Topic: Paying with Bitcoin. - page 2. (Read 965 times)

Bitcoin doesnt technically need to be recognized as legal tender to work as a payment system.  Even if most stores in your area dont take bitcoin yet, there are still ways to use your cryptocurrency.  For instance, you can connect directly with people online who will give you goods and services in exchange for bitcoin through peer-to-peer platforms and  and more online retailers internationally seem to allow bitcoin every day, so online shopping with crypto may open up options.

You shouldn't see Bitcoin's future returns when you are using it for payment because you will be using its current value for making the payment and that is what matters. I know it doesn't feel good when you are spending your Bitcoins because deep inside you know that the amount of Bitcoins you are using will probably be worth way more than they are right now but you can't do anything about it. You will either need to use Bitcoins or convert them to cash and then use that, either way, you will be using your Bitcoin.

I had sold my Bitcoin holdings in the past when the price of Bitcoin was very low, and I still can't forget that even though I needed funds at that moment and I made good use of my assets but when I think of how much I could have if I had them today, I still feel bad.

My country has legalized crypto transactions but it can never be used as a legal tender so most likely, bitcoin is still used by many as an investment or trading purposes, but not to pay for goods or services, unless if you convert it into fiat. However, on my part, I have no issues using bitcoin as a payment system since it’s actually designed for it originally, but seeing none of the stores here are accepting bitcoin, then it would be hard for me spend my bitcoin. But paying bitcoin with online purchases might be possible I think.

For some it might be okay to do so since it would just like selling your Bitcoin and then using that money to buy things that you wanted, but on the other hand that just means you are selling your Bitcoin which means that you might be selling it at a lose unless your selling it or your buying it when the market price skyrocket to the moon unlike the price when you bought it. For a time buy it probably wouldn't really hurt, but if you're going to use Bitcoin as your daily payment method for most of things that might not work, considering the fees in the mempool every transaction could potentially cost a huge payment of fee, especially on congested network so using Bitcoin at that time might not be a good idea, also congested network for sure is a problem of Bitcoin since it just limits our transaction if the fees are huge we cannot do any transaction if the transaction is already fee cost is already half of the transaction.

To be honest Bitcoin is not really ready as a digital payment or something that we could use on a daily basis, in my opinion, Bitcoin is great as an investment right now just because of its volatile market price and the potential profit that we might get in the future, it might get better in the future for sure because there are probably going to be a lot of upgrades in the network soon as Bitcoin continues to grow over time, but right now it is still now ready.

Based on the laws in force in my country, of course I cannot pay for something using bitcoin. Until now, bitcoin is not a legal currency under the laws of my country, bitcoin is only an investment asset that is legal to buy, hold or trade. Of course I can still break the rules and buy something using bitcoin, I just have to accept the consequences of my actions should the government find out later.

So far I'm not willing to break that rule, meaning if I want to buy something then I have to convert my bitcoins to fiat and make a secure transaction. I can use bitcoin as legal currency, but not in my country, maybe in El Salvador or in other countries.

I've actually seen two new BTC ATMs very close to my town, and more small businesses in my area accepting BTC as payment. These services of course are smaller enterprises like carpet cleaning, house cleaning, house repair, plumbing, etc. It's still a positive move forward in my honest opinion. It reminds me of the era when PayPal wasn't as ubiquitous, nor was ordering anything from Amazon. Now people have PayPal debit cards (most trusted websites use it as payment), and we more or less all live off of Amazon orders. I see BTC further integrating into society in a similar manner in the relative future.

If payment for goods using Bitcoin is done face to face between one person and another in real life without any intermediary, I think that is also quite feasible as long as both of them have made certain agreements before carrying out the transaction. But if we look at several other places such as online shops and certain companies that have also created facilities to serve transactions with payments via Bitcoin. This has been fully approved by the buyer of the goods himself by trying to use intermediaries or facilities provided by the company or shop itself.

