Reasons why bitcoin may not become an everyday currency

[BrolySSJ 7899]

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. 

[Froshk 1828]

The volitality will be the most unwanted setback, and aside from that, a store holder would always desire to have a reserve asset, but crypto currency such as btc cannot offer the assurance of reserving the valued instilled as a the time of reservation or saving. 

[Mwangi 5611]

one reason for me stands out , the expensive look of it, so to me its really important to work with it . you cannot do everyday transaction with it, you cannot do transactions of small  items so , imagine you want to buy something worth 1 dollar , how do you send a dollar in bitcoin that is really tough , the right idea would  be to make sure that you are able to have a coin that is accessible to even the lowest  of it .

[tienda 8776]

Yes right @BrolySSJ the volatility is one of the factor reason make Bitcoin not become an everyday currency. Months ago some online shopping added it as a payment method, but then they have deleted it because of the increase and decrease it price. However, some online service use it as voucher or gift card for shopping, it is possible this the solution or maybe they will encounter solution for that in the future.

[Ridam 7455]

Well People have different perspective on Bitcoin. But seeing current situation, Bitcoin is becoming the digital investment and because of it's P2P nature it's being accepted for daily transaction in my view.

Also we shouldn't miss about the PayPal, PayPal has millions of merchants selling Crypto and now US users will be able to use the benefits of that. As they had told to expand this in near 2021, maybe we will get option for pay using Crypto and it would be revolutionary and after that btc will be used for daily transaction whatever other says.

We also do have Layer 2 scaling and development is happening really fast in that like lighting network, So Bitcoin will be used for daily transaction.

And Talking about volatility, it's good and also bad. Depends upon the type of people you are.

 

[duncun007 3577]

the stock market is volatile and so is the gold market, the only difference is that those billionaires dont like the fact that there are many younger people making millions of a market like bitcoin easily, while those billionaires had to make their money the hard way over years.

[Mella 3680]

I am think it is a concern and Ray Dialo I am heard him in many videos that was saying Bitcoin will go to zero and Bitcoin is now over $18k so maybe he was wrong about this. We are listen from banks and from many more that Bitcoin has a lot of potent for future bigger prices but what we are need to do is make our analysis of the situation and follow the bull trend as long as it keeps giving.

[Cleaner 2549]

1 hour ago, duncun007 said:

the stock market is volatile and so is the gold market, the only difference is that those billionaires dont like the fact that there are many younger people making millions of a market like bitcoin easily, while those billionaires had to make their money the hard way over years.

@duncun007..The stock market is volatile.  Because there are many traders and investors here.  However, the gold market is stable.  Many young people have worked hard to become billionaires with cryptocurrencies.  They have become billionaires today by working hard in the crypto world.

[jackycrypto485 1055]

Of course, all Bitcoin fans hope that one day Bitcoin will become the first payment method in the world and that this adoption will be collectively in all the world, but indeed there are great difficulties that prevent this, the first of which is the large fluctuation of Bitcoin prices as well as the transaction fees that are sometimes high and cause the network to slow, so These obstacles must be overcome first. I believe that solutions to these problems must be found in the future.

[redamoun 811]

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. 

Yeah, everyday we hear someone claim that he is an expert in cryptoworld, and he knows everything about it, and he starts saying s**t about BTC and it's not a good project for the future, but what we see in reality is totally different of what your billionaire say's. Bitcoin do some big and good moves, and i think it's not too late to take advantage of this wonderful project.

[Moaz 7239]

I agree with what Ray Dalio said that Bitcoin or any other cryptocurrency cannot become a means of payment because its price is very volatile according to the supply and demand in the crypto market and this is not suitable for the seller or the buyer, but perhaps in the future after the recognition of cryptocurrencies in a way legal The sale and purchase of cryptocurrencies will be regulated according to specific laws.

[Nezar 7169]

Bitcoin is a decentralized currency and witnesses large fluctuations in prices on a daily basis, and for this reason it is difficult to rely on it and it will be difficult to become an official currency because, as you mentioned, you can rise and fall by making the buyer and the trader losers, and in order for the Bitcoin currency to become official, it must be made a central currency and this is impossible

[velasco19 1753]

The issue of volatility is a very good point because it depends on the supply and demand of the price for which it could generate losses for the seller or buyer, also it must be added that currently the bitcoin blockchain is not optimized for the large amount of transactions that everyday life requires and the transaction cost could be an expense that must be analyzed.
Another aspect is the regulatory issue of each country that will expand or restrict its use.

