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Possible reason why Bitcoin may not become a main form of payment

  • Thread starter Thread starter BrolySSJ
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You are right the inability of the coin to be stable is one of the reasons it can not be used as form of payment. Another one is that it is not generally acceptable by all which can not make it a means for payment for everyone.
 
If the crypto is going to be used as a form of payment much more the main form of payment then it couldn't be until the crypto becomes under the direct supervision of the government. Currency is legal tender and is an accepted form of pecuniary measure because it is backed up by the government. What is backing up the crypto currency? That will be the problem. At any rate I believe that someday the 2 poles will meet so the government will agree to make the crypto currency a pseudo currency that is legal... but not legal tender.
 
The price of bitcoins and other crypto currency often suddenly increases or decreases and it is one factor why it won't be able to be a form of payment. Also, the transaction fees are very high, even the ones to send is only a small amount.
 
I see the possibility of bitcoin being developed as a form of payment because you don't have to use your bank to receive and send funds (just like you do with the traditional payment processors), you do not have to reveal your identity to send ot receive payment, you can send or receive payment from your mobile wallet, web wallet, or even hard ware wallet.
 
A great point up there, this may not be achieved due to the instability of the crypto but even with that, some are beginning to integrate it as a payment mode and also for commodities trading, I hope they will not be affected by the dwindling values of the crypto
 
Just because you call something a currency doesn't mean it is one. It has to be a stable store of value that people actually use to buy things with. Bitcoin fails on both accounts. ... That's because bitcoin's limited bandwidth means that it can't even handle its limited number of transactions.
 
Sammyesx said:
You are very correct, for it to be accepted as a means of exchange it must have some level of stability, Crypto currency is just too volatile, probably it might become stable in the future who knows.
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I think that the only time we are likely to see cryptocurrency become a stable form of payment it's when its supply has reached its maximum point. In this way the supply will be pretty much constant and that the demand may fluctuate which will result in slight changes to the price, but it won't be as prominent as we are seeing at the moment.
 
BrolySSJ said:
I think that the only time we are likely to see cryptocurrency become a stable form of payment it's when its supply has reached its maximum point. In this way the supply will be pretty much constant and that the demand may fluctuate which will result in slight changes to the price, but it won't be as prominent as we are seeing at the moment.
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You are very correct, the supply has to be constant to give it some level of stability because as it is now, it can not be a form of exchange because it will be chaotic, business people will be trying to analyse before purchasing goods, buyers will also be analysing before buying.
 
Sammyesx said:
You are very correct, the supply has to be constant to give it some level of stability because as it is now, it can not be a form of exchange because it will be chaotic, business people will be trying to analyse before purchasing goods, buyers will also be analysing before buying.
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To be honest the way I've seen a lot of merchants start to accept cryptocurrency within the last year and I think that with the developments that have been made in cryptocurrency, as well as day prices that we have been seeing for the various different coins, that many people might actually be starting to see the advantages in accepting it as a cryptocurrency payment form especially if the price continues to increase because this will mean a much greater profit for the merchants. But as supply becomes stable this will definitely be integrated to a larger extent.
 
Although bitcoin meets the criteria as a medium of exchange, it fails as a store of value and a unit of account. Unlike fiat currencies such as the U.S. dollar, bitcoin has proven to be too volatile to make it a reliable vehicle in which to store value over long periods of time.
 
I believe popularity of bitcoins will grow, I also believe use of bitcoins will become wider, I believe bitcoins will develop as trusted digital asset in terms of trading and investment, however, I don't think it will become number one payment form. It is very slow.
 
Well, I do not think Bitcoin will be adopted as a general online payment method. This is because Bitcoin trading and investment has not spread to major areas of the world. Many individual are obviously not aware of Bitcoin. Besides it is an online coin base system and it will take forever to produce a physical seen bitcoin for offline transaction.
 
Bitcoin has grown in value in recent years and has been adopted by many platforms for payment. However, I don't think it'll be the main form of payment as it'll be difficult to replace the US dollar which is universally accepted globally. Bitcoin though the most popular of cryptos is yet to be accepted globally and still facing issues as concerning transaction fees.
 
Bitcoin should not be a currency because it has intrinsic value, despite its well-known classification as a "cryptocurrency." While some would argue against it, the resources expended on issuing new units ensure that Bitcoins can not be produced from thin air, unlike fiat currency.
 
Not everyone has a knowledge in bitcoin or cryptocurrency in general. Also bitcoin is very unpredictable and it's value is not stable as our current money (fiat).
 
Currently many people are adpoting BTC transaction's but for profit only, Some of them are storing their bitcoins for future transaction. Taking this scenario someday Bitcoin payments will be accepted everywhere in stores, restaurant, malls, etc.
 
Bitcoin, maybe. but the technology behind it. The Blockchain can make it happen. We may never know which existing crypto or in future one currency yet decentralize.
 
Despite the fact that bitcoin meets the models as a mechanism of trade, it comes up short as a store of significant worth and a unit of record. Not at all like fiat monetary standards, for example, the U.S. dollar, bitcoin has demonstrated to be too unstable to even consider making it a solid vehicle wherein to store an incentive throughout extensive stretches of time.
 
Bitcoin is very volatile, and due to the constant increase in gas fees, there a very high tendency that people may opt in for other token with lesser gas fees. And no govt will want to exchange fiat currency at the price bitcoin is trading without some level of regulations.
 
Yes, all your point are correct, the fluctuation or high volatility movement of bitcoin is alarming. I could remember when vendors started accepting the use of bitcoin as medium of payment on their site, but later on a lot of the vendors have to remove bitcoin and replace it with USDT because of this volatility and the congestion of bitcoin network.
 
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