Topic: How often do you transact in the real world with your bitcoin or digital money? - page 2. (Read 1044 times)

To convert your crypto to fiat and instantly withdraw to your bank account cheaply. You can take advantage of p2p on binance. but you have to do KYC first. And depends on which country you live. if in Indonesia you can use the very cheap Tokocrypto exchange in fiat withdrawals to an account of around $ 0.5 dollars. Binance can also be connected to Tokocrypto and withdrawn from Tokocrypto to a bank account. because tokocrypto and binance can be linked.

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well, it can be more practical to pay with crypto directly without having to convert it into fiat first. and transactions are more transparent when using a personal wallet.
I've had problems with withdrawing my fiat from the exchange. it was around the middle of 2021, I withdrew about $250 dollars into my account from an exchange and I waited a few hours and it turned out that my money had not yet arrived in my bank account. I contacted the customer service exchange and asked. and they just told to wait 24 hours. I'm waiting too. and after 24 hours it turns out that my money hasn't come in either. I also called back to the CS exchange and their response really pissed me off. they confirmed or stated that my money was already in my bank account. I was very upset at that time. I also provide authentic evidence that no money entered my bank account. And they checked again and told to wait again 24 hours. I also waited patiently and it turned out that my money had not entered my bank account after 2x24 hours. and then I called back because there was no further confirmation or response from CS exchange. and it turned out that CS just explained that there was a problem or error blah blah blah. and it turns out that at that time when I saw the group chat exchange, many experienced the same problem at that time. and my money was returned to my exchange account after 3 or 4 days.
from there I started my adventure asking shops and my friends about payments with crypto. because I'm afraid the same thing will happen again. But lately, problems like the one I experienced rarely happen anymore. because a few days ago I also pulled fiat from the exchange a few times and it worked fine.

Same with me, this is only happen if I am going to cash out to fiat via a certain local exchange in my country. It is very easy and with very low fee of withdrawal for cashing out.

Unfortunately, this is only able to be done in certain countries that have merchants that accept crypto as one of the payment methods. But, it seems cannot happen in my country because crypto is still illegal if used as a payment method or as a currency. So, this is only used as a commodity asset with our own risks.

I have never. but interested in doing so in the future if any shop writes that it accepts bitcoin or cryptocurrency payments. Honestly, I was a little stressed when I first sold my crypto on an exchange and exchanged it into fiat or my country's money, because when I was about to make a withdrawal to my bank account it turned out to be a pretty big fee cut for me. At that time I had a slight need of about 5-7 US dollars and when I was going to withdraw to my bank account it turned out that the fee that was cut was also almost 2 US dollars. Ah, it's very annoying when the money to be withdrawn is small and is used up by fees. maybe if I withdraw a lot then it won't be a problem with such a big fee cut. so I also think it would be more practical if there is a need in small quantities we shop using direct payments with crypto. whether it be with bitcoin or something else. because the fee will not be too large when sending directly from a personal wallet.

Is there an exchange where fiat withdrawals to bank accounts have very low fees?

High volatility is the usual reason of these merchants not to accept crypto.
But I believe this perspective will change over time as the adoption increases.
Once these shops understand the potential of crypto payments, they would be willing to add crypto payment.
But for now, let us be grateful that we can easily convert our crypto to fiat, and then, use it to whatever we need.

I myself have never either. the problem is almost the same as yours. But I'm a little interested in the way the OP dares to ask directly the shop owner who doesn't have any writing on accepting bitcoin payments. I also tried it yesterday at a convenience store, asking if I can pay with bitcoin or other crypto? and apparently he didn't accept it, but what surprised me was that the shop owner also knew about crypto and instead took a long time to talk with him. 

And he found out that there was a friend's shop not far from there that accepted crypto payments. but his friend runs an electronics shop and repair service he said his friend prefers to be paid with stablecoins, but sometimes his friends also accept bitcoin and Tron. But I haven't tried to go to the shop because I'm just trying to ask the shop that I usually pass by after work. maybe next time if I have a need for electronic repair services I will try it.

If it's bitcoin or crypto, I don't spend it as much as I can. I treat those assets as my long term investments. I will just spend all of it when I retire or there is an emergency.

For digital money, if we are talking about real money stored in digital wallets then I use them often whenever it's possible on paying bills or buying groceries. I save some money that way rather than withrawing it on an atm because I only spend exactly what I need.

Have not done that before reasons being that it is difficult to see any local shop in my country that accepts bitcoin payment. Honestly I think it will be wonderful if shops in my country will adopt bitcoin payment because it will save us the stress of converting bitcoin to our local currency before making payments...

