Topic: Can you use Bitcoin to pay everything online? - page 4. (Read 570 times)
As long as the service provider/merchant or sinply both parties are okay with it and as long as there are no restrictions then yes. However, this is rare even at the present. Only few merchants and service providers are accepting cryptocurrency as a mode of payment for their own reason. What can we do about it? Nothing but wait for things to be accepted by more people. Using or adopting to this technology is driven by initiative. And since right now there are still present issues with regards to this industry, then waiting is the only thing we could do. But a thing to show progress is some banks considering to do so. There'll be a lot of procedures but atleast we would be going there someday.
Seems OP not understand yet about Bitcoin transaction, you can pay as lightening network and payment process instant without any delay or get option with sending Bitcoin assets trough the same exchange account each other and less fees with transaction process instant. But its not worth sending bitcoin trough different kinds wallet and take process two block confirmation beside have to pay higher fees transaction. I am not stressing have been legal currency transaction payment and use for paying good and service due Bitcoin still available as investment assets. Can earn beneficial trough bitcoin as trading assets and earn profit when price up is seems enough without take care when bitcoin will adopt as legal currency transaction payment.
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OP, currently, Bitcoin has not been accepted to be used as legal tender all over the world, and that's the reason why the banana seller cannot yet accept it. Although they can if they want, depending on whether Bitcoin is not banned in that country, they, as the trader, would have a possible solution that they could devise that would suit them well if they wanted to start accepting Bitcoin for their service. For every Bitcoin transaction, after one network confirmation, you are sure that you will definitely get the transaction confirmed; you must not have to delay your customers for all confirmations to be completed. Also, for one to accept Bitcoin in their business, they will have to consider the volatility of Bitcoin and the transaction fee, which sometimes is $1. Some customers might not want to spend that fee just to buy a banana for $5 or more, unless they are buying something in large quantity, like something in the range of $50 to $200.
You can set a fee that will most likely ensure that your transaction will be in the next block, but that can still take up to 10 minutes to get confirmed, and even waiting for, like, 5 minutes at the counter when paying for groceries is such a long time. And you're right that the cost of the transaction is also likely to be significant, compared to the small amount a person is spending.
Waiting time is long and 10 minutes, the average block time is long but sometimes we will get a first confirmation within a few seconds, one or few minutes less than 10 but it is when we are very lucky.Waiting 10 minutes even when we use high fee rate to buy something at groceries is painful.
Voila! You are right! Bitcoin is not capable of handling micro transactions and it is expensive to spend. Which makes Bitcoin a very bad currency system. It's more of an asset class than a currency system. It can not compete with the current payment solutions we have in the market. Bitcoin can not compete to become a currency system. It's an investment asset.
Some bitcoin puritans will still argue. But that won't change the truth!
I agree that Bitcoin transaction fee is expensive with many people even when Bitcoin mempools are normal, not too overloaded. When it is overloaded, congested, transaction fee will be very expensive and we can not compare Bitcoin blockchain with Ethereum blockchain and say it gives better transaction fee. It is better than Ethereum but nothing to be proud about it.Some bitcoin puritans will still argue. But that won't change the truth!
To have more adoption, Bitcoin transaction fee should be cheaper.
Bitcoin to buy bananas from a hawker? What do you expect the hawker to use the Bitcoin for? And how much are you paying for the bananas? In my city I can buy a bunch of bananas for 0.45$ and imagine I want to pay using Bitcoin, lets pretend that the hawker can accord Bitcoin as payment solution, which means I will use like 0.50$ to send Bitcoin to the hawker's Bitcoin address, it makes no sense.
Voila! You are right! Bitcoin is not capable of handling micro transactions and it is expensive to spend. Which makes Bitcoin a very bad currency system. It's more of an asset class than a currency system. It can not compete with the current payment solutions we have in the market. Bitcoin can not compete to become a currency system. It's an investment asset.
Some bitcoin puritans will still argue. But that won't change the truth!
