Re: Bitcoin vs Traditional Payment Processors

It's been a decade since Bitcoin emerged as a decentralized digital currency for the people. While it's no secret that Bitcoin and other cryptocurrrencies have some drawbacks, they're still a great alternative to Fiat when it comes to making payments without a centralized entity in charge of our funds.

With latest advancements such as DAGs, smart contracts, Layer-Two scaling solutions, Dandelion Protocol, Zero Knowledge Proofs, and more, it's becoming more evident that crypto will someday replace traditional payment processors like PayPal, Apple Pay, and Android Pay. Yet, Blockchain technology is still struggling with user adoption and regulatory compliance.

Nonetheless, do you believe that there's hope for Bitcoin to beat traditional payment processors or will those same payment processors adapt to the Blockchain in the future? Huh

From the current value of bitcoin, I don't think bitcoin will replace traditional payment transactions. Blockchain adoption of technology I think it is likely, after a speech from Chinese president Xi Jinping, is the first step to the adoption of blockchain technology. Concepts like stable coins are more suitable in my opinion as a substitute for traditional payment transactions.

Bitcoin will not definitely replace the traditional way of payment especially for now because we are not ready yet due to the fact that there are still some country that has no facilities to access crypto. Besides, cryptocurrencies especially Bitcoin will is not that good for payment due to the reason of stability. This requires a massive adaption in order to implement this way of transaction.

We're still far from that dream. Replacing the current traditional way of payment will be a huge adjustment. Bitcoin as a primary source of payment will not be supported by lots of countries. It can only be another option but not as the primary option. Its volatility is the biggest struggle we can face if this will happen.