Barriers preventing you from using bitcoin today/advantages of using bitcoin? - page 2.

shoreno

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Quote from: RokokGudangGaram on August 29, 2020, 07:55:36 AM

Quote from: Yatsan on August 29, 2020, 06:38:53 AM

There are certain and distinct barriers that is affecting why you are being prevented or prohibited from using Bitcoin which varies depending upon the certain country you do belong. Some of the common barriers we do know includes (1) Legalization this is the first thing that is the main concern of Bitcoin users for they do reside on countries where Bitcoin usage is not yet being legalized to be used freely which prevents them from using it. (2) Accessibility and Adaptation the next thing being the main concern after legal matters is of course the massive adaption on using cryptocurrencies because their main issue is that accessibility cannot be attained by people due to lack of capacity and capability all due because of legal matters abiding that prohibits Bitcoin usage.

Those two that I have mentioned above are the main and the most common barriers that can be observed and the main issue why certain crypto users are being prevented on using Bitcoin freely according to their own will. I know there are still lots of barriers but I have just mentioned some of those.

I definitely agree with you. You have pointed out my thoughts about this precisely. Most of the time, people are going on converting their Bitcoin into flat then use it to make transactions. And others are only being able to use it to pay someone who is also a Bitcoin enthusiast.

why not use your btc online if not offline ? so many online sites that are built now dedicated for us bitcoin users .

on our place , adoption is also less but there are few stores that accept btc . never tried buying them because i was happy using my btc online . transacting online protects you from legalities issues if you are on the country where btc acceptance is questionable .

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Quote from: Yatsan on August 29, 2020, 06:38:53 AM

There are certain and distinct barriers that is affecting why you are being prevented or prohibited from using Bitcoin which varies depending upon the certain country you do belong. Some of the common barriers we do know includes (1) Legalization this is the first thing that is the main concern of Bitcoin users for they do reside on countries where Bitcoin usage is not yet being legalized to be used freely which prevents them from using it. (2) Accessibility and Adaptation the next thing being the main concern after legal matters is of course the massive adaption on using cryptocurrencies because their main issue is that accessibility cannot be attained by people due to lack of capacity and capability all due because of legal matters abiding that prohibits Bitcoin usage.

Those two that I have mentioned above are the main and the most common barriers that can be observed and the main issue why certain crypto users are being prevented on using Bitcoin freely according to their own will. I know there are still lots of barriers but I have just mentioned some of those.

Yes, these barriers exist. But, at the moment, overcoming them will not do anything. You want to use bitcoins for purchases, you want to use bitcoins more often. That is, you want to make more transactions. But this is impossible. The blockchain is full. You can't do more transactions than you are doing now. This talk about "Legalization", "Accessibility and adaptation" is a waste of time. We must overcome the first barrier-the limit on the number of transactions. Especially since we set this barrier ourselves.

It seems to me that people in this forum are trying to avoid discussing the block size. This is very similar to:
Owner: Why are there no visitors in our store? Maybe we have high prices? Maybe we should give more advertising.
Someone: Maybe you can try to open the doors in the store.
Owner: I don't understand. Perhaps we should give more advertising.

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Quote from: hatshepsut93 on August 29, 2020, 02:52:26 AM

What's preventing me from using Bitcoin is that none of the services that I use accept Bitcoin payments, and since most of them are big companies, there's no point in asking them, cause my voice won't change anything. And the second problem is fees, when there's a lot of market activity, the fees tend to get to a few dollars on average - no way I'm paying that for my consumer transactions, unless the deal is so good that it covers the fee.

Not only Services but also merchant ,there are only limited from some countries (including me and i assume you since companies in your place also denied Bitcoin)
If only Giving a chance that even supermarket will accept Bitcoin?then sure me in that i will spend my coins for my weekly groceries .
I don't know when this will happen but i am looking forward it will soon.

Quote from: molsewid on August 28, 2020, 12:22:33 PM

Of course, the transaction fees cost too much sometimes. I think if bitcoin fees become lower forever many would like to use it in their businesses and daily transactions.

Don't bother about the fees because that is isolated cases and none is permanent.
actually it happens maximum for 2 days most of the time but of course depend if there is Bullrun surely it will bug you from using preventing the high fees.

