Post
Topic
Board Economics
Re: How can we get people to use bitcoin as a currency?
by
billykannithi
on 05/06/2020, 15:27:49 UTC
In order for bitcoin or cryptocurrencies to be able to replace currencies, used in transactions in life will probably take more time. Because the price of Bitcoin is currently unstable, constantly changing, minute by minute. This makes payment difficult because prices are not stable. Second, the smallest unit of Bitcoin is the satoshi, which is 10 ^ -9. Later, when the price of Bitcoin increases, it is possible that the smallest unit of Bitcoin is still greater than the amount to be paid, so how will they handle it? Moreover, the transaction confirmation will take time and not immediately, on average, it will take 10 minutes for a new transaction to be confirmed. So, for every transaction we make, do we have to wait 10 minutes to confirm the transaction before we can get the goods?

These are a few inadequacies when paying with Bitcoin and that is one of the reasons it is difficult to replace fiat money at the moment!