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

[EMMANUEL]

Bitcoin achieved a remarkable rise in 2020 in spite of many things that would normally make investors wary, including US-China tensions, Brexit, and, of course, an international pandemic.
In 2017, the cryptocurrency ecosystem was dominated by individual retail investors, many of whom were attracted to bitcoin’s scarcity and the fact that it stood outside the global financial system.

 

[Cybersec]

I agree with your views totally. Bitcoin is too volatile in nature to use a a main form of payment. The way it is being used presently is the best- as an option. Like it was rightly said, the fees too are a big turn for the core coin, I would rather do transactions in another coin.

 

[Saba54]

To a large extent, i think that we are all hoping that cryptocurrency becomes adopted into the infrastructure of the financial system, however this may not be the case. In my opinion, one of the main reasons that bitcoin and other crypto cannot be a main form of payment is the market volatility. With the price shifting vastly over the course of a day, this can result in a loss to ether the vendor or the buyer depending on whether the price had to increase or decrease. Therefore it is this instability in the price that may be the reason why bitcoin cannot be a mainstream form of payment. Do you agree with my thoughts on this?

Yes i agree and i say that it will not become a main and proper forum because its price fluctuation is uncertain and cannot maintian a sequence so there is always a risk of investment and payemnt transactions there.

 

[Abelcairo43]

The price will affect the coin from being used as the major currency of aany country. Although, I learnt that a country has adopted the platform as a means of transacting business, but it cn be used for local businesses.

 

[idhans]

To a large extent, i think that we are all hoping that cryptocurrency becomes adopted into the infrastructure of the financial system, however this may not be the case. In my opinion, one of the main reasons that bitcoin and other crypto cannot be a main form of payment is the market volatility. With the price shifting vastly over the course of a day, this can result in a loss to ether the vendor or the buyer depending on whether the price had to increase or decrease. Therefore it is this instability in the price that may be the reason why bitcoin cannot be a mainstream form of payment. Do you agree with my thoughts on this?

Bitcoin, and other cryptocurrencies are very unstable in nature, and I don't think any government can adopt btc as its main form of payment. 2 weeks ago, some financial experts in Wall Street even describe bitcoin as rat poison.

 

[Akinwale701]

To a large extent, i think that we are all hoping that cryptocurrency becomes adopted into the infrastructure of the financial system, however this may not be the case. In my opinion, one of the main reasons that bitcoin and other crypto cannot be a main form of payment is the market volatility. With the price shifting vastly over the course of a day, this can result in a loss to ether the vendor or the buyer depending on whether the price had to increase or decrease. Therefore it is this instability in the price that may be the reason why bitcoin cannot be a mainstream form of payment. Do you agree with my thoughts on this?

I would have agreed on your thoughts about it but remember that bitcoin Is a decentralized digital Crypto currency which means some opinions about it may not actually come to fruition. But all the same, I'll agree partially with you because you my be right.

 

[Ebensco]

bitcoins should be the best form of payment and certain website you can come to find out that in every other payment method in a particular organisation bitcoins or cryptocurrency is the most widely used form of payment in most of this online business organisation so everybody day-by-day is adopting crypto as the main payment method. To me cryptocurrency payment is the best

 

[Donkiz]

Expecting bitcoin to become the main form of payment is like hoping against hope, because that will never happen. Cryptocurrencies are very volatile commodity and no vendor will like to be paid in a currency that he doesn't know what the value will be in the next minute.

 

[BrolySSJ]

Expecting bitcoin to become the main form of payment is like hoping against hope, because that will never happen. Cryptocurrencies are very volatile commodity and no vendor will like to be paid in a currency that he doesn't know what the value will be in the next minute.

In my opinion I think that the only thing that will be viable for merchants to accept as a form of payment in the cryptocurrency world is the stable coins. These coins are often tied in the value of one of the Fiat currencies, and so I'm sure that if they had to accept this that the risk for the vendor will be significantly decreased because they won't have to worry about the price fluctuating. Do you think that this will be a viable option?

 

[ronaldlorenzo01]

I believe that bitcoin dominate our world of transactions. However it cannot be used as main form of payment because it will not be safe and it it unrtraceable. How will you know if you are the one sending it. So mean it needs regulation from the government.

