What if Bitcoin never becomes everyday money?

[Bryan jessy]

Bitcoin is a digital asset, it also serves as means for store of value, though it is not generally accepted for transactions, because not everyone operates with Bitcoin those who are into Bitcoin and understands Bitcoin investments can actually accept Bitcoin transactions because they uses it and also knows how it works, but person who does not have any knowledge about Bitcoin will not accept it for transaction they will think is a scam. Yes Bitcoin is better for long term investment because of it volatile nature so long term investment is less stressful. Bitcoin coin transactions though not accepted by everyone but it is acceptable between Bitcoin holders only.

[free-bit.co.in]

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.

But the question is, what guarantees that BRC20 and RUNE will never return? What guarantees that something similar will not be created in the future and that the Bitcoin network will never become congested again?

Network congestion and high fees are nothing new. This has happened many time before for various reason, not just BRC20.

We need to accept the reality that Bitcoin's block size is only about 1MB and it is difficult to scale. It can only process 5-7 transaction per second, so it is not suitable for daily payment.

[m2017]

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.

Isn't the x2 price drop for the bitcoin with the latest ATH a reason to spend your bitcoin?

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.

If bitcoin didn't become an everyday currency, then what kind of currency did it become? Weekly? Monthly?

No government is ready for bitcoin to become an everyday currency (with a few exceptions, like El Salvador, which was forced to do so. If their economy and national currency were doing well, they probably wouldn't have done so).

Making bitcoin an everyday currency would be tantamount to a government losing control and power. What idiot would do that?

Merchants aren't willing to accept bitcoin due to the lack of (adequate) regulation, because how can a merchant pay taxes on the bitcoin they receive (the regulator will force him to do it one way or another)? Who wants to risk their business and have problems with the regulator? Volatility also plays a role, as it could wipe out any profits from bitcoin transactions. Merchants also have no choice but to hold bitcoin, which will have nothing to do with the "everyday payments" feature.

And you're all forgetting one simple thing. Bitcoin was conceived as an alternative to the traditional monetary system. Why are you all so eager to integrate bitcoin with the traditional system? This directly contradicts the core principles of it.

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.

Isn't it too naive to believe this? Any government, seeing a surge in activity (and a threat to its power due to the loss of control over financial flows), will take sanctions against both the subject of this activity and the particularly active activists.

[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.

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.

Very feasible these days, the fees has been so cheap that no one can point it out anymore with any argument that btc transactions are expensive.
That equivalent in $$$ per transaction is so cheap and affordable that's why it's very convenient these days.
And those who have been trying to defame bitcoin with regards to its fees, they cannot reason it out any longer.

[Finestream]

Then its okay, people will just stick to it as a profitable investment.

We have fiat that we can spend for everyday living, while we continue to buy and hold bitcoin for future, bigger potential profits. Bitcoin is highly volatile, so it will only confused the people whenever they start spending it and suddenly its price pumps or dumps, its just better for bitcoin to remain as a profitable and a valuable future retirement.

What matters the most is that bitcoin is already serving as a global currency, since we can make transactions even across borders.

[ejikeme24]

Yes, most people treat it like a store of value and investment but that has not changed the fact that you can transfer it to another person and in a way that there is no international borders in-between and at cheaper cost. I think that is enough, it is left to people to use it for either as investment, store of value or for P2P.

Sure, everybody have the right to use it any area they know it will work for them because if we talk about the reason why bitcoin is created I hardly give an accurate answer to that question because bitcoin is playing so many roles which I'm sure that the builder never thought nor imagine that bitcoin could serve this purposes  while creating bitcoin, because people are now using it for different purposes some says that it's a hedge against inflation while some are using it as a method of transferring money to different countries while some are treating it as a store of value and there are other roles that bitcoin is playing which i didn't mention here, so among all this reasons I can't possibly point out the actual reason why it's been created because all this reasons are genuine.

