Bitcoin Forum

So, after reading a thread and realizing that paying with Bitcoin would mean that you'd be paying with future returns, I went on to research the topic of paying for goods and services with Bitcoin.
Bitcoin is decentralized meaning that it can be transferred to anyone without the interference of intermediate/ central authorities. This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin. If Bitcoin was adopted and accepted as a means of exchange in many countries then there would be a huge improvement in various and global economies.
It'll enable more people to access financial services and knowledge, reduce the rate at which bank charges are being paid, values gotten by sellers will increase rapidly, anonymity and many others. Apart from the loss on the buyers's part, Bitcoin has lots of disadvantages which would be challenges and pose lots of unhealthy risks if adopted.

After doing my research, I came to realize that this may probably be influenced by personal choices. Because looking at it thoroughly, some people would pay for items using things like Gold, Land, and other assets. But in the eyes of a money literate, that may be totally wrong.
So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.

Thank you

Yup it is completely ok to do so.

But the question is - where will you find a user who is willing to accept bitcoin for selling their product to you?

There lies the limitation, but we as a community are working on this, trying to increase the adoption and mainstream acceptance. My own experience over the last 7+ years on this forum, I have seen crypto grow from a cultish thing to a maintream buzz and this means we are growing steadily.

At present, merchants accepting bitcoin are few and gift cards are another option (fees hurt!). Directly selling bitcoin for fiat and using the fiat to buy your goods is another option but it might not be feasible in many countries.

Why do you think Bitcoin was created in the first place?
If not for the fact that Bitcoin has gained stability and adoption rate exponentially over the years that it can now be used as a perfect asset, it was initially meant by the creator SATOSHI as a peer to peer currency without the government as a third party.
Another thing that makes people use Bitcoin as an asset than a P2P currency aside from the returns is because of the fact that fees can sometimes be uneconomical due to congestions in the mempool otherwise, Bitcoin is a perfect P2P currency.

Why not? I don't see anything wrong if someone is willing to pay in Bitcoin and the other party is willing to accept it. That's perfectly alright!

But unless it is a cross-country transaction, Bitcoin transactions will cost you more than banking system. So it all depends whether the person is willing to pay a huge fee for a simple domestic transaction or not.

Also, the risk of loosing future gain is real. We all are holding Bitcoins because we are optimistic about its future value. So if someone is willing to accept that fact and still wants to go ahead. That's fine as well.

It's impossible to see a perfect solution here. It all depends on the individuals who are paying and who are accepting it.

Op I don't think there is anything to explain here because the first thing anyone would do when he or she join bitcoin investment or want to join is to know the meaning of bitcoin and it advantages and disadvantages and if you have known the meaning then the way you see it from the article and that is how it is. Bitcoin is digital currency which is meant to buy things and pay for services digitally. So if anyone likes to accept bitcoin in his or her business and you have bitcoin to pay for it then you pay and get you product or person render the services you paid for so what are you asking us to tell you our reasons of accepting bitcoin. This is ridiculous.

If using bitcoin to pay for gold and land is wrong as you said after your research then there is no need to argue again because you have read it by yourself and yet you are saying it is wrong. Then you let it be.

The answer is "yes", but... why would you? Paying for something with Bitcoin is just like paying for something with your TSLA or MSFT shares. You can technically do it, but why would you? Bitcoin might be a good investment, but it's turned out to be very poor for transactions, as they are extremely slow and extremely expensive compared to the available alternatives.

So don't pay for things with Bitcoin directly, just convert some of your BTC to USD (or whatever sovereign currency) and perform the transaction the way you normally would. There's no advantage to paying directly with Bitcoin (assuming the payee even takes it), and lots of disadvantages.

Although it didn't start out this way, today Bitcoin is in all practicality an investment instrument, not a currency.

BTC was created to be a p2p electronic cash, so it is great to use it for the original purpose it was created. If you have stores around you that accept BTC or there are commodities and services you want to pay for online, and they accept BTC payment, paying with BTC is a cool thing to do. The idea of spending BTC is different for many people, i prefer to spend BTC on cheap commodies, i.e. a cup of coffee, but it will probably be different for an early adopter or someone who has a lot of BTC, such people would not mind buying a luxury car with BTC, so you should do things on your own level.

Yes, that's basically why Bitcoin was made and that's to be used as an alternative currency and payment method for fiat.

You're one of the contributors of Bitcoin economy if you're spending it for goods or anything that you're going to pay for it. I am not saying that spend all of it for paying Bitcoin but you have to save for yourself as well.

You can use it with both things, for spending and holding. And don't feel bad whenever there will be some chance that you'll get to spend it.

Bitcoin was meant to be used as money, so paying with Bitcoin meant using it as intended. There's nothing bad in it for Bitcoin because usage means liquidity, and it's not good for a currency when it is just stuck and not moving at all. As long as you're okay with the fees and waiting time (for the first confirmation on Blockchain), using Bitcoin is totally fine. But here I want to point out that you, op, are talking about the positive impact of wider Bitcoin adoption, whereas it's not that simple: Bitcoin can't handle too many transactions, so that sort of adoption requires off-chain solutions. Otherwise, the fees will get very high, and lots of transactions will get stuck.

To begin with, maybe on this forum if we visit the Services and Goods boards - a lot of people offer their services and goods for Bitcoin. Outside the forum, there are many sites that contain links to various online and physical merchants that accept Bitcoin such as https://spending-bitcoin.com or https://btcmap.org/map


I would not agree that there are too few of them, although it still depends from country to country - US&Canada have approximately 90% of all crypto ATMs, and some country have far more places where you can pay with Bitcoin than several countries combined.

---

Personally, it's perfectly fine and acceptable for me to pay with Bitcoin because it should be a cryptocurrency in the first place. People who have never used Bitcoin as a currency will always find an excuse not to, whether it's that the fees are too high, or they have nowhere to spend it.

Bitcoin is an asset convertible into any currency, and this is its advantage as an instrument. It can be used as a savings asset and wait for profit, or you can use it here and now or convert it into currency and pay it all at the user’s discretion.
For example, I have different categories of savings in cryptocurrency, the first is a reserve that I systematically replenish and the second is something that can be converted and spent and traded or used in various activities, this is an advantage since I am not tied to only one source.

It is ok to pay for goods and services with any currency you have available if the seller is willing to accept as a means of payment. Taking bitcoin this special by some people is because it is a digital currency that is yet to be completely legalized globally, and many people also wants its global adoption, if not it is just the same as using your money for payment.

You main question in this aspect is because Bitcoin is a digital currency that have potential of becoming globally accepted, and the amount of bitcoin you are using to pay your goods might worth 10x more its current value that is you are curious and asking why spending the bitcoin instead of fiat, but the truth is that, you can only use what you have to make payment, if you only have bitcoin, then you have no choice than to use the bitcoin you have for payment.

It would depend on the transaction fee if I could save more on using crypto or Bitcoin then Yes I would use it, even if it means losing a chance to earn more in the future specially if I really need what I am paying for.
But if it would only be the same as paying with fiat and I do have fiat to pay for it then I would rather use Fiat than my crypto.
So for me it would depend on the situation.

First of all Bitcoin was not created as an asset to hodl or investment rather as a P2P transfer medium without any third party intervention and to be honest it's absolutely okay to use Bitcoin for buying stuff as it can go either way because price will be fluctuating. I personally have sold Bitcoin and exchanged it to buy stuffs when there was emergency and yeah now people have better P2P options and Bitcoin cannot match their speed even but in terms of security Bitcoin wins the race.

