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Title: It's still really hard to use bitcoin as a regular currency Post by: alyssa85 on June 15, 2017, 07:11:17 AM http://www.cnbc.com/2017/06/14/despite-its-record-setting-surge-this-year-its-still-really-hard-use-bitcoin-as-a-regular-currency.html
Quote With all the hysteria around bitcoin surging to records and possibly being the currency of the future, CNBC decided to put it to the test. Can one person live off of bitcoin for a week? New York City may have thousands of restaurants and bars, but only a handful accept bitcoin. We made a lot of calls and reached out to several vendors to see if they accept the digital currency. We also leveraged "bitcoin maps" online which were not entirely accurate. However, we did find a few eateries in the city who accept the currency directly - two of which are French restaurants in lower Manhattan – Le Village and La Serine. Another option was using Gyft.com, a site which allows you to purchase gift cards to Whole Foods, Starbucks, CVS, etc with bitcoin. This ended up being tremendously helpful, but also highlighted the reliance one must have on third parties to get by just on bitcoin. Another big takeaway? Using bitcoin can be costly. Checking out at vendors that accept bitcoin is relatively easy, but I ended up spending on average 40 percent more versus paying with dollars or credit card because of unfavorable conversion rates and additional transaction fees. For example, my ice cream sandwich at Melt sold for $5, but with bitcoin I ended up spending the equivalent of more than $9. The gift cards also come with additional fees. Transportation is also a challenge. As a reporter, I am constantly on the go, traveling around the city to meet sources, attend conferences and coming on air from different studios. The subway is typically how I get around town. Unfortunately subways do not accept bitcoin. Same story for yellow taxis. The third option (besides walking) was ride-sharing apps. I was able to buy an Uber gift card via Gyft.com. I ended up spending more time and money taking this roundabout way, but at least I could travel from downtown to the upper west side without walking. After a couple days, I started reaching out to folks in the NYC bitcoin community. I found a bitcoin investor online who was wiling to sell me a subway card in exchange for bitcoin. I met him at Penn Station the following day and he gladly helped me out. This interaction proved to me that the bitcoin network is very supportive of one another. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: qiman on June 15, 2017, 07:22:54 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: n691309 on June 15, 2017, 07:27:15 AM Not always using bitcoin is good and cheap, to make small (micro) payments then bitcoin is not a good currency because the fees that are required to be confirmed in the next blocks or in the same day are very high and not recommended for these kind of payments. Using bitcoin for everyday use is hard to because of these fees and waiting confirmations, making multiple transaction within a day doesn't seems good nor cheap.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: alyssa85 on June 15, 2017, 07:47:24 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. The solution is to persuade vendors to accepts alts like Doge. It's quick and has low fees and is perfect for use as a currency. The problem is persuading vendors to allow multiple cryptocurrencies. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: couture on June 15, 2017, 07:47:32 AM I think this is why bitcoin will perhaps act as the 'gold' backing to other currencies and the other altcoins will provide more real world functionality
At least that would be nice if that happened Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Daniel91 on June 15, 2017, 08:01:19 AM I can talk about my country only.
Central bank issued statement about bitcoin and said that bitcoin can't be used as money or financial asset. So, we have a few merchants who accept payments in Bitcoins, and a few bitcoin ATM but it's all. If central bank don't accept bitcoin as alternative, official currency, there is no way that we will be able to use bitcoin as a regular currency. Our central bank also have to follow EU regulations so it's even more complicate issue. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Caelanpelley on June 15, 2017, 08:29:27 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. The solution is to persuade vendors to accepts alts like Doge. It's quick and has low fees and is perfect for use as a currency. The problem is persuading vendors to allow multiple cryptocurrencies. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: haroldtee on June 15, 2017, 08:34:06 AM Using bitcoin now as a regular currency is a NO NO! The transaction fees have become a huge pain in the flesh except if you are using it for a MACRO transaction. I can't imagine myself purchasing something for $10 and being charged about $3 as a transaction fee. For some years back, it was easy making micro transactions which could have helped achieved most merchants accepting it and then using it daily for purchases but now that the chain is choked, it is crazy. Also, depending on the policy and regulation of each country so far, using as a regular currency? We are not even there yet as not all merchants accepts bitcoin as payment, not even with all these stuffs going on in the bitcoin world.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: NorrisK on June 15, 2017, 08:38:08 AM The days of doing small purchases with bitcoin are over now. The fees have risen too much to make this feasible.
Bitcoin is changing more to a store of value in its current shape than a currency. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Shenzou on June 15, 2017, 08:49:22 AM The days of doing small purchases with bitcoin are over now. The fees have risen too much to make this feasible. Indeed, trying to use bitcoin to buy things has been a major probel since bitcoin has first been released and this probelm became even harder these days with the transaction getting slower and fees getting higher, i means most of the gmabling sites that are the major target when it comes to spending some coins are shutting down because if this issue, the only way that we could use bitcoin to buy stuff is either by using bitcoin debit cards or exchanging it to cashBitcoin is changing more to a store of value in its current shape than a currency. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Adbitco on June 15, 2017, 08:56:06 AM It might be hard to use bitcoin as a regular currency but it was harder about a few years ago. Bitcoin is still new to a large number of people and it's evolving and gaining popularity slowly but surely. I still believe bitcoin has a very good future and it has the potential to replace fiat currencies. The only problem it has nowadays is high fee which I hope will be resolved soon. Bitcoin is there to stay and over the years the usage of bitcoin by masses has increased. Bitcoin will surely succeed in achieving the goal which it was created to achieve
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: hatshepsut93 on June 15, 2017, 09:53:48 AM The days of doing small purchases with bitcoin are over now. The fees have risen too much to make this feasible. Bitcoin is changing more to a store of value in its current shape than a currency. You are right, even one year ago transaction fees in terms of both satoshi/byte and USD value were much lower, for example you could pay 10 sat/byte, which would be 0.0001 BTC in fee for 1 kB transaction, and that would be only $0.04-0.06 for ANY transaction - be it $1000 or $1. At that point the only downside of Bitcoin was volatility, but today we have both volatility and giant fees, which means it's very hard to use BTC for both merchants and customers for their daily transactions. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: BingoDog on June 15, 2017, 10:00:14 AM Bitcoin still has many issues that stop it from beeing used as fiat currencies, like fees issues, time of confirmation, volatility of price and so on. With time some of these issues might be solved, some not. But I doubt that will be ever so fully adopted and implemented like fiat currencies, bitcoin will always be a kind of "side player".
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: BossMacko on June 15, 2017, 10:03:10 AM It really is the more higher you will sell, or trade the higher the fee you need to pay for the transaction. With that it will not become a regular currency what i mean is, it will not become a user friendly because not all people want to pay high amount for transaction fee.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: dissident on June 15, 2017, 10:07:15 AM What the exchanges need to do is make BTC-LTC transactions commission free.. they we can effectively use LTC to switch between exchanges and have far fewer fees. This is what I suggested to poloniex. They won't do it, but until they do I'm not going to do a lot of moving stuff around between exchanges.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: bitllionaire on June 15, 2017, 10:16:51 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. yes that is correct that transaction fee s really a big problem now and specially for small transaction. i think there must be separate transaction fee for small transaction, through this we can become able to use bitcoin for purchasing small items. so that it may not effect us too much.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: alyssa85 on June 15, 2017, 10:30:32 AM The days of doing small purchases with bitcoin are over now. The fees have risen too much to make this feasible. Bitcoin is changing more to a store of value in its current shape than a currency. The problem is, there was so much hype a few years ago about bitcoin being a currency, that journalists now think it's a bit of a failure if you can't spend it on regular things. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: RealBitcoin on June 15, 2017, 10:37:50 AM I will just get harder and harder if the fees are keep rising, you'd rather want to use another currency if shopping is your primary goal.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: bitcoin199 on June 15, 2017, 10:43:24 AM This is unfortunately true, even now, the adoption of bitcoins didn't reach the critical point enabling a person to actually live just with it, you would still need to exchange it to your currency to get the most use of it. There are things being sold for BTC and you can buy them but there are things which aren't and are needed to live.
Even food, if you don't buy a gift card with bitcoins, you would need to search for hours for a physical shop/resturants which is hard. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: jorneyflair on June 15, 2017, 11:02:38 AM I think that the article really sums it up well. The current situation is that bitcoin is still largely a speculative tool and an investment, which is good. I invest bitcoin for the long term as well and hold it to store my wealth away from prying eyes. Bitcoin is incredibly useful for this. It is also used to transact online, and is also easier and much more secure than credit cards which can get into the wrong hands easily.
However most people that accept bitcoin accepts it on the basis that it can be converted to fiat in real time via a service such as Bitpay. This is not good for stability of bitcoin, nor is it good for the usibility for bitcoin. If bitcoin can transact in real life as well as online, it'll make it much more useful and therefore give it a much better chance of gaining mass adoption. I will just get harder and harder if the fees are keep rising, you'd rather want to use another currency if shopping is your primary goal. Agreed, it's best to save BTC for overseas transactions for now. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: cafucafucafu on June 15, 2017, 11:09:05 AM The days of doing small purchases with bitcoin are over now. The fees have risen too much to make this feasible. Bitcoin is changing more to a store of value in its current shape than a currency. The problem is, there was so much hype a few years ago about bitcoin being a currency, that journalists now think it's a bit of a failure if you can't spend it on regular things. Bitcoin is cucrrently definitely more of an asset and probably won't change in the near future tbh. Bitcoin has the ability to change the world and its whole economic structure even though it's not considered to be a currency. It's still a great store of value for your wealth, much like gold. Some people hate it when others call bitcoin "digital gold" but i really don't see the problem of calling it that. As much as transaction fees are skyrocketing it is still relatively cheaper for people to send bitcoin even locally, than to arrange a gold pickup/delivery. Problem is apparently all media cares about is whether bitcoin can be used in stores or not irl, which isn't really a good measurement of how successful bitcoin is at all. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Red-Apple on June 15, 2017, 11:11:39 AM very interesting and also a little bit sad article to read about bitcoin real usages in real world, which is we are aiming for!
