Topic: Barriers preventing you from using bitcoin today/advantages of using bitcoin? (Read 543 times)
September 12, 2020, 01:10:17 PM
I think the two of the best advantages of Bitcoin is its accessibility and easy-to-use payment system. Thanks to its mobility, we access our Bitcoin wallet from electronic devices like phones, laptops etc. and make our transactions so easily. The one of the most I liked features on Bitcoin is that there is no need to carry cash or credit card.
September 12, 2020, 11:56:38 AM
It is convenient to know the taxes that can be applied to Bitcoin and crypto to be aware of what comes with the regulations. The legal use of Bitcoin in each country will depend on the laws that those countries pass in a way to collect taxes.
In my country, no laws have yet been passed, but we do know that legislators are working on it.
The following article titled Cryptocurrency Taxes USA: Your Guide to Crypto Taxes for 2020.
https://www.exodus.io/blog/cryptocurrency-taxes-usa/#head14
It shows us a vision of how crypto will work when taxes are applied.
"Crypto, like property, is usually considered a capital asset that can be subject to capital gains tax."
In my country, no laws have yet been passed, but we do know that legislators are working on it.
The following article titled Cryptocurrency Taxes USA: Your Guide to Crypto Taxes for 2020.
https://www.exodus.io/blog/cryptocurrency-taxes-usa/#head14
It shows us a vision of how crypto will work when taxes are applied.
"Crypto, like property, is usually considered a capital asset that can be subject to capital gains tax."
September 08, 2020, 03:49:16 PM
BTCBTCThe 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.
September 07, 2020, 11:44:03 AM
For me the barriers preventing people from using bitcoin today is being high risk and lack of usage like in payment for goods and services. Only few stores accept bitcoin then the transaction fee is too high. But I think if bitcoin will become more develop and can be accepted anywhere and government will legalize it, the barriers will become minimal.
September 07, 2020, 11:12:47 AM
My current barrier to using bitcoins is that they fluctuate in value and it doesn't make me feel safe. There are many reasons for the volatility of value such as speculation, bitcoin derivatives ...
People are looking at bitcoins as short-term investments and selling them at a profit, and they continue to do so in the future.
The rules for using bitcoin are clear and the government wants to control the flow of money.
The cost of sending Bitcoin is also an issue as it is usually from $ 1. It doesn't look good when I use it regularly.
The benefits of bitcoin are convenience and ease of use. Bitcoin can help me transfer money across countries for low fees but instant liquidity.
People are looking at bitcoins as short-term investments and selling them at a profit, and they continue to do so in the future.
The rules for using bitcoin are clear and the government wants to control the flow of money.
The cost of sending Bitcoin is also an issue as it is usually from $ 1. It doesn't look good when I use it regularly.
The benefits of bitcoin are convenience and ease of use. Bitcoin can help me transfer money across countries for low fees but instant liquidity.
August 30, 2020, 03:52:40 PM
The barriers are certain and varies depending upon the location you were up to because there are certain countries who have issues in legalization of using Bitcoin and the whole cryptocurrency as a whole which is the main and number one barrier you can meet that will certainly prohibit you from obtaining and using any kind of cryptocurrencies even Bitcoin. There are also some cases that Bitcoin is legally used but cannot be used as payment option due to some matters. There are also cases like there is difficulty on adapting which leads to the lack of accessibility on which you have obtained Bitcoin but cannot use it directly for payment options because it is still not massively adapted so you need to still convert it into national or local currency before you can use it for payment methods. Those were some but the most common barriers I know and the last one I have stated is my current situation and barrier I am experiencing for many people do know about crypto but are afraid to get engage which makes us have difficulty on doing mass adaption leading to lack of accessibility on using our Bitcoins directly as payment options.
August 30, 2020, 03:08:06 PM
1. For privacy: Not like I'm buying dragon dildos or something similar, but I feel more comfortable buying stuff peer-to-peer; without(or with less) centralized entities knowing what I'm buying. Unfortunately of course, what you can buy with bitcoin online is very limited.
Agree, and if anyone expects more options to just pop out of nowhere, and I mean some sort of platform that accepts bitcoin and gives out fiat to businesses that want to dive into it without fully embracing bitcoin, well, it's just centralization with extra steps. We have to wait until bitcoin is more widespread for online payments to be more accesible in btc.
