Topic: I'm dissapointed about using bitcoin as a currency, it really should improve (Read 1916 times)

I really love the idea of cryptocurrencies, but lately I have been extremely frustrated with the lack of infrastructure in place for Bitcoin nevermind altcoins there are very few options out there on the internet for the kind of proper standalone merchant tools that I've been thinking about and because current solutions involve pegging Bitcoin directly to the U.S Dollar any time an exchange goes down everybody runs around in a panic trying to fix it all.

Until Bitcoin becomes more mainstream I see this happening a lot. I still think we're 10+ years away from having anything standardized enough for merchants to become concerned with public scorn over the prices they charge in BTC.

Once people start adding BTC price gouging to their Yelp reviews that's when change will start.

Well you also have to wait until more stores around the area accepts bitcoin. Otherwise, the ONE store that accepts btc basically has a monopoly and can charge whatever premium he wants in btc.

You will have to wait few years until price is stable and merchants starts treating it as they do it to fiat.

There will always be good and bad actors in this and any other economy. The bad ones will be weeded out by competition and by consumers that vote with their coins.

Guess some stores use it as a gimmick and for potential headlines in local papers that "we accept bitcoin," even though the exchange rate really isn't in your favor.

5% is a reasonable premium, but 10% is pushing it. It also depends on which exchange you base the price on. Even if you use the highest priced exchange, you can't really use a 1:1 ratio, because it cost money to wire fiat into an exchange or withdraw fiat out, and another small fee to actually make the exchange. These fees are factored in the premium.

So there will be *no* incentive to spend them then isn't it?
How would bitcoin ever succeed when they are not going to be spent?

I've paid several times in bars and restaurants with bitcoin (I go there especially because of bitcoin) and every time I was ripped of.
Every time I paid a premium of 5 to 10% above FIAT price when I paid in bitcoin.

Interesting where did you pay using Bitcoin if I might know?

I haven't tried it out myself but I am looking forward to it in the future.

You're mistaken here right now and the problem is volatility. This is not a problem of Bitcoin itself, but rather the bars and restaurants where you used it. You realize that some websites offer you a discount when you use Bitcoin? Should you be amazed by Bitcoin in this case?

I've paid several times in bars and restaurants with bitcoin (I go there especially because of bitcoin) and every time I was ripped of.
Every time I paid a premium of 5 to 10% above FIAT price when I paid in bitcoin.
If bitcoin wants to succeed as a payment in bars and restaurants this really has to change.
The reason I did it was to show the experience to friends whom I sucked into the bitcoin sect.

Now I showed it to them all and I'm not going to use bitcoin for these purpose anymore untill the price is equal or cheaper.


Do other people have the same experience?

0.2btc for 76Euro= 380 for 1btc... i fail to see your problem with the price difference.

after all the price was moving from 375-395 in the space of a day, and different exchanges use different prices then the one that you prefered. so it was your choice and selfishness to try comparing the retailers price to your prefered price. and then to also buy something when bitcoin was not at the 395.

again bitcoin is not at the point where average joe is ready to use it instantly. so spend bitcoin WHEN and only WHEN you are at profit.

you will only be a loser when you sell at a loss. so stop selling at a loss.

i buy my food, i pay my rent, and other bills with bitcoin and i have no problems.. yes i buy beer with it too.. this is because i am using my coins from last year. which means the 3btc a week i got per week last year, can pay for a month of living this year.

its called savings. (not sure if you remember the days when it was profitable to have a savings bank account to save money for future events and living expenses)

bitcoin is not the mindset of instant spend, because thats the mindset of governments deflationary FIAT where they want people to spend every penny so that they continually work longer hours and get taxed at every transaction and have nothing left over afterwards so that people naively believe that being taxed is a good thing because they think the government will look after them when they become poor/retire/unemployed.

bitcoin is about saving your funds and becoming self sufficient and to not need to be taxed for 'social security', but to know that your future use 'self secured'