Topic: Paying with Bitcoin. - page 6. (Read 880 times)

Bitcoin was meant to be used as money, so paying with Bitcoin meant using it as intended. There's nothing bad in it for Bitcoin because usage means liquidity, and it's not good for a currency when it is just stuck and not moving at all. As long as you're okay with the fees and waiting time (for the first confirmation on Blockchain), using Bitcoin is totally fine. But here I want to point out that you, op, are talking about the positive impact of wider Bitcoin adoption, whereas it's not that simple: Bitcoin can't handle too many transactions, so that sort of adoption requires off-chain solutions. Otherwise, the fees will get very high, and lots of transactions will get stuck.

Yes, that's basically why Bitcoin was made and that's to be used as an alternative currency and payment method for fiat.

You're one of the contributors of Bitcoin economy if you're spending it for goods or anything that you're going to pay for it. I am not saying that spend all of it for paying Bitcoin but you have to save for yourself as well.

You can use it with both things, for spending and holding. And don't feel bad whenever there will be some chance that you'll get to spend it.

BTC was created to be a p2p electronic cash, so it is great to use it for the original purpose it was created. If you have stores around you that accept BTC or there are commodities and services you want to pay for online, and they accept BTC payment, paying with BTC is a cool thing to do. The idea of spending BTC is different for many people, i prefer to spend BTC on cheap commodies, i.e. a cup of coffee, but it will probably be different for an early adopter or someone who has a lot of BTC, such people would not mind buying a luxury car with BTC, so you should do things on your own level.

The answer is "yes", but... why would you? Paying for something with Bitcoin is just like paying for something with your TSLA or MSFT shares. You can technically do it, but why would you? Bitcoin might be a good investment, but it's turned out to be very poor for transactions, as they are extremely slow and extremely expensive compared to the available alternatives.

So don't pay for things with Bitcoin directly, just convert some of your BTC to USD (or whatever sovereign currency) and perform the transaction the way you normally would. There's no advantage to paying directly with Bitcoin (assuming the payee even takes it), and lots of disadvantages.

Although it didn't start out this way, today Bitcoin is in all practicality an investment instrument, not a currency.

Op I don't think there is anything to explain here because the first thing anyone would do when he or she join bitcoin investment or want to join is to know the meaning of bitcoin and it advantages and disadvantages and if you have known the meaning then the way you see it from the article and that is how it is. Bitcoin is digital currency which is meant to buy things and pay for services digitally. So if anyone likes to accept bitcoin in his or her business and you have bitcoin to pay for it then you pay and get you product or person render the services you paid for so what are you asking us to tell you our reasons of accepting bitcoin. This is ridiculous.

If using bitcoin to pay for gold and land is wrong as you said after your research then there is no need to argue again because you have read it by yourself and yet you are saying it is wrong. Then you let it be.

Why not? I don't see anything wrong if someone is willing to pay in Bitcoin and the other party is willing to accept it. That's perfectly alright!

But unless it is a cross-country transaction, Bitcoin transactions will cost you more than banking system. So it all depends whether the person is willing to pay a huge fee for a simple domestic transaction or not.

Also, the risk of loosing future gain is real. We all are holding Bitcoins because we are optimistic about its future value. So if someone is willing to accept that fact and still wants to go ahead. That's fine as well.

It's impossible to see a perfect solution here. It all depends on the individuals who are paying and who are accepting it.

Why do you think Bitcoin was created in the first place?
If not for the fact that Bitcoin has gained stability and adoption rate exponentially over the years that it can now be used as a perfect asset, it was initially meant by the creator SATOSHI as a peer to peer currency without the government as a third party.
Another thing that makes people use Bitcoin as an asset than a P2P currency aside from the returns is because of the fact that fees can sometimes be uneconomical due to congestions in the mempool otherwise, Bitcoin is a perfect P2P currency.

Yup it is completely ok to do so.

But the question is - where will you find a user who is willing to accept bitcoin for selling their product to you?

There lies the limitation, but we as a community are working on this, trying to increase the adoption and mainstream acceptance. My own experience over the last 7+ years on this forum, I have seen crypto grow from a cultish thing to a maintream buzz and this means we are growing steadily.

At present, merchants accepting bitcoin are few and gift cards are another option (fees hurt!). Directly selling bitcoin for fiat and using the fiat to buy your goods is another option but it might not be feasible in many countries.

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