Using Bitcoin for everyday payments isn’t really about laws or politicians like Trump. The real problem is that most people still don’t understand Bitcoin. Many still think it’s just gambling or speculation and don’t realize that it’s solid money that will continue to increase in value compared to regular dollars and other fiat and crypto currencies. Once people start realizing that Bitcoin’s purchasing power keeps growing, they’ll be much more willing to use it because who wouldn’t want money that actually gains value?

There will still be the reluctance to use it for such payments by most holders and this is because many of them consider it more as an investment than a currency, and before this mental bias is going to be overcome, it is going to require both time, and a conscious effort. Another view on it is that a limitless spending daily limit can encourage reckless spending too, and the daily limit set by banks may actually be a tool that has helped most persons control their daily spending.  From your example with $10,000, imagine you spend that like three times in a week because you have a limitless transaction limit. If you continue like that, it will not take long before its effect is shown on your investment. You will also be indirectly learning a new habit of high daily spending without concern.

If BTC payment gets approved by the government the tax will be way higher and the regulations governing it even more strict compared to that of our regular fiat. The issue will be people might not understand much about DEX and non-custodian wallet where they have full control of their coin, many will still want to give out sell out the control over their assets to CEX thereby making the whole agitation of bitcoin getting full adoption by the government a thing of joke and mockery.

Which bank is that? From your username, I guess you are from Nigeria. No local bank can let you spend up to $25000 a month. Although, maybe you might be able to do that with Fintech like the unrecommended Chipper Cash. The recent one that I know is that you can only spend up to $1000 in a month or so quarterly but it also varies from customers to customers. Before, the naira master card can not be used for international payments since 2022.

In the signing of land mark crypto bill, Trump commended stable coins as the cryptocurrency that'll be used in stores across the US. No way it'll begin to have shape immediately, the government would first of all structure plans and options for merchants to merge into the decentralized digital payment system. It'll help the dollar dominance, so the act will take effect soon, but when the already existing crypto geeks begin to lead by example, other stores will add up.

In my opinion, Bitcoin will never become a widespread and generally accepted means of payment. Why do I think so? There are technological limits on the number of daily transactions in the Bitcoin network. And what will happen when Schnorr signatures (a cryptographic solution that will protect the Bitcoin network from new quantum computers) are implemented in the network of the first cryptocurrency? The number of possible daily transactions will decrease even more👾

In practice, 8 billion people will never be able to use Bitcoin for current daily payments. Bitcoin technology does not provide for such an opportunity🦾

Thus, Bitcoin will most likely never become a widespread and popular means of payment (it will not be used to buy relatively inexpensive goods and services)🤷

At the same time, the law on stablecoins has nothing to do with the payment function of Bitcoin. The US government wants to support demand for US Treasury bonds.  And it will achieve these goals because (by law) stablecoins must be backed by US dollars, commercial bank deposits, or US Treasury bonds. So, we can conclude that the main goal of the US government is to strengthen the role of the US dollar. This, in my opinion, serves as further evidence that Bitcoin is unlikely to become a widespread means of payment for goods and services🤳

At the same time, some local solutions are possible on this issue. I do not exclude that individual online stores will begin to accept Bitcoin as a means of payment. At the same time, most people will still use either fiat money or stablecoins to buy goods and services. And the US government is also interested in everything being exactly like that.👮

Even today, you can spend as much as you want in BTC if you pay someone directly to their wallet. But if you think that an online store will allow you to spend as much BTC as you want without requiring KYC or without adapting to the laws of your country, then you are mistaken.

I have the opportunity to buy almost anything I can think of with cryptocurrencies, but for any amount greater than EUR 1000, KYC is required, regardless of what you use as payment currency.

In addition, we have already been in a situation where many companies allowed payment with BTC, but gave up because there was simply no interest from clients. I don't think anything has changed even today - most people think like "why should I spend $1000 in BTC today when in a few months that same BTC can be worth $1500 or more?"

I don’t think bitcoin can handle such high load unless people use lightning network. Is it possible? Yes, but so far businesses aren’t showing LN any love.

Stable coin payment gates on the other hand are not different than credit cards so I don’t understand the big deal tbh. Since all stable coins are centralized, I don’t see any difference between USDC/USDT and credit card payments. It is the same thing, packaged in a different color. Why all the fuss? Do we celebrate whenever a new centralized payment company emerges?

I don’t care about the stable coin part of the new bill as it makes no sense.

Knowledge is lacking that's why this thing is not happening. If it happens that many people knows how to deal Bitcoin for sure that they won't have any doubts upon inserting it as one of good payment options on their shops.

But what bother's them is those uncertain things and volatility that's why lots of merchants got discourage to accept this. But since now there are so many good laws created and Bitcoin gain positive exposure then maybe we could able to see those skeptical merchants accepting Bitcoin. What good thing about is year by year the number of businesses accept Bitcoin is growing.

They say the GENIUS act was created with the main goal of protecting users, but in reality they are trying to strengthen the position of the USD and manage the money flow more tightly. This GENIUS not only requires stablecoin issuers to be pegged to the USD, but also requires organizations to comply with the statutory withdrawal, freezing, and burning of stablecoins.


OP is a bit naive to think when they pass a bill regarding crypto that bitcoin and other cryptocurrencies will benefit and be treated the same. But unfortunately, they have their own goals. They only do what benefits them, so don't expect them to do the same with bitcoin, a currency that is beyond their control.