Topic: Paying with Bitcoin. - page 3. (Read 965 times)

It's okay imo. Most people treat Bitcoin as an investment and currency to pay things including me. The ease to pay things online without any disturbance by any third parties is such a luxury and I do find it really worth it. Although in here I've bought digital goods using Bitcoin and some clothes in early days, but most of the merchants nowadays that was accepting crypto before is gone because of the regulation. It sucks but there's nothing we can do.

If we set ourselves for long term, we will eventually use bitcoin to purchase goods or assets in the future. Probably for now we may be greedy to think about owning bitcoin and holding it for long term. But we all know that hodling for a lifetime is not also right so either we end up selling it for profits, or we will just let it perform as a currency and use it to buy goods and services, or even assets.

If I am one of those who believe that bitcoin is our future in terms of money and want to save it, I will not use bitcoin right now to pay for an item that I want to buy. Because if you look at the price value of Bitcoin from 2009 to the present, its value has increased greatly, so that means that there is no time that Bitcoin's price value has not increased.

So if you make it like a mutual fund, it's a good way because let's just assume that 15 years from now and every month you will save around 50 dollars of Bitcoin. I am pretty sure that the value will be high when 15 years come. Do you get it?

Yes, I think it will be simpler to utilize Bitcoin as a payment method the more people who are aware of it and accept it. In my opinion, two major things needs to happen before Bitcoin would be accepted as a payment method by more people. First of all, more establishments and retailers must start accepting Bitcoin as payment. And Secondly, we must facilitate the acquisition and use of Bitcoin by the general public. Trust me, if these two things can be actualized then public adoption of bitcoin as a payment method would be very easy to achieve.

You can do it if you want as long as there is no ban in your country and as long as there is an agreement on the payment method with the seller (manufacturer) then this is still very possible because after all, we must be aware that conditions like this are dependent on our personal choices.

But that doesnt mean we dont look at the regulations because until now buying an item with bitcoin payment is an option and even for many countries it is still something that is not recommended so we need to look at this regulation whether we can buy goods with bitcoin or not in the area we live in because if not and there are trying to force it then indirectly you violate the regulations in your own area.

So you don't want to use your Bitcoin someday? Or you just want to hold it for a lifetime and not use it. If this happens, then who will use Bitcoin? The goal of Bitcoin was to create a decentralised financial system where we could send and receive money worldwide without a third party through a p2p transaction. So it's a nature of currency you have to spend for needs. Just not hold it for a lifetime. I know that by holding, you may potentially gain more money, but how long will you not spend it? Where do you want to use your Bitcoin? So spending your bitcoin on something that you need isn't wrong.

I thought your definition and explanation of Bitcoin given above (i.e This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin already gave the reason why Bitcoin is worthy of an asset/digital money good enough for purchasing items both online and physical stores? Because it's kind of confusing,. Because the fact that Bitcoin is now generally accepted by people globally, that alone makes Bitcoin a medium of exchange, more of value than gold and silver due to it's limited supply of 21million BTC.

First of all there is one point within your OP that is bugging me: bank charges. They are not really high and if you go to the nationalize banks then those are just fixed tiny fees. Only for specific products they would charge a fix % amount and thus it would be higher if the transacted money is huge in terms of volume.

Now if you compare the fees of Bitcoin with traditional banking then you will see a major difference between them. Bitcoin fees are not fixed and they will keep changing as per the transacted vbytes and mining difficulty around the blockchain. Just take an example of the current situation where fees are boosted like hell. You need to pay anywhere between 20-50 bucks for faster transactions. Doesnt matter if you send ten bucks or one million, the fees would change as per the vbyte load.

Paying with Bitcoin is easy, however tackling the fees is somewhat crazy.

If you don't hold large amount of bitcoin, when you see people use it buy item, you will think they don't know what they are doing but they do. What's the purpose of holding 1000btc bought each for $1k and now, you have an urgent need to buy a laptop and they offer bitcoin as a method of payment, I don't think that is going to be a problem for you to do instead of selling the Bitcoin and then convert to fiat before can buy what you want to buy.

If you have the bitcoin that yiu have bought when the price is low and you really have the need to sell the bitcoin, I don't think that's a problem at all but when you buy at all home high and then you sell at lower price because you want to buy something, it's doesn't make any sense. It will only end in loss and the person that receive can hold the same bitcoin and the price will appreciate later.

I also think that it will not always be the same for everyone and it really depends on how someone behaves when they want to pay someone with Bitcoin. Because if we assume that the person paying and the recipient have mutually agreed and have no problem with payment via Bitcoin, I think the payment will still occur even though the amount of Bitcoin is not that much. But it also comes back to the Bitcoin owner, whether he is willing to spend Bitcoin just to pay someone for something. Because as you said, people who are holding Bitcoin for more profit will not do that with Bitcoin and will definitely prefer to do it through fiat only.

I don't think this will be a serious problem to think about as long as you can wait for the costs to become cheaper and more reasonable, because the recipient of Bitcoin can also create a new opportunity for himself by receiving Bitcoin and continuing to collect it for his own future. This could be quite possible because considering that Bitcoin still has the potential to increase in price within a certain time so that the trader can also make more profits through Bitcoin apart from through his own merchandise.

There is no issue in using of bitcoin for payment of goods but I think that bitcoin is not yet adopted much that you can easily pay bitcoin for buying materials from anybody. For using bitcoin for buying of goods it is necessary that bitcoin should be accepted by everyone and all people should have knowledge about bitcoin because if they don't know about bitcoin then they will not understand its success and will not accept bitcoin as a payment method.

There is a risk that if you sell your bitcoin for other goods then if it increases in worth then you will regret for it but you should also remember that at a same time it can also reduces so you would have buy other goods with affordable price therefore you will not be effected by reducing price of bitcoin then.

