Would you buy a coffee using BTC during current times? - page 4.

NeuroticFish

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Quote from: OmegaStarScream on May 17, 2019, 10:11:42 AM

Check Flexa's app. It got released a few days ago and apparently, it's supposed to serve exactly this purpose.

Personally, I wouldn't use this app because it's clearly the way to centralization and I also wouldn't buy coffee at this point because of the confirmation times, fees, etc.

Clearly, the best solution here would be the lightning network but that's far from being finished.

From what I see, it does the job. And they've moved fast enough to be one step before LN.
Indeed, centralization is bad. But I expect that even LN will be used by a big % of the Bitcoin users in a centralized manner. So at the end, keeping a couple of $ in their app for having at hand for a coffee is okay imho.
I would use such solution if done properly (instant "transaction", which is possible since it's off-chain), and accepted by a big number of merchants I buy from.
(It would be imho a good replacement for the cards that use fiat kept at banks.)

kryptqnick

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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)?

Yesterday I payed 4 dollars for transferring 0.015 BTC. Compared to this amount, I accepted the fee, even though it was pretty high. What helped me accept it was that the price went up significantly, so for selling 0.015 I got enough to fully compensate the sadness associated with the fee. If it was coffee, though, I totally would not do that. It's crazy to pay more in fees than for the real thing. Something really should be done about the fees, and it seems like the LN is not the best solution.

r1a2y3m4

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No, the situation right now is a good sign for the whole cryptocurrency. There was a major uptrend for bitcoin and all other cryptocurrency. Although there was a correction, at least we can say that we are now slowly gaining some profit out of the market and slowly bitcoin is recovering. There was a correction early April and a month after it gone wild(I'm talking about the recent pump). Holding bitcoin is my primary objective.

Genemind

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We're purchasing goods for convenience but if it will cost us too much, then I would better buy it through fiat.
It would only sound pricey if we'll pay higher than the usual price of the goods that we're buying.
We should value our BTC especially now that the market is running profitably. Better use fiat if necessary.

Beerwizzard

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Quote from: CryptoBry on May 17, 2019, 10:54:02 AM

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.

Aside from fees, we are right now in the speculative fever so why waste your Bitcoin just to have a coffee? I would rather hold my small bitcoin and see where this bull run is going to. And yes this is the problem on the currency side of bitcoin people are not daring to use the bitcoin just to buy anything and on the side of the merchants they can be disappointed to realize that not many are actually using bitcoin to buy something from them. Is there a solution to this? There is and that is to make bitcoin not volatile but the problem is how to make it like that...any idea?

By the way I'm sure that solution would come by itself.
We just need BTC to grow and increase its market cap. Then from one point it would be less volatile and more stable so we could use it without warrying that tomorrow it would increase in price. This is just like attempting to change the price of a coin with $1bln MC and a high volume and $1k MC and small volume: in 2nd case even 100$ investment may multiply its price while in the 1st case even 1000$ would have no impact. The same thing gonna happen with BTC at one time.

jak3

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With the current Technology, I won't be even thinking about buying something which is less than the transaction fees as it does not make any sense that I am going to send some low amount for some Shady business. Maybe this is going to improve on the upcoming versions Like The Lightning network or maybe something, even more, cooler than that.

Haunebu

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Firstly, I don't drink coffee. I would not bother ordering coffee currently since I basically would end up losing more money than if I would have purchased the same item through FIAT. The situation would be different if the extra TX charges through BTC would be minimal(Hopefully in the near future through LN).

coolcoinz

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I would do it using LN. It's much cheaper this way. The only problem is finding a place that accepts bitcoin and then hope they are taking LN payments. You got like 10% chance that they do. Sad

It's still to early. I have ordered food for bitcoin though and it works fine. I don't care though. I used my BTC to buy a nice automatic coffee machine last year and I love it. I don't need to order anymore. That's what I call money well spent.

Jet Cash

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I think people need to get used to the fact that there is no one perfect payment system. They need to continue with the ability to select from multiple options such as credit card, debit card, cash, online bank transfer, and the parasities like Ebay. Crypto currencies are another facility that has been added to the mix, and gold and silver coins are making a comeback as fiat currencies start to lose credibility. Choose the method that suits the product and the payment requirement. If you want to visit your neighbour across the street - do you get the Lambo out of the garage, or do you just walk across the road?

traderethereum

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No, I don't want to buy a coffee with bitcoin right now because I cannot find any local store which accepts bitcoin for the payment.
Until I can find that cafe, I still prefer to use fiat to buy a coffee because bitcoin is not yet accepted in my country.
I think the fee to buy a coffee will not too high because we only use $1-$2 to buy the coffee and if we could buy with bitcoin, then I would gladly to give it a try.

