Reasons why bitcoin may not become an everyday currency

[Samotokika 1780]

On 11/18/2020 at 2:07 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. 

It is true in both ways like it is a virtual currency so many people have some doubt on it but if it is widely used in everyday life then the risk will be less and people accept Bitcoin as their own currency. But is not possible in the whole world so there is always a confusion to be considered as a real currency or a volatile currency

[Roan 2166]

This is true, my friend

 Bitcoin, due to its constant movement, is not suitable for day trading

Bitcoin is only suitable for long-term investing because it has high power and makes good profits in the long term

[Brandonsaw 1973]

It would be very good if bitcoin were for daily use in investments since it would give more volume what would not be good is that it were for daily use for daily life since bitcoin charges very expensive transactions and as it is very volatile, many people would have lost and  Others, perhaps with very good earnings, I think that a cryptocurrency for daily use in everyday life would be better than a stable currency such as USDT since it is stable and charges less for transactions and is very fast.

Edited December 25, 2020 by Brandonsaw

[Whited35 15285]

On 11/18/2020 at 2:52 PM, BrolySSJ said:

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. 

Some people still do not believe Bitcoin can not be the everyday currency because they are afraid of price volatility and scalability problem in the Bitcoin network but if we can purchase goods directly by using Bitcoin without converting its value to USD equivalent, there will be no problem for example:-An owner of store might adjust the prices of goods in BTC according to the certain time frames. Recently, Bitcoin Lightning Network is created to solve the Scalability problem and so many platforms have already implemented BLN as a payment solution.  

[rahul12345 0]

The volitality will be the most unwanted setback and aside from that .the right idea would be to make sure that you are avble to have a coin that is accessible to even the lowest of it .and that is risk than not everyone is ready to take .

[Cryptotakl1 0]

You really have a very good point there but sone of them might bot be true. Cryptocurrency will be more prefer to use but some that are not education can't use bitcoin or other crypto currency. 

[Altaf hussain 269]

There are some reason from my point of view due to crypto currency can't become an everyday currency 

1- Curreny of the any country is a symbol of identification of the country. 

2- Some people don't know about crypto and some are uneducated. 

[Nenomao 175]

Bitcoin can never be included in everyday life because it is a digital currency.Through this we can only trade and by trading we can make a profit and then use them in daily life.And if we talk about including bitcoin in everyday life, it's impossible, it can't be.We can't use bitcoin in our daily life because its value is not specific and if we bring it in our daily life, it will be very difficult for us to use it.

[Abdulrahman3 1252]

If the fluctuation of the value of the currency is the reason for not adopting it, then let me tell you that there is no currency in the world that deserves to be adopted, because even the dollar is affected by the relations and political quarrels between America and China or between America and Iran, and we may wake up someday and see that the dollar has fallen in value due to Illegal printing.

[Amna Hareem 1213]

On 11/18/2020 at 2:07 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. 

 Dear it may be the reasons but I think the reason that in my mind is that it price are changing every day's sometime it's have high price and sometime its low price and I think we can't buy small things with it and there are so many other reasons that why countries are not accepting it and in some countries they are illegal to use I think government should think upon this.

[Mir Hamza 2888]

Yes, Ray Dalio is a billionaire and he has much experience about bitcoin. We cannot use bitcoin in our daily life because it is very volatile. Due to its volatility, we cannot do this item in our everyday life. Everyone wants to use bitcoin in their daily life but it is very difficult to be so As we also know that its price fluctuates very fast, it makes it even more difficult to use it in everyday life. 

[Goyaa 2414]

In my opinion, the reason for too high a fluctuation makes sense, because if money fluctuates too much, it will hurt the seller or the buyer depending on whether the market will go down or go up. This makes Bitcoin unsuitable for buying goods, in my opinion Bitcoin is suitable for investing and trading cryptocurrency.

[koynayak 1923]

I think he's right, because bitcoin and other crypto's are very volatil and we can't use it everyday. That's why many shop owners don't want to accept bitcoin as a payment option. I think crypto can be everyday currency but only stable coins. We also start to hear some news about stable coins and banks agreements, i think everything will be better for crypto in the near future.

[Choudhary umer 0]

Due to the lake of trust on the Bitcoin from the many countries and maybe the ups and downs in the price of the Bitcoin the Bitcoin is not become the the everyday currency so I suggest all those countries where the Bitcoin is illegal to do it legal

[David84 1191]

I think that Bitcoin is a very successful digital currency and pay good attention to the word digital, it is a great way to earn money away from all the traditional means and it is very easy to transfer , but unless it has a fixed value it cannot be depended on as everyday merchants payment. When you buy a bottle of milk for example you should know exactly how much  did you pay for it.

[DC71 169]

 Itcoin is a cryptocurrency and mostly people did not use Bitcoin and other cryptocurrency. That is the main reason bitcoin is not become everyday currency that we used for buying and selling product in our daily routine life. If government accept cryptocurrency and it is commonly used for transaction than bitcoin may be used in our daily routine life

[miskyming 1588]

Yep one of the reason why some people not to use bitcoin because it is really volatile and also the transaction fee is so high. It is not really recommend for payment method I recommend to those sellers that use XRP. Bitcoin is a good investment though. 

[khan22 3478]

Bitcoin is a new coin and this is not still legal in all over the world and when it is going to be legal then that time it will be used at every where ad peoples use the Bitcoin in their daily life usage.

[guatazoo 7150]

I don't think if bitcoin would become an everyday currency for the following reasons, maybe USDT would become the top ranking than bitcoin because currently USDT is used to trade against all cryptocurrencies in the market because it is stable coin. 

[abohasnn9 2401]

My friend, if Bitcoin becomes a daily currency, it will not reach the goal for which it was created, and the Bitcoin currency will become an unencrypted, but digital currency that people can use at any time. It is made for trading mainly within the platforms in order to achieve the goal of permanent rise and its humiliating survival on the rest of the other currencies Thank you very much

[GanBin 705]

I can not accept that, people tend to like how bitcoin is,it's decentralized nature and open source codes and programs. Even the government officials are into investing in bitcoin. Bitcoin will just  later be the world coin later on. 

[Ameralsamt 2558]

 Of course bitcoin is a highly volatile currency, so you can't bet on it from day to day, you're really a great person, dear, thank you for this participation, of course I've benefited from you, but not adopting Bitcoin as a daily currency is the fear of the current financial system from Bitcoin so they fight it. 

[Zeeehussain 558]

Yes you said very right about the acception of Bitcoin as any country's official currency due to its high volatility. Many investors and traders fear of these volatility. But now a days the pride of Bitcoin is increasing as many big tech firms have made their mind to buy bitcoins. And it's news are spreading throughout the globe. And my opinion is that no country will go to to make Bitcoin its official currency because of the decentralisation of this currency as there is no single authority which can control the price of Bitcoin

[Rozy 1918]

To use Bitcoin in everyday life means that you need the minimarket in your neighborhood to have the appliances to accept payment in Bitcoin , or at last to have an ATM in your town that accepts your Bitcoins and gives yo USD in exchange, and with hem you can buy what you need. I do not think that what I am talking about is widely spread yet but within the next years it will as I hope.

[Lapulga04 259]

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. 

Of course my friend, it's everyone's desire in the forum for crypto currency to become a daily means of transaction, the reasons you provided for it not to be possible like it's volatility and lack of Government back are also important factors, but with time I feel it will be gradually standardized and accepted by the Government.