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Topic: Buying food or groceries with Bitcoin - page 9. (Read 1609 times)

sr. member
Activity: 644
Merit: 364
In Code We Trust
June 20, 2020, 01:17:25 AM
#12
Who knows what the future holds, btc is gaining popularity and recognition everyday that passes, new stores are accepting btc slowly, if using btc to buy groceries is more cheaper than using fiat I think people will start using btc to buy eventually in the near future, for now, many people are still very comfortable using fiat to make payments whether it is online or offline.

Basically it's part of what we can do to take advantage of our current situation, transacting using bitcoin might be hard in the beginning because you might need to copy paste the entire wallet address, and the other option which is to scan QR code is also hard considering its security flaws. If ever bitcoin transaction develops, we can use it to buy literally anything else faster than fiats. It just needs to have a few considerations.

On the other hand, buying goods while you are at home is more appropriate, you don't need to go outside as they will directly deliver it to your home and what you just need to do is to sanitize what you bought.
hero member
Activity: 3164
Merit: 937
June 20, 2020, 01:00:14 AM
#11
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 topic has been discussed so many times.What's the point of starting the same discussion all over again.
Bitcoin will most likely remain to be used as "digital gold" and online financial asset.
Do you go to the grocery store to buy food using real gold,stocks and bonds?I don't think so.
Accepting BTC payments and then quickly converting BTC to a stablecoin makes the whole process of BTC adoption pointless.
If the merchants are so afraid of the BTC price volatility,they would never accept Bitcoin payments anyway.
legendary
Activity: 2114
Merit: 1023
Oikos.cash | Decentralized Finance on Tron
June 20, 2020, 12:45:24 AM
#10
there are two problems that i see preventing or at least slowing down such adoption.

first is the very small adoption of bitcoin itself. so far not that many people know about bitcoin and from those people a small percentage have actually bought bitcoin. and finally from that small percentage, even a small percentage are also willing to spend their bitcoins as they would any other currency and instead prefer holding it as an investment.
so when the demand for the grocery store to accept bitcoin is very little to non-existent in some places, we can't expect them to start accepting bitcoin.

second problem is the fees. not just them being high from time to time (although that is also a downside) but them going up during spikes. it creates bad experience. imagine paying with the recommended fee then suddenly there is a spike and your fee is no longer high enough. it has happened to me multiple times and at most i had to bump the fee 3 times to get it to confirm after making a trade. and that turns people away and that little percentage i mentioned above also joins the other percentage in holding as an investment instead.

We certainly need more adoption of BTC, that's for sure. When I see the whole Crypto marketcap for the last two years still sitting under 300 Billion USD, that is a very small market compared to other financial markets. So I agree that we have a long way to go yet. I am trying to educate my family into using Bitcoin and so far it's only myself and my father who actually use and hold BTC. I am the only member of my family that lives on the Blockchain and I live entirely from Bitcoin as my salary form my main job is paid to me in BTC. The more people enter the Bitcoin market, the more popular it will become to use and more merchants will adopt it.
legendary
Activity: 3472
Merit: 10611
June 19, 2020, 11:57:01 PM
#9
there are two problems that i see preventing or at least slowing down such adoption.

first is the very small adoption of bitcoin itself. so far not that many people know about bitcoin and from those people a small percentage have actually bought bitcoin. and finally from that small percentage, even a small percentage are also willing to spend their bitcoins as they would any other currency and instead prefer holding it as an investment.
so when the demand for the grocery store to accept bitcoin is very little to non-existent in some places, we can't expect them to start accepting bitcoin.

second problem is the fees. not just them being high from time to time (although that is also a downside) but them going up during spikes. it creates bad experience. imagine paying with the recommended fee then suddenly there is a spike and your fee is no longer high enough. it has happened to me multiple times and at most i had to bump the fee 3 times to get it to confirm after making a trade. and that turns people away and that little percentage i mentioned above also joins the other percentage in holding as an investment instead.
sr. member
Activity: 1624
Merit: 315
Leading Crypto Sports Betting & Casino Platform
June 19, 2020, 11:35:00 PM
#8
Who knows what the future holds, btc is gaining popularity and recognition everyday that passes, new stores are accepting btc slowly, if using btc to buy groceries is more cheaper than using fiat I think people will start using btc to buy eventually in the near future, for now, many people are still very comfortable using fiat to make payments whether it is online or offline.
With the number of people knowing a thing about bitcoin versus the population of the entire world that uses fiat, I think that it is still a long way before we can balance the scales, not many have the access to the technology and the cap of bitcoin is not enough for the billion population of the world since there will be individual imbalances on how much someone is holding. The future is not something that we should worry that much about because we will get there when we get there.
legendary
Activity: 2254
Merit: 2305
Marketing Campaign Manager |Telegram ID- @LT_Mouse
June 19, 2020, 11:12:49 PM
#7
There is option for cover the volatility like Bitpay and in futyre more option may come. I do not think that will be an issue in future to be resistance in Bitcoin to be used to buy food and groceries. I just read this, FED claiming Bitcoin as another form of fiat- https://www.coindesk.com/is-bitcoin-fiat-new-york-federal-reserve
member
Activity: 1260
Merit: 21
June 19, 2020, 11:07:42 PM
#6
Who knows what the future holds, btc is gaining popularity and recognition everyday that passes, new stores are accepting btc slowly, if using btc to buy groceries is more cheaper than using fiat I think people will start using btc to buy eventually in the near future, for now, many people are still very comfortable using fiat to make payments whether it is online or offline.
newbie
Activity: 41
Merit: 0
June 19, 2020, 11:03:38 PM
#5
I don't think that grocery markets accepting Bitcoin will be so popular in the future. It's a cool startup idea and can improve crypto adoption, but it isn't very convenient for retailers.
hero member
Activity: 3080
Merit: 603
June 19, 2020, 10:52:58 PM
#4
Do you think that in the future it'll be possible to buy food or groceries with Bitcoin?
It is. The third-party services will intervene in this technology so that these merchants or supermarkets can easily control their bitcoins received and convert them to cash. In that way, they don't have to worry about the volatility of bitcoin if ever they already know that there's a way to change it to fiat. That's the problem that these merchandisers, supermarkets, and other establishments when somebody asks them to receive bitcoin. They thought that there's no service like that in favor to their likes as a business entity.
hero member
Activity: 2562
Merit: 577
June 19, 2020, 10:17:02 PM
#3
Price hike or price surge should not be a determine factor for btc acceptance, when people accept btc it should be because of the usefulness and effectiveness of it, the ability of btc to provide seemless services to people more than the traditional fiat currency, when you accept B over A it should be because B is better in every aspect and serve 100% purposes more than A,

Eventually ones people start seeing the difference between using btc and using fiat which is more convenient and less expensive to use the demand to use it will grow faster,  whether it is businesses or individuals, ones they understand this important aspect, then I believe popularity, acceptance, adoption etc will happen massively.
hero member
Activity: 2660
Merit: 551
June 19, 2020, 09:54:49 PM
#2
Again, merchants are basing it on demand. "If" for the next 5 years, we see a huge spike on bitcoin's demand I wouldn't be surprised is small to mid level online merchants began to accept because their customers are more willing and want to see them as an "option" for regulars like credit/debit or PayPal. Here in my country we have seen growth in terms of cashless payments. So maybe in the future, bitcoin will be readily accepted even by big companies not just in food or grocery sectors.
legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
June 19, 2020, 09:49:20 PM
#1
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
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