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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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Although no one knows how things would later turn out later and some claiming the volatility to crypto would limit it but I doubt that would be case though when the time comes
 
Even if bitcoin I going to be a legal tender, there are some things that needs to be sort out like the high transaction fees and also the long time to process payments
 
Since the government of most countries doubt its anonymity, it wouldn't be possible for BTC to replace Fiat currencies to become the main mode of transactions.
 
You're very correct. This frequent fluctuations in price per a short period of time in the course of the day can really spell doom for both buyers and vendors actually, except they come up with some other stable ways outside fiat currencies
 
GIFTMICHAEL said:
Since the government of most countries doubt its anonymity, it wouldn't be possible for BTC to replace Fiat currencies to become the main mode of transactions.
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Bitcoin annoymous nature is not really that a problem as presently bitcoin transaction can be track now with easy . They are only scared that they can control bitcoin
 
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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This is indeed true,as most companies would want to pay you the same amount even when the price value drops, this would make them spend more on their part. And another reason is the fact that i dont think countries would easily let go of their Flat currency To accept a means of payment they can't track or have very limited power over
 
Josemendez said:
Bitcoin annoymous nature is not really that a problem as presently bitcoin transaction can be track now with easy . They are only scared that they can control bitcoin
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I think so, cos their is a recent news that went viral which the FBI recovered a diverted BTC my criminals which they received as ramson. That shows Cryptocurrency can be tracked and payment can be reversed as well. They government just want to control it too like the fiat currency that's why they are calling for its closure, but it can't work that way.
 
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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Yeah I totally agree and i also think because all those coin are not stable so it will be very difficult to make any cryptocurrency the main form of payment
 
Actually I still can't see a reason why it won't become a major means of payment in big term or dealings it will eventually become a big one as times goes on . It's the future.
 
Though you're right but I still see some people who are even agitating that bitcoin should be a form of payment despite the fact that it's volatile in nature. It's just a good thing. I think government can make it a choice for co workers who actually wants it.
 
babdud02 said:
Yeah I totally agree and i also think because all those coin are not stable so it will be very difficult to make any cryptocurrency the main form of payment
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In my opinion I think that the only cryptocurrency that can actually be accepted at any business is stable coins because that has the least risk to the business.
 
Bitcoins can never be the main currency for the payments of goods and services because of it volatility nature which can make you to lose a huge amounts of money in hours.
 
Setfragil said:
Bitcoins can never be the main currency for the payments of goods and services because of it volatility nature which can make you to lose a huge amounts of money in hours.
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This is of course the disadvantage to accepting bitcoin however if you look at the reverse side of the same argument he will see that you can actually profit greatly if the price had to increase.
 
If bitcoins might become a major means for payment in the near future,there also the stable coins like the USDT and the rest that can still serve effectively
 
Senator said:
If bitcoins might become a major means for payment in the near future,there also the stable coins like the USDT and the rest that can still serve effectively
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Right now I think that one of the major concerns when it comes to the utilisation of stable coins is the fact that these coins have large transaction fees that are associated with them making them undesirable to be used in smaller transactions.
 
The main reason why it cant become the main form of payment method because it is volatile in nature and its not fit to pay workers for their job , since the value can fluctuate alot , even in some minutes.
 
I think it might not because it great deal of anonymity would not make government to back it up and it does not offer more than traditional payment methods.
 
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 do make a very good point. The volatility in the cryptocurrencies may make the value of something one sold to become suddenly of.less worth before the cryptocurrency might get to the persons purse
 
As time goes on the market gets more competitive,for me I like bitcoin, but for them to remain in the market they'll have to figure out ways of keeping their patronizers
 
It doesn't have the attributes of money..so, there is a limit to what it could be used for . Bitcoin as more or less a commodity. You can't use a commodity as a form of payment for a commodity in all cases
 
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