There are a lot of various advantages of Bitcoin in general, but it's mostly:
2. Having self custody: not necessarily concerning payments, but it feels great having total ownership of the money(bitcoin) I have; especially right now whereas the whole world is going bonkers.
2. Having self custody: not necessarily concerning payments, but it feels great having total ownership of the money(bitcoin) I have; especially right now whereas the whole world is going bonkers.
Yeah, I agree iwth this deeply, there's just some solace that if all goes to shit I still own and control my stuff and not some guy elsewhere.
3. Because fuck PayPal. Seriously. So much problems with it throughout the years that it's unfortunate that my options mostly are pretty much either use PayPal, or use my debit card.
PayPal sounded like a good idea when it was first introduced, but there are very high fees for cross country purchases which kind of defeat the point of a global payment network. This is my reasoning why bitcoin is better.
ALso it's not just paypal, but whatever payment platform out there.
August 30, 2020, 02:09:42 PM
For me the biggest barriers to being able to spend Bitcoin, is not the absence of merchants that accept Bitcoin payments.
But if we come to think of it, there are only few countries who does not support bitcoin or worst they against it at all like countries who put bitcoin on a ban list. Yet, we can't blame merchants for having bitcoin payment method coz we all know how risky it is when they do that. This is why I don't think that bitcoin will make it to the mainstream such as being spent on a daily basis, or just even merchants accepting bitcoin. But the government of my country forbids using Bitcoin as payment, this prevents me from being able to feel benefit from
using Bitcoin payments. Therefore, I can only use Bitcoin as a digital asset for the time being.
That's a factor, not a disadvantage at all coz there are many people who benefits from bitcoin from spending it. To spend bitcoin is to have a supportive environment, this plays a vital role in adopting bitcoin as a currency but you are right bitcoin is now a digital asset instead of a currency. using Bitcoin payments. Therefore, I can only use Bitcoin as a digital asset for the time being.
August 30, 2020, 01:49:56 PM
Lots of benefits that were mentioned in the list are really true. And most of them were preferable to me that is why Bitcoin made me to be so interested in it one day. But as for my country there is not so much things and services that you can buy or pay for. I even would admit you can buy something may be via some private way in order you and the opposite person are decided to do so. Because crypto officially were not allowed nor forbidden here. Only this year crypto should be mentioned in your declaration of your income but nothing else. No other regulations or allows to use crypto officially. Lots of people prefer not to use it for lots of other eyes seeing. ))) But in case it is something online - yes, of course Bitcoin and crypto have lots of more suitable moments for people and for me in comparence with banking cards.
August 30, 2020, 12:13:50 PM
More number of cryptocurrency users are available with difference of opinion regarding the cryptocurrency markets. More and more advantages of the bitcoin is analysed, along with identification of bitcoin on different needs. As of now the banks were the one to stand against the growth of cryptocurrencies. This will slowly change.
August 30, 2020, 11:54:48 AM
I like that it can't be stopped because there are so many different miners mining all over the world. It is not as if it is a few companies mining and if they disappear, bitcoin disappears. That security feels good. The fact it is not in the hands of companies or governments. Being in control and not needing any external help like you do when you set up a bank account. Spending and using it is also easy and fun. Again no reliance of a banking system which is great.
There is support for the banking system, but it is not so obvious. The liquidity of bitcoin still depends on its binding to the value of the Fiat currency. gold is also involved in these processes. As long as there is money and its value, there will also be bitcoin, as an alternative to the generally accepted calculation option. 
August 30, 2020, 11:50:11 AM
The most common barrier for me and for others I think is the lack of local merchant that is accepting bitcoin or other cryptocurrencies as a payment for their product and services though there are some online services that make it easier for other people to accept or to spend the bitcoin they have, But thinking ahead, Bitcoin will surely be adopted by many merchants as bitcoin grow, It's just the same as Paypal before who is not accepted by the most merchant but it came to the time that it is adapted by them due to convenience and trend.
There are many advantages that I see from cryptocurrency, Volatility is one of them since I am trading crypto and as a trader that starts on stocks before, I make more profit in the volatility of crypto hodlings than my stock assets.
As a crypto believer, I believe that bitcoin will eliminate the problems that are existing today. It's just no one can stop me from using crypto. I feel comfortable here, Why would I leave?
There are many advantages that I see from cryptocurrency, Volatility is one of them since I am trading crypto and as a trader that starts on stocks before, I make more profit in the volatility of crypto hodlings than my stock assets.
