Topic: Buying food or groceries with Bitcoin - page 2. (Read 1609 times)

Quote from: Lykslyks on July 20, 2020, 08:01:10 AM

Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

One of the reason of slow adaption of bitcoins at the groceries store is the slow transaction time of the bitcoins. Sometime bitcoin tx takes more than 20-20 mins for a single confirmation and consider that you went to a grocery store, send the payment through bitcoins and standing in the counter for the tx to confirm. This is not a practical approach.

Still this concerned really preventing businesses to take the adoption, doubts and worries with that long waits for confirmation.
Most of the time customers are in such hurries and they can't take that long time to wait, online transaction though are already
workable as there are businesses who caters bitcoin as part of their online payment process.

btc78

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I think yes specially now that most of the people are into cashless payments because of the corona virus.
People are getting used to transactions that uses technology and find it easy using virtual payments, it can also save our time from converting the bitcoins to our own currency.

Most of Us agreed on this,but the problem is Do we really afford to use Bitcoins?when we have believe that this currency is better to be investment than payment currency?
Hope many will of us will trust that we need to circulate this Bitcoin for us to have a future and all will benefits.

Quote from: FlightyPouch on July 19, 2020, 07:15:35 AM

There are exchanges here that let you accept bitcoin but receive it in fiat. People could just use their Php wallet so even if their customers pay them with Bitcoin and other crypto currencies accepted in their exchange, the merchants or the stores will accept it as a fiat. Is this still part of this matter?

i think its not,because the topic talks about Bitcoin directly being the payment method and not converting something into fiat.

Lykslyks

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I think yes specially now that most of the people are into cashless payments because of the corona virus.
People are getting used to transactions that uses technology and find it easy using virtual payments, it can also save our time from converting the bitcoins to our own currency.

spike420211

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Quote from: GideonGono on July 19, 2020, 11:37:35 PM

With the pandemic all over the world I hope that there would really be a food or groceries application and even delivery service provider that would accept Bitcoin or even use Bitcoin as their payment method for their service.
I think it would be a huge help for everyone right now imagine buying all the things that you need at home and you wouldn't need to cash out or convert your crypto into Fiat so it would save you time and provably avoid being infected because you wouldn't need to go out to do all of it.

Similar services already exist. On one of these services, I paid for mobile services, everything went well, I didn't use it anymore, there was no need. I will not give a link, because I am not sure of the complete safety of the service, but it is not difficult to find it by search queries. I am sure this is not the only service that provides services of this kind.

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Quote from: KnightElite on July 19, 2020, 08:27:54 PM

Bitcoin's popularity has been increasing ever since the bull market of 2017 took place. Even with the pandemic, prices have recovered to their original levels (near $10k) in just a matter of months. More people are accepting Bitcoin worldwide, albeit at a slow and steady pace. I've seen many sites out there in the online world which accepts Bitcoin for goods and services. But the number of businesses and merchants accepting it for food or groceries are quite limited. In the physical world, supermarkets and even fast foods haven't even adopted Bitcoin yet. Fiat is still the predominant type of currency in the mainstream world, for buying items that are required for one's survival.

Do you think that in the future it'll be possible to buy food or groceries with Bitcoin? I know that volatility is a huge issue for Bitcoin to be accepted as an alternative to traditional Fiat, but merchants and businesses could quickly convert Bitcoin to a stablecoin minimizing the risk of loss. What are your thoughts? Huh

This is very possible, with advances and technological innovations developing rapidly. At present there are several ways that can be traversed to buy goods, food or services using cryptocurrency but with the help of third parties it takes a little time but it can be done. If a third party conducts business relations with several companies related to goods and services, what the OP said could have happened, of course, with the choice of technology and crypticurrency that is suitable for conducting such transactions.

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With the pandemic all over the world I hope that there would really be a food or groceries application and even delivery service provider that would accept Bitcoin or even use Bitcoin as their payment method for their service.
I think it would be a huge help for everyone right now imagine buying all the things that you need at home and you wouldn't need to cash out or convert your crypto into Fiat so it would save you time and provably avoid being infected because you wouldn't need to go out to do all of it.

angrybirdy

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Transaction is a factor because there is delay sometimes but it is not the major reason why many merchants are still not preferred to accept bitcoin as mode of payment. In groceries, customers want faster payment system and I think it is the reason why they now prefer to use digital currencies. The volatility of the bitcoin is the main factor why store owners are still doesn't want to accept bitcoin in their system because they understand the risk and how will price affect their business.

Yes, setting aside the slow transactions, because even if it does not send instantly, the positive thing about having bitcoin as payment is it is irreversible. I agree with you that the volatility might be the main factor why businesses do not want to accept bitcoin because even the slightest change in price will make them lose some of their money.

KnightElite

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Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

One of the reason of slow adaption of bitcoins at the groceries store is the slow transaction time of the bitcoins. Sometime bitcoin tx takes more than 20-20 mins for a single confirmation and consider that you went to a grocery store, send the payment through bitcoins and standing in the counter for the tx to confirm. This is not a practical approach.

Transaction is a factor because there is delay sometimes but it is not the major reason why many merchants are still not preferred to accept bitcoin as mode of payment. In groceries, customers want faster payment system and I think it is the reason why they now prefer to use digital currencies. The volatility of the bitcoin is the main factor why store owners are still doesn't want to accept bitcoin in their system because they understand the risk and how will price affect their business.

