Post
Topic
Board Economics
Re: How can we get people to use bitcoin as a currency?
by
Twentyonepaylots
on 05/06/2020, 14:40:30 UTC
In my opinion, we cannot forced people to use bitcoin as their first option of payments because they are still using fiat currencies as their main source of buying goods and services in their respective countries. It might be possible for bitcoin, but it will only be considered as an alternative in my opinion not unless bitcoin is already fully adopted in their countries and it is more guaranteed payment adoption is inevitable to all users.

People will use bitcoin as a means of payment only if it is economically profitable for them. To do this, it is necessary that bitcoin has a stable price, so that people do not have to choose whether to pay for the purchase today or maybe tomorrow, when the exchange rate for bitcoin increases.
Economically profitable? If that's the case then we will never use bitcoin in such instance of a currency. Some says that we can use bitcoin if we come to meet the price in a certain range with stability, but we will never see that happening. What's only stable on bitcoin's part is the supply, we have a fixed 21M btc supply and the demand is fluctuates every time so there's no way that you'll see the price of bitcoin staying in a certain price for long. There are merchants that is already accepting bitcoin, YES , but I'm pretty sure that they know the risks of it.  Aside who's going to spend their BTCs?