Need to understand one thing that you need fiat in first place to buy Bitcoin.

Sadly I'm saying that the volatility of Bitcoin is not a big deal for Bitcoin to be an efficient payment mode and currency, but the network fees and scalability issue of Bitcoin is making things messed up, Bitcoin cant be a good option in the future anymore as a payment mode.

Bitcoin from now onwards will be treated as an asset class. After the ETF approvals I can say more confidentially that now with the transaction load we cant use Bitcoin because its way more expensive to use the Bitcoin network.

Yes, you can do this with service providers and businesses that accept Bitcoin as a means of payment. You can also trade with your agreement with the seller personally. I mean if your country doesn't legalize Bitcoin and crypto as a means of payment. but the seller of the service or goods you are targeting understands and uses Bitcoin. You can ask and make a personal agreement with the seller regarding payment using Bitcoin.

I have also done that for buying and selling computer equipment. Coincidentally he is not too far from my area. I asked if he accepted Bitcoin for payment, and he said yes. then the transaction can be carried out. it would probably be seen as bartering. between goods and Bitcoin assets that I own. This applies in countries that do not legalize Bitcoin as a means of payment.

It is perfectly acceptable to purchase items with bitcoin; after all, it was created to serve as an alternative to the traditional currencies we use. Paying for items with bitcoin is dependent on whether the person you want to transact with is willing to accept payment in that currency or prefers fiat or another valuable asset that can be traded. Bitcoin, like any other asset, is highly volatile, and while it has many advantages, it also has some drawbacks. If you can weigh your chances and decide how long you want to keep them, you'll be profitable; otherwise, you'll be at loss.


This is the same as knowing what you stand to lose or gain when trading any of the currencies available with the person. Transaction fees could be considered, but it doesn't really matter to me if I can get more than what I'm using to send plus the value I'm sending in the long run, depending on how much I want to keep that asset. Every method works; simply calculate which one will be most profitable for you.

Make use of bitcoin for any purpose you see it could best applicable for just as to serve you right, the reason why Satoshi created it is for everyone to make use of it for our financial economy lives, don't focus much on the challenges that may comes in with bitcoin adoption, everyone of us will have to use it and avoid being distracted through any discouraging means targeted on us in stopping us from using bitcoin as payment medium.

I consider BTC an asset, not a payment method.

Currently, people in some countries can use BTC to pay via the Lightning Network very quickly and cheaply, but their effects on the economy are not too different. Privacy concerns can be replaced by the ability to easily manage and retrieve bank accounts. A normal person tends to choose the latter.

In El Salvador, economic success comes from the publicity that BTC brings to the country, helping to attract tourists and investment. This would not have happened if BTC were widely accepted globally.

Additionally, governments do not want to give up economic management through fiat. I'm not saying the government is always right, they can even make the situation worse, but at least the government has the necessary tools at hand to save the economy when necessary through fiat.

Therefore, I think I should just continue to consider BTC as a financial tool in the investment field, I am not willing to spend in BTC, and I am also not willing to accept payment in BTC  ;D

It’s not wrong to use Bitcoin as an exchange for goods and services. Bitcoin is both an asset and a currency, sadly many people see it only as a asset and completely disregard the currency part. If we don’t use Bitcoin as money, how do you expect Bitcoin to have mass adoption? Companies and small businesses will have no motivation to add Bitcoin as a payment method if they don’t have enough patronage. I expect bitcoiners to take advantage of opportunities that gives them the chance of buy and pay for stuff with bitcoins.

Despite the fact that, bitcoin is a currency it has higher asset features which is something that we have to align ourselves with and the reason why many bitcoin holders don't want to use bitcoin for payment rather store it as a store of value, and also due to the techenicality of bitcoin, it rather being used to store values rather than a currency.

Although if the receiver who is the seller of the goods or services, is well knowledge about bitcoin and the sender agree to pay with bitcoin, why not, bitcoin transferable features makes that to be very easy to achieve since one can comfortably send any amount from the total balance to the recieving wallet.

So yes bitcoin can be used for payments.

The reason behind the innovation is to serve as an alternate to the momentary system and take away the intermediary. Due to the tremendous growth of cryptocurrency, people started to prioritize bitcoin and other cryptocurrencies as assets rather than a medium of exchange. In some countries, it is possible to see increased acceptance of bitcoin in specific locations, whereas the same isn't happening all around due to different governments having different opinions on cryptocurrency usage. It takes time for a massive transition.

I clearly understood your point @ OP. You have grieves to exchange your Bitcoin assets which is potentialed to yield you incomes for the exchange of goods and services without increments in returns.
You verbally feels there would be lost count in such sceneros but I can tell you OP, even the fiat that is particularly used for and exchange of goods and services are also assets dependent on where it is banked (where it is deposited).

However, Bitcoin is primarily designed and invented for an
alternative means of  payment of goods and services in replacement of the fiats otherwise, Bitcoin is a technological and digital assets currency with the potentials to profer incomes.

So with this reasons of Bitcoin inventory, yes of course @ OP, it is worth trading Bitcoin for payment and exchanges.

Let us say that Bitcoin acceptance has been growing and many people are already accepting this as a mode of payment aside from known Fiat money. If both parties agreed to such a mode of payment then it was okay. In fact, many complete transactions like this have been made already which means that it was the decision and agreed options, we can decline the offer if we are not comfortable.

What we need is trust because this is an online transaction but as long as you are sure about it, then go.

Simply yes, Personally, I would be very happy to do it if possible. However, the problem is not only personal, but also due to government regulations in each country. Maybe some people could say, just leave it to state regulations, we can do it secretly. Well, that's possible, but it's too risky, because the threat of punishment is prison, so which one do you choose? Yes, choose to stay safe by obeying the regulations in my country, right? Because here, Bitcoin is legal as a commodity asset for investing or trading with its own risks. However, it is prohibited and it is illegal if used as a means of payment, and will be subject to sanctions.

Even if I want to shop with Bitcoin, then it will only be shopping globally, in the sense of ordering goods from abroad where there is a possibility of merchants accepting Bitcoin payments. However, it will actually become more expensive and much more expensive because there will be higher shipping costs, customs duties and so on. And of course the time will also get longer. That's why this isn't just a personal reason, but rather circumstances that don't support it. And this is one of the problems that Bitcoin is still experiencing and must face at this time.

What country do you live in where paying in Bitcoin is illegal? Is there a list somewhere of countries like this?

Buying goods and services with Bitcoin will be easier but may not be fast due to the network congestion we're experiencing with the Bitcoin network unless both parties agree on using LN for the payment.

Bitcoin is not the answer to global economics at large. There are some corrections the government ought to do that will solve the global economic issue.

We don't know if this is still applicable ever since the Bitcoin spot ETF was approved some changes will happened and I once read that BlackRock wanted to bring the institutional banks in.

That's the reason why governments and countries can't adopt or fully legalise the usage of bitcoin currency as a currency for purchases or exchanging goods, because they can't put fees or taxes in every transaction, and they also can't track where and who is the receiver or sender. We understand their point because everything should have a system or rules to be followed, but bitcoin or crypto currency is unique in terms of its own technology and usage.

