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

[ansahweh]

I don’t see anything holding it back. Popularity matters and once bitcoin gains much popularity, it can be used for many things. Presently, i know many persons that prefer payment in bitcoin or any other popular cryptocurrency.

 

[mubinadaddy]

In this 21st century and digital world that we are it might happen as times goes on that the whole world will start ignoring fiat money and start embracing cryptocurrency which is digital currency but if they don't that means so many countries might not accept bitcoin and it will only be few people that will accept it as only mode of payment.

 

[Ehsan Ullah]

Bitcoin is a new currency but it is used only on internet or online business yet. The main reason is that its price is not fixed. Its value is not stable it could be changed at any time so country would not take any risk upon it.so that is the reason

 

[Chibson]

Bitcoin have the value and potentials to be the number one global means of payment. Even at that many people may not accept it because some people are not technical.
Sending and receiving cryptocurrencies is quite easy compared to other global means of payment.

 

[Patrik]

well yes, that's what gives bitcoin its power, it's the volatility, if it had a stable value or price, it wouldn't be interesting, because it will be just like every fiat currency, let's not see only the loss because profit exists as well

 

[Jomarie05]

To me 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.

 

[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?

You have a valid point up there as to why bitcoin may not be the mainstream source or form of payment but what I have learnt and understood about bitcoin and other Cryptocurrency is that it's mostly difficult to make a particular section about them due to the nature of the Crypto.

 

[Sheyemanu]

Concerning this issue I couldn't agree more 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.

 

[Debola]

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?

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.

 

[GIFTMICHAEL]

You are right in your possible reasons why Bitcoin may not be a favourable means of payment in the future.
Bitcoin is good in making payment i have used it to receive payment but they also charge to an extent.
I know there are other options or crypto coin that may be use to receive money in the future.

 

[Nurudeen]

I agree with your ascertion that crypto currency might not be adopted by different government of the world as a means of payment because the Volatility on the crypto currency exchange Business is very high and another reason why government won't adopt it is that it's very easy to use the market to launder government Money with any traces

 

[Atif3786]

Like fiat currencies, Bitcoin is not backed by any physical commodity or precious metal.15 Throughout much of its history, the current value of Bitcoin has been driven primarily by speculative interest. Bitcoin has exhibited characteristics of a bubble with drastic price run-ups and a craze of media attention.

 

[Dowenship]

If Atall altcoin is going to be integrated into the permanent mode of transaction probably the volatilty will be taken off while the price will be fixed but it won't make send if its bring fine that way.

Quote of the day:

Never give up, because the breakthrough is near. Keep pushing till you win

 

[Eodine]

This has been a topic I have been I aegument with for a while now a colleague of mine thinks Bitcoin will be stable and would be used as a means of exchange and I keep explaining that the market forces behind Bitcoin and also the banks don't like crypto.

 

[Emma Aneni]

The only reason I think is that cryptocurrency is not traceable so it is easier to steal. Also, not many people know about it. I don't agree with its volatility because even fiat currency as well rises up and down at times

 

[DareIsrael]

Why are people so concern about making Bitcoin a source of global payment. Personal I like the way Bitcoin is. It's just fine. The transaction fee for Bitcoin is very high. Moreover it is very easy to sell your coin and convert it to the cash you need.

 

[Henrywrites]

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?

This is true as the volatile nature of Bitcoin will crumble the economy of any country that decide to accept it as the main means of doing transactions. The worth of Bitcoin can move from $37k today to as low as $30k the next day and such situation is not great for any nation to handle.

 

[Seun4luv]

Volatility. Bitcoin has been incredibly volatile since its inception. Ease of use. Widespread acceptance. Potential for theft. Reputation for criminal activity. Tax issues. Scalability.

 

[BrolySSJ]

This is true as the volatile nature of Bitcoin will crumble the economy of any country that decide to accept it as the main means of doing transactions. The worth of Bitcoin can move from $37k today to as low as $30k the next day and such situation is not great for any nation to handle.

This is true. And if it is a main form of payment that even businesses are accepting as well, I can damage the businesses that are just starting out or that are unable to manage these losses effectively and this will in turn result in quite a substantial reduction in the number of businesses that are in operation in that region or country, once again affecting their eoconomy.

 

[Henrywrites]

This is true. And if it is a main form of payment that even businesses are accepting as well, I can damage the businesses that are just starting out or that are unable to manage these losses effectively and this will in turn result in quite a substantial reduction in the number of businesses that are in operation in that region or country, once again affecting their eoconomy.

Not all businesses are accepting it as a means of payment. The ones that are involved do so because they have a means of investing the coins and making profit from it which not all businesses can do.