maybe it is just me but it raises the question of "why now" in my head... bitcoin has been around for 8 years, it has been used for nearly as much too. Gyft has been around for a couple of years now and Uber gift cards were listed there for a while and a lot more.... so why now that we are at the peak of fees they decided to put bitcoin to the test! i mean this article could have been very different 6 months ago and remember that in the past 6 months the mass adoption was in Japan, things in US didn't change much. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: LTU_btc on June 15, 2017, 11:36:52 AM In my opinion, only solution to use bitcoin as a regular currency is a bitcoin debit cards. You can pay with bitcoins wherever cards is accepted. High fees and slow transactions is what makes complicated to use bitcoin directly as a regular currency. It's also one of the reasons why business don't want to accept bitcoins.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: SimmonenY on June 15, 2017, 12:28:35 PM Maybe if the price was more stable with lower fees because today you buy a cup of coffee for 5$ and tomorrow it is 2$ and it turns out that you overpaid.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: alyssa85 on June 15, 2017, 01:04:20 PM very interesting and also a little bit sad article to read about bitcoin real usages in real world, which is we are aiming for! maybe it is just me but it raises the question of "why now" in my head... bitcoin has been around for 8 years, it has been used for nearly as much too. Gyft has been around for a couple of years now and Uber gift cards were listed there for a while and a lot more.... so why now that we are at the peak of fees they decided to put bitcoin to the test! i mean this article could have been very different 6 months ago and remember that in the past 6 months the mass adoption was in Japan, things in US didn't change much. Ever since bitcoin went mainstream in 2013, the press has been doing these types of stories, at least one a year. The first one was done by Kashmire Hill, see https://www.forbes.com/sites/kashmirhill/2013/05/01/living-on-bitcoin-for-a-week-the-journey-begins/ She actually did a diary publishing every day for a week about her experiences. I remember how excited people were at the time - a whole bunch of redditors donated bitcoin to her (I think bitcoin was about $125 at the time). The press keep going back to these types of experiments to see what has changed, progressed since the original. The sad thing reading that original 2013 article, and then then comparing it to the 2017 one, is that we appear to have gone backwards. I think lots of vendors that enabled bitcoin in 2013, disabled it in the crash of 2014. Meanwhile the fees have shot up. It's not good. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Qrivium on June 15, 2017, 02:21:46 PM BTC or crptos in general are not a stable store of value. IF Bob does work for Alice and it costs 10k would he accept BTC as payment?
Forgetting about all the other issues that might prevent Bob accepting BTC, the price fluctuation alone will cause pause. Alice could send X BTC = $10k, but by the time Bob gets them it could now be worth less than 10k or more. Given that I think Bob will not opt for payment in BTC. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: BitcoinPC on June 17, 2017, 01:45:30 PM The biggest hurdle is the ever changing price/value. Consider that full use of a currency would mean direct deposit of your paycheck and using those funds after that. Take this week as an example, if you make $3000 per week, great pay by the way, and got paid on Monday, you got paid 1 BTC. I may have that $3000 price at the wrong time in the week, but you get the idea. If you have not touched your paycheck and go to spend it today for whatever, your $3000 paycheck is now $2200.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Yakamoto on June 17, 2017, 01:56:55 PM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. That's something I have been noticing, however I haven't been paying a ton more than I usually do, maybe somewhere in the ballpark of $1 or whatever, however I pay cheaper (I believe) because typically my transactions are lumped with others and it makes the fee for the individual go down while the fee overall remains unchanged. Not the best situation but it's working right now. If we could get fees down completely, then I would be happy. But that comes with a change to the blocksize, probably.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Xester on June 17, 2017, 01:59:26 PM For now it is hard to use bitcoin as regular currency and we all know that. Bitcoin is not yet accepted worldwide and little establishments knows it. But does that not mean it will be like that forever. Little by little and as time passes by, many people will know bitcoin and will be acknowledge as one of the currency.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Wind_FURY on June 17, 2017, 02:03:56 PM Does Bitcoin really needed to become a regular currency though? Why use it instead of other easier options like cash and credit cards. I honestly would only use Bitcoin if I had no other choice.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: cpfreeplz on June 17, 2017, 02:07:22 PM Now this idiot reporter thinks that these fees are normal and is telling people not to use it basically because her ice cream sandwich cost 2x more than it would have normally. ::) Great. Why can't the mainstream media just keep their nose out of our business lol?! They obviously love it so much so stop trying to shit on bitcoins. People will just laugh in the future reading these articles online.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: thisappointed on June 17, 2017, 03:32:41 PM It depends on the person I think or in the place where you are living, because if the place where you are is accepting bitcoin, I mean where bitcoin is their currency then spending it is not that hard, but if it is not, then I could say that you are going to have a hard time on spending it, though it is not really a must to spend it on the first place as long as you could use fiat on to something that you want to buy.
Spending bitcoin on everything that we do need in our everyday live is not really worth it, because we could make profits out of it if we are going to hold it and wait for the right time to convert some to have profits in the long run. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: The Sceptical Chymist on June 17, 2017, 03:39:13 PM "Leveraged bitcoin maps"? What kind of funky financial writing is going on there?
Bitcoin sucks as a currency, perhaps cnbc was trying to illustrate that. I've known that for quite some time and it has little to do with not being able to find restaurants in NYC that take it. That's a small thing. Anyway, bad press is always good for bitcoin. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: BrewMaster on June 17, 2017, 04:06:04 PM Bitcoin sucks as a currency, I've known that for quite some time that is just your opinion! i have been using bitcoin as a currency (in addition to investment) for some time now and i have never experienced any "sucking" in it as a currency. the network is the strongest in security and code. and i am keeping a very good level of privacy when i am using bitcoin. also i have saved up on a lot of money using discounts whenever i find them. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: foxbat on June 17, 2017, 04:39:47 PM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. Your point is very true, no one actually uses bitcoin. to replace the usual money. Bitcoin has many advantages for investors but there are also disadvantages.You will benefit when using bitcoin on large transactions. But when you make small transactions the bitcoin fee is higher, so it is very disadvantageous.There are many difficulties for bitcoin to be considered as conventional money Title: Re: It's still really hard to use bitcoin as a regular currency Post by: AicecreaME on June 17, 2017, 05:13:07 PM I don't think that bitcoin is hard to use as a regular currency because it is not that hard to carry because you only need internet and also a device to carry bitcoin wallet and after that then you are already set and all you need to do is to buy the things that you want and pay it by bitcoin which is very easy to do by just getting the payment address and sending the exact amount of money then you are good to go.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Pettuh4 on June 17, 2017, 08:16:32 PM I don't think that bitcoin is hard to use as a regular currency because it is not that hard to carry because you only need internet and also a device to carry bitcoin wallet and after that then you are already set and all you need to do is to buy the things that you want and pay it by bitcoin which is very easy to do by just getting the payment address and sending the exact amount of money then you are good to go. I agree in part with you but the OP has a point too because if it has these challenges of delayed confirmations and high fees per transactions (i.e. $8 on some web wallets) then it's going to be definitely difficult to sell de as a regular currency because you can't be waiting for long confirmations plus you can't afford to be loosing out 8$ on say every 70$ transaction. This is where the problem lies. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: South Park on June 17, 2017, 10:17:35 PM This is correct, bitcoin is still too difficult, and that is without taking in to account the market that we want for bitcoin to have, which is the average person, for many of them, the terminology used in bitcoin is not going to make much sense, can you imagine the amount of coins that are going to be lost due to the ignorance of how things work in bitcoin, I have seen people forgetting the passwords of their mobile phones and facebook accounts.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: justspare on June 17, 2017, 11:22:02 PM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. bitcoin is a high level currency and its transaction fees is accordingly if a person is having large amount of bitcoin he will definitely get his/her large amount of profit using bitcoin on daily base is not so much hard if there is a little side affect there is benefits as well so we can use it on daily base without any problem. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: JimmieA on June 18, 2017, 02:35:15 AM Yes, it is really hard when btc is just a virtual currency so when dealing with internet access it is really difficult to use btc for everyday services such as: Eating, traveling ... and when doing btc transactions regularly , the fee is not small.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: emezh10 on June 18, 2017, 02:40:11 AM Yes, it is really hard when btc is just a virtual currency so when dealing with internet access it is really difficult to use btc for everyday services such as: Eating, traveling ... and when doing btc transactions regularly , the fee is not small. Precisely, the bitcoin now is over populated because of the many users of it transaction delay has been increase so that the fee is getting up and I think that is the main problem of bitcoin, using it in small transaction is will be cause of lose of lot of money because of the fee so it's not necessary to use bitcoin in lot of small transactions.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: TastyChillySauce00 on June 18, 2017, 02:43:38 AM Yes, it is really hard when btc is just a virtual currency so when dealing with internet access it is really difficult to use btc for everyday services such as: Eating, traveling ... and when doing btc transactions regularly , the fee is not small. Precisely, the bitcoin now is over populated because of the many users of it transaction delay has been increase so that the fee is getting up and I think that is the main problem of bitcoin, using it in small transaction is will be cause of lose of lot of money because of the fee so it's not necessary to use bitcoin in lot of small transactions.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: secdark on June 18, 2017, 02:49:05 AM Yes, it is really hard when btc is just a virtual currency so when dealing with internet access it is really difficult to use btc for everyday services such as: Eating, traveling ... and when doing btc transactions regularly , the fee is not small. Well regardless with that things it is very difficult because not all of the stores accepts bitcoins as payment there are only few and that is really the first problem how do you spend your bitcoin if no one is accepting it as a means of payment. Now a days it is really hard if we are talking about physical like buying foods there are new few but in online not all but you can find a website that accepts bitcoin as payment Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Xester on June 18, 2017, 03:27:16 AM Yes, it is really hard when btc is just a virtual currency so when dealing with internet access it is really difficult to use btc for everyday services such as: Eating, traveling ... and when doing btc transactions regularly , the fee is not small. Well regardless with that things it is very difficult because not all of the stores accepts bitcoins as payment there are only few and that is really the first problem how do you spend your bitcoin if no one is accepting it as a means of payment. Now a days it is really hard if we are talking about physical like buying foods there are new few but in online not all but you can find a website that accepts bitcoin as payment Yes correct because bitcoin is just new and very few establishments accept it. Here in our country I think there is no establishment that really acepts it if you want to dine in. But we could topup our phone using it, pay bills but it is automatically converted into our currency. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: jaberwock on June 18, 2017, 03:57:22 AM Bitcoin has not been designated as a regular currency. It was designed to mimic gold, that is, more a store of value and for big transactions. Usage as regular currency is an accident. Also Bitcoin is too precious to be used as a currency, it is like using gold to pay stuff.
