Topic: Spending Bitcoin (from Jacob Bernstein at the New York Times) (Read 227 times)

the gold vs cash comparison is not as clear cut as it may seem. something to consider is bitcoin's "wealth effect". people like to hold bitcoin for a while, but then eventually realize capital gains through spending:


there's a notable contingent of bitcoiners who will tell you they'll spend regardless of price, although i suspect those who are sitting on gains are more likely to truly feel that way, and actually spend their coins.

to me, it's not about spending vs investment. it's not one or the other. bitcoin is not monolithic. it can be an investment/store of value, cash, a superior form of internet money/e-wallets, a means for cross-border remittance/capital flight/tax evasion, a way to add a layer of privacy to electronic payments, and more.

Despite the fact that bitcoin can be transacted online and over the internet it does not allow me to use to freely or what can I say, I can't transact that easily! There are many 100's of problem around the internet. For example, adoption of bitcoin is way more in the western countries and thus they have followed the adoption in mainstream businesses. It could from small grocery store to club, or an airline too! Or at least there are middle agents or websites which offer them bitcoin to fiat payment.

This way they have access to unlimited facilities through bitcoin while in my case the case is completely reversed. There is no such adoption in my country. On the highest level, people don't even know what bitcoin is or how it works for that matter.

If I am willing to spend the bitcoins then also my hands are tied because those middle agents or website who allow you to pay from bitcoin to fiat doesn't exists in my country or it's not serviceable here. 

So it's just earn and save the money and wait for the boom.

I am spending Bitcoin on a regular basis since 2013, knowing that every Satoshi will be worth multiple times in the near future.

Good points by @avikz
I would be a later adopter than avikz and would be in his second group mentioned I guess.

I dont spend my Bitcoin either, I cannot directly pay my weekly utilities and expenses with
Bitcoin so I just Hold it.

There are a number of Credit Card companies who offer Crypto Cards so those people using
them would technically be spending Bitcoin more regularly.

Here is a thread about the different cards you might find interesting and possibly helpful for
your research. >How to get your first Crypto Card<

Hi Jacob,

Welcome to Bitcointalk! I understand you are trying to understand the user behavior and their experience while using bitcoin to purchase goods or services. While I don't prefer to identify myself but still can provide you some insights,

Please consider some factors as mentioned below. You will find mostly 4 types of people here -

1. Rich with bitcoin! These are the early adopters where bitcoin were priced at few cents
2. Moderately rich with bitcoin! These are the people who adopted bitcoin when its price was in 3 digits
3. Poor bitcoiners! These are the people with a fraction of bitcoin in the holding
4. Satoshi bitcoiners! These people usually hold few hundred Satoshis only and actively look for ways to make few extra satoshis!

The question you have in mind, should also consider the kind of people you will be interviewing. Because an early adopter may hold few thousand of bitcoin who might not have any issue in spending a little from his treasure trove. This statement may go well for the moderately rich bitcoiners who hold few hundreds of it and may be willing to spend a little for special purchases! These types of bitcoiners are extremely rare in number.

However, for the remaining 2 types of bitcoiners, it is extremely difficult to spend bitcoins for any purchases because they believe bitcoin may give them financial freedom in next few years! So these type of people always tries to save every last bit of it for a better future! Remember, these groups are the majority in number!

Earning a bitcoin has become extremely difficult nowadays! A miner can't even think of solo mining even with specialized hardwares! Due to such difficulties, bitcoin is largely considered as an investment rather than a currency! You probably will find some old timers here who would want to put forward bitcoin as a currency and he might tell you about his joyful experience of spending bitcoin, but remember that he might be having few hundreds if it in his cold storage.

For a commoner and a late adopter like me, bitcoin is extremely precious to spend because its extremely difficult to earn! So I would rather hold it for a better time than spending it!

Using bitcoins to buy things does need a lot of stores around you who are willing to accept bitcoins as a form of payment. Right now where I live we do not have such options available therefore even if I try to buy things on-line I do not trust if it would be a smart decision therefore I just buy the bitcoins invest them for a short or long term basis and at the end I sell them when I need money. Since the exchange rates are really favourable and at the same time I have more options available.
Everyday groceries and etc are something that I do believe that should be brought in a way that it supports the local market and small farmers therefore I do think I would just encash and use. Maybe in the future if there are more options available I would just try it out and see how it works I personally don't trust LN well enough but hopefully it will work nicely and securely soon.

Hi. Hit me up on Twitter where I'm verified or send me an email at [email protected]. Or Insta: Jacobbernsteinnyc.

So you are convinced when you call the number and somebody says he is Jacob Bernstein? Can I have your email address please? My friend Elon Musk is rich (he sells cars) and wants to give you some Bitcoins.

I will keep this services in mind even though I haven't tried doing that much online shopping, have done it twice but with fiat though. I hope that if Amazon accepts bitcoin, the companies that are selling their products should integrate one too as I do not want to support Amazon getting a cut from the profit of those smaller companies and not to mention that some of those products when you buy them directly from the company instead, you can sometimes get a discount.

Prove it

 Why not prove or disprove it your self  . the guy left you his phone number !!
           
DUHHH       

prove it

I don't want to be interviewed, but I spend my bitcoins regularly on stuff at Amazon using Purse.io. I pay for travel and vacations through CheapAir.com, and sometimes I buy gold coins at APMEX and JM Bullion.

Using Purse.io is inconvenient, but it is worth the effort because it comes with a big discount. If Amazon ever accepts bitcoins directly or pays people bitcoins instead of points, I don't think Purse.io will survive.

Hi there.

My name is Jacob Bernstein and I'm a reporter with the New York Times, where I'm doing a piece about whether, as Bitcoin surges (at least until this week), many bitcoin enthusiasts/investors actually use t to pay for things, and if so, what.

By most accounts, this appears to be less common than keeping it as an investment vehicle. And this makes sense given that most people who have physical gold or stock in gold don't use it to pay for groceries. But given that one can potentially use bitcoin to buy certain things, including airline tickets, stuff in the xbox store, goods on overstock, etc, I would love to find some people who actually do and hear about their experiences (including whether this has gotten easier in recent years or not).

If this is you, and you would like to talk, I can be reached by email at [email protected] and at 212 529 6573.

Text is always best way to make an intro by phone.

Unfortunately, I have to do this by Monday, end of day, so anytime today or over the weekend would be great.

All best, JB