As a crypto believer, I believe that bitcoin will eliminate the problems that are existing today. It's just no one can stop me from using crypto. I feel comfortable here, Why would I leave?
August 30, 2020, 11:21:40 AM
Last five years, what brought me to Bitcoin was because PayPal wasn’t offering their services to our country. I took my job online back then and other means of receiving payments back then wasn’t something that works for other countries; most of my clients were always requesting for PayPal, and PayPal wasn’t available for me, so I had to use banks and before the money will arrive, banks will take off huge amounts from it due to their annoying fees.
So, I had to look for other means and then came across Bitcoin, and it seemed different. I did my proper research and for days I was studying about Bitcoin to understand what it’s all about. Bitcoin really helped me and the advantage for me was that the transaction was almost instant for receiving money from around the world, unlike banks, and the fees are so cheap.
So, I had to look for other means and then came across Bitcoin, and it seemed different. I did my proper research and for days I was studying about Bitcoin to understand what it’s all about. Bitcoin really helped me and the advantage for me was that the transaction was almost instant for receiving money from around the world, unlike banks, and the fees are so cheap.
August 30, 2020, 10:46:29 AM
I like that it can't be stopped because there are so many different miners mining all over the world. It is not as if it is a few companies mining and if they disappear, bitcoin disappears. That security feels good. The fact it is not in the hands of companies or governments. Being in control and not needing any external help like you do when you set up a bank account. Spending and using it is also easy and fun. Again no reliance of a banking system which is great.
August 30, 2020, 05:58:51 AM
For me the biggest barriers to being able to spend Bitcoin, is not the absence of merchants that accept Bitcoin payments.
But the government of my country forbids using Bitcoin as payment, this prevents me from being able to feel benefit from
using Bitcoin payments. Therefore, I can only use Bitcoin as a digital asset for the time being.
But the government of my country forbids using Bitcoin as payment, this prevents me from being able to feel benefit from
using Bitcoin payments. Therefore, I can only use Bitcoin as a digital asset for the time being.
August 30, 2020, 05:23:00 AM
One of the biggest factor why many of us still refuses to use bitcoin or any other crypto currency to use in our daily lives is it's VOLATILITY because we cannot predict whether it will at it's highest value today or it will be at it's lowest value tomorrow that's why a lot of countries are not in favor on using bitcoin because somehow it can affect the economy of a certain country.
Why would it affect the economy of a country? If Bitcoin has the power to do so, then what do we say about precious metals which are way more known and used?Volatility is a risk you agree with ever since you purchase or earn your first satoshi. Bitcoin has an entire history of volatility, so there's almost no way one can purchase BTC without knowing it. Once you have your first coins, you already know their value will change second by second.. but this is why I said it'll probably never be the perfect replacement of fiat. It just wouldn't work.
August 29, 2020, 03:09:55 PM
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.
that's unfortunately what drives me towards using huge companies like amazon, walmart, whole foods---they're big enough that i can at least buy gift cards with bitcoin. i do like spending bitcoin, particularly after it has significantly appreciated in value, and while i love supporting local shops, mom and pops etc that is the reality of it.
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.
i wouldn't mind paying lower fees and waiting several hours for the order to be fulfilled. that can unfortunately cause errors on the merchant side, as i have experienced, so it's true that i usually pay higher fees than i'd like to ensure timely confirmation. in truth though, it doesn't have a major effect on someone like me, who really only spends/sells after significant capital gains. the fees are pretty negligible compared to the gains, so it's an afterthought.
August 29, 2020, 01:32:52 PM
I can't use Bitcoin as a payment method in my country, Indonesia.
however, I can trade it as an asset.
even if I can use it to pay my daily needs, I won't use it.
I don't want to pay a high fee for microtransactions.
also, I don't want to wait for the block confirmations
oh, sometimes you feel bad to use bitcoin as payment because of the volatility.
especially, when you think you have paid more than the price you should pay because the bitcoin price goes up.
I am a fan of cashless payment, I prefer to use a centralized digital wallet at the moment.
however, I can trade it as an asset.
even if I can use it to pay my daily needs, I won't use it.
I don't want to pay a high fee for microtransactions.
also, I don't want to wait for the block confirmations
oh, sometimes you feel bad to use bitcoin as payment because of the volatility.
especially, when you think you have paid more than the price you should pay because the bitcoin price goes up.
I am a fan of cashless payment, I prefer to use a centralized digital wallet at the moment.
