How is Bitcoin useful as a currency if so few services accept it? - page 3.

palle11

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Nothing comes over night so Bitcoin can't be accepted as a currency over night. It takes time that people accept something new, see the good sides and the bad sides and how they can benefit the most.
But progress is visible and with time it will be even better. I also think that adequate regulation can help Bitcoin to be accepted as a currency.

Apart from what you have said. I think the convenience that comes with bitcoin is one big plus. You don't need to visit a third party or bank to transact with your finance. What you need to do is through your wallet and you are good.
The progress aspect of it too will be felt more as the corona virus epidemic goes off because more people are going to start using it as means of financial transaction since it seems safer for contact free unlike the burning of fiat note for the fear of contact with affected currency.

Ridwan Fauzi

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Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

Since you just new to bitcoin I recommend to you to see the chart from bitcoin price. Bitcoin was created at 2009 ago and at that time bitcoin didn't have value. But as you can see right now how value bitcoin price is, you can imagine by yourself against it. Also, bitcoin price is so volatile. If you have good analyst about chart and you are a trader before maybe you will gain profit that you want. These thing has been considered by most people who say bitcoin can make you get rich but there is no an instant way you may need more time to reach it.

Lucius

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Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

It is a misconception that Bitcoin is a digital cryptocurrency that is accepted everywhere in the world, but rather an alternative currency that anyone can accept or not. It's a matter of choice, as someone can only accept cash payments and someone else only accepts cards.

If you want to spend BTC, then best choice for that is to check some stores online, and I'm sure you'll find them, maybe even in your own country. There are multiple pages that collect such links and sort them by category, and this one is show's more than a thousand such sites, so it's not a problem to spend crypto.

https://spending-bitcoin.com/

camito

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Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app.

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

Firstly, few stores and business accepts Bitcoin as a payment and it depends on the place or country whether it is widely used or accepted by the government.

Being 'rich' doesn't also mean that it is guaranteed the very first day you entered Bitcoin. As you can see, users or members have many activities and merits that help them gain position in campaign where you can earn tokens which later can be converted into coins. It will just be a matter of choices of when and where is the right time and place respectively, to sell it.

It has value, and that's a fact. You just have to have an in depth research and inquiries among people who are experts in this field. You can find it as an asset, investment, and currency of course as how you will handle it. That's how flexible it is.

sheenshane

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Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

There are few merchants now that accept Bitcoin as payment but it doesn't mean everyone was accepted Bitcoin, there are also didn't adopt this technology as a payment. We had a different perspective on how to use Bitcoin but for me, I treated this as a valuable asset and convert when I saw my profit was there.

Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

As I said above I treated this as a valuable asset but not hoping to get rich. From a small profit that what I have got when there is a bullish trend happen will be fine at me. It's up to you if you want to use Bitcoin as a currency or keep as an asset.

Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

In this case, you should know that Bitcoin is very volatile and it will fluctuate always either downtrend or bullish trend. We are now currently in a downtrend, just keep it hold until your profit was there.

davis196

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Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app.

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

You can send bitcoins to other users and you can pay for their products and services.It's a peer-to-peer system.It wasn't created by Satoshi Nakamoto with merchants and corporations in mind.
You and everybody else is free to use Bitcoin.If don't wanna use Bitcoin,just don't.That's not the case with fiat money.You are obligated to use them,in order to buy anything you need.Merchants are obligated to accept them as well,that's why fiat money are so accessible,because the government is legally forcing you to use fiat.The fact that the bitcoin price skyrocketed is not "troubling",it's just how market economy works.You have an asset with a limited supply and a very volatile demand.

Pffrt

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It's very early and a lot of people have no idea what bitcoin is. In my local, it's not even legal. The revolution doesn't come within one day. It takes time. Moreover, bitcoin is a challenge for govt backed fiat currency and that's why they don't like it.
Another reason of not being accepted in many shops is the high fee. When LN will be ready to boom, the fee will reduce too and the acceptance rate will also increase.

Twentyonepaylots

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I guess this is the time for bitcoin to shine!

Just earlier my neighbor told me that he cannot get the remittance money from his parents because of the calamity we have now, all the remittances center are closed due to the corona virus and banks are limiting the number of clients. So I told him then use bitcoin or any other digital payment processor on which case he does not know how to use any of those. This is where the problem starts, the ignorance of most to technology becomes a problem in such situation like this. Now that fiat is vulnerable to the virus to inhabit and has a high chance of getting passed I think this is the perfect time for bitcoin.

Meowth05

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Bitcoin still has a long way to go to become a staple in economy. What we can do right now is to pave reputation for bitcoin so that it will create more milestones. Though there are few services, you may want to check stories about the growing popularity of cryptocurrency around the world.

