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Topic: Would you spend BTC daily in brick and mortar stores? - page 2. (Read 2908 times)

sr. member
Activity: 308
Merit: 250
Why would people choose to spend a better form of money(bitcoin) vs a worse form of money(fiat) given the choice?

People will always get rid of the least desirable thing they hold.

The only spenders of bitcoin will be those earning their incomes in it. ie miners, because it's easier to spend directly then converting into fiat when a merchant accepts btc.

Bitcoiners have a difficult time grasping real life economic concepts.

It is basically an interpretation of Gresham's law.



  This is another good point (well some of it) and basically the point of my project.  I want to determine who/how many are actually walking around with BTC and willing to use it to purchase and who/how many are just using BTC as a form of investment or wealth management. 

 I think for sure miners would like this, eliminate the exchange and just get goods, but someone who has large amount of BTC and is using it to trade and made money would more than likely not have any interest is spending small amount of dinner, milk, or diapers.

  Phad.
sr. member
Activity: 308
Merit: 250
It depends on their policies regarding BTC payments. Most stores here have a policy of refunding payments in the same form so cash gets refunded with cash, debit with debit, CC with CC. Also, how long I'd have to wait after making the payment. I'm not going to attend around for a few minutes waiting for a payment to go through unless it's something of substantial value.

I think this is the key issue.  If you went into a coffee shop and had to wait even for 2 confirmations this entire scenario becomes almost silly.  I would love to see stats on the amount of transactions under .01 BTC that were never confirmed after reaching the nodes (so before 1 confirmation).

Phad.
hero member
Activity: 868
Merit: 1001
https://keybase.io/masterp FREE Escrow Service
It depends on their policies regarding BTC payments. Most stores here have a policy of refunding payments in the same form so cash gets refunded with cash, debit with debit, CC with CC. Also, how long I'd have to wait after making the payment. I'm not going to attend around for a few minutes waiting for a payment to go through unless it's something of substantial value.
newbie
Activity: 6
Merit: 0
if it gonna to be possible to pay with bitcoin everywhere yes i would like to do it!
member
Activity: 70
Merit: 10


Friends and family do tend to call you at most inappropriate times, wouldn't you agree?  Cheesy



I don't answer my phone in public, it's bad opsec on multiple levels and rude to those around you.
legendary
Activity: 952
Merit: 1005
--Signature Designs-- http://bit.ly/1Pjbx77
actually, why are you talking on your phone while shopping...

Friends and family do tend to call you at most inappropriate times, wouldn't you agree?  Cheesy

member
Activity: 70
Merit: 10
I wouldn't want to tumble around on my phone, enter the pin, scan and so on... to buy a pint of milk, and what if I am actually on the phone? I drop the call to pay?

I would happily use bitcoin to order online though Smiley

Why would you have to hang up a call, just say "hang on one second"... actually, why are you talking on your phone while shopping... seriously everyone does NOT want to hear half of your conversation, I promise.
legendary
Activity: 952
Merit: 1005
--Signature Designs-- http://bit.ly/1Pjbx77
I wouldn't want to tumble around on my phone, enter the pin, scan and so on... to buy a pint of milk, and what if I am actually on the phone? I drop the call to pay?

I would happily use bitcoin to order online though Smiley
legendary
Activity: 1540
Merit: 1000
I would probably spend about the same in a Bitcoin store but I'd be a lot happier about doing it, nothing worse than spending money you know is going to be devalued several times after you've handed it over.
full member
Activity: 210
Merit: 100
Sure many bitcoiners would buy stuff with btc. You just have to be careful u dont get in a 'no confirmation' issue.
member
Activity: 91
Merit: 10
Why would people choose to spend a better form of money(bitcoin) vs a worse form of money(fiat) given the choice?

People will always get rid of the least desirable thing they hold.


I myself get rid of the worse form of money....by buying bitcoin. I then use the bitcoin to buy things. How else do you think places like overstock see such "large" amounts of purchases via bitcoin? Sure its a little inconvenient, but that is a temporary problem. Ideas that are great in theory, often do not work in reality. If it does not happen in reality, maby you need to change your idea to something that better represents truth? People do not always get rid of the least desirable thing, or are willing to spend bitcoin in order to help bitcoin, even if it is not in their "best" interest.

I can see you aren't very bright. Tell me how does buying bitcoin for USD and then selling it again for USD via bitpay on Overstock.com, help bitcoin? In that entire process you've also paid fees to exchange + bid/ask slippage. You are only "helping" exchangers.

And no overstock.com does not see large amounts of purchases. They've done what 1million in 6 weeks? That is less then what is traded on bad days on some of the smaller exchanges. It is also miners that are shopping there, you know cashing out the 3600BTC they create out of thin air on a daily basis. Of course a few diehards such as yourself buying btc just for the sake of selling it again.