Rana590

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Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

One of the reason of slow adaption of bitcoins at the groceries store is the slow transaction time of the bitcoins. Sometime bitcoin tx takes more than 20-20 mins for a single confirmation and consider that you went to a grocery store, send the payment through bitcoins and standing in the counter for the tx to confirm. This is not a practical approach.

For this stage, it can be happened on online store. It may be take 10-20 min but it is not a major problem for a customer as they don't need the product as soon as possible. Moreover, hopefully new technology will arrive to solve transaction time.

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Quote from: Axelseseclevz on July 19, 2020, 07:33:49 AM

Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

One of the reason of slow adaption of bitcoins at the groceries store is the slow transaction time of the bitcoins. Sometime bitcoin tx takes more than 20-20 mins for a single confirmation and consider that you went to a grocery store, send the payment through bitcoins and standing in the counter for the tx to confirm. This is not a practical approach.

uneng

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Most food stores (supermarkets) make small profit, but in quantity from its customers. Any adoption they make on their systems need to be worthful when they analyze how much percent of that public is going to be benefited by the adoption.
Then for now it's not interesting for supermarkets owners as this adoption will benefit probably less than 1% of their customers, and if compared to the profit they already make with fiat it's even less interesting. Bitcoin adoption must increase first among individuals before supermarkets and food stores in general start adopting this.

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Quote from: BuNga_cute on July 19, 2020, 09:03:51 AM

Bitcoin's popularity has been increasing ever since the bull market of 2017 took place. Even with the pandemic, prices have recovered to their original levels (near $10k) in just a matter of months. More people are accepting Bitcoin worldwide, albeit at a slow and steady pace. I've seen many sites out there in the online world which accepts Bitcoin for goods and services. But the number of businesses and merchants accepting it for food or groceries are quite limited. In the physical world, supermarkets and even fast foods haven't even adopted Bitcoin yet. Fiat is still the predominant type of currency in the mainstream world, for buying items that are required for one's survival.

Do you think that in the future it'll be possible to buy food or groceries with Bitcoin? I know that volatility is a huge issue for Bitcoin to be accepted as an alternative to traditional Fiat, but merchants and businesses could quickly convert Bitcoin to a stablecoin minimizing the risk of loss. What are your thoughts? Huh

Nowadays that covid virus keep on spreading anywhere,it will be a good idea if malls and grocery store will accept bitcoin as payment in exchange of physical money because we all know that money is so dirty and very accessibe to viruses.

This is the best time where the digital payment must be encouraged as avoiding the fiat currency is also important. But the government should be encouraging the merchants or the businesses owners with some clear directions as still in some country’s government are undecided related to btc. If done so this will boost the bitcoin as a payment option and will also be useful in making payment.

Twentyonepaylots

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Actually Satoshi Nakamoto's main goal was to create Bitcoin not as a digital asset, but as a currency used for payments.

But it is created inflationary so using it as a currency would not stick at it if it does not reach a stable price, now talking about stabilization do you think that bitcoin could possibly be stable at some point in time?
though termed currency, it became an inflationary asset due to its volatility. I think Satoshi knew it would come to this point, everything could have happened differently when he said it is a digital asset on the whitepaper.

Quote from: BuNga_cute on July 19, 2020, 09:03:51 AM

Make the pandemic situation now to multiply financial transactions with Bitcoin, in addition to preventing the spread of the corona virus. Can promote Bitcoin as an
alternative to fiat.

We can promote bitcoin as it can help during this time but people would choose what is more convenient and that is digital currencies. Not now for bitcoin I suppose.

BuNga_cute

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Actually Satoshi Nakamoto's main goal was to create Bitcoin not as a digital asset, but as a currency used for payments. So I am very sure that
in the future many merchants will accept payments with Bitcoin, so that we will be able to buy food or groceries with Bitcoin. Make the pandemic
situation now to multiply financial transactions with Bitcoin, in addition to preventing the spread of the corona virus. Can promote Bitcoin as an
alternative to fiat.

AjithBtc

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Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

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Quote from: Axelseseclevz on July 19, 2020, 07:33:49 AM

Bitcoin's popularity has been increasing ever since the bull market of 2017 took place. Even with the pandemic, prices have recovered to their original levels (near $10k) in just a matter of months. More people are accepting Bitcoin worldwide, albeit at a slow and steady pace. I've seen many sites out there in the online world which accepts Bitcoin for goods and services. But the number of businesses and merchants accepting it for food or groceries are quite limited. In the physical world, supermarkets and even fast foods haven't even adopted Bitcoin yet. Fiat is still the predominant type of currency in the mainstream world, for buying items that are required for one's survival.

Do you think that in the future it'll be possible to buy food or groceries with Bitcoin? I know that volatility is a huge issue for Bitcoin to be accepted as an alternative to traditional Fiat, but merchants and businesses could quickly convert Bitcoin to a stablecoin minimizing the risk of loss. What are your thoughts? Huh

Nowadays that covid virus keep on spreading anywhere,it will be a good idea if malls and grocery store will accept bitcoin as payment in exchange of physical money because we all know that money is so dirty and very accessibe to viruses.

If They start accepting crypto payments then the currency that would be widely accepted will be Ethereum and not bitcoin because of the time in which the transaction will be completed. As on the shops and in the coffee houses we always want our transaction to be completed quickly to always maintain social distancing. The best method now to transact fast and be safe from COVID is definitely using cards which is the cheapest and most widely accepted method to pay.

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