Topic: Paying with Bitcoin. - page 4. (Read 965 times)
To be honest, right now I don’t have any plans to spend my bitcoin to purchase anything, but most likely in the future when I’ll already gained sufficient amount of bitcoin for my future retirement. I don’t want to hold forever without selling or spending some of my bitcoin, that’s the only way that I can benefit from it and see all my hardwork and patience paid off. However, for now, buying and hodling more bitcoin is still my priority.
Using Bitcoin to buy things and services is something I recommend because technology makes money easier to handle. Because Bitcoin is decentralized, transfers are streamlined and guided, which gives people who dont have bank accounts new options.
Even though it changes a lot, I see Bitcoin as an investment for the future. Choosing to spend Bitcoin is up to you, just like buying in anything that will go up in value. Balance the opportunity cost with the instant benefits of transactional freedom and efficiency. Bitcoin trades grow the network and turn it into a world currency, which speeds up a revolution in the economy.
Bitcoin is more than just a way to buy things. Its a show of faith in a more open, fair, and transparent financial system. Comparing Bitcoin to gold or land doesnt take fluctuation into account. Its ability to be transferred and divided shows a dedication to a groundbreaking economic link as well as a value exchange in modern deals. Bitcoin supports innovation and financial inclusion for everyone.
Even though it changes a lot, I see Bitcoin as an investment for the future. Choosing to spend Bitcoin is up to you, just like buying in anything that will go up in value. Balance the opportunity cost with the instant benefits of transactional freedom and efficiency. Bitcoin trades grow the network and turn it into a world currency, which speeds up a revolution in the economy.
Bitcoin is more than just a way to buy things. Its a show of faith in a more open, fair, and transparent financial system. Comparing Bitcoin to gold or land doesnt take fluctuation into account. Its ability to be transferred and divided shows a dedication to a groundbreaking economic link as well as a value exchange in modern deals. Bitcoin supports innovation and financial inclusion for everyone.
Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.
Thank you
If Bitcoin have been adopted by all nations, by now the price of it would have skyrocket to a figure we never imagine, but the major disadvantage of using Bitcoin for payment is it high fee's which I think will really be a barrier in it quest for adoptability world wide.
Actually like what you said above mate it's okay to pay Bitcoins for goods and other foods as long as the merchant/seller have Bitcoin too and they posted that they will accept bitcoins then nothing is wrong about you can buy what you want and pay with bitcoins. There's a store here in my country accepting Bitcoins as a mode of payment which pretty good enough if the buyer is also have Bitcoins then they can buy some goods. Maybe in the near future Bitcoin will be accepted in all countries.
Can Bitcoin become a full-fledged means of payment, does it have enough bandwidth to cover all countries, and what about high commissions? These issues are discussed very often, and I personally came to the conclusion that Bitcoin is an asset, something like digital gold, a good investment, perhaps a good way to save our savings from inflation, but not as a means of payment. In addition, regulation makes everything too difficult for Bitcoin. So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.
Actually like what you said above mate it's okay to pay Bitcoins for goods and other foods as long as the merchant/seller have Bitcoin too and they posted that they will accept bitcoins then nothing is wrong about you can buy what you want and pay with bitcoins. There's a store here in my country accepting Bitcoins as a mode of payment which pretty good enough if the buyer is also have Bitcoins then they can buy some goods. Maybe in the near future Bitcoin will be accepted in all countries.
Despite the fact that, bitcoin is a currency it has higher asset features which is something that we have to align ourselves with and the reason why many bitcoin holders don't want to use bitcoin for payment rather store it as a store of value, and also due to the techenicality of bitcoin, it rather being used to store values rather than a currency.
Although if the receiver who is the seller of the goods or services, is well knowledge about bitcoin and the sender agree to pay with bitcoin, why not, bitcoin transferable features makes that to be very easy to achieve since one can comfortably send any amount from the total balance to the recieving wallet.
So yes bitcoin can be used for payments.
It is better to store it as a value than want to spend it as a currency it will be much better for me as long as I have my money to spend I don't see the reason why I will now be spending my Bitcoin as a currency. bitcoin is an asset with high value, and if you are not lucky if the price is down you might be selling at a low value. even as a holder, I don't think i will sell my Bitcoin for any kind of reason. bitcoin is more sweeter when seen as an asset because if the value of bitcoin is going up you at the same time be making a profit and better ways to get a job and leave your bitcoin there as an asset. and it is more beneficial to the receiver than to the seller. As he is receiving am sure he's not spending it because he knows its value.Although if the receiver who is the seller of the goods or services, is well knowledge about bitcoin and the sender agree to pay with bitcoin, why not, bitcoin transferable features makes that to be very easy to achieve since one can comfortably send any amount from the total balance to the recieving wallet.