Although according to Satoshi's concept, bitcoin is a digital currency, a peer-to-peer payment method. But honestly, with volatility, it's not considered a currency, it's regarded as an asset and more of an investment.
USD/BTC -50% per year.
USD/GBP -30% per year. GBP not a currency? Lol
Although according to Satoshi's concept, bitcoin is a digital currency, a peer-to-peer payment method. But honestly, with volatility, it's not considered a currency, it's regarded as an asset and more of an investment. So using it for daily payments is not suitable, especially for small payments like the banana purchase you are referring to. I really don't want to pay extra transaction fees and wait time for the transaction to complete, whereas fiat would do that much better. But when it comes to international payments or cross-border transactions, bitcoin will definitely outperform fiat.
Technically, yes you can pay for everything online as long as the seller specifically wants to exchange their goods or services with bitcoin but practically speaking, it's inconvenient and not a smart idea because bitcoin grows everyday, the price ebbs and flow so you might be overpaying for the stuff that you've bought, just remembering the story of Laszlo Hanyec buying a pizza for 10,000 bitcoins is enough to make you think about spending your bitcoin to buy stuff that you might not like when it arrives. There are obviously exceptions to the rules though, some people like those in the Marketplace are okay with that fact so then again, if you don't mind that there's a possibility you're overpaying for something because the price fluctuates, you go on ahead.
Technically you could pay in Bitcoin or USD, but the seller could exchange their goods or services with EUR or CHF. They call it currency conversion
https://twitter.com/SwissBitcoinPay/status/1651933197368799234
Technically, yes you can pay for everything online as long as the seller specifically wants to exchange their goods or services with bitcoin but practically speaking, it's inconvenient and not a smart idea because bitcoin grows everyday, the price ebbs and flow so you might be overpaying for the stuff that you've bought, just remembering the story of Laszlo Hanyec buying a pizza for 10,000 bitcoins is enough to make you think about spending your bitcoin to buy stuff that you might not like when it arrives. There are obviously exceptions to the rules though, some people like those in the Marketplace are okay with that fact so then again, if you don't mind that there's a possibility you're overpaying for something because the price fluctuates, you go on ahead.
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, and even waiting for, like, 5 minutes at the counter when paying for groceries is such a long time. And you're right that the cost of the transaction is also likely to be significant, compared to the small amount a person is spending. I think a solution to that is centralized services that rely on custodial wallets, or just using Bitcoin only for big purchases. Both have their downsides, of course, and point at limitation of BTC on-chain transactions.
Bitcoin transaction is so slow, how to get over it? spend more Bitcoin for the transaction fee! it's too much especially I only buy a banana, don't use Bitcoin! instead use fiat where you said there's no fee and it's delivered fast only for 2-3 minutes. No one force you to pay with Bitcoin when you don't like it.
You: I'm rich and I live in Germany, I want to travel to Italy. What's the most convenient way?
Me: You can go using an airplane, it only take 1 hour and 50 minutes.
You: Nah, I think the best way is walk using my own feet, but I'm worried if I don't have enough power, I don't want to waste my times etc keep complaining and forcing yourself to use your feet.
You: I'm rich and I live in Germany, I want to travel to Italy. What's the most convenient way?
Me: You can go using an airplane, it only take 1 hour and 50 minutes.
You: Nah, I think the best way is walk using my own feet, but I'm worried if I don't have enough power, I don't want to waste my times etc keep complaining and forcing yourself to use your feet.
Try Bitcoin LN in Germany
https://twitter.com/lipa_btc/status/1683713610684710912
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.
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 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.
As of today, there are no problems with paying for bananas with Bitcoin.
https://www.reddit.com/r/Bitcoin/comments/rycq79/2_bananas_591_sats_025_r4_and_a_lightning_network/
Bitcoin transaction is so slow, how to get over it? spend more Bitcoin for the transaction fee! it's too much especially I only buy a banana, don't use Bitcoin! instead use fiat where you said there's no fee and it's delivered fast only for 2-3 minutes. No one force you to pay with Bitcoin when you don't like it.
