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Bitcoin Forum / Re: What Happened To Bitcoin?
« Last post by Lucius on Today at 05:08:51 PM »So, I feel confident in saying that the adoption of BTC as everyday money - 15 years after its launch - is basically zero.
Where I live, if my only money were BTC I'd starve.
Or have a very limited, exotic diet
As an investment, BTC has been a success story.
As a currency, a failure.
I would not agree that the adaptation in terms of using it as a currency is completely zero - but that it still depends on where you are and how big the crypto community is around you. If there are enough people who want to pay with crypto-currencies and they organize themselves and visit merchants with a request to add such a payment method, sometimes it happens.
I don't know how familiar you are with the example of Arnhem Bitcoin City, but I heard that there are similar places in the EU where Bitcoin really took off because people asked for it and sellers recognized it.
Imo BTC has failed as currency because of its volatility.
Think of a business - a dentist, barber, taxi driver, shoe seller - having on average a 3-5% profit out of each transaction.
Accepting BTC he could lose - given BTC volatility - all of that within 1 day.
Nobody likes to work for nothing.
Why take the risk.
Why accept BTC and then be forced to convert it as quick as possible in a stable currency.
Volatility is an advantage when trading, but of course a disadvantage when paying with Bitcoin - but that's why there are payment processors that serve to overcome that problem. The buyer pays with cryptocurrency, and the seller gets fiat, so it's a win-win situation for both.
It is true that there are not too many physical stores that accept BTC because we also have the problem that on-chain transactions are not instant, but that is why we have thousands of online sellers that accept BTC. Imagine living in a country where you can buy almost anything you want for BTC, and you don't have to pay taxes if 2+ years have passed since you invested in any cryptocurrency - it seems unrealistic, but it's true