August 29, 2020, 10:18:51 AM
Besides decentralization and more privacy, there are probably more advantages with cash/card payments than there are with BTC when it comes to payments. The balance inclines towards an advantage of fiat vs crypto most of the times: it's instant, easy to pay, very very hard to pay at a POS and have your funds go towards a completely different card, it's waay easier to make older people understand how it works etc.
However, I personally think decentralization and more privacy outruns the fiat advantages over the long term. Think about it: you can have a Bitcoin cold wallet for savings that you will use for 20 years straight and there will be zero fears of your money being seized. You can transfer literally a billion bucks to the other side of the world and nobody'd know a thing if you do it the right way.
But the thing is, I don't think it'll ever really be a reliable fiat replacement. I can only see it right now as a store of value; for it to become a mainstream currency as in a replacement of USD and other fiat currencies, you'd need either centralization or a technology that doesn't exist yet.
So I sincerely believe Bitcoin has a tendency more towards a "digital gold" kind of asset than the perfect solution for a cashless society. Moreover, the decentralization may be a big advantage to us as users of it and citizens of various countries, but in the end if you think about it.. governments will never agree to lose control over something as important as money. That would not only be something that's never happened before, but also something very very risky.
One of the biggest factor why many of us still refuses to use bitcoin or any other crypto currency to use in our daily lives is it's VOLATILITY because we cannot predict whether it will at it's highest value today or it will be at it's lowest value tomorrow that's why a lot of countries are not in favor on using bitcoin because somehow it can affect the economy of a certain country. However, I personally think decentralization and more privacy outruns the fiat advantages over the long term. Think about it: you can have a Bitcoin cold wallet for savings that you will use for 20 years straight and there will be zero fears of your money being seized. You can transfer literally a billion bucks to the other side of the world and nobody'd know a thing if you do it the right way.
But the thing is, I don't think it'll ever really be a reliable fiat replacement. I can only see it right now as a store of value; for it to become a mainstream currency as in a replacement of USD and other fiat currencies, you'd need either centralization or a technology that doesn't exist yet.
So I sincerely believe Bitcoin has a tendency more towards a "digital gold" kind of asset than the perfect solution for a cashless society. Moreover, the decentralization may be a big advantage to us as users of it and citizens of various countries, but in the end if you think about it.. governments will never agree to lose control over something as important as money. That would not only be something that's never happened before, but also something very very risky.
August 29, 2020, 10:13:25 AM
Besides decentralization and more privacy, there are probably more advantages with cash/card payments than there are with BTC when it comes to payments. The balance inclines towards an advantage of fiat vs crypto most of the times: it's instant, easy to pay, very very hard to pay at a POS and have your funds go towards a completely different card, it's waay easier to make older people understand how it works etc.
However, I personally think decentralization and more privacy outruns the fiat advantages over the long term. Think about it: you can have a Bitcoin cold wallet for savings that you will use for 20 years straight and there will be zero fears of your money being seized. You can transfer literally a billion bucks to the other side of the world and nobody'd know a thing if you do it the right way.
But the thing is, I don't think it'll ever really be a reliable fiat replacement. I can only see it right now as a store of value; for it to become a mainstream currency as in a replacement of USD and other fiat currencies, you'd need either centralization or a technology that doesn't exist yet.
So I sincerely believe Bitcoin has a tendency more towards a "digital gold" kind of asset than the perfect solution for a cashless society. Moreover, the decentralization may be a big advantage to us as users of it and citizens of various countries, but in the end if you think about it.. governments will never agree to lose control over something as important as money. That would not only be something that's never happened before, but also something very very risky.
However, I personally think decentralization and more privacy outruns the fiat advantages over the long term. Think about it: you can have a Bitcoin cold wallet for savings that you will use for 20 years straight and there will be zero fears of your money being seized. You can transfer literally a billion bucks to the other side of the world and nobody'd know a thing if you do it the right way.
But the thing is, I don't think it'll ever really be a reliable fiat replacement. I can only see it right now as a store of value; for it to become a mainstream currency as in a replacement of USD and other fiat currencies, you'd need either centralization or a technology that doesn't exist yet.
So I sincerely believe Bitcoin has a tendency more towards a "digital gold" kind of asset than the perfect solution for a cashless society. Moreover, the decentralization may be a big advantage to us as users of it and citizens of various countries, but in the end if you think about it.. governments will never agree to lose control over something as important as money. That would not only be something that's never happened before, but also something very very risky.