But if you want, there are credit cards that accept Bitcoin, if you want to use it as a currency. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: EXtremeAEX on June 18, 2017, 04:15:06 AM Bitcoin has not been designated as a regular currency. It was designed to mimic gold, that is, more a store of value and for big transactions. Usage as regular currency is an accident. Also Bitcoin is too precious to be used as a currency, it is like using gold to pay stuff. Exactly, we must treat Bitcoin like an investment instead of wanting it to be a currency we can use digitally. Maybe in the future we can use altcoins with fast transactions and low fees as a currency instead, but seeing how Bitcoin is right now, high fees, slow transactions, I don't think Bitcoin can be a used regularly.But if you want, there are credit cards that accept Bitcoin, if you want to use it as a currency. Even I rarely touch my BTC because of the hideous fees. >:( Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Dudeperfect on June 18, 2017, 04:19:03 AM Yes, considering the fees are the rate of growth in it I think it will be a tough to use bitcoins for offline transactions. Even as of today in many countries the commodities like milk, bread are available at the price of bitcoin fees so why someone would go with bitcoin if he can get it technically for free (as compared to that of bitcoin transaction). Today, I find bitcoin is still a cost friendly medium for online transaction and we need to keep control on the increasing fees to maintain it.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: cafucafucafu on June 18, 2017, 04:35:04 AM Unfortunately thats how things are atm. I remember being able to actually buy pizza with bitcoin, that was one of the first bitcoin transactions that ever happened, and one of the first bitcoin experience for me as well. Pizzaforcoins.com used to feature in the well known journal about bitcoin by Kashmir Hill back in the days, but now it's pretty much defunct. You can't really order anything and the whole site has no publicity whatsoever, i don't even think that its payment system is working atm because many items are priced at 0 BTC.
Bitcoin isn't useful for goods and services irl really. Its main function for now is to facilitate overseas transactions, and connect people from different countries together. That is a pretty good thing to achieve as well, so no need to get too worried. Bitcoin fees are high, but not that high. Sending $10,000 via bitcoin compared to banks or paypal will still save you a ton on currency exchange fees. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: ufaiz50 on June 18, 2017, 04:40:44 AM Bitcoin has not been designated as a regular currency. It was designed to mimic gold, that is, more a store of value and for big transactions. Usage as regular currency is an accident. Also Bitcoin is too precious to be used as a currency, it is like using gold to pay stuff. Exactly, we must treat Bitcoin like an investment instead of wanting it to be a currency we can use digitally. Maybe in the future we can use altcoins with fast transactions and low fees as a currency instead, but seeing how Bitcoin is right now, high fees, slow transactions, I don't think Bitcoin can be a used regularly.But if you want, there are credit cards that accept Bitcoin, if you want to use it as a currency. Even I rarely touch my BTC because of the hideous fees. >:( Title: Re: It's still really hard to use bitcoin as a regular currency Post by: AngelSky on June 18, 2017, 04:47:43 AM Yes, considering the fees are the rate of growth in it I think it will be a tough to use bitcoins for offline transactions. Even as of today in many countries the commodities like milk, bread are available at the price of bitcoin fees so why someone would go with bitcoin if he can get it technically for free (as compared to that of bitcoin transaction). Today, I find bitcoin is still a cost friendly medium for online transaction and we need to keep control on the increasing fees to maintain it. I have some bitcoins using my coinbase wallet yesterday, fees seems revised. Fees for the transaction has been turned down to 0.0008 btc for transacion. I hope all the others wallet providers are not giving this low amount as minimum amount for transaction. It will be mine via 6 blocks there for it will get transaction in 40 minutes maximum. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Yuuto on June 18, 2017, 04:51:48 AM I really do think that having more merchants and having a large community base for bitcoin is more important than bitcoin ever hitting $1 million per coin or not.
The problem is extremely real, if you walk on the streets you cannot expect to find any sort of bitcoin accepting merchant. I actually tried to ask people to accept bitcoin once, but after asking 3 store owners that i frequented i just didn't see the point of bothering them anymore. All of them had the look on their face of confusion, like what the hell is going on, get me out of here. But i think that spreads for p2p trading regarding bitcoin has improved significantly. You can trade with less than 5% spread on localbitcoins, which means that if you want to buy something you can sell your coins for a pretty good rate first and then buy the thing you want. But of course, this will never be the same as buying the actual item with BTC direct. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Juggy777 on June 18, 2017, 04:55:38 AM http://www.cnbc.com/2017/06/14/despite-its-record-setting-surge-this-year-its-still-really-hard-use-bitcoin-as-a-regular-currency.html Quote With all the hysteria around bitcoin surging to records and possibly being the currency of the future, CNBC decided to put it to the test. Can one person live off of bitcoin for a week? New York City may have thousands of restaurants and bars, but only a handful accept bitcoin. We made a lot of calls and reached out to several vendors to see if they accept the digital currency. We also leveraged "bitcoin maps" online which were not entirely accurate. However, we did find a few eateries in the city who accept the currency directly - two of which are French restaurants in lower Manhattan – Le Village and La Serine. Another option was using Gyft.com, a site which allows you to purchase gift cards to Whole Foods, Starbucks, CVS, etc with bitcoin. This ended up being tremendously helpful, but also highlighted the reliance one must have on third parties to get by just on bitcoin. Another big takeaway? Using bitcoin can be costly. Checking out at vendors that accept bitcoin is relatively easy, but I ended up spending on average 40 percent more versus paying with dollars or credit card because of unfavorable conversion rates and additional transaction fees. For example, my ice cream sandwich at Melt sold for $5, but with bitcoin I ended up spending the equivalent of more than $9. The gift cards also come with additional fees. Transportation is also a challenge. As a reporter, I am constantly on the go, traveling around the city to meet sources, attend conferences and coming on air from different studios. The subway is typically how I get around town. Unfortunately subways do not accept bitcoin. Same story for yellow taxis. The third option (besides walking) was ride-sharing apps. I was able to buy an Uber gift card via Gyft.com. I ended up spending more time and money taking this roundabout way, but at least I could travel from downtown to the upper west side without walking. After a couple days, I started reaching out to folks in the NYC bitcoin community. I found a bitcoin investor online who was wiling to sell me a subway card in exchange for bitcoin. I met him at Penn Station the following day and he gladly helped me out. This interaction proved to me that the bitcoin network is very supportive of one another. Well it's growing Japan had adopted it, and so are many other countries following suit. There are many online sites which accept bitcoins and name any service you will find it in the service section out here and you shall get it. I believe Bitcoin can be used for anything and everything all that is required is to find the right way to use it. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: oavin on June 18, 2017, 04:58:34 AM if you consider the fact that adoption is still in primary phases, I don't find it hard to believe you can't live with BTC in the form of BTC. There is still just a minor figure of regular shops taking BTC and the owners are mostly driving that because of their own preference to BTC, not because it's the regular.
On the other hand, if you exchange BTC or buy GC's with BTC, that barrier will be broken, but it still won't be BTC in the end. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: noictib on June 18, 2017, 04:59:07 AM I really do think that having more merchants and having a large community base for bitcoin is more important than bitcoin ever hitting $1 million per coin or not. This is the reality and happened with me , here you asked the store owner to accept Bitcoin but in my country I asked about 100 of the storekeeper to accept bank payment ( during the time of demonetization in India ) but still 0 out of 100 accepted the bank money or. Online payment , so that was totally impossible for them to understand Bitcoin system .The problem is extremely real, if you walk on the streets you cannot expect to find any sort of bitcoin accepting merchant. I actually tried to ask people to accept bitcoin once, but after asking 3 store owners that i frequented i just didn't see the point of bothering them anymore. All of them had the look on their face of confusion, like what the hell is going on, get me out of here. But i think that spreads for p2p trading regarding bitcoin has improved significantly. You can trade with less than 5% spread on localbitcoins, which means that if you want to buy something you can sell your coins for a pretty good rate first and then buy the thing you want. But of course, this will never be the same as buying the actual item with BTC direct. And here not only the factor of understanding and trust with it but beside of this Bitcoin we need to face a lot of charge ( 0.001btc minimum for transaction ) , so we have to pay 1-2$ more for the single buy sell a thing . So I think we are living in that world where , there is no lack of stupid people and genius people .,so I think this will take long time to see where the people are doing payments in Bitcoin and everyone are accepting it also without any problem . Title: Re: It's still really hard to use bitcoin as a regular currency Post by: ladydark on June 18, 2017, 05:11:26 AM Bitcoin is no more economical for smaller amount transactions.It could be only used for higher amounts.New merchants are not coming forward to accept bitcoin payment due to late transactions.People too prefer to use bitcoin as an investment rather than as a currency.Higher transaction fees are also indirectly promoting people to use bitcoin as an investment only.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: favila on June 18, 2017, 05:25:18 AM Bitcoin is no more economical for smaller amount transactions.It could be only used for higher amounts.New merchants are not coming forward to accept bitcoin payment due to late transactions.People too prefer to use bitcoin as an investment rather than as a currency.Higher transaction fees are also indirectly promoting people to use bitcoin as an investment only. As far as transactions go it is still useful for all but low priced online transactions and very easy for merchants to accept using services to convert to fiat. For physical stores its a granted that the current situation makes it unreliable. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Amph on June 18, 2017, 05:31:34 AM well who buy bitcoin know thta bitcoin is in an unfinished state, some thing are needed to fix the current issue, so who is willing to buy, should not care much about fee
the majority also buy for speculation and not for usage, i guess bitcoin now work well for purchasing expensive item, so you can't feel the weight of the fee also work well online on purse io because with the discount you can save a lot and it would be like avoiding the fee Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Fraxinus on June 18, 2017, 05:51:53 AM Bitcoin will be more used as a storage of wealth and value more than a currency.That's how I view the things,at the moment the fees are increasing and the time for the confirmation is quite high so it's a better option to use BTC as a storage.Now if changes will be made and BTC becomes faster and with low transactions then we can talk about it becoming used as a currency but for now this is how I see it