So yes bitcoin can be used for payments.
And even people in Salvador don't think they will spend more Bitcoin there even as it is seen as a legal tender there and it will even make things easier when there are network issues, bitcoin can feel in.
Accepting payments through Bitcoin will only be possible when the transaction fees are reduced significantly, but in reality, sometimes Bitcoin transaction fees increase to such an extent that it becomes impossible to accept any payments through Bitcoin. When Bitcoin transaction fees drop, accepting payments in Bitcoin will never be the only business case.
So, after reading a thread and realizing that paying with Bitcoin would mean that you'd be paying with future returns,
There is a certain meaning in what has been said. In the sense that if you hols bitcoin in your pockets, it will bring profit in the future, if you spend it now on a purchase as a means of payment. Therefore, I think that in bitcoin the function of a means of payment has been transformed into a means of investment. Therefore, bitcoin owners will be reluctant to spend it.This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin.
At this stage this is not possible. If more people own (and use) bitcoin, this will put even more strain on the BTC-network, causing transactions to take even longer to complete. Even with the current user base, the mempool is often overloaded.If Bitcoin was adopted and accepted as a means of exchange in many countries then there would be a huge improvement in various and global economies.
I accept the possibility that countries will accept bitcoin as an investment instrument, but certainly not as a means of payment. No country (except for countries in a desperate situation with a bad economy) will give up the monopoly on printing the national currency. Because due to this they receive an inflation tax. Simply put, it benefits them..
So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin?
It is possible, but the list of goods and services is limited. Also, no one forbids you (yet) to use bitcoin for goods (but doesn't approve either). Still, in every country only the national currency is a legal means of payment for goods and services. So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin?
If you could use your Fiat why would you even spend your Bitcoin?
I mean if it is face to face transaction it wouldn't have a transaction fee, and holding Bitcoin have a potential to give you profit.
I mean if it is face to face transaction it wouldn't have a transaction fee, and holding Bitcoin have a potential to give you profit.
Bitcoin as a medium of exchange is undoubtedly a good exchange system. Bitcoin is not only a currency but also a significant medium of exchange. Bitcoin is also a digital asset. Bitcoin has gained worldwide acceptance and countries around the world have already accepted Bitcoin as an exchange for various commodities. People in different countries of the world are now making payments like car rental, house rent, and education tuition fees through Bitcoin. Undoubtedly, the use of Bitcoin in exchange for various products will be considered a significant part of the Bitcoin Revolution.
So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.
Purchasing things with bitcoin is not a bad idea, bitcoin is not just only meant for investing , it can also be use to for spending in purchasing your needs. It depends on you if it is wise for for you to spend your bitcoin to buy something or to invest in it, this are personal decisions one needs to think if it will be financially wise to spend bitcoin or to invest it. Bitcoin is money but money with that is very volatile, that is why it is also considered as investment too. 
I don't know if using bitcoin as a payment method in other countries is correct as you said. But honestly, I don't think bitcoin will become a currency in the future. When from the very first days people saw it as a speculative asset, when ads about bitcoin ETF were all over social networks and they called it an investment, not a currency. So the idea of it becoming a currency seems to have disappeared, not to mention the government will never let that happen because they can't control it.
You need to check El Salvador, Nayib Bukele aka El Salvador's president was accepting Bitcoin as legal tender since 2021.To expect every countries to accept Bitcoin as legal tender seems to be impossible because each country has it's own rules, I don't know where you live, but your country must have forbid something, while in other country it might be legal.
When most people can trust Bitcoin's sidechains, no one will complaint about network congestion anymore.
It’s not wrong to use Bitcoin as an exchange for goods and services. Bitcoin is both an asset and a currency, sadly many people see it only as a asset and completely disregard the currency part. If we don’t use Bitcoin as money, how do you expect Bitcoin to have mass adoption? Companies and small businesses will have no motivation to add Bitcoin as a payment method if they don’t have enough patronage. I expect bitcoiners to take advantage of opportunities that gives them the chance of buy and pay for stuff with bitcoins.