Yes, for me, it's okay or fine to buy or purchase things using bitcoin in my country. There are no rules that imply banning or treating crypto currency as illegal, but it will depend on the merchants or sellers if they offer crypto currency payment. It's rare, but when it comes to online transactions, crypto payment is one of the used options. Thankfully,  the country where I reside doesn't give much attention to crypto currency, or they just don't have the power to do so.

I won’t be seeing significance why I accumulate bitcoin in the first place if I won’t use it as a currency more than an investment. So I will definitely use bitcoin to purchase some goods or services if my fiat funds are not enough. Which means, I will prioritize first utilizing my fiat and bitcoin will only serve as a back up. That way, I will still be a able to save good amount of bitcoins and benefit them in the future.

However, if we use bitcoin today, the problem is there are only few shops that will be accepting bitcoin, and I don’t think in my own locality I can find one.

There's nothing wrong with buying things with Bitcoin, it's true that Bitcoin has the possibility of multiplying in the future, that's for sure, but there are consequences for taking action, and besides, everyone has their own principles. in treating bitcoin

From a purely economic return point of view, there is no point in spending bitcoin to acquire goods and services, as it is better to use fiat currency, which is constantly devaluing, for this purpose. However, bitcoin was created as a currency, and part of learning what it is and how it works is to use it. That's why I think many of us on the forum do both: accumulate bitcoin and spend bitcoin from time to time.

I do not think it is 100% up to every individual, if he wants to use Bitcoin as a payment option. It boils down to basic things that needs to be approved by governments to allow individuals to use Bitcoin as legal tender.

Merchants cannot accept  Bitcoin as a payment option, if the government did not approve it as a currency. They can do it, but they will be breaking the law and could face huge fines or even some prison time 

If by any chance you looked for an answer to your question online, you would have found out the answer sooner than you asked the question. In some countries like Turkey and Thailand, Bitcoin is banned as a currency, although trading is allowed - in some others it is completely banned (Algeria, Bangladesh, Bolivia, Nepal, Ghana, Qatar, China...).

However, no one can forbid you to use decentralized crypto exchanges or to pay someone privately with Bitcoin in any country in the world where there is internet.

This is almost like asking if it good to pay for goods or services with money. Because if Bitcoin has a monetary value even in your domestic Fiat, why then can't you transact with it?? Why can't you buy whatever it is or pay for any service in Bitcoin, paying in Bitcoin is even more advantageous to the sell or the person delivering the service because the price of Bitcoin could appreciate minutes after payment and it becomes an extra profit for the person who was paid in Bitcoin especially if the payment isn't used almost immediately so payment in Bitcoin is possible and is good aswell, although it's disadvantage can't be denied too but then it's safe and has an advantage of been able to be used across all nations in the world provided there's a convertion service available.

Just the way you can use Gold, land and other valuables to pay for another goods or services, you can aswell do same with Bitcoin because it's also valued in whatever fiat you may want to convert it to, provided you can DCA then you can further convert to your domestic Fiat.

I don't know if people would be willing to pay high fees for simple transactions as just going out to the market to get some simple stuff, unless maybe large transactions that the buyer and sellers would be willing to pay without much thinking about this. And I think this is one of the reasons why banks are still very much ahead of bitcoin in p2p transactions cause transactions in fait still has very little transactions fee and we can't still compare the margin between master card charges and p2p transactions in bitcoin, even with innovations like lightning network and liquid we are still facing high transaction fees. I think we might be closer tho to this future of globalised p2p transaction with bitcoin especially as we are reaching wider adoption of bitcoin. But another thing remains that most persons still view bitcoin as a profit making asset more than the main reason stoshi created it for. Anyway we still wait for this future.

I don't know if using bitcoin as a payment method in other countries is correct as you said. But honestly, I don't think bitcoin will become a currency in the future. When from the very first days people saw it as a speculative asset, when ads about bitcoin ETF were all over social networks and they called it an investment, not a currency. So the idea of it becoming a currency seems to have disappeared, not to mention the government will never let that happen because they can't control it.

You need to check El Salvador, Nayib Bukele aka El Salvador's president was accepting Bitcoin as legal tender since 2021.

To expect every countries to accept Bitcoin as legal tender seems to be impossible because each country has it's own rules, I don't know where you live, but your country must have forbid something, while in other country it might be legal.

When most people can trust Bitcoin's sidechains, no one will complaint about network congestion anymore.

Purchasing things with bitcoin is not a bad idea, bitcoin is not just only meant for investing , it can also be use to for spending in purchasing your needs.  It depends on you if it is wise for for you to spend your bitcoin to buy something or to invest in it, this are personal decisions one needs to think if it will be financially wise to spend bitcoin or to invest it. Bitcoin is money but money with that is very volatile,  that is why it is also considered as investment too.

Bitcoin as a medium of exchange is undoubtedly a good exchange system. Bitcoin is not only a currency but also a significant medium of exchange. Bitcoin is also a digital asset.  Bitcoin has gained worldwide acceptance and countries around the world have already accepted Bitcoin as an exchange for various commodities. People in different countries of the world are now making payments like car rental, house rent, and education tuition fees through Bitcoin. Undoubtedly, the use of Bitcoin in exchange for various products will be considered a significant part of the Bitcoin Revolution.

If you could use your Fiat why would you even spend your Bitcoin?
I mean if it is face to face transaction it wouldn't have a transaction fee, and holding Bitcoin have a potential to give you profit.

There is a certain meaning in what has been said. In the sense that if you hols bitcoin in your pockets, it will bring profit in the future, if you spend it now on a purchase as a means of payment. Therefore, I think that in bitcoin the function of a means of payment has been transformed into a means of investment. Therefore, bitcoin owners will be reluctant to spend it.

At this stage this is not possible. If more people own (and use) bitcoin, this will put even more strain on the BTC-network, causing transactions to take even longer to complete. Even with the current user base, the mempool is often overloaded.

I accept the possibility that countries will accept bitcoin as an investment instrument, but certainly not as a means of payment. No country (except for countries in a desperate situation with a bad economy) will give up the monopoly on printing the national currency. Because due to this they receive an inflation tax. Simply put, it benefits them.
 
It is possible, but the list of goods and services is limited. Also, no one forbids you (yet) to use bitcoin for goods (but doesn't approve either). Still, in every country only the national currency is a legal means of payment for goods and services.

Accepting payments through Bitcoin will only be possible when the transaction fees are reduced significantly, but in reality, sometimes Bitcoin transaction fees increase to such an extent that it becomes impossible to accept any payments through Bitcoin. When Bitcoin transaction fees drop, accepting payments in Bitcoin will never be the only business case.

It is better to store it as a value than want to spend it as a currency it will be much better for me as long as I have my money to spend I don't see the reason why I will now be spending my Bitcoin as a currency. bitcoin is an asset with high value, and if you are not lucky if the price is down you might be selling at a low value. even as a holder, I don't think i will sell my Bitcoin for any kind of reason. bitcoin is more sweeter when seen as an asset because if the value of bitcoin is going up you at the same time be making a profit and better ways to get a job and leave your bitcoin there as an asset. and it is more beneficial to the receiver than to the seller. As he is receiving am sure he's not spending it because he knows its value.

And even people in Salvador don't think they will spend more Bitcoin there even as it is seen as a legal tender there and it will even make things easier when there are network issues, bitcoin can feel in.