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: DoublerHunter on June 18, 2017, 06:00:00 AM I don't think that it is hard to use bitcoin as a regular currency because it doesn't that complicated to use and it is easy to send and receive bitcoin as a regular currency or money. If you want to use bitcoin for your daily basis then it is not applicable as of now because of the lacking acceptance of stores and also the common places where we usually buy something.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: hajimasan on June 18, 2017, 06:05:21 AM Yes it's hard to use bitcoin as regular currency. It wad quite easy during last year because at that time transaction fees was much lye. I mean to say, previously when we paid less fees in comparison to current fees used to get confirmed within few minutes but now we have to pay such a high amount of transaction fees that we have to think twice before making a transaction. Note even we can't transact for smaller amount because we have to more fees in comparison to bulk amount so transaction if bulk amount is more prefered and so using bitcoin for day to day life is quite tough now as small small transaction put more burdem on our financial status.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Esphere.in on June 18, 2017, 07:37:04 AM Yes it's hard to use bitcoin as regular currency. It wad quite easy during last year because at that time transaction fees was much lye. With the increase in transaction fees it is not possible to send small amount of money and if you are planning to use bitcoin as a regular currency then it must have the capacity to send smaller valuation and as long as it is not possible you really cannot consider it as a regular currency.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: SoulBargain on June 18, 2017, 08:53:10 AM Yes it's hard to use bitcoin as regular currency. It wad quite easy during last year because at that time transaction fees was much lye. With the increase in transaction fees it is not possible to send small amount of money and if you are planning to use bitcoin as a regular currency then it must have the capacity to send smaller valuation and as long as it is not possible you really cannot consider it as a regular currency.It really is a major hurdle to be able to use it as regular currency. With increasing transaction fees, it will make small transactions impossible since the cost to buy would be great than the actual price that is actual price plus transaction fees. Maybe in large amount of transaction would be better though in daily transaction mostly is in small amounts. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: genos on June 18, 2017, 09:01:31 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. Yeah beside many thing advantages from increasing price of bitcoin, that matter is disadvantages and affect of bitcoin price was going to the moon. Year ago when the price still 400 - 600 dollars only less than 1 dollars for making bitcoin transactions. I think 10 dollars for once transaction (send 50 dollars) is very expensive. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: BTCLovingDude on June 18, 2017, 09:14:12 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. Yeah beside many thing advantages from increasing price of bitcoin, that matter is disadvantages and affect of bitcoin price was going to the moon. Year ago when the price still 400 - 600 dollars only less than 1 dollars for making bitcoin transactions. I think 10 dollars for once transaction (send 50 dollars) is very expensive. last year around $400 price bitcoin transactions were free! there was no spam attack, there was no backlog, there was no increased fees. these things are only for this year, started from early 2017. back then you could have sent a transaction with 10,000 satoshi (about $0.04) or even less and have it confirmed in next block. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: aTriz on June 18, 2017, 09:34:23 AM Yes it's hard to use bitcoin as regular currency. It wad quite easy during last year because at that time transaction fees was much lye. With the increase in transaction fees it is not possible to send small amount of money and if you are planning to use bitcoin as a regular currency then it must have the capacity to send smaller valuation and as long as it is not possible you really cannot consider it as a regular currency.The thing is, nobody is going to use bitcoin in real life because of these high fees. Think about it, are people really going to pay $3 on top of the $2 that they usually pay for their daily cup of coffee? Probably not, that's a 150% markup, and if anyone tried to offer coffee at $5 per cup you'd call them a f****** ripoff! :D Although bitcoin can't be used as a regular currency, bitcoin is still very useful. For example, when paying online, bitcoin is absolutely the king. You get 100% no chargebacks if you're selling, fast confirmations if you are a buyer(no need to wait for funds to clear overseas), and the transaction fee you pay does not change no matter how much you send. Maybe we should not look at bitcoin as a regular currency at all, it's a special currency in itself. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Daniel91 on June 18, 2017, 09:42:22 AM I don't know for the rest of the world but in my country it's very hard to use bitcoin as a regular currency.
In fact, central bank issued official statement about bitcoin a year ago. In their opinion, bitcoin is not currency or financial asset and we can't use bitcoin directly for any payment. If I want to buy something, I first have to exchange bitcoin funds to my local currency. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Dudeperfect on June 19, 2017, 04:27:39 AM Yes, considering the fees are the rate of growth in it I think it will be a tough to use bitcoins for offline transactions. Even as of today in many countries the commodities like milk, bread are available at the price of bitcoin fees so why someone would go with bitcoin if he can get it technically for free (as compared to that of bitcoin transaction). Today, I find bitcoin is still a cost friendly medium for online transaction and we need to keep control on the increasing fees to maintain it. I have some bitcoins using my coinbase wallet yesterday, fees seems revised. Fees for the transaction has been turned down to 0.0008 btc for transacion. I hope all the others wallet providers are not giving this low amount as minimum amount for transaction. It will be mine via 6 blocks there for it will get transaction in 40 minutes maximum. The web wallet services (not exchanges) usually auto adjust fees according to the current network requirement so yes if you are not altering the fees recommended by the service provider then transaction hardly takes 20 minutes to get confirmed (3 blocks). I have also noticed that many exchanges have revised the fees for withdrawal and the average fee is 0.0015 btc including transaction and exchange fees. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: squatz1 on June 19, 2017, 04:40:29 AM See this is going to be the issue when it comes to a decentralized internet currency like the one that we're the ones that are using it right now. The problem with being decentralized is that we're going to be facing a fight from the gov due to a burden of regulations from not being able to be taken over / centralized so we're going to be under fire at all times. It's not going to be easy to get adoption from people, but the only thing is that if we're all going to band together to help get bitcoin to be abloe to get mainstream adoption it should be able to happen.
We just need to get everyone on board and to get them an incentive to get on board, people aren't going to join in for nothing. We need to fix TX fees and remove the undue regulations on the BTC industry from the gov by calling our reps and senators to get them on board. Get people with power and money on board with something and they'll be no looking back. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: MetalGear on June 19, 2017, 02:40:39 PM I think it is not really hard to use bitcoin as a regular currency.I think the transition would be a little hard but with bitcoin I dont think that it will be hard to use it as a regular currency. Bitcoin is a people-friendly electronic money so it is necessary.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: jc89 on June 19, 2017, 05:15:14 PM This is the major reason why some people are seeing Bitcoin as an investment more than as a currency. The transaction fees are mainly the major reason why others does not use Bitcoin to purchase a good or a service. Bitcoin is so valuable now and even losing some mBTC for a fee would make some people feel disappointed.
Quote This interaction proved to me that the bitcoin network is very supportive of one another. This one, on the other hand, would make you feel delighted. :DTitle: Re: It's still really hard to use bitcoin as a regular currency Post by: lisa255 on June 19, 2017, 05:56:07 PM This is the major reason why some people are seeing Bitcoin as an investment more than as a currency. The transaction fees are mainly the major reason why others does not use Bitcoin to purchase a good or a service. Bitcoin is so valuable now and even losing some mBTC for a fee would make some people feel disappointed. Quote This interaction proved to me that the bitcoin network is very supportive of one another. This one, on the other hand, would make you feel delighted. :DYes, almost every user bitcoin is thinking about how to save his coins for the future. Some forecasts of analysts say that the price can be very exaggerated. Therefore it is necessary to select every Satoshi ;D Title: Re: It's still really hard to use bitcoin as a regular currency Post by: scout5 on June 19, 2017, 06:04:25 PM It's definitely very difficult and very not cost effective to use bitcoin right now due to high fees and long transaction times. But guess what? BIP148 will be on August 1. Just have to wait a bit. ;D
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: skorupi17 on June 19, 2017, 07:15:01 PM The usage of Bitcoin as a regular currency is so impractical. First, Bitcoin's price changes so much and there is no consistency in it. This may form confusion to some person. Another issue is the transaction confirmation time, some take minutes, hours and even days. So using Bitcoin as a mode of payment is impractical for offline stores. Last is the transaction fees, over time, transaction fees also increases and using Bitcoin for micro transactions is very impractical. Who would pay for a good with twice the price using Bitcoin, I would rather use fiat if that would be the case.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: angaper on June 19, 2017, 08:30:54 PM I see that the main complain is against the transaction fee, which is undoubtedly its main disadvantage by ostensibly increase the price to be paid for each item. But the saddest thing about this situation is that this fees increase will end up discouraging businessmen from accepting bitcoin as ordinary currency, and bitcoiners from spend it in a regular basis. It may just be used to carry out large transactions, otherwise I do not see the bitcoin being used as a currency of everyday use.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Intersan on June 19, 2017, 10:57:19 PM It might be hard to use bitcoin as a regular currency but it was harder about a few years ago. Bitcoin is still new to a large number of people and it's evolving and gaining popularity slowly but surely. I still believe bitcoin has a very good future and it has the potential to replace fiat currencies. The only problem it has nowadays is high fee which I hope will be resolved soon. Bitcoin is there to stay and over the years the usage of bitcoin by masses has increased. Bitcoin will surely succeed in achieving the goal which it was created to achieve Since bitcoin had gained more popularity, its usage has been extended and increased. Bitcoin is far fit to be used for online transactions and it can be use anonymously. Bitcoin cannot be used as a regular payment for day to day expenses and it needs internet connection in order to perform transactions. I also believe that bitcoin will be successful and that it would become a much better currency than others. Bitcoin is still not recognized by many countries but let us be patient. Bitcoin’s time is not yet now, we do not know what will happen in the future but I believe that bitcoin would be greater and better than what it is now. