Topic: Buying food or groceries with Bitcoin - page 8. (Read 1609 times)

Yes, it is possible but maybe in the future.
That's it, volatility is the main issue of bitcoin, but converting that bitcoin to stablecoin will be another process for merchants. Maybe it might be better if you suggest to those merchants that they should accept stablecoins instead of bitcoin, right?

This is a long-discussed issue. I have seen that in fact, many places have accepted Bitcoin payments, even in my country, there are universities that have tested tuition payment method in Bitcoin. However, I think this method is not popular in grocery stores. Although Bitcoin is gradually gaining popularity, its volatile nature of prices is a barrier. Besides, fee per transaction is also an issue.

That's is much easier if merchants are not afraid with volatilities, they can accept bitcoin with automatically exchange to their local fiat, though it's still a long journey for this cryptocurrency, as people who don't have any ideas about this type of currency will be hard to convinced switching from the original payment process that they all knew.

In the otherside, people who are living where technology is really growing chances that they'll be able to embrace this type of payment process.

It could be the risk, Accepting bitcoin as a payment in business meaning you're also risking your business as you are investing the money you are getting in your business.

We know how important (cash) in a business, you might lose a big capital as it is risky to invest in bitcoin. But it would be great if your already an investor, and start accepting bitcoin. As long as you could sustain your business it would be good to go and accept bitcoin.

I don't think volatility is the main issue here. Bitcoin has been more of less stable lately, and there can be a mechanism set up for automatic price adjustments and regular conversions of payments into stable coins or fiat. I think the fees are the main problem. When I transfer Bitcoin somewhere, it's usually 0.01-0.02 per transaction. It costs less than a dollar sometimes which is great, but it's a few dollars more usually. The problem is, when I go to a grocery store, I usually don't spend more than 30 dollars (that would be 0.003 BTC), and the transaction fee becomes more significant in comparison. Not to mention that those conversion fees would most likely fall on customers as well.

Bitcoin has gained popularity over the past few years especially in 2017 when price of 1 BTC was equal to $20k. Right now people are adopting bitcoin as an alternate method of making payments and buying goods and services but if I talk about my country many people are still not aware of cryptocurrency and those who know are not embracing it over other methods of making transactions. According to my point of view one of the reason why buying groceries by paying BTC is not a rational decision because when BTC will be transferred from buyer to seller there will be deduction of charges which can be avoided by paying flat money.

Yeah, that's very futuristic. I think that those markets will only accept fiat because that is a traditional currency that we are using for a long period of time. Bitcoin only existed since 2009 and that's pretty new for some people who are not that technologically inclined. They are not that knowledgeable in using bitcoin and they don't have idea how it works because it is a centralized currency. It is less hassle for some grocery market business to use fiat in any transactions that they are making. YES, this will be a good step on a bitcoin adoption soon but I don't see it feasible during this time. It is a great idea to use digital currency in that point of view, but it is not that necessary and useful right now due to some economic crisis that we are experiencing.

This is the fact that most crypto enthusiasts didn't use Bitcoin as a payment method in any merchants or any e-commerce businesses. They saw the potential of holding on it as an investment than spending as a payment. But there are some small merchants who understand the volatility of Bitcoin, they accept crypto especially Bitcoin as a payment method in a convenient way, but the Bitcoin holders didn't like to use Bitcoin as a payment.

Based on this article, Popular Payment Methods Worldwide. Bitcoin or digital currency is the last option and the most popular is credit/debit cards.

• 1. Credit/Debit Cards
• 2. E-Wallets
• 3. Payment Gateways
• 4. P2P payment
• 5. Digital Cryptocurrencies

This will be possible as long as btc is already widely known by people in the future. As long as btc will be used as a currency already. If a lot of customers are using btc, then groceries, shops, and even other services will also accept it as payments because their customers are using it. However, I think there will still be a lot of problems because of fees, its volatiltiy just like you say, and etc. If it happens in the future I think others will still use btc as an investment.

So crypto cards make it very easy to pay with bitcoin and other crypto currencies.  You pay with your BTC and the merhant will receive fiat. The only problem here is still the volatility of your cryptos.

I don't think that it would be a great idea, the volatility of the bitcoin could be the reason why it is not too good to be true, there would be no store that would accept bitcoin for payment because on the bitcoin price goes down then their business would fall as well. It is really risky for them if they allow it to happen. I think they should have a fixed price for the product and can be paid by the bitcoin.

For me, accepting Bitcoin in the market is always possible but not for everyone. Merchants can accept bitcoin as payment if they are willing to accept it, and that they trust bitcoin. I just think that adopting bitcoin payment is not for everyone, and it's not about the popularity or demand because sellers who do not have any idea about it won't find it effective since they can still earn with regular payment methods. But for those who know and trust bitcoin, they can accept bitcoin willingly.

We don't have to wait for years to see if people would be open to it as a payment method because it depends on the seller. It may be hard to find shops that are open to bitcoin but in my country, I have heard that some shops actually accept crypto payments before, I just don't know if they still do. But the point is if the shop owners are fond of bitcoin and crypto, they can accept it. It's just rare to find that kind of shops these days but for sure there are.

