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

[BrolySSJ]

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.

Yes I do understand that. Those that are accepting it can afford to take that risk. I was referring to a scenario if the Bitcoin had to be a main form of payment, then it would be a requirement to accept it at businesses which is where the scenario that I had comes from. I do agree with you though. Another way that you can try and manage the acceptance of crypto is if you convert it almost immediately to a stable coin for smaller businesses.

 

[Henrywrites]

Yes I do understand that. Those that are accepting it can afford to take that risk. I was referring to a scenario if the Bitcoin had to be a main form of payment, then it would be a requirement to accept it at businesses which is where the scenario that I had comes from. I do agree with you though. Another way that you can try and manage the acceptance of crypto is if you convert it almost immediately to a stable coin for smaller businesses.

Converting it to a stable coin immediately you are paid with Bitcoin is good and encouraging, but what we should also look at is how fast can these small businesses do that especially when the price of Bitcoin begins to depreciate.

 

[Sidradoll]

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?

When a CEO dies, his or her employees and team must — in the wake of their grief — introduce a new leader, adjust to change and continue to operate at the best of their ability. At the same time, they will likely attempt to preserve their late leader's legacy.

Post automatically merged: Feb 13, 2021

Yes I do understand that. Those that are accepting it can afford to take that risk. I was referring to a scenario if the Bitcoin had to be a main form of payment, then it would be a requirement to accept it at businesses which is where the scenario that I had comes from. I do agree with you though. Another way that you can try and manage the acceptance of crypto is if you convert it almost immediately to a stable coin for smaller businesses.

When a CEO dies, his or her employees and team must — in the wake of their grief — introduce a new leader, adjust to change and continue to operate at the best of their ability. At the same time, they will likely attempt to preserve their late leader's legacy.

 

[ronaldlorenzo01]

There is a possibility that coins will be the main form of payment in the future. It is growing so fast. There is also a mining rig so means to say they invested so much in coins because there is a possibility of making it to the moon. This is the easiest way of transacting online.

 

[Hamza1999]

Yes the price of bitcoin very unstable and will keep rising as the years advances. And no govt will want to exchange fiat currency at the price bitcoin is trading without some level of regulations.

global currency needs to have a flexible supply. The limits on the amount of gold banks could hold was one of the main reasons the gold standard didn’t work – economic growth outstripped the supply of gold-backed money, and the inevitable scramble to overcome this limitation led to destabilization.

 

[Damismiling]

Right now in Nigeria a ban has been placed on crypto currency transaction with our bank and the only justification is that it's not transparent and could be used to sponsor fraudulent act, this are some of the reason why it's not yet accepted all over the work

 

[Mawome]

Not even possible reason, cos if you are saying possible reason it looks as if it's possible to that Bitcoin can become the currency that is acceptable in the whole wide world. It's advisably because Bitcoin is a huge amount of money in one , it's not something you carry about just like that.

 

[Lyrrex]

We can't always predict the future, as for me I can see that bitcoin would be a main form of payment someday in the future, as the signs are already there for all to see. This is a clear fact.

 

[Sammyesx]

You are correct, it will be illogical for a means of exchange to be very unstable, bitcoin is best the way it is, anything other than that will lead to economic crisis unless it becomes stable in the future or other stable coins can be used.

 

[FreshKaz11]

Even if most people

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?

If the good ones out there are planing to make it the future means of payment,bit the bad ones like the fraudster or the scammers won't make it work. My case for example,I traded my bitcoin in one platform like that since on Sunday,the buyer want to reap me and the site put the scammer as one of their trusted vendor of which his a big scam, oooo I cult the story short in don't want to pay for my coin and he claimed he has paid that I should release the coin. Till now we haven't settle the issue. So the bad ones won't make it possible I guess.

 

[Monster Masterpiece]

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?

If a physical merchant accepts bitcoin payment you can pay by scanning a code with your wallet called QR code and money is transferred. This option is available in various crypto wallet and can be used online or offline of course.

 

[Good-Person]

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?

Despite being so volatile, we can clealry see that Bitcoin is still being accepted as aa form of payment. This is the class of Bitcoin. Bitcoin is really powerful. It's volatility never affected it as a form of payment method. However, it is still not as much popular as Paypal is. I really hope that Bitcoin will surpass paypal in the future.

 

[Suba]

We can't always predict the future, as for me I can see that bitcoin would be a main form of payment someday in the future, as the signs are already there for all to see. This is a clear fact.

Although at first Bitcoin was created as a means of payment by buying pizza, and now many countries reject Bitcoin and Altcoin as a means of payment because Bitcoin cannot comply with the anti-money laundering principle. avoiding paying taxes, financing terrorism, will also disrupt the financial circulation system of a country, also Bitcoin users are more interested as an investment rather than being used as a means of payment.

 

[Grant]

I think the big reason for it not being a main form of payment, is because there is always a risk with investing in it. Any kind of cryptocurrency is no garauntee you will have that amount later on. There's a lot of risk with investing in bitcoin. I invest, cash out and invest again. I try not to keep too much on hand in case it goes down a lot in price.

 

[khaled]

Utilizing blockchain, a circulated record innovation that allows clients to store and trade information without going through an outsider's help, Bitcoin empowered peer-to-peer payments across the world. With trust in banks and conventional monetary establishments at a record low, it was not difficult to consider Bitcoin to be an answer for the troubles of the world economy. Bitcoin's devotees accepted that digital currencies would obliterate the financial business and reshape the monetary scene.
Another issue is Bitcoin's techy user experience. Clients additionally should realize how to deal with general society and private cryptographic keys, pieces of information that empower their proprietors to send and get installments on Bitcoin addresses. In the event that you lose your private keys, or in the event that they get taken, it is extremely unlikely you can recuperate your assets.

 

[Shigobad2020]

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 will never be the mainstream do global network gateway because It will affect the global economy if we decided to be using crypto currency as the main form of payment , that means all the world currency will be neglected and it can cause economic breakdown.

 

[GoldenLady]

Bitcoin is volatile, very much so and highly unpredictable. It also has high gas fees, even though these days Ethereum seems to have taken that spot from it

These are the main reasons I see for people not making it a major daily more of payment.

 

[Nomad]

Bitcoin is not just a payment form, it is also a commodity that you can invest and make money. Even though a lot of people are using bitcoin as payment form, it is more than that

 

[Mostee501]

Possible reasons why bitcoin will not become a major source of payment because of its unstable nature and it's not accepted by all countries.

 

[Damscooguns73]

Concerning possible reason why Bitcoin may not be a main form of payment. Well, the future of Bitcoin still proves anonymous but we can say it is really doing great presently, the major reason for Bitcoin not being the main form of payment might actually be the volatility in the Bitcoin price.