RokokGudangGaram

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Quote from: Yatsan on August 29, 2020, 06:38:53 AM

There are certain and distinct barriers that is affecting why you are being prevented or prohibited from using Bitcoin which varies depending upon the certain country you do belong. Some of the common barriers we do know includes (1) Legalization this is the first thing that is the main concern of Bitcoin users for they do reside on countries where Bitcoin usage is not yet being legalized to be used freely which prevents them from using it. (2) Accessibility and Adaptation the next thing being the main concern after legal matters is of course the massive adaption on using cryptocurrencies because their main issue is that accessibility cannot be attained by people due to lack of capacity and capability all due because of legal matters abiding that prohibits Bitcoin usage.

Those two that I have mentioned above are the main and the most common barriers that can be observed and the main issue why certain crypto users are being prevented on using Bitcoin freely according to their own will. I know there are still lots of barriers but I have just mentioned some of those.

I definitely agree with you. You have pointed out my thoughts about this precisely. Most of the time, people are going on converting their Bitcoin into flat then use it to make transactions. And others are only being able to use it to pay someone who is also a Bitcoin enthusiast.

Yatsan

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There are certain and distinct barriers that is affecting why you are being prevented or prohibited from using Bitcoin which varies depending upon the certain country you do belong. Some of the common barriers we do know includes (1) Legalization this is the first thing that is the main concern of Bitcoin users for they do reside on countries where Bitcoin usage is not yet being legalized to be used freely which prevents them from using it. (2) Accessibility and Adaptation the next thing being the main concern after legal matters is of course the massive adaption on using cryptocurrencies because their main issue is that accessibility cannot be attained by people due to lack of capacity and capability all due because of legal matters abiding that prohibits Bitcoin usage.

Those two that I have mentioned above are the main and the most common barriers that can be observed and the main issue why certain crypto users are being prevented on using Bitcoin freely according to their own will. I know there are still lots of barriers but I have just mentioned some of those.

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Quote from: molsewid on August 28, 2020, 12:22:33 PM

The only barrier that prevented me to use my bitcoin mostly in my daily transaction is it's not acceptable in online shops, stores, supermarkets, and pharmacies.

Have you read my previous post? Online stores are the ones that mostly accept Bitcoin as a means of payment, and there are certainly over 1000 of them from all possible categories. Of course, for someone living in the EU, buying something sent from the USA is a big expense if we take into account the national VAT + customs costs + shipping costs.

Quote from: pixie85 on August 28, 2020, 04:16:54 PM

The only thing that stops me from using Bitcoin to buy things is lack of acceptance. I can use amazon via payment processors but that's online shopping. I can't buy things in stores.

As a digital cryptocurrency, Bitcoin actually makes sense to be used in the digital (online) world, because with the exception of LN transactions, every customer in a physical store would have to wait for the transaction to receive at least 1 confirmation - sometimes up to 60 minutes. If you think about the situation in which you could find yourself using this method of payment then you will surely agree that it is much easier to pay online and get your purchased product at your home address. I have personally bought TVs, computers, cell phones and many other things online for BTC - and I can say that I have always had very positive experiences with such purchases.

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What's preventing me from using Bitcoin is that none of the services that I use accept Bitcoin payments, and since most of them are big companies, there's no point in asking them, cause my voice won't change anything. And the second problem is fees, when there's a lot of market activity, the fees tend to get to a few dollars on average - no way I'm paying that for my consumer transactions, unless the deal is so good that it covers the fee.

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Quote from: GGUL on August 28, 2020, 04:57:42 PM

You will not get widespread acceptance of bitcoins in supermarkets and stores. Because there is no economic feasibility for their owners. To date, Bitcoin makes ~350 thousand transactions per day, distributed around the world. If we take 1 billion people from civilized countries, then on average out of 3 thousand people, only one can make a single transaction. One in 3 thousand. If 3 thousand customers pass through the supermarket every day, you will receive only one payment per day in bitcoins. If 500 people pass through a restaurant a day, then one bitcoin payment is made in 6 days. In reality, this figure will be much lower, because most bitcoin transactions are "buy/sell bitcoins".

