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Author Topic: Bank of England governor dismissed Bitcoin as a means of payment  (Read 4508 times)

Offline sirty143

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Bank of England governor dismissed Bitcoin as a means of payment
« on: September 04, 2020, 12:41:37 PM »
Bank of England governor dismissed Bitcoin as a means of payment


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.

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Bank of England governor dismissed Bitcoin as a means of payment
« on: September 04, 2020, 12:41:37 PM »

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #1 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.

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #2 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.

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #3 on: September 04, 2020, 08:02:33 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?

Offline krypto4uvak

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #4 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.
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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #5 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.

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #6 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.
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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #6 on: September 05, 2020, 10:45:58 PM »


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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #7 on: September 05, 2020, 11:13:37 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
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Offline wahyudi

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #8 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.

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #9 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 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.
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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #10 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.

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #11 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.

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #12 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.

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #13 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. 

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Re: Bank of England governor dismissed Bitcoin as a means of payment
« Reply #14 on: January 02, 2022, 02:57:05 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.

 

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