[Dark Shadow 295]

8 hours ago, Cleaner said:

 Many young people have worked hard to become billionaires with cryptocurrencies.  They have become billionaires today by working hard in the crypto world.

@Cleaner Exactly. Many young people have become millionaires and even billionaires with cryptocurrencies. There are so many success stories! But only by working hard they have earned this much. Hard work is necessary in every field of life that you want to succeed in. Therefore, we should all work hard and hope for the best.

[Syedbesharat 5423]

BTC can become payment system which is legalise from government but for daily life payments it's highly volatile and price goes up down can create problem for both buyer and seller. The BTC hit very low sometimes and purchasing gonna stop or high that moment result in one party totally loss. The shop keeper happily sell at BTC high price to customers and not gonna accept when price goes down and have to accept BTC. Also the fee cost mag be increase because the network will be busy all the times. 

[Maaz sultan 265]

 

26 minutes ago, Syedbesharat said:

BTC can become payment system which is legalise from government but for daily life payments it's highly volatile and price goes up down can create problem for both buyer and seller. The BTC hit very low sometimes and purchasing gonna stop or high that moment result in one party totally loss. The shop keeper happily sell at BTC high price to customers and not gonna accept when price goes down and have to accept BTC. Also the fee cost mag be increase because the network will be busy all the times. 

i have one another problem in mind that the transaction fee is very high which stops users to buy anything with bitcoin and fluctuation is another problem .

[Jromz 2158]

Currently, it is conceivable that Bitcoin's volatility limits its application as  an every day payment method. However, this high volatility is due to the highly speculative nature of the cryptocurrency market. Actually, if we have a look at a chart showing Bitcoin's volatility over the years, it is noticeable that sharp volatility swings have been lessened and are far from being as extreme as 10 years ago. This indicates Bitcoin's price have gradually become more stable, but obviously not as stable as fiat currency. It remains to be seen whether this trend continues in the coming years, so that volatility wouldn't hinder Bitcoin's very original purpose. 

 

 

Edited November 22, 2020 by Jromz
grammar

[Cleaner 2549]

7 hours ago, Dark Shadow said:

Hard work is necessary in every field of life that you want to succeed in. Therefore, we should all work hard and hope for the best.

@Dark Shadow..Working hard can open the door to your destiny.  There is a saying that hard work is a part of destiny.  So we have to work hard to do something.  And then we can succeed.  So we should all work hard.  We will continue to work until we can succeed.

[Dark Shadow 295]

11 hours ago, Cleaner said:

@Dark Shadow..Working hard can open the door to your destiny.  There is a saying that hard work is a part of destiny.  So we have to work hard to do something.  And then we can succeed.  So we should all work hard.  We will continue to work until we can succeed.

Well said my friend. This is indeed the truth. Working hard can change your destiny for the better. There is not a single person in the world who has succeeded without working hard. Every person who has ever been successful has worked really hard for that success.

[Dorjoy12 8962]

On 11/18/2020 at 3:07 PM, BrolySSJ said:

without us having to worry about identity theft and the like.

 Yah it would be very great if whole over the world start to adopt bitcoin and its payment system because carry money one place to another place is fully risky now a days..  But there has some problem with bitcoin payment too as we know btc double spending where buyer get scammed too..                

[Bellamy 1065]

Excellent your publication! And in the same way I think the same as you. I think that we are only halfway to the stability of cryptocurrency trading and I think that Bitcoin before becoming a cryptocurrency of daily use I first believe that it will be a general reserve currency since all of us who get Bitcoin do not we want to get out of it very easily.

[Oxygen99 1930]

@BrolySSJ If bitcoin would be an every day currency then there is no opportunity for making profit. bitcoin will become just like digital currencies were many will just prefer digital currencies were they buy some goods and services in other to meet up there wants.

Edited November 24, 2020 by Oxygen99

[M.bello 1015]

Hello everyone it will become only if the government of that given country adopt it because it generate huge amount of money, making it a day to day business will boost That given country economy, lack of job opportunity will reduce through implementing it will bring success and income

[zhoutong 2188]

Right now there is no chance for Bitcoin to be a currency used instead of the central bank money. It can be used to store the value of what this money represent today. This is the importance of Bitcoin and one of the reasons Satoshi created it. The bail outs of banks and the print of new money that will be on the backs of everyone is what makes Bitcoin a great investment. It can be used for purchaces but it will need a new network as secondary layer to solve the scaling problem.

[cryptovlek 2597]

Bitcoin will become better and stronger with time. Eventually people will recognize the power this asset holds and treat it with better respect. There are solutions to everything and Bitcoin is still young and it will be more used as years pass. It can be used as an everyday currency today and accepted.