Really? You do not know how merchant adoption helps bitcoin? Seriously, spend 2-3 minutes thinking about it, you might be able to find out why yourself. I don't care if they transfer immediately to usd(or whatever local fiat), and never touch bitcoins themselves. When more and more people/businesses start accepting bitcoin, eventually holding bitcoins starts to sound desirable.

exchange fees? If you think you don't pay for credit card fees(which get transfered to everyone in higher prices), or that your not paying for inflation, well.......

finally, I admit that overstock does not receive large amounts in bitcoin relative to their size, re-read my post, notice the quotes around large? But it is enough to make it worth their effort. I also have no idea where to begin on that train wreck of the miner sentence that you wrote. Most mining profit is used to get back the cost of the mining rigs, and what proof do you have of the shopping part? (hint:none)
sr. member
Activity: 321
Merit: 250
I probably would sometimes but i prefer cash back credit cards, I have 2 really good ones right now that basically pay me for using them, I just pay off the balance every month so it's like a debit card really.

Bitcoin is better for online shopping exspecially for sellers because of the no charge back nature of bitcoin, Bitpay has really made it so merchants can accept Bitcoin with ease now, It's too bad most people still are not tech savvy enough to know how to use it or implement it.
full member
Activity: 126
Merit: 100
its still too volatile too hold for day to day use for me, would rather just trade it and use USD in stores
member
Activity: 70
Merit: 10


I can see you aren't very bright. Tell me how does buying bitcoin for USD and then selling it again for USD via bitpay on Overstock.com, help bitcoin? In that entire process you've also paid fees to exchange + bid/ask slippage. You are only "helping" exchangers.

And no overstock.com does not see large amounts of purchases. They've done what 1million in 6 weeks? That is less then what is traded on bad days on some of the smaller exchanges. It is also miners that are shopping there, and of course a few idiots such as yourself buying btc just for the sake of selling it again.

They are seeing 20-30k USD a day worth of bitcoin. That's impressive, whether you want to admit it or not.
newbie
Activity: 28
Merit: 0
Why would people choose to spend a better form of money(bitcoin) vs a worse form of money(fiat) given the choice?

People will always get rid of the least desirable thing they hold.


I myself get rid of the worse form of money....by buying bitcoin. I then use the bitcoin to buy things. How else do you think places like overstock see such "large" amounts of purchases via bitcoin? Sure its a little inconvenient, but that is a temporary problem. Ideas that are great in theory, often do not work in reality. If it does not happen in reality, maby you need to change your idea to something that better represents truth? People do not always get rid of the least desirable thing, or are willing to spend bitcoin in order to help bitcoin, even if it is not in their "best" interest.

I can see you aren't very bright. Tell me how does buying bitcoin for USD and then selling it again for USD via bitpay on Overstock.com, help bitcoin? In that entire process you've also paid fees to exchange + bid/ask slippage. You are only "helping" exchangers.

And no overstock.com does not see large amounts of purchases. They've done what 1million in 6 weeks? That is less then what is traded on bad days on some of the smaller exchanges. It is also miners that are shopping there, you know cashing out the 3600BTC they create out of thin air on a daily basis. Of course a few diehards such as yourself buying btc just for the sake of selling it again.
newbie
Activity: 12
Merit: 0
I don't know about daily.
member
Activity: 91
Merit: 10
Why would people choose to spend a better form of money(bitcoin) vs a worse form of money(fiat) given the choice?

People will always get rid of the least desirable thing they hold.


I myself get rid of the worse form of money....by buying bitcoin. I then use the bitcoin to buy things. How else do you think places like overstock see such "large" amounts of purchases via bitcoin? Sure its a little inconvenient, but that is a temporary problem. Ideas that are great in theory, often do not work in reality. If it does not happen in reality, maby you need to change your idea to something that better represents truth? People do not always get rid of the least desirable thing, or are willing to spend bitcoin in order to help bitcoin, even if it is not in their "best" interest.
newbie
Activity: 28
Merit: 0
Why would people choose to spend a better form of money(bitcoin) vs a worse form of money(fiat) given the choice?

People will always get rid of the least desirable thing they hold.

The only spenders of bitcoin will be those earning their incomes in it. ie miners, because it's easier to spend directly then converting into fiat when a merchant accepts btc.

Bitcoiners have a difficult time grasping real life economic concepts.

It is basically an interpretation of Gresham's law.

legendary
Activity: 1918
Merit: 1018
If fiat currencies are going down and there is a huge economic crisis; having BTC will be very useful

People will start using them for everything with gold, silver and barter

We are supposed to be in a recovery (we're not) so Gold and BTC are not going up but they will when the USD plunges
member
Activity: 70
Merit: 10
Yes I would.
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