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: avikz on June 19, 2017, 11:05:47 PM http://www.cnbc.com/2017/06/14/despite-its-record-setting-surge-this-year-its-still-really-hard-use-bitcoin-as-a-regular-currency.html Quote With all the hysteria around bitcoin surging to records and possibly being the currency of the future, CNBC decided to put it to the test. Can one person live off of bitcoin for a week? New York City may have thousands of restaurants and bars, but only a handful accept bitcoin. We made a lot of calls and reached out to several vendors to see if they accept the digital currency. We also leveraged "bitcoin maps" online which were not entirely accurate. However, we did find a few eateries in the city who accept the currency directly - two of which are French restaurants in lower Manhattan – Le Village and La Serine. Another option was using Gyft.com, a site which allows you to purchase gift cards to Whole Foods, Starbucks, CVS, etc with bitcoin. This ended up being tremendously helpful, but also highlighted the reliance one must have on third parties to get by just on bitcoin. Another big takeaway? Using bitcoin can be costly. Checking out at vendors that accept bitcoin is relatively easy, but I ended up spending on average 40 percent more versus paying with dollars or credit card because of unfavorable conversion rates and additional transaction fees. For example, my ice cream sandwich at Melt sold for $5, but with bitcoin I ended up spending the equivalent of more than $9. The gift cards also come with additional fees. Transportation is also a challenge. As a reporter, I am constantly on the go, traveling around the city to meet sources, attend conferences and coming on air from different studios. The subway is typically how I get around town. Unfortunately subways do not accept bitcoin. Same story for yellow taxis. The third option (besides walking) was ride-sharing apps. I was able to buy an Uber gift card via Gyft.com. I ended up spending more time and money taking this roundabout way, but at least I could travel from downtown to the upper west side without walking. After a couple days, I started reaching out to folks in the NYC bitcoin community. I found a bitcoin investor online who was wiling to sell me a subway card in exchange for bitcoin. I met him at Penn Station the following day and he gladly helped me out. This interaction proved to me that the bitcoin network is very supportive of one another. It is true that bitcoin is really hard to use as a normal currency and due to the current situation, it became even more harder. The slow network and increased transaction processing time, it makes even harder. Once you make the payment, you need to wait till the time it gets confirmed. Imagine waiting for an uncertain time for making the payment when you are out to grab a quick bite. So bitcoin looks even more attractive as an investment destination. Bitcoin price is still strong and lot of people are still investing in it. The public trust is not broken yet. So it is better to invest and trade on bitcoin, but don't take it as a regular currency to buy your daily things. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: xuan87 on June 19, 2017, 11:19:34 PM It is still hard to used bitcoin in daily life, the fee is still high and sometimes the transaction is slow and not all item can be purchased using bitcoin, but in the future when most of the shop already implemented bitcoin then we can feel the ease of using bitcoin as currency
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Russlenat on June 20, 2017, 12:02:10 AM It is still hard to used bitcoin in daily life, the fee is still high and sometimes the transaction is slow and not all item can be purchased using bitcoin, but in the future when most of the shop already implemented bitcoin then we can feel the ease of using bitcoin as currency Yes that is true! in every bitcoin transaction there is a fee and network confirmation so there's a delay if you buy thing if that store accept bitcoin. I hope when this be happen in near future when all store accept bitcoin this delay will be not the issue then or they can find a solution to easy the transaction. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Oxydarck on June 20, 2017, 12:52:13 AM I think this is why bitcoin will perhaps act as the 'gold' backing to other currencies and the other altcoins will provide more real world functionality Yeah bitcoin will perhaps act as the gold because he is so importent and we must good at exploiting it .At least that would be nice if that happened Title: Re: It's still really hard to use bitcoin as a regular currency Post by: aTriz on June 20, 2017, 01:30:10 AM The point of bitcoin isn’t really to be used in day to day purchases like groceries or etc. Bitcoin is a ONLINE currency which means to point of it is to be used online. For most transactions there is only a small fee of 2 or less dollars.
Right now I just don’t think this will be possible in the near future, since bitcoin is decentralised the price is very unstable. This and the long confirmation times is the main reason why bitcoin will not be used for any in real life circumstances anytime soon. No one would like to buy groceries for 0.01 Bitcoin one day and the next 0.002 Bitcoin, that would be way to outrageous I feel these questions is being answered quite often, maybe go search for posts like this since they may already be answered Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Doms on June 20, 2017, 01:41:26 AM We actually need more articles like this so that people would support bitcoin more for its usage as currency rather than solely an investment instrument. We always read about how the price has went up over the years, but news of wider adoption as currency has taken a backseat. It is good that Japan and Korea are warming up on bitcoin and more shops are starting to accept bitcoin as direct payment.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Haxor321 on June 20, 2017, 02:58:43 AM No i think t is not really hard to use bitcoin as a regular currency. Maybe at first it would be a little hard but as it goes on and takes time it would be easy for everyone to use bitcoin as a regular currency. Bitcoin someday will be one of the country's regular money currency and it will be known and will be used by many.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: voltesbit777 on June 20, 2017, 03:09:44 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. That's right! because if you are going to transact at small amount of bitcoin, it will be pain for you if you the transaction was 0.001BTC to 0.0015BTC minimum. But I don't agreed that bitcoin is hard to used, of course not it is still easy to use and convenient.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Gastotade on June 20, 2017, 03:15:54 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. That's right! because if you are going to transact at small amount of bitcoin, it will be pain for you if you the transaction was 0.001BTC to 0.0015BTC minimum. But I don't agreed that bitcoin is hard to used, of course not it is still easy to use and convenient.It's easy to uaed with cons , the delays and fee were quite alarming thats as much as possible we shouldn't made any transaction that too small or just have an alt to do some transactions instead of btc,but btc still good for saving in long run. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: JackTheReaper on June 20, 2017, 03:24:06 AM You see, that would be the reaction of the people who are new to Bitcoin. Since the announcement of Bitcoin and to be known by mass people in different countries they always has something to say about it. These people didn't understand what Bitcoin has gone through just to make it here for the past few years. Creating articles like these and complaining about Bitcoin, but didn't even knew what's its true potential.
Yes, its true that it is so hard to use it right now, its still new though and has lots of possibilities and potentials. What? Do you think, if government state that, "Aliens exists, they come in peace and they are already living with us right now", the people will not panic and doubt that Aliens really come in peace? Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Lorence.xD on June 20, 2017, 03:54:24 AM I think it is not hard to use bitcoin as a regular currency. Because bitcoin is an electronic money and i know that someday it will be known and will be use by many. And bitcoin has no difference with the atm that we have today. Bitcoin is helpful and bitcoin is safe so it can be a regular money currency.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: coynedterm on June 20, 2017, 04:06:09 AM I think it is not hard to use bitcoin as a regular currency. Because bitcoin is an electronic money and i know that someday it will be known and will be use by many. And bitcoin has no difference with the atm that we have today. Bitcoin is helpful and bitcoin is safe so it can be a regular money currency. You will be surely true if you said these words 6 months ago ( I mean in the last year ) because currently the fee for the Bitcoin transaction is very high ( about 2-3$ minimum for per transaction which is also depends upon the input and output of the Bitcoin transaction that we made ) .So here this is really a tough decision whether to make buy or sell things with the 2-3$ extra payment or not because at one side we have the ease to use our money through the internet data and opposite of this we need to pay high fee as the extra spent of our money for the buy of very lower price things . So currently o don't think you are right . Op is saying true 100% . But I think in the future it at be possible for the people to make transaction fee free because of the idea of third party Bitcoin wallet where transfer of Bitcoin digit written only not of the actual transfer of Bitcoin ( wallet to wallet of third party ) .But I think we need more for such things because this type of service needed much better support and developer team . Title: Re: It's still really hard to use bitcoin as a regular currency Post by: DOGE12321 on June 20, 2017, 04:31:24 AM Yeah, this is true. But when you think about it, Bitcoin hasn't yet hit mainstream media attention, globally. If we take a look at Japan where Bitcoin has been accepted, I believe there would be many more vendors who accept Bitcoin. Not many people know about Bitcoin. That is the reason for the inability to use BTC as an everyday currency. For instance, if they had carried out this experiment in Japan, I believe that they would have had more success.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Ekanenf on June 20, 2017, 05:02:18 AM We actually need more articles like this so that people would support bitcoin more for its usage as currency rather than solely an investment instrument. We always read about how the price has went up over the years, but news of wider adoption as currency has taken a backseat. It is good that Japan and Korea are warming up on bitcoin and more shops are starting to accept bitcoin as direct payment. Most of the people are thinking that bitcoin is just for this "Investment" thingy that is needed to buy first, but they never know that they could earn it. Typical people are like this, they only know one thing, and they are narrow minded for the other things, and nowadays people are just ignoring bitcoin over fiat because they thought bitcoin was just a scam. And having this encouraging articles will help to promote and spread the news about bitcoin. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: SingAlong on June 20, 2017, 05:52:39 AM We actually need more articles like this so that people would support bitcoin more for its usage as currency rather than solely an investment instrument. We always read about how the price has went up over the years, but news of wider adoption as currency has taken a backseat. It is good that Japan and Korea are warming up on bitcoin and more shops are starting to accept bitcoin as direct payment. Most of the people are thinking that bitcoin is just for this "Investment" thingy that is needed to buy first, but they never know that they could earn it. Typical people are like this, they only know one thing, and they are narrow minded for the other things, and nowadays people are just ignoring bitcoin over fiat because they thought bitcoin was just a scam. And having this encouraging articles will help to promote and spread the news about bitcoin. Aside from lack of awareness comes lack of knowledge or information regarding Bitcoin that hinders them to make a good use to this opportunity. A lot might think that it is just for investment but little do they know that it can also be earned that's why we need to release some educational article that tackles basic things regarding Bitcoin. Also even they do know it, the problem arises if they are not that open minded. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: squatz1 on June 20, 2017, 08:23:07 AM Well, it's not like they're wrong when they say this stuff they're really just being truthful and honest which is something that's insanely tough to see from a MSM company which usually only cares for the clicks, views, watchers, subs and so on which they get for the shit that they put out and call NEWS.
Even if I will say Bitcoin is a currency, it's not one which is really accepted much out of this niche community which we have here. Don't get me wrong, others accept it but we're going to see a lot more people using Paypal and wanting to use paypal then use Bitcoin. This isn't due to superior tech or anything, it's because Bitcoin is a bit of a hassle for normal people to use cause they have to go through a lot of KYC regulations that the gov put on us. So, yes it is hard to use btc as a reg currency. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: gamerfan on June 20, 2017, 01:22:31 PM More than hard, I'd say it's impossible right now...hoping things will change in the future!