BTC was not created as an investment and for the price to make returns for you, BTC was created as a p2p electronic cash that is permissionless and censorship resistant. This is why BTC was created, as a currency that is different from fiat currencies and one that the users can control and use without any third party. BTC is only suitable as an investment because of its growth and demand for the currency which pushes the price high, but take note that BTC will become less volatile in the future.

Before drawing to conclusion, you need to ask and know if bitcoin is accepted there for you to use it in place of money. Because by the definition of money, money is anything generally accepted as a medium of payment in exchange for goods and services. Therefore if bitcoin is accepted there, it is ok to purchase items with bitcoin but if it is not then you can not use it for exchange for goods and services.
Although the disadvantages could be a limiting factor to the use of bitcoin.

The only reason why some many don't use their Bitcoin to pay bills because they want to hold them for long term.
But there is no bad in using your Bitcoin to pay for anything, if we want to assist Bitcoin to spread we shouldn't be skeptical to use it to pay bills as there are no harm in doing it.
Many are using their Bitcoin already, if you really want to know about people who use their Bitcoin everyday just visit the gambling section and read some few discussions you get to understand that they are using Bitcoin to gamble. Gamblers buys Bitcoin everyday and they fund it to their online betting accounts and they gamble with it.
So you don't have to complain when someone's using his coins to buy properties. My friend sold some coins worth $2000 June last year and yesterday he said the amount of coins he sold has increased, then he told me the figures and I shouted because it much expensive now, but he didn't lose anything because he used the money to buy land and the area is now developed, so even if he wants to sell back the land he will not lose anything because the land will be more expensive as the area have developed.

The only reason I believe why bitcoin isn't adopted everywhere is because its centralized nature poses some sort of threat to the government, lawmakers and other centralized authorities. The government is believed to be ontop of all the affairs going on in the country, ranging from the food chain to politics, and this includes t financial system of the country. The government and lawmakers believe they should be in charge and should be aware of all financial transactions that goes on in the country in order for them to ensure the smooth running of the country's economy.
But as we know, the emergence of Bitcoin and its decentralized nature now poses some sort or threat to them, thereby denying them absolute jurisdiction when it comes to making financial decisions that would affect the country, what bitcoin has done is to split that right amongst the citizens of that country, so you wouldn't blame the government and the law makers for frowning again public adoption of bitcoin.

But nonetheless, If Bitcoin is widely adopted and used for daily transactions, it would really come in handy for individuals who enjoy anonymity and privacy, but I don't believe that it will make things more better than using our traditional currencies or banking system. We all know what happened in the past months with bitcoin charges,  the actual reason for the high transaction fee was because more people were exposed to the Bitcoin network and the more people are using the network, the more load the network takes, hence resulting to high transaction fees. So if many people start using the network for daily transactions, I'm afraid same thing might happen again.

Another reason why using Bitcoin for daily transactions would be a good idea is because of Bitcoin's volatile nature, Bitcoin I very volatile and using it for buying goods and other daily transactions may affect the seller and even the buyer too, because you might sell a good worth $100 in Bitcoin today and tomorrow you find out that your $100 has dropped to maybe $50 or even $20. We've seen cases where it has happened, so in a case like that, the seller has made a huge loss in his business. There are other reasons I cannot mention but my point is that if bitcoin is adopted and used for daily transactions, it will be difficult for people.

The point you make about Bitcoin as a means of payment is totally accepted and that some of the reasons Bitcoin was being created including good's and service as a part of payment. Hence Bitcoin is created for future price increase and keep increasing as times goes on in the cryptocurrency market ecosystem and the only way to enjoyed Bitcoin asset is to buy and hold for a certain period of time and sell back and be happy at that time regardless of anything, the price will be keep increasing as long Bitcoin halving keep occur every 4years circle of session.

   If you are a holder of bitcoin and you hold a lot of it, maybe somehow it is okay to use it to pay merchants who accept it as payment options. But for the holders who save it to get a profit, they will not do it.

   And for the merchants who will receive Bitcoin payments in their businesses, it is only good when the transaction fee in the bitcoin network is low, but when the fee is high, they will stop it temporarily and will only resume when the fee in the bitcoin network becomes normal again.

  
You're right in what you said; all of us who hold or buy Bitcoin can do what we want to do, honestly. If you want to do it, you can do it for experience. It's just that in these situations, which is the time of accumulation of Bitcoin in most of the crypto field, we will first put aside the use of Bitcoin as payment in any business that accepts it as payment.

It is even better for now to accumulate it until the time when we need to sell it because we know that we can make a profit from it. It's that simple to do as holders.

Bitcoin can be actually used in both, as an investment tool and a currency tool. But because bitcoin has shown consistent significant price increase, majority believe that it would be a more potential investment rather than using it as a currency. Aside from that, only few shop owners accept bitcoin as a payment, so it’s hard to use bitcoin if majority are only accepting fiat as a mode of payment.

However, from my own perspective, I don’t have issues about using bitcoin as a currency, but if you don’t want to lost the present opportunities with bitcoin, use it as an investment first and keep hodling on it until it reaches an all time high, when you have had enough amount of bitcoin, it could be the perfect timing to use some of it as a currency to promote bitcoin in the market as well.

Currently now that's just the downside of this but although there is a supposed solution to this problem which involves the use of the lightning network to process payment but the only issue is that people don't actually use this that much if not it would have serve as a solution to the high fee when it comes to Bitcoin acceptance for payment.

But truth be told people actually feel better in spending Fiat than Bitcoin because to them every Bitcoin spent might have turn up to build more profits for them so instead they HODL and pay for whatever they want with your normal every day FIAT currency.