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Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: sirty143 on September 04, 2020, 12:41:37 PM

Title: Bank of England governor dismissed Bitcoin as a means of payment
Post by: sirty143 on September 04, 2020, 12:41:37 PM
Bank of England governor dismissed Bitcoin as a means of payment

(https://i.imgur.com/RKw6QQWl.jpg)

Cryptocurrencies like Bitcoin don't quite convince Bailey, but he sees a lot of potential for stablecoins. During a virtual conference hosted by the Brookings Institute, Andrew Bailey, Bank of England’s (BoE) governor, stressed that crypto assets are just “unsuited to the world of payments.” See more for yourself here (https://cointelegraph.com/news/bank-of-england-governor-dismissed-bitcoin-as-a-means-of-payment).

Your opinion is greatly appreciated.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Fenix on September 04, 2020, 04:41:18 PM
I am not at all surprised by this position of the head of the Bank of England. Decentralized cryptocurrency is not suitable for use by states as a means of payment, not only because of its high price volatility. With the advent of stablecoins, the ability to digitize their own national money, states will now clearly use their digitized currencies first and foremost, as well as create various regional stablecoins as a means of payment.
Decentralized cryptocurrency is likely to be predominantly used by citizens and partially by various business structures.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: I-Bit on September 04, 2020, 06:45:22 PM
Don't worry, it may be just a temporary policy. We have experienced this many times and Bitcoin stays there stronger. As long as Bitcoin is allowed as a digital asset, then it is always growing. More people join to utilize Bitcoin, then the chance for Bitcoin to using as the payment tool will be back.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Delgado on September 04, 2020, 08:02:33 PM
Quote from: I-Bit on September 04, 2020, 06:45:22 PM
Don't worry, it may be just a temporary policy. We have experienced this many times and Bitcoin stays there stronger. As long as Bitcoin is allowed as a digital asset, then it is always growing. More people join to utilize Bitcoin, then the chance for Bitcoin to using as the payment tool will be back.
Bitcoin will be allowed by states to walk and use on their territory, but they will not actively support and use it themselves. We will have to accept this.
Have you heard a lot about states entering into international agreements with payment in bitcoins?
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: krypto4uvak on September 05, 2020, 10:37:48 AM
Hmm, but how many people and so many opinions. Some accept Bitcoin, some don't. And this is not surprising. Perhaps in the future he will change his mind.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: KKH84 on September 05, 2020, 04:09:49 PM
For now I don't think Bitcoin is ready to be used as a means of payment, of course because the price changes every second and what makes sense is that it is a stable coin whose price tends to be fixed.  I think if the value of Bitcoin is not based on USD, it is possible that Bitcoin will become feasible as a means of payment.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: comer on September 05, 2020, 10:45:58 PM
stable coins are more suitable to use as mode of payment of bank rather than those who are very volatile. I believe payment should be fix in value to avoid losing funds if the coin decreaee the value in the marketplace. This is payment to certain product or services this need a fix amount of payment. highly volatiles coins is good for investment to make furtune and profit in the future.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: hair on September 05, 2020, 11:13:37 PM
Quote from: KKH84 on September 05, 2020, 04:09:49 PM
For now I don't think Bitcoin is ready to be used as a means of payment, of course because the price changes every second and what makes sense is that it is a stable coin whose price tends to be fixed.  I think if the value of Bitcoin is not based on USD, it is possible that Bitcoin will become feasible as a means of payment.
I also think the same, it is very difficult for bitcoin to be a currency for payment. because not everyone can own bitcoin because of its high value. I think bitcoin will always be a traded investment
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: wahyudi on September 07, 2020, 05:24:46 PM
Bitcoin is considered failing as a currency that is measured based on standard benchmarks or benchmarks.  The Governor of the British Central Bank (BoE) Mark Carney said bitcoin was not a store of value or a useful way to buy things.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: edmundo on September 13, 2020, 09:21:35 PM
In my humble opinion, this is coming too late. Several projects are already adopting cryptocurrency payments as a genuine legal tender with businesses going as far as paying for cryptocurrency payment integrations on their platforms to help them with cryptocurrency payments acceptance. Blockchain solutions like NOWPayments (https://nowpayments.io) are dictating the pace in this regard by ensuring interested businesses and platforms can easily adopt crypto payments using its technology. NOWPayments does this by making available API, Plugins and widgets for clients and having them integrate this tools on their respective websites and platforms. The advantages of cryptocurrency as a means of payment is enormous. The fees are cheaper, there is privacy, and top speed when dealing with crypto payments. I strongly believe this is paving the way to how businesses adopt blockchain.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Salman Hasan on September 15, 2020, 05:59:05 AM
Don't worry, it may be just a temporary policy. We have experienced this many times and Bitcoin stays there stronger. As long as Bitcoin is allowed as a digital asset, then it is always growing. More people join to utilize Bitcoin, then the chance for Bitcoin to using as the payment tool will be back.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Noverteno on November 23, 2021, 10:34:55 AM
There is nothing surprising or unexpected in such a decision by the Governor of the Bank of England. Bitcoin, from the point of view of governments, is not at all suitable for use as a means of payment. Indeed, the stablecoins of the central banks of states are the most acceptable option for them. And citizens themselves can decide what is most convenient for them to use as a means of payment. Here, the positions of citizens and governments may well differ.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Alcor on January 01, 2022, 08:31:52 AM
In general, this is very bad for Bitcoin and the entire cryptocurrency. If states and their banks do not recognize cryptocurrency as a means of payment, then the necessary infrastructure for this will not be created. If the cryptocurrency only circulates between citizens, it will not increase its liquidity and will not develop. But over time, everything can still change.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Bliznec on January 02, 2022, 02:42:09 PM
I know, I read that New York City will soon become the City of Bitcoin. Where it will be possible to buy goods for bitcoins using bitcoin. It will be in 2022, then New York City will show what bitcoin is. Regarding England's adoption of bitcoin, it’s a matter of time. 
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: satpol_PP on January 02, 2022, 02:57:05 PM
Quote from: I-Bit on September 04, 2020, 06:45:22 PM
Don't worry, it may be just a temporary policy. We have experienced this many times and Bitcoin stays there stronger. As long as Bitcoin is allowed as a digital asset, then it is always growing. More people join to utilize Bitcoin, then the chance for Bitcoin to using as the payment tool will be back.

