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Author Topic: What's preventing Bitcoins from being accepted as mainstream payment form?  (Read 328 times)

avikz

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Hi All,

As we all know that bitcoin is still not accepted as a mainstream payment form in majority of the places. What's preventing that to happen?

I can point out few disadvantages:
1. Transaction fees (fiat doesn't have it)
2. Confirmation time
3. Lack of technical knowledge

What do you think? Will it ever become an worthy competitor of fiat?

TomBite

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Many merchants are still complaining of Bitcoin's high volatility rates but I think there is now a way to deal with this. Of course, there is nothing we can do with its volatility because this is what makes Bitcoin attractive in the first place as it has became a traders' haven.
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Kreamswizzle

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As I know  acepting bitcoin now is like. Online investment , store etc. But i heard from other bitcoin is already have atm machine for withdaring money and so nice

judeafante

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I think confirmation time is the biggest issue, imagine if you are going to buy in a grocery and you will have to wait 30 minutes before you confirm your payment, specially in this this times, where everything is in a hurry.

TomBite

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I think confirmation time is the biggest issue, imagine if you are going to buy in a grocery and you will have to wait 30 minutes before you confirm your payment, specially in this this times, where everything is in a hurry.

That can be an area of concern. Anyway, we could start first with online transactions and even with online there is a slow adoption of Bitcoin because of many issues and number one with that is its volatility rate plus the fact that many of Bitcoin holders are really holding in to what they have. In the Philippines, you have to go to a process before you can acquire Bitcoin so it would be illogical to just spend it somewhere if there is really no need to do so. But then again remember that gold is very valuable but are we spending gold in groceries? Of course not.
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