Actually like what you said above mate it's okay to pay Bitcoins for goods and other foods as long as the merchant/seller have Bitcoin too and they posted that they will accept bitcoins then nothing is wrong about you can buy what you want and pay with bitcoins. There's a store here in my country accepting Bitcoins as a mode of payment which pretty good enough if the buyer is also have Bitcoins then they can buy some goods. Maybe in the near future Bitcoin will be accepted in all countries.

Can Bitcoin become a full-fledged means of payment, does it have enough bandwidth to cover all countries, and what about high commissions? These issues are discussed very often, and I personally came to the conclusion that Bitcoin is an asset, something like digital gold, a good investment, perhaps a good way to save our savings from inflation, but not as a means of payment. In addition, regulation makes everything too difficult for Bitcoin.

Yes, because that was his primary purpose of it creation, for it to replace the fiat currencies, but what have really been the issue that it has not actualize it full potential is it lack of adoption world wide.

If Bitcoin have been adopted by all nations, by now the price of it would have skyrocket to a figure we never imagine, but the major disadvantage of using Bitcoin for payment is it high fee's which I think will really be a barrier in it quest for adoptability world wide.

Using Bitcoin to buy things and services is something I recommend because technology makes money easier to handle. Because Bitcoin is decentralized, transfers are streamlined and guided, which gives people who dont have bank accounts new options.

Even though it changes a lot, I see Bitcoin as an investment for the future. Choosing to spend Bitcoin is up to you, just like buying in anything that will go up in value. Balance the opportunity cost with the instant benefits of transactional freedom and efficiency. Bitcoin trades grow the network and turn it into a world currency, which speeds up a revolution in the economy.

Bitcoin is more than just a way to buy things. Its a show of faith in a more open, fair, and transparent financial system. Comparing Bitcoin to gold or land doesnt take fluctuation into account. Its ability to be transferred and divided shows a dedication to a groundbreaking economic link as well as a value exchange in modern deals. Bitcoin supports innovation and financial inclusion for everyone.

To be honest, right now I don’t have any plans to spend my bitcoin to purchase anything, but most likely in the future when I’ll already gained sufficient amount of bitcoin for my future retirement. I don’t want to hold forever without selling or spending some of my bitcoin, that’s the only way that I can benefit from it and see all my hardwork and patience paid off. However, for now, buying and hodling more bitcoin is still my priority.

Currently now that's just the downside of this but although there is a supposed solution to this problem which involves the use of the lightning network to process payment but the only issue is that people don't actually use this that much if not it would have serve as a solution to the high fee when it comes to Bitcoin acceptance for payment.

But truth be told people actually feel better in spending Fiat than Bitcoin because to them every Bitcoin spent might have turn up to build more profits for them so instead they HODL and pay for whatever they want with your normal every day FIAT currency.

Bitcoin can be actually used in both, as an investment tool and a currency tool. But because bitcoin has shown consistent significant price increase, majority believe that it would be a more potential investment rather than using it as a currency. Aside from that, only few shop owners accept bitcoin as a payment, so it’s hard to use bitcoin if majority are only accepting fiat as a mode of payment.

However, from my own perspective, I don’t have issues about using bitcoin as a currency, but if you don’t want to lost the present opportunities with bitcoin, use it as an investment first and keep hodling on it until it reaches an all time high, when you have had enough amount of bitcoin, it could be the perfect timing to use some of it as a currency to promote bitcoin in the market as well.

  
You're right in what you said; all of us who hold or buy Bitcoin can do what we want to do, honestly. If you want to do it, you can do it for experience. It's just that in these situations, which is the time of accumulation of Bitcoin in most of the crypto field, we will first put aside the use of Bitcoin as payment in any business that accepts it as payment.

It is even better for now to accumulate it until the time when we need to sell it because we know that we can make a profit from it. It's that simple to do as holders.

   If you are a holder of bitcoin and you hold a lot of it, maybe somehow it is okay to use it to pay merchants who accept it as payment options. But for the holders who save it to get a profit, they will not do it.

   And for the merchants who will receive Bitcoin payments in their businesses, it is only good when the transaction fee in the bitcoin network is low, but when the fee is high, they will stop it temporarily and will only resume when the fee in the bitcoin network becomes normal again.

The point you make about Bitcoin as a means of payment is totally accepted and that some of the reasons Bitcoin was being created including good's and service as a part of payment. Hence Bitcoin is created for future price increase and keep increasing as times goes on in the cryptocurrency market ecosystem and the only way to enjoyed Bitcoin asset is to buy and hold for a certain period of time and sell back and be happy at that time regardless of anything, the price will be keep increasing as long Bitcoin halving keep occur every 4years circle of session.

The only reason I believe why bitcoin isn't adopted everywhere is because its centralized nature poses some sort of threat to the government, lawmakers and other centralized authorities. The government is believed to be ontop of all the affairs going on in the country, ranging from the food chain to politics, and this includes t financial system of the country. The government and lawmakers believe they should be in charge and should be aware of all financial transactions that goes on in the country in order for them to ensure the smooth running of the country's economy.
But as we know, the emergence of Bitcoin and its decentralized nature now poses some sort or threat to them, thereby denying them absolute jurisdiction when it comes to making financial decisions that would affect the country, what bitcoin has done is to split that right amongst the citizens of that country, so you wouldn't blame the government and the law makers for frowning again public adoption of bitcoin.

But nonetheless, If Bitcoin is widely adopted and used for daily transactions, it would really come in handy for individuals who enjoy anonymity and privacy, but I don't believe that it will make things more better than using our traditional currencies or banking system. We all know what happened in the past months with bitcoin charges,  the actual reason for the high transaction fee was because more people were exposed to the Bitcoin network and the more people are using the network, the more load the network takes, hence resulting to high transaction fees. So if many people start using the network for daily transactions, I'm afraid same thing might happen again.

Another reason why using Bitcoin for daily transactions would be a good idea is because of Bitcoin's volatile nature, Bitcoin I very volatile and using it for buying goods and other daily transactions may affect the seller and even the buyer too, because you might sell a good worth $100 in Bitcoin today and tomorrow you find out that your $100 has dropped to maybe $50 or even $20. We've seen cases where it has happened, so in a case like that, the seller has made a huge loss in his business. There are other reasons I cannot mention but my point is that if bitcoin is adopted and used for daily transactions, it will be difficult for people.

The only reason why some many don't use their Bitcoin to pay bills because they want to hold them for long term.
But there is no bad in using your Bitcoin to pay for anything, if we want to assist Bitcoin to spread we shouldn't be skeptical to use it to pay bills as there are no harm in doing it.
Many are using their Bitcoin already, if you really want to know about people who use their Bitcoin everyday just visit the gambling section and read some few discussions you get to understand that they are using Bitcoin to gamble. Gamblers buys Bitcoin everyday and they fund it to their online betting accounts and they gamble with it.
So you don't have to complain when someone's using his coins to buy properties. My friend sold some coins worth $2000 June last year and yesterday he said the amount of coins he sold has increased, then he told me the figures and I shouted because it much expensive now, but he didn't lose anything because he used the money to buy land and the area is now developed, so even if he wants to sell back the land he will not lose anything because the land will be more expensive as the area have developed.

Before drawing to conclusion, you need to ask and know if bitcoin is accepted there for you to use it in place of money. Because by the definition of money, money is anything generally accepted as a medium of payment in exchange for goods and services. Therefore if bitcoin is accepted there, it is ok to purchase items with bitcoin but if it is not then you can not use it for exchange for goods and services.
Although the disadvantages could be a limiting factor to the use of bitcoin.