In this case, I will rule out Bitcoin investors who deliberately collect Bitcoin only for investment purposes and never think about using Bitcoin for any payment. Because on the one hand, investors can still rely on fiat to buy the goods they want, so they will only use fiat for any payments without involving Bitcoin, which they consider as a long-term investment asset. Meanwhile, people whose profession is not an investor will certainly be happier considering this as long as the transaction costs are not too large.

And regarding the problem of having to be connected to the internet, I think nowadays almost everyone is often connected to the internet via their smartphone even though that person has never made a transaction with Bitcoin. So this should no longer be seen as a problem because it is very common for everyone to use the internet every day for their own needs.

For me, I will still speak on the hurdles potentially hindering the adoption of bitcoin as a means of payment for goods and services, and this huddle is in the area of bitcoin blockchain fees, most especially when the mempool is congested.

As far as I am concerned, the above have been the major draw back for most people I know personally, who are willing to start accepting bitcoin as Payment for their goods and services, for it one thing to make such payment method available, and it is another thing entirely to find a customer who would want to patronize you and use that payment method.

For me, only ones have I used bitcoin to pay for something I bought, and since then, I have sworn never to do that again, for the $360 worth of bitcoin I spent to purchase an item in 2022 if still in my custody will be worth over $1,500 by now, so for me, atleast for now, bitcoin have become an asset to invest in, and not a currency to be spent on goods and services.

Paying with bitcoin has been a thing already a few years back. While it is really good because it promotes alternative payment option especially to those who have crypto coins, the problem lies mostly on limited merchant that offers it. Because let's admit it, the process and fees could be longer and higher compared to using traditional payment options.

Transaction processing time and fees could bring more inconvenience than ease to the users which is a major downside when you pay using bitcoin. Additionally, the volatility of crypto can pose a significant impact on both ends. It needs established and clear guidelines on paying, whether it has to be direct conversion of crypto to fiat, or put a fixed amount whatever the exchange rate may be. I believe it still has a long way to go for this to be well-executed.

OP, I think you read the article too much to the extent that you are mixing facts, or perhaps you didn't get it at all. Well, Bitcoin is a decentralised system, which means that no central authority is involved here, which I will still not totally agree with since miners have the right to change some things if they vote and the majority wins the vote. Only that they can't control your transaction like the central system will do. Also, for payments, Bitcoin is a good one, it has solved the issues and difficulties we often face with cross-border payments, but still, banking transactions are better when it is local. It is the wire transfer, MoneyGram/Western Union and the like that are exploitative. However, if one pays through the existing fiats payment services, the transactions are reduced but could still be higher than that of Bitcoin when it is normal. But in some abnormal Bitcoin transaction fees, one can still be paying over $35 per transaction, which makes it inconsistent in this regard.

Lastly, about the economies, I will advise you to drop that, Bitcoin will rather hurt the economy due to its decentralised system and the 21, million BTC max circulation supply. Presently, Bitcoin is hurting many countries' economies unnoticed, including mine, and it is all due to its decentralised nature of it. FX import and export are important to the process of the nation, but Bitcoin is not allowing it to be known per country, especially the FX imports, this is worse for consuming nations.

There's also lot of challenges that stop its mainstream adoption that's why we can't see bitcoin became accepted or if there it is they suddenly stop it immediately and erase it on their option due to a lot of factor. If we can't see any changes especially on fees where it skyrockets if there's a good pump happening I think this merchants accepting bitcoin wants would provably not happening since they will always think that this is expensive option for them to have.

For sure there's no problem with its volatility since everyone can learn how to deal with it and we get used to it so for sure those new people who want to deal with it can able to handle the market stress once they learn more about bitcoin and its market.

Indeed, adoption doesn't go fast and easily due to some misunderstanding and lack of knowledge.  If we compare the situation these days vs 5 years ago, we are already far. From time to time, accepting Bitcoin is going better and become mainstream in the future. Adoption can't be instant so year by year, we can expect a growing number of businesses accepting Bitcoin which also encourages BTC holders.

But having the sentiment of huge fees and volatility is also a factor why some business owners are still leaving on the doubtful condition to whether accept or decline.

