Reasons why bitcoin may not become an everyday currency

[magd 5231]

It is difficult for this to happen because not all governments have accepted digital currencies yet. In addition, the old generation of people do not have the slightest idea about Bitcoin and technology and therefore it will be difficult for them to do this so they must wait for several years to come.

[percare 3192]

On 11/18/2020 at 11:07 AM, BrolySSJ said:

Ray Dalio is a billionaire,

This billionaire has made some accusations about Bitcoin going to zero that many did in previous years and regretted it. He has also regretted his mistake and looking at today price of $19000 for Bitcoin gives the magnitude of his mistake about Bitcoin.

[Gluttony 1775]

I think it should serve as a reminder that what we earn digitally should not be taken as a profession to focus in our life since we know it would not suffice our life to live. I would say that doing crypto currency only will not make you be that kind of man you wanted to be since you would always crave for something and not just for earning money. If ever you would have the opportunity to have a job, it would be better to take it and make crypto currency as a passive source of income so that you would have an additional income and a stable supplier for your needs with your job.

[mzk7736 1592]

Once it starts circulating in the masses in the form of common currency then it's volatility is surely going to decrease. The main factor in my opinion that can stop it from becoming common currency is the unavailability of Internet access to all the people around the world.

Edited November 24, 2020 by mzk7736

[Amiami 1362]

What Ray Dalio mentions, makes all the sense,  I mentioned in other topics the same, it really is not profitable for a businessman or trader to accept cryptocurrencies unless they are stable as is the case with USDT or BUSD, since volatility It could cause millionaire losses for those who decide to operate in their businesses with cryptocurrencies.

 

However, there is the other side of the coin where entrepreneurs can earn up to 10 times what a product is worth due to the same volatility, which would leave the economy at the mercy of fate by the whim of what we know as whales

[Zeshan Khalid 2577]

There are a lot of hurdles behind the cryptocurrencies not becoming a regular payment method. The internet is not available to the residence of the third world countries. Then it would be difficult for a common person to be safe from all the scams happening around the crypto world.

[annayks 2314]

Quite a few cryptocurrencies are looking to be adopted and compete as worldwide used currencies. There is no doubt there is rising interest and Bitcoin is looking less like a payment method and more like digital gold. I hope this will change though as imagine Bitcoin being stellar in speed and have fees lower than any other payment form. This can happen with the lightning network.

[Biojay 2080]

Hello everyone, to me I think Bitcoin will not become an everyday currency because it is not the only currency in cryto trading and many crypto currencies are growing each day with good or high purchase rate and their price value are lower to that of Bitcoin and many people will prefer purchasing something that is low because of the economy situations now.

[Frodler 943]

Bitcoin maybe the best cryptocurrency available today but become an every day crypto currency is not that viable because of its high fees and high value, I think in these regards, the altcoins will most likely perform better 

[Teminali69 1081]

I think the purpose of bitcoin is already served and while it would not become an everyday currency from what you have mentioned it still would be the most valuable asset of all time. But we have seen many projects that have been inspired by bitcoin that have somehow changed the world of finance, coins like USDT which are stable and can be used as a daily currency.

[The Game 2059]

Bitcoin is a crypto currencies that operate online with certain strategies.but as a lay man who does not know how to operate online will easily get scammers without been noticed and if this continues everyone will point hand at bitcoin for letting people money go astray. And lastly is not all country in the world support bitcoin currency.

[Rubayed123 991]

Well mate, I would say  you are right. As the price of BTC is not stable people will not like to take risks with their daily money. Tough it's possible that we get to buy all our stuffs from shops with our crypto money. 

[bogdanoff 3173]

I agree it is somehow impossible to have a very volatile currency that price changes too fast. On average it keeps rising and maybe this also helps but since people found that price will keep rising as demand was increasing, they stopped buying anything with Bitcoin and only use to store as much as they can and don't spend any.

[Dormilon 2183]

On 11/18/2020 at 5:07 AM, BrolySSJ said:

We all want bitcoin to become an everyday currency and something that we can use at all merchants. In fact with the ease in which we can transact with bitcoin and the other crypto, it would be a great tool for online payments as well, without us having to worry about identity theft and the like. However, according to a recent article that was published, Ray Dalio says that bitcoin may not become this integrated as we are hoping for it to be. 

 

Ray Dalio is a billionaire, and according to him, bitcoin is too volatile and as a result of this volatility it would not be a good currency to use for everyday use. This makes sense, as the volatility could result in a loss to the buyer or the seller depending on which way the market goes over the course of the days that the transaction takes place. Furthermore, the acceptance by banks and governments will be a challenge, as it may serve as a competitive currency with them. Lastly, with bitcoin price being so high, could there be a downward trend coming that we are not yet prepared for? 

 

What do you guys think? Are these legitimate reasons as to why bitcoin will not be adopted fully? It makes sense to me, especially the reason of volatility, however, I have to admit that despite this i still am hoping for crypto to become a major form of payment in the future.

@BrolySSJ It is very true that BTC is highly volatile and speculative, losing with it is very easy because it can go down dramatically in a few minutes and often causes unexpected losses, its adoption will also continue to be very high among investors who seek to protect their assets because they know that Over time the price tends to rise and there will be your investment safe from the inflation that they may suffer with Fiat money, I am one of those who is convinced that the price of BTC will rise by 2021, it is expected that the US government Try to invigorate the economy with the injection of money into the financial torrent, which will bring an increase in investment in BTC, cryptocurrencies will always be an alternative to the local currency of the countries, greetings and thanks for sharing your ideas with us.

