Topic: Can you use Bitcoin to pay everything online? - page 2. (Read 610 times)

I don't have bitcoin yet but planning to acquire it. I have been in the forum for sometimes now though I am not regular, but studying whenever I visit the forum. And noticed one thing about bitcoin. Bitcoin is a digital money for trading, payment of goods and others. But what I noticed is that, bitcoin cannot be used to buy and pay some instant services and goods. Examples, you want to buy banana on the way while driving from a hawker, will you use bitcoin to pay the bananas? Because the way I am looking at it, it is possible but the delay in transfer is the concern here. Bitcoin transfer is not like the bank transfer in which we received instant allert within 2-3 minutes time. I know some people will say set the transaction fee high then you can pay whatever you are buying with instant alert. I don't think someone will pay something with BTC and the transaction fee is very high and double the amount you want to pay for the goods.

So I want to know in such situation, what will you do? I am asking this question because bitcoin is a digital currency for exchange of goods and services. I know that there are some services you pay ahead but what of the ones you are buying instant? You just came to the place and you want to buy from the hawker and zoom off, and you are to pay with bitcoin because there is no physical cash in your wallet/pocket/hands. And because of the delay in payment I was thinking that not everything we see can be purchased with bitcoin, is it true?

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Bitcoin has gone through a lot of processes that most of its holders have placed a high value on Bitcoin as an asset rather than as a currency, and they will rather use paper money to oay fo goods and services and hold their Bitcoin.

Small transaction, no at this moment because of the high gas fees like you said. Lightning Network is the best solution for it so far, but not many are integrating, or using it currently.

Bitcoin can be used to pay everything online as long as both sides agree to it. The only question is who will pay for the fees especially if the amount of things that you're buying isn't that huge compare to the possible fees that you might be paying when using Bitcoin to pay. There are many online stores, and merchants who are accepting Bitcoin as an alternative payment, but to use it to buy things that has a small value is something that Bitcoin holders wouldn't want to do.

Using Bitcoin directly may not be possible in all the places I need, including my country. However, I can still use it indirectly by selling it peer-to-peer and instantly converting it to fiat, especially through mobile financial services. While Bitcoin cannot replace fiat currency right away, the increasing availability of peer-to-peer services makes it convenient to use almost instantly. Don't expect use Bitcoin like fiat currency. It won't happen so quickly.

Re: Can you use Bitcoin to pay everything online?

This is not true, reversing a bank transaction is not easy, you need to contact a bank and ask them to do so, and they will review your case manually. You only have a good chance of reversing a transaction if your money got stolen and you reacted swiftly. But banks generally rely of layers of verification to prevent that from happening.

With classic bank transfer payment could be always reversed (even 30 days later). ok maybe for a banana this will not happens but it must be taking in account.

So I want to know in such situation, what will you do? I am asking this question because bitcoin is a digital currency for exchange of goods and services. I know that there are some services you pay ahead but what of the ones you are buying instant? You just came to the place and you want to buy from the hawker and zoom off, and you are to pay with bitcoin because there is no physical cash in your wallet/pocket/hands.

There are a lot of limitations to Bitcoin's scalability ranging from general acceptability or network limitations, in the sense that not all merchants accept Bitcoin and those that did accept Bitcoin must have to run their payment system using layer 2 wallets and networks such as the bitcoin lightning network.

Bitcoin has gone through a lot of processes that most of its holders have placed a high value on Bitcoin as an asset rather than as a currency, and they will rather use paper money to oay fo goods and services and hold their Bitcoin.

This example simply implies that we cannot use Bitcoin to pay everything directly.  If your question @OP is about a direct transaction between the seller and the buyer, I would say that it is a no since not all online stores accept Bitcoin as mode of payment.

Since Bitcoin has value, just like what @Cryptovator stated, we can use Bitcoin to pay for the purchase online if we convert it first to fiat and then pay the store via different kinds of fiat payment system.  In short, Bitcoin can be used to indirectly pay everything sellable online through conversion but can't be used to pay everything sellable online in direct transactions.

Using Bitcoin directly may not be possible in all the places I need, including my country. However, I can still use it indirectly by selling it peer-to-peer and instantly converting it to fiat, especially through mobile financial services. While Bitcoin cannot replace fiat currency right away, the increasing availability of peer-to-peer services makes it convenient to use almost instantly. Don't expect use Bitcoin like fiat currency. It won't happen so quickly.

Using Bitcoin directly may not be possible in all the places I need, including my country. However, I can still use it indirectly by selling it peer-to-peer and instantly converting it to fiat, especially through mobile financial services. While Bitcoin cannot replace fiat currency right away, the increasing availability of peer-to-peer services makes it convenient to use almost instantly. Don't expect use Bitcoin like fiat currency. It won't happen so quickly.

So I want to know in such situation, what will you do? I am asking this question because bitcoin is a digital currency for exchange of goods and services. I know that there are some services you pay ahead but what of the ones you are buying instant? You just came to the place and you want to buy from the hawker and zoom off, and you are to pay with bitcoin because there is no physical cash in your wallet/pocket/hands. And because of the delay in payment I was thinking that not everything we see can be purchased with bitcoin, is it true?

1. Base-layer bitcoin is slow and can be expensive at times, hence why we have layer-2 solutions being developed — which are networks/channels designed to have cheaper and faster transactions.

2. You obviously can't use bitcoin to pay for everything today because not everyone accepts BTC as payment. A bandaid solution though are bitcoin debit cards — which are quite useful if you're heavy on BTC and if you're fine with AML/KYC.