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

[Ononivami]

Volatility around bitcoin is a peculiar features of cryptocurrency except for the stable coin that as a very low Volatility. There are many sites that offered bitcoin as a payment option.

 

[Sotherefore]

Bitcoins will not likely be used as a normal mode for payment of goods and services because of its volatile nature. The country of El Salvador have chosen to do so but most people in El Salvador may not like it.

 

[joy101]

You make a good point here bitcoin is really the best payment to use for payment, I can see that bitcoin would be a main payment for the future.

 

[Bookwormlux]

The major reason why cryptocurrency cannot be used for global payments is because , no country will want to leave their local currency to focus on the use of Bitcoin only.

 

[Busybee]

One of the main reasons BTC is not used for transactions is that, it is looked at as an investment rather than currency. People buy and hold BTC hoping it would appreciate its value in the future. And another important reason is the cost of using BTC for financial transactions, the gas fee in BTC is higher compared to other cryptos in the market.

 

[Ononivami]

Bitcoin may likely not be use as a form of payment because its transaction fee is very high. The transaction fee is the major factor that could act against the bitcoin been used as payment option.

 

[LadAckerman]

There are so many reasons why Bitcoin cannot be used as a major form of payment. Understanding Bitcoin as a cryptocurrency takes time and it can be an extremely volatile investment. Also hasn't proven itself as a long-term investment and finally, it also has serious scalability issues.

 

[Setho]

I do not think bitcoin is close to becoming a legal means of payment because of the high transaction fees that it has which is not common with fiat payment that is popular now.
A lot of governments in the world and not willing to accept Bitcoin as a means of payment because of how private it is and I think that is really going to frustrate efforts.

 

[Chibson]

I do not think bitcoin is close to becoming a legal means of payment because of the high transaction fees that it has which is not common with fiat payment that is popular now.
A lot of governments in the world and not willing to accept Bitcoin as a means of payment because of how private it is and I think that is really going to frustrate efforts.

the high transaction fee of Bitcoin is something that will make a lot of people not consider it. another major reason the government will not accept it is because it is decentralized and a lot of fraud can be done with it.

 

[Genie01]

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?

It is true that the cryptocurrency markets is quite volatile but the truth is even the forex markets is volatile too and this could not be a barrier but rather an opportunity for traders to participate.

 

[UsmanAmoyo]

It is true that the cryptocurrency markets is quite volatile but the truth is even the forex markets is volatile too and this could not be a barrier but rather an opportunity for traders to participate.

Very true, traders love the volatility in the markets, it is only those that use it for transactions that see it as disadvantageous to them.
But even the currency markets is volatile too.

 

[Genie01]

Very true, traders love the volatility in the markets, it is only those that use it for transactions that see it as disadvantageous to them.
But even the currency markets is volatile too.

You've said it all. This means that it is yet possible to use it for transactional purposes knowing that even the forex market is not completely stable.
One can find his way around bitcoin too

 

[UsmanAmoyo]

You've said it all. This means that it is yet possible to use it for transactional purposes knowing that even the forex market is not completely stable.
One can find his way around bitcoin too

That's the fact, I think the volatility should never be an hindrance. The forex markets is doing same too.
I see no difference between the volatility of forex and cryptocurrencies.

 

[Genie01]

the high transaction fee of Bitcoin is something that will make a lot of people not consider it. another major reason the government will not accept it is because it is decentralized and a lot of fraud can be done with it.

Indeed even though it decentralization had it's benefits but the fraud attached is what could make them hate it.
The truth is, if frauds continues to rise because of bitcoin . They will definitely regulate it's use.

 

[Chibson]

Indeed even though it decentralization had it's benefits but the fraud attached is what could make them hate it.
The truth is, if frauds continues to rise because of bitcoin . They will definitely regulate it's use.

that is just the simple truth. The government is trying as much as possible to protect people from being scammed through Bitcoin. I think regulation is even in place.

 

[tyrim88]

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.

It is not possible for most government to allow the use of bicoin as the main source of exchange in doing commerce and confirming payment,this is so because the price can crash at anytime.

 

[Mighty]

Well the honest truth is Yes the price of bitcoin are 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.

 

[Emmy]

Bitcoin cannot be a main form of payment because of its decentralized nature and volatility so it would be a great loss if anyone could not trace any transaction that has to do with big amount of money and to price when it's fall.

 

[eenya00]

i believe the main or major reason why bitcoin would not be adopted by some countries is because most of them can not control it and seeing it is decentralized which is also a key factor.

 

[Bigron]

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 make an excellent point. The volatility of trading volume may represent a challenge in establishing cryptocurrency as the primary payment method, particularly in offline enterprises.