The reason behind the innovation is to serve as an alternate to the momentary system and take away the intermediary. Due to the tremendous growth of cryptocurrency, people started to prioritize bitcoin and other cryptocurrencies as assets rather than a medium of exchange. In some countries, it is possible to see increased acceptance of bitcoin in specific locations, whereas the same isn't happening all around due to different governments having different opinions on cryptocurrency usage. It takes time for a massive transition.I don't know if using bitcoin as a payment method in other countries is correct as you said. But honestly, I don't think bitcoin will become a currency in the future. When from the very first days people saw it as a speculative asset, when ads about bitcoin ETF were all over social networks and they called it an investment, not a currency. So the idea of it becoming a currency seems to have disappeared, not to mention the government will never let that happen because they can't control it.
I don't know if people would be willing to pay high fees for simple transactions as just going out to the market to get some simple stuff, unless maybe large transactions that the buyer and sellers would be willing to pay without much thinking about this. And I think this is one of the reasons why banks are still very much ahead of bitcoin in p2p transactions cause transactions in fait still has very little transactions fee and we can't still compare the margin between master card charges and p2p transactions in bitcoin, even with innovations like lightning network and liquid we are still facing high transaction fees. I think we might be closer tho to this future of globalised p2p transaction with bitcoin especially as we are reaching wider adoption of bitcoin. But another thing remains that most persons still view bitcoin as a profit making asset more than the main reason stoshi created it for. Anyway we still wait for this future.
I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.
Thank you
Just the way you can use Gold, land and other valuables to pay for another goods or services, you can aswell do same with Bitcoin because it's also valued in whatever fiat you may want to convert it to, provided you can DCA then you can further convert to your domestic Fiat.
What country do you live in where paying in Bitcoin is illegal? Is there a list somewhere of countries like this?
If by any chance you looked for an answer to your question online, you would have found out the answer sooner than you asked the question. In some countries like Turkey and Thailand, Bitcoin is banned as a currency, although trading is allowed - in some others it is completely banned (Algeria, Bangladesh, Bolivia, Nepal, Ghana, Qatar, China...).
However, no one can forbid you to use decentralized crypto exchanges or to pay someone privately with Bitcoin in any country in the world where there is internet.
So, after reading a thread and realizing that paying with Bitcoin would mean that you'd be paying with future returns, I went on to research the topic of paying for goods and services with Bitcoin.
Bitcoin is decentralized meaning that it can be transferred to anyone without the interference of intermediate/ central authorities. This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin. If Bitcoin was adopted and accepted as a means of exchange in many countries then there would be a huge improvement in various and global economies.
It'll enable more people to access financial services and knowledge, reduce the rate at which bank charges are being paid, values gotten by sellers will increase rapidly, anonymity and many others. Apart from the loss on the buyers's part, Bitcoin has lots of disadvantages which would be challenges and pose lots of unhealthy risks if adopted.
After doing my research, I came to realize that this may probably be influenced by personal choices. Because looking at it thoroughly, some people would pay for items using things like Gold, Land, and other assets. But in the eyes of a money literate, that may be totally wrong.
So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.
Thank you
I do not think it is 100% up to every individual, if he wants to use Bitcoin as a payment option. It boils down to basic things that needs to be approved by governments to allow individuals to use Bitcoin as legal tender.
Merchants cannot accept Bitcoin as a payment option, if the government did not approve it as a currency. They can do it, but they will be breaking the law and could face huge fines or even some prison time
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From a purely economic return point of view, there is no point in spending bitcoin to acquire goods and services, as it is better to use fiat currency, which is constantly devaluing, for this purpose. However, bitcoin was created as a currency, and part of learning what it is and how it works is to use it. That's why I think many of us on the forum do both: accumulate bitcoin and spend bitcoin from time to time.
There's nothing wrong with buying things with Bitcoin, it's true that Bitcoin has the possibility of multiplying in the future, that's for sure, but there are consequences for taking action, and besides, everyone has their own principles. in treating bitcoin
I won’t be seeing significance why I accumulate bitcoin in the first place if I won’t use it as a currency more than an investment. So I will definitely use bitcoin to purchase some goods or services if my fiat funds are not enough. Which means, I will prioritize first utilizing my fiat and bitcoin will only serve as a back up. That way, I will still be a able to save good amount of bitcoins and benefit them in the future.
However, if we use bitcoin today, the problem is there are only few shops that will be accepting bitcoin, and I don’t think in my own locality I can find one.
However, if we use bitcoin today, the problem is there are only few shops that will be accepting bitcoin, and I don’t think in my own locality I can find one.
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