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Harlot on June 20, 2017, 01:28:44 PM Yes that is right, a lot of people are taking advantage of the lack of acceptance of Bitcoin, especially Businesses that are related to Bitcoin to Fiat exchange 40% conversion rate is absolutely ridiculous because you are not receiving the real value of your Bitcoin, with that kind of rate you are better of selling your Bitcoin on your own for Fiat. Right now I don't see any point of buying gift card just for the sake of saying that my Bitcoin is useful in the real world.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: CODE200 on June 20, 2017, 01:44:53 PM Yes that is right, a lot of people are taking advantage of the lack of acceptance of Bitcoin, especially Businesses that are related to Bitcoin to Fiat exchange 40% conversion rate is absolutely ridiculous because you are not receiving the real value of your Bitcoin, with that kind of rate you are better of selling your Bitcoin on your own for Fiat. Right now I don't see any point of buying gift card just for the sake of saying that my Bitcoin is useful in the real world. The point are very well explained. Spending the bitcoin in real world is not that popular because the society that we are belong are not yet adopting rather it is only starting to adopt the bitcoin so In my point of view it is more efficient to exchange first the bitcoin into fiat before spending it.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: South Park on June 20, 2017, 10:05:57 PM Bitcoin has not been designated as a regular currency. It was designed to mimic gold, that is, more a store of value and for big transactions. Usage as regular currency is an accident. Also Bitcoin is too precious to be used as a currency, it is like using gold to pay stuff. Exactly, we must treat Bitcoin like an investment instead of wanting it to be a currency we can use digitally. Maybe in the future we can use altcoins with fast transactions and low fees as a currency instead, but seeing how Bitcoin is right now, high fees, slow transactions, I don't think Bitcoin can be a used regularly.But if you want, there are credit cards that accept Bitcoin, if you want to use it as a currency. Even I rarely touch my BTC because of the hideous fees. >:( Title: Re: It's still really hard to use bitcoin as a regular currency Post by: carlerha on June 20, 2017, 10:58:06 PM Yeah, this is true. But when you think about it, Bitcoin hasn't yet hit mainstream media attention, globally. If we take a look at Japan where Bitcoin has been accepted, I believe there would be many more vendors who accept Bitcoin. Not many people know about Bitcoin. That is the reason for the inability to use BTC as an everyday currency. For instance, if they had carried out this experiment in Japan, I believe that they would have had more success. yes that is right that it will take a lot of time, when all the people of the world will start using bitcoin. and after that we can expect that bitcoin will become regular currency and then we will become able to use bitcoin as regular currency. but currently in very few places and specially in such places where the bitcoin users are more in number may have some facilities to use bitcoin, otherwise in most of places people do not have such facilities. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: doomloop on June 20, 2017, 11:02:35 PM Does Bitcoin really needed to become a regular currency though? Why use it instead of other easier options like cash and credit cards. I honestly would only use Bitcoin if I had no other choice. Bitcoin is much better than other currencies because of its increasing value is it is already going to its highest value range, soon it will become the most demanded currency as you can check in your own state bitcoin must be very famous much more than other cryptocurrencies, it is a digital currency easy to pay and very easy to submit whatever you want and where ever you want, you can pay online bill and can do a lot of shopping without even moving from your house so I guess Bitcoin is much more better than other currency.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Gens09 on June 20, 2017, 11:06:42 PM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. I guess bitcoin fee is not really an issue i will still use bitcoin even it hasis a high fee because it is a good investment anyway but it is all becuase bitcoin is still not a currency and still in a process of becoming an a currency in the future so cant still buy in bitcoin.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Shenzou on June 20, 2017, 11:12:26 PM over the course of time bitcoin have changed from being a currency that was supoosed to be used on the internet instead of credit cards and other payment methods, to becoming a type of investment that people use like gold, and since the price of bitcoin started going up it became less to see bitcoin used in regular purchses.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: equator on June 20, 2017, 11:14:48 PM over the course of time bitcoin have changed from being a currency that was supoosed to be used on the internet instead of credit cards and other payment methods, to becoming a type of investment that people use like gold, and since the price of bitcoin started going up it became less to see bitcoin used in regular purchses. Not only that right now seeing the current transaction fees going high it is not possible to use bitcoin for small purchase and it can be used as investment purpose if this get solved then it will be good. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: White Christmas on June 20, 2017, 11:43:34 PM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. If you are talking about the transaction fee of bitcoin then thats a good idea to used high fees. Why? because the higher its fee the faster you can get what you buy. Bitcoin fees is one of the main problem of many users now a day and I think that is the reason why its hard for them to used it. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Raven91 on June 20, 2017, 11:45:54 PM yes bitcoinis still not fully develop as a currency today so you cant really use it as a currency today you buy in a store using a bitcoin but there are some store accepting bitcoin because it is a part of the processed so maybe in the future it will be.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Phyton76 on June 20, 2017, 11:57:53 PM Because bitcoin is cannot be use today in buying things in the store so obviously you can really use it as a currency today but i guess it will be in the future because of it is a technology and it will be the future of thethe currency because of the perk it gives.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Beparanf on June 21, 2017, 12:06:57 AM Because bitcoin is cannot be use today in buying things in the store so obviously you can really use it as a currency today but i guess it will be in the future because of it is a technology and it will be the future of thethe currency because of the perk it gives. Chances were big enough to continue to save for future usage of btc, for now it may be too hard to bought things using it. Japan were already implemented btc as payment so they might anle to development machines or application accepting btc in buyinh in stores. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Fredomago on June 21, 2017, 12:10:38 AM Because bitcoin is cannot be use today in buying things in the store so obviously you can really use it as a currency today but i guess it will be in the future because of it is a technology and it will be the future of thethe currency because of the perk it gives. Chances were big enough to continue to save for future usage of btc, for now it may be too hard to bought things using it. Japan were already implemented btc as payment so they might anle to development machines or application accepting btc in buyinh in stores. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Wesimon on June 21, 2017, 02:52:53 AM There has to be a system that can accommodate bitcoin as mode of payment and transaction. If not, it will be really hard to implement it as a regular currency. Since bitcoin is nonvolatile. And bitcoin has to be accepted first in a country in order it to be considered as a regular currency.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: itsallpc on June 21, 2017, 02:56:23 AM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. I too remember a day when i had to pay my friend urgently.I sent bitcoin from my wallet hoping that it would be confirmed within one hour.But i forgot to change my transaction fee in the wallet manually.It took around two weeks for me to receive that bitcoins in my localbitcoins account.It was a terrible experience.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: JackTheReaper on June 21, 2017, 10:28:33 AM I think it is not hard to use bitcoin as a regular currency. Because bitcoin is an electronic money and i know that someday it will be known and will be use by many. And bitcoin has no difference with the atm that we have today. Bitcoin is helpful and bitcoin is safe so it can be a regular money currency. I think you haven't research enough about BTC. It has already been known world wide and it has been used by many people. BTC has a big difference in ATMs. As you have said BTC is a cryptocurrency, and ATM is an access key to what you have saved Fiat money in you banks. BTC has so much difference in ATM. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: SacriFries11 on June 21, 2017, 12:43:18 PM Yes, still now it’s hard to use bitcoin as a regular currency, others prefer to use traditional currency than bitcoin. Only few people know how to use bitcoin as transaction. But with all of good feedback about bitcoin as transaction and as currency, it’s very near that it will use as a regular currency even its fees goes high and transaction is low. There are stores that already accept bitcoin and it will easy for the others to follow it and maybe it will increase their income as well.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: TomUyamot on June 21, 2017, 01:00:36 PM I think so.
It is because a big portion of the world of commerce is still lagging behind, meaning it is not yet digitalized. In my country, for example, many people involved in selling various products, are still into the traditional business mode which sees an actual exchange of hard money and product. While there are already transactions without involving any money at all such as through credit and debit cards, when one goes to the market, takes a cab, buy goods from stores, everything needs fiat currency. Bitcoin, as an online money, will not exist in such a way of doing commerce. It cannot replace the role of our current fiat money, at least for now. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: vitaliikho on June 21, 2017, 01:04:44 PM This currency is not yet developed enough to use it as a regular currency
I think it will be possible in a few years Title: Re: It's still really hard to use bitcoin as a regular currency Post by: ASHLIUSZ on June 21, 2017, 01:08:45 PM Because bitcoin is cannot be use today in buying things in the store so obviously you can really use it as a currency today but i guess it will be in the future because of it is a technology and it will be the future of thethe currency because of the perk it gives. Chances were big enough to continue to save for future usage of btc, for now it may be too hard to bought things using it. Japan were already implemented btc as payment so they might anle to development machines or application accepting btc in buyinh in stores. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: susila_bai on June 21, 2017, 01:13:43 PM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. I too remember a day when i had to pay my friend urgently.I sent bitcoin from my wallet hoping that it would be confirmed within one hour.But i forgot to change my transaction fee in the wallet manually.It took around two weeks for me to receive that bitcoins in my localbitcoins account.It was a terrible experience.If i am not wrong their is a free acceleration service done by viaBtc , you could have used their service if not if you have asked help from the community you could have done it very soon. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: kpcian on June 21, 2017, 01:49:42 PM This currency is not yet developed enough to use it as a regular currency Agreed...I think it will be possible in a few years Bitcoin still needs to be developed huge, it should be earned more trust and credibility. Not only that but also Bitcoin has to become more available around the whole world. When it can be reached at everywhere then more people can use it... Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Himanshu111 on June 21, 2017, 04:25:54 PM Yes, it is very difficult to use Bitcoin as a regular currency. For one, it can not be used online. Then transactions in Bitcoin charge very high feed so it can not be used for small transactions. Then the confirmation time of those transactions is very long so quick transactions will not be possible.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: South Park on June 21, 2017, 10:02:43 PM Bitcoin fees have become too big now for day to day smaller transactions. I paid over ten dollars for a five hundred dollar value transaction and it took also twnety four hours plus to get through to the other side. So Bitcoin is only best used for bigger transactions in my view that is. I too remember a day when i had to pay my friend urgently.I sent bitcoin from my wallet hoping that it would be confirmed within one hour.But i forgot to change my transaction fee in the wallet manually.It took around two weeks for me to receive that bitcoins in my localbitcoins account.It was a terrible experience.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: dey90 on June 22, 2017, 12:14:56 AM Seeing the increase in transaction costs makes it harder to accept, perhaps for larger payouts using bitcoins,
But for the needs of daily cutting or small needs better do not use bitcoin because it takes a long time and will dikeaakan transaction costs. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Janation on June 22, 2017, 12:25:56 AM Seeing the increase in transaction costs makes it harder to accept, perhaps for larger payouts using bitcoins, But for the needs of daily cutting or small needs better do not use bitcoin because it takes a long time and will dikeaakan transaction costs. I think it is fair to have an increase in transaction cost because there are also price pumps that is happening in bitcoin's price. So to avoid getting high transaction fees, try to minimize your transaction into big bitcoin amount transaction. Also, try to follow the amount of fee to be used in every of your transactions unless you want to receive it a long time. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: JoMarrah Iarim Dan on June 22, 2017, 07:11:49 AM Well YES. Why ? Because as today we cannot use bitcoin to buy thing in the market especially in our market. I can't use bitcoin to buy foods in our school canteen, I cannot use bitcoin to buy dress, shoes, cap, etc in the store in our town. Maybe I can use it online, but life does not only depend online. There are times I'm in a place where internet connection does not exist and without internet I can't earn, I can't have bitcoin. Maybe in some other country bitcoin as a regular currency is possible but in a place where I live "It's still really hard to use bitcoin as a regular currency".