Stop dreaming. You want to pay with bitcoins, but you don't want to change anything with Bitcoin. This won't work. If you want to use bitcoins, make it possible to make 50-100 million transactions a day. Then, perhaps, you will see the bitcoins in supermarkets.

I am guilty that I don't want to pay anything with bitcoin, I think its because I don't own a lot of bitcoin for now and my goal is not to spend bitcoin but to hodl it. I agree with you that it will be hard for bitcoin to have its widespread acceptance in supermarkets and stores. Cause it tackles a lot of world problem.

Like in my country, not all are technologically advance for them to use bitcoin, some rural areas here don't have sufficient signals even for a wifi. Some are market goers so it will be hard for us to reach a lot of people spending bitcoin. Even I myself who use bitcoin can sometimes choose not to use bitcoin cause it affects me financially. So a lot of problem to tackle just to have 1 bitcoin transaction.

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Quote from: GGUL on August 28, 2020, 04:57:42 PM

You will not get widespread acceptance of bitcoins in supermarkets and stores. Because there is no economic feasibility for their owners. To date, Bitcoin makes ~350 thousand transactions per day, distributed around the world. If we take 1 billion people from civilized countries, then on average out of 3 thousand people, only one can make a single transaction. One in 3 thousand. If 3 thousand customers pass through the supermarket every day, you will receive only one payment per day in bitcoins. If 500 people pass through a restaurant a day, then one bitcoin payment is made in 6 days. In reality, this figure will be much lower, because most bitcoin transactions are "buy/sell bitcoins".

Stop dreaming. You want to pay with bitcoins, but you don't want to change anything with Bitcoin. This won't work. If you want to use bitcoins, make it possible to make 50-100 million transactions a day. Then, perhaps, you will see the bitcoins in supermarkets.

That is a really pressing issue that I also am pondering about. Also, how would they sustain a proper economic flow if there is only a limited amount of coins? And the last block will be mined by 2140, the current quantity will not match the population. To make these thing work, the bitcoin should be passed around different transactions every second to accomodate global trade.

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Quote from: thesmallgod on August 28, 2020, 08:34:31 AM

Pain for services or goods using bitcoin makes it possible to explore many opportunities globally which would have been difficult to do using a debit cards. To be specific, the central bank in my country has made it impossible for many people to use a debit card on an international website. However, using bitcoin makes it easy to break this barrier as long as it is accepted on such platforms.

I'm not using a debit card or a credit card anymore and there are services where my family are subscribed that can only be paid by credit cards I have to use my friend's debit card for this, I hope to see one day that at least 80% of merchants or marketplace will be using Cryptocurrency because it's already had a community of it's own.

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Quote from: Fundamentals Of on August 28, 2020, 09:14:43 AM

The number one reason why I can hardly spend my Bitcoin is that there are almost no market, stores, and other businesses which are accepting Bitcoin. However excited I am to try to experience spending my Bitcoin in an actual purchase of goods and services, I am always confronted with the reality that these purchases can only be done online for now. And even online, purchases using Bitcoin is very limited.

yes, not all countries and even stores can accept bitcoin, only a few can accept purchases with bitcoin. so even so bitcoin still provides benefits

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Quote from: GGUL on August 28, 2020, 04:57:42 PM

You will not get widespread acceptance of bitcoins in supermarkets and stores. Because there is no economic feasibility for their owners. To date, Bitcoin makes ~350 thousand transactions per day, distributed around the world. If we take 1 billion people from civilized countries, then on average out of 3 thousand people, only one can make a single transaction. One in 3 thousand. If 3 thousand customers pass through the supermarket every day, you will receive only one payment per day in bitcoins. If 500 people pass through a restaurant a day, then one bitcoin payment is made in 6 days. In reality, this figure will be much lower, because most bitcoin transactions are buy - sell.

Stop dreaming. You want to pay with bitcoins, but you don't want to change anything with Bitcoin. This won't work. If you want to use bitcoins, make it possible to make 50-100 million transactions a day. Then, perhaps, you will see the bitcoins in supermarkets.

