Sorry guys.. Bitcoin is not for our day-to-day transactions.

bryant.coleman

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Quote from: Gyfts on January 17, 2021, 02:58:41 AM

I think the hardcore crypto nuts believe Bitcoin can replace fiat currencies while I'm more moderate and believe that Bitcoin can exist in the form of a commodity or be used as a currency alongside currencies like USD. Day to day transactions aren't a stretch if merchants can deal with transaction fees and confirmation times. Network being overloaded is a concern, but presumably that's something that could be hashed out once mainstream adoption is wide enough that *everyone* is using BTC.

It will be very hard to get *everyone* using Bitcoin. I will be happy, if a simple majority of the world population approves the usage of Bitcoin. But we have a long way to go before we reach that level. Right now the user base is around 100 million, and that needs to be increased by 40x or 50x before we can claim world-wide acceptability. And as you said, scalability is a concern, but hopefully a few hard forks can resolve it.

buwaytress

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Quote from: shield132 on January 16, 2021, 10:38:53 AM

I think that you aren't talking about direct transactions from your bitcoin wallet because it's very unprofitable to do transactions daily via bitcoin wallet. If you want to send $30, you'll have to pay almost half of this (if not more).
So, I think that you are using bitcoin debit card, right? Then, without a doubt, it's amazing, especially if you own Binance card, they offer cashback on each payment (but at the same time this service comes with a lot of problems as I see).

Btw I agree with the OP, bitcoin isn't for day-to-day transactions and it was never meant for massive usage, that's why we implemented segwit but somehow businesses don't even try to offer segwit payments.

Actually, I am talking about direct transactions from my Bitcoin wallet. Where else can I get cheap transaction fees? Most online wallet services charge a flat (and expensive fee).

In general, I'm still able to spend the min fee (1 sat/byte) for almost all my transactions, since the people I send to don't mind the wait. Even at $40k BTC, that's still less than 10 cents. And as I pointed out, with Lightning soon people will be opening channels with each other, paying multiple times with virtually no charge.

Debit card? Fees are ridiculously high (or spreads ridiculously wide).

Gyfts

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I think the hardcore crypto nuts believe Bitcoin can replace fiat currencies while I'm more moderate and believe that Bitcoin can exist in the form of a commodity or be used as a currency alongside currencies like USD. Day to day transactions aren't a stretch if merchants can deal with transaction fees and confirmation times. Network being overloaded is a concern, but presumably that's something that could be hashed out once mainstream adoption is wide enough that *everyone* is using BTC.

Crptomagma

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Bitcoin as a Cryptocurrency which is also a currency can be used for our day-to-day transactions. All currencies w have always experienced one point of low value and these can be as a result of so many factors, so bitcoin will not be an exception because of the price change. We’re going to be making use of our bitcoin and wish more institutions and big business owners accepts bitcoin in their business so we can easily carry out our bitcoin transactions in almost all sectors with fair transfer charges.

Sithara007

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Quote from: michellee on January 13, 2021, 09:08:27 AM

Maybe they will not agree about bitcoin now, but we can hope that it can become a reality in the future. Using third-party processors can be an alternative for people to pay, and I think they can try to look if there is another option to pay, so they do not have to pay using bitcoin if they doubt bitcoin. As the bitcoin price now increases so high and that attracts the fee to increase, maybe that is why people not to agree to use bitcoin.

This is one of the advantages in paying with BitPay BTC or PayPal BTC (PayPal hasn't yet made the full services available to the users). With these third party processors, we can expect instant confirmations and low transaction fee. But the centralized system means that anonymity is lost, and sometimes keeping your coins in institutional wallets can be an unnecessary risk. But then the user has the choice - whether to go for these third party processors, or to pay directly with Bitcoin.

qwertyup23

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I personally think that the value that bitcoins bring is not the intangible coin itself but the technology behind this revolutionary transaction process.

Shifting towards a cashless society where the currency is very volatile with a limited supply of only 21 million would cause serious disturbances and manipulation on the price due to whales.

The blockchain technology, on the other hand, is the true gold. In the near future, businesses would apply this to their transactions which eliminate the need for a third-party consensus.

isaac_clarke22

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Quote from: pokeronlinestatus on January 11, 2021, 04:19:17 AM

~

Maybe. But it's up to one's reasoning anyway on why and how they use their Bitcoin. I partially do hold and use it for payment. It's just a matter of convenience, and I separate my paying money to my investment anyway so there ain't single thing to worry in my part.
I slightly agree with some people saying here that it could lead to losses so why use your Bitcoin for payment, but again, I mentioned how I use "my Bitcoin".

RapTarX

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Quote from: pokeronlinestatus on January 11, 2021, 04:19:17 AM

This way I assume 1MB blocks are enough for bitcoins forever. Because people will save bitcoins and may spend it once in year or decade Cheesy

.

I guess you are pointing the 1MB block size is a limitation of bitcoin which it is but; the size isn't limited to 1MB instead of 4 Virtual MB. On top of that, off-chain tx system like Lighting Network will have another effect and this limited blocksize won't matter anymore once LN have acceptance everywhere; LN isdesigned for making micropayments.