Bitcoin is slowly being adopted already globally but unfortunately, most of the Bitcoin users aren't merchants.

Yes there are some merchants maybe that are accepting Bitcoin as another mode of payment aside from the fiat and maybe some other crypto. Buying food or groceries using Bitcoin in the future is still possible but I don't know when or if it will happen though. Unfortunately, most of the Bitcoin users sees it as an investment or an asset where you will hold it for a long time which is not really like that. Bitcoin has been created as another payment solution but most users don't see it like that which is quite disappointing IMO.

Therein lies the issue. People say they want more merchants to accept bitcoin, they want to spend their bitcoin on more things, they want to use bitcoin as a currency, but they do absolutely nothing to create demand for it. Merchants aren't going to take the time to start accepting bitcoin, setting up wallets and services, training staff, navigating tax issues, etc., if there is no demand for it. People complaining on a forum achieves nothing. If anyone wants to use bitcoin as a currency, go out and create demand for it. Talk to retailers, merchants, vendors about accepting it. Prioritize using those who already do.

This is completely backwards. People won't suddenly start using bitcoin is a currency "when" the volatility stops. If bitcoin becomes a near global currency, then the volatility will be much reduced, not the other way around.

I think that is because most people don't know about crypto, especially bitcoin. And if they want to buy something at the supermarket, fast food, or another physical store, they can use credit and debit cards, which means they don't have to use fiat money. That prevents them from the Covid-19 spreads because of using paper money, and they can keep their hands clean. Besides using credit and debit cards, they also have another digital payment that store on their mobile phone, so they can directly deposit to their account, and they can buy what they want.

I am sure that in the future, we can use crypto to buy in the groceries and the local store, but perhaps, we are not only using bitcoin but also using the other coins as the payment system. It's a matter of time for people to know and learn crypto, and once they know the crypto, I think they will encourage each other to use crypto for many things, including buying at the local store.

I think it would be possible in the future, the number of the user of bitcoin is increasing, it means that the bitcoin becomes more prominent all over the world, in some of the days or in the future, bitcoin can be used for so many things like ordering some foods, hotel reservation, etc. Bitcoin could be used as fiat currency as well, maybe it could happen in the future, its volatility could be an advantage and disadvantage of it but if you are really a believer of the bitcoin you would believe that it could be possible in the future.

Going forward about the adoption of bitcoin will increase where many will accept bitcoin as a legal payment tool and of course it will be used easily if buying food and staples will feel easier to use bitcoin, on the other hand bitcoin is still used to buy goods and finished services for food in the future we will reach it.

I am sure the public will accept this because for me it is so easy to do when dealing with a Qr scan.

We know how to use Bitcoin and we know its advantages and disadvantages. Sadly Bitcoin has an impediment: the laws. There are governments that do not accept that their citizens use it and the nations that accept it are developing measures to tax for their use. Merchants have not wanted to adopt it because of disinterestedness or do not want to handle complex technologies. There could be many reasons but I have pointed out these for being the ones I know from my country.

Heh. You're undermining the essence of Bitcoin as a cryptocurrency with this comment of yours. Bitcoin would be used for daily necessities, almost like fiat, if and only if its volatility disappears (or an alternative for when the volatility remains) and when Bitcoin adoption is seen as a currency, not as an investment. Tbh, the reason for it's volatility is mostly because of the latter condition I said, it's seen as an investment, not as a currency.

Once it turns into the scenario where volatility is gone and is seen as a currency, adoption should follow sooner or later tbh. It's mostly for that reason that only a few e-commerce sites even accept BTC as payment, and why no Physical stores accept Bitcoin (Grocery stores)

When are you people going to learn that price is not related to daily usage?

By tomorrow the price could spike to 100k, do you think that there will be x10 people buying stuff with BTC? No!
If that would have been the case by this time we would have either reached a constant 10$ fee, a thing that would have killed the trend on its own or the lighting network would be on fire. But it's not!!!!

Seriously, look at your own transactions, and then make a percentage regarding those in which you have bought groceries or food or even electronics online, now apply that percentage to the 300k daily transactions and you will realize bitcoiners all over the world make fewer purchases a day that a single Walmart.

Why do you think merchants are not opting for bitcoin payments? Do you think they are that stupid? Do you think that people running successful chain stores for decades are simply stupid and some kids on a forum know better? There is a simple problem, other than shouting on the forum, there is no real-world demand for those payments! Why would a chain store with 10 million clients implement this solution, go through the legal trouble, make contracts with 3rd parties, instruct their cashiers, buy equipment for 10-20 customers who would anyhow have bought the merchandise with cash or card?

Bitpay which is the largest processor right now is doing an enormous...100k transactions a month! 3k a day, half of them going for prepaid cards, hosting, and internet subscriptions.

Nope, as long as 99% of people buy bitcoin as an investment there will be no increase in spending thus no incentive for merchants to offer it as a payment solution.