August 29, 2020, 09:27:18 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.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.
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 .
August 29, 2020, 09:11:26 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. 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.
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.
August 29, 2020, 08:09:00 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.
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.
August 29, 2020, 07:55:36 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. 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.
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.
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.
August 29, 2020, 04:33:45 AM
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.
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.
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.
August 29, 2020, 02:31:06 AM
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.
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.
August 29, 2020, 01:36:33 AM
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. 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.
August 28, 2020, 10:01:03 PM
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.
August 28, 2020, 06:07:16 PM
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 August 28, 2020, 05:12:19 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.
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.
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.
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.
August 28, 2020, 04:40:20 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.
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/
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.
August 28, 2020, 04:16:54 PM
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.
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.
August 28, 2020, 04:08:18 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.
I would be interested in hearing about what you perceive is the advantages of paying with bitcoin (or name your fav crypto if different)
August 28, 2020, 03:25:51 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. 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. August 28, 2020, 03:01:15 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.
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.
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.
August 28, 2020, 12:50:12 PM
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!
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
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. 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.
August 28, 2020, 12:11:14 PM
#2 I make money by using my Credit Card today Again, Personally, I like CC which is easy to use for purchasing and with autopay I don't even need to think about it after I make the purchase. Plus I get a rebate $ back and an extra month earning a whopping 0.0001% interest 
Even eliminating all of the technical barriers so that bitcoin was as easy as a CC swipe and universally accepted like VISA (better than a Discover card please ) it still would be like me using a debit/check card which I never do today.
Even eliminating all of the technical barriers so that bitcoin was as easy as a CC swipe and universally accepted like VISA (better than a Discover card please ) it still would be like me using a debit/check card which I never do today.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. While your mileage may vary, depending on the available services and tax rules in your country of residence, this will still hold true for most people to some extend.
How to fix this? Wait until Bitcoin reaches a price level where volatility becomes negligible, I guess.
August 28, 2020, 11:41:34 AM
I guess the lack of merchants largely affects the decision of a lot of people to use bitcoin and other cryptocurrencies on using bitcoin on real-world transactions. Not that txs related to purchases aren't happening but the number is significantly small to justify how great bitcoin and crypto can be as a form of payment. I know a lot of people like me are itching to use their crypto to buy something that is more of a necessity rather than a novelty, so the demand is there. It's just that most merchants are still hesitant to integrate crypto-payments due to their common enemy: volatility.
August 28, 2020, 11:36:16 AM
Quote
I would like like to hear from bitcointalk members about what barriers YOU believe are preventing you from using bitcoin today.
There are many but let me list out a few for you from the perspective of my country.
1. No legal definition - bitcoin doesn't have a legal definition in my country. It is not recognized in any way.
2. No tax recognition - since it ia not legally defined, it doesn't have a tax recognition as well. Some people pay taxes on their bitcoin earning but that's as per their own calculation. Tax authority didn't provide any tax related info on bitcoin.
3. No merchat acceptance- for the same reason, merchants don't accept bitcoin as a legal payment method if they are doing something legally.
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!
August 28, 2020, 11:22:19 AM
The second barrier is more mental than physical, and we all know that there is a large percentage of those who do not perceive Bitcoin as a currency, but only as an investment.
I think one of the reasons for this is the lack of understanding of what currency is. Perhaps they don't understand how a mere long string of intangible numbers on the internet can be currency. Maybe if you print it on paper and/or tie it to some "good things" people value, it will make more sense to them.
If you tie, let say, 1 btc/coin (some sort of asset-backable coin/bitcoin) to a small pieces of land, and only the owner of the 1 btc can own/have the full right to the piece of land... Then you ask a newbie who doesn't really see bitcoin as currency to buy the coin and have the full right to the piece of land, I bet this will help make coin make more sense to him/her. This works in similar manner for online-based virtual assets/values. Tokens for example can be created to represent(or be tied to) simple art works or any other kinds of virtual products. This could easily mean that the tokens/currencies have real intrinsic values... because they are tied to things that have good values. Bitcoins paid to workers for example are tied to their good services or hardworks (which are values). So you can correctly say it has intrinsic value if the good quality service can be replicated for more/other consumers. This value represented by numbers are exchanged between people within the economy. I think this is one of reasons it's very important to have a currency with lots of people who deliver good quality services. And you can incentivize participants to deliver or create great quality services/products for bitcoins.
