Can Bitcoin (Again) Be Used As A Payment System?

If you know what Bitcoin is, you probably know of the definition that it is a ‘peer-to-peer electronic cash system’. However, with a deeper look at the cryptocurrency you will see that Bitcoin has become something different.

 

It is true that people are investing in Bitcoin all in order to capitalize on its growth and take advantage of the trend. Everyone is looking to earn on Bitcoin, which put the cryptocurrency’s main value to the shadows. Its potential to work as a legit payment system has fallen away and only a few people know that.

 

There are many ways in which one can make Bitcoin work in that matter – even for micro payments like for a cup of coffee. In reality, Bitcoin is still very much a tool fo the rich when it comes to its buying power. Even though there are some plans to try and bring back Bitcoin to its original purpose, no one knows what will happen.

 

Bitcoin has grown over time and a lot of that had to do with its upgrades such as SegWit2x which has scaled dramatically, leading to an influx of users on the network and something that turned to slow transactions and expensive ones to boot.

 

It’s simple. Someone holding $1 million worth of Bitcoin can easily afford to offer $20 as a fee – but someone who wants to buy a pizza cannot. This is why Bitcoin is still growing in adoption for things like luxury vehicles, art or real estate – or as a payment method. The fees are close to zero and the transactions are speedy – which shapes the true potential of the leading cryptocurrency.

 

The Lighting Network is one project that looks like the best option on the horizon. It is gaining a lot of traction as we speak and is seen as the first physical transaction of Bitcoin which will allow micropayments as a payment channel opened between two parties and recorded on the blockchain. Let’s just hope that Lighting could become a game changer for Bitcoin too and maintain its amazing power!