I just checked out from the blockchain explorer directly and its around 0.5$ per transaction, pretty cheap if you ask me and I would have no problem using bitcoin at all.