[Queen uloma]

Yes, the original idea behind bitcoin was indeed a peer to peer electronic cash system, a place where people can be able to send money directly to each without bank and use it in everyday activities like buying food, paying bills and normal daily transactions. However, as we see it today, that vision has not fully materialized. Many people prefer to hold bitcoin rather than spend it. It has gradually turned from digital money to something that looks like digital gold.
Let me answer your question. For me I don’t think  bitcoin can ever fail. I believe that it’s evolved. Sometimes, things start with one purpose but develop into something more valuable. Currently now, people are using bitcoin more as a store of value than spending currency and honestly, I don’t think if it’s our fault .
Human nature play a role, when people recognize an assets long-term growth potential, they’re unwilling to spend it because it means losing potential future value. Volatility is a major issue. Bitcoin price is not unstable, and  for a currency intended for everyday transactions, price stability is crucial. If price can change Sharply within a short time  both buyer and seller will be uncomfortable.. So for me I will say bitcoin can’t fail.

[Emeraldo]

Bitcoin is a digital asset, it also serves as means for store of value, though it is not generally accepted for transactions, because not everyone operates with Bitcoin those who are into Bitcoin and understands Bitcoin investments can actually accept Bitcoin transactions because they uses it and also knows how it works, but person who does not have any knowledge about Bitcoin will not accept it for transaction they will think is a scam. Yes Bitcoin is better for long term investment because of it volatile nature so long term investment is less stressful. Bitcoin coin transactions though not accepted by everyone but it is acceptable between Bitcoin holders only.

From the early time, Bitcoin were known to be a digital currency to be use for day to day transactions and that alone was what made people to be skeptical at first thinking the government is not going to support the adoption of Bitcoin and those that never believed in Bitcoin had to criticize it without knowing what the capability will be in the nearest future.
There are people that are still regretting while they never investing in Bitcoin because they saw ghs opportunity to buy but they were never interested in it.

[Mate2237]

Alot of people today are holding Bitcoin on a long term Basis because of the financial benefits they perceive it to be. We often time stress the need to hold for as long as we can. But looking at what Bitcoin has turned out to become today Bitcoin has become something that can be spent everyday. Since Bitcoin was a payment system that were developed to protect privacy to the sender without going through a banking system.



Bitcoin too is a currency and should be treated at such, but the problem lies with business owner how many businesses accept Bitcoin as a payment methods because this will define how Bitcoin can be a currency that will be used in everyday Life.

[BALIK]

Alot of people today are holding Bitcoin on a long term Basis because of the financial benefits they perceive it to be. We often time stress the need to hold for as long as we can. But looking at what Bitcoin has turned out to become today Bitcoin has become something that can be spent everyday. Since Bitcoin was a payment system that were developed to protect privacy to the sender without going through a banking system.

Bitcoin was originally designed as a payment system from the very beginning. Satoshi created Bitcoin with the intention of making it a P2P currency. He did not create it to be a speculative asset in the way we are treating it now.

Bitcoin too is a currency and should be treated at such, but the problem lies with business owner how many businesses accept Bitcoin as a payment methods because this will define how Bitcoin can be a currency that will be used in everyday Life.

Another question is, even if the government allow it and businesses accept bitcoin as a method of payment. How many people would be willing to use Bitcoin for that purpose?  Because most people are happy to consider it an investment with the expectation of high return.

[purple_sparkles]

Alot of people today are holding Bitcoin on a long term Basis because of the financial benefits they perceive it to be. We often time stress the need to hold for as long as we can. But looking at what Bitcoin has turned out to become today Bitcoin has become something that can be spent everyday. Since Bitcoin was a payment system that were developed to protect privacy to the sender without going through a banking system.

Bitcoin was originally designed as a payment system from the very beginning. Satoshi created Bitcoin with the intention of making it a P2P currency. He did not create it to be a speculative asset in the way we are treating it now.

Bitcoin too is a currency and should be treated at such, but the problem lies with business owner how many businesses accept Bitcoin as a payment methods because this will define how Bitcoin can be a currency that will be used in everyday Life.

Another question is, even if the government allow it and businesses accept bitcoin as a method of payment. How many people would be willing to use Bitcoin for that purpose?  Because most people are happy to consider it an investment with the expectation of high return.

