Bitcoin Is Too Volatile to Be Used as a Mainstream Payment Method

February 9, 2018 by Adrian Thorpe

Bitcoin has been around for many years now, and being the largest cryptocurrency by market value it is often the one that is reported on in the media, for there is of course a lot of interest in most cryptocurrencies at the minute, and Bitcoin is often the first one a news reporter will latch onto.

However, the whole idea behind Bitcoin and for that matter any other cryptocurrency was to offer anyone, in any country of the world a completely safe and secure environment to move money around and one that isn’t subject to a large array of transaction fees and charges that fiat currencies sadly are, and always will be.

But to be perfectly honest, I have yet to meet anyone who does actually use Bitcoin for its intended purpose, that being to send money around in an efficient and total decentralized way, in fact I tend to only meet and talk to people who are buying into it purely to make money from doing so.

Bitcoin is never going to become a mainstream payment method until people start using it as such, and until that day arrives, if it ever does, then users and investors are going to have to get used to its value rising and falling with no notice and often quite significantly too.

In fact, I am of the mind that sooner rather than later another cryptocurrency will steal the crown from Bitcoin, for there are lots of other cryptocurrencies that people can use which are much more appealing to them for the reasons mentioned below.

Bitcoin is Expensive to Buy and Use

Even though the purchase price of Bitcoin has dropped dramatically in value over the last week or so, it is still the most expensive of cryptocurrencies to buy, and as such one thing you need to be aware of is that buying into Bitcoin can be and will be expensive.

Whilst you can of course buy smaller units of Bitcoin instead of buying one single unit of that cryptocurrency, there are additional fees that you are also going to have to pay onto top of the spot price of Bitcoin, and those fees and charges are beginning to get quit ridiculous!

When you make use of a digital currency exchange it will be dependent on the payment method you with to use to pay for your units of Bitcoin that will ultimately determine how much on top of the spot price you will have to pay.

There are also miner’s fees to be paid, and those are often subject to an additional surcharge for some digital currency exchanges add a small fee on top of the miners fees to allow them to make even more money.

In fact, currently it is very true to say that the online companies and businesses that are making sustained and ongoing profits from Bitcoin are those involved in digital currency exchange and also the miners who add and verify transactions onto the blockchain.

If you have any doubts as to whether Bitcoin is going to be the ideal cryptocurrency for you to use, then I could urge you to look at some of the many additional ones that are available, for there are pros and cons of using another one such as Ripple or Ethereum rather than using Bitcoin!

Learn What Cryptocurrencies Are

You may have stumbled upon this news story in your quest to find the answers to a range of different questions about Bitcoin and other cryptocurrencies, and if that is the case I really would urge you to have a good look around this website, for if you do have any questions relating to any cryptocurrency then you will find the answers to those questions somewhere within this website.

Many people will simply walk into the cryptocurrency environment completely blindly and will not have a clue whether for example a cryptocurrency is mineable or not, and will have no understanding about how to store their cryptocurrencies safely or how to buy them in a cost effective way either.

If you do not do your research and set aside plenty of time to learn in full just how cryptocurrencies came about, what they offer users and how to store and use them safely then your cryptocurrencies could be at risk!

So please spend as much time as you require learning the finer details and points about using cryptocurrencies, for they are going to change the way people move money about, but you do need to know and understand in full the risks of using them and always ensure your money in never at risk too.