 

[BrolySSJ]

I believe that bitcoin dominate our world of transactions. However it cannot be used as main form of payment because it will not be safe and it it unrtraceable. How will you know if you are the one sending it. So mean it needs regulation from the government.

Well when it comes to transaction is generally there is a specific transaction request that is made from the merchant of the vendor and then that is matched of course with a payment that is made. This ensures that there is a link between the payment and the person making the payment. of course it is anonymous, however sometimes a confirmation times up for the quick so you are able to get cryptocurrency transactions happening almost instantaneously depending on the coin that you use.

 

[Bart Simpson]

Yes, the price will affect the coin from being used as the major currency of aany country. Although, I learnt that a country has adopted the platform as a means of transacting business, but it cn be used for local businesses.

 

[BrolySSJ]

Yes, the price will affect the coin from being used as the major currency of aany country. Although, I learnt that a country has adopted the platform as a means of transacting business, but it cn be used for local businesses.

They have in countries that have adopted cryptocurrency into their financial infrastructure and one such country is actually Venezuela. They are using cryptocurrencies in the army, and they are also using it as a means to accept payment sin their fast food and their restaurants as well such as PizzaHut which is a pretty big development if you consider it.

 

[Ojonuyo]

You are absolutely correct and I agree with you on this point. Sincerely, Bitcoin and all other crypto currency such as ethereum, litecoin, altcoin and ripple might never be accepted as a legal payment method in businesses, infrastructure, government and private firm because of the unstable price and market worth. Today the price is high, tomorrow it is low, this is the major reason why it would not be accepted.

 

[BrolySSJ]

You are absolutely correct and I agree with you on this point. Sincerely, Bitcoin and all other crypto currency such as ethereum, litecoin, altcoin and ripple might never be accepted as a legal payment method in businesses, infrastructure, government and private firm because of the unstable price and market worth. Today the price is high, tomorrow it is low, this is the major reason why it would not be accepted.

Exactly. However, if you look at it, this is caused by the varying supply and demand of the coin that is in question and in circualtion at that point in time. Therefore, in my opinion I think that once the entire supply of Bitcoin or any other coin for that matter is out there in its entirety then there will be a lot more stability in its price and this is the only time that it may be considered as a payment source.

 

[Vladv26]

That's probably the best reason why it's hard for cryptocurrencies to become main payment methods. The only way this problem can be solved is by creating and using stable coins instead, with a fixed value and with low fees and instant transactions.

 

[Kelly5]

To a large extent, i think that we are all hoping that cryptocurrency becomes adopted into the infrastructure of the financial system, however this may not be the case. In my opinion, one of the main reasons that bitcoin and other crypto cannot be a main form of payment is the market volatility. With the price shifting vastly over the course of a day, this can result in a loss to ether the vendor or the buyer depending on whether the price had to increase or decrease. Therefore it is this instability in the price that may be the reason why bitcoin cannot be a mainstream form of payment. Do you agree with my thoughts on this?

Yes it is possible for Bitcoin not to become a general means used for payments but with time it will certainly become because most governments of the world are beginning to adopt cryptocurrency as a means for exchange for goods and services so they may come out with their own cryptocurrency.

 

[Iamsodex]

The recent rise in transaction fees in the Bitcoin network is one huge talking point and might hinder more people using Bitcoin for transaction and the lesser people use Bitcoin, the lesser the demand in the market which in turns affect the price negatively.

 

[BrolySSJ]

The recent rise in transaction fees in the Bitcoin network is one huge talking point and might hinder more people using Bitcoin for transaction and the lesser people use Bitcoin, the lesser the demand in the market which in turns affect the price negatively.

I definitely agree with you when it comes to transaction fees because recently I haven't been making as much transactions with cryptocurrency as I normally do because of the excessive transaction fees associated with each one. In fact I have been making use of the exodus wallet recently and to make a bitcoin transaction costs you close to $10 in transaction fees. In order for bitcoin to be a main form of payment they would need to be less transaction fees so that it can be used for smaller purchases as well and I don't think that's happening anytime in the future. Or rather in the immediate future.

 

[Klashlly]

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.