Would you buy a coffee using BTC during current times? - page 2.

pixie85

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Quote from: Pipdips on May 18, 2019, 09:44:18 AM

Let's say that you purchased a bunch of coffees back in the day when the price of one BTC was valued at a mere $100. You bought $100 worth of coffee for friends and family. Pretty cool? Well today, one BTC is worth approximately $6,300. In retrospect, that is some expensive coffee! With those prices, that would be the equivalent of a $400 regular coffee, or a $800 cappuccino?

No thank you. I will hold onto my BTC and watch it's value grow, not go down the drain.

This is a double edged sword. What if you bought coffees and the price tanked to $50 per coin? You got a 50% discount on your purchase. Things like that happen every year. If you bought something in december 2017 like a car you got it almost for free because 6 months later Bitcoin was worth 70% less.

You can hold on to your coins and check the portfolio in 5 years to see you can't even buy a decent meal with all your coins.

Indamuck

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there is still a lot of arguments about this: Some people think bitcoin should mostly be a store of value used for transferring larger amounts of wealth while another group still believes it should be used for small daily transactions like coffee. If lightning doesn't catch on to the public we still have many new altcoins with interesting scaling technology.

piebeyb

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if according to my view is to buy a cup of coffee using bitcoin it will indeed look complicated because the cost is not small to make transactions, but of course why only buy a glass of coffee using bitcoin, why not try to buy coffee shops using bitcoin and enough for you can drink coffee every day Cool

but obviously, for smaller transactions to buy something cheap with bitcoin it's not feasible, but maybe people want to buy lambo with their bitcoin rather than coffee

ryzaadit

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Quote from: shesheboy on May 18, 2019, 04:55:03 AM

Oh yes why not ? What wrong with buying a coffee using bitcoin ?

I will get arrested in my country if i making a payment using cryptocurrency. Payment system using crypto, not yet legal at here for bitcoin and other cryptocurrencies, only for a few months ago my government makes regulation about cryptocurrency. It's a good steep at least my government already try to see the development of cryptocurrency.

Pipdips

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Let's say that you purchased a bunch of coffees back in the day when the price of one BTC was valued at a mere $100. You bought $100 worth of coffee for friends and family. Pretty cool? Well today, one BTC is worth approximately $6,300. In retrospect, that is some expensive coffee! With those prices, that would be the equivalent of a $400 regular coffee, or a $800 cappuccino?

No thank you. I will hold onto my BTC and watch it's value grow, not go down the drain.

bitbollo

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no.
tx fee doesn't worth the effort. plus it's much harder have btc and not a couple of USD/EUR in pocket.
I think that we will never pay any coffee anymore with bitcoin Wink

Ferris419

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Though I can bear the transaction fees but I wouldn't buy a coffee through bitcoin at this point. Because Bitcoin transaction speed yet to be fast enough! I would love to use Bitcoin as a payment method but Bitcoin really needs to be improved! Recently I have seen a coffee shop who takes Bitcoin payment and also WES token payment. Some people bought coffee through the crypto payment and I would do that to test the experience. But basically, I wouldn't do it in regular life.

bitcoin-shark

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yes i personally would use bitcoin also to make small purchases like a coffee in a bar, how? using a debit card that allows the use and the change of crypto into fiat as for example wirex...

goaldigger

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Quote from: Stedsm on May 17, 2019, 09:20:26 AM

A question came in my mind that with the current fee storm that's taking down everyone's morale not to use BTC for smaller amounts as the fee would get so high (even much more higher than the transaction amount itself) and if possible, we may even see the fee values get above $100 once again for even least amount transactions, here I'd like to ask you whether you would buy a coffee worth $1 - 2 (and more as it differs country to country as well as cafe to cafe) when you currently need to pay the exact amount in fee (like $1 or more to get assured confirmations)?

Almost all of the crypto people wanted to use crypto as their main currency but if you would dig deeper, it will depend on the situation. For example, if the market falls and all of the coins turn red, people would choose to hold than to buy and waste every satoshi. If a coffee would cost the same as its fee that the price would look like its doubled, i dont think people would still buy it. Not unless bitcoin is on moon.

shesheboy

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Oh yes why not ? What wrong with buying a coffee using bitcoin ? When bitcoin itself is legal currency and already being use on almost anything .if your concern is about the fees or the transacting time well its fully dependent on the price of bitcoin .

If the fees were a bit expensive i think im not going to buy a cheap or a single coffee but ill buy the expensive one or ill buy more coffee so that the expensive transaction fee will be more worth it . And its not our job to wait , once we pay we should get the item and leave .

tegarp90

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I'll do it when bull run coming because the price will be quite cheap in btc.
Or the coffee seller will adjust the price of the coffee based on the live chart

serjent05

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Quote from: Kakmakr on May 18, 2019, 02:54:25 AM

Absolutely not at the current moment. Angry

Have you seen the Mempool lately? …. when last did you do a small transaction with Bitcoin?