BTC was not created as an investment and for the price to make returns for you, BTC was created as a p2p electronic cash that is permissionless and censorship resistant. This is why BTC was created, as a currency that is different from fiat currencies and one that the users can control and use without any third party. BTC is only suitable as an investment because of its growth and demand for the currency which pushes the price high, but take note that BTC will become less volatile in the future.

There is no issue in using of bitcoin for payment of goods but I think that bitcoin is not yet adopted much that you can easily pay bitcoin for buying materials from anybody. For using bitcoin for buying of goods it is necessary that bitcoin should be accepted by everyone and all people should have knowledge about bitcoin because if they don't know about bitcoin then they will not understand its success and will not accept bitcoin as a payment method.

There is a risk that if you sell your bitcoin for other goods then if it increases in worth then you will regret for it but you should also remember that at a same time it can also reduces so you would have buy other goods with affordable price therefore you will not be effected by reducing price of bitcoin then.

I also think that it will not always be the same for everyone and it really depends on how someone behaves when they want to pay someone with Bitcoin. Because if we assume that the person paying and the recipient have mutually agreed and have no problem with payment via Bitcoin, I think the payment will still occur even though the amount of Bitcoin is not that much. But it also comes back to the Bitcoin owner, whether he is willing to spend Bitcoin just to pay someone for something. Because as you said, people who are holding Bitcoin for more profit will not do that with Bitcoin and will definitely prefer to do it through fiat only.

I don't think this will be a serious problem to think about as long as you can wait for the costs to become cheaper and more reasonable, because the recipient of Bitcoin can also create a new opportunity for himself by receiving Bitcoin and continuing to collect it for his own future. This could be quite possible because considering that Bitcoin still has the potential to increase in price within a certain time so that the trader can also make more profits through Bitcoin apart from through his own merchandise.

If you don't hold large amount of bitcoin, when you see people use it buy item, you will think they don't know what they are doing but they do. What's the purpose of holding 1000btc bought each for $1k and now, you have an urgent need to buy a laptop and they offer bitcoin as a method of payment, I don't think that is going to be a problem for you to do instead of selling the Bitcoin and then convert to fiat before can buy what you want to buy.

If you have the bitcoin that yiu have bought when the price is low and you really have the need to sell the bitcoin, I don't think that's a problem at all but when you buy at all home high and then you sell at lower price because you want to buy something, it's doesn't make any sense. It will only end in loss and the person that receive can hold the same bitcoin and the price will appreciate later.

First of all there is one point within your OP that is bugging me: bank charges. They are not really high and if you go to the nationalize banks then those are just fixed tiny fees. Only for specific products they would charge a fix % amount and thus it would be higher if the transacted money is huge in terms of volume.

Now if you compare the fees of Bitcoin with traditional banking then you will see a major difference between them. Bitcoin fees are not fixed and they will keep changing as per the transacted vbytes and mining difficulty around the blockchain. Just take an example of the current situation where fees are boosted like hell. You need to pay anywhere between 20-50 bucks for faster transactions. Doesnt matter if you send ten bucks or one million, the fees would change as per the vbyte load.

Paying with Bitcoin is easy, however tackling the fees is somewhat crazy.

I thought your definition and explanation of Bitcoin given above (i.e This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin already gave the reason why Bitcoin is worthy of an asset/digital money good enough for purchasing items both online and physical stores? Because it's kind of confusing,. Because the fact that Bitcoin is now generally accepted by people globally, that alone makes Bitcoin a medium of exchange, more of value than gold and silver due to it's limited supply of 21million BTC.

So you don't want to use your Bitcoin someday? Or you just want to hold it for a lifetime and not use it. If this happens, then who will use Bitcoin? The goal of Bitcoin was to create a decentralised financial system where we could send and receive money worldwide without a third party through a p2p transaction. So it's a nature of currency you have to spend for needs. Just not hold it for a lifetime. I know that by holding, you may potentially gain more money, but how long will you not spend it? Where do you want to use your Bitcoin? So spending your bitcoin on something that you need isn't wrong.

You can do it if you want as long as there is no ban in your country and as long as there is an agreement on the payment method with the seller (manufacturer) then this is still very possible because after all, we must be aware that conditions like this are dependent on our personal choices.

But that doesnt mean we dont look at the regulations because until now buying an item with bitcoin payment is an option and even for many countries it is still something that is not recommended so we need to look at this regulation whether we can buy goods with bitcoin or not in the area we live in because if not and there are trying to force it then indirectly you violate the regulations in your own area.

Yes, I think it will be simpler to utilize Bitcoin as a payment method the more people who are aware of it and accept it. In my opinion, two major things needs to happen before Bitcoin would be accepted as a payment method by more people. First of all, more establishments and retailers must start accepting Bitcoin as payment. And Secondly, we must facilitate the acquisition and use of Bitcoin by the general public. Trust me, if these two things can be actualized then public adoption of bitcoin as a payment method would be very easy to achieve.

If I am one of those who believe that bitcoin is our future in terms of money and want to save it, I will not use bitcoin right now to pay for an item that I want to buy. Because if you look at the price value of Bitcoin from 2009 to the present, its value has increased greatly, so that means that there is no time that Bitcoin's price value has not increased.

So if you make it like a mutual fund, it's a good way because let's just assume that 15 years from now and every month you will save around 50 dollars of Bitcoin. I am pretty sure that the value will be high when 15 years come. Do you get it?

If we set ourselves for long term, we will eventually use bitcoin to purchase goods or assets in the future. Probably for now we may be greedy to think about owning bitcoin and holding it for long term. But we all know that hodling for a lifetime is not also right so either we end up selling it for profits, or we will just let it perform as a currency and use it to buy goods and services, or even assets.

It's okay imo. Most people treat Bitcoin as an investment and currency to pay things including me. The ease to pay things online without any disturbance by any third parties is such a luxury and I do find it really worth it. Although in here I've bought digital goods using Bitcoin and some clothes in early days, but most of the merchants nowadays that was accepting crypto before is gone because of the regulation. It sucks but there's nothing we can do.

That won't be much problem if it's in physical and online won't be that hard but it won't be that easy to find one. It is possible to find one but in order to know it is you have to ask first if they accept another payment method like cryptocurrency such as bitcoin and eth when paying. If they say yes then you can pay bitcoin for the product they are going to sell to you. Well, in country where bitcoin is banned would not be easy for them to exchange it into fiat since it is banned in their country.

We should always remember that if we won’t be using bitcoin as a payment, it would be highly against that concept of Satoshi. He invented bitcoin so we can gain financial freedom from the bank and use it as a reliable currency, so as much as possible, we should also adhere to the concept of the bitcoin founder.

But if we will also consider our greedy side, for now it’s safe and highly beneficial for us to invest and hold bitcoin for long term than buy bitcoin and use it for payment purposes. But if you have extra bitcoin on your wallet, why not?

If I have bitcoins for long term holding and if I am at a loss after buying bitcoins I will never use those bitcoins to buy anything. But if I have enough bitcoins and I have no intention of holding them for long then I will definitely use them to buy something. a Bitcoin is not specific to anyone, so if I use my Bitcoin to purchase something, I can easily buy Bitcoin again later. So I don't think it's a problem to make some purchases using Bitcoin. So I would like to say that the opportunity to buy any essentials with bitcoins is that I will use bitcoins to buy them and later buy bitcoins again if I can able to manage money

Depending on each person's point of view and regarding purchasing goods using bitcoin, it is fine because currently there are many products that provide payment transactions using bitcoin even though they do not fully accept payments using bitcoin. In fact, many people who use bitcoin as an investment will not use bitcoin as a means of payment because they consider bitcoin to be the best investment asset that can provide large profits in the long term.

