Topic: Can you use Bitcoin to pay everything online? - page 3. (Read 610 times)

It is a two-way thing, For those using Bitcoin as currency like El Salvador does, the volatility goes in two ways if Bitcoin rises it means more purchasing power while if it falls it means less purchasing power, however, I don't see more pain for someone using it as currency differently than from someone who owns it for investment’s sake. All things being equal.

Examples, you want to buy banana on the way while driving from a hawker, will you use bitcoin to pay the bananas?

Bitcoin transfer is not like the bank transfer in which we received instant allert within 2-3 minutes time.

So I want to know in such situation, what will you do?

When talking about transactions, legal or other things about the goodness of bitcoin we always point to El Salvador because they were the first country to legalize bitcoin, of course bitcoin can be used like fiat there and can be used as a means of any transaction.
El Salvador will be an example in the future that bitcoin can be used as an alternative means of transaction which I think fiat and bitcoin will go hand in hand without eliminating them. Because it's not easy and it definitely takes a very long time, and it's not certain that we're still around.

Are you sure about 2-3 minutes? Looks like 2-3 seconds.

https://twitter.com/lipa_btc/status/1683405170582114304

Perhaps El Salvador is an example of the fact that bitcoin, even after its adoption as a means of payment at the state level, will not become widely used among the population, but this choice should still be. I think that all options should be available, both cash and bitcoin, and let everyone decide for himself what is more convenient for him, where are smaller feeses. In some cases, it is really more convenient to pay in cash, let this method is also present.

Even in El Salvador, most of their population do not use BTC and they don't even understand how to use it, they simply just downloaded the Chivo centralized wallet, got the $30 bonus for the download and that was it for most of them and BTC.

I don't know why op has asked this question, but they don't have to try and pay for everything they buy with BTC, it is a second choice currency and in most situations you will use cash or your debit card for payments, there are even somethings that you can't pay for with your debit card and it has to be cash or nothing. By the way, if you want to spend your BTC's, look for merchants that accept BTC and spend it there.

How can you buy everything with bitcoin when not many places accept it as their payment method?  if you are not from el salvador then you will have a lot of trouble using bitcoin instead of fiat for your life. but I agree with you,

Bitcoin at the moment is not ready to be used as a currency or use for payment in my opinion, I mean first of all bitcoin was not accepted in a lot of stores nationwide, so there's no way you could pay for everything online or not just using bitcoin, Compared to the past years there are a lot more stores where Bitcoin is already accepted I remember I did create a topic related to small businesses that are already accepting bitcoin and there are only a few, But today there are already a lot of them and Bitcoin is already recognized as well but a lot of companies. But it wasn't just the issue since bitcoin, in my opinion, is not suitable for business, just because of the volatile market price, if you're going to use bitcoin as a payment on your business your just gonna need huge cash for cash flow because if someone pays bitcoin you cant use that amount anymore because it will automatically be invested on bitcoin you cant just sell it anytime because prices could go down easily or vise versa.

For me Bitcoin is just suitable for investment at the moment, but for sure we are going to see a lot of changes on Bitcoin in the future and maybe it will be suitable as a currency that we could use as well on every transactions.

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?

It's no longer the 20 century anymore, Uber is just as old as Bitcoin, Nokia was selling the 5320 in the hundreds of millions,  Stripe didn't exist, and neither was Instagram which I really don't think was that much of a pace forward at all. Things change fast these days, how many were using mobile banking in 2009? We're at 3 billion now!

Your question is if one can pay use Bitcoin to pay for everything online but then your analogy of paying for a banana on the go doesn't doesn't fit into the question.

Bitcoin is yet to have a 90% adoption rate so not everyone owns or accepts Bitcoin for online payment just yet. And even when it happens in the future not everyone would because some Mom &Pop stores will still be either stuck in the past and refuse to add a new payment option or outright don't want Bitcoin because they don't understand it.

Bitcoin is digital money, so you can buy digital bananas with it.

For bitcoin transactions within 2-3 minutes you will not overpay x2 the cost of your bananas. The problem with bitcoin is not that no one will pay in bitcoin for goods, but that at the moment there are few sellers of goods (like your bananas) and services willing to accept btc as payment.

I have doubts at all that there will ever come a time when you can buy a cup of coffee with the help of bitcoin. I’ll voice an already hackneyed phrase, it’s like buying a cup of coffee for a bar of gold. Bitcoin has already become disproportionately big that it is unlikely to be used for purchases of small goods. Moreover, btc has been transformed into an investment tool from digital money. This is neither good nor bad, but it just happened and you need to accept it, and not be indignant.

For a highly volatile asset, using it as a currency will not bring any benefit but only add inconvenience.  whereas volatility is great for speculation, why don't we take full advantage of it?

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?

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.

The point Bitcoin’s trying to make by existing isn’t that it’s gonna be better than the banks.

It is true that paying with bitcoin is often not the most convenient thing to do, at least not for now. Keep in mind that Bitcoin was created only 14 years ago which is a very short amount of time in the grand scheme of things so it will take some time to properly implement low cast and fast bitcoin transfers.

You can set a fee that will most likely ensure that your transaction will be in the next block, but that can still take up to 10 minutes to get confirmed,

If you know the ways then yes, through Bitcoins you can buy anything and everything. But if you ask me then I won’t treat Bitcoins as a currency. Rather Bitcoins are so valuable that, I will try to gather or acquire as many Bitcoins as I can. So yes if you are also thinking of spending the coins, then I would suggest you to not do it so. Bitcoins have lot of capabilities, so if you hold for long term, then definitely you will make tons of profits from it.

Not everything only big things like cars and houses