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: keithers on June 22, 2017, 07:16:40 AM It seems like retailer adoption of bitcoin has kind of slowed down over the past year or so. Seemed like we had so much momentum when BitPay was really pushing things like the College Football Bitcoin Ball.
To be honest I thought more retailers would be accepting bitcoin by now. I think a lot of it has to do with there not being enough tax clarity. Adoption has definitely sky rocketed in Japan which has helped prices a ton, but I haven't heard of a new major US retailer accepting bitcoin in a bit. Amazon.con would be a huge one if they started accepting bitcoin. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: erickkyut on June 22, 2017, 07:22:12 AM Well YES. Why ? Because as today we cannot use bitcoin to buy thing in the market especially in our market. I can't use bitcoin to buy foods in our school canteen, I cannot use bitcoin to buy dress, shoes, cap, etc in the store in our town. Maybe I can use it online, but life does not only depend online. There are times I'm in a place where internet connection does not exist and without internet I can't earn, I can't have bitcoin. Maybe in some other country bitcoin as a regular currency is possible but in a place where I live "It's still really hard to use bitcoin as a regular currency". I really agree with this. The same gies for our country. Bitcoin is not yet that popular here and there is no store in the market that accepts Bitcoin as payment. There is also no local online shop that sells products for bitcoin. Maybe in the near future where everyone knows about it. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: DoublerHunter on June 22, 2017, 07:46:27 AM Well YES. Why ? Because as today we cannot use bitcoin to buy thing in the market especially in our market. I can't use bitcoin to buy foods in our school canteen, I cannot use bitcoin to buy dress, shoes, cap, etc in the store in our town. Maybe I can use it online, but life does not only depend online. There are times I'm in a place where internet connection does not exist and without internet I can't earn, I can't have bitcoin. Maybe in some other country bitcoin as a regular currency is possible but in a place where I live "It's still really hard to use bitcoin as a regular currency". I really agree with this. The same gies for our country. Bitcoin is not yet that popular here and there is no store in the market that accepts Bitcoin as payment. There is also no local online shop that sells products for bitcoin. Maybe in the near future where everyone knows about it. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: oegarod on June 22, 2017, 07:48:29 AM The acceptance of bitcoin among merchants have increased a lot on the whole compared to the past, but the same has not grown as equal to that we use our traditional fiat. So based on this it is hard to use bitcoin same as that we use regular currency.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Windpower on June 22, 2017, 07:57:53 AM Oh yeah definitely. It is of course really hard to use Bitcoin as a regular currency like fiat. Bitcoin is so much younger than fiat and to be honest, I doubt we will ever be able to use Bitcoin as a regular currency. Fiat is just so much better at the moment for day to day transactions but Bitcoin will surely get better as time goes on.
The biggest problems we are facing now are the transaction fees and time. The problem of double spending really haunts Bitcoin and it will be really hard for us to speed up the transaction times. However, as Bitcoin grows older, a lot more people learn about it and start to use it, which makes a lot more people have ideas on how to improve it. Maybe one day the transaction fees will be lower and the transaction times will be shorter. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: freebutcaged on June 22, 2017, 11:18:04 AM Why why why.
Why should we use Bitcoin in our daily lives? Do you spend gold when you go to a supermarket? Do you take the bank vault with you every time you go out shopping? because that's what Bitcoin is, every and each address is a representative Of a bank vault/deposit box/offshore account. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Symphony_fr on June 22, 2017, 01:03:51 PM For me, bitcoin is primarily seen as an investment, because in our country there is still no way to use payment by bitcoins.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: roadbits on June 22, 2017, 01:40:34 PM Oh yeah definitely. It is of course really hard to use Bitcoin as a regular currency like fiat. Bitcoin is so much younger than fiat and to be honest, I doubt we will ever be able to use Bitcoin as a regular currency. Fiat is just so much better at the moment for day to day transactions but Bitcoin will surely get better as time goes on. Only the transaction fee and confirmation time are not a reason, and the bitcoin price is also a big reason why people are not accepting bitcoins in real life. Once the price stable then we can use bitcoins in real life. The merchants are ready to accept bitcoin because they can save money without paying any tax to govt. But the price is not stable, so they are not accepting. The biggest problems we are facing now are the transaction fees and time. The problem of double spending really haunts Bitcoin and it will be really hard for us to speed up the transaction times. However, as Bitcoin grows older, a lot more people learn about it and start to use it, which makes a lot more people have ideas on how to improve it. Maybe one day the transaction fees will be lower and the transaction times will be shorter. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: marseille on June 22, 2017, 01:44:29 PM In my country still there are not many places where I can use bitcoins as a regular currency and if I have to use it then firstly I need to sell them and convert it to my local currency as direct payment options are not available at a moment.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Hotel_Prodeo on June 22, 2017, 02:06:18 PM This depends on the government policy, we all know that the financial transaction gets strict supervision from the state, many of which prohibit the use of bitcoin so it can not be used regularly.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: asdalani on June 22, 2017, 02:13:54 PM This depends on the government policy, we all know that the financial transaction gets strict supervision from the state, many of which prohibit the use of bitcoin so it can not be used regularly. Yeah, there's that also the IRS does not really like the people within their Government to use a bunch of money that they can't keep track of.It's not really about the regular citizens using Bitcoin it's more so the companies that accept other payment methods other that the standard fiat. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: South Park on June 22, 2017, 09:27:19 PM Seeing the increase in transaction costs makes it harder to accept, perhaps for larger payouts using bitcoins, But for the needs of daily cutting or small needs better do not use bitcoin because it takes a long time and will dikeaakan transaction costs. I think it is fair to have an increase in transaction cost because there are also price pumps that is happening in bitcoin's price. So to avoid getting high transaction fees, try to minimize your transaction into big bitcoin amount transaction. Also, try to follow the amount of fee to be used in every of your transactions unless you want to receive it a long time. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Qunenin on June 26, 2017, 04:10:16 PM It bends your mind a bit because if the stores are taking BTC you have not really lost anything because their prices are BTC based. It gets confusing though, how and when are their prices figured? The value of "paycheck" versus "used $3000 car" never changed. It needs some work to get there and not have your head explode and that is for people that have been working with Bitcoin for years, let alone a new user.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: ilovefeetsmell on June 26, 2017, 04:40:23 PM I can talk about my country only. Our country has different speculation about it. We could use bitcoin all over the country. It is not massive to be illegal in some countries. Some banks following the rules depend on the government rules. We have different government in every country. So, bitcoin will be disallowed in their country. It is hard to use bitcoin as a medium of exchange. Banks here in my country was ok and allow to be used in every person. Me as a user, I can convert my bitcoin in some ATM banks to withdraw my money there.Central bank issued statement about bitcoin and said that bitcoin can't be used as money or financial asset. So, we have a few merchants who accept payments in Bitcoins, and a few bitcoin ATM but it's all. If central bank don't accept bitcoin as alternative, official currency, there is no way that we will be able to use bitcoin as a regular currency. Our central bank also have to follow EU regulations so it's even more complicate issue. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: OROBTC on June 26, 2017, 05:00:36 PM ...
We are visiting Italy as tourists. I have found it very hard to buy any BTC, my US debit card will not allow it. I have not heard nor seen any BTC logos or signs saying they accept it. The BTC ATM that coinatmradar said was here in Turin apparently is NOT. But then, many things are harder to do in Italy than in the US. However, Turin (Torino in Italian) is a very interesting city. Big and lots to see and do. Just not with Bitcoin. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Vaskiy on June 26, 2017, 05:03:44 PM This comes to effect only when the bitcoin usage increases among the common people. For this we need to travel long many years. Right now the majority of the users were techies as well people who are highly driven towards technology. Little by little the stores accepting bitcoin has getting increased in number, but the usage from people haven't seen much increase.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: deisik on June 26, 2017, 05:05:15 PM Seeing the increase in transaction costs makes it harder to accept, perhaps for larger payouts using bitcoins, But for the needs of daily cutting or small needs better do not use bitcoin because it takes a long time and will dikeaakan transaction costs. I think it is fair to have an increase in transaction cost because there are also price pumps that is happening in bitcoin's price. So to avoid getting high transaction fees, try to minimize your transaction into big bitcoin amount transaction. Also, try to follow the amount of fee to be used in every of your transactions unless you want to receive it a long time Fees increase in Bitcoin terms If transaction fees grew only in fiat terms (say, dollars) along with Bitcoin price, that would be a non-issue mostly (well, not quite so, but people would certainly complain a lot less). It is just greed unleashed that makes miners leave no stone unturned in looking for ways to raise fees higher (e.g. via spam attacks). Another problem with fees is that the two groups of people, namely, traders and transactors, almost don't intersect or meet. Traders don't transact much, so they basically don't care for fees so much, while transactors (e.g. spenders) don't trade and thus can't use altcoins with cheap transactions as a value transfer vehicle Title: Re: It's still really hard to use bitcoin as a regular currency Post by: TheGodFather on June 26, 2017, 05:14:10 PM This depends on the government policy, we all know that the financial transaction gets strict supervision from the state, many of which prohibit the use of bitcoin so it can not be used regularly. exactly , we will be hard to use this if our country has not yet been legalize it, but in our country it is easy to use bitcoin here, we will only log on to our device and then we will choose on which we will spend out coins, whether it is for paying bills, paying credit cards , for paying tuition fees and many more, that hard thing about bitcoin is the country behind it.Title: Re: It's still really hard to use bitcoin as a regular currency Post by: bitcoinisbest on June 26, 2017, 05:15:54 PM In our country there is hardly any website and shops which accepts btc. Not many are ready to try it out as of now because there is little uncertainty currently whether btc will be legalized or will it be ban. this will be known in few weeks time and then probably more things would clear.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: ulhaq on June 26, 2017, 05:52:59 PM How will this problem be solved? Will the lightning network allow for reasonable transaction fees with small purchases?