Having available and easily accessible exchangers is good most especially if you are really the type of person who uses digital money in purchasing goods and services. This is also an advantage for those people who reside in a place where the usage of bitcoin as payment method isn't much adopted. This way, we can still spend money without having to be troubled so much.

In terms of KYC, yes, most platforms really require it nowadays as per request of the central organizations as well. This is for them to ensure that there would be no illegal activities conducted in the platform as well as to monitor the taxation. This is a disadvantage for those people who aren't really fond of KYC because of personal reasons. Although there are still few exchangers that don't require such. You only need to keep finding closely.

Bitcoin: almost never.

Digital money: a couple of times per week.

I transact using bitcoin a good bit.  If you look through my post history you'll see that I do a lot of transacting in the collectibles section. We buy/sell coins and other types of collectibles such as magazines or art and there is a rule that bitcoin must be offered as a means of payment, so we all use bitcoin to purchase things every day. I also use it for small things here and there but I do with there was more of an opportunity to do so.  I think this will simply come with time.

I totally agree with you firstly that people will definitely be reluctant to spend their Bitcoin directly in purchasing goods/services when in most cases you have bought your BTC at a higher price hance you want to keep them so that we can make profits from them.
I don't think it is just the third world countries, I suppose not every area even in the developed countries you will find where to spend your BTC directly and your last comment reminded me of this post which is true. https://bitcointalksearch.org/topic/--5401052

The question might not be "how often", but "how willing" are you to spend Bitcoin more often (If that is possible) in your area. Since most of the people in crypto space are keeping every fraction of Btc to save for the next bullrun. To make things short, most people treat Bitcoin as a store of value more than a currency.

We have not much of an option here in the 3rd world county, especially in a rural places like where I am currently situated to pay something in Btc simply because you can't barely find someone accepting Btc. However, I have to agree with you that because there is no writing about a merchant not accepting Bitcoin doesn't mean they automatically rejects Bitcoin as payment, we could always ask.

I'm newbie in cryptocurrency like bitcoin and other digital money

Good to made that but actually it will always depend on financial capabilities of the holders or even how far their tolerance level on struggling market especially on ehat we see this days. If all people could hold and extend their patience unto this maybe as what you said we can enjoy this later on because for sure in future the price will soar up high and those lucky hodlers only will get benefits on it.

Well, I prefer hodling the Bitcoin until the perceived far far future when you can buy anything with it. Such a future is very close actually. You can already buy cars, plane tickets, hotel rooms for renting and amazon, steam and other coupons. So could you survive with nothing but using Bitcoin as a payment system and still lead an enjoyable life? Definitely. Those payment options will only become more and more as Bitcoin is adopted.

But currently? Better to hodl.

Specially on Binance and since im an active user of p2p system then you do really need to get verified before you could really make use of such feature which is something that cant really be avoided or simply

you could opt in or opt out depending on your needs and we know that active buy and selling could really make profits somehow even on smallest margin and this is why i dont bother my information to leak out

as long i do currently able to benefit on whats im been engaging on.Spending your coins isnt a bad idea and this would vary on someones goals and perspective into their investments.

KYC process is necessary for security. just like in major exchanges when I register, I am required to KYC for convenience and to eliminate certain restrictions. maybe if bitcoin starts to be used by a country in physical transactions then kyc will definitely also be applied for security or for other reasons such as the obligation to pay taxes. I read the news that in Indonesia a tax for cryptocurrencies has started to apply. then of course its citizens are required to do KYC for the sake of calculating taxes by the state which will be applied to every citizen who uses cryptocurrency transactions such as bitcoin.

Fortunately, there is a local exchange in our country that offers easy and convenient conversion rates of BTC (or any other altcoin) to cash. Not only do you convert them quickly (rates are much lower) but you can also use such money to pay for various of services and products, such as paying the bills, ordering some food, etc.

While this feature may seem convenient, the problem with this is that the local exchange requires tons of KYC documents to the point that it asks for your ITRs, source of income, etc. While this may be also the case, I think it is just and fair that the exchange requires these documents as it is also for our protection in case the government freezes our accounts in the event of a huge transaction.

I only widthdraw and transact with bitcoin and other altcoins if i really need some money. If i earn as well, it is my chance to get some portion of it and eat or buy some things for myself.

Shoping ang paying with Bitcoin is much easier than paying cash especially when you didn't bring any cash with you.

If cryptos will be tax on your country then yes the situation can changed and those shops that once supports crypto are I think not going to support crypto anymore because they are also afraid to get taxed.

You know many of us don't want to get taxed and this is also the reason why they use cryptos because cryptos are not tied from the governments or maybe if that law has been passed, cryptos are now also going to be encouraged more by the government and many shops are going to support cryptos and they won't mind the tax part as long as they can try this new payment method as it looks so innovative as when compared to the usual fiat.