I bought something small yesterday and the site gives a 10 minutes grace period for the 1st confirmation. I used a SegWit address for the payment and I only received the 1st confirmation in 34 minutes. Angry

The end result... Transaction got cancelled and I was asked to use another payment method to buy the item. If the vendor accepts 0 confirmations, then I would still not do this, because of the high fees. Tongue

This is one of the reason why, for now, we need a third party apps for our transactions. Good thing Apps like Spedn is around so we can pay with our cryptocurrency and no need for the confirmation since the transaction is processed at the back end. There is a need to promote cryptocurrency and Bitcoin is known for payment method, if we use the decentralized way of paying the goods such as the quoted example, it will bring a negative impression to Bitcoin thus making Bitcoin image bad as payment method. Until an update is made to hasten the transaction and confirmation of Bitcoin in-chain or LN is fully functional, I think we have to rely on a centralized third party payment application that enable us to pay with our cryptocurrency.

Kakmakr

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Absolutely not at the current moment. Angry

Have you seen the Mempool lately? …. when last did you do a small transaction with Bitcoin?

I bought something small yesterday and the site gives a 10 minutes grace period for the 1st confirmation. I used a SegWit address for the payment and I only received the 1st confirmation in 34 minutes. Angry

The end result... Transaction got cancelled and I was asked to use another payment method to buy the item. If the vendor accepts 0 confirmations, then I would still not do this, because of the high fees. Tongue

serjent05

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I would buy coffee with BTC even at its current txfee. There are third party apps that will at least nullify the fee if we used it at their platform. Centralization, I believe it is essential for Bitcoin to proceeds. There is one body that govern a country and that is the government. If we wanted Bitcoin to be accepted Bitcoin start ups must abide the government existing and possibly new rule. We have a third party company here that enable us to pay for our bills, game codes, remittances without charging us any transaction fee if we buy Bitcoin in their platform. Transfering it to external wallet is a different story of course.

LogitechMouse

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At this moment, transaction fees are way higher compare to the price of the coffee itself so you asking me if I will buy a coffee using Bitcoin. I would say no.

We know already that the price of Bitcoin is going high and aside from that, the transaction fees are getting higher too. The best solution at this moment so that we can use Bitcoin to buy good is Lightning Network but there are few users who are using it at this moment.

loopes

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Quote from: Stedsm on May 17, 2019, 09:20:26 AM

A question came in my mind that with the current fee storm that's taking down everyone's morale not to use BTC for smaller amounts as the fee would get so high (even much more higher than the transaction amount itself) and if possible, we may even see the fee values get above $100 once again for even least amount transactions, here I'd like to ask you whether you would buy a coffee worth $1 - 2 (and more as it differs country to country as well as cafe to cafe) when you currently need to pay the exact amount in fee (like $1 or more to get assured confirmations)?

Actually bitcoin fee can be set as we want. I ever recieved little amount of btc which sent with very low fee, the one who sent that BTC to me said that he set too low amount of fee so he was afraid that the transaction will be canceled, but the transactions is successful. I think I would like to buy coffee or anything using btc if its allowed because this is more practical.

DoublerHunter

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I think when you are buying coffee or anything can be considered using Bitcoin with micropayments cannot be a great idea for now(I'd rather pay cash). But I think not the only Bitcoin is accepted here, but there are also some do accept altcoins for exchange of their goods at some coffee shops. Some solutions are made for bitcoin to be used in micropayments like Segwit wallets for having low fees transactions. Spending a small amount of bitcoin with high fees is totally insane, I prefer to keep it and save.

Snaic

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No, bitcoin is not yet convenient for making small and fast purchases. When buying coffee, we will be delayed for a long time if payment will be made in Bitcoin. Yes, and overpay almost double the price, taking into account the amount of the fee, I do not see any point in this. Better to just pay cash. And why pay with Bitcoin, if we assume that it will soon continue to grow in price?

Pattart

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Quote from: Beerwizzard on May 17, 2019, 10:34:33 AM

First of all for now, 30 cents worth of BTC was enough for me to get confirmation approximately in 10 minutes. Also, such things as LN are designed to simplify such "coffee transactions". And this solution becomes pretty popular.
The other question is that why should you pay those $2-3 in BTC while there is a chance that tomorrow it could become a $4 worth of BTC? At this point it seems much easier to pay in cash.

Thats the mindset of investors lol. many users prefer to use bitcoin for investment rather than for currency, they can get a greater value the next day than to spend their bitcoin. I think that's a different problem.

Let's focus at side the user of bitcoin as a currency not an investor. Of course LN is very useful for all of us for the speed of transactions. of course I will use bitcoin if fee and speed confirmation are good enough for me

Astvile

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Using small amounts when fees as high like what we are experiencing now.Fees are too high not convinient specialy for small time users and for doing micro transactions.Coffee just cost 1-5$ and youll gonna pay a 10-15$ fee i would just go home and just drink water for free at home

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