It also largely depends on the level of bureaucracy created by most governments. If it becomes easier for people to use bitcoin for P2P transactions, they will most likely gradually transition to this type of financial activity. Of course, there will still be people, especially the older generation, who find it difficult to understand and use such technologies, and for them fiat currency will remain more familiar. But this is also a matter of time. In the past, many elderly people were afraid of bank cards, ATMs, and payment terminals, yet now a large number of them use these tools successfully. I think a similar situation could happen with bitcoin, especially if national currencies continue to lose value and various financial regulations and monitoring systems create additional difficulties.

[lionheart78]

Bitcoin was originally designed as a payment system from the very beginning. Satoshi created Bitcoin with the intention of making it a P2P currency. He did not create it to be a speculative asset in the way we are treating it now.

True and the current view of most Bitcoin holder affect its usage today.  Although there are people who do not mind using BTC as mode of payment, still majority of holders thinks of it as a speculative asset, a feat that is not intended but because Bitcoin market is in the process of adoption, its high volatility and market cycle made Bitcoin a good item for speculative investment.

Bitcoin too is a currency and should be treated at such, but the problem lies with business owner how many businesses accept Bitcoin as a payment methods because this will define how Bitcoin can be a currency that will be used in everyday Life.

Another question is, even if the government allow it and businesses accept bitcoin as a method of payment. How many people would be willing to use Bitcoin for that purpose?  Because most people are happy to consider it an investment with the expectation of high return.

Today there are still many people who are using BTC as mode of payment and even exchanging it for fiat, or stable coin to make its value remain but we agree that majority of the Bitcoin community holds Bitcoin for future profit.  I believe that Bitcoin will not maximize its mode of payment feature as long as the volatility of its price is to the extreme.  We can just wait for the market to be stable then we will be seeing BTC to be used as payment casually.

[Cgrexp]

Bitcoin is a digital asset, it also serves as means for store of value, though it is not generally accepted for transactions, because not everyone operates with Bitcoin those who are into Bitcoin and understands Bitcoin investments can actually accept Bitcoin transactions because they uses it and also knows how it works, but person who does not have any knowledge about Bitcoin will not accept it for transaction they will think is a scam. Yes Bitcoin is better for long term investment because of it volatile nature so long term investment is less stressful. Bitcoin coin transactions though not accepted by everyone but it is acceptable between Bitcoin holders only.

Bitcoin is a  digital currency. Bitcoin is fundamentally decentralized.It cannot be controlled by any center. Bitcoin has not been recognized in many countries due to its unregulated management. Bitcoin requires technical knowledge to transact. Not everyone has the same level of technical knowledge, especially older people. As a result, many will hesitate to accept it. In addition, there is the volatility of Bitcoin's price. Price volatility basically creates fear in everyone's mind and it is also risky in the short term. Those who are mainly technically skilled and know about Bitcoin use it. In the current era, learning about technology is not difficult, so I think Bitcoin's acceptance may increase in the future because everyone in the current generation is growing up learning about technology from childhood.

[puloweh555]

IMO, Bitcoin hasn't failed even if it doesn't become everyday money. In fact, I see Bitcoin evolving into something better and more realistic becoming a store of value perhaps even better than gold. Furthermore, Bitcoin is difficult to become everyday money because it's designed with a fixed supply of 21 million coins, which makes its price highly volatile in the short term. For example, even if it were used for everyday transactions, I don't think many people would want to use Bitcoin to buy a cup of tea because the price of Bitcoin is volatile sometimes going down or up.

Furthermore, small transactions like buying tea would be expensive. So even if Bitcoin never becomes everyday money it's not a failure. Bitcoin does have other long term benefits even serving as a store of value against inflation. What I mean is, even though Bitcoin isn't a means of transaction, it has succeeded in creating something new money that is difficult to confiscate, can resist inflation and most importantly anyone can own it without government or bank permission. IMO this is more valuable than being a means of paying for a cup of tea.