Another factor is that people have to be connected to the internet every time they make a payment using bitcoin and this definitely requires transaction fees, so some people are more inclined to make payments using the old system which involves fiat currency. Apart from that, each individual may have their own views regarding payments using bitcoin and I prefer to use bitcoin for investment purposes not for payment.

Well, just for now, Bitcoin isn't considered a means of currency but just an investment. However, this won't say also that it never happen in the future as we are still in the adaption period. Meaning, people gradually accept and use Bitcoin as a currency for buying stuff but it will just remain an option for them.

If we see Bitcoin now as a money maker, then so be it, many people are doing this as well. Besides, there is no urge to use Bitcoin as a currency but it remains an alternative when we are ready and of course, when an establisehment/s accepts as well.

If you don't know that adopt Bitcoin is a risk to humanity, you better know it now, because many people or companies using Bitcoin to pay their workers as payment knew the risk before using it, and they are benefiting from the transaction. Well, it's a Matter of choice to make Bitcoin a legal tender in your country and it will reduce so many things from the country which we have see some progress in the land of those countries that made Bitcoin legal tender for Bitcoin users to purchase any kind of goods and services and pay with Bitcoin. Before you introduce Bitcoin payment into your business, please ensure you have more skills on that business because you need to be keeping all your personal details that related to your Bitcoin wallet regularly because the moment anyone have access on them, your business will collapse.

I get Bitcoin's dual role as an investment and a transaction medium. I favor long-term Bitcoin investing. Its not just about the big returns, but also the exhilaration of financial change. Decentralised Bitcoin is the future of money, in my opinion.

Internet access, transaction fees, and novelty are all issues with Bitcoin payments. I also see great potential. The growing acceptance of Bitcoin in many marketplaces shows its adaptability. I support using Bitcoin for transactions whenever possible to integrate this revolutionary money into our daily lives.

Fiat currency is suitable for daily use. Bitcoin transactions lack their simplicity and stability. But I'll always support Bitcoin. Looking forward to the future of bitcoin integration. Bitcoin symbolizes financial empowerment and innovation, not just investment.

Yes, we have been doing that here in some parts of our country using a local Lightning Network supported wallet. It is quiet convenient to pay using Bitcoin for your haircut, icecream, hotel bookings, drinks, meal and even rides though numbers of merchants declined compared to previous years but still it's in the early phase so we are hopeful in the near future for more openings of local businesses to accept Bitcoin payment.

Indeed, adoption doesn't go fast and easily due to some misunderstanding and lack of knowledge.  If we compare the situation these days vs 5 years ago, we are already far. From time to time, accepting Bitcoin is going better and become mainstream in the future. Adoption can't be instant so year by year, we can expect a growing number of businesses accepting Bitcoin which also encourages BTC holders.

But having the sentiment of huge fees and volatility is also a factor why some business owners are still leaving on the doubtful condition to whether accept or decline.

There's also lot of challenges that stop its mainstream adoption that's why we can't see bitcoin became accepted or if there it is they suddenly stop it immediately and erase it on their option due to a lot of factor. If we can't see any changes especially on fees where it skyrockets if there's a good pump happening I think this merchants accepting bitcoin wants would provably not happening since they will always think that this is expensive option for them to have.

For sure there's no problem with its volatility since everyone can learn how to deal with it and we get used to it so for sure those new people who want to deal with it can able to handle the market stress once they learn more about bitcoin and its market.

OP, I think you read the article too much to the extent that you are mixing facts, or perhaps you didn't get it at all. Well, Bitcoin is a decentralised system, which means that no central authority is involved here, which I will still not totally agree with since miners have the right to change some things if they vote and the majority wins the vote. Only that they can't control your transaction like the central system will do. Also, for payments, Bitcoin is a good one, it has solved the issues and difficulties we often face with cross-border payments, but still, banking transactions are better when it is local. It is the wire transfer, MoneyGram/Western Union and the like that are exploitative. However, if one pays through the existing fiats payment services, the transactions are reduced but could still be higher than that of Bitcoin when it is normal. But in some abnormal Bitcoin transaction fees, one can still be paying over $35 per transaction, which makes it inconsistent in this regard.

Lastly, about the economies, I will advise you to drop that, Bitcoin will rather hurt the economy due to its decentralised system and the 21, million BTC max circulation supply. Presently, Bitcoin is hurting many countries' economies unnoticed, including mine, and it is all due to its decentralised nature of it. FX import and export are important to the process of the nation, but Bitcoin is not allowing it to be known per country, especially the FX imports, this is worse for consuming nations.

Paying with bitcoin has been a thing already a few years back. While it is really good because it promotes alternative payment option especially to those who have crypto coins, the problem lies mostly on limited merchant that offers it. Because let's admit it, the process and fees could be longer and higher compared to using traditional payment options.

Transaction processing time and fees could bring more inconvenience than ease to the users which is a major downside when you pay using bitcoin. Additionally, the volatility of crypto can pose a significant impact on both ends. It needs established and clear guidelines on paying, whether it has to be direct conversion of crypto to fiat, or put a fixed amount whatever the exchange rate may be. I believe it still has a long way to go for this to be well-executed.

For me, I will still speak on the hurdles potentially hindering the adoption of bitcoin as a means of payment for goods and services, and this huddle is in the area of bitcoin blockchain fees, most especially when the mempool is congested.

As far as I am concerned, the above have been the major draw back for most people I know personally, who are willing to start accepting bitcoin as Payment for their goods and services, for it one thing to make such payment method available, and it is another thing entirely to find a customer who would want to patronize you and use that payment method.

For me, only ones have I used bitcoin to pay for something I bought, and since then, I have sworn never to do that again, for the $360 worth of bitcoin I spent to purchase an item in 2022 if still in my custody will be worth over $1,500 by now, so for me, atleast for now, bitcoin have become an asset to invest in, and not a currency to be spent on goods and services.

If payment for goods using Bitcoin is done face to face between one person and another in real life without any intermediary, I think that is also quite feasible as long as both of them have made certain agreements before carrying out the transaction. But if we look at several other places such as online shops and certain companies that have also created facilities to serve transactions with payments via Bitcoin. This has been fully approved by the buyer of the goods himself by trying to use intermediaries or facilities provided by the company or shop itself.

In this case, I will rule out Bitcoin investors who deliberately collect Bitcoin only for investment purposes and never think about using Bitcoin for any payment. Because on the one hand, investors can still rely on fiat to buy the goods they want, so they will only use fiat for any payments without involving Bitcoin, which they consider as a long-term investment asset. Meanwhile, people whose profession is not an investor will certainly be happier considering this as long as the transaction costs are not too large.

And regarding the problem of having to be connected to the internet, I think nowadays almost everyone is often connected to the internet via their smartphone even though that person has never made a transaction with Bitcoin. So this should no longer be seen as a problem because it is very common for everyone to use the internet every day for their own needs.

