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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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I agree with you, until the coin can be controlled and the source of it flow is known it cannot be directly accepted into the market system,so we have to deal with what we have.
 
The issue is the fluctuating nature of crypto currency which is very hard to deal with and that is why many people still find it hard to make use of crypto
 
I agree with the reasons you explain in the thread, concerning Bitcoin and it becoming a conventional form of payment. Another reason may be that many countries prohibit crypto and even do not accept digital wallets.
 
BrolySSJ said:
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?
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Yes you are right, Bitcoin is not stable so are other forms of crypto currency. The price per time cannot be determined by anyone or any organisation which brings bout it’s risky nature.
 
The major reason is that the coin is highly unstable and the prices are not fixed so it will be difficult to determine what the bench mark will be in a situation where a countrys budget is been prepared so this will pose a serious challenge to the economy.
 
There is no reason why the cryptocurrency cannot be adopted as a part of our regular mainstream financial tender. The various government of the world that are adopting have foresight
 
I believe that the only thing that is preventing Bitcoin and other cryptocurrencies from becoming mainstream form of payment method is the fact that the price of Bitcoin or any other kind of cryptocurrency fluctuates a lot. If the price of Bitcoin increases gradually rather rather decreasing, then it has the capability of becoming a mainstream form of payment method.
 
Money is the only legal tender that is acceptable in a given place at a time all other forms of money are fiat or near money so it's better to understand that.
 
I think for me it's volatility could pose a factor in it not being accepted but that also could still be the factor in why it would be accepted but with the way things are progressing I think it's only a matter of time now before crypto is accepted worldwide
 
Bitcoin was launched as a payment form, to transfer funds without involving a middle man. However, over the years it developed as a valuable asset that can give profits
 
If the volatility of the Bitcoin price not being stable is your reason for saying that Bitcoin will not be allowed into mainstream economy , them you're so wrong. Fiat currencies are not stable either in the foreign exchange market
 
Kunkun said:
I think for me it's volatility could pose a factor in it not being accepted but that also could still be the factor in why it would be accepted but with the way things are progressing I think it's only a matter of time now before crypto is accepted worldwide
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The volatility of Bitcoin definitely does pose a major concern when it comes to adopting it as a main form of payment especially since there are so many influential people that have such a drastic effect on the price of Bitcoin such as Elon Musk.
 
As it stands today nobody can come out here to make any bold claims as to what will happen in the future with the bitcoin or even any other crypto currencies for that matter. It is very difficult to say what might happen, But lets just be prepare bitcoin is going somewhere.
 
Kingsley said:
As it stands today nobody can come out here to make any bold claims as to what will happen in the future with the bitcoin or even any other crypto currencies for that matter. It is very difficult to say what might happen, But lets just be prepare bitcoin is going somewhere.
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It's not about we not knowing what bitcoin will amount to in the future but there are some certain features of Bitcoin that will prevent it from not being acceptable as a payment asset so as far as I'm concerned bitcoin will never be generally accepted as a form of payment and a world because of it's high transaction fees, volatile nature and transaction confirmation time.
 
The main reason why bitcoin might not become the main form of payments is it volatility nature. Bitcoin is not stable, it price can drop 9r increase tremendously within hours which will affect the economy if adopted as the official and legal means of payments.
 
Yes a cryptocurrency with the ability to be recognised as the normal mode for payments of goods and services everyday must be a cryptocurrency with zero or no transaction fee because people will not be ready to lose a huge amount of money because of transaction fee.
 
BrolySSJ said:
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?
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Had it being that most economically stable nations of the wold embrace Bitcoin it will have become the best payment gateway online just like PayPal is. The obstacle to this reality is the fact that many countries are still against this digital currency innovation and are preventing it from growing.
 
Understand you, you're talking about the high volatility while me I always believe that cryptocurrency might never be used as a normal mode for transaction because of the transaction fee that is associated with some cryptocurrency.
 
Ehizzy1 said:
The issue is the fluctuating nature of crypto currency which is very hard to deal with and that is why many people still find it hard to make use of crypto
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My take on a currency like US dollar is the pecuniary measure that it becomes. Commodities are priced in dollars. How can you price grocery items in Bitcoin when today the price changed so you have to change the pricing of the goods that are sold in the grocery store. That is just one example.
 
One of the things that most state fear the most eapecially when it comes to cryptocurrency is fear of the loose of their control of their fiat currency and the regulation of the medium of commerce and exchange of goods and services.
 
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