You: I'm rich and I live in Germany, I want to travel to Italy. What's the most convenient way?
Me: You can go using an airplane, it only take 1 hour and 50 minutes.
You: Nah, I think the best way is walk using my own feet, but I'm worried if I don't have enough power, I don't want to waste my times etc keep complaining and forcing yourself to use your feet.
You: I'm rich and I live in Germany, I want to travel to Italy. What's the most convenient way?
Me: You can go using an airplane, it only take 1 hour and 50 minutes.
You: Nah, I think the best way is walk using my own feet, but I'm worried if I don't have enough power, I don't want to waste my times etc keep complaining and forcing yourself to use your feet.
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 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.
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?
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 too early to make all purchases with Bitcoin yet. In the example you gave, there may be some minor issues to perform this trade as well. But for faster transactions, layer-2s emerged. After a while, all transactions can be with Bitcoin. I don't know exactly when. Bitcoin is a value that is evolving and being embraced by everyone. So of course it is normal to encounter some problems. But I am sure it will overcome these problems.
Nowadays, in order to be able to pay with Bitcoin, the seller must receive payment in Bitcoin. In the example you gave, this is not the case. Bitcoin can be used to pay for something more valuable.
As time goes on, the usage area of Bitcoin will become more widespread. Other currencies will not disappear, however. You can always use your local currency for this type of purchase.
And because of the delay in payment I was thinking that not everything we see can be purchased with bitcoin, is it true?
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.I simply don't stress mytself too much about situtaion where bitcoin is not the most convenient and instead focos on those where I can sp[end my bitcoin easily, like for examplt paying for IPTV, VPN, gambling etc.
The point Bitcoin’s trying to make by existing isn’t that it’s gonna be better than the banks. There’s always going to be a difference between banks and Bitcoin due to Bitcoin lacking trust and centralization. Banks will always help you recover your card or replace it, something Bitcoin won’t. Transactions can be “instant” with banks when you transfer to the same bank or when you pay through card, but the latter option only seems like an instant payment - card payments take days before they’re actually confirmed.
Banks can freeze your money though, Bitcoin can’t. Banks can close, Bitcoin can’t! If you really wanted to pay for everything, the best option is either withdrawing cash from ATMs or getting yourself a Bitcoin debit card you can fill with BTC and pay at the stores with. Otherwise, you’re obviously stuck with the businesses accepting to operate with BTC.
Banks can freeze your money though, Bitcoin can’t. Banks can close, Bitcoin can’t! If you really wanted to pay for everything, the best option is either withdrawing cash from ATMs or getting yourself a Bitcoin debit card you can fill with BTC and pay at the stores with. Otherwise, you’re obviously stuck with the businesses accepting to operate with BTC.
Ther are now many merchants who accept btc payments online through third party apps like they get fiat as platform charges fees only so you can find lot but word everything doesn't fit in this matter.There are still many who don't accept and rely on traditional methods only.
The LN fees is negligible as you can make multiple transactions without even bothering about fees as only the main transactions are pooped up to the blockchain so it works better for many people as it's really helpful.
The LN fees is negligible as you can make multiple transactions without even bothering about fees as only the main transactions are pooped up to the blockchain so it works better for many people as it's really helpful.
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?
The smart choice would be to withdraw some cash from a nearby ATM and pay him, or just look for other vendors that accept Bitcoin if you really wanted to use your BTC to get some bananas. I don't think it is a big deal, at the end of the day you can't pay with crypto if the stores don't accept them. Personally, I never use my BTC for daily necessities since I don't think it is worth the cost. But BTC is my go-to choice for international payments. I use BTC to pay for VPN, gaming top-ups, and stuff like that regularly. It is cheaper, faster, and allows me to decrease my personal data exposure compared to using a credit card or something similar. Would I like to pay for everything with BTC? Maybe in the future, but for now I see no reason to use my Bitcoin to buy a coffee.
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