I've actually seen two new BTC ATMs very close to my town, and more small businesses in my area accepting BTC as payment. These services of course are smaller enterprises like carpet cleaning, house cleaning, house repair, plumbing, etc. It's still a positive move forward in my honest opinion. It reminds me of the era when PayPal wasn't as ubiquitous, nor was ordering anything from Amazon. Now people have PayPal debit cards (most trusted websites use it as payment), and we more or less all live off of Amazon orders. I see BTC further integrating into society in a similar manner in the relative future.

Based on the laws in force in my country, of course I cannot pay for something using bitcoin. Until now, bitcoin is not a legal currency under the laws of my country, bitcoin is only an investment asset that is legal to buy, hold or trade. Of course I can still break the rules and buy something using bitcoin, I just have to accept the consequences of my actions should the government find out later.

So far I'm not willing to break that rule, meaning if I want to buy something then I have to convert my bitcoins to fiat and make a secure transaction. I can use bitcoin as legal currency, but not in my country, maybe in El Salvador or in other countries.

For some it might be okay to do so since it would just like selling your Bitcoin and then using that money to buy things that you wanted, but on the other hand that just means you are selling your Bitcoin which means that you might be selling it at a lose unless your selling it or your buying it when the market price skyrocket to the moon unlike the price when you bought it. For a time buy it probably wouldn't really hurt, but if you're going to use Bitcoin as your daily payment method for most of things that might not work, considering the fees in the mempool every transaction could potentially cost a huge payment of fee, especially on congested network so using Bitcoin at that time might not be a good idea, also congested network for sure is a problem of Bitcoin since it just limits our transaction if the fees are huge we cannot do any transaction if the transaction is already fee cost is already half of the transaction.

To be honest Bitcoin is not really ready as a digital payment or something that we could use on a daily basis, in my opinion, Bitcoin is great as an investment right now just because of its volatile market price and the potential profit that we might get in the future, it might get better in the future for sure because there are probably going to be a lot of upgrades in the network soon as Bitcoin continues to grow over time, but right now it is still now ready.

My country has legalized crypto transactions but it can never be used as a legal tender so most likely, bitcoin is still used by many as an investment or trading purposes, but not to pay for goods or services, unless if you convert it into fiat. However, on my part, I have no issues using bitcoin as a payment system since it’s actually designed for it originally, but seeing none of the stores here are accepting bitcoin, then it would be hard for me spend my bitcoin. But paying bitcoin with online purchases might be possible I think.

You shouldn't see Bitcoin's future returns when you are using it for payment because you will be using its current value for making the payment and that is what matters. I know it doesn't feel good when you are spending your Bitcoins because deep inside you know that the amount of Bitcoins you are using will probably be worth way more than they are right now but you can't do anything about it. You will either need to use Bitcoins or convert them to cash and then use that, either way, you will be using your Bitcoin.

I had sold my Bitcoin holdings in the past when the price of Bitcoin was very low, and I still can't forget that even though I needed funds at that moment and I made good use of my assets but when I think of how much I could have if I had them today, I still feel bad.

Bitcoin doesnt technically need to be recognized as legal tender to work as a payment system.  Even if most stores in your area dont take bitcoin yet, there are still ways to use your cryptocurrency.  For instance, you can connect directly with people online who will give you goods and services in exchange for bitcoin through peer-to-peer platforms and  and more online retailers internationally seem to allow bitcoin every day, so online shopping with crypto may open up options.

I really have future plans to use bitcoin as a currency and use it to buy my needs and wants. But seeing it’s more profitable these days having bitcoin as a long term investment then definitely, I would never lost that chance or miss any chance that will contribute to the growth of my bitcoin collection. But of course, hodling should never be the only option at the end of the day. I know I have to sell them for future profits, or spend them to save some fiat and take advantage while bitcoin is at its high, expensive price which means you can buy a lot even with a small portion of bitcoin.

However, if one decides to use bitcoin as an investment and as a currency at the same time, I guess that will contribute a lot to its bitcoin promotion. Not only you will benefit from it but even the people around that have no idea about bitcoin as a currency. But the only problem is that the shops and stores that are going to accept bitcoin. Because as far as I believe, even store owners don’t see it as a currency but most likely for investment purposes.

I think the point is that Satoshi created it as a payment scheme (although it has evolved from that), borderless, doesn't really need any 3rd party in between. Although right now we have some services that acts like that, for a portion to turn our bitcoin->local fiat for our transactions. And it's because the problem with P2P is that the price is really volatile and that what makes online stores, big or small to take that risk and lately removing it as a payment method because of it's nature. But in any case, we can still used it, we can pay someone with our BTC, make online transactions with it without any hitch or problem. And who knows, it could be norm for the future, it Bitcoin will slowly grow, and many individuals will used it as designed.

it is in the market indeed but the problem is limited stores and establishments that accepts bitcoin so that is the problem ,  this is also the reason why there are only few that manage to experience using crypto as payments.


Yeah that is also one problem now the High transaction fees , how could you pay  small items that needs to pay fees more than the amount of your going to buy.

True Bitcoin supporter. I support it as digital gold and a hedge against market volatility. Bitcoin isnt part of my financial existence. Huge transaction costs and frequent network congestion make it unsuitable for fast, daily purchases.

My opinion: transferring Bitcoin to fiat for daily spending is smarter currently. Through this method, I avoid excessive costs and unpredictable transaction delays. Practicality and financial efficiency are more important than preventing losses from selling too soon.

My faith in Bitcoin's future and growth remains. With network maturity, my strategies may change. At the moment, I prefer investing in Bitcoin and using currency for daily requirements. It balances costs and delays so I get the most out of my investment.

Say what?  Who's a "money literate" and why are you making assumptions about how they think or even care about their assumed opinions?  Also, do you know anyone who's ever paid for anything with gold or real estate?  I sure as hell don't, though it might happen in countries other than my own.

There never was any confusion, unless you're referring to your own.  And I suspect you're asking a question that you already know the answer to.  In fact, you did just that in the previous "paragraph" when you mentioned personal choices, because that's what it all comes down to.  There are some people who've got so much bitcoin that it's not going to hit them too hard if they decided to spend some of it on a Tesla for example.  I'd say most of us don't want to take on the opportunity cost of spending it, however, which you alluded to.  Bitcoin might be headed toward a valuation that would make it stupid in hindsight to have spent it....but one never knows where the market is headed, does one?

Pfft.  Spend it if you want.  That's the answer.

Some people have seen Bitcoin as a revolution in the field of payment transactions, although this pattern is not widespread. But for now I still see the opportunity for Bitcoin as an investment asset, not as a means of payment, and this especially applies to investors. Investing in bitcoin in the long term is one step to maintain the value of the currency we own, so that when we try to buy bitcoin the value will actually increase in the future.

Anyone will support the revolution regarding bitcoin as a currency that is integrated like fiat, but this opportunity will still be quite limited for the next few years because people still think fiat is the best choice for now. However people tend to be objective and now it is just an investment asset that can be utilized much more even though we never reject the revolution.

That is the advantage of bitcoin and we can see the adoption process becoming more widespread and this is happening because people are starting to realize the positive impact that it produces. Rejecting progress is not typical of generational development and usually the younger generation will be able to understand that more easily.

Buying goods and services with Bitcoin is very easy and any transfer can be done quickly with Bitcoin. There are many places where products are bought and sold through Bitcoin where customers make their payments through Bitcoin and think this will help people to get a lot of returns at a time. Many countries have accepted payment by Bitcoin and there Bitcoin has been validated due to which they have got a lot of financial prosperity. For a country to be financially viable, it is certainly possible to benefit from Bitcoin, but it must be a long-term investment to be financially viable. However, if buyers and sellers implement such a system with Bitcoin, they may lose money at any time but gain both positive and negative aspects. Although the current generation who are there will use bitcoin and they are always improving and they will always buy items with bitcoin and this I also like payment method with bitcoin.