[Sykkuno 2887]

While we read about volatiliy the most important reason that merchants don't accept Bitcoin is the fees and the confirmation times, sometimes we see companies that accept Bitcoin stop doing that during times when fees reach extreme prices, and one of these examples was Microsoft in 2017.

[pablomarwan 3082]

The cryptocurrency market is standards-based and contains more than 2000 signs. If you look a little further, you will find digital currencies. Make good profits. Although some of its movements are linked to Bitcoin movements, the way it relies on it is to analyze bitcoin movements and currency movements and buy at a time of decline.

[Abuhassan 89]

On 11/18/2020 at 10:07 AM, BrolySSJ said:

We all want bitcoin to become an everyday currency and something that we can use at all merchants. In fact with the ease in which we can transact with bitcoin and the other crypto, it would be a great tool for online payments as well, without us having to worry about identity theft and the like. However, according to a recent article that was published, Ray Dalio says that bitcoin may not become this integrated as we are hoping for it to be. 

 

Ray Dalio is a billionaire, and according to him, bitcoin is too volatile and as a result of this volatility it would not be a good currency to use for everyday use. This makes sense, as the volatility could result in a loss to the buyer or the seller depending on which way the market goes over the course of the days that the transaction takes place. Furthermore, the acceptance by banks and governments will be a challenge, as it may serve as a competitive currency with them. Lastly, with bitcoin price being so high, could there be a downward trend coming that we are not yet prepared for? 

 

What do you guys think? Are these legitimate reasons as to why bitcoin will not be adopted fully? It makes sense to me, especially the reason of volatility, however, I have to admit that despite this i still am hoping for crypto to become a major form of payment in the future. 

I duely agree with the analysis made by Ray dalio Bitcoin can never be used as day to day currency not everyone can have access to it because of it unavailability therefore , it volatility will scare many people from holding it not everyone can take the risk to deal with Bitcoin because of it high volatility.

[RonaldB 48]

Yes, it is true that the price of Bitcoin is unstable and it can cause a loss to the seller and the buyer alike, and it will be a challenge to the various governments of the world to make Bitcoin a method of daily payment.

[Guru2050 8284]

The high volatility nature of bitcoin confiscated double phases been favourable to those who are bold enough to take risks in target of making likewise misfortune coin owing to the fact that is not a certain or guarantee coins. So in trading bitcoin two things is unperturbed which is to either gain or loose and the simple logic to adopt is your calculations and analysis should focus on the approximation of the possibility 

[Raven 7817]

On 11/18/2020 at 5:07 PM, BrolySSJ said:

We all want bitcoin to become an everyday currency and something that we can use at all merchants. In fact with the ease in which we can transact with bitcoin and the other crypto, it would be a great tool for online payments as well, without us having to worry about identity theft and the like. However, according to a recent article that was published, Ray Dalio says that bitcoin may not become this integrated as we are hoping for it to be. 

 

Ray Dalio is a billionaire, and according to him, bitcoin is too volatile and as a result of this volatility it would not be a good currency to use for everyday use. This makes sense, as the volatility could result in a loss to the buyer or the seller depending on which way the market goes over the course of the days that the transaction takes place. Furthermore, the acceptance by banks and governments will be a challenge, as it may serve as a competitive currency with them. Lastly, with bitcoin price being so high, could there be a downward trend coming that we are not yet prepared for? 

 

What do you guys think? Are these legitimate reasons as to why bitcoin will not be adopted fully? It makes sense to me, especially the reason of volatility, however, I have to admit that despite this i still am hoping for crypto to become a major form of payment in the future. 

I think that's a good reason why bitcoin now can't be the everyday currency. Bitcoin are extremely volatile so it means if the value of bitcoin went to the lowest price of it then it will affect our currency too I mean the value of our currency will fall too even if it huge amount of bitcoin. 

[SvenIronheart 44]

I think the reason why bitcoin cannot be one of the everyday currency because of it's unstable price, it's really hard to use bitcoin to buy our daily needs because we might lose profit. If anyone knows about the guy who bought pizza using his btc, we might also experience that because we don't know when will be the price of bitcoin will decrease or increase.

[Fixfin 2569]

There are some that say Bitcoin will not make it and there were Bitcoin developers that left in the past thinking it failed but the demand for Bitcoin keeps rising as investors keep increasing their bets on the price of Bitcoin. An everyday currency is not what Bitcoin is today but the lightning network will make it so.

[Khan 1414]

On 12/10/2020 at 12:18 AM, RonaldB said:

Yes, it is true that the price of Bitcoin is unstable and it can cause a loss to the seller and the buyer alike, and it will be a challenge to the various governments of the world to make Bitcoin a method of daily payment.

current price of the Bitcoin is at good point to sell if anyone have some. Bitcoin can be down anytime as the chance of the up and down is 50% in the few days.

[cryptoman22 1026]

In my honest opinion I believe that bitcoin will be treated like gold to make investments and freeze and the other Cryptocurrencies in the future I believe that they will be used to make all kinds of payments but these in a very distant future
Good luck and big winnings for everyone
A big greeting to the whole community

[Serbberq 724]

Bitcoin cannot dominate all other local currency, every currency have it own use within it region, cryptocurrency will be more prefer to use but some that are not educated can't use bitcoin or other cryptocurrency.