Topic: Do you buy BTC just to use it? - page 4. (Read 3205 times)

I always use my bitcoin as soon as I buy it, usually to buy altcoins.  My plan is to sell the altcoins for more BTC, and then when I have enough BTC I'll put it in a cold wallet.

Oh I see. That is a harder problem. I loose a bit also trading from dollars. Hopefully we will have a rally soon and our concerns will be swamped by profits.

~Cheers M8

I know some merchants do give discounts. But I will lose the 6% in actually buying bitcoin. If the merchant gives a 3% discount then my loss is reduced to 3%. I guess this is a british problem. We need an exchange for us.

6% sucks. I look for places that offer a discount for using them. Places like Overstock and Amagimetals have a bitcoin rate that passes some of their savings on to you. They should not be charging you more as they save 3% when you use BTC instead of a credit card. It is also far more secure for the seller. If you paid with a credit card it will take days to clear and verify your identity. With bitcoin as soon as it confirms they are paid and done.

No I think you are wrong, keep bitcoins in a cold wallet isn't using bitcoin. Spend them for purchase a lot of things every day, like you do with the FIAT money is "using" them. Sorry if I seem arrogant, but this is my personal opinion.

I want to do this! But it will actually cost me 6% extra for each purchase.

A least my transactions can be anonymous and I don't need to give people my card details, but most people don't care about this. If bitcoin purchases are going to actually cost them more then we really have a problem. I hope the bitcoin entrepreneurs are thinking of solutions.

I use them all the time. Just bought a cleaning mat a few mins ago. It was not until I started spending them that I really understood why they will change the world.

Many of us keep our coins in cold wallets and they do not get used at all.

I have been thinking about buying extra coins just so I can use them to buy things. I want to help the bitcoin ecosystem and encourage adoption. However it occurred to me that it will cost me more just to do that!

I am a Brit and we don't have any exchanges to buy coins at market rates. I will have to go to localbitcoins or bitbargain.co.uk and these sell at a premium*. Thus I need to actually buy coins at much higher than market prices and then use them to buy things with the coins being at market price. It's a loss for me.

If I was in the USA I would use circle.com and buy the coins with a card. I would need to pay card fees and then buy products with bitcoin at normal price! Again a loss.

If I used an exchange I would still have to pay trading and withdrawal fees. Again I actually need to spend extra just to use bitcoin. This is a real shame.

Merchants really need to make bitcoin purchases cheaper so that we have an incentive to buy those coins and use them. We are saving them card fees, so they can at least cut those fees from the cost. However they don't.

* the cheapest coins at bitbargain right now are £164 which equates to $254. Last price on bitfinex was $239! That is a huge difference. Us brits need an exchange that allows for sterling transfers.