Topic: Would u pay in bitcoin? - page 6. (Read 8886 times)

Yes, I would.
If everybody just hold bitcoin and never spend, why merchants or anybody would want to offer bitcoin as payment option?
Of course, I will spend my Bitcoin wisely, and try to save something for the future

The biggest improvement in my opinion has been localbitcoins. Gox was the orginial "easy" way to get BTC and for people into Bitcoin it was good compared to p2p paypal or cash in the mail. But hopefully things continue to get better as time goes on.

I've actually overpaid for some items from Overstock.com just to thank them for accepting Bitcoin as payment. I think that having major retailers such as Overstock accepting Bitcoin is a huge part of what will make Bitcoin successful.

I think an offer for a 50% discount would likely be some kind of a scam because the costs associated with accepting other types of payments are not going to be that big, especially with selling a bike. The amount of the discount should always be less expensive then accepting non-BTC payments as the consumer and the merchant would share the cost savings.

Even if that holds true, this is changing everyday. I don't know when you started getting into bitcoin, but basically years ago it  was 100 times harder to get btc.

The interest might be there, and it seemed to be with the bicycle sale since he said everyone was asking about it. But it's still not easy to buy and use for average people unfortunately.

I bet you would be more successful offering a 10% discount than 50%.

If you first hear about bitcoin and someone offers you a 50% discount out of the blue, wouldn't you be skeptical? Like: what is his angle, what does he gain by that?

Many shops that offered BTC with discount had many inquiries from Bitcoin newbs. There is interest there, but not on a random craigslist site...

A real use case example with multiple people expressing interest and not a single person being able to take him up on his offer says a lot.

I'm not trying to make a statistical inference here. The fact that no one was able or willing to google 'buy bitcoin', buy some, and buy the guys bike and save 50% is not an ideal situation is it?

I would love to see a similar experiment repeated on a larger scale to gather more data. But in the mean time his original point of bitcoin not being easy to use for the average Joe holds true, does it not?

But it is a visious cycle.

If people don't intend to spend bitcoin, noone will offer it as payment solution. Now if noone offers it as payment solution, it will not grow.

It is a chicken-egg problem and I think the community is doing just fine with spending their bitcoin!

Again thats the problem. Most people just hold, in hopes of making more cash. Why would you pay with Bitcoin if you barely have 1 BTC in the first place? If your were getting paid with BTC instead of fiat for your job, then that's something, because BTC wouldn't be such a rare thing to own. But while BTC is mostly achiveable by exchanging it for FIAT first, people don't see the point. It's like paying with a piece of gold instead of paying with something as mundane as FIAT.

"speaks volumes" really? Do you know the term samplesize?

Wow. I'm actually surprised no one took you up on that offer in order to save $75.

That really speaks volumes about the state of Bitcoin usability.

Pay with bitcoin in my country is my dream, i didn't see any merchants accept bitcoin, there is only one online store accept bitcoin in my country. One day if i have a store i will accept bitcoin as payment.

True. Everybody uses e-mail these days. But how many are bothered about the protocol which makes this possible?

I think this will turn out to be very true. Over time people will come up with ideas to make BTC more user friendly and easy to use for people who are not technically inclined (circle possibly). People will also understand bitcoin better then they do today.

Why not use xxxcoin? 
https://coinmarketcap.com/currencies/xxxcoin/

Most poeple just hold BTC to get wealthier and never use it to pay for shit.

Don't own any coin. As many posters here pointed out, converting bitcoin to fiat to pay seems like a hassle and increase transaction cost.

People will adapt. This is exactly the same story which was with first e-mails, smartphones etc. Information will spread. Also, herding behavior is very strong with people, just look at the success of whatsApp  - whose business model is "pay for something you already get for free". They only succeeded thanks to the herd behavior. And the herd day of bitcoin hasn't really come yet.

People using bitcoin right now are like people who used Nokia Communicators or Windows Mobile palmtops. And yeah, it is worth noting that when the smarphone revolution really kicked off, both Nokia and Microsoft missed the train.

For someone who is not a computer geek and has not owned bitcoin yet, getting some seems indeed a hassle.  (People recommend signing transactions on a separate computer, not connected to the internet, and then moving the signed TX to the main computer via USB stick. I presume that 99% of mankind would stop reading right there.)

It is surprising, but not TOO surprising, that a 75$ discount wasn't enough to drive people to do it.  Maybe they suspected a scam or something? ("Is the bike worth 75$ only?" "Why is there a discount for paying with Drugcoin?")

If there is no discount other than the fees that the credit card takes from the merchant, paying with bitcoin is still not worth it for domestic purchases.  Paying via bitcoin costs X = (bank wire fee) + (Bitpay fee) + (bank wire fee), whereas paying with dollars through bank wire costs only Y = (bank wire fee).  Obviously X is greater than Y, and those fees will be added to the bare item cost, no matter who pays them.

It is not right to compare X to Z = (credit card fee). People normally pay merchants with credit cards instead of bank wire because it is easier, faster, safer (can be cancelled) , and delays the actual payment until after receipt of the goods.  On these aspects, the bitcoin route is a lot worse than paying the merchant with bank wire.

The bitcoin route may save money on international payments, since it replaces one international bank transfer by two domestic ones plus the money-to-bitcoin and bitcoin-to-money conversion fees, which may still be cheaper overall.  However, for international purchases the possibility of delaying and canceling the actual payment is even more important for the customer, so he will probably choose to pay with credit card anyway.

Bitcoin payment processors like Bitpay and Coinbase presumably know this, so they are targeting people who already own bitcoin and want to spend some of it.  There are some 12 million coins already in bitcoiner's wallets; if each of them gets used only once for purchase through those companies, at current market price that means they would process 7 billion dollars and collect perhaps 70 million dollars in fees -- not bad.

To convince the average joe to adopt bitcoin, someone would have to pay the difference X minus Y for him.  Some bitcoiners may be willing to donate their money to the cause, but companies are created to make profit, and they would never do that.

If you own 1 BTC that you bought for 10$, it is worth using it to buy a TV that costs 600$, because you will be realizing a 590$ profit in that purchase.  Basically, whoever buys that BTC from Bitpay will be paying those 590$ for you.  It would be almost the same thing as selling that BTC for 600$ on an exchange and paying the TV with that money.

However, if you then were to buy 1 BTC for 600$ to "replenish your reserve", that profit will vanish: you would be paying 600$ for the TV, plus several fees.  If you don't want to reduce your BTC holdings, it is better to buy the TV with dollars, by bank wire directly to the merchant.