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: btcjocan on June 26, 2017, 09:19:29 PM How will this problem be solved? Will the lightning network allow for reasonable transaction fees with small purchases? I think that's a big problem to face on challenges Mate, and for now fast network can be advantage specially those who are in rush demands. Those small purchases is not so alarming, but my concerns is with the bigger ones which not all people on our current system which still not recognizing bitcoin for all sectors; they've just thought it's a myth and not liable currency structure. Well if we are able to help bitcoin economy to grow maybe we could just do personal ads on our personal social media accounts sharing bitcoim topics. With that simple ways we eventually help bitcoin community to reach the goals of making it as regular currency in the future. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: BADecker on June 26, 2017, 09:31:10 PM Government Monopoly Money vs. Personal Choice in Currency (http://www.freedomsphoenix.com/News/220520-2017-06-26-government-monopoly-money-vs-personal-choice-in-currency.htm)
https://www.freedomsphoenix.com/Uploads/Graphics/693-0626103126-Government-monopoly-mney.jpg (http://www.freedomsphoenix.com/News/220520-2017-06-26-government-monopoly-money-vs-personal-choice-in-currency.htm) Quote from: https://www.fff.org/explore-freedom/article/government-monopoly-money-vs-personal-choice-currency/ For more than two hundred years, practically all of even the most free market advocates have assumed that money and banking were different from other types of goods and markets. From Adam Smith to Milton Friedman, the presumption has been competitive markets and free consumer choice are far better than government control and planning – except in the realm of money and financial intermediation. This belief has been taken to the extreme over the last one hundred years, during which governments have claimed virtually absolute and unlimited authority over national monetary systems through the institution of paper money. At least before the First World War the general consensus among economists, many political leaders, and the vast majority of the citizenry was that governments could not be completely trusted with management of the monetary system. Abuse of the monetary printing press would always be too tempting for demagogues, special interest groups, and shortsighted politicians looking for easy ways to fund their way to power, privilege, and political advantage. The Gold Standard and the Monetary "Rules of the Game" Thus, before 1914 the national currencies of practically all the major countries of what used to be called the "civilized world" were anchored to market-based commodities, either gold or silver. This was meant to place money outside the immediate and arbitrary manipulation of governments. Any increase in gold or silver money required private individuals to find it profitable to prospect for it in various parts of the world, mine it out of the ground and transport it to where it might be refined into usable forms, and then mint part of any new supplies into coins and bullion, with the rest made into various commercial and industrial products demanded on the market. The paper currencies controlled by governments and their central banks were supposed to be issued only as claims to – as money substitutes for – quantities of the real gold or silver money deposited by members of the society in banks for safekeeping and the convenience of everyday business in the marketplace. Government central banks were meant to see that the society's medium of exchange was properly assayed and minted, and to monitor and police private banks and itself to make sure that the "rules" of the gold (or silver) standard were properly followed. Bank notes were to be issued or deposit accounts increased in the banking system as a whole only when there had been net additions to the quantity of the commodity money within the economy. Any withdrawals of the commodity money from the banking system was to be matched by a decrease in the total quantity of bank notes in circulation and in deposit accounts payable in money. Read more at https://www.fff.org/explore-freedom/article/government-monopoly-money-vs-personal-choice-currency/. 8) Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Ucy on June 26, 2017, 10:12:50 PM I think things are improving if he truly did this much with Bitcoin. It would get much better in the future with Bitcoin or any Cryptocurrency atall. Don't forget Crypto have no government backing and advertisements yet It keeps getting lot of attention.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: digez on June 27, 2017, 01:19:20 PM it is still HARD to use it in everything, you can still use it through selling and buying gift cards, but still there are still few restrictions, and it won't be with directly using gift cards, with the current number of shops, restaurants and websites accepting bitcoin is still minor specially in real-world (i.e offline).
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: deisik on June 27, 2017, 01:35:35 PM How will this problem be solved? Will the lightning network allow for reasonable transaction fees with small purchases? It will likely allow even free of charge payments If a shop is going to accept Bitcoin, it would make sense for them to run a Bitcoin (or Litecoin, for that matter) full node and open payment channels. If you make a lot of transactions, you can do the same, and then you can make any number of transactions paying next to nothing or just nothing. If you are using a web wallet (like Coinbase), they will likely establish a payment hub themselves, and you won't have to pay anything (just as you had been paying nothing before the fees skyrocketed) Title: Re: It's still really hard to use bitcoin as a regular currency Post by: xSkylarx on June 27, 2017, 02:09:43 PM Yeah I think it is really hard to be used as a regular currency,
The fee for every transaction is high right now even if you are just going to send a small amount of money. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: Obito on June 27, 2017, 02:20:17 PM Yeah I think it is really hard to be used as a regular currency, Very true, I also experienced the high fees. I used to move my fund on block chain to another wallet but because of high fees I didn't make it so that I will wait for the decrease of fees in order to move my funds. Anyway, I think for now it is really tough for us to use bitcoin as regular currency due to few complications however it will not last so long and soon we can use it with ease.The fee for every transaction is high right now even if you are just going to send a small amount of money. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: pathapoddo on June 27, 2017, 05:59:07 PM Yes,it's really hard to use bitcoin as a regular currency. In my country there are just few people know about bitcoin..And few stall, bar,store are use accept bitcoin.so, I can say it will take long time or can say some time use as a regular currency. Thank you.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: ArIMy11 on July 28, 2017, 02:51:41 AM http://www.cnbc.com/2017/06/14/despite-its-record-setting-surge-this-year-its-still-really-hard-use-bitcoin-as-a-regular-currency.html Quote With all the hysteria around bitcoin surging to records and possibly being the currency of the future, CNBC decided to put it to the test. Can one person live off of bitcoin for a week? New York City may have thousands of restaurants and bars, but only a handful accept bitcoin. We made a lot of calls and reached out to several vendors to see if they accept the digital currency. We also leveraged "bitcoin maps" online which were not entirely accurate. However, we did find a few eateries in the city who accept the currency directly - two of which are French restaurants in lower Manhattan – Le Village and La Serine. Another option was using Gyft.com, a site which allows you to purchase gift cards to Whole Foods, Starbucks, CVS, etc with bitcoin. This ended up being tremendously helpful, but also highlighted the reliance one must have on third parties to get by just on bitcoin. Another big takeaway? Using bitcoin can be costly. Checking out at vendors that accept bitcoin is relatively easy, but I ended up spending on average 40 percent more versus paying with dollars or credit card because of unfavorable conversion rates and additional transaction fees. For example, my ice cream sandwich at Melt sold for $5, but with bitcoin I ended up spending the equivalent of more than $9. The gift cards also come with additional fees. Transportation is also a challenge. As a reporter, I am constantly on the go, traveling around the city to meet sources, attend conferences and coming on air from different studios. The subway is typically how I get around town. Unfortunately subways do not accept bitcoin. Same story for yellow taxis. The third option (besides walking) was ride-sharing apps. I was able to buy an Uber gift card via Gyft.com. I ended up spending more time and money taking this roundabout way, but at least I could travel from downtown to the upper west side without walking. After a couple days, I started reaching out to folks in the NYC bitcoin community. I found a bitcoin investor online who was wiling to sell me a subway card in exchange for bitcoin. I met him at Penn Station the following day and he gladly helped me out. This interaction proved to me that the bitcoin network is very supportive of one another. In my opinion, yes it is still really hard to use bitcoin as a regular currency. In our market where we buy food, clothes, shoes, there is no much more improvement in technology. Cash is the only thing they accept as exchange to what we buy to them (service or good). So paying them using a digital currency is not possible. I am not also sure if they knew about this currency, may be they still don’t. Not only in the market but also in school in this place, as payment for the tuition and miscellaneous fee cash is the only acceptable thing. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: orions.belt19 on July 28, 2017, 04:47:28 AM This is unfortunately true, even now, the adoption of bitcoins didn't reach the critical point enabling a person to actually live just with it, you would still need to exchange it to your currency to get the most use of it. There are things being sold for BTC and you can buy them but there are things which aren't and are needed to live. Even food, if you don't buy a gift card with bitcoins, you would need to search for hours for a physical shop/resturants which is hard. This is true, the adoption of Bitcoins should advance more so that more Bitcoin users can use it with ease and convenience. In my country, the Philippines, our local wallet allows us to transact and pay bills directly. The high fees is a hindrance for users and Bitcoin should be more accepted in the market to allow more establishments and users to have it as a payment system. Title: Re: It's still really hard to use bitcoin as a regular currency Post by: shimbark123 on July 28, 2017, 05:15:10 AM Yes. Because we need to adjust with the new system. That's what I know. But if bitcoin became a regular currency that can be use by any people. Probably the adjusting period is the number one enemy of us. And for us who already use bitcoin. We would probably be happy.
Title: Re: It's still really hard to use bitcoin as a regular currency Post by: batang_bitcoin on July 28, 2017, 05:25:44 AM Yeah I think it is really hard to be used as a regular currency, The fee for every transaction is high right now even if you are just going to send a small amount of money. Within these days using bitcoin as regular currency applies only for those community that are into bitcoin and crypto currencies as well. But shopping alone in the mall, you will be disappointed. The society is still into the process of acceptance and knowing more about bitcoin so I don't question and worry about the hardship to use bitcoin as regular currency. |
