With many theories and probability streaming over the worldwide media, bitcoin was foreseen to be the future legal tender in the international market in the near future. But the question is when will it happen. In the Philipines using a third party company the so-called coins.ph will allow you to pay electric bills, water bills, telecommunications billing. This small event show the potential future of bitcoin as an international legal tender. Soon we buy fired chickens with bitcoin.
Bitcoin was never meant to buy your daily groceries or fried chicken. It doesn't have the basic characteristics to become a normal currency like USD. Bitcoin is an alternate investment route and one should treat bitcoin like that only.
Invest for a long time and you can make your dreams come true. If you spend your bitcoin for buying your daily stuff, I'm sure you will regret one day for sure.
Who says that, please quote your source. The Bitcoin white paper calls it a A Peer-to-Peer Electronic Cash System, not an alternative investment option. ^hmmmmm^ Satoshi never meant for people to hoard all their coins and wait for the price to rise, and to make profits from that, it was a cash system. What do you use cash for? Daily groceries and friend chicken. ^smile^
Yes, you are correct by definition. It is a decentralized and peer to peer electronic currency. I too agree that there are many small service providers who accepts bitcoin as payment for their services.
However, lets do a small calculation: (assume, bitcoin price is now $675.00)
Today if you buy a fried chicken platter for $20 so as per bitcoin current price, you paid 0.03 BTC to the seller.
Now after some day, bitcoin price rose to $795 (which actually happened few days back)...so your 0.03 BTC is valued at $23.85. So you are making a loss of 13.85 USD on a single bitcoin platter.
In this context I said, it is better to restrain yourself from buying daily groceries using bitcoin and store if for a better time. Instead use your fiat do all these things.
The same thing happens with other currencies too my friend, only in smaller increments and over a longer period. As Bitcoin mature and get distributed amongst more people, it will become less
volatile. The opposite is also true, when the price drops.... you would be buying that chicken for a bargain price. The main thing is.... if you bought Bitcoin today for $650 and you bought that chicken
that same day, it would not deviate that much.... you could wait for the price to increase and then buy 2 for the price of one.