[ClaudeKing]

IMO, Bitcoin hasn't failed even if it doesn't become everyday money. In fact, I see Bitcoin evolving into something better and more realistic becoming a store of value perhaps even better than gold. Furthermore, Bitcoin is difficult to become everyday money because it's designed with a fixed supply of 21 million coins, which makes its price highly volatile in the short term. For example, even if it were used for everyday transactions, I don't think many people would want to use Bitcoin to buy a cup of tea because the price of Bitcoin is volatile sometimes going down or up.

Furthermore, small transactions like buying tea would be expensive. So even if Bitcoin never becomes everyday money it's not a failure. Bitcoin does have other long term benefits even serving as a store of value against inflation. What I mean is, even though Bitcoin isn't a means of transaction, it has succeeded in creating something new money that is difficult to confiscate, can resist inflation and most importantly anyone can own it without government or bank permission. IMO this is more valuable than being a means of paying for a cup of tea.

The expectation that Bitcoin should become everyday money often obscures its true achievement: creating a truly decentralized, uncontrollable, and inflation-proof digital asset. Bitcoin's inability to be used for small transactions is not a failing, but rather a deliberate consequence of its design—its fixed quantity of 21 million units makes its value volatile in the short term. Over time, this presents an opportunity as a “digital gold” that can protect wealth from the depreciation of fiat currencies. Furthermore, the independence of ownership without the permission of banks or governments opens up a new realm of individual financial freedom, something unprecedented in modern economic history. So, while Bitcoin may not replace everyday paper money, it has successfully redefined the concepts of value, security, and financial sovereignty in the digital age.

[Curious T]

Adding to other things that have hindered p2p usage of Bitcoin for payments, the government has not helped either. They have made it a little bit more difficult for people to accept Bitcoin as payment. People will be scared to accept something that the government has warned the banks against, and would bring more scrutiny to their business.

I believe that the more Bitcoin adoption improves, the more people will begin to accept it as a means of payment. Currently, only a very few sections of the world accept Bitcoin. If I do a survey in my country, I think only about 1 in 20 online vendors accept Bitcoin as payment. This may not be because they don't want to accept Bitcoin, but it's because they don't own or use Bitcoin. They have not adopted Bitcoin in their personal life, so they won't do it in their business.

[john_egbert]

Adding to other things that have hindered p2p usage of Bitcoin for payments, the government has not helped either. They have made it a little bit more difficult for people to accept Bitcoin as payment. People will be scared to accept something that the government has warned the banks against, and would bring more scrutiny to their business.

I believe that the more Bitcoin adoption improves, the more people will begin to accept it as a means of payment. Currently, only a very few sections of the world accept Bitcoin. If I do a survey in my country, I think only about 1 in 20 online vendors accept Bitcoin as payment. This may not be because they don't want to accept Bitcoin, but it's because they don't own or use Bitcoin. They have not adopted Bitcoin in their personal life, so they won't do it in their business.

Why would they help?

BTC is basically the system that leaves them as not the ones in charge. Of course they wouldn't push for its adoption that much.

[satscraper]

~

In my view, globally it will never happen, but you are free to use it as everyday money to cover personal spending. I’ve been doing this for more than six years and feel quite happy buying something tangible with something that appears virtually out of thin air. I don’t care whether BTC will be globally adopted or not. What matters to me is whether I can use it in the right places at the right moment ^{in any formeither directly or indirectly, for example by swapping it to USDC}, nothing else.

[test2026]

Even when there was no money, people used to trade. So even if bitcoin does not become a universal currency , daily transactions will not suffer because of this.

[davis196]

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?

First, I don't understand why a forum thread, that is asking a question, which has been asked a million times before got so much merit, but whatever.
Second, why don't you ask yourself "Why would the merchant start accepting BTC payments?". Will that benefit the merchant in any way, shape or form? Will there be thousands of Bitcoin supporters suddenly deciding to spend their BTC in the shop of that particular merchant, just because he has accepted BTC payments? Just because you want Bitcoin to be accepted by a merchant(or all merchants) that doesn't mean that Bitcoin will be accepted as a payment method.
I don't know about Satoshi wanting to make Bitcoin an offline everyday currency just like paper cash. BTC is supposed to be a digital asset, not a replacement of paper cash.