What can Bitcoin afford to buy - page 4.

rat03gopoh

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Quote from: Onyeeze on February 24, 2023, 02:20:30 AM

So i want to ask this question generally so that i will have more insight of what bitcoin can buy using Bitcoin without converting to fiat currency before making purchase.

In El Salvador, you can even buy a private island. In my country, you can't buy anything except local cash.

Given that the legality of bitcoin is not governed by a single rule, you should change the question, "is bitcoin legal for payment in your country?". Everyone's answers will represent the legal conditions of their respective countries. If it were legalized, then it wouldn't restrict you from buying anything if you were in that country.

un_rank

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- Jay -

Quote from: MusaMohamed on February 24, 2023, 02:29:57 AM

Bitcoin can not buy anything. Itself it can not. Must have an agreement between a buyer and a seller to use Bitcoin as a payment method for their deal.

Nothing can be used for purchases except there is an agreement between the buyer and seller. In trade, anything of value (gold, diamonds, a car, Bitcoin) can be exchanged for something else of value if both parties are in agreement with the trade.
The financial system is not static and you should not presume it to be. About a century ago, fiat as it is today did not exist.

Quote from: MusaMohamed on February 24, 2023, 02:29:57 AM

It is not a digital currency too.
...

"A digital currency is a medium of exchange that is generated, stored and transferred electronically"^[1]
Bitcoin is precisely a digital currency.

[1] https://www.techtarget.com/whatis/definition/digital-currency

- Jay -

PrivacyG

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The most expensive thing you can buy using Bitcoin is likely a very expensive house or car somewhere around the world where there is a dealer or Real Estate Agency accepting Bitcoin payments.

You can buy about anything using Bitcoin long as you have the financial possibility to travel to a country where you can purchase the thing you want.

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PrivacyG

AicecreaME

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I, myself still prefer to convert it first before buying something, whether it is online or not. For me buying using fiat is much safer and does have insurance rather than using Bitcoin to buy things online. The scenario that I am thinking is that you cannot reverse the transaction once it is done, and what if a certain store that accepts Bitcoin as a payment did a mistake like giving you a wrong address on an incomplete one, then you complaint about it but they say there is nothing they can do since it was an accident or something else, so you ended up wasting those Bitcoin for nothing, something like that.

MusaMohamed

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Quote from: Onyeeze on February 24, 2023, 02:44:52 AM

If bitcoin is not a digital currency what's Bitcoin, Bitcoin is a digital currency that's not centralized, Bitcoin is a decentralized currency and it's digital currency

I can not understand it.

Bitcoin has its value because people use it and link it with fiat currencies. There is no Bitcoin standard like Gold standard in the past. With Gold standard, central banks fixed a price for gold. There is no fixed price for Bitcoin set by any governments or central banks.

Price of Bitcoin depends on bank currencies like their inflation can help Bitcoin price but you can not say the opposite. Purchasing power of bank currency depends on price of Bitcoin.

Onyeeze

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Quote from: MusaMohamed on February 24, 2023, 02:29:57 AM

Quote from: Onyeeze on February 24, 2023, 02:20:30 AM

Many people are confused of Bitcoin and mostly mother's having double mindset of what bitcoin can buy.

Bitcoin can not buy anything. Itself it can not. Must have an agreement between a buyer and a seller to use Bitcoin as a payment method for their deal.

Quote

***

It is not a digital currency too.

If bitcoin is not a digital currency what's Bitcoin, Bitcoin is a digital currency that's not centralized, Bitcoin is a decentralized currency and it's digital currency, if I'm wrong please educate me with proof.

mk4

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Mostly online services like VPN/proxies/etc. It's quite rare for online retailers to accept bitcoin as payment as of today so for now, we're stuck with bandage solutions such as BitPay, Coinbase Commerce, Purse.io, and such.

MusaMohamed

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Quote from: Onyeeze on February 24, 2023, 02:20:30 AM

Many people are confused of Bitcoin and mostly mother's having double mindset of what bitcoin can buy.

Bitcoin can not buy anything. Itself it can not. Must have an agreement between a buyer and a seller to use Bitcoin as a payment method for their deal.

Quote

But i wasn't bias on the question because i know that Bitcoin is a digital currency and it can buy things for the country that approve it as a legal tender, and with Bitcoin profit you can buy things for shop's that accepts bitcoin for monetary transaction's.

It is not a digital currency too.

Bitcoin is a mean or a payment method and you can exchange your Bitcoin with other people, exchange it with other things that can be a learning course, a bread or an altcoin. You can exchange it with fun only like lazlo exchange 10000 BTC for pizzas.

When more people use Bitcoin, its value increases and with one BTC, you can exchange for more things, more pizzas, bicycles, more Cokes.

Bitcoin is not deflation but yeah it is only a meme.

Onyeeze

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Many people are confused of Bitcoin and mostly mother's having double mindset of what bitcoin can buy. But i wasn't bias on the question because i know that Bitcoin is a digital currency and it can buy things for the country that approve it as a legal tender, and with Bitcoin profit you can buy things for shop's that accepts bitcoin for monetary transaction's. So i want to ask this question generally so that i will have more insight of what bitcoin can buy using Bitcoin without converting to fiat currency before making purchase.

Topic: What can Bitcoin afford to buy - page 4. (Read 543 times)