So right now, the easiest one that a crypto user can do is just convert his btc to fiat money and spend it directly to shops. Since the availability of merchants which are accepting bitcoin or crypto is still low in number, the best you can do if you do really want to spend your bitcoin is convert it to your fiat money, right? I really have no problem with that case. Because at the moment, as the tx fee is getting higher, merchants will have hesitation of integrating btc as part of their payment method, maybe other alts like doge or xrp but will find it hard in the implementation part.

GGUL

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You will not get widespread acceptance of bitcoins in supermarkets and stores. Because there is no economic feasibility for their owners. To date, Bitcoin makes ~350 thousand transactions per day, distributed around the world. If we take 1 billion people from civilized countries, then on average out of 3 thousand people, only one can make a single transaction. One in 3 thousand. If 3 thousand customers pass through the supermarket every day, you will receive only one payment per day in bitcoins. If 500 people pass through a restaurant a day, then one bitcoin payment is made in 6 days. In reality, this figure will be much lower, because most bitcoin transactions are "buy/sell bitcoins".

Stop dreaming. You want to pay with bitcoins, but you don't want to change anything with Bitcoin. This won't work. If you want to use bitcoins, make it possible to make 50-100 million transactions a day. Then, perhaps, you will see the bitcoins in supermarkets.

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Quote from: HeRetiK on August 28, 2020, 12:11:14 PM

Also: The opportunity cost of spending bitcoin rather than fiat.

Of course one can always spend and refill, but that can be (1) relatively cumbersome and (2) come with unwanted tax implications.

not to mention it costs money---fees to wire money to an exchange, trading fees, or the premium you pay over spot price on LBC. and while you're waiting or going through the process to rebuy, the price could edge even higher.

this is why we see what bitpay likes to call a "wealth effect" with bitcoin usage. after a significant rise in price, people love to spend their bitcoin as a way to lock in those capital gains. this was in 2017:

Quote

The more valuable bitcoin has become, the more people are using it to buy stuff. ”We have definitely seen a ‘wealth effect’ pattern when the bitcoin price increases,” says James Walpole, BitPay’s marketing manager. In other words, if you already owned bitcoin and it rose in value, selling some bitcoin would give you more dollars to spend.

The bitcoin “wealth effect” is also evident in the buying patterns of customers at CheapAir, which sells plane tickets, hotel reservations and car rentals online. CheapAir was one of the earliest merchants to accept bitcoin payments in November 2013, and founder Jeff Klee says his bitcoin customers are now feeling flush. “With bitcoin we tend to generate more sales in premium cabins like business class or first class,” he says. “Certainly the average spend for the bitcoin customer is higher than a non-bitcoin customer.”

https://qz.com/931810/cheapair-and-bitpay-data-show-rising-bitcoin-btc-payment-volumes/

i 100% agree with the points about tax implications and credit card incentives too. you could get 2-3% cash back using a credit card, whereas using bitcoin might just incur costs (to replace it) and unwanted taxable transactions.

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The points that prevent OP from using Bitcoin are completely irrelevant for me.

I have to pay for my card each month so it's not like I'm making money with it.
I also don't live in the US so US laws don't concern me. In the EU we don't have especially high Bitcoin taxation. It's either taxed lower than fiat money or on the same level.

The only thing that stops me from using Bitcoin to buy things is lack of acceptance. I can use amazon via payment processors but that's online shopping. I can't buy things in stores.

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Quote from: BrewMaster on August 28, 2020, 02:33:40 PM

Quote

but for me it is about usage as a replacement for fiat money.

i don't see it that way. bitcoin doesn't have to replace fiat to be considered "gone mainstream". the bitcoin adoption, or the ultimate one mass adoption is when people have the option to pay with bitcoin if they choose to or continue using fiat if not.
and i have never read anywhere that Satoshi said anything about "replacing". even in the paper it is referred to as something like an alternative method.

Exactly, the key word is not to replace but to choose Bitcoin more often than fiat, debit, cc, and other form of digital currency when these options are presented when you pay for service or goods.
Replacement means eradicating the fiat completely, I don't see that happening.