Many countries accept bitcoin payments? Can you tell me which countries use bitcoin as a payment method? Additionally, which countries and how does bitcoin bring financial benefits?

In theory, bitcoin was created as a peer-to-peer currency, but currently, it is only used for speculation and manipulation as a money game. And with a capitalization of less than $1 trillion, how can it have a positive impact on a country's financial economy?

I still believe that bitcoin can become an important asset for countries like gold, but that is in the distant future, not now. Currently, bitcoin has not yet been able to create any major impact on a country's economy, let alone the world.

Between being legal and being legal tender is different.

With a Legal status, in one nation, you can use Bitcoin without legal issues.
With a Legal tender status, it means Bitcoin is supported by the national government, and every citizens there must accept bitcoin as a payment method. They can not illegally refuse a bitcoin payment from any customer.

https://coin.dance/poli/legality

I am not sure about all countries, but in our country, there is a place where you can pay with Bitcoin. We have a local wallet that is mostly used for transferring payments. If you have come across a specific thread that talks about Bitcoin payments in Boracay, which is located in our country. According to the thread, there are over 400 merchants in the area that accept Bitcoin as payment. However, from what I know, most of the users who use this payment method are tourists.

The main distinction between Bitcoin and money is that the former has been accepted by the public for some time now, even in the absence of government support. For this reason, the government is actively opposing Bitcoin, and as long as it remains widely accepted, I fail to see why the government is taking all necessary steps to maintain control over it and extract taxes from its users—activities that they have already begun to carry out. and I love the way it was designed it is your choice to spend it or even keep it as an asset only we all know the purpose of money already.

And I see that having few merchants would have considered a lot of things but if I was a merchant I would be glad to even receive Bitcoin as a payment method because it will favor me I will just be gradually accumulating and the people that pay with money I will use that money to get must of the things needed in the shop. and if it is about the fee there are times that the fees are always low but if the mempool is full then there will be a serious challenge whenever you want to make use of bitcoin. and that is life anything that has advantages at the same time has its disadvantages.

I like your idea because not every place in the country accept bitcoin or even know anything about bitcoin. So it mush better to change or convert the bitcoin to any currency of your , chiose
 

This acceptance is extremely small compared to the traditional market of commodity-money (fiat) relations.

Governments are against bitcoin because it deprives them of the sole right to control people through financial means. Money in the modern world is the same element of control as chains on slaves. Governments can't appropriate and manage bitcoin, therefore, they are against it and are trying to at least collect taxes from it. That's all they can do at this stage.

No, many people don't know. The purpose of money is to use it as a medium of exchange in trade and monetary transactions. It is not a store of value, but the funny thing is that bitcoin has the characteristics of both a medium of exchange and a store of value.

Will this benefit you if the bitcoin rate falls, and you need money to buy goods for your trade and pay employees and you don't have other free funds at the moment. Bitcoin is currently not very suitable for use as a means of payment. Even if you accept bitcoin as money for your goods and services, at the next stage you will use it as an investment asset, without selling it and holding it. If bitcoin were full-fledged money, you would send it further (to the supplier of goods for you) as a means of payment for the needs of your trade, but practically you will not be able to do this due to the low acceptance of bitcoin.

If you ask me then, I personally don’t like to spend Bitcoins to buy other items. The reasons are pretty clear. Bitcoins are fixed in numbers, that is the supply is limited. Hence we can consider Bitcoins are very rare and valuable. Now why to spend these valuable items. We know that prices of Bitcoins are increasing day by day. Hence it will better to keep it with you only rather than spending here and there. Instead of spending these rare coins, accumulate and hold it for long term.

Of course, this is a good idea and what most people are doing at the same time. At times, it is the USDT and other stablecoins that will save the day especially if where we are sending the money to allows it. At times, it will be the USD and other top currencies options, and the best part is that most sending methods would have had the automatic converting system which will not make it a problem again. I can't even believe myself paying with Bitcoin directly at times. Do you know why? My reason may be different from you guys, but it is mainly to avoid rip-offs.

As uncommon as this allegation may be, it is true, and my experience has been many. This was what forced me to use USDT if it is allowed where I am transacting than using Bitcoin. The issue is that many companies are using a third party for their payments and these third parties are using the opportunity to swindle their customers. At times, I would want to send a Bitcoin worth of $1000 when I withdraw, but I might end up seeing $991. Can you believe it? This is despite there was no congestion in the Mempool.

If asked, you will hear it is the third party that is setting the price. What nonsense. With either $ to USDT or $ to $, such does not happen.

Buying and selling bitcoin is still pretty ideal. It looks like we'll be going through a lot of bubbles over the next few years as this currency becomes more widely understood, used and accepted and it's true that the biggest risk is regulation but why not as long as it's legal where we live but If we look at the development of BTC, many people now see this potential.

I've felt those hidden fees, watched my Bitcoin quickly deplete. A recurring story, it illustrates the cryptocurrency ecosystem's complexity. USDT in certain trades reflects a risk-mitigation strategy. In my trades, I've used this smart maneuver. Stablecoins give stability amid crypto's turbulent waters.

But Im still loyal to Bitcoin. More than a currency, it signals financial freedom. Your frustrating experiences are not a reflection on Bitcoin, but of its ecosystem. Third-party middlemen' opaque fee structures remind Bitcoin of the systems it aspires to escape.

I defend the money and its values. We create an inclusive and transparent financial system by overcoming the hurdles of a decentralized financial future. Bitcoin leads this battle with its peer-to-peer transactions. Progressing toward Bitcoin's autonomy and transparency principles is key.

I'm not sure if I belong to the group that can afford to pay with Bitcoin yet because I am not consistently in the positive - to be able to use it right away. Although after today's price increase, it looks very impressive :)
My goal is to accumulate regularly in small amounts (DCA) and I plan to use Bitcoin for payments from 80k USD and above.

Buying and selling bitcoin could help with making a profit, as the volatility of the market is experienced, unlike the bullish or bearish trend of the market. When it comes to buying a product with bitcoin or not, it is completely up to the person's choice. We use it today, and later, when the price has grown, we regret buying a product with bitcoin, having the feeling that if we had kept it, we could've gotten better money out of it. For this reason, the usage of bitcoin, similar to the currency, is very low, and the majority prioritize it as a high-profit investment over a transaction source.

When it compares with traditional banking, you'll get below main advantages by paying in Bitcoins.

1. Decentralization

Bitcoin operates on a decentralized network, meaning it's not controlled by any single authority, government, or financial institution. This can provide a level of independence from traditional banking systems.

2. Security

Bitcoin transactions are secure, irreversible, and do not contain sensitive personal information, which can reduce the risk of identity theft and fraud.

3. Lower Transaction Fees

Transaction fees for Bitcoin payments are typically lower compared to traditional banking and credit card fees, especially for international transactions.

4. Fast Transactions

Bitcoin transactions can be processed quickly, particularly when compared to traditional banking systems, which may involve delays due to verification processes and intermediary institutions.

5. Accessibility

Bitcoin can be accessed and used by anyone with an internet connection, providing financial services to people who may not have access to traditional banking systems.