Yes, we have been doing that here in some parts of our country using a local Lightning Network supported wallet. It is quiet convenient to pay using Bitcoin for your haircut, icecream, hotel bookings, drinks, meal and even rides though numbers of merchants declined compared to previous years but still it's in the early phase so we are hopeful in the near future for more openings of local businesses to accept Bitcoin payment.

I get Bitcoin's dual role as an investment and a transaction medium. I favor long-term Bitcoin investing. Its not just about the big returns, but also the exhilaration of financial change. Decentralised Bitcoin is the future of money, in my opinion.

Internet access, transaction fees, and novelty are all issues with Bitcoin payments. I also see great potential. The growing acceptance of Bitcoin in many marketplaces shows its adaptability. I support using Bitcoin for transactions whenever possible to integrate this revolutionary money into our daily lives.

Fiat currency is suitable for daily use. Bitcoin transactions lack their simplicity and stability. But I'll always support Bitcoin. Looking forward to the future of bitcoin integration. Bitcoin symbolizes financial empowerment and innovation, not just investment.

If you don't know that adopt Bitcoin is a risk to humanity, you better know it now, because many people or companies using Bitcoin to pay their workers as payment knew the risk before using it, and they are benefiting from the transaction. Well, it's a Matter of choice to make Bitcoin a legal tender in your country and it will reduce so many things from the country which we have see some progress in the land of those countries that made Bitcoin legal tender for Bitcoin users to purchase any kind of goods and services and pay with Bitcoin. Before you introduce Bitcoin payment into your business, please ensure you have more skills on that business because you need to be keeping all your personal details that related to your Bitcoin wallet regularly because the moment anyone have access on them, your business will collapse.

Well, just for now, Bitcoin isn't considered a means of currency but just an investment. However, this won't say also that it never happen in the future as we are still in the adaption period. Meaning, people gradually accept and use Bitcoin as a currency for buying stuff but it will just remain an option for them.

If we see Bitcoin now as a money maker, then so be it, many people are doing this as well. Besides, there is no urge to use Bitcoin as a currency but it remains an alternative when we are ready and of course, when an establisehment/s accepts as well.

Depending on each person's point of view and regarding purchasing goods using bitcoin, it is fine because currently there are many products that provide payment transactions using bitcoin even though they do not fully accept payments using bitcoin. In fact, many people who use bitcoin as an investment will not use bitcoin as a means of payment because they consider bitcoin to be the best investment asset that can provide large profits in the long term.

Another factor is that people have to be connected to the internet every time they make a payment using bitcoin and this definitely requires transaction fees, so some people are more inclined to make payments using the old system which involves fiat currency. Apart from that, each individual may have their own views regarding payments using bitcoin and I prefer to use bitcoin for investment purposes not for payment.

If I have bitcoins for long term holding and if I am at a loss after buying bitcoins I will never use those bitcoins to buy anything. But if I have enough bitcoins and I have no intention of holding them for long then I will definitely use them to buy something. a Bitcoin is not specific to anyone, so if I use my Bitcoin to purchase something, I can easily buy Bitcoin again later. So I don't think it's a problem to make some purchases using Bitcoin. So I would like to say that the opportunity to buy any essentials with bitcoins is that I will use bitcoins to buy them and later buy bitcoins again if I can able to manage money

We should always remember that if we won’t be using bitcoin as a payment, it would be highly against that concept of Satoshi. He invented bitcoin so we can gain financial freedom from the bank and use it as a reliable currency, so as much as possible, we should also adhere to the concept of the bitcoin founder.

But if we will also consider our greedy side, for now it’s safe and highly beneficial for us to invest and hold bitcoin for long term than buy bitcoin and use it for payment purposes. But if you have extra bitcoin on your wallet, why not?

That won't be much problem if it's in physical and online won't be that hard but it won't be that easy to find one. It is possible to find one but in order to know it is you have to ask first if they accept another payment method like cryptocurrency such as bitcoin and eth when paying. If they say yes then you can pay bitcoin for the product they are going to sell to you. Well, in country where bitcoin is banned would not be easy for them to exchange it into fiat since it is banned in their country.