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Quote from: ashiqdey on January 16, 2021, 12:09:43 PM

Long back many claimed that bitcoin is having less transaction fees. How the heck? Bitcoin is only for transacting bulk amount from one country to another. More alt coins are getting used for day to day transaction due to low fees. Hope the same would happen with bitcoin also. Bitcoin have evolved as an assets instead of transaction currency. people love to hold it as an asset instead of suing as currency.

For transaction fees, maybe I can't conclude correctly because I haven't done anything with bitcoin for a long time, but if this was true in the past, as is the case with Ethereum, which is now busy because the gas fee is quite high so those who use it for transactions really object to bitcoin also changed I can't conclude.

clearly altcoins are more often used as a means of payment compared to bitcoin because it is clear that the volume of altcoins is bigger and so much that it needs to be used as a means of payment. I agree that bitcoin is already an investment asset and is definitely the same as currency but not the same as fiat.

ashiqdey

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Long back many claimed that bitcoin is having less transaction fees. How the heck? Bitcoin is only for transacting bulk amount from one country to another. More alt coins are getting used for day to day transaction due to low fees. Hope the same would happen with bitcoin also. Bitcoin have evolved as an assets instead of transaction currency. people love to hold it as an asset instead of suing as currency.

coolcoinz

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Quote from: pokeronlinestatus on January 11, 2021, 04:19:17 AM

(...)your dream will get fulfilled one day but after that you may regret for spending bitcoins for lesser value or for silly things.

What are those silly things you're talking about? Are groceries silly? I wouldn't say that sustaining yourself is unimportant. I hold to buy things in future, that's a fact. I don't see any other use for bitcoin outside of speculation/trading and saving up to buy things. I'm sure one day I'll be able to do it and believe me, I will not regret it. The ultimate goal of every type of money is to buy us things we need. Without this currencies would be useless. What is silly and what is not is a matter of perspective. For someone who lives in the South Africa, a winter coat will be useless, but someone in Finland will not be able to live without it.

shield132

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Quote from: buwaytress on January 11, 2021, 06:10:54 AM

Sorry but the majority of my transactions are for day-to-day transactions. Top of the list is food delivery (which is getting more frequent in these times), but I'm also now already able to get a lot of credit (paid for with Bitcoin) at almost all the stores I shop at. Cashback rocks.

That's not even counting the payments I make to people or to deposit for the things I do every day (sportsbetting for example). All in Bitcoin.

Sure, I still have to sell for the cash to pay most bills and other expenses. And granted, it'll continue to be the case for a while. But sorry, Bitcoin really is for my day-to-day.

I think that you aren't talking about direct transactions from your bitcoin wallet because it's very unprofitable to do transactions daily via bitcoin wallet. If you want to send $30, you'll have to pay almost half of this (if not more).
So, I think that you are using bitcoin debit card, right? Then, without a doubt, it's amazing, especially if you own Binance card, they offer cashback on each payment (but at the same time this service comes with a lot of problems as I see).

Btw I agree with the OP, bitcoin isn't for day-to-day transactions and it was never meant for massive usage, that's why we implemented segwit but somehow businesses don't even try to offer segwit payments.

shoreno

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Quote from: ardentvolcanoes on January 16, 2021, 09:07:25 AM

Quote from: MCobian on January 16, 2021, 08:19:50 AM

It is true that Bitcoin is currently not used as a day to day transactions, because there are still not many merchants that accept Bitcoin payments.
Maybe because the price of Bitcoin is volatile and it may also be due to government regulations. So it's still hard to find a place to spend Bitcoin,
after all, to buy daily necessities it is still more comfortable to use fiat for now. So it still takes time for Bitcoin to be used for our day to day
transactions.

The last part mostly the reason why, people still tends to use regular fiat as they find it more convenient using the same system to deal

with your regular transactions. We can't deny the fact that there are only few people and businesses who understand crypto / bitcoin and

with that the availabilities of bitcoin transactions is still small.

here are few bitcointalk threads that list merchants or stores that accepts btc

https://bitcointalksearch.org/topic/list-of-stuff-you-can-use-bitcoin-for-3097705
https://bitcointalksearch.org/topic/spending-bitcoincom-the-biggest-directory-of-online-stores-accepting-bitcoin-5198903

on the second link it says the site has a list of over 1000 plus stores that accepts btc . thats huge but that was posted last two years ago . now we are now in 2021 and they are probably added more stores , the list goes on as the adoption for btc moves on .

that shows that volatility and government regulation were not a hindrance to come up with such solutions . store owners /merchants have done doing their part now its about our time to do the same and that is to use btc for spending if we havent .

ardentvolcanoes

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Quote from: MCobian on January 16, 2021, 08:19:50 AM

It is true that Bitcoin is currently not used as a day to day transactions, because there are still not many merchants that accept Bitcoin payments.
Maybe because the price of Bitcoin is volatile and it may also be due to government regulations. So it's still hard to find a place to spend Bitcoin,
after all, to buy daily necessities it is still more comfortable to use fiat for now. So it still takes time for Bitcoin to be used for our day to day
transactions.

