Post
Topic
Board Bitcoin Discussion
Re: Bitcoin For Purchasing Goods and Services Mainstream>?
by
passwordnow
on 23/04/2024, 11:54:51 UTC
As right now BTC is more of a store of value. The value of it is not high enough to be able to use mainstream for the global market as the money system. For all markets to be based on.
It has never changed from being a store of value, from being a currency itself that can be used for P2P transactions. Whatever has been written on the whitepaper, there's no any change at all. But it's just that the wide use of Bitcoin have been common as a store of value and with the current status of the transaction fees, it's not an ideal thing to be used for P2P transactions unless the transaction will happen off chain.

Do you think that if ever there becomes more adoption, BTC would be and able to be used for mainstream like a global money? Does the tech work enough that it could handle the global market?

why or why not?
It's possible because it's been there already. But the fees stops that optimism from the majority of us. However, there's the BTC Lightning Network but this is ideal for smaller transactions. And the exchange-wallet apps that has off chain transactions that you can use them for transfers without having any delay and fees because you're on their platform and using Bitcoin as a payment to anything that you want to purchase. It's possible with those wallets as long as you and the person you're transacting with also uses the same wallet but if you or the other party is using different wallet then you have to take the current fees even if they're expensive. But the ideal thing to do when the fees are that much is to do nothing.