Look at the current payment methods:
These payment methods are more convenient than Bitcoin in most cases. Moreover, although in the case of cross-border remittances or the elimination of brokerage transactions, the use of Bitcoin may reduce the handling fee by 2%-3%, the parties need to convert Bitcoin into legal tender, which has an exchange rate problem. At the same time, you may need to pay a part of the fee for the exchange, you need to endure the slip of the Bitcoin price, these costs may add up to 2% -3%. So, for many merchants, using Bitcoin for trading, or as a payment method, may not be ideal.
Can’t artificially increase demand for payment methods
If the usage rate of payment methods increases, it will obviously have a lot of driving effect on the Bitcoin market.
More people use Bitcoin as a payment method, and the mobility of Bitcoin will also increase, people not only can buy and sell Bitcoin in more places but also use Bitcoin to buy products or service.
However, we can’t increase the demand for Bitcoin as a payment method artificially. It’s like you can’t put the carriage compartment in front of the horse.
First, most people who hold Bitcoin as a value store do not use Bitcoin as a means of payment. They believe that Bitcoin will appreciate in the future. Since it will appreciate, holding it better than spending it.
How will bitcoin become a form of payment?
So, will Bitcoin currency become a payment method in the end? Or is it that Bitcoin can only exist as a kind of ‘crypto gold’?
This question is actually quite ironic. Because people usually use this to smash Bitcoins, but they ignore history. For thousands of years, people have always had the example of using gold as a payment method, not just a value storage medium.
From the perspective of currency evolution, there are often several key conditions that must be met before people actually start using hard money as a payment method:
1. Merchants must be willing to accept such hard currency as a medium for value storage. If a merchant accepts other payment methods while accepting Bitcoin payments, you probably know that the merchant is not really willing to hold Bitcoin. He does not use Bitcoin as a medium for value storage. Will Venezuela accept Venezuelan currency in addition to Bitcoin? Will not. The Venezuelan currency is so fast that merchants are willing to use hard currency as a medium for value storage.
2, consumers must be very eager for products or services, eager to take the Bitcoin they want to take out, in exchange for these products and services. Most people who like to save money have a comparison
Bitcoin info
Bitcoin price today is at $6414.65, decreasing 0.90%. With the topmost 24h volume, BTC to USD trading the most in Bitcoin market.