August 28, 2020, 11:16:10 AM
Personally, there are *many* barriers remaining before I will use bitcoin over my credit card and even a few significant barriers where I would use it over say cash (I never use a debit/check card myself).
I would like like to hear from bitcointalk members about what barriers YOU believe are preventing you from using bitcoin today.
1. Almost nobody accepts it as payment. My main expenses are the rent and groceries, and neither can be paid for in BTC. I also use public transportation and this buy a monthly pass which cannot be bought with BTC. I see some places accepting Bitcoin very rarely, but they don't sell the stuff I need, and I don't want to buy something I'm not going to use just to pay with Bitcoin.
2. Additional fees. From my limited experience with merchants that do accept Bitcoin as payment, it seems that it's always cheaper to pay with local fiat because the price in BTC is adjusted to cover fees required by the merchant to exchange it back to fiat.
3. Bitcoin transaction fees. When it's less that $1, I'd be willing to pay it. But when it's more that $1, it would be very significant given how much I usually spend somewhere, and I buy something that costs more than $50 very rarely.
August 28, 2020, 10:33:58 AM
Biggest restriction is its adaptation. Majority of the countries, still, are not into cryptos as a digital currency, to be used in services and transactions. There are indeed advantages of it but countries wherein Bitcoin and other cryptos are not supported, are concerned with its price volatility. If it would be a medium of transactions, its value sbould be consistent in order to promote equality. Just think of it; if the price still is not stable, those businesses which would accept cryptos as payment will be at risk from doing so. They will be at risk of partially losing profit. Given that no one knows when will an uprise movement occur, the money would be "sleeping" instead of being a continuous amount to boost the business itself.
August 28, 2020, 09:26:00 AM
If one were to generally looking for the biggest barrier that prevents someone from using Bitcoin as a means of payment then it would surely be the fact that there are no stores that accept Bitcoin in their vicinity. In some countries the situation is better than in others, but in general it is mostly online stores that accept BTC as a means of payment, and given the nature of BTC transactions that have no insurance in case of fraud, few take such a risk.
The second barrier is more mental than physical, and we all know that there is a large percentage of those who do not perceive Bitcoin as a currency, but only as an investment.
As for the benefits of using Bitcoin, I think more or less everything is listed in the OP, and all those who have sent some money internationally know that it can take up to 5 working days and that it will not be cheap. Also, the mere fact that using BTC means bypassing banks is quite enough for some to use it at every possible opportunity.
Perhaps the greatest benefit for any individual is that for the first time in history all people can be their own bank - for some priceless, for others a nightmare
Fundamentals Of, there are several link directories where you can find sellers who accept Bitcoin - so I wouldn't say we're completely limited.
https://spending-bitcoin.com/
The second barrier is more mental than physical, and we all know that there is a large percentage of those who do not perceive Bitcoin as a currency, but only as an investment.
As for the benefits of using Bitcoin, I think more or less everything is listed in the OP, and all those who have sent some money internationally know that it can take up to 5 working days and that it will not be cheap. Also, the mere fact that using BTC means bypassing banks is quite enough for some to use it at every possible opportunity.
Perhaps the greatest benefit for any individual is that for the first time in history all people can be their own bank - for some priceless, for others a nightmare
Fundamentals Of, there are several link directories where you can find sellers who accept Bitcoin - so I wouldn't say we're completely limited.
https://spending-bitcoin.com/
August 28, 2020, 09:22:13 AM
I would like to talk about barriers and here I would like to write about the biggest and most serious barrier (IMO of course) that prevent people to use bitcoin.
People who are die-hard or stick-in-the-mud have to clear their conservative mind. Such negatively conservative mind does play as barrier to prevent them accept bitcoin. They doubt on bitcoin, reject to read, learn, and never adopt bitcoin.
Clear your mindset and become kids that will help you increase prob to accept bitcoin.
People who are die-hard or stick-in-the-mud have to clear their conservative mind. Such negatively conservative mind does play as barrier to prevent them accept bitcoin. They doubt on bitcoin, reject to read, learn, and never adopt bitcoin.
Clear your mindset and become kids that will help you increase prob to accept bitcoin.
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.
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.