Duzter

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I will go with the Flexa's app, and if that isn't available for my country surely I'll make the direct payment in bitcoin with equal amount of bitcoin as fee if the coffee is worth it and I'll go with this if there is only bitcoin accepted. If fiat is accepted and has got lower price compared to bitcoin I'll go with fiat. Transaction fee was a big issue with small scale transactions which contribute to a large volume of trades similar to the usage on daily needs.

xvids

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If I could easily pay it without any delay and no other fee or I could also get a discount using crypto then why not.
But if not then what's the point in using my crypto? Specially now that the price has been so actively fluactating?

hatshepsut93

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I don't see any problems with buying coffee with my bank card at the first place (even though I almost alway use cash), so the idea of paying with Bitcoin for my daily purchases isn't that important to me - I view Bitcoin as a tool for saving money that gives me full control over my money, so I can sleep well knowing that the government or the bank won't freeze my account just because they can. When Bitcoin will become truly competitive for daily purchases and will be better then fiat without any drawbacks, then I'll start considering using it for buying coffee.

bhabygrim

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It all depends on the situation if there wouldn't be a transaction fee then why not,
But if it would cost me more then why would I even do it?
I could just use Fiat rather than spending more by paying with crypto.

lukew

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Quote from: CryptoBry on May 17, 2019, 10:54:02 AM

Aside from fees, we are right now in the speculative fever so why waste your Bitcoin just to have a coffee? I would rather hold my small bitcoin and see where this bull run is going to. And yes this is the problem on the currency side of bitcoin people are not daring to use the bitcoin just to buy anything and on the side of the merchants they can be disappointed to realize that not many are actually using bitcoin to buy something from them. Is there a solution to this? There is and that is to make bitcoin not volatile but the problem is how to make it like that...any idea?

Whilst it is treated as a speculative tool, it will never become stable. Whilst tens of thousands per day are made from a high price, it will never be a feasable currency for small purchases, or larger ones really.

There is a solution but 99% of this forum would reject it, it would clash with the view that Bitcoin is a perfect currency and everyone should just use it.

CryptoBry

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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.

Aside from fees, we are right now in the speculative fever so why waste your Bitcoin just to have a coffee? I would rather hold my small bitcoin and see where this bull run is going to. And yes this is the problem on the currency side of bitcoin people are not daring to use the bitcoin just to buy anything and on the side of the merchants they can be disappointed to realize that not many are actually using bitcoin to buy something from them. Is there a solution to this? There is and that is to make bitcoin not volatile but the problem is how to make it like that...any idea?

Ailmand

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I don't want any hassle so if the cost of a coffee that I'm going to buy is that low, I would rather use cash to buy it. I won't complicate things when there is actually an easier way for me to buy with no fees needed. I would use it when purchasing goods at a higher cost which is worth the fee.

Beerwizzard

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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.

mk4

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I would, as I assume that if coffee shops would actually accept BTC on-chain payments, they probably wouldn't require confirmations for a $2-$3 transaction? It would be very desperate for a person to attempt to do a double-spend transaction just to be able to save like $2-$3.

If they'd require confirmations though, with a quite congested mempool like right now? Hell no(assuming they don't accept LN payments).

Quote from: OmegaStarScream on May 17, 2019, 10:11:42 AM

Clearly, the best solution here would be the lightning network but that's far from being finished.

Unfortunate. I was hoping last year that LN would be ready to use for your typical non-technical person before the next bull run. Not saying that a bull market is about to start, but I'm not confident about this happening if ever a bull market comes this year. Probably 2 years more for LN to be ready(just a rough guess, don't quote me).

OmegaStarScream

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Check Flexa's app. It got released a few days ago and apparently, it's supposed to serve exactly this purpose.

Personally, I wouldn't use this app because it's clearly the way to centralization and I also wouldn't buy coffee at this point because of the confirmation times, fees, etc.

Clearly, the best solution here would be the lightning network but that's far from being finished.

Topic: Would you buy a coffee using BTC during current times? - page 4. (Read 792 times)