The last part mostly the reason why, people still tends to use regular fiat as they find it more convenient using the same system to deal

with your regular transactions. We can't deny the fact that there are only few people and businesses who understand crypto / bitcoin and

with that the availabilities of bitcoin transactions is still small.

Bitstar_coin

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Quote from: Oasisman on January 16, 2021, 04:50:03 AM

Quote from: pokeronlinestatus on January 11, 2021, 04:19:17 AM

If you are holding your bitcoins with the expectation of bitcoin will be hitting main stream adoption one day so that you will easily buy groceries for direct BTC payments and pay your gas bill with BTC, your dream will get fulfilled one day but after that you may regret for spending bitcoins for lesser value or for silly things.

Nah, I don't know If you believe that there's actually people who has been spending their Btc in a day to day basis. Though the amount isn't that huge, but they're actually using Btc to pay for service or for a booking. And they are totally aware of the fact that they might been paying more than just the usual price because of Btc's high volatility, but these people are what you called Bitcoin enthusiast and a Bitcoin supporter. These people doesn't only want to make a good profit out of its volatile nature, but also wanted Bitcoin to grow and become a mainstream payment option in the future. Bitcoin is supposed to be used as a currency to create a greater adoption.

Honestly if btc is to be use as an alternative currency to create greater adoption, then it will be better to disregard the fiat value and let it just be btc, if people keep measuring the value with usdt and with a price tag that keeps growing from time to time, it will be hard for some to spend btc on a daily basis because anytime a comparison of the amount btc to usdt is made, it will always seem that person is overspending,
It would have been better btc was never pegged to any fiat currency, there would be no speculation and manipulate or volatility.

MCobian

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It is true that Bitcoin is currently not used as a day to day transactions, because there are still not many merchants that accept Bitcoin payments.
Maybe because the price of Bitcoin is volatile and it may also be due to government regulations. So it's still hard to find a place to spend Bitcoin,
after all, to buy daily necessities it is still more comfortable to use fiat for now. So it still takes time for Bitcoin to be used for our day to day
transactions.

pecson134

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It will be advantageous if it is on large scale transactions specially on those large and well known companies but for low tiered companies it will be a problem most specially when paying transactions fees of bitcoins which is relatively higher than the usual over the counter payment or bank payments.

Vaskiy

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Bitcoin is a multi-purpose asset. As of now the day to day transaction through bitcoin is very low compared to the large volume transactions and fiat transaction happening on different needs. Scenario will change, but the importance it has gained as an investment and the growth happening with time restricts people from using it on daily needs. Another important factor is the transaction fee, maybe a decrease in the transaction cost will enrich users prefer bitcoin on daily transaction.

ene1980

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Quote from: Argoo on January 16, 2021, 02:09:16 AM

No, bitcoin was originally conceived as an alternative means of payment to the existing payment system specifically for everyday transactions. However, their number has now grown so much that, given the sharp increase in its price, it has really become profitable to use it only for large transactions. Perhaps this status will be fixed for bitcoin.

If you check the facts, it is a decentralized currency and the long term plan of Satoshi will be a currency that could be used for everyday transactions but did he complete the project before going dark. So in hindsight it was an experimental project and hence Satoshi did not even stay long to make necessary changes and the people who were hooked with the project started contributing and it is still under development when it comes to scaling.

Right now it is a speculative market and i am still hoping we will find a proper solution for scaling rather than having third party solutions.

blckhawk

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Quote from: Oasisman on January 16, 2021, 04:50:03 AM

Quote from: pokeronlinestatus on January 11, 2021, 04:19:17 AM

If you are holding your bitcoins with the expectation of bitcoin will be hitting main stream adoption one day so that you will easily buy groceries for direct BTC payments and pay your gas bill with BTC, your dream will get fulfilled one day but after that you may regret for spending bitcoins for lesser value or for silly things.

Nah, I don't know If you believe that there's actually people who has been spending their Btc in a day to day basis. Though the amount isn't that huge, but they're actually using Btc to pay for service or for a booking. And they are totally aware of the fact that they might been paying more than just the usual price because of Btc's high volatility, but these people are what you called Bitcoin enthusiast and a Bitcoin supporter. These people doesn't only want to make a good profit out of its volatile nature, but also wanted Bitcoin to grow and become a mainstream payment option in the future. Bitcoin is supposed to be used as a currency to create a greater adoption.

Yeah because of those people who have been using Bitcoin on day to day basis the community becomes larger. If everyone keeps using Bitcoin as a currency a lot of institutions will now gradually accepting it as payment. However, the fees could really kill us sometimes and that sucks I hope that sooner this won't be a problem. Those fees are the problem why everyone having a doubt to use it as a currency that is why they choose it works as an asset. Being used in day to day transactions or as assets it doesn't matter you could choose whatever you want to do with it as long as the community is getting bigger that is all matters.

Topic: Sorry guys.. Bitcoin is not for our day-to-day transactions. (Read 695 times)