Sadlife

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Right now bitcoin can't shoulder the abilities of the traditional money because it's still in the early adoption stage. If large amount of people, also businesses uses it then maybe you could see some significance.

Bitcoin forte is in the lack of requirements to send money not unlike payment services such as paypal that takes 3-5 days and requires personal info, if you're sending a large amount.

figmentofmyass

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Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

rome wasn't built in a day. imagine a world where workers receive wages in BTC, and merchants can pay their vendors in BTC. that is a world where grocery stores and gas stations would accept it.

plus, LN and other means of instant settlement aren't consumer grade yet, so bitcoin is still primarily useful for online purchases and not brick and mortar stores. we are still in the speculative early adoption phase where most people are buying BTC because they are speculating on future adoption and value.

Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

it's a currency and a commodity. really, it's a whole new type of asset. why are the gains troubling?

Fundamentals Of

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Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app.

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

If you cannot find any business accepting Bitcoin in your area, you might want to start it, assuming it is legally accepted in your country. That would attract Bitcoin supporters in your locality and might be imitated by other businesses. Other than that, Bitcoin is actually more acceptable online. Business in the outside world are normally attached to the usual fiat-based payments. You might also be able to use Bitcoin in peer-to-peer transactions.

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Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

This currency is just like the rest of the fiat currencies whose value is rising and falling. Moreover, you can also trade fiat currencies just like Bitcoin. The huge difference is that Bitcoin's value is generally appreciating while fiat's value is depreciating. Thus, the very observable rise in Bitcoin's value over time.

That, to me, is not troubling at all. It is much much better than fiat's system.

alexsandria

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we all know that bitcoin is a useful currency yet only a few people are accepting it and pulled a few countries and government are legalizing this cryptocurrency arbitral this may be because they are afraid that bitcoin is the centralized and the value of it is fluctuating and which it may pump and dump anytime so the government are afraid of it and the people are afraid to use it but in terms of topic of usefulness it is currently useful to use because cryptocurrency is already established

sunsilk

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In what state or country do you live? bitcoin is still young and you have to realize that it will take time until most of the grocery stores and gas stations will start adopting it. As explained, you need to convert it to your local cash and that's what everyone does.

If that troubles you to see the price of bitcoin coming from cents, you should study how does law of supply and demand works and other stuffs like halving which affects the price.

CaVO32

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Quote from: fudster on March 17, 2020, 03:00:10 AM

Bitcoin will be worth of an investment for some and it could be for you as well.

Only few stores accepts BTC as payment for their good and services but in some countries like Japan and Germany I've heard you as a bitcoin user can buy beers sing your BTC wallet in your phone. The adoption in some countries is going good but the rest has the resistance to use. But like mk4 said you can convert your BTC to real fiat currency to buy things you want.

I guess, the OP already got the answers that he wanted here. mk4 is right, like me or all of us, we convert our btc to our local fiat currency via local exchange or remittance centers to make this bitcoin useful in our day to day life. that's pretty much simple and straightforward to understand. so even if there are few merchants that are accepting btc at the moment, you can still use your bitcoin when you convert it to your local fiat.

fudster

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Bitcoin will be worth of an investment for some and it could be for you as well.

Only few stores accepts BTC as payment for their good and services but in some countries like Japan and Germany I've heard you as a bitcoin user can buy beers sing your BTC wallet in your phone. The adoption in some countries is going good but the rest has the resistance to use. But like mk4 said you can convert your BTC to real fiat currency to buy things you want.

mk4

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Let's say for example: You're from Japan, then you went to the US with your Japanese Yen. Now, can you use your JPY to buy groceries or gas? No. Does it mean that JPY worthless? Of course not. It's just that the JPY isn't being widely used in that country or area. Now, how do you use it? You convert the JPY to the USD. Same thing with BTC whereas it's mostly being used online. You convert it to USD if you want to use it for the brick and mortar stores while adoption is quite low.

Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things.

Because bitcoin's supply is limited at 21 million. No more bitcoin can be generated if it reaches that hard cap, in contrast to all fiat currencies whereas the total supply can be increased at will.

Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

Then I find that it's also a commodity where we can trade it.

You can also trade currencies through forex.

Quote from: Edith2114 on March 17, 2020, 02:07:13 AM

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

It's completely debatable if bitcoin is overpriced on it's current valuation or not. If it really is overpriced, it will correct over-time. Also, it increased exponentially, again, because of the high demand and limited supply. The limited supply factor is a huge factor.

Edith2114

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I've done research on bitcoin and I know what it is and how it works, kinda. I've even built a small block chain app.

What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me?

Also, how are people supposedly myfedloan getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.

The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.

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