Yep, I think It's just temporary.
I think we will face the same issue, negative news during crypto has corrections.
So keep calm and optimise, we will see the rainbow.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: mlawson71 on January 02, 2022, 04:50:42 PM
That happened a year ago, is their opinion of Bitcoin still so negative, despite BTC's increased popularity?
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Manna on January 04, 2022, 04:36:13 PM
NOWPayments does this by making available API, Plugins and widgets for clients and having them integrate this tools on their respective websites and platforms.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Lukasz on January 04, 2022, 11:03:50 PM
Because as a payment method btc did newere worked out due to the volatality there are better solutions inside the cryppto space and outside so governor of Bank of England is partially correct on this point still many people use bitcoinn as a method of payement and right now its at a round number which is 50 k
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: shadowdio on January 05, 2022, 02:14:46 AM
Not surprising if the bank of england governor against bitcoin because you know bitcoin is volatile but stable coins has a chance to list as their payment method.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Muneeb22 on January 05, 2022, 03:45:46 AM
This time the England bank will dismissed the Bitcoin payments but soon they will except it becasue soon in all over the world the crypto market is going to be legal and that time in the banks everyone can buy and sell the Bitcoin and also other coins easily.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Btclover on January 05, 2022, 10:05:03 AM
If states and their banks do not recognize cryptocurrency as a means of payment, then the necessary infrastructure for this will not be created. If the cryptocurrency only circulates between citizens, it will not increase its liquidity and will not develop. But over time, everything can still change
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: Gravatai on January 05, 2022, 07:58:17 PM
England has always been more conservative than other European countries. But I believe that England's influence on cryptocurrencies is very low, so it is necessary to focus on the sentiment among US financial regulators and politicians. Because the US has a greater influence on the development of cryptocurrencies than other countries.
Title: Re: Bank of England governor dismissed Bitcoin as a means of payment
Post by: mlawson71 on January 06, 2022, 04:15:30 PM
True. The FCA in particular seems to be pretty conservative, I'd even say negative, when it comes to cryptocurrencies. They banned crypto CFDs some time ago (https://www.forexbrokerz.com/news/fca-uk-crypto-cfd-ban-in-ffect) and their attiude has not thawed one bit since then, I think.