Quote from: DougM on August 28, 2020, 08:10:53 AM

I would be interested in hearing about what you perceive is the advantages of paying with bitcoin (or name your fav crypto if different)

Well, I could say "Convenience and privacy". Unlike paying with debit or cc when you like to subscribe for an online service provider or purchase a product, you don't need to link your financial information such as card number. Bitcoin could be directly sent to the merchant without linking anything.

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Quote from: DougM on August 28, 2020, 03:01:15 PM

Unfortunately, I do not use nor do I see much use of bitcoin in the USA in this fashion today....hopefully that will change one day.

I don't think it is an unfortunate situation. Bitcoin has been around for just above 10 years and has made lots of progress within that time frame. Adoption rate has been actually very quick imo, and the fact that we are having discussions about global adoption shows the potential it has shown. Fiat has been around for a very long time (centuries) and has evolved over the years to what we have today, Bitcoin would need a lot more time to function effectively as an alternative.

Quote from: DougM on August 28, 2020, 08:10:53 AM

I would like like to hear from bitcointalk members about what barriers YOU believe are preventing you from using bitcoin today.

One of the major barriers is its speculative value. The price is volatile and overtime has shown to mostly appreciate. This potential ROI limits a lot of people from spending their bitcoins and it is viewed as an investment.

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Quote from: BrewMaster on August 28, 2020, 02:33:40 PM

Quote

but for me it is about usage as a replacement for fiat money.

i don't see it that way. bitcoin doesn't have to replace fiat to be considered "gone mainstream". the bitcoin adoption, or the ultimate one mass adoption is when people have the option to pay with bitcoin if they choose to or continue using fiat if not.
and i have never read anywhere that Satoshi said anything about "replacing". even in the paper it is referred to as something like an alternative method.

as for advantages, i'd say the main thing is the control and power one has when they use bitcoin compared to using fiat where they have to rely on banks, credit card companies,... to have access to their own money. and that comes with a lot of limitations.

You are right, 'replacement' was a poor choice of words on my part....consider instead 'alternative' (I just edited my original post to reflect this)

Satoshi original paper was entitled Bitcoin: A Peer-to-Peer Electronic Cash System suggesting he envisioned bitcoin to be an alternative for cash, right?

Unfortunately, I do not use nor do I see much use of bitcoin in the USA in this fashion today....hopefully that will change one day.

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Quote

but for me it is about usage as a replacement for fiat money.

i don't see it that way. bitcoin doesn't have to replace fiat to be considered "gone mainstream". the bitcoin adoption, or the ultimate one mass adoption is when people have the option to pay with bitcoin if they choose to or continue using fiat if not.
and i have never read anywhere that Satoshi said anything about "replacing". even in the paper it is referred to as something like an alternative method.

as for advantages, i'd say the main thing is the control and power one has when they use bitcoin compared to using fiat where they have to rely on banks, credit card companies,... to have access to their own money. and that comes with a lot of limitations.

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Quote from: avikz on August 28, 2020, 11:36:16 AM

4. Low credibility - there are many instances happened where people have ordered illegal drugs using bitcoin and then caught by the enforcement authorities. Every newspaper highlighted such newses involving the name bitcoin. For a layman in my country, bitcoin is a scammers money used only for illegal stuffs.

These are main reasons why I can't use bitcoin in my country!

Ofcourse, this's part of the problems. It's not as if fiat currencies (esp the physical ones) are not used for bad/immoral/illegal things though. They are most likely used far more for evil... Unfortunately they are not as transparent as Bitcoin to help us (the public) know the truth, which is part of the reasons the public don't know much about what they are used for aside information on "crime tainted fiat currencies" handed to us by people that expect the public to trust them without having the proper means of verification that has the Bitcoin-level transparency.

Well, I just hope we will have decentralized communities/networks on Bitcoin to help prevent things that are wrong/immoral on whole network and for keeping it safe. If you could develop such decentralized networks/communities, it will really be harder for Bitcoin to be controlled centrally. But if you don't, and the network is seen( and proven) as a place with tolerance for evil, it could be "punished" and conquered.
I think Satoshi suggested the use of reputation to encourage good behavior. Other forms of incentives for encouraging good behaviors should be tried also

Topic: Barriers preventing you from using bitcoin today/advantages of using bitcoin? - page 2. (Read 543 times)