August 28, 2020, 08:28:07 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)
There are a lot of various advantages of Bitcoin in general, but it's mostly:
1. For privacy: Not like I'm buying dragon dildos or something similar, but I feel more comfortable buying stuff peer-to-peer; without(or with less) centralized entities knowing what I'm buying. Unfortunately of course, what you can buy with bitcoin online is very limited.
2. Having self custody: not necessarily concerning payments, but it feels great having total ownership of the money(bitcoin) I have; especially right now whereas the whole world is going bonkers.
3. Because fuck PayPal. Seriously. So much problems with it throughout the years that it's unfortunate that my options mostly are pretty much either use PayPal, or use my debit card.
August 28, 2020, 08:10:53 AM
There was some excellent points/discussion on my recent Poll: when will cryptocurrency go mainstream?. I actually didn't vote myself until I reviewed a number of the responses 
Mostly the answered varied from 'already' to 'never' based on personal interpretation of what 'mainstream' means. If I was a pollster I would have failed for providing such an open ended question, but for the sake of bitcointalk discussion, it actually was quite interesting to see everyone's thoughts. Thank you for your participation so far...the poll isn't closed yet so get out and vote!!
Anyway, the responses made me think hard about what I considered 'mainstream' myself. Sure if mainstream meant world wide name recognition then bitcoin has long passed that threshold, but for me it is about usage as a replacement for fiat money. I believe that was Satoshi's ultimate dream not simply a household name or even a digital gold replacement.
Personally, there are *many* barriers remaining before I will use bitcoin over my credit card and even a few significant barriers where I would use it over say cash (I never use a debit/check card myself).
I would like like to hear from bitcointalk members about what barriers YOU believe are preventing you from using bitcoin today.
My personal top reasons that doesn't even get to the technical issues involved:
#1 barrier in the USA is the tax treatment of bitcoin Personally, there is no way I would want to track every micro purchase to complicate my tax return!
#2 I make money by using my Credit Card today Again, Personally, I like CC which is easy to use for purchasing and with autopay I don't even need to think about it after I make the purchase. Plus I get a rebate $ back and an extra month earning a whopping 0.0001% interest Even eliminating all of the technical barriers so that bitcoin was as easy as a CC swipe and universally accepted like VISA (better than a Discover card please ) it still would be like me using a debit/check card which I never do today.
I realize these are my top personal reasons, but there are a lot of other potential advantages that others might enjoy.
I would be interested in hearing about what you perceive is the advantages of paying with bitcoin (or name your fav crypto if different)
To get the ball rolling let me provide some benefits cited in an article, but hopefully we can collectively come up with even better ones:
What do you think?
Mostly the answered varied from 'already' to 'never' based on personal interpretation of what 'mainstream' means. If I was a pollster I would have failed for providing such an open ended question, but for the sake of bitcointalk discussion, it actually was quite interesting to see everyone's thoughts. Thank you for your participation so far...the poll isn't closed yet so get out and vote!!
Anyway, the responses made me think hard about what I considered 'mainstream' myself. Sure if mainstream meant world wide name recognition then bitcoin has long passed that threshold, but for me it is about usage as a replacement for fiat money. I believe that was Satoshi's ultimate dream not simply a household name or even a digital gold replacement.
Personally, there are *many* barriers remaining before I will use bitcoin over my credit card and even a few significant barriers where I would use it over say cash (I never use a debit/check card myself).
I would like like to hear from bitcointalk members about what barriers YOU believe are preventing you from using bitcoin today.
My personal top reasons that doesn't even get to the technical issues involved:
#1 barrier in the USA is the tax treatment of bitcoin Personally, there is no way I would want to track every micro purchase to complicate my tax return!
Quote
Because bitcoins are being treated as assets, if you use bitcoins for simple transactions, such as buying groceries at a supermarket, you will incur a capital gains tax (either long-term or short-term depending on how long you held the bitcoins).
https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp
https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp
#2 I make money by using my Credit Card today Again, Personally, I like CC which is easy to use for purchasing and with autopay I don't even need to think about it after I make the purchase. Plus I get a rebate $ back and an extra month earning a whopping 0.0001% interest
Even eliminating all of the technical barriers so that bitcoin was as easy as a CC swipe and universally accepted like VISA (better than a Discover card please ) it still would be like me using a debit/check card which I never do today.I realize these are my top personal reasons, but there are a lot of other potential advantages that others might enjoy.
I would be interested in hearing about what you perceive is the advantages of paying with bitcoin (or name your fav crypto if different)
To get the ball rolling let me provide some benefits cited in an article, but hopefully we can collectively come up with even better ones:
Quote
1. User Autonomy
The primary draw of bitcoin for many users, and indeed one of the central tenets of cryptocurrencies more generally, is autonomy. Digital currencies allow users more autonomy over their own money than fiat currencies do, at least in theory. Users are able to control how they spend their money without dealing with an intermediary authority like a bank or government.
2. Discretion
Bitcoin purchases are discrete. Unless a user voluntarily publishes his Bitcoin transactions, his purchases are never associated with his personal identity, much like cash-only purchases, and cannot easily be traced back to him. In fact, the anonymous bitcoin address that is generated for user purchases changes with each transaction. This is not to say that bitcoin transactions are truly anonymous or entirely untraceable, but they are much less readily linked to personal identity than some traditional forms of payment.
3. Peer-to-Peer Focus
The bitcoin payment system is purely peer-to-peer, meaning that users are able to send and receive payments to or from anyone on the network around the world without requiring approval from any external source or authority.
4. Elimination of Banking Fees
While it is considered standard among cryptocurrency exchanges to charge so-called "maker" and "taker" fees, as well as occasional deposit and withdrawal fees, bitcoin users are not subject to the litany of traditional banking fees associated with fiat currencies. This means no account maintenance or minimum balance fees, no overdraft charges and no returned deposit fees, among many others.
5. Very Low Transaction Fees for International Payments
Standard wire transfers and foreign purchases typically involve fees and exchange costs. Since bitcoin transactions have no intermediary institutions or government involvement, the costs of transacting are kept very low. This can be a major advantage for travelers. Additionally, any transfer in bitcoins happens very quickly, eliminating the inconvenience of typical authorization requirements and wait periods.
6. Mobile Payments
Like with many online payment systems, bitcoin users can pay for their coins anywhere they have Internet access. This means that purchasers never have to travel to a bank or a store to buy a product. However, unlike online payments made with U.S. bank accounts or credit cards, personal information is not necessary to complete any transaction.
7. Accessibility
Because users are able to send and receive bitcoins with only a smartphone or computer, bitcoin is theoretically available to populations of users without access to traditional banking systems, credit cards and other methods of payment.
Source: What Are the Advantages of Paying With Bitcoin?
The primary draw of bitcoin for many users, and indeed one of the central tenets of cryptocurrencies more generally, is autonomy. Digital currencies allow users more autonomy over their own money than fiat currencies do, at least in theory. Users are able to control how they spend their money without dealing with an intermediary authority like a bank or government.
2. Discretion
Bitcoin purchases are discrete. Unless a user voluntarily publishes his Bitcoin transactions, his purchases are never associated with his personal identity, much like cash-only purchases, and cannot easily be traced back to him. In fact, the anonymous bitcoin address that is generated for user purchases changes with each transaction. This is not to say that bitcoin transactions are truly anonymous or entirely untraceable, but they are much less readily linked to personal identity than some traditional forms of payment.
3. Peer-to-Peer Focus
The bitcoin payment system is purely peer-to-peer, meaning that users are able to send and receive payments to or from anyone on the network around the world without requiring approval from any external source or authority.
4. Elimination of Banking Fees
While it is considered standard among cryptocurrency exchanges to charge so-called "maker" and "taker" fees, as well as occasional deposit and withdrawal fees, bitcoin users are not subject to the litany of traditional banking fees associated with fiat currencies. This means no account maintenance or minimum balance fees, no overdraft charges and no returned deposit fees, among many others.
5. Very Low Transaction Fees for International Payments
Standard wire transfers and foreign purchases typically involve fees and exchange costs. Since bitcoin transactions have no intermediary institutions or government involvement, the costs of transacting are kept very low. This can be a major advantage for travelers. Additionally, any transfer in bitcoins happens very quickly, eliminating the inconvenience of typical authorization requirements and wait periods.
6. Mobile Payments
Like with many online payment systems, bitcoin users can pay for their coins anywhere they have Internet access. This means that purchasers never have to travel to a bank or a store to buy a product. However, unlike online payments made with U.S. bank accounts or credit cards, personal information is not necessary to complete any transaction.
7. Accessibility
Because users are able to send and receive bitcoins with only a smartphone or computer, bitcoin is theoretically available to populations of users without access to traditional banking systems, credit cards and other methods of payment.
